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In addition to holding the development and management rights to these high-profile projects, Deyaar will manage the project construction and sales operations for Skycourts and Flamingo Creek. While the current agreement covers only these two specific projects for the time being, it will be extended to include other future real estate developments owned by National Bonds.
"This strategic alignment will provide significant benefits for both Deyaar and National Bonds. Even more important, this transfer of management and development rights will further enhance the bright outlook for all those who have already purchased a home through National Bonds,"
said Mohamed Qasim Al Ali, Chief Executive Officer, National Bonds.
He added, "With the contribution of expertise provided by Deyaar, which currently manages more than 16,000 residential and commercial units, Skycourts and Flamingo Creek homeowners will benefit from enhanced development and property management services. Indeed, the experience of owning a National Bonds home will prove more rewarding than ever."
"National Bonds has rapidly established a reputation for providing unique homeownership and investment opportunities in some of Dubai's most exciting upcoming locations," said Saeed Al Qatami, Deyaar's Managing Director - UAE Business.
"On behalf of Deyaar, which provides a full suite of specialised services, including property development, management, leasing and brokerage, I am extremely pleased to announce the signing of this agreement. Together, National Bonds and Deyaar will continue to build the future of the country, and bring the dream of owning one's own home within the reach of everyone," he added.
National Bonds projects include Flamingo Creek, part of The Lagoons master development at Dubai Creek, which will comprise 244 villa-style apartments and freehold townhouses. Occupying over 500,000 square feet, the development is the first low-rise, low-density project being launched at The Lagoons. Ground was broken on this premium project in April 2008, with delivery expected in 2010.
Other National Bonds projects include Skycourts, a pioneering freehold residential development in Dubailand Residences Complex on Al Ain Road, which comprises more than 2,300 luxurious yet affordable apartments. The first units at Skycourts are scheduled for delivery in summer 2009.
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Posted by Siba Sami Ammari
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