95 per cent mortgage loan unique for Dubai
1 bedroom apartments from AED 5,390 per month
Offer open from May 8-13, 2006 at Emaar's Downtown Living Presentation Centre at the Burj Dubai
Dubai, May 7, 2006: Emaar Properties, the world's number one property developer, has joined forces with RAKBANK to offer a unique finance solution for purchasers interested in Emaar's world class South Ridge community within the prestigious Burj Dubai Downtown development. Buyers will be offered a 95 per cent mortgage loan with which to purchase their ideal home.
Through the loan offer, purchasers only need a 5 per cent down payment rather than the standard minimum charge of 10 per cent thereby offering South Ridge one bedroom apartments from AED 5,390 per month and two bedroom apartments from AED 12,545 per month.
Potential buyers are invited to Emaar's Downtown Living Presentation Centre at the Burj Dubai from 9am to 7pm from Monday, May 8 to Saturday, 13 2006, to learn more about the unique financial opportunity.
South Ridge offers some of the best panoramic views of the 500-acre Burj Dubai Downtown development. Coupled with unrivalled state-of-the-art amenities, the South Ridge community is set to become the ultimate in urban living for young professionals looking for an elevated lifestyle. The South Ridge community is currently under construction and due for completion in 2007. Consisting of six exclusive towers, South Ridge overlooks the stunning Old Town and The Old Town Island with its prestigious low-rise residences, boutiques and souks fashioned in the style of vintage Arabia, and the bustling Burj Dubai Boulevard with its 24-hour eclectic mix of cafes and restaurants and topped off with the nearby Burj Dubai Lake. Since the launch of the first South Ridge tower last December, the community has already established itself as a firm favourite in the city."This is a watershed moment in the history of home financing and one in which Emaar is proud to be working with RAKBANK to assist purchasers in acquiring their dream property. Combining a truly stunning location with world class amenities, the South Ridge community is a unique set of properties and a supreme example of urban living. Whether as an investment or a home, South Ridge is a must-have for anyone looking for luxury apartment living in the world's most prestigious address," said Bahiya Kayed, Assistant Director of Sales, Emaar Properties.
"We are pleased to partner with Emaar on this offer and look forward to more initiatives that offer homeowners unique opportunities for purchasing property. We wanted to create a package that would parallel what was on offer within the exclusive Burj Dubai Downtown and such a finance solution was the perfect fit," said Murray Sims, Head of Personal Banking, RAKBANK.
Other incentives offered along with the 95 per cent mortgage loan include loan tenors of 20 years with flexible repayment options, competitive interest rates and pre-approved Titanium credit card with every application. Approval of all loans is subject to RAKBANK's terms and conditions.
Running up against the boundaries of the new Dubai International Financial Centre, adjacent to Sheikh Zayed Road - the emirate's main conduit and centrally positioned to access both old Dubai and Dubai's new growth corridor, Burj Dubai Downtown will eventually become one of the most desirable pieces of real estate in the world.
To find out more about South Ridge community and to view a scale model of Burj Dubai Downtown visit the Downtown Living Presentation Centre or visit www.emaar.com.
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Note to Editors
About Emaar Properties PJSC:
Emaar Properties, the Dubai-based Public Joint Stock Company and No, 1 real estate company in the world, is listed on the Dubai Financial Market and is part of the Dow Jones Arab Titans Index.
The company recently announced that its net profits for the first quarter ended 31 March 2006 reached AED 1.517 billion (US$406.9 million) - an impressive rise on the AED 1.325 billion (US$355.4 million) for the equivalent period. Gross profit for the same period reached AED 1.487 billion (US$398.8 million) compared to AED 1.435 billion (US$384.9 million) achieved during the same period last year. Emaar's net profits for the year ended 31 December, 2005 climbed 180 per cent, to a record AED 4.731 billion (US$1.288 billion). The figures represent a substantial increase on the AED 1.691 billion (US$460 million) for the year 2004.
The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base with more than 13,000 homes handed over to satisfied customers to date. Currently, it has several major real estate projects under various stages of development in Dubai including Arabian Ranches, Dubai Marina, Emirates Hills, The Views, The Meadows, The Springs, The Lakes and The Greens. The company also owns and manages the Gold and Diamond Park.
Emaar has started construction on its most ambitious project to date, the AED 73 billion (US$20 billion) Burj Dubai development, which comprises the Burj Dubai - the tallest tower in the world when completed in 2008, The Dubai Mall, Burj Dubai Boulevard, The Lofts, The Old Town, The Old Town Island, The Residences, Burj Views, man-made lakes, landscaped parks and gardens. The company has joint ventures and projects across the region covering Saudi Arabia, Egypt, Syria, Morocco, Turkey, Tunisia India and Pakistan.
Last year the award winning property developer announced plans to aggressively expand the retail sector with investments of over AED 15 billion (US$4 billion) to develop approximately 100 malls in the mega emerging markets of the Middle East, North Africa and the Indian subcontinent. In addition, Emaar has teamed up with Giorgio Armani S.p.A to build and manage 10 Armani hotels and resorts across the world; an Armani hotel will feature in Emaar's flagship Burj Dubai tower.
Recently the company also announced plans to expand its investments into the education and healthcare business. The education initiative will involve the establishment of international schools in the MENA region and India, which will offer premium quality education and an integrated curriculum for students ranging from kindergarten to tertiary levels. Emaar's healthcare diversification will see the company invest around AED 18.35 billion (US$5 billion) over the next decade in the MENA and South Asia markets with the construction of hospitals, clinics and medical centres and the investment in the provision of world-class healthcare services.
While continuing to actively pursue expansion in its core business of innovative, high quality real estate development, Emaar has diversified into related business lines to further build value for its 59,000 shareholders, which includes the Government of Dubai. Emaar owns and manages EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar also holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking and is the majority shareholder in Amlak Finance, UAE's leading Islamic home financing company. For further information, please visit www.emaar.com.
About RAKBANK:
RAKBANK is the National Bank of Ras Al-Khaimah. It was founded in the emirate of Ras Al-Khaimah on June 15th, 1976. Over the ensuing years the bank has grown and flourished and now has a significant retail banking business throughout the UAE. The Bank continues to expand the base of its groundbreaking products and services through a young team of business innovators setting new standards in the banking industry within the region. RAKBANK...simply better!
For further information, please contact:
Kelly Home / Nivine William
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East & North Africa
Tel: (+971 4) 335 5969;
Fax: (+971 4) 335 6080
E-mail: k.home@asdaa.com
Grace Ghunaim
Head of Public Relations, RAKBANK
E-mail: gghunaim@rakbank.ae
Mobile: (+071 50) 550 4671
© Press Release 2006
