Gemini Property Developers, a Dubai-based boutique real estate developer, has announced a host of incentives for buyers of its Dh300 million ($81.6 million) Splendor residential project at MBR City in Dubai including guaranteed 24 per cent rental returns.

Located at Sobha Hartland, the Splendor at MBR City boasts 134 stylishly-designed and elegant units comprising spacious one-, two- and three-bedroom apartments, penthouses and townhouses equipped with state-of-the-art home automation systems, modernised amenities, along with retail, shopping and entertainment facilities and plenty of green spaces.

Apartment units range from 780 sq ft to 3,400 sq ft, said the Dubai-based developer.

The project offers excellent views of the Dubai skyline via two expressways as well as of the nearby Ras Al Khor bird sanctuary. The offer comes at a time when Dubai’s developers are in a competition to offer value for money, it stated.

The major attraction for the investors has been the 24 per cent rental returns, which the developer guarantees.

To make it easier for buyers to earn a rental yield, the offer spreads over three years with eight per cent upfront each year with handover of the apartment in just three months, said the developer.
 
For example, on a Dh1 million property, Gemini guarantees Dh80,000 annual rental returns for the first three years, totaling Dh240,000 or 24 per cent.  

The higher than bank rate makes Splendor a lucrative proposition for investors at a much sought-after location, according to Gemini Property Developers.
 
For customers who are looking for ready property with a home loan facility to move in, Gemini is offering attractive prices along with 100 per cent waiver of Dubai Land Department fee and service fee waiver for two years. Gemini has tied up with leading banks in UAE for mortgage facilities for its buyers, it stated.

The buyers who does not want to utilise a mortgage can avail Gemini’s post-handover payment plan, said the developer.

Under this scheme, the investors need to first make a down payment of 25 per cent this year and then the first instalment in 2019 of 25 per cent (after three months) for smooth handover of the new apartment.

After this, the investors have to pay their second instalment of 10 per cent the same year followed by a third in 2020 of 15 per cent and then a fourth instalment in 2021 of 15 per cent and finally the last instalment of 10 per cent.
 
Explaining the scheme, CEO Sunil Gomes said: "We have a buyer-focused business model, with a win-win approach where buyer is at the receiving end. The 24 per cent rental return guarantee is based on our market research about Dubai’s real estate market."

"Our sustainable business approach reflects our commitment to the buyers in particular, and to the Dubai’s real estate market in general," he stated.

The new lucrative offering is for Gemini’s maiden eight-storey luxury residential located at Sobha Hartland, which has achieved 90 per cent sale in a short span of one year due to its prime location, close to the downtown of the future, Dubai’s new neighbourhood with an outdoor lifestyle living and a new business district.

The Splendor project spanning over 320,000 sq ft of land  is conceptualised by one of the five largest international architectural firms – Aedas.
 
Sunil said Gemini will continue to devise and develop new exciting projects in sought-after locations of Dubai, that will have attractive and affordable payment schemes.

"That is our straightforward way of doing real estate business, which encourages people to buy instead of renting. Splendor’s close proximity to the community facilities, 12 minutes’ drive from Dubai International Airport and walking distance to two international school, makes the project an attractive choice for investors," he added.-TradeArabia News Service