ADIB to provide Saadiyat Island mortgages
TDIC mulls launch of third phase of development at Abu Dhabi project
Tourism Development '&' Investment Company (TDIC), the master developer of major tourism, cultural and residential destinations in Abu Dhabi, has signed an exclusive home finance deal with Abu Dhabi Islamic Bank (ADIB).
The deal means that potential buyers of villas at its newly-developed Saadiyat Beach Villas will be offered home finance worth up to 100% of the value of a property - to a maximum level of $8.2m (AED: 30m).
To date, TDIC has completed two phases of development at Saadiyat Island consisting of a total of 495 villas and apartments with landscaped parks, swilling pools, gyms and other sports facilities like basketball courts. It is currently studying the addition of a third phase at the development.
Ahmed Al Fahim, executive director of marketing, communications, sales and leasing at TDIC, said: "We are pleased to partner with such a credible financial institution as ADIB to launch this attractive and very exclusive home finance opportunity for the home buyers.
"This gives prospective homeowners an option of up to 100% financing as well as the opportunity of owning a home in one of Abu Dhabi's most prestigious residential communities on Saadiyat island."
Saadiyat Beach Villas for part of the wider Saadiyat Island development, which is set to include major cultural attractions including the Louvre Abu Dhabi set to open in 2015, a new Sheikh Zayed national museum designed by Sir Norman Foster set for 2016 and a Guggenheim Abu Dhabi in 2017.
Some 80% of the 354 villas developed on the island to date have already been sold and will be handed over by the end of the year.