Dubai, UAE, November 1, 2006: Emaar Properties has launched the second phase of The Old Town Island – Al Attareen - in Downtown Burj Dubai. With over 50 per cent of construction work already completed, the 88 exclusive apartments feature Arabian architectural styles in a modern setting. Emaar has joined hands with Amlak Finance, the largest publicly listed Islamic finance company and pioneer in home finance in the UAE, to offer easy finance options to potential buyers.
A low-rise development, The Old Town Island has four quarters – Al Bahar, Tajer, Attareen and The Palace Hotel, Old Town. The launch of Attareen follows the sell-out success of Tajer, the first phase. Thirty-five units at Tajer were sold in just two weeks during Ramadan following its showcase at the Ramadan tent at The Old Town sales centre.
“Attareen Residences integrates residences and boutique offices within a landscaped environment featuring gardens and pools,” said Bahiya Kayed, Assistant Director of Sales, Emaar Properties. “With only 88 apartments, Attareen is ideal for potential home-owners who seek an exclusive retreat within Downtown Burj Dubai.”
To be ready for hand-over in summer 2007, the 7-level Attareen quarter is pedestrian-friendly and will have a mix of one-, two- and three-bedroom apartments apart from 8,000 sq metres of boutique offices and 500 parking bays. Each unit has a distinctive layout, thus providing home-owners with individualized style choices.
The residences offer some of the best views of Burj Dubai, billed to be the tallest tower in the world when completed in 2008. Proximity to The Dubai Mall, the world’s largest mall, and the Burj Dubai Business Hub add to the development’s convenience factor. Also close by is The Palace Hotel, Old Town.
“We extend finance of up to 96 per cent of the property value for tenors of up to 25 years for UAE residents,” said Khalid Zainal, Head of Sales & Distribution, Amlak Finance. “Investors and home-owners can now own a home at The Old Town Island, one of the prestigious projects in Downtown Burj Dubai, for only 4 per cent of the value followed by easy monthly installments.”
He added: “Home owners will find it as an attractive option because the installments are competitive compared to the rents they would pay for living in similar environments. Also, the high rate of returns makes the project an attractive investment option.”
The apartments range in size from 831 – 2,891 sq ft and prices are from AED 1.35 million for a one-bedroom to AED 4.9 million for a three-bedroom apartment.
The Old Town Island offers the goodness of village-like living in the heart of a vibrant urban environment. The waterfront project is characterized by market squares, meandering alleyways and inner courtyards. It brings in the mystique of traditional boulevards with stalls, boutiques and coffee houses serving guests during day and lantern-lit streets exuding dignified charm by night. Souk Al Bahar is the retail and entertainment centre offering an array of leisure and shopping choices for residents.
When completed, The Old Town Island, with a development value of AED 1.3 billion, will have 405 apartments, 161 hotel rooms, 83 suites, 2,100 parking bays, 15 restaurants and cafes, 89 shops, 130,000 sq ft of boutique spaces and four pools. Overall, the project will feature 1,250 sq m of water features, 18,600 sq m of landscaping and 83,000 sq m of parking.
Potential home-owners can discover the unique living experience by visiting The Old Town sales center at Downtown Burj Dubai featuring true-to-type show homes. They can also call toll-free number 800-EMAAR for more information.
The AED 73 billion Downtown Burj Dubai is Emaar’s flagship project and will be a mixed-use 500-acre community combining commercial, residential, hotel, entertainment, shopping and leisure outlets in open green spaces dotted with lakes and other water features. Other components include The Old Town, Burj Views, Burj Dubai Boulevard, The Residences, The Lofts and Loft Towers, 8 Boulevard Walk, South Ridge, Burj Views and Burj Dubai Lake Hotel and Serviced Apartments.
