Emaar Properties Partners With Standard Chartered Bank To Offer Two Easy Home Finance Options

Emaar Properties has partnered with Standard Chartered Bank to extend two easy home finance packages for all its projects in Dubai that will be delivered in the next nine months.

Standard Chartered Bank will offer two mortgage products – the Asset Back Lending (ABL) Product and Standard Mortgage Product (SMP). The Asset Back Lending (ABL) Product offers an easy loan of up to 40 per cent of the property price with mortgage of AED 100,000 to AED 2.5 million will be provided for a tenure of 3 to 25 years.

The Standard Mortgage Product offers a standard loan of up to 75 per cent of the property price. Potential end-users and customers can obtain financial support from AED 150,000 to AED 10 million for a tenure of 3 to 25 years.

The home finance options will cover an extended portfolio of Emaar projects including apartments and villas in Dubai in prime locations such as Downtown Burj Dubai, Dubai Marina, Arabian Ranches and Emirates Living. The ABL easy loan is particularly tailored for current investors and end-users seeking financial support to complete the remaining payments before handover, while the standard mortgage will appeal to all potential home-buyers.

Mr Ahmad Al Matrooshi, Managing Director – UAE, Emaar Properties, said: “The partnership between Emaar Properties and Standard Chartered Bank is a huge confidence booster for Dubai’s property sector, as it marks the strengthening of liquidity levels. Emaar has always been at the forefront of industry-leading initiatives and this collaboration will further invigorate the market and strengthen investor confidence.”

He added: “The two easy mortgage plans are tied in for the projects that are to be delivered in the next nine months. The ABL product, an easy loan, particularly underscores our commitment to support investors who have been affected by the unprecedented challenges of the global financial crisis.”

Commenting on the partnership, Chris de Bruin, Head of Consumer Banking, Standard Chartered UAE said, "This is an exciting opportunity for Standard Chartered to broaden the core range of our home finance solutions which are offered by us in both conventional and Shariah compliant varieties. The introduction of this new line up is part of the larger consumer banking concept that Standard Chartered has created specifically to be more customer centric.”

Potential customers can visit the Emaar Sales Centre within Downtown Burj Dubai or the nearest Standard Chartered Bank branch located at Emaar Business Square and complete the formalities to avail of the mortgage. They can also call toll-free 800-EMAAR (36227) or the Standard Chartered Bank hotline at 600-522288 for more details. Customers can also email at home.loans@sc.com to fix an appointment with SCB’s Home Loans Sales Representatives.

Emaar has already handed over several thousand homes in Dubai. World-class villas and apartments in integrated communities with all lifestyle amenities are being developed in Downtown Burj Dubai, Arabian Ranches, Dubai Marina and Emirates Living – the four Emaar communities.

Emaar Properties Hands Over Alma Townhomes In Arabian Ranches Ahead Of Schedule

Emaar Properties has highlighted its commitment to project delivery, despite the challenges of the global financial crisis, with the hand over of Alma townhomes in Arabian Ranches five months ahead of schedule. The company had recently also completed and handed over La Avenida, a cluster of 17 luxury villas within Arabian Ranches, eight months ahead of schedule.

A community of 212 luxury homes, Alma townhomes in Arabian Ranches had gained overwhelming investor response when launched in 2007. Emaar was to have delivered the homes in end-November but has now completed the villas, which are being handed over. Customers are given a preview of the homes before the hand-over process starts this week.

Mr Ahmad Al Matrooshi, Managing Director – UAE, Emaar Properties, said: “We have an established track-record in delivering projects with several thousand homes handed over in Dubai and other key markets globally. Emaar is reiterating our commitment to customers with the completion and hand over of Alma townhomes and La Avenida several months ahead of schedule.”

He added: “Emaar achieved this milestone by working in close cooperation with contractors and consultants with a focus on optimising resource use efficiency and maximising productivity. This is in line with our growth strategy to identify opportunities that co-existed with the unprecedented challenges of the global financial crisis.”

Located in District II of Arabian Ranches, the established master-planned community by Emaar, the Spanish-styled Alma townhomes enjoy a prime location and are in close proximity to several Dubai landmarks and business nerve-centres including Jebel Ali Free Zone, Dubai Investment Park, Global Village, Dubai Internet City and Dubai Media City.

The homes also offer easy access to the city’s premier leisure destinations such as the Arabian Ranches Golf Club and Dubai Polo & Equestrian Club. The community also features an established school – JESS, the Hayya! Health Club, retail centres and healthcare facilities. The two-storeyed, lakefront Alma homes range in size from 2,400 to 3,150 sq ft, and feature luxury finishes and fittings.

Emaar is progressing on the completion of its projects, which are in varying stages of development. The company has four established communities in Dubai already – Emirates Living, Arabian Ranches, Dubai Marina and Downtown Burj Dubai.

