• Strikes Landmark Property Acquisition Deal worth AED57.7million with DFM-listed GGICO
• Designs Unique Payment Plan to Service Mid-level Investors
Dubai-UAE: 18 August, 2013 – Orion Holdings, a private-owned residential and commercial property group based in Dubai, today announced the acquisition of property worth AED57.7 million in the Axis Residences community at Dubai Silicon Oasis, from Gulf General Investment Company (GGICO), a public joint-stock company listed with the Dubai Financial Market.
A memorandum of understanding cementing the deal was signed between the two parties on 01 August, 2013. Through the acquisition, Orion will own a total of 102 units in Axis Residence 6, which constitutes almost the entire built-up area of the building.
Located in the heart of the increasingly popular mixed-use community, Dubai Silicon Oasis, the Axis Residences offers stylish one-bedroom apartments and a secure living environment to residents. Axis Residences features abundant leisure and lifestyle facilities including large open-to-sky swimming pools, state-of-the-art fitness centres, and an expansive landscaped podium, among others. Located within Dubai Silicon Oasis, Axis Residences affords easy access to Emirates Road and Al Khail Road, providing residents a significant reduction in commuting time.
Samir Munshi, Managing Director, Orion Holdings, said: “Dubai Silicon Oasis has the potential to see high growth over the next quarter. In fact, with the increasing demand for rentals, the area is likely to be seen as a hotspot for investment. The Axis Residences offer many facilities that stand to enhance the standard of living while its stylish one-bedroom apartments in various sizes and layouts can be tailored to the homeowners' needs.
“We have had a long-standing association with GGICO and have partnered with them on several successful projects. This partnership is only set to grow, with negotiations underway for new collaborations that will be announced in the near future.”
In a bid to bring the best value to potential buyers, Orion's sales arm, Silver Heights, will offer the units under its possession on a unique payment plan that entitles investors to take handover of the property at a 35 per cent down payment. The remainder of the cost will be spread over three years, with no extra charges or interest levied.
Munshi added: “We have devised an investor-friendly payment structure that allows the more cautious mid-level players to enter the market, and route their savings in a way that is not too cumbersome. At the end of the day, they have the chance to invest in a high-value property that can offer excellent returns in the long run.”
Orion Holdings is predominantly involved in four major areas of the real estate business: buying and selling of residential, commercial, and rental properties, acquiring unfinished developments, as well as providing liquidity to developers in the event of fund deficits for existing projects.
Silver Heights, the sales and marketing arm of Orion, is responsible for ensuring the seamless flow of sales and purchase transactions across a vast portfolio of developments including Business Bay, Jumeirah Village Circle, International City, Dubai Silicon Oasis, Jumeirah Golf Estates, and Emirates Hills.