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 “The Rainbow Towers project was designed to satisfy a very large
gap that has developed over the past two years between peoples’
incomes and the rents that they pay,” said Joni Sukumaran,
Managing Director of FuGen Homes. “With rents increasing at a
much higher rate than incomes, especially in Dubai and now in
Sharjah and Ajman, lower income families and individuals are
struggling to make ends meet. Our offering - where studio
apartment prices start from AED99,000 - is designed to provide
affordable housing in a very well developed and designed
community.”The architectural concept and design was developed by Eronat Engineering Consultancy, an independent firm of consulting engineers, architects and planners, with capabilities covering most fields of engineering, project planning, development and complete design. Bumimetro Construction, one of the leading real estate development and construction companies in Malaysia, was contracted to undertake the construction of the Rainbow Towers project. Bumimetro is experienced in constructing various types of commercial and residential buildings, including affordable housing complexes. FuGen Ltd. is an international project management and investment company based in UK, which recently expanded its activities into the United Arab Emirates (UAE) with offices in Umm Al Quwain and Dubai. In association with its investment arm FuGen Homes Ltd in Jersey, and its subsidiary FuGen Homes Umm Al-Quwain Ltd, FuGen Group is planning to develop a number of properties in different Emirates of UAE. Rainbow Towers is FuGen’s first project in the country and plans are being prepared to take the concept to other GCC (Gulf Cooperation Council) countries as well as north African countries like Morocco. About FuGen:
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FuGen Ltd is a project management and investment company based
in UK, developing projects on an international scale. They have
expanded their activities into the UAE, having established
offices in UAQ and Dubai, promoting construction projects. Their
first project is being in the Emirate of UAQ. They are also
looking into other GCC countries, Morocco, etc. to promote
projects to build affordable homes. In association with its
investment arm FuGen Homes Ltd, Jersey, and its subsidiary FuGen
Homes UAQ Ltd, FuGen Group is planning to develop a number of
properties in different Emirates of UAE.FuGen’s sister company in Czech Republic, Huts Development srl (Huts) is a Real Estate Developer consisting of professionals with more than 10 years experience within Czech Real Estate Market. Huts’ main target is to invest in attractive locations with a commercial and residential potential in small size population towns within Czech Republic. They are also active in residential and retail developments in Prague and plan to acquire a minimum of 5 additional locations or buildings during 2006.