106 more villas in third phase of EMAAR's PA-2 development sold

With this a record 253 units in the first three phases of the PA-2 project have been fully sold.

National and expatriate investors thronged The Dubai Marina Sales Centre when bookings for the third phase of PA-2 opened last week, and snapped up all the units available to investors on a freehold basis.

With built-up areas ranging between 3,200 sq.ft and 4,200 sq.ft, the luxurious three and four bedroom, double-storied villas are each surrounded by a garden and a garage. The 147 villas that comprise the first two phases will be handed over to customers between November 2002 and March 2003. Construction on the third phase of the project, which is currently underway, will be completed by the middle of next year.

Mr. Marc Hewitt, Executive Director, Development, EMAAR Properties, said the overwhelming response to the PA-2 development project has given a big boost to the region's property market, and would significantly increase home ownership among nationals, and both Arab and non-Arab expatriates living in the UAE and the GCC.

"The EMAAR offer of premium quality real-estate, coupled with the advantages of freehold ownership and the benefit of long-term finance through its mortgage finance arm, AMLAK Finance, has proved to be a big attraction for national and expatriate investors," added Mr. Hewitt.

Apart from providing a natural extension to its parent company's core business, AMLAK Finance also serves the resident property market as a whole by filling a vital gap in the range of financial services available to potential homeowners. This includes its new home financing scheme in which UAE nationals and foreign investors can finance up to 90 per cent finance of the property value, for a period of up to 25 years.

Mr. Hewitt further added: "While our original plan was to only open the first phase of the PA-2 project for sale, we were greatly encouraged when the entire lot of 78 villas were sold in less than fifteen minutes. In response to the unprecedented demand to the new development, we opened the second phase comprising of 69 villas for sale, which too was sold in a matter of minutes."

Subsequently the third phase of the PA-2 project, comprising of 106 units, was opened for sale at EMAAR's Dubai Marina sales office on Thursday, July 4, 2002. "We are sure that our innovative and large-scale real-estate offerings will continue to prove to be a big draw among national and expatriate investors," added Mr. Hewitt.