RTA completes 90% of Landscaping for Al Garhoud Bridge & 60% Arabian Ranches

Roads & Transport Authority (RTA) announced that landscaping of Al Garhoud Bridge and Arabian Ranches Interchange is progressing steadily, with completion rate as high as 90% in Al Garhoud Bridge and 60% in Arabian Ranches Interchange up to now. Landscaping works are up and running in eight different locations in the emirate of Dubai covering landscaping of roadsides, medians and some spots within the right of way. The overall objective of the projects is to expand greenery, and add aesthetic elements to the right of way so as to improve the general appearance and fascination of Dubai roads.Maitha bint Adai, CEO of RTA Traffic & Roads Agency, said: “The total area of landscaping project of Al Garhoud Bridge is about 14 hectares and so far 90% of project works have been completed. The Project included planting of diverse flora to beautify the bridge sides as well as the area underneath the bridge using seasonal flowers, decoration trees for bridge sides, and palm trees & lawns to cover wide areas around walkways below the bridge.“The objective is to make the bridge and surroundings an attractive element for road users such as motorists and pedestrians. Another decorative element is added to the supporting walls of the bridge through engineering drawings depicting sand dunes fitted with mobile lighting system to create an impression of sea waves, adding much allure to the appearance of the bridge especially for pedestrians passing through purpose-built pathways to access the patios made for them. Motorists can enter these areas through a new entry point to the left side of the bridge for those coming from Deira / Festival City, or by using the existing access route to the right side of the bridge for those coming from Bur Dubai through Jaddaf.“The significance of Al Garhoud Bridge Landscaping Project stems from the fact that it is an iconic structure in the emirate of Dubai that has to be showcased in a highly distinctive manner. The bridge, which extends about 1.7 km, comprises 14 lanes; 7 lanes to serve the traffic from Bur Dubai to Deira and 7 lanes to accommodate the traffic from Deira to Bur Dubai. It rises 15 meters above the central part of Dubai Creek; enabling free navigation of boats, thus adding to the vision of RTA to provide Safe & Smooth Transport for All.“As part of the drive to expand the greenery in Dubai, RTA is proceeding with landscaping projects in a number of interchanges in the emirate including Arabian Ranches Interchange where completion rate has reached 60% covering a total area of 30 hectares. Beautification aspects cover planting diverse types of flora and fitting decorative lighting below the palm trees to give prominence to the project. Arabian Ranches Interchange is one of the biggest flyovers constructed by RTA comprising one underpass and 11 bridges extending 2.5 km to link Emirates Road with Umm Suqeim Road and Al Qudrah Road” added Maitha.Implementation of these projects underscores RTA attention to add a touch of beauty and attraction to Dubai roads illustrated in adopting innovative & non-repetitive methods in landscaping of roads, and upgrading of the technical standards & metrics to keep pace with the requirements of growth & modernity. Such exercise is all about enhancing the technical & aesthetic image of Dubai roads, and meeting the environmental requirements of the urban development process witnessed by the emirate.

Landmark Advisory Releases May 2009 Dubai Rental Guide – Opportunities For Tenants Continue To Grow, But Some Areas Stabilising

Today Landmark Advisory released its Dubai Rental Guide for May, which outlines current market rent spreads. The guide shows ranges between the highest and lowest rents available in specific areas and developments in Dubai. “In some areas, prices can range rather significantly,” said Jesse Downs, Director of Research & Advisory Services. “This is due to an observed willingness by many end-users to pay significantly higher rents for preferred locations with higher-quality properties with good reputations for maintenance, amenities, and the surrounding retail mix,” she added.

The ranges are meant to indicate high-low rent spreads, not exact figures. Ms. Downs explained that “readers should use the Rental Guide to define minimum and maximum rent expectations according to the level of unit and location quality in a given area.”

City-wide average rents fell, but a few areas have begun to stabilise. For example, after declining precipitously in the last quarter of 2008 and the first quarter of 2009, rents in the Springs declined in April. In fact, the lowest available rent for a 2-bedroom Springs villa increased by AED 5,000 to AED 95,000 per year. “In this area, tenants flocked to take advantage of opportunities created by steep rent declines,” said Ms. Downs. In addition, rents for 2-bedroom apartments in Dubai Marina have also begun to stabilise.

Despite relative stability in certain areas, many rents continued to fall, creating opportunities for tenants eager to upgrade to larger, higher-quality, and/or better-located units. For example, villas and apartments on the Palm Jumeirah and in Arabian Ranches are now renting for substantially less than two months ago.

“Dubai tenants will see even more opportunities to upgrade their accommodation as rents will continue to fall,” said Ms. Downs. However, high-demand areas will experience a faster rent rebound as deal-seekers rush in. Ms. Downs recommends that tenants looking to upgrade “should carefully consider their timing in order to balance likely rent discounts with the high probability of competition over available units.”

Emirates NBD Claim Top Honours In Diners World Corporate Golf Challenge

A total of 19 teams braved the steamy conditions at Arabian Ranches Golf Club to take part in the UAE finals of the Diners World Corporate Golf Challenge last week.After a great afternoon of golfing action (played in a 4 ball ¾ Stableford Handicap format) it was the team from Emirates NBD, made up of Glyn Sowerby, Colin Cloete, Madhab Neir and Shashi Raghavan that emerged as winners with 103 points. The quartet will now go on to represent the UAE at the World Corporate Golf Challenge finals in La Manga, Spain, having bagged the first prize of an all-expenses paid trip to the tournament which will take place from 29 June – 3 July, 2009. Sowerby also claimed the Nearest to the Pin prize for his shot on the seventh hole.Following close behind the winners was the McDonald Interior Solutions team of Usman Akbar, Kevin White, Cameron Alder and Casey Greenberg who finished in second place with 101 points while third spot went to the team from one of the tournament sponsors, 7 Days, who were represented by Marc Rix, Francisco Giles, Fred Watt and Wim Boogaerts. The 7 Days team finished on 100 points. Meanwhile, the longest drive of the day came from Francisco Giles who was awarded a Mcgregor Driver from Prosport for his efforts on the 18th hole.“Once again the Diners World Corporate Golf Challenge proved to be a wonderful event,” said Donal Kilalea, CEO of Promoseven Sports, the franchise owner for the Middle East.“Despite the current economic climate the turn out was exceptional and certainly shows the power of golf as a business tool. Our congratulations and best wishes go to the winning team from Emirates NBD who will now go on to represent the UAE at the world finals in La Manga, Spain.“We intend to expand into three other markets next year in the Gulf as this is a winning format,” added Kilalea.