The third phase of Emaar Properties’ PA-2 housing development at the Emirates Hills has reportedly generated huge response, with 106 more villas released for sale last Thursday being sold immediately, according to a company press release. With this, 253 units in the first three phases of the PA-2 project have been fully sold.
With built-up areas ranging between 3,200 and 4,200 square foot, the three and four bedroom, double-storied villas are each surrounded by a garden and a garage. The 147 villas that comprise the first two phases will be handed over to customers between November 2002 and March 2003. Construction on the third phase of the project, which is currently underway, will be completed by the middle of next year.
Apart from providing a natural extension to its parent company's core business, AMLAK Finance also serves the resident property market as a whole, by providing financial services to potential homeowners. This includes its new home financing scheme in which United Arab Emirates (UAE) nationals and foreign investors can finance up to 90 percent of the property value, for a period of up to 25 years.
Emaar Properties is a Public Joint Stock Company listed on the Dubai Financial Market. The company was established in 1997 and currently has five major real estate projects under development in Dubai. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
