- Agreement will provide mortgage and finance solutions for existing and future customers of Living Legends 14.4 million square foot development
Dubai, UAE – 26 February 2015: Tanmiyat Global, one of the leading property and real estate developers in the Middle East, has announced an agreement with Amlak Finance to provide mortgage services for its Living Legends development.
The deal, which will cover current and future clients at Living Legends, as well as Tanmiyat Global’s other development projects, forms a strategic partnership between the two companies that will offer clients the best in property finance services.
Amlak Finance, the UAE’s first specialised home and real estate finance provider, will offer up to 50 percent of the mortgage before handover with the option to re-finance up to 75 percent upon completion, in line with UAE central bank regulations. Amlak, a pioneer in Shari’a compliant property finance, offers 25 year mortgages for locals, residents and non-residents at highly competitive rates.
Mohammed Bin Odah, CEO of Tanmiyat Global, said: “We are delighted to partner with Amlak Finance, starting with our prestigious Living Legends development, which will handover its first 150 villas in Q2 this year.”
“This partnership enables us to provide clients with solutions to ensure that their investment in any Tanmiyat Global development is lucrative and profitable.”
Adnan Al Awadhi, Chief Commercial Officer of Amlak Finance PJSC, said: “Amlak is pleased be partnering with Tanmiyat Global. This collaboration will add value to the overall real estate sector of Dubai and we look forward to providing prospective investors with innovative financial solutions.”
The partnership between Tanmiyat Global and Amlak Finance will also cover property finance services for Exchange Tower, located in Business Bay.
Phase one of the Living Legends project, a pioneering mixed-use property development across 14,442,030.215 square feet in Dubailand, is more than 92 percent complete, as certified by the Real Estate Regulatory Authority (RERA). The unique residential and investment project is set to hand over its first 150 villas in the second quarter of 2015.