Al Mazaya Real Estate unveils 2nd Phase of The Villa

Published July 17th, 2006 - 12:15 GMT

Leading regional premium property developer Al Mazaya Real Estate Development Company unveiled the second phase of its AED600 million residential property project in Dubailand, by signing a strategic financing deal with Tamweel, the premiere home finance provider in the UAE.


Al Mazaya Real Estate is a Kuwaiti-based shareholding company with a portfolio of prestigious residential and commercial real estate projects in the region. With the unveiling of the The Villa’s second phase, the company increased its total investments in the UAE to AED3.5 billion.


Under the partnership, buyers of The Villa, a series of elegantly-designed five-bedroom villas within a world-class master-planned community, only need to pay a 10 per cent down payment, with the rest payable through Tamweel’s flexible payment scheme within 25 years.


As an added bonus, homeowners begin their monthly amortizations once they have moved in, a genuinely attractive offer that homeowners will find hard to resist. It will be recalled that the first phase of The Villa received an overwhelming response from the public, owing largely to the sophisticated and elegant design, just one of the reasons which made The Villa a big hit among homeowners.


With this impressive offer, Al Mazaya Real Estate puts itself in a good position to sell out the remaining villas, easily one of the more prestigious and highly desirable residential property projects in Dubai.


“We are delighted to have partnered with Tamweel for this exciting value proposition, reflecting our strong interest in becoming a major player in this very robust and highly competitive real estate industry,” said Khalid Esbaitah, Managing Director and CEO, Al Mazaya Holding, the Kuwaiti-based parent company of Al Mazaya Real Estate. “This is an excellent opportunity for prospective homeowners to own distinctive villas within a highly sought-after community development project by Dubai Properties.”


Al Mazaya has gained a favourable reputation in the regional property sector for its strategic and prestigious property investment portfolio. It recently increased its capitalisation to KD30,000,000, equivalent to a little over USD100 million (AED368 million).


According to Esbaitah, Al Mazaya’s decision to sign a partnership deal with Tamweel was based on the latter’s strong reputation for successfully marketing financing options for some of the UAE’s biggest and most notable projects. “This of course is in addition to Tamweel’s position as the leader in home financing in the UAE. We are honoured to be working with the best,” Esbaitah added.


Tamweel CEO, Adel Al Shirawi expressed confidence that this new financing deal for such a first-rate property development project will again be received overwhelmingly by the public and said, “In keeping with our philosophy of providing our customers with innovative and personalized products, we at Tamweel are proud to have joined hands with Al Mazaya Real Estate Development to provide prospective buyers another flexible financing scheme that will help turn their dream of homeownership into a reality.”


He further added “Tamweel has also ensured the availability of the pre-approval service through this scheme. Thus making it easier for customers to assess their eligibility for finance, thereby helping them select property within the suitable price range.”


Esbaitah also revealed that Al Mazaya has scheduled a sales exhibition for The Villa project to take place from 20-23 July at the Al Bader Ballroom of Shangri-La Hotel where prospective buyers can obtain more information about the premium residential property project, as well as the financing scheme.


Al Mazaya Real Estate are offering 272 villas that sit on different size plots ranging from 6,000 sq ft to 25,000 sq ft, with a price tag starting from AED2.42 million. The three-month financing offer ends in October.

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