By Shereen Shabnam
Earlier today, we met with Gemini Property Developers, a boutique real estate developer, and SPF Reality who have announced a game-changing industry-first customised payment plan for residential units in the Dh280 million Splendor at MBR City that offers a wider choice for property buyers allowing them to pay for five years after hand-over.
Property buyers have the options to choose from an extended payment plan after paying 50 per cent upon handover and the balance payment on easy instalments at their convenience, choice and freedom. This will encourage and help the fixed-income end-users to enter into their dream freehold homes and pay at their ease without undertaking the bank finance cost.
“The new payment plan in reality removes the burden of payment under stress and allows them to pay as per their convenience and thus eases the pressure on the property buyer,” Mr. Sudhakar R. Rao, Managing Director of Gemini Property Developers, says.
“The aim is to reduce the pains of the customers and make sure they remain happy throughout the acquisition phase, while as a developer, we share the burden of the customer’s payment. We want to give them the freedom to pay at their ease, choice and convenience.
“Once the buyer moves in to Splendor at MBR City upon paying 50 per cent, it frees up the rents – that could be converted into monthly instalments for five years – or as low as 0.83 per cent per month that could be paid in quarterly instalments – and property buyers can enjoy the benefits of living in their own freehold homes at Sobha Hartland within the Mohammed Bin Rashid City (MBR City) and its central location within the city of Dubai.”
Splendor at MBR City is a stylish, synchronised and elegantly designed collection of 134 modern homes for the upwardly mobile families, who prefer to live at the heart of the city – yet within a sanctuary. Disconnect from the frantic, bustling city life while staying completely interconnected within one’s serene abode. Splendor takes the convenience of modern technology to a new level with its fully automated smart homes fitted into all the units within the building.
This state-of-the-art technology allows seamless and wireless control over several of the high-quality home amenities such as the curtains, lights, air-conditioning, media and much more to form a large, interconnected web.
“As a customer-centric developer, we are always on the lookout for customer happiness and convenience – quality of finishing, timely delivery as well as ease in handover process. Customised payment plan is an extension of our customer-centric approach in which, we are absorbing the risks of an extended payment plan by offering the customers the convenience and freeing them up having to seek bank finance that comes with high cost,” Mr. Sudhakar Rao adds.
The move is aimed at encouraging more people to shift from rental homes to their own home without undergoing the pains of having to pay for both rents and property instalments for off-plan properties.
Prabhakar R. Rao, Joint Managing Director of Gemini Property Developers, says, “Usually, the customer has to comply with the payment plan designed by the developer and has to align his/her finances according to the developer’s plan. Also, some developers are offering post-handover payment plan which is a popular thing, whereas some customer may not want to go for it since he/she can avail bank mortgage. Gemini for the first time is offering the customer, the freedom to customise his/her payment plan according his/her financial situation.
Mr. Sailesh Jatania, Chief Executive Officer of Gemini Property Developers, said the new payment scheme comes just in time as Dubai’s real estate market is witnessing signs of upturn. “The new customised payment plan comes at a time when new investment is pushing sales in Dubai’s property market so much so that it has witnessed Dh132 billion worth of transactions in the first six months of 2017, about 16.8 per cent higher than the performance in the corresponding period last year. We believe this is the right time to stretch our hands to the end-users.
“The customer can choose from customised payment plan for his apartment as per his convenience from a host of options made available by Gemini. Firstly, the customer can choose whether he/she wants a post-handover payment plan or not because we don’t want to push the post-handover plan if the customer does not want the same or he/she has mortgage loan available. Secondly, he/she can choose how much percentage is desired to be paid post-handover (40% or 50%) and in how many years he/she wants to pay this (2, 3 or 5 years). As a developer, we not only offer excellent quality homes, but also take care of the financial needs of the customer in best possible manner.”
Splendor at MBR City, the G+8-storey luxury residential building is being built at Sobha Hartland within the Mohammed Bin Rashid City, Dubai, and is scheduled for completion in January 2018. The project with a built-up area of over 320,000 square feet will include 134 stylishly designed and elegant residential units comprising spacious one, two and three-bedroom apartments, penthouses and townhouses equipped with state-of-the-art amenities. Apartment units range from 780 square feet to 3,400 square feet. The community will also have retail, shopping and entertainment facilities, along with much-needed green spaces.
The new innovative payment plan is the result of a careful research and meticulous planning and reflects the deeper understanding of end-user need gap in the market, insights of SPF Realty and the commitment and care of Gemini as the developer that have led to the creation of the game-changing price strategy where the property buyer dictates how s/he would pay for the property.
Mr. Ranjeet Chavan, Chief Executive Officer of SPF Realty, says, “This payment plan so far beats every other in the market and will encourage tenants to consider buying a home at Splendor at MBR City. This will free them up from the rent-related inflation and have their own peace of mind.
Gemini Property Developers has completed the full structure of the project Splendor at MBR City, the company’s first luxury residential project at Sobha Hartland – a few months ago and currently preparing for the completion of the project by the end of the year.
The project is located at the center of Sobha Hartland – a new mixed-use development located between Al Khail Road and Meydan – and is close to the downtown of the future – the massive mixed-use project that has become a major destination. The project will border Meydan One on one side, MBR city – District One on the other and Meydan Grandstand at the backdrop.
Mr. Kalpesh Sampat, Chief Operating Officer of SPF Realty, says, “This reflects a different property development mindset and shows that developers are shifting focus on development and delivery rather than branding and marketing first. The new game-changing trend-setting payment plan is an extension of the developers’ vision to help the most important aspect of the development value chain – the home buyer – and their happiness.
Splendor at MBR City is conceptualised by renowned consultants, Aedas which is one of the five largest international architectural firms, while detailed designs were carried out by Dubai Consultants. The project, once completed, will offer excellent views of the Dubai skyline via two Expressways as well as nearby Ras Al Khor bird sanctuary.
The project is self-financed by the group as well as funded by banks and the construction of the project is not linked to off-plan sale of the units. Enabling works had earlier been carried out by National Piling before Global Green Bridge Contracting LLC came on board as the main contractor in August 2016. The company had already registered the project with the Real Estate Regulatory Authority (RERA) with an Escrow account as per the Trust Account Law.
Global Green Bridge Contracting is currently carrying on external and internal finishes for completion. Dubai’s Roads and Transport Authority (RTA) has already planned a new purple metro line running under the ground at Hartland. But another rail line has been planned to run near the project. Sobha Hartland is the only luxury community development located on the Dubai Water Canal.