Friday, Apr 20, 2012
Gulf News
Abu Dhabi One of the properties that make up The Residences at The St Regis Saadiyat Island Resort is offering a lease-to-own programme.
“Under the three-year plan, prospective homeowners will pay an annual rent which will be fixed from the start of the agreement,” said a statement issued by the Tourism Development and Investment Company, the developer.
“If the tenant decides to buy the property at the end of the plan, 100 per cent of the first year’s rent, 90 per cent of the second year’s rent and 80 per cent of the third year’s rent will go towards the down payment of the property.”
The property values start from Dh1.14 million for a studio unit up to the Dh4.52 million a four-bedroom unit commands.
There are 32 villas, 259 apartments and five penthouses within the development. The building available under the lease-to-own programme has 49 apartments.
“Our sales and leasing strategies are determined by market analysis and demand and reflect best practice in how our projects enter the real estate market,” TDIC added in the statement.
“We decided to offer this programme exclusively for one building as it offers prospective homeowners the opportunity to build towards owning a home.”
Rent starts from Dh86,000 which can be paid in four cheques, and TDIC has also partnered with banks to offer financing options. The apartments are also available for direct sale.
On whether other residential buildings will be also be made available, the TDIC said it “will keep monitoring and evaluating the market in order to determine the demand accordingly.”
Dh1.14m
value of studio unit at the Residences
49
units are under lease-to-own programme
By Samia Badih?Staff Reporter
Gulf News 2012. All rights reserved.
