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Wow Red inks SLS Dubai Residences finance deal

DUBAI, June 10, 2019

UAE-based World of Wonders Real Estate Development (Wow Red) has signed a partnership deal with Dubai Islamic Bank (DIB), the UAE’s largest Islamic bank, to provide an exclusive and value-added home finance solution for SLS Dubai Residences customers.

The exclusive home financing solution means owning a home in the elegantly designed SLS Dubai Residences is a seamless process, said the developer.

Among several benefits, customers can enjoy an extended 25-year financing with zero per cent financing cost for the first seven years.

Furthermore, customers only have to pay 50 per cent of the total price during the construction stage with the rest to be paid over a period of up to 25 years.

Located in Dubai’s downtown district, SLS Dubai Residences tower is over 60 per cent complete and on track to meet its Q3 2020 handover target.

Comprising 371 branded apartments, including spacious studios, one- and two-bedroom lofts to one and two-bedroom duplex apartments, all of the tower’s units offer spectacular, unobstructed 180-degree views of the world’s tallest building, Burj Khalifa, as well as Dubai Creek.

With this attractive offer by Dubai Islamic Bank, customers will only have to pay installments as low as Dh1,150 per month for a Dh1 million property for the first 7 years after handover of SLS Dubai Residences.

Assuring exceptional value for end-users and investors, the home financing product is the first ever and the only payment facility in the UAE residential market for its affordability and potential to earn more than 45 per cent return on equity during the first 7 years.

Wow Red is of the absolute opinion that the real estate market in Dubai is maturing and constantly improving. With this in mind, buyers are becoming more sophisticated, have higher expectations and demand properties with finer design elements as well as better payment plans and maximized yields," remarked its CEO Yahya Alkan after signing the deal with Varun Sood, the Chief of Home Finance at Dubai Islamic Bank.

"More importantly, in a market full of real estate opportunities the need for differentiation for property developers will play a key role in mid-to-long term accomplishment targets," stated Alkan.

“Our formula is very simple - no more large monthly installments and maximized returns. Now with the extremely low payment schedule, investors and end-users can own an incomparable dream home in SLS Dubai Residences and enjoy a superior lifestyle in a truly bespoke property that will elevate the real estate market to unseen levels of excellence and luxury,” he added.

Sood said: "As the largest home finance provider in the UAE, we understand our customers’ home buying needs very well. This is also a key factor in building successful solutions with developers."

"We are pleased to partner with Wow Red on their upcoming prestigious project SLS Dubai Residences. Our aim has always been to collaborate with our partners and develop customer centric propositions across the customer’s home buying journey," he added.-TradeArabia News Service




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