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Al Mazaya’s Sky Gardens gets 90% financing
- November 30, 2006, 10:24 am
Al Mazaya Holding announced it has signed with Abu Dhabi Commercial Bank (ADCB) to provide up to 90 per cent purchaser financing for the final stage of its prestigious 43-storey Sky Gardens project.
Sky Gardens will be the first residential tower to be completed in the Dubai International Financial Centre (DIFC) development, having passed the halfway point in construction.
‘We are delighted to have another major player in the home finance area offering such good terms for Sky Gardens,’ said Khalid Esbaitah, Managing Director and CEO of Al Mazaya Holding, the Kuwaiti-based parent company of First Dubai Real Estate, which owns Sky Gardens.
Al Mazaya had earlier partnered with Tamweel for special financing for Sky Gardens and other Al Mazaya projects, including The Villa. ‘This has been a long and valued relationship that has proved beneficial for all parties, and particularly for our purchasers,’ Mr Estibah said.
‘ADCB’s willingness to provide such attractive financing terms for the final stage of the Sky Gardens project is an additional show of confidence in the project as a whole, and gives potential purchasers more options to finance their dream apartment.’
The total complex has 575 residential units varying between studios, two and three bedrooms, duplexes and a penthouse.
‘We expect keen interest now from people who are or will be working in the DIFC area,’ says Mr Esbaitah. ‘DIFC has become the financial heart of the city and there is a growing demand for office space by investment banks and financial institutions.’
This is creating a parallel demand for high quality residential accommodation for those working in or around the DIFC, from those who want to live close to work and avoid Dubai’s worsening daily traffic jams.
‘Sky Gardens, with its unique seven ‘hanging gardens’, will provide a superior living environment for families and single people. The gardens enhance the aesthetics of the project internally as well as externally, because of the clever design.’
Meanwhile the company has confirmed that its prestigious Sky Gardens project will be handed over to its new owners no later than November 2007.
The company says 22 levels have now been completed and construction of the remaining levels by Arabtec Holding is proceeding according to plan.
The confirmation of the Sky Gardens handover date comes at a busy time for First Dubai Real Estate, with the announcement last week that it was investing AED122.3 million in four plots at the ambitious Liwan project in Dubai Land.
First Dubai Real Estate is a recent acquisition by the listed Al Mazaya Holding Company, which reported huge increases in its third quarter financials.
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