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UAE group Sternon to start work on $150m Florida project


Dubai-based developer Sternon Group said its international real estate unit is set to break ground on its $150 million Fortune Star, a massive development that will deliver 550 luxury apartments near Disney World in Orlando, Florida.

Designed by the renowned architects, Ray Scott and Matt Cormia, Fortune Star is a three-tower project that will be delivered in phases at Kissimmee near Disney World.

The first phase of the project will see the development of 250 apartments, 80 of which have already been sold to 40 investors under the EB-5 investor immigration programme that allows investors to obtain permanent US residency and a Green Card, on the condition of a minimum investment of $500,000 that creates at least 10 jobs in the US.

“We have already sold 80 apartments to 40 investors under the EB-5 Investor Immigration programme while the balance 170 apartments have been kept aside for leasing purpose,” remarked Hussaini F. Nalwala, the managing director of Sternon Group.

"The 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 two and a half years’ time," he stated.

"Located just a few minutes away from Disney World in Kissimmee, Florida, Fortune Star offers a plush lifestyle with comfortable living. Surrounded by a number of important establishments in the area, Fortune Star defines itself as a part of the tourist destination and is the heart of a bustling community," he added.

Sternon Group said the Orlando projet is being developed in three phases, with each building carefully planned to accommodate the needs of distinct personalities and modern day families.

Each phase is unique and offers a healthy space with contemporary living solutions, stated the developer.
The Phase One of the development will see the construction of a 11-storey building overlooking the Magic Kingdom of Disney World. With a stunning view of the outdoors, one is bound to live in serenity and relaxation. It comprises two-level shopping area, three-storey parking space and 7 floors of 1- and 2-bedroom apartments.

The Phase Two will be about an 18-storey building encircling aesthetic landscapes and alluring gardens. Every sight is easy on the eye and every breath is of fresh air. It comprises commercial space at ground and first floor, 4 storey parking space and 13 floors of apartments.

In the Phase Three, a 20-storey building will be developed that will boast a stunning view of the attractions and sceneries which includes six-level parking space and 15-level residences.

“One wakes up to an unforgettable picturesque view of the waterfront and Disney attractions which makes Fortune Star a cut above the rest. With its great location and extensive facilities, Fortune Star proves to be a great investment in the real estate industry which can yield high returns over the years,” explained Nalwala.

"All apartments are created with excellence and provide deluxe amenities to its residents, including breath-taking lake views, built-in home appliances such as: microwaves, dishwasher/disposal, cable and internet, digital thermostat, full-size washer and dryer, intrusion alarms, oversized walk-in closets and home-office alcoves, private terraces and walk-in showers," he added.-TradeArabia News Service

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