Dubai Investments Real Estate Company (DIRC), the real estate arm of Dubai Investments, has announced easy and flexible payment plans for property purchases at its Dh3 billion ($816 million) mixed-use development ‘Mirdif Hills’ project.

Mirdif Hills is a mixed-use residential, commercial and retail development spread across 3.9 million sq ft area and equipped with 1,054 apartments –  a mix of studio, one-, two-, three-bedroom apartments and duplex units besides a four-star hotel with 116 rooms and 128 serviced apartments and a 230-bed hospital.

The plan includes 30 per cent payment during the construction phase, and the balance 70 per cent on handover in the fourth quarter of 2018, making the process easier for buyers with extended payment terms.

As per the plan, a 10 per cent down payment is to be made on booking, followed by 5 per cent payment on signing the sale and purchase agreement within the next 30 days, 5 per cent within six months of the booking date, 5 per cent within a year of booking, and 5 per cent within 18 months of the booking date, said a statement from DIRC.

The balance 70 per cent payment can be made on handover, it stated.

DIRC general manager Obaid Mohammed Al Salami said: "The payment plan for Mirdif Hills is aimed at offering customers added flexibility and a result of feedback from prospective buyers for ease in payment terms."

The only freehold project in Mirdif, it is being constructed in two phases.

"The demand for Mirdif Hills has been very encouraging and the flexible payment plans are expected to make the buying process even more seamless," he added.-TradeArabia News Service