The CA, signed today in Abu Dhabi between the two companies, establishes the general framework of a Finance Agreement to be put in place in the next few weeks. The Finance Agreement will provide buyers with up to 85% financing for their new homes in Arzanah.
Arzanah, a $5-6bn landmark development on Abu Dhabi island, consists of two land parcels, one surrounding Zayed Stadium and a 2Km beachfront across the Khaleej Al Arabi road, both of which will be connected by several pedestrian bridges.
Deputy Chief Executive Officer of Capitala, Peter Wilding, said: "Capitala is delighted to partner with Abu Dhabi Finance to offer our current and future buyers this new mortgage financing option for their purchases in our development."
He added, "In September last year, we launched and sold 80% of Rihan Heights, the first phase of Arzanah, within the first few weeks. We anticipate that this new source of loans, which will be in place later this month, will be another excellent financing option for our clients due to its flexible repayment methods and long term repayment schemes".
Phil Ward, Chief Executive Officer of Abu Dhabi Finance, said: "Abu Dhabi Finance was created to bring a refreshing new mortgage experience to people buying property in Abu Dhabi, and forming strategic partnerships is a crucial part of achieving that goal."
"Capitala is developing one of Abu Dhabi's most attractive future residential areas, and we are very pleased to be able to offer those buying homes in Arzanah one of the most attractive mortgage options available in the UAE."
Established in 2008, Capitala is a strategic joint venture company between Mubadala, a leading business development and investment company in Abu Dhabi with 51% shareholding and CapitaLand, one of Asia's largest real estate companies with 49% shareholding.
Abu Dhabi Finance, formed and launched in 2008 with a capital of Dhs500m, offers mortgages with a wide range of benefits, including loan-to-value ratios of up to 85%, loan terms of between three and thirty years, flexible repayment methods and debt service ratios of up to 55%.
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Capitala signs co-operation agreement with Abu Dhabi Finance
- United Arab Emirates: Sunday, January 18 - 2009 at 09:07
- PRESS RELEASE
Capitala, the Abu Dhabi based real estate company, today announced that it has signed a co-operation agreement (CA) with Abu Dhabi Finance to extend mortgage financing services to buyers of its maiden project Arzanah.
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About Capitala
Capitala is an Abu Dhabi-based strategic real estate master planner and developer committed to designing, building, managing and maintaining world-class, integrated communities in the UAE's Capital city, Abu Dhabi.
Established in 2008, Capitala is a strategic joint venture company between Mubadala, a leading business development and investment company in Abu Dhabi with 51% shareholding and CapitaLand, one of Asia's largest real estate companies with 49% shareholding.
Capitala's maiden project, Arzanah, is a US$5-6 billion development on Abu Dhabi island. This landmark development has been designed to meet evolving needs of modern day life in Abu Dhabi.
About Arzanah
Arzanah, with a visionary master plan that was conceived by award winning firms Sasaki of the USA and SMC Alsop of the UK, is a 1.4 million square metre fully integrated development encompassing residential, commercial, sports and leisure components. Strategically located at the gateway point to the island of Abu Dhabi in the Grand Mosque District, Arzanah is easily accessible via a comprehensive road network and will be connected to the future planned high speed metro system and minutes away from Abu Dhabi city centre, the Abu Dhabi International Exhibition Centre and the Central Business District.
Arzanah is being developed in phases and incorporates two parcels of land including the area surrounding Zayed Main Stadium and the exclusive two kilometre beach front across the Khaleej Al Arabi road - both vicinities will be linked by two new pedestrian bridges. It is one of the few remaining parcels of prime real estate on Abu Dhabi island.
Arzanah offers an exceptional blend of quality residential properties including luxurious apartment towers, family townhouses and modern lofts complemented by leisure, sports and retail amenities. Facilities will include an exclusive club, a picturesque canal flowing through the development, communal gardens and extensive walking and cycling trails. Residents and visitors will also be able to enjoy a high street shopping experience in a unique open-air climate controlled environment. An internationally recognised school will offer high quality accredited education for children of all ages with access to Arzanah's outstanding sports and leisure facilities at their doorstep.
In addition to the Zayed Stadium, other sports facilities for residents include the ATP-standard Abu Dhabi International Tennis Complex, the 40-lane world-class Khalifa International Bowling Centre, the Abu Dhabi Ice Rink and a state-of-the-art Aquatic Centre. Arzanah will also be home to the Mubadala-owned Medical Centre that will provide state of the art facilities and treatment for knee and sports related injuries and spinal injuries. The Abu Dhabi Knee & Sports Medicine Centre and Spinal Injury Centre will be the first healthcare facility in the Middle East to specialise in the diagnosis and treatment of patients with knee and sports-related injuries and provide specialist care for patients with spinal injuries who would normally have to travel overseas.
About Abu Dhabi Finance
Abu Dhabi Finance is set to be a leading provider of mortgages to those purchasing property in the Emirate of Abu Dhabi and the rest of the UAE.
The company was formed in 2008, following a 12-month planning and development period, by some of Abu Dhabi's most influential companies.
Abu Dhabi Finance is aiming to become a major new force in the UAE market, by offering attractive mortgage products to a wide range of clients, with outstanding client service sitting at the heart of everything we do.
The company is based in Abu Dhabi on the corner of Al Salam Street (8) and Electra Street (7).
Posted by Medilyn Manibo, Assistant News EditorSunday, January 18 - 2009 at 09:07 UAE local time (GMT+4)
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