Brand View: Investors and end-users can benefit from extended 25-year financing, with monthly installments as low as AED 1,150 for AED 1 million property for the first 7 years after handover.
World of Wonders Real Estate Development (WOW RED) today announced its partnership with Dubai Islamic Bank, the UAE’s largest Islamic Bank, to provide an exclusive and value-added home finance solution for SLS Dubai Residences customers.
Assuring exceptional value for end-users and investors, the home financing product is the first ever and the only payment facility in the UAE residential market for its affordability and potential to earn more than 45% return on equity during the first 7 years.
Yahya Alkan, CEO of WOW RED, and Varun Sood, Dubai Islamic Bank Chief of Home Finance, were present along with senior officials from both companies at a signing ceremony held in Dubai to launch the home finance product.
The exclusive home financing solution means, owning a home in the elegantly designed SLS Dubai Residences is a seamless process. Among several benefits, customers can enjoy an extended 25-year financing with zero % financing cost for the first 7 years.
Furthermore, customers only have to pay 50% of the total price during the construction stage with the rest to be paid over a period of up to 25 years. With this attractive offer by Dubai Islamic Bank, customers will only have to pay installments as low as AED 1,150 per month for a AED 1 million property for the first 7 years after handover of SLS Dubai Residences.
These low installments represent less than 35% of the rental costs incurred by many residents for commonly found typical units in the market, meaning end users are able to effortlessly and cost-effectively shift from renting a standard unit to owning an incomparable branded apartment in SLS Dubai Residences.
For investors, given the matchless features of SLS Dubai branded apartments and the expected rental premiums compared to typical units in the market, the monthly home finance installments will also correspond to less than 35% of their net monthly rental income during the first 7 years. This will enable investors to potentially earn more than 45% return on their cumulative equity.
Yahya Alkan, CEO, World of Wonders Real Estate Development said: “We are of the absolute opinion that the real estate market in Dubai is maturing and constantly improving. With this in mind, buyers are becoming more sophisticated, have higher expectations and demand properties with finer design elements as well as better payment plans and maximized yields’’
“More importantly, in a market full of real estate opportunities the need for differentiation for property developers will play a key role in mid-to-long term accomplishment targets. Therefore, the home finance solution that we have introduced with Dubai Islamic Bank is truly unprecedented in the value it offers to our prospective customers’’
“Our formula is very simple - no more large monthly installments and maximized returns. Now with the extremely low payment schedule, investors and end-users can own an incomparable dream home in SLS Dubai Residences and enjoy a superior lifestyle in a truly bespoke property that will elevate the real estate market to unseen levels of excellence and luxury”
“The combination of a premium brand property that is over 60% complete, an international developer with a track record of success, a highly respected and trusted UAE bank and an unrivalled payment facility offered in the market today, makes SLS Dubai Residences the most attractive and secure investment opportunity” said Mr. Alkan.
Varun Sood, Chief of Home Finance at Dubai Islamic Bank, said “As the largest home finance provider in the UAE, we understand our customers’ home buying needs very well. This is also a key factor in building successful solutions with developers.”
“We are pleased to partner with World of Wonders Real Estate Development on their upcoming prestigious project SLS Dubai Residences. Our aim has always been to collaborate with our partners and develop customer centric propositions across the customer’s home buying journey.”
“We have gone through a great amount of detail with World of Wonders Real Estate Development in building this solution and look forward to delivering a seamless home buying experience for our customers’’
Located in Dubai’s downtown district, SLS Dubai Residences tower is over 60% complete and on track to meet its Q3 2020 handover target.
Comprised of 371 incomparable & matchless branded apartments, including spacious studios, one and two bedroom lofts to one and two bedroom duplex apartments, all of the tower’s units offer spectacular, unobstructed 180-degree views of the world’s tallest building, Burj Khalifa, as well as Dubai Creek.
Stylishly designed to maximize a feeling of space, volume and modernity, each loft apartment features impressive ceilings over 7 meters high while all simplex and duplex units boast ceilings over 3 meters high.
Bespoke high-end amenities exclusively available to residents include three pools – a lap, leisure and kids pool - Jacuzzi, a modern and fully-staffed spa and vitamin bar, a gym and a multipurpose room.
