Saturday, June 06, 2009

Dubai developers announce price reduction, payment-break options

Leading property developer Deyaar is expected to announce a reduction in prices on four of its projects, for the comfort of investors.

Deyaar also announced that about 470 units out of its four projects in the Dubai Silicon Oasis will be handed over this month, which includes Coral, Ruby, Jade and Sapphire Residences.

The officials at the company is hoped to announce a reduction in price schedule for the four projects soon. The buyers will be offered an easy payment plan, which offers five-year payment tenure.

Deyaar plans to deliver a total of 1300 units this year, despite the bad economic situation, said Markus Giebel, Chief Executive of Deyaar. Recently Deyaar delivered about 312 units at its Madison Residency at Tecom Free Zone. Two other projects - Citadel, a commercial tower, and Hamilton Residency, a residential tower are on track for completion towards end of this year.
Deyaar is also focusing on under-served markets, such as middle-income housing. Deyaar is considering five markets in the MENA region as untapped sources of business.

In the meanwhile, Hydra Properties said that it is taking a series of measures to boost investor confidence at its Dh.2bn Hydra Village development at Abu Dhabi.

Among the measures taken by Hydra are plans to offer a payment-break facility to its customers, who make payments on time. The customers of Hydra Village Abu Dhabi need not make payments until beginning of 2010.

However, the CEO of Hydra Properties, Dr. Sulaiman Al Fahim, has ruled out any possibility of buying back units from customers, as the prices offered by Hydra are already 10 percent below original market rates.

Currently a detailed construction progress plan for Hydra Village is in-place, as a part of company's commitment towards investors. The Hydra Village Abu Dhabi project is due for completion by 2011. The Hydra Village Abu Dhabi project, which includes residential villas, is being financed by Reem Finance.

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