Friday, May 25, 2007

Dh.400million La Vista Residence unveiled

A major real estate developer in the region, Al Manal development, launched the Dh.400million La Vista Residence at the Dubai Silicon Oasis (DSO) yesterday, offering a hundred percent finance option.

On approval, the investors will be able to make use of the financing option from the Emirates Islamic Bank and the financial branch of Mashreq Bank, Badr Al Islami, wherein hundred percent financing will be provided without any down payments and mortgage payments, once the investors move into their apartments.

La Vista comprises seven residential buildings, each comprising eight storey, and a total of 832 residential units. This includes a studio, single and double bedroom apartments, all of which is located in the prime area of DSO.

The construction will commence during September, and is expected to be complete by end of 2008. The prices of La Vista apartments ranges from Dh.530,000 for a single bedroom apartment to Dh.675,000 for a double bedroom.

The Deputy Chief Executive of DSO, Shahla Ahmad Abdul Razak 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."

Based on the current market rents, an investor at La Vista Residence is expected to bring about a return of more than ten percent to the investor.

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