Dubai, UAE, June 16, 2006: Global real estate major Emaar Properties will open the first phase of its Old Town development in October, 2006. Yansoon Quarter, the first of three Arabian inspired developments at Old Town, is to-date 94 per cent complete.
Emaar has also joined hands with RAKBANK (The National Bank of Ras Al-Khaimah) to offer up to 95 per cent finance mortgage for the remaining apartments within Yansoon Quarter and other Old Town projects. Through the easy 20-year loan facility, potential buyers can own their dream home at this premium project for a down payment of just 5 per cent of the total cost.
Work on Zaafaran Quarter and Reehan Quarter, the two other projects at the Old Town development in Burj Dubai Downtown, are progressing on schedule. Apartments at Zaafaran and Reehan will be ready for occupancy in 2007.
A breathtaking mid and low-rise development in the heart of Dubai, Old Town is a uniquely pedestrian-friendly residential offering that integrates inspirational Arabian architecture in a modern setting. In close proximity to Burj Dubai, slated to be the tallest tower in the world when completed in 2008, Old Town will offer a new lifestyle choice for its residents in the heart of Dubai’s most prestigious address.
“Work on Yansoon Quarter has been moving on a fast-track and buyers can check into their apartments in October, 2006,” said Bahiya Kayed, Assistant Director of Sales, Emaar Properties. “As the first development of its kind in Dubai, apartment owners at Old Town can enjoy an exclusive lifestyle in an elegant setting reminiscent of the rich Arab heritage.”
Yansoon features 357 apartments including one-bedroom, one-bedroom plus study, two-bedroom, two-bedroom plus study, three-bedroom plus study and four-bedroom plus study. The one-bedroom apartments of size ranging from 784 to 1,000 sq. ft. are priced upwards of AED 1,151,888. The two-bedroom apartments are priced from AED 1,617,888 and are 1,210 to 2,038 sq. ft. in size.
“The flexible payment option of up to 20 years on Yansoon Quarter makes RAKBANK’s mortgage scheme very attractive for home buyers,” said Murray Sims, Head of Personal Banking, RAKBANK. “The installments, at competitive rates, are to be paid only after completion and hand-over of the apartments.”
Many apartments have already been sold and prospective buyers can check out the remaining ones at the Old Town Sales Centre located within the Burj Dubai Downtown development from June 18 to 30, 9am to 7pm. The Old Town Sales Centre also replicates the ‘look and feel’ of the Old Town community through use of Arabic design elements featuring period furniture and fittings, a traditional Arab courtyard and a fully furnished model suite. Sales staff and RAKBANK representatives will be on hand to give a detailed presentation of the apartments.
With a building area spread over 3.7 million sq. ft., Old Town features courtyard apartments and Souk-styled retail facilities recreating the mystical world of ancient Arabia.
Walkways, rooftop terraces, landscaped gardens and water features will provide a sense of exclusivity. Luxury hotels and an indoor retail facility designed in traditional style with domes, arches and volumes, will anchor the commercial neighbourhood. Residents can also avail of modern amenities including a state-of-the-art gym and other fitness options.
