Escrow accounts opened

Azizi Investments, Dubai-based real estate developer, yesterday said it has opened escrow trust accounts for its two projects at Al Furjan with Amlak Finance. The two projects were Almasa Two, a commercial tower, and Feirouz Two, a residential tower.

In the agreement, Amlak becomes the exclusive escrow trust agent for the first two approved projects at Nakheel's family community development which launched at a starting price of Dh1,600 per square foot for residential and Dh1,850 per square feet for commercial. All the units were sold out within the first day, the company said.

Merwiss Azizi, founder and chairman of Azizi Investments, said: "As the first developer to offer approved projects for sale at Al Furjan, it is vital to provide a quality product at good value. Our incredible sales success demonstrates that we have got this mix right. Having Amlak with us certainly reinforces the strength of our first phase offer. As we roll out further projects at Al Furjan, we expect future sales to be very popular indeed."

Almasa Two and Feirouz Two are the first of 12 properties that will be launched by Azizi at Al Furjan over the coming months.