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'

Monthly instalments under the scheme would amount to $113 (AED1,150) for a property worth $272,000 (AED1m)
Monthly instalments under the scheme would amount to $113 (AED1,150) for a property worth $272,000 (AED1m)

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.” 

For all the latest hospitality news from UAE, Gulf countries and around the world, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page.

Most Popular

Newsletter

Reports

Human Capital Report 2017

Human Capital Report 2017

The second annual Hotelier Middle East Human Capital Report is designed to explore the issues, challenges and opportunities facing hospitality professionals responsible for the hotel industry’s most important asset – its people. The report combines the results of Hotelier Middle East's HR Leaders Survey with exclusive interviews with the region's senior human resources directors.

Hotelier Middle East Housekeeping Report 2016

Hotelier Middle East Housekeeping Report 2016

The Hotelier Middle East Housekeeping Report 2016 provides essential business insight into this critical hotel function, revealing a gradual move towards the use of automated management and a commitment to sustainability, concerns over recruitment, retention and staff outsourcing, and the potential to deliver much more, if only the industry's "image problem" can be reversed.

From the edition

From the magazine