New project delivers affordable housing for middle-income level users.
Adding to a growing portfolio of creative property solutions, Al Mazaya have now taken initial steps in providing commercial and residential units to own in Dubai, that provide ease of finance and competitive prices of high quality housing, targeting the middle income bracket of the population. Al Mazaya Holding, one of the region's leading property developers, announced yesterday the selling of the Queue Point project units in Al Liwan, which is being developed by Mizin, (a member of Tatweer, a subsidiary of Dubai Holding). The announcement came during a press conference with Tamweel at the Airport Expo - Dubai and was attended by property experts, businessmen and investors, in addition to the media. Al Mazaya is to execute the project's promotional sales drive from March 5, to the 19th.
Mr. Rashid Al Nafisi, Chairman of Al Mazaya Holding, spoke at the press conference about Al Mazaya's role in property development and its growing basket of investments which now includes the Queue Point project. He also spoke of the criteria Al Mazaya employ when choosing projects to invest in, illustrating the need for the market to accurately gear the movement of supply and demand and various future hazards that could occur. While speaking of the stringent criteria the firm uses in deciding which projects are feasible, he said that this ethic also extends to the kind of alliances and partnerships; Al Mazaya forms, referencing its affiliation with Mizin and Tamweel.
During the conference, Eng. Khalid Esbaitah, Al Mazaya's Managing Director and CEO, presented a detailed explanation around Al Mazaya's Queue Point project. As he spoke about the benefits of this residential and commercial scheme, he noted its advantages, where apartments have been competitively priced from Dhs. 400,000, with payments beginning from Dhs. 3000 per month. He also mentioned that Al Mazaya have already built two fully furnished sample residential units; allowing for the buyer to have a full understanding of what the end product will be like.
"Let me thank the UAE Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, for his extraordinary vision for the next 10 years, as it is this vision that provides hope and safety in the minds of investors of all nationalities. We are proud to have alliances in the UAE and with Tamweel as it is this fruitful union that will fulfill our aims in providing the best for middle-income families and individuals. This is the way in which we can serve our societies", said Esbaitah.
"Queue Point is built to offset the current high prices in commercial and residential units, while providing a prestigious place to live in Al Liwan, Dubai Land. Yes, Queue Point will compete with current projects in terms of architecture, the quality of construction and prices, while setting a milestone in the evolution of property development in the region and the UAE." he added.
Adel Al Shirawi, Chief Executive Officer of Tamweel, said: "The real estate sector in the region has begun to change dramatically, and developers and mortgage financiers need to focus on medium and low-cost developments to ensure sustained return on investment. As supply moves closer to demand, prices will begin to stabilize and developments like Queue Point will witness lesser price fluctuations in the long run. We at Tamweel are extremely happy to be associated with Queue Point, a landmark project in medium-cost development that will provide an opportunity to the mid-income segment to own their dream home."
He added, "Customers can benefit from up to 95 per cent financing of these competitively priced homes. With monthly installments as low as AED 3,000, Queue Point is a great opportunity for those who value good living."
Queue Point located near the Emirates Road at the intersection of Al Ain Road, comes with an investment price tag of Dhs 2 billion. It will include multi-use buildings varying between residential and commercial, all between 5 and 15 floors and finished in a style reminiscent of the architecture San Francisco is famous for. Promising to be affordable for all segments of society, the buildings will have areas for gardens and waterfalls.
The architecture will combine four different styles of construction, utilizing modern neo-classical themes.
It is worth mentioning that Mizin, the main developer of the project, has finished the infrastructure for the development and will deliver the plots during April 2007, allowing for work in Al Liwan to commence as soon as possible, with an anticipated completion by the end of 2009.
-Ends-
About AL MAZAYA
Al Mazaya Real Estate Development Co., listed on the Kuwait Stock Exchange and Dubai Financial Market, created a distinctive place for itself in the economic sector through the implementation of several major and vital projects across the region. The company provides comprehensive real estate services and products across various fields, including housing projects that include high class and deluxe villas, vertical flats and accommodation buildings, office buildings and the purchase and apportionment of large spaces in selected areas. The company's record includes a number of outstanding projects. In Kuwait this consists of, (but not exclusively): Al Maha Villas, MAZAYA Villas, Al Roya, The View Point, 7 Zones, and Kuwait Business Town. In Dubai their projects includes The Villa, Dubai Healthcare City, The Icon, Sky Gardens, Towers at Business Bay and Al Liwa. In addition to several other projects in Lebanon and Jordan, Mazaya Real Estate Development Co. has a capital of $23 million, reflecting a prosperous and bright future for the company that is providing the greatest amount of return for its shareholders.
About Tamweel PJSC:
Tamweel, the leader in home finance in the UAE, was established in March 2004 and became a public joint-stock company in June 2006. A provider of a wide range of unparalleled customer-service solutions and innovative home finance products, Tamweel works with 265 partners across country. The company, which aims to become the regional home finance leader, currently has branches in Dubai, Sharjah and Abu Dhabi. For more information, please visit www.tamweel.ae.
For further information on Tamweel, please contact:
Marlene Salloum,
Tamweel PJSC
Dubai, UAE
Tel: +971-4-2026469
Fax: +971-4-2944331
Nicholas Nesson / Sudha Chandran
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel: 971-50-4785324 / 50-6588063
Fax: 971-4-3356080
E-mail: n.nesson@asdaa.com /s.chandran@asdaa.com
© Press Release 2007
