TAKtical International commits over AED 275 million towards Rainbow Towers development in Umm Al Quwain

FuGen is an international project management and investment company based in UK. Through its wholly owned subsidiary, Fugen Homes Building Construction, LLC., it recently announced the launched of its AED 500 million Rainbow Towers project in Umm Al-Quwain. The project which comprises of seven towers and 1008 flats/units is targeted at lower income families and individuals who face an unprecedented increase in rents especially in Dubai, and more recently, albeit not as drastically, in Sharjah and Ajman. Although based in Umm Al Quwain, Rainbow Towers is strategically placed on Al Itihad Road within minutes of Hamriyah Port and Nujoom Islands in Sharjah.

Fugen's investors on this project include, the Bahrain based Venture Capital Bank, Al-Shanfari Group of Companies, represented by Sheikh Saeed Al-Shanfari, Chairman of Al-Shanfari Group, and the UK based GEM Group, a leading corporate finance and investment firm.

"We are very happy that TAKtical has shown their confidence in our abilities by making such an investment. Plans are in place to commence with ground breaking by mid December and we forecast completion to be within 14-16 months of that" stated Joni Sukumaran, CEO of Fugen Homes.

"We have been continuously researching the Affordable Housing sector for some time now and after extensive due diligence, we felt that Fugen was capable of delivering a good end product on a timely basis. They are well capitalized with an international shareholder base and have retained a quality developer from Malaysia to do the actual construction. Our confidence also lays in the fact that we have a long standing relationship with the principals of the GEM Group and are extremely confident in their abilities"

stated Tariq Khan, Managing Director of TAKtical International.

TAKtical stated the purpose of the investment was to buy on a bulk basis and to resell the units individually at prices far cheaper then currently available in the UAE property market. TAKtical also stated that any part of the Rainbow Development that it has not secured through its investor pool will be exclusively marketed on behalf of Fugen by TAKtical Realty Group.

"Our intention is to use our investor pool to purchase entire or significant portions of developments that we see value in and to leverage our investor pool to negotiate favorable terms and rates. Once we have secured our investment, we resell the development back at a retail level but passing on a significant part of our savings to the end buyer. We feel that Rainbow Towers offers tremendous potential returns for our investors" stated H. Kerem Turkmen, Co-founder and Managing Director of TAKtical International.

Saima Khan, the Managing Partner of TAKtical Realty Group, which will be exclusively marketing this project stated "When we come to market with the Rainbow Towers development, we will be able to offer the end buyer a price cheaper on a per square footage basis then virtually anything else on the current market. We are hoping that developments like this will allow people an opportunity to not only own their own homes at affordable pricing, but also give them potential for above average returns in both appreciation and rental yields."