Introduces Cityflex Ownership Plan – the innovative and unique ultra-flexible payment plan including 10-year interest-free payment options starting at AED 2,020 per month and installment guarantee scheme
Dubai-based City Properties, the property development arm of leading UAE real estate service provider City Tower Real Estate; announced the launch of its maiden real estate project, Al Haseen Residences located in the south of Dubai. The company also introduced their unique and innovative payment plan called the Cityflex Ownership Plan, which provides a variety of investment options that meet an investor’s financial planning needs.
“Having been in the real estate business for over 20 years, we can confidently say we understand the real estate market and the needs of investors,” said Tauseef Khan, Chairman of City Properties and City Tower Real Estate, a company that manages over 90 buildings and over 5,000 units at present in the UAE.
“Our vast experience has taught us that we can make home ownership a possibility for everyone in the UAE if we offer an affordable alternative to renting, especially since rents often fluctuate and are subject to variations. It is with this idea that we decided to venture into property development,” Tauseef Khan continued. “With Expo 2020 around the corner and with Al Maktoum International Airport forecasted to be the busiest airport in the world, this area of Dubai will continue to attract a lot of interest. In addition, we expect the population in this area, which many consider to be a city within a city to increase to more than a million in the years ahead,” he added.
Currently under construction and expected to be completed in the first quarter of 2019, Al Haseen Residences is the first of ten residential buildings the developer plans to construct in the Dubai South area. The G+6 residential tower valued at AED 100 million is a 5-minute drive from Al Maktoum International Airport and other key landmarks such as Expo 2020, Dubai Parks and Resorts, Jebel Ali Free Zone and will comprise 138 units including studio, one BHK and two BHK apartments, incorporating all modern amenities such as a swimming pool, separate gymnasiums for men and women, covered parking, central AC and a beautiful waterfall lobby entrance.
With the studio apartment priced at AED 376,200 and a one BHK apartment at AED 739,000, investors can own these units by paying AED 2,020 per month and AED 3,695 per month respectively, using the Cityflex Ownership Plan.
Following an initial payment of five percent to book the apartment, homeowners will be required to pay an additional five percent of the property value every quarter until handover, which will amount to 40 percent of the property value. Designed to match the funding ability of most individuals living in the UAE, the Cityflex Ownership Plan includes a variety of ultra-flexible ownership options for the balance 60% payment including:
- Post-handover, interest-free payments for up to 10 years via 120 installments
Hand the property back to the property management division of City Properties, which will guarantee payment of the remaining 60% of the property value on behalf of the investor, allowing investors to own a home by only investing 40% of the property value
In addition, all investors also have the option to exit the payment process at any time during the payment period by providing a one-year notice. The ownership plan is designed to guarantee investors peace of mind and has no hidden fees.
Commenting on the Cityflex payment plan, Tauseef Khan said, “In order to truly convert tenants to owners, we recognized the need for flexible payment options to help everyone realise their dreams of owning a home in the UAE. Any individual who plans to rent a home for at least a decade has the potential to own a home at Al Haseen Residences with Cityflex as there are various payment options to suit all requirements. With majority of the payments made after possession, the monthly installments we offer are also more cost effective when compared to average rents in the market today.”
For more information about City Properties, please visit citypropertiesuae.com or contact a City Properties representative on 800 CITY (2489). Website: http://citypropertiesuae.com/ http://citytowerrealestate.com/
ABOUT CITYFLEX OWNERSHIP PLAN
Cityflex Ownership Plan is a first-of-its-kind customizable home ownership plan created by City Properties. Designed to guarantee investors peace of mind, the Cityflex Ownership Plan has no hidden fees and offers a variety of ultra-flexible options including:
- Post-handover, interest-free payments for up to 10 years
- Assign the apartment to the property management division of City Properties, which will guarantee payment of the remaining 60% of the property value on behalf of the investor
- Exit the payment process at any time during the payment period by providing a one-year notice