- Yansoon Quarter is to-date 94 per cent complete
- RAKBANK mortgage of up to 95 per cent
- Work on Zaafaran and Reehan Quarters in progress for 2007 completion
Dubai, UAE - Global real estate major Emaar Properties will open the first phase of its Old Town development in October, 2006. Yansoon Quarter, the first of three Arabian inspired developments at Old Town, is to-date 94 per cent complete.
Emaar has also joined hands with RAKBANK (The National Bank of Ras Al-Khaimah) to offer up to 95 per cent finance mortgage for the remaining apartments within Yansoon Quarter and other Old Town projects. Through the easy 20-year loan facility, potential buyers can own their dream home at this premium project for a down payment of just 5 per cent of the total cost.
Work on Zaafaran Quarter and Reehan Quarter, the two other projects at the Old Town development in Burj Dubai Downtown, are progressing on schedule. Apartments at Zaafaran and Reehan will be ready for occupancy in 2007.
A breathtaking mid and low-rise development in the heart of Dubai, Old Town is a uniquely pedestrian-friendly residential offering that integrates inspirational Arabian architecture in a modern setting. In close proximity to Burj Dubai, slated to be the tallest tower in the world when completed in 2008, Old Town will offer a new lifestyle choice for its residents in the heart of Dubai's most prestigious address.
"Work on Yansoon Quarter has been moving on a fast-track and buyers can check into their apartments in October, 2006," said Bahiya Kayed, Assistant Director of Sales, Emaar Properties. "As the first development of its kind in Dubai, apartment owners at Old Town can enjoy an exclusive lifestyle in an elegant setting reminiscent of the rich Arab heritage."
Yansoon features 357 apartments including one-bedroom, one-bedroom plus study, two-bedroom, two-bedroom plus study, three-bedroom plus study and four-bedroom plus study. The one-bedroom apartments of size ranging from 784 to 1,000 sq. ft. are priced upwards of AED 1,151,888. The two-bedroom apartments are priced from AED 1,617,888 and are 1,210 to 2,038 sq. ft. in size.
"The flexible payment option of up to 20 years on Yansoon Quarter makes RAKBANK's mortgage scheme very attractive for home buyers," said Murray Sims, Head of Personal Banking, RAKBANK. "The installments, at competitive rates, are to be paid only after completion and hand-over of the apartments."
Many apartments have already been sold and prospective buyers can check out the remaining ones at the Old Town Sales Centre located within the Burj Dubai Downtown development from June 18 to 30, 9am to 8pm. The Old Town Sales Centre also replicates the 'look and feel' of the Old Town community through use of Arabic design elements featuring period furniture and fittings, a traditional Arab courtyard and a fully furnished model suite. Sales staff and RAKBANK representatives will be on hand to give a detailed presentation of the apartments.
With a building area spread over 3.7 million sq. ft., Old Town features courtyard apartments and Souk-styled retail facilities recreating the mystical world of ancient Arabia.
Walkways, rooftop terraces, landscaped gardens and water features will provide a sense of exclusivity. Luxury hotels and an indoor retail facility designed in traditional style with domes, arches and volumes, will anchor the commercial neighbourhood. Residents can also avail of modern amenities including a state-of-the-art gym and other fitness options.
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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 first quarter ended 31 March 2006 reached AED 1.517 billion (US$413.1 million) - a significant rise on the AED 1.325 billion (US$361.0 million) for the equivalent period from the prior 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, and reflect the significant growth the company has undergone since its inception in 1997.
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 Downtown development, which comprises the Burj Dubai - the tallest tower in the world when completed in 2008, The Dubai Mall, Burj Dubai Business Hub, The Lofts, The Old Town, The Old Town Island, Burj Dubai Boulevard, The Residences, Burj Views, man-made lakes, landscaped parks and gardens.
The company has joint ventures and projects across the region covering India, Egypt, Turkey, Morocco, Bahrain, Syria, Jordan, Pakistan, Lebanon, Tunisia and Saudi Arabia. Major international projects include: Cairo Heights and Smart Village, both in Egypt; Boulder Hills, a world-class leisure and residential community in Hyderabad, India; multiple resort projects in Morocco, including Amelkis II & III and Bahia Bay, luxury residential golfing communities; Eighth Gate project in Damascus, the city's first master planned community; and Lakeside in Istanbul, a landmark development for Turkey's cultural and commercial hub. In Saudi Arabia, Emaar is embarking on the creation of the AED 98 billion (US$26.6 billion) King Abdullah Economic City, a mixed use development covering 55 million square metres of greenfield land with a 35 km shoreline close to the port city of Jeddah.
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 100 malls in the larger emerging markets of the Middle East, North Africa (MENA) and the Indian subcontinent.
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 15, 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
E-mail: n.william@asdaa.com
© Press Release 2006
