Qatar: Unique property financing scheme launched
Launching a unique property financing scheme, a Memorandum of Understanding was signed wednesday between Dar Investment and Development and Qatar National Bank (QNB). Dar Investment and Development is the owner & developer of Lagoon Plaza, the world's tallest zig-zag twin tower.
According to the agreement, QNB will provide banking facilities and funds to purchasers who wish to buy apartments at the Lagoon Plaza. With a cost that ranges between QR650.000 and 2 million, the apartments will be handed over to buyers in the first quarter of 2008.
With a proportional low rate of interest, the Dar 'Mortgage Loan' facilitated by QNB provides flexible and easy financing to individuals. The facility is available to all. Opportunities are given to Qatari nationals, expatriate residents of Qatar, or non-residents, to own property for either living in themselves, or for investment purposes at the Lagoon freehold apartments of which 73% in tower "A" and 55% in "B" have been already sold out.
Commenting on this event, Douglas Beckett, QNB General Manager, Retail Banking said: "QNB is pleased to become one of the preferred financial partners of Dar Investment and Development," adding "We are proud to be able to extend property financing to all potential purchasers at Lagoon Plaza regardless of whether they are QNB customers or not. Our facility is another demonstration that QNB is totally committed to meeting customers' requirements with tailored products; financial solutions that enable customers to Go Forward and benefit from the property purchasing and investment opportunities that developments such as Lagoon Plaza present."
On his part, Dar's CEO, Engineer Abdallah Atatreh expressed his satisfaction on this deal saying that "this agreement came in harmony with our approaches to translate Dar's slogan "together we build Qatar" from words into deeds."
"The wise policy of the Qatari leadership represents the main reason behind the ever-increasing foreign investments in the country," Dar's Chief Executive Officer said, "Due to its moderate and shrewd investment policy, Qatar's economy emerged to become the fastest growing economy in the world. As a result Qatar has become the place to which executives and investors are yearning," he went on saying.
The strategy of Dar Investment and Development aims to expand its activities to also include member states of the Gulf Cooperation Council and to encourage investment in the real estate sector in Qatar," Mr. Atatreh concluded.
Together with Qatari nationals, expatriate residents of Qatar will have the opportunity to purchase their own property. They can benefit from QNB's unique mortgage facilities which include features such as borrowing up to 75% of the property value, no guarantor requirements, 2-year grace period and a repayment period of up to 25 years.
The 748-apartment uniquely-designed Lagoon Plaza will represent a landmark in the city of Doha. In addition to its luxurious and modern style apartments, it will include a shopping mall and many leisure facilities. The twin tower contains world-class shopping center, swimming pools, sauna, Jacuzzi, sport facilities and attractive surroundings. The 34-storey freehold residential apartment building twin tower, also comprise sufficient parking space, coffee shops, restaurants and high-speed lifts as well as other facilities.