The SLS Dubai tower will also feature two rooftop infinity pools and a range of high-end F&B outlets.
Located at the very top of the tower, in ‘The Crown’ public floors, are four exciting F&B concepts – Fi’lia Mediterranean restaurant on the 70th floor, Sky Lobby on the 71st floor, Carna Steakhouse on the 74th floor and the Privilege venue on the 75th floor.
Also located on the higher floors of ‘The Crown’ are the Ciel Spa & Gym, on the 69th floor, state-of-the-art meeting rooms, on the 73rd floor, and two stunning infinity pools on the 75th floor.
As a renowned developer of integrated communities around the globe, World of Wonders Real Estate Development partnered with sbe, one of the leading hotel management companies, to launch the SLS Dubai in the UAE.
This means buyers and investors who acquire single or multiple units in SLS Dubai Residences will become part of the sbe global loyalty program that grants them privileged access to any of sbe’s 24 hotels and residences and 85 restaurants around the world.
Members of the sbe global loyalty program will enjoy benefits such as priority booking and upgrades for hotels, complimentary late checkouts, VIP arrival services, discounts on selected treatments and spas, access to VIP concierge services year-round, premier access to sbe venues and invitations to exclusive events.
For details on SLS Dubai Residences, customers can visit the SLS Dubai Sales Center located at the ground level of Bay Gate Tower, Business Bay.
About World of Wonders Real Estate Development
World of Wonders Real Estate Development is a privately-owned developer of integrated communities globally. The company’s vision is to design singular lifestyle experiences for discerning residents in a series of world-class branded destinations in major cities worldwide. With ambitions to be the real estate industry’s pre-eminent choice for investors, operating brands and residents alike, World of Wonders Real Estate Development places a premium on quality and excellence.
World of Wonders will bring its longstanding experience to the region as leading hospitality developers globally, where the brand has successfully launched and managed a wide range of hotels and holiday villages. This foundation and track record of successful delivery in the hospitality sector will be the cornerstone of the company’s strategy to realise a global array of mixed-use projects.
About Dubai Islamic Bank
Established in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE by assets and a public joint stock company listed on the Dubai Financial Market. Spearheading the evolution of the global Islamic finance industry, DIB is also the world’s first full service Islamic bank and the second largest Islamic bank in the world. With Group assets in excess of USD 60bln and market capitalization of nearly USD 9bln, the group operates with a workforce of more than 8000 employees and around 500 branches in its vast global network across the Middle East, Asia and Africa. Serving over 3 million customers across the Group, DIB offers an increasing range of innovative Shariah compliant products and services to retail, corporate and institutional clients.
In addition to being the first and largest Islamic bank in the UAE, DIB has a significant international presence as a torchbearer in promoting Shari’ah-compliant financial services across a number of markets worldwide. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which is the first Islamic bank in Pakistan to offer Priority & Platinum Banking, as well as the most extensive and innovative portfolio of Alternate Distribution Channels. The launch of Panin Dubai Syariah Bank in Indonesia early in 2017 marks DIB’s first foray in the Far East, the bank owns a nearly 40% stake in the Indonesian bank. Additionally, in May 2017, Dubai Islamic Bank PJSC was given the license by the Central Bank of Kenya (CBK) to operate its subsidiary, DIB Kenya Ltd. DIB has been designated as D-SIB (Domestic Systemically Important Bank) in 2017 and was also recently upgraded by international agencies with regards to the bank’s credit rating indicating robust capital position, improving asset quality and strong profitability.
The Bank’s ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking worldwide. DIB has won a range of accolades that are testament to these efforts across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. A clear indication of the bank’s leadership position in the Islamic finance sector, DIB has been named the Best Islamic Bank in the various prestigious ceremonies. Recognizing its outstanding performance amongst the world’s Islamic retail banks, the bank was recently named as the “Strongest Islamic Retail Bank in the World” during the Islamic Retail Banking Awards 2018 and “Bank of the Year 2018 – UAE” by The Banker. Reflective of its leadership in the global Islamic finance industry, DIB has also been recognized with a number of accolades including Banker Middle East Awards, Dubai Service Excellence Scheme, Global Finance, The Banker and Islamic Finance News Awards. For more information, please visit us at www.dib.ae
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