UAE: Shamsi & Shamsi Holdings unveils Dhs110 million residential towers

Published March 27th, 2006 - 07:35 GMT

Hot on the heels of the newly-approved property law, Shamsi & Shamsi Holdings makes freehold property ownership for UAE and GCC nationals as well as expatriates even easier with the launch of its “Choose Now! Own Now! Live Now!” offer for Sama Residence, the Dhs110 million residential property development in Sharjah.


"Sama Residence is a rare freehold property that gives prospective homeowners not only the chance to own quality residential apartments at reasonable prices but also, and more importantly, to move into their property immediately, no hassles and no delays. We believe that our value proposition – Choose Now! Own Now! Live Now! – will have a strong market appeal because consumers want immediate gratification for their investment, and because it is the only offer of its kind," said Shamis Al Shamsi, Managing Partner, Shamsi & Shamsi Holdings.


Located at King Faisal road in Sharjah’s Abu Shagarah area overlooking the beautiful Khalid Lagoon and fountain, Sama Residence consists of two 15-storey buildings and a total of 180 apartments, with 24-hour security, a two-level car park, and retail shops for the convenience of residents.


By offering consumers and investors property projects that are readily available, Shamsi & Shamsi Holdings hopes this strategic advantage will help propel it to the forefront of the real estate market in the region.


In a strategic partnership designed to give prospective buyers competitive end-to-end financial solutions, Shamsi & Shamsi Holdings appointed Sharjah Islamic Bank (SIB) to provide financing of up to 70% of the value of the chosen property through Ijarah, a Sharia’a-compliant financing scheme that allows installments over a tenor of 12 years after which the buyer gains ownership of the property.


Prospective owners and investors can choose from a one-bedroom apartment worth AED353,000; a two-bedrooom flat for AED635,000; and a three-bedroom apartment for AED895,000. “Initial response has been very encouraging, thanks to the competitive prices. We have chosen leasing and management experts Asteco to help us bring this project aggressively to the market, and we have every confidence that our partnership with Asteco will be a resounding success,” ended Al Shamsi.


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