Finance plan launched for $550m SLS Dubai Residences tower
The Dubai Islamic Bank scheme is aimed at customers of the 75-storey SLS Dubai Residences, which is more than 60% complete
Real estate firm World of Wonders Real Estate Development (Wowred) has partnered with Dubai Islamic Bank to offer a financing option for customers of its 75-storey SLS Dubai Residences project, worth $550m (AED2bn), in the emirate’s Downtown District.
An extended 25-year financing with 0% cost for the first seven years is included under the scheme.
Additionally, customers only have to pay 50% of the total price during the construction stage, with the rest to be paid over a period of up to 25 years.
According to the developer, customers will have to pay instalments at a minimum of $313 (AED1,150) per month for a property worth $272,257 (AED1m) for the first seven years after handover of SLS Dubai Residences.
The firm said: “These low instalments represent less than 35% of the rental costs incurred by many residents for commonly found units in the market, meaning end-users are able to effortlessly and cost-effectively shift from renting a standard unit to owning an incomparable branded apartment in SLS Dubai Residences.”
Yahya Alkan, chief executive officer at Wowred, and Varun Sood, Dubai Islamic Bank's chief of home finance, were present at the launch of the financing product.
Speaking on the deal, Alkan said: “Buyers are becoming more sophisticated, have higher expectations, and demand properties with finer design elements as well as better payment plans and maximised yields.”
The SLS Dubai Residences tower – made up of 371 units – is more than 60% complete and on track to meet its Q3 2020 handover target, according to its developer.
Los Angeles-headquartered hospitality operator SBE, which has branded homes worth $2bn in its portfolio, will manage the tower, as reported by Construction Week in March this year.