Emaar announces schedule for two real-estate projects
Emaar Properties, a regional real-estate development company, has set a timeframe for the completion of its two most recent projects—The Greens at Emirates Golf Club apartment project and The Springs villa development.
Full-scale construction on both the projects is currently underway, with the first phases of The Greens at Emirates Golf Club expected to be completed by March 2003. The Springs villa development will be ready in 18 months.
Prioritizing the need for residential real-estate development projects to be completed in the shortest time-frame possible, Robert Booth, executive director for development at Emaar Properties said: “As property developers it is our responsibility to ensure that all the ground work, including the master planning of our projects are completed before they are actually opened for booking.”
Launched by Emaar last week, The Springs is a new waterfront residential property in Dubai. Villas at The Springs are available from 448,888 Emirati dirhams ($122,216) for a three-bedroom villa. In addition, prices for a four-bedroom villa start at an Dh628,888, while prices for a five-bedroom villa have been pegged upwards of Dh748,888.
Emaar had also recently announced the price of Dh188,888 for a studio apartment at The Greens at Emirates Golf Club. The project, which was launched last month, marks EMAAR's entry into a more affordable housing segment and consists of studio, one, two and three bedroom apartments.
Emaar had also recently announced a zero down payment booking option for The Greens and The Springs projects. Under this offer, which is open for a limited period only, customers can choose and book their residential units immediately without paying a deposit upfront and make the first payment of 10 percent of the property value only in January 1, 2003.
This offer will further supplement the home finance schemes currently being offered to investors in Emaar projects by financial institutions in the United Arab Emirates (UAE) including Dubai Islamic Bank, Mashreqbank, Amlak Finance and Dubai Bank.
In addition, the company is also in advance talks with financial institutions across the Gulf Cooperation Council (GCC) to offer similar home finance schemes to investors from across the region.
The Springs and The Greens at Emirates Golf Club are communities planned by Emaar, which will be an integral part of the high-profile downtown of Dubai, which was created by Emaar and includes, The Dubai Marina, Emirates Hills, The Meadows. The downtown Dubai fits in with the recent developments of the Dubai Internet City, Media City, the American University in Dubai, beaches and luxury hotels.
Emaar Properties is a public joint stock company (PJSC) listed on the Dubai financial market (DFM). Since its inception in 1997, the company has witnessed rapid growth. It currently has six real estate projects under development. Besides the real-estate projects, Emaar also owns and manages subsidiaries such as Dubai Bank, which is due to be launched imminently, Amlak Finance, the UAE's first and only mortgage finance company, Emrill, a joint venture with the UK-based Carillion plc, which provides innovative property and facilities management services, and a technology services company that will be launched shortly. — (menareport.com)
© 2002 Mena Report (www.menareport.com)