EMAAR launches sale of villas in final two phases of PA-2 development today

This follows the resounding success of the first three phases of the development, which saw a record number of 253 villas snapped by national and expatriate investors in record time.

The company has created a special facility at the Godolphin Ballroom, Emirates Towers Hotel at Sheikh Zayed Road, to organise the sale of the villas on a freehold basis to national and expatriate investors. The facility will open its doors for sale on Thursday, July 11 at 12.00 noon. Between 12 noon and 3.00 pm, investors who had pre-registered for the project will be invited. Following this, between 3.00 pm and 6.00 pm, bookings will be opened to any other interested buyers.

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. While the 147 villas that comprise the first two phases will be handed over to customers between November 2002 and March 2003, construction on the remaining three phases of the project, including the two that open for sale today, is currently underway, and will be completed by the middle of next year.

Mr. Marc Hewitt, Executive Director, Development, EMAAR Properties, said the overwhelming response to this project has given a big boost to the region's property market, and will 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 lifestyle real-estate, coupled with the advantages of freehold ownership and the benefit of long-term finance through its mortgage finance arm, AMLAK Finance, has proven 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 general residential property market 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.

PA-2 is yet another visionary master planned community by EMAAR, which will be an integral part of the high profile downtown of Dubai which includes, The Dubai Marina, Emirates Hills, The Greens at Emirates Golf Club, Dubai Internet City, Media City, the American University in Dubai, beaches and luxury hotels.

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