| 18 Nov 2008 |
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Union Properties announces flexible buying-leasing plans
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Union PropertiesUnion Properties
yesterday joined the bandwagon of companies announcing flexible leasing and buying plans for its residential and commercial properties.The Dubai-listed developer will offer potential residents and businesses three options to choose from - rent, own or rent-to-own.
"The rent-to-own concept is one that we have launched when we released phase one of Green Community," said Lesley Sayle, Chief Property Officer, Union PropertiesUnion Properties
. "Approximately 98 per cent of our rent-to-own tenants converted their option and became home-owners. However, we are not re-launching the scheme because we are seeing cancellations, or due to any mortgage defaults. It is mostly to offer more flexible options of buying, renting or rent to own. It is a scheme that we used very successfully and that goes in conjunction with the sales and rental options we have always maintained," she added.
The "rent-to-own" programme provides its clients the flexibility of living in selective units in properties for a period of two years. After they complete the first or second year in the property, they have an option of buying the unit at a fixed price with refund of a percentage of their annual paid rent, depending on the number of years. However, the rent for the select unit remains the same for the two years.
The "rent" option will be offered in select properties such as Uptown MotorCity, Green Community MotorCity, Control Tower at MotorCity, Index and Limestone House at DIFC.
Asked if there had any unit cancellations by investors in the last three to four months, Sayle said there had been no cancellation and announcing the payment options was an intension to offer flexibility to buyers in the market.
Currently, the property management division of Union PropertiesUnion Properties
manages Dh2.2 billion worth of properties which are rented on a short- to medium-term basis.Last week, Emaar PropertiesEmaar Properties
became announced it will launch two schemes, of which the first extends property payments over five years after handover and the second allows buyers to rent a property before deciding whether to purchase it or not.Shyam Sunder, General Manager, Marketing, ETA Star Property DevelopersETA Star Property Developers
, told this newspaper that the company is open to talks with potential buyers and will offer tailor-made payment plans in some of its units. By Parag Deulgaonkar
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