Emaar highlights strength and transparency of investor policies ahead of launch of Panorama at The Views
Upcoming residential development overlooking Emirates Golf Course to open for public sale on May 26
· Sale and construction of Emirates Living project to follow best practices, further enhance investor confidence in sector
· Payments based on construction milestones; sales proceeds to be deposited in dedicated escrow account for construction purposes only
Dubai, UAE; May 24, 2012: Emaar Properties PJSC, the global property developer, highlighted today the strength and transparency of the investor policies the company has established for Panorama at The Views, Emaar’s newest residential project, which will open for sale to the public on May 26, 2012.
Working closely with the Government of Dubai’s Real Estate Regulatory Authority (RERA) and the Dubai Land Department, Emaar is following industry best practices in the sale and construction of Panorama at The Views, located in Emirates Living, Emaar’s cluster of established integrated communities.
The development has been registered with the Land Department, and all units are now listed on the Land Department’s registry. Emaar has also set up a dedicated escrow account for Panorama at The Views, with 20 per cent of the construction value deposited as a bank guarantee. All sales proceeds will be deposited in this escrow account, which will be used only for construction purposes. Customers will pay based on the percentage completion of construction (construction milestones), providing significant protection to investors and financial flexibility.
“Providing unique lifestyle opportunities within an established, vibrant community, Panorama at The Views represents an extremely attractive opportunity for both investors and end users,” said Ahmad Al Matrooshi, Managing Director, Emaar Properties PJSC.
“Working in partnership with RERA and the Land Department, we are very pleased to offer this opportunity within an investment framework that is strong, sound and transparent,” he said. “We know that such policies are important to investors everywhere, and recognise the contribution they make to investor confidence, further enhancing the positive outlook for the sector.”
Part of Emirates Living, a pioneering and fully established integrated Emaar community, Panorama at The Views is located near The Greens, with homes overlooking the fairways of the Emirates Golf Course.
Scheduled for completion in the fourth quarter of 2014 with handover to commence in the first quarter of 2015, Panorama at The Views features 224 apartments, including large one-, two- and three-bedroom apartments, and three- and four-bedroom duplex units.
Panorama at The Views is a mid-rise development uniquely designed to ensure that most apartments have uninterrupted views of Emirates Golf Course and the Dubai Marina skyline. Generous balconies and rooftop terraces add to the comfortable and relaxing lifestyle that awaits residents. Other features include floor-to-ceiling picture windows in living rooms and bedrooms and state-of-the-art kitchens.
Centrally located and in close proximity to Dubai Internet City and Dubai Media City, Panorama at The Views is part of an established community with a rich array of amenities, including restaurants, lush parks, retail outlets and nearby educational institutions. Other amenities include a gymnasium, soft play area for children, game room for teenagers and adults, an infinity pool and dedicated children’s pool.
Panorama at The Views marks the first of several upcoming lifestyle communities that are being planned by Emaar in Dubai, including the Dubai Modern Art Museum & Opera House District in Downtown Dubai.
Potential investors in Panorama at The Views are encouraged to visit the Emaar Sales Centre at Emaar Square in Downtown Dubai or call 800-EMAAR (36227), or visit www.emaar.com for further information.
About Emaar Properties PJSC
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence in key emerging markets in the Middle East, North Africa and Asia. Besides building residential and commercial properties, the company also has proven competencies in shopping malls & retail, hospitality & leisure and financial services sectors. Burj Khalifa, the world's tallest building, and The Dubai Mall, the world’s largest shopping and entertainment destination, are some of Emaar’s trophy developments.
Emaar has launched a new wholly-owned subsidiary, Dawahi Development, a next-generation developer of ‘value housing’ projects within full-service community developments. Dawahi Development will develop ‘value homes’ at attractive price points in key emerging markets across the Middle East & North Africa region, while also creating robust employment and business opportunities for the local population.
In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region's largest private sector-led project in Saudi Arabia, featuring a Sea Port, Central Business District, Industrial Zone, Educational Zone, Residential Communities and Resort District. www.emaar.com.