One- to four-bedroom apartments located on Burj Dubai Boulevard
Up to 96 per cent home finance from Amlak
Homes to be ready for handover end-2007
Pre-sale registration from December 8; launch set for December 10
Dubai, UAE; December 7, 2006: Emaar Properties has completed the multi-phased launch of The Old Town residential complex located on and along the Burj Dubai Boulevard at Downtown Burj Dubai with the unveiling of five new buildings - Kamoon 2 and 3, and Miska 1, 4 and 5.
The current roll-out caps Old Town's total offering of 1,560 residential units spread over six quarters - Yansoon, Zaafaran, Reehan, Zanzebeel, Kamoon and Miska - all of them with architectural elements inspired from Arabian tradition.
Emaar has joined hands with Amlak Finance to offer home finance support of up to 96 per cent of the apartment value for tenures of 25 years. Prices of the one- to four-bedroom apartments at Miska range from AED 1.01 million to AED 6.36 million, while the one- to four-bedroom apartments in Kamoon 2 and 3 are in the range of AED 1.12 million to AED 6.27 million. Pre-sale registration and finance approval will start on December 8 with the official launch set for December 10, 2006.
"The Old Town residences are some of the most sought after homes in the Downtown Burj Dubai development because of their unique architecture and pedestrian-friendly family environment," said Ms Bahiya Kayed, Assistant Director of Sales, Emaar Properties. "They are located on and along the Burj Dubai Boulevard and assure residents proximity to an array of leisure and entertainment options. They also offer easy access to the tramway and the Burj Dubai Metro station. The homes are part of a vibrant development that includes Burj Dubai, billed to be the tallest tower in the world, and The Dubai Mall, the world's largest shopping destination."
The new buildings at The Old Town will be ready for occupancy by the end of 2007. The other residential quarters launched earlier will progressively be handed over during the next year. "As one of the central locations in Dubai, The Old Town residences are ideal for home-owners, who like to access the city's financial and business nerve-centres easily," added Ms Kayed. "Potential investors will also find these homes a safe investment considering the rising demand for residences in Dubai's prime locations."
Khalid Zainal, Head of Sales and Distribution, Amlak Finance, said: "The response to the home finance offer for Old Town homes has always been overwhelming with interest coming from potential home-owners and investors. With hand-over scheduled for 2007, the easy terms of the financing are an advantage for home-owners who can save on rental costs."
Offering a village-like ambience, The Old Town features a network of passageways and landscaped courtyards. The architectural elements of the buildings include high ceilings, traditional motifs and symmetrical arches. The Old Town has an air of informality with souks, cafes, restaurants and wayside stalls lining the pathways. Lantern-lit alleys exude dignified charm during the night.
Amenities include children's play areas, relaxation areas, pool facilities, gymnasium, games room, aerobics room, squash courts, entertainment lounge, coffee shops and steam rooms. Residents can also easily access two boutique hotels, souks and retail outlets. Common area cleaning, landscaping, pest control and 24-hour security and maintenance are standard.
Potential home-owners can discover the unique living experience offered by the project by visiting The Old Town sales center at Downtown Burj Dubai. Sales staff from Emaar will assist in the pre-registration and sales process. They can also call toll-free number 800-EMAAR for more information.
The AED 73 billion (US$20 billion) Downtown Burj Dubai is Emaar's flagship project and will be a mixed-use 500-acre community combining commercial, residential, hotel, entertainment, shopping and leisure outlets in open green spaces dotted with lakes and other water features. Other components include The Old Town Island, Burj Views, Burj Dubai Boulevard, The Residences, The Lofts and Loft Towers, 8 Boulevard Walk, South Ridge, Burj Views and Burj Dubai Lake Hotel and Serviced Apartments.
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About Emaar Properties PJSC:
Emaar Properties, the Dubai-based Public Joint Stock Company and one of the world's largest real estate companies, is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index. The company recently announced that its net profits for the three quarters ended September 30, 2006 reached AED 4.658 billion (US$1.268 billion) - a significant gain of 26 per cent over the same period in 2005 - reflecting the remarkable growth the company has gained since its inception in 1997.
With more than 14,500 homes handed over to customers, Emaar has several major real estate projects under various stages of development in Dubai. An ISO9001:2000 quality certified company, Emaar is marching ahead with the construction of its AED 73 billion (US$20 billion) Downtown Burj Dubai mixed-use development that encompasses Burj Dubai, the world's tallest tower when completed in 2008.
The company has joint ventures and projects across the region covering Saudi Arabia, India, Egypt, Turkey, Morocco, Bahrain, Syria, Jordan, Pakistan, Lebanon and Tunisia. In Saudi Arabia, Emaar is developing the US$26.6 billion (SR 100 billion) King Abdullah Economic City, the single largest private sector project in the Kingdom.
Emaar also entered the US market by acquiring John Laing Homes, the second largest privately held homebuilder in the US for AED 3.856 billion (US$1.050 billion). Emaar joined hands with The Turner Corporation, a leading international building services provider, to form a new entity, Turner International Middle East Ltd (Turner International ME) to jointly tap regional growth opportunities.
In a move that scaled up its core competency in product sales across the international arena, particularly the Western hemisphere, Emaar acquired Hamptons International, the UK-based subsidiary of premier property developer Wheelock Properties (Singapore) Ltd in a deal worth AED 562.45 million (US$153.05 million).
Last year the property developer announced plans to aggressively expand the retail sector with investments of over AED 15 billion (US$4 billion) to develop approximately 150 malls in the larger emerging markets of the Middle East, North Africa (MENA) 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.
Emaar's 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.
Emaar has diversified into related business lines to further build value for its 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 more information, visit www.emaar.com.
For further information, please contact:
Kelly Home / Nedal Alasaad
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East & North Africa
Tel: (+971 4) 334 4550;
Fax: (+971 4) 334 4556
E-mail: k.home@asdaa.com,
n.alasaad@asdaa.com
© Press Release 2006
