The release of 647 completed units in Phase 2 of Cedre Villas, Dubai Silicon Oasis Authority's (DSOA) master development, is a boost to the freezone community's status among investors and tenants. While 400 villas in Phase 1 have been sold or leased, the developer claims to have pre-booked over 30 per cent of units in the second phase.
With both investors and banks shunning the off-plan model, the developer's move to offer ready-to-move-in villas has helped to rope in Dubai Islamic Bank, which will offer mortgages to prospective clients. "The bank is offering up to 90 per cent LTV (loan to value) for locals, and 80 per cent for others. Investors will have to make a down payment of 10 per cent of the unit price," says Muammar Al Katheeri, senior vice president of engineering management at DSOA.
Investors can choose from four villa types - luxury, executive, twin and townhouses - with sales price ranging from Dh2.2 million to Dh3 million. The promoters behind DSOA claim work on the communal facilities in the Dh1.55 billion project will be complete by August 2010.
The cluster will also feature a community centre comprising a clubhouse, swimming pools, restaurants, schools, clinic and retail outlets.
dnair@alnisrmedia.com
