[Mr. Juma Al Ghurair – Chairman of Al Manal Development from second to the right, Mr. Faisal Aqil – General Manager Retail Banking of Emirates Islamic Bank from first to left, followed by Ms. Shahla Ahmed Abdul Razak – Deputy Chief Executive Officer of Dubai Silicon Oasis, and Mr. Mubashar Khokar – CEO of Bader Al Islami]
[Dubai, 23 May 2007] Al Manal Development, a leading real estate developer in the region, today announced the launch of La Vista Residence, an AED 400 million residential property development at Dubai Silicon Oasis with a unique 100% financing option.
Approved purchasers will be able to take advantage of an attractive financing offer from Emirates Islamic Bank where the bank will provide 100 percent financing with no down payment and mortgage payments beginning after purchasers move into their new La Vista Residence apartment.
“Once you get approval from the bank – that’s it, the apartment is yours,” said Al Manal Development Chairman Juma Al Ghurair. “Think of all the opportunities this hassle free offer has to provide for our potential customers.”
“In line with our strategy to offer a wider choice for our customers when it comes to financing their future homes, we always seek unique opportunities with first-class developers who offer a portfolio of unparalleled projects such as La Vista Residence” said Faisal Aqil, General Manager Retail Banking at Emirates Islamic Bank.
He further added: “This agreement is yet another successful deal that the bank has recently finalized in line with building strategic business partnerships”
From his side, Mr. Mubashar Khokhar – CEO of Badr Al Islami, the Islamic financial arm of Mashreq Bank which is also offering 100 percent financing, said: “We saw in La Vista Residence a great opportunity for our clients. Our team has designed for them well structured Islamic financing solutions based on Ijarah with the approval of our Sharia’ Board. We expect very positive response in a very short time, due to the attractive offer and the trusted name of Al Manal Development”.
The project comprises seven residential buildings each eight storeys high, offering a total of 832 residential units. The project will offer studio, one and two bedroom apartments and will be located in a prime area in Dubai Silicon Oasis very close to Emirates Road, New Ring Road, Dubai Land & Academic City.
Construction of La Vista Residence will start in September with completion due at the end of 2008, when the first group of companies is expected to be operational at Dubai Silicon Oasis.
Mr. Al Ghurair said the project was finalized after in-depth market research and extensive planning to ensure it caters to the requirements of potential investors and buyers.
“This is the standard approach that we take with all of our real estate projects. We are always looking for unique investment opportunities and then we take the time necessary to make sure that what we finally put on the market is what will be a good investment for our customers.”
La Vista Residence prices starts from AED 530,000 for one bedroom apartments and from AED 675,000 for two bedrooms apartment.
“Based on prevailing rents in the market today, investing in Las Vista Residence will yield a minimum return of above 10% for its owners.” Said Al Ghurair.
Mrs. Shahla Ahmed Abdul Razak, Deputy Chief Executive Officer – Dubai Silicon Oasis, said: “The project falls in line with DSO’s aim to provide an integrated community, where DSO is saving no effort to provide a high standard of living to people who work within the technology park. Schools, academies, universities, mosques, hospitals, shopping centres, and health and leisure facilities have been designed to be included in the city. Furthermore, DSO has invested sizable resources in landscaping to enhance the life quality for the surrounding villas, apartments, and hotels. All of which enhancing DSO’s environment through providing quality lifestyle for people to live and work within the city of Dubai Silicon Oasis”
Dubai Silicon Oasis, the region’s leading integrated innovations hub for high-tech industries is a 7.2 sq km master–planned community, strategically located on Dubai’s Emirates Road within easy access of Dubai International Airport, Jebel Ali Port and Dubai’s central business district, catering for companies providing information technology, telecommunications, electronic, computer hardware, software development and solutions.
Work is well under way on Dubai silicon Oasis with the development project’s infrastructure already complete. The main DSO headquarter building is also already operational.
“Dubai Silicon Oasis is a one-of-kind project and we always like to associate ourselves with unique projects that are well planned and that we know will be executed with excellent quality and high standards,” Al Ghurair said.
Al Manal Development will showcase La Vista Residence through a sales exhibition to be held at the Godolphin Ballroom at the Emirates Tower Hotel between 9:30 am and 8:30pm, from May 25-28.
La Vista Residence will be completed about the same time as Al Manal Development’s flagship real estate project, Lakeside Residence at Jumeirah Lake Towers.