Barclays press release
Dubai Silicon Oasis signs agreement with Barclays to offer first of a kind mortgage for Cedre Villas
Dubai-UAE: 10 October, 2010 – Dubai Silicon Oasis Authority (DSOA), the integrated free zone technology park, today signed a memorandum of understanding (MoU) with Barclays to offer affordable accommodation with competitively priced mortgage rates to Cedre Villas’ buyers
The MoU was signed by Dr. Mohammed Al Zarooni, Vice Chairman & CEO of DSOA and Sultan Abu-Sultan, Chairman,Barclays Bank PLC, UAE on the eve of the ninth edition of Cityscape Global 2010 in Dubai, one of the largest business-to-business real estate investment and development events in the world that runs until 7th October at the Dubai International Convention and Exhibition Centre.
Under the agreement, Barclays has extended to potential homebuyers a number of favourable terms based on 3 pricing options: zero per cent for two years, 2.25 per cent for three years or 4.25 per cent for five years and free insurance for the first year. Customers can benefit from a maximum loan to value of 75%.*
Commenting on this agreement, Dr. Zarooni said: “As we continue to attract international companies to Dubai Silicon Oasis, we stay true to our strategy through continuously providing our stakeholders with top-notch facilities and services. Today’s agreement with Barclays is yet another step that we take to add significant value to our Cedre Villas offerings which is brought by a major global financial services provider.“
“We are confident that this agreement will further encourage prospective buyers to own a villa at the technology park to experience our lifestyle offering in addition to reviving confidence in the real estate market,” Dr. Zarooni added.
Strategically located to provide easy access to all points of Dubai, the gated Cedre Villas development offers modern comfort and safe community living. The 65,000-sq meter community centre, clubhouses, nursery and k-12 schools, play areas, swimming pools, pedestrian networks, interconnected courtyards and parks are all part of the holistic offering at Cedre Villas.
On the signing of the agreement, Sultan Abu-Sultan, Chairman, Barclays Bank PLC, UAE, expressed his delight with the arrangement with DSOA and said, “The UAE is a mature and competitive banking environment and we work with our customers to meet their needs through offering the most innovative products along with superior service. Barclays strong heritage both regionally and internationally has enabled us to work with DSOA to create a really attractive proposition for customers.”
Venky Srikantan, Head of Consumer Banking, Barclays, UAE, added:“Barclays mortgage offering for Cedre Villas is one of the most attractive in the UAE and the best in class product for borrowers. Giving customers the certainty of knowing precisely what their monthly payments will be makes it considerably easier when budgeting and planning ahead.”
The leasing and sale of all 368 units in Phase-I of the AED1.55 billion Cedre Villas project have been successfully completed, while Phase-II of the project was delivered in June 2010. Almost 40 percent of Phase II units have already been leased and sold.
* Terms and conditions apply.