National Bonds challenges the property market with elegant, affordable homes for the first time in Dubai

The AED 1.5 billion Skycourts development, scheduled for delivery in the first half of 2009, will offer over 2,300 apartments across six towers. Apartments will range in size from studios to two-bedroom units, with prices from AED 279,000 to AED 898,000.

Today's announcement is considered to be the first large-scale commitment to providing high-quality dwellings at an affordable price in the emirate, and marks National Bonds Corporation's first foray into the real estate market.

Skycourts apartments will be offered for sale exclusively to National Bonds holders between December 9 and 15, and to the public thereafter.

Nasser bin Hassan Al Shaikh, Vice Chairman and CEO of the National Bonds Corporation, said Skycourts offers a new but simple concept in the local property market: 'Elegant Homes You Can Afford.'

"Property provides many people a long-term investment opportunity, and gives people a chance to feel secure and proud to be living in UAE," Al Shaikh said. "Property has become less affordable over recent years, however, and therefore out of reach as an investment opportunity. We hope Skycourts will readdress this balance by making property more affordable."

National Bonds holders, he added, will be able to pledge their bonds for up to five per cent of the property value to reserve an apartment, and will retain their annual returns and access to the monthly prize draws on their pledged bonds.

Abdul Aziz Al-Muhairi, CEO of Dubai Bank, said the bank will provide all buyers with Shari'a-compliant financing under highly competitive terms, including a rate of 8.5 per cent for up to 20 years.

"Furthermore, the monthly instalments to Dubai Bank will only start after the property is delivered to the buyer in the beginning of 2009," Al-Muhairi added. "This secures the buyer's investment and facilitates financing of their residential plans."

Monthly payments for Skycourts properties will start from AED 2,422. The number of units per buyer has been capped at ten to allow greater access and participation in this first-of-a-kind opportunity.

Hashim Al Dabal, Chief Executive Officer of Dubai Properties, the master developers for the Dubailand project, also extended support to the National Bonds Corporation and its new Skycourts community.

"Dubai Properties is keen to provide a variety of residential options for the residents of the UAE, and we look forward to welcoming Skycourts residents to the heart of Dubai's new destination," he said.

The strategically located Skycourts will overlook the luxurious 'The Villa' project and a number of Dubai landmarks, and will be easily accessible from key arterial roads including the Al Ain Road and Emirates Road.

Skycourts residents will also have access to world-class recreational and leisure amenities including health clubs and swimming pools, rooftop gardens and cafes, shops and free parking.