Industry reports reveal that the National Bank of Abu Dhabi (NBAD) recently decided to enter an agreement with the Mumbai-based real estate firm, Lokhandwala Builders International LLC, in order to finance a new Dh220 million ($60 million) project.
The landmark move will allow potential property investors to have access to the National Bank’s unique Escan home financing package, according to Khaleej Times. The Escan package of NBAD provides a home loan facility to potential buyers in the EDEN Garden Property development located in Dubai Sport City in Dubailand.
Construction on the proposed project is expected to begin at some point next month, September 2006. The project is likely to be completed within two years’ time, according to sources.
The new building to be erected will offer investors a choice of 393 residential apartment units of varying sizes. These include studio, one, two and three bedrooms apartments.
“As the number one bank in the UAE,” lauded the General Manager of the National Bank’s Domestic Banking Division, Saif Al Shehhi, “NBAD is proud to partner with such a reputable real estate company.”
“The bank's scheme is available for both GCC Nationals and expatriates," Al Shehhi went on to point out.
