Emaar unveils new residential project

Dubai: Emaar Properties has launched a cluster of four Arabesque residential quarters at The Old Town residential development in the heart of downtown Burj Dubai.

The four buildings Zanzebeel 3 and 4, and Miska 2 and 3 at The Old Town recreate the low-rise, car-free lifestyle that is characteristic of the Yansoon quarter, which is almost ready for handover. Work on two other residential clusters Zaafaran and Reehan are progressing toward an on-schedule 2007 completion.

Emaar has joined hands with Abu Dhabi Commercial Bank to offer competitive home finance options to own a home in the Zanzebeel and Miska quarters being launched on September 19. Construction is on a fast-track and Zanzebeel and Miska will be ready for possession within a year.

With direct views of the iconic Burj Dubai and in close proximity to the Dubai Mall, the world's largest shopping mall, The Old Town will comprise 1,560 homes in all, with Yansoon, Zaafaran and Reehan offering 985 apartments and Zanzebeel, Miska and the upcoming Kamoon to have 575 apartments.

Emaar's partnership with Abu Dhabi Commercial Bank offers potential homeowners up to 90 per cent home financing at a fixed rate of seven per cent until October 2007. Financing schemes are for tenures of 25 years.

Potential homeowners can visit Emaar's The Old Town Presentation Centre at the Downtown Burj Dubai development from 9am to 7pm, to apply for home loan from Abu Dhabi Commercial Bank, and from September 19 for actual purchases. Sales staff from Emaar and Abu Dhabi Commercial Bank will be on hand to offer all assistance.

The Dh73 billion ($20 billion) Downtown Burj Dubai development also encompasses South Ridge, The Residences, Burj Dubai Lake Hotel and Serviced Apartments, The Lofts, Burj Views and Burj Dubai Boulevard. The ambitious development will create a new centre for the city and provide first class living, working and entertainment options.