Wow Red, Dubai Islamic Bank ink SLS Dubai Hotel & Residences deal
Finance plan offering half-payment during construction and 0% cost post-handover launched to 'stimulate investment'
World of Wonders Real Estate Development (Wow Red) has collaborated with Dubai Islamic Bank to introduce a 25-year financing plan with half-payment during construction and 0% cost for the first seven years of ownership for its SLS Dubai Hotel & Residences project, which will be handed over in Q3 2020.
According to Construction Week, Wow Red said that monthly instalments under the scheme would amount to $113 (AED1,150) for a property worth $272,000 (AED1m) during the first seven years after handover.
Commenting on the sales initiative, Wow Red’s chief executive officer, Yahya Alkan, said property developers must be “increasingly creative” in their customer offers as Dubai’s real estate market witnessed a period of consolidation.
He added: “We believe we are setting a benchmark in how to stimulate investment through launching quality mixed-use developments coupled with flexible and sophisticated payment plans.”