Eagle Hills, an Abu Dhabi-based private real estate investment and development company, has signed a AED300 million ($81.6 million) facility with the National Bank of Fujairah (NBF) to finance the ongoing construction of a luxury hotel and residential development in Fujairah.
Located in Sharm in Fujairah, the The Address Fujairah Resort + Spa project comprises The Address Hotel with a range of five-star amenities and four residential buildings that include 170 branded apartments, five beach villas and five garden villas.
The development also features a 500-metre promenade, beach access, and a plaza, the developer said in a statement.
It added that the agreement also ensures a smooth mortgage model for customers and investors looking to purchase the luxury properties, and who wish to finance their purchases through the National Bank of Fujairah.
Low Ping, CEO of Eagle Hills said: “This strategic agreement with a trusted bank represents an important milestone in the development of The Address Fujairah Resort + Spa. It will further reassure customers about their investments in a project that will be delivered in a timely fashion, whilst adhering to the world-class standards of Eagle Hills and The Address Hotels & Resorts.
“We are committed to giving back to the communities in which we operate, and we believe it is absolutely vital that we work in partnership with local organisations. The National Bank of Fujairah represents a strong local financial partner for us.”
In 2016, Eagle Hills announced the launch of The Address Fujairah Resort + Spa ahead of starting the necessary ground and marine works. The construction is well underway and completion is on track for 2019.
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