MiNC Property Enterprises, a Dubai-based property wealth manager, announced yesterday the launch of its latest investment product, Marina Suites at Dubai Marina.
Marina Suites will consist of serviced apartments, giving people an opportunity to invest in the "fast expanding leisure sector" as well as in the established residential property market.
Serviced apartments in Marina Suites will cost about Dh720,000 for a one bedroom unit and will include larger apartments and penthouses.
A large proportion of the apartments will have marina or sea views and all will be luxuriously appointed.
MiNC guarantees to pay all investors an 8 per cent return on their original investment each year for three years and will also offer to extend this guaranteed period.
Prices include a furniture pack appropriate for the size and quality of the apartment.
Haroon Mahmood, chairman of MiNC Property Enterprises, said, "We specialise in rental investment packages for investors ranging from private individuals to large institutions and believe Marina Suites to be a unique and compelling investment opportunity.
"By offering investors a rental guarantee we take much of the risk out of the process, giving people considerable piece of mind. Critically, Marina Suites represents a unique type of investment in that as serviced apartments they will benefit from the astronomical growth of Dubai as a leisure destination."
Marina Suites is expected to be completed in early 2007 and finance has been arranged with Tamweel.
"At the end of the rental guarantee period Dubai will be a vastly different place with many of the mega leisure projects now being constructed completed or near completion. Demand for serviced apartments is expected to grow exponentially as Dubai's reputation as a top tourist destination develops." says Mahmood.
MiNC Property Enterprises has offices in Dubai, London and Johannesburg and manages a big portfolio of property including some in Dubai and London.
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