An Abu Dhabi developer on Sunday announced a new 'rent to own' scheme for customers which gives tenants the option of buying their property after three years.
Sorouh Real Estate said tenants of Sun Tower will have the right to own their apartment after three years of leasing and can convert 90 percent of the rent paid into equity.
Sun Tower on Al Reem Island, which at 65 storeys is among the tallest building in Abu Dhabi, comprises 680 residential units, of which 85 percent has been pre-sold.
Sorouh said one, two, and three bedroom apartments are available, with rents starting at AED89,000 which can be paid in four cheques.
Sorouh said the offer was the first of its kind in Abu Dhabi.
Paul Middleton, executive director, Sales and Marketing, Sorouh, said: "Sorouh's rent-to-own offer is a unique and very exciting initiative, and we are proud to continue to be the first to deliver innovative products to market for our customers.
"The offer gives first time buyers the flexibility and financial benefits people are looking for when making purchasing decisions in a project ideally located with some of the best amenities Abu Dhabi has to offer."
Last week, Sorouh said it will continue to focus on the delivery of existing projects in its home market in 2011 and has no plans to expand abroad.
The emirate's second-largest developer by market value has "sufficient funds" to develop future projects, chief operating officer Gurjit Singh said.
Most Abu Dhabi developers have been focusing on completion and delivery of existing projects after suffering big losses during the global financial crisis, which put an end to a six-year construction boom.
Sorouh expects to complete projects worth AED13bn ($3.54bn) with delivery of some 7,000 units by 2014.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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