Union Properties announces flexible buying-leasing plans |
|
Text Size 
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
© Emirates Business 24/7 2008
Community Comments (0) - 
Comment on this article 
Comment on this article
The opinions of the authors expressed herein do not necessarily state or reflect Zawya. Read our Comment Policy.
Loading ...
Zawya Comment Policy:
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Community Buzz
Stories
Companies
Most viewed companies by Community in the last 24 hrs
| Company Name | Country | Industry |
| Qatari Diar Real Estate Investment Company | Qatar | Landlords and Developers |
| Dynasty Al Zarooni Real Estate | UAE | Agents and Brokers |
| Mubadala Development Company | UAE | Investment Firms and Funds |
| Investment Corporation of Dubai | UAE | Investment Banking |
| Nakheel | UAE | Landlords and Developers |
| Qatar Investment Authority | Qatar | Investment Firms and Funds |
| Emaar Properties | UAE | Landlords and Developers |
| Emaar the Economic City | Saudi Arabia | Landlords and Developers |
| Abu Dhabi Investment Council | UAE | Investment Firms and Funds |
| Noor Islamic Bank | UAE | Banking |
Projects
Most viewed projects by Community in the last 24 hrs
| Project Name | Country | Sector |
| Ras Tanura Integrated Refinery and Petrochemicals Complex | Saudi Arabia | Oil and Gas |
| Fujairah 2 IWPP | UAE | Power and Water |
| KNPC - Al Zour Refinery | Kuwait | Oil and Gas |
| QP - Al Shaheen Refinery | Qatar | Oil and Gas |
| WDEPC - Abu Qir Power Plant Expansion - Civil Works | Egypt | Power and Water |
| Qatalum Aluminum Smelter | Qatar | Industry |
| Qatar Foundation - Sidra Hospital | Qatar | Real Estate |
| Dubai RTA - Dubai Metro - Purple Line | UAE | Infrastructure |
| ADCO - SAS Field Development | UAE | Oil and Gas |
| Saadiyat Island Development - Saadiyat Resort and Beach Residences (Phase 1) | UAE | Real Estate |