Sorouh unveils new 'Rent to Own' offer
Abu Dhabi, June 26, 2011
Abu Dhabi developer Sorouh has announced a innovative plan for its key Sun Tower project in Al Reem Island under which the tenants will have the right to own apartments after three years of leasing and convert 90 per cent of the rent paid into equity.
This 'Rent to Own' offer will give tenants the opportunity to own Grade A residential property in one of Abu Dhabi’s premier precincts, on Shams Abu Dhabi, Al Reem Island, said a Sorouh statement.
The 65-storeyed Sun Tower is currently among the tallest building in Abu Dhabi, which comprises 680 residential units. Of this 85 per cent has been pre-sold.
The one, two, and three-bedroom apartments are now available, with rents starting at Dh89,000 which can be paid in four cheques, the statement added.
Paul Middleton, executive director, Sales and Marketing, Sorouh, said: 'Sorouh’s Rent-to-Own offer is a unique and very exciting initiative, and we are proud to continue to be the first to deliver innovative products to market for our customers.'
'The offer gives first time buyers the flexibility and financial benefits people are looking for when making purchasing decisions in a project ideally located with some of the best amenities Abu Dhabi has to offer,' he noted.
As per this innovative offer, tenants can convert their rental payments into a down-payment if they wish to purchase the unit later, he added.
As part of this offer Sorouh is offering tenants fixed rents for three-year period. The buy-out price for each year is established from the outset and gives the tenant the option to exercise their right-to-own in the future.
After three years, 90 per cent of the rent can be converted into equity. The tenant can choose to exit the agreement without a penalty.
This option is also ideal for those who are not willing or able to provide the 15 per cent down payment normally required to purchase property.
In addition to this attractive offer – the first time any real estate developer in Abu Dhabi has made property available to clients on a rent-to-own basis – tenants will have the additional benefits of no agent’s fees and all of the state-of-the-art amenities offered, said Middleton.
'Residents taking space in Sun Tower will be able to enjoy three gymnasia, including a ladies-only facility, cafés and restaurants as well as access to Boutik the Tower’s retail mall, and the leading supermarket chain, Waitrose.'
'The open-air leisure deck above the podium offers three swimming pools, a Jacuzzi, tennis courts, a yoga lawn and children’s playing areas,' he added.-TradeArabia News Service