Sales success for KM Properties
Dubai, November 6, 2007
KM Properties has sold more than 32 per cent of its new Dh1.3 billion Tamani Arts Offices to investors.
"Tamani Arts Offices is an iconic mix-use complex at Dubai's Business Bay and forms an integral part of KM Properties' larger Artisan Cluster. The ground plus 20-storey tower, located near Burj Dubai, proved so popular with investors at Cityscape that 32 per cent of the tower's units were sold at the show," the real estate arm of Dubai-based KM Holding said in a statement.
Those attending the project's formal launch included Real Estate Regulatory Authority (Rera) executive director Marwan Bin Ghalita and Amlak chief executive officer Aref Al Harmi.
“KM Properties is one of the most well respected developers in Dubai. The company was the one of the first industry player to register with the land department and bring its operations in line with our new Law 8 legislation. It is an honour to be a part of KM Properties’ most recent property launch,” said Dubai Land Department Director-General Sultan Bin Bhutti Bin Mejren.
“KM Properties has worked closely with Rera since its formation in the summer and was one of the first developers to offer Escrow financing, thus offering complete peace of mind to would-be investors. This has had a strong impact on its reputation in the market, and is a role model for other private developers to follow in their foot step” added Rera Executive Director Marwan Bin Ghalita.
KM Properties offers Escrow facilities through National Bank of Dubai and has most recently entered into an agreement with Amlak Financing, offering mortgages for up to 85 per cent of purchase price.
Senior representatives from both banks attended the project launch event and were on hand to offer advice to investors.
"Our pre-launch pricing strategy provided instant rewards for our investors, many of whom bought multiple units at the show. We are now following this through with further incentives for those investors reserving units in the first phase of public sale, and these incentives are compounded by our easy finance options, provided by our Escrow partners, NBD and Amlak," said KM Holding co-founder and executive director Khulood Abdullah Al Rostamani.
"KM Properties is one of the most well respected developers in Dubai. The company was the one of the first industry player to register with the land department and bring its operations in line with our new Law 8 legislation," Sultan Bin Bhutti Bin Mejren, director-general of the Dubai Land Department, said. – TradeArabia News Service
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