Damac Properties enters Abu Dhabi
Dubai: Damac Properties yesterday launched two projects in Abu Dhabi, marking its entrance into the emirate.
Dolphin Towers, a three-tower structure, including 400 one-, two-, and three-bedroom luxury condominiums and 10 sea-facing townhouses, will be located at the Al Raha beach development.
Oceanscape, a mixed-use undertaking, including 184 one-, two-, and three-bedroom apartments with state of the art finishing and eight townhouses, is due to be positioned on Al Reem Island.
The Dubai-based real estate company has arranged with Abu Dhabi Commercial Bank (ADCB) to provide 90 per cent mortgage financing for 25 years. Buyers in both properties will have to pay a Dh500 monthly installment throughout the period of construction.
Damac Properties, in association with Union National Bank (UNB), will also provide 90 per cent mortgage financing for 25 years.
Hussain Sajwani, chairman of Damac Holding, said in a statement yesterday, "Our 'double debut' in Abu Dhabi is a natural progression towards a prosperous future for Damac Properties due to the strong growth potential of the Abu Dhabi real estate market."
The value of Damac Properties projects is over Dh10 billion.