Dubai Investments Real Estate Company (DIRC), the largest investment company listed in the UAE stock exchange, in alliance with Gowealthy.com, the region’s global property and real estate lifestyle brand, have started sales marketing of the latest phase in the Ritaj community development.

The construction of this unique five-story project is well on schedule for its planned completion and handover to purchasers during June 2009, said an official spokesman.

The project, comprising 360 studio units is targeted to offer a practical solution for small families as well as local companies looking for alternatives to rising rents and operating costs.

With apartments starting at just Dh498,000 ($135,610) with a down payment of only 2.5 per cent, Ritaj is targeted towards end users looking to convert their rent payments into ownership of an appreciating asset and corporations looking to turn their housing rent allowance (HRA) into a capital asset.

The payment plan allows for just 25 per cent to be paid during the construction period and 75 per cent to be paid up at the time of handover, funded through a readily available mortgage facility.

“Buying property under the prevailing market conditions is definitely a major decision for prospective home-owners, especially newly-weds and small families who are probably more uncertain now than ever,” said CEO of Gowealthy Peter Penhall.

“At an advanced stage of construction, Ritaj is the ideal opportunity for this home-buying segment with its combination of affordability and special mortgage assistance. Supported by long-term finance options by Emirates Islamic Bank, purchasing a studio apartment in Ritaj is undoubtedly a prudent alternative to renting,” he added.

A sprawling service wing facility on the ground floor is one of the most enviable features of the development the residents will enjoy, in addition to the common facilities such as the swimming pool and gymnasium.

The project along with the community as a whole also has the advantage of being in close proximity to the Green Community facilities including its shopping arcade, supermarket, restaurants and The Marriott Courtyard hotel.
 
Designed by Al Jabal Engineering Consultants, Ritaj offers amenities to residents within the building premises including a games room and theatre style movie room.  It will also be part of a bigger community planned by DIRC which will include a fully equipped Community Centre with restaurants, cafes, shops, supermarket, clinic, pharmacy and Mosque.

This Centre will become the focal point for residents providing essential services during the day followed by relaxation and entertainment in the evening. – TradeArabia News Service