DUBAI 20 August 2017: Buying property is major decision in one’s life – but what are the four key obstacles buyers of real estate face when making that decision, asks Sudhakar Rao, Managing Director of Dubai-based Gemini Property Developers.
- High prices
- Rigid [unsuitable] payment plans
- Mortgage shopping
- Uncertainty over project completion
Having identified the issues, Rao embarked to address them.
On Thursday, he announced the sale launch of the Dh280 million Splendor project at MBR City by Gemini Property Developers.
On the price front, Rao unveiled a game-changing customised payment plan with 7 options that promises to bring the cost of owning a unit [at the lower band] to as low as 0.83 per cent a month – lowest in the UAE, claims Prabhakar Raghavendra, Joint Managing Director.
Prices start at Dh1,300 per square feet for upfront cash buyers going up to Dh1,465 per sqft for those on a delayed 5-year payment plan. There are 134 ‘smart’ apartments up for sale starting from 1BR to duplex townhomes, added Sailaesh Jatania, Gemini CEO.
Addressing the issue of payment plans Rao explained that with SPF Realty, Gemini has designed a customer focused payment plan extending up to five-years after handover – to help property buyers.
“The payment plan has 7 options – which can further be adjusted to a property buyer’s particular needs,” said Rao.
Buyers can move-in after 50 per cent of the payment and pay the balance in up to five years, he added.
“The customer is king. The buyer chooses how much he/she pays before handover and the balance amount in up to 5 years.
This can also free them up from the cost of home finance burden, added Rao referring to the issue of mortgage.
In any case, the developer is tying up with banks to provide mortgage to prospective buyers, if needed. Dubai Islamic Bank is already on board and many more are expected join in coming days, added Ranjeet Chavan, CEO of SPF Realty, which is selling the project.
And to cap it – Rao announced that Spendor is 75 per cent complete with all eight floors done and the project topped up. “We expect to finish early next year and hope to begin handover of units by the first quarter,” said Rao addressing the issue of uncertainty.
He said 30 per cent of the project has already been sold and that the balance would be sold in 70 days @ of one unit a day.
Gemini has used its own funds to develop the project so far with a 30 per cent bank debt element.
“Residents of Splendor at MBR City could enjoy the best location in Dubai – closed to Dubai Lagoon, Ras Al Khor bird sanctuary, Burj Khalifa, Meydan City, Meydan One, MBR District One, Business Bay and The Tower at Dubai Creek Harbour – slated to be the new tallest tower in the world,” added Jatania.
The project is located at the center of Sobha Hartland – a new mixed-use development located between Al Khail Road and Meydan – and is close to the downtown of the future – the massive mixed-use project that has become a major destination. The project will border Meydan One on one side, MBR city – District One on the other and Meydan Grandstand at the backdrop.
Dubai’s Roads and Transport Authority (RTA) has already planned a new purple metro line running under the ground at Hartland. But another rail line has been planned to run near the project. Sobha Hartland is the only luxury community development located on the Dubai Water Canal.
By Eudore R. Chand