Dubai Silicon Oasis Signs Agreement with Barclaysto Offer First of a Kind Mortgage for Cedre Villas

Published October 3rd, 2010 - 01:40 GMT

Dubai Silicon Oasis (DSO), the integrated free zone technology park, today signed an agreement with Barclays to offer affordable accommodation with competitively priced mortgage rates to Cedre Villas' buyers.

The agreement was signed by Dr. Mohammed Al Zarooni, Vice-Chairman and CEO of Dubai Silicon Oasis Authority, and Sultan Abu-Sultan, Chairman, Barclays Bank PLC, UAE, on the eve of the ninth edition of Cityscape Global 2010 in Dubai, one of the largest business-to-business real estate investment and development events in the world that runs until 7 October at the Dubai International Convention and Exhibition Centre.

Under the agreement, Barclays will extend to potential homebuyers a number of favourable terms based on three pricing options: zero per cent interest for two years, 2.5 per cent interest for three years or 4.25 per cent interest for five years and free insurance for the first year. Customers can benefit from a maximum loan to value of 75 per cent.*

Commenting on this agreement, Dr. Zarooni said: "Today's agreement with Barclays is yet another step that we take to add significant value to our Cedre Villas offerings which is brought by a major global financial services provider.

"We are confident that this agreement will further encourage prospective buyers to own a villa at the technology park to experience our lifestyle offering whilst benefiting from DSO's state-of-the-art infrastructure which is equipped with the latest technologies."

Strategically located to provide easy access to all points of Dubai, the gated Cedre Villas development offers modern comfort and safe community living. The 65,000-sq-ft community centre, clubhouses, nursery and k-12 schools, play areas, swimming pools, pedestrian networks, interconnected courtyards and parks are all part of the holistic offering at Cedre Villas.

On the signing of the agreement, Sultan Abu-Sultan, Chairman, Barclays Bank PLC UAE, expressed his delight with the arrangement with DSOA and said: "The UAE is a mature and competitive banking environment and we work with our customers to meet their needs through offering the most innovative products along with superior service. Barclays'strong heritage both regionally and internationally has enabled us to work with DSOA to create a compelling proposition for customers."

Venky Srikantan, Head of Consumer Banking, Barclays, UAE, added: "Barclays' mortgage offering for Cedre Villas is one of the most attractive in the UAE. Many customers tell us they want certainty and transparency around their payments and under this offer it will make it considerably easier when they are budgeting and planning ahead."

The leasing and sale of all 368 units in Phase-I of the AED1.55 billion Cedre Villas project have been successfully completed, while Phase-II of the project was delivered in June 2010. Almost 40 per cent of Phase II units have already been leased and sold. 

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