The groundbreaking follows the successful launch of the AED1.5 billion project last year, during which the first phase of residential units was all sold out within six days after the sale was opened exclusively for customers of National Bonds. The release of the next phase of apartments will be announced shortly, with exclusive booking facility extended to National Bonds holders initially.
Senior officials including Mohammed Al Shaibani, Chairman of National Bonds Corporation; Nasser Bin Hassan Al-Shaikh, Vice Chairman & CEO of National Bonds Corporation; and Adel Lootah, CEO of National Properties attended the ground-breaking ceremony held today morning.
Skycourts is the first real estate project to be developed by National Properties, a wholly owned subsidiary of National Bonds Corporation with the objective of offering distinctive homes and lifestyle options to the multinational community in the UAE.
Set for completion in 2009, Skycourts will add over 2,300 apartments to Dubai's expanding portfolio of residential communities. Residents of Skycourts will have all modern amenities and luxuries in one of the prime locations of Dubai, all packaged at an affordable price.
Commenting on the project, Al Shaibani said that Skycourts will help Dubai address the need for affordable yet elegant homes and ensure harmonious and balanced real estate development.
"Skycourts is an example of the broad commitment of National Bonds Corporation to providing more lifestyle choices to the people in the UAE. We will fulfill this commitment by encouraging people to save for the future and by showing them the positive impact their saving can make on their lives as well as on their community," Shaibani said.
Al-Shaikh added: "This groundbreaking is a milestone in the community development investment initiatives we have been promising to our Bondholders. The huge demand for Skycourts also validates our credentials as a proactive investment company that identifies and seizes opportunities for our Bondholders.
"With civil works starting on Skycourts, we are now a step closer to delivering on our promise of new lifestyle options. Skycourts is not just an initiative in addressing a gap in the market but also a smart investment choice that will benefit all stakeholders - our buyers, owners and all National Bonds holders," said Lootah.
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National Properties breaks ground for Skycourts
- United Arab Emirates: Wednesday, June 27 - 2007 at 12:51
- PRESS RELEASE
National Properties, the wholly owned real estate subsidiary of National Bonds Corporation, has broken ground for Skycourts, the pioneering freehold residential development that will come up in the heart of Dubailand.
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For further information, please contact:Lina Anani/ Faisal Shamsudheen
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About National Properties
National Properties is a wholly owned, full-service real estate subsidiary of National Bonds Corporation that would offer distinctive homes and lifestyle options to the multinational UAE community. A Shari'a compliant entity, overseen by the Fatwa & Shari'a Supervisory Board of National Bonds Corporation for all of its financial aspects including operations and investments, National Properties seeks to identify, develop and maintain unique opportunities in the property market for the prudent deployment of those investments in the National Bonds Corporation earmarked for real estate developments. The development initiatives of National Properties will accord top priority to the needs of the local community while ensuring good returns for the National Bonds holders.
About National Bonds Corporation
A private shareholding company, National Bonds Corporation is a Dubai-based entity with local shareholders comprising Dubai Bank, Dubai Holding and Emaar Properties. Overseen by the UAE Central Bank, National Bonds Corporation is subject to the same regulatory procedures as those applicable to other financial institutions in the country. Licensed to operate throughout the UAE, National Bonds Corporation is Shari'a compliant, with a dedicated Shari'a Board to oversee all financial aspects including product-related operations and investments. The Shari'a Board is chaired by Dr. Hussain Hamid Hassan, a leading Shari'a scholar who is currently presiding over the Fatwa and Shari'a Supervision Boards of most Islamic financial institutions in the United Arab Emirates, and many abroad.
Posted by Anne-Birte Stensgaard, Senior News EditorWednesday, June 27 - 2007 at 12:51 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Wed Dec 12 2007.
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