Sun & Sand Developers finally has the chance to test its reduction in prices of homes. The test will be on 32 apartment cluster in Dubai Industrial City.
The price for a 55o sq. feet one bedroom apartment is now at Dh385,000 and for double bed unit is at Dh525,000.
Sailesh Israni (Managing Director) “This was initially started as a pilot study on creating affordable homes for low-income residents in the emirate. We have now secured the approvals from Dubai Municipality and Industrial City to take this forward as a project. The strategy is to develop homes and price it in such a way that a low-income buyer would still need to pay only between 30 per cent or so of his income on mortgage payments”.
Noor Bank is expected to give loans to end users and it would carry an interest rate of about 4 to 5%. Israni also added “It was decided not to offer financing direct from the developer as this would force us to price in the interest rate into our property pricing”.