UAE's Aqaar develops competitive finance scheme for its first mixed-use project

The six year scheme requires only 30% of the total property value paid before the project's completion at the end of 2009 through one pre-completion payment, followed by small monthly installments and a final payment upon completion. Once the project is handed over the remaining 70% of the value is paid in fixed monthly installments over a three year period.

"Aqaar's finance scheme has been developed to provide an accessible gateway into the property sector. We conducted an extensive feasibility study based upon existing property finance options to assess how best to serve the individual investor in the mid-market property sector. The reasults revealed a lack of longer term fixed rate payment plans, which make properties less affordable," said Rami Dabbas, Chief Operating Officer, Aqaar.

"The repayments with a fixed interest rate allows buyers to enter the freehold market without having to take large loans or mortgages of variable interest rates."

Phase 1, to be completed by the end of 2009, will have 12 freehold residential towers forming the core of the development.

Investors buying into the towers, which will be built on a podium structure allowing up to four storeys of covered car parking, will have residence visas automatically issued as part of the sales process once the project is completed.

The 72,000 square metre plot, at the entrance of the emirate's coast road after leaving the Coral Beach roundabout in Sharjah, will be a seamless fusion of residential, commercial, hospitality and lifestyle elements only a short walk away from the beach.

"The residential offering will target the mid-range segment and prices are highly competitive. The 3,000 apartments will have quality finishes, and all will have full bathrooms and balconies. The project will fill the void that has been left with the development of so many super luxury projects that people are struggling to afford," added Dabbas.