Dubai: This is definitely a first – a developer is offering property owners exemption from paying services fees for up to 10 years. This applies to all buys made at Reportage Properties’ projects in Dubai and Abu Dhabi.
As part of the deal, buyers need pay 10 per cent as down payment and the rest through 1.5 per cent installments over a 50-month period. Reportage currently has 10 projects that will add about 4,000 units. With post-payment plans now going out of fashion, developers are targeting buyers with service charge incentives, as well as keeping the down payment to as accessible a level as is possible.
In the past, developers in Dubai have launched offplan schemes where they promised to keep service charges the same for the first three- or five years after handover. But stretching it to 10 years is a relative first. “The stability of our financial position enhanced the opportunities for launching attractive offers to buyers,” said Islam Ahmed Suleiman, chief operating officer at Reportage.
Just recently, it had launched Rakan Tower, developed in alliance with Continental Investment in Dubailand. The project, scheduled to be completed by the last quarter of 2022, will have more than 480 units, with studios from Dh280,000 and one-room apartments from Dh390,000.
In Abu Dhabi, Reportage is developing Al Raha Loft 1, which will provide 178 units, and Al Raha Loft 2, with 124 units. Located in Al Raha Beach area, they are likely to be handed over during the first0half of 2021.
In Masdar City, Reportage is overseeing the Oasis Residence 1 project, with its 612 units likely to handed over during the second quarter of 2021. Oasis Residence 2, which adds a further 300 homes, is due by the second quarter of 2022.