DUBAI DE­VEL­OPER OF­FERS US GREEN CARD WITH HOMES

Construction Week - - FINANCE -

Dubai-based real es­tate de­vel­op­ment com­pany Ster­non Group is of­fer­ing in­vestors a Green Card, which de­notes per­ma­nent US res­i­dency, through a $150m (AED551m) res­i­den­tial con­struc­tion project close to the Dis­ney World theme park in Or­lando, Florida.

Ster­non World­wide, the in­ter­na­tional real es­tate arm of the UAE com­pany that has built projects in In­dia and Africa, is set to be­gin con­struc­tion work on the For­tune Star homes, which have been de­signed by Ray Scott and Matt Cormia. The three­tower project in­cludes 550 lux­ury apart­ments, and will be de­vel­oped in three phases at Kis­sim­mee, close to Dis­ney World.

Phase 1 of the project in­cludes 250 apart­ments, of which 80 have been sold to 40 in­vestors un­der the EB-5 in­vestor im­mi­gra­tion pro­gramme in the US. This pro­gramme al­lows in­vestors to gain per­ma­nent US res­i­dency, also known as a Green Card, which re­quires a min­i­mum in­vest­ment of $500,000 that also cre­ates at least 10 jobs in the US.

For­tune Star’s rst phase in­cludes an 11-storey build­ing “over­look­ing the Magic King­dom of Dis­ney World”, in ad­di­tion to a two-storey shop­ping area, a three-storey park­ing space, and seven oors of one- and twobed­room homes.

Hus­saini F Nal­wala, manag­ing di­rec­tor of Ster­non Group, said the re­main­ing 170 apart­ments of For­tune Star’s Phase 1 have “been kept aside for leas­ing”.

He added: “Land for the de­vel­op­ment of the project has been ac­quired, fol­low­ing which all the per­mits have been ob­tained, and we ex­pect the main con­struc­tion ac­tiv­i­ties to start in April. We ex­pect to de­liver the project in 2.5 years’ time.”

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