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28 March 2024

Skycourts in Dubailand readies for handover

(FILE)

Published
By Parag Deulgaonkar

The National Bonds Corporation (NBC) has commenced the snagging process for its Skycourts project in Dubailand this month, but has decided to keep away from investing in the real estate sector, according to the company's CEO.

“Skycourts will soon be circulating invitations to investors, in order to arrange the required documentation with appointments for snagging process being scheduled for October,” Mohammed Qasim Al Ali told Emirates 24|7 in an e-mailed statement.

He added NBC is currently continuing to shy away from new real estate investments.

The company has appointed Dubai-based BCS Strata Management Services for setting up owners association for the project as per Real Estate Regulatory Agency’s regulations.

“The owners association will be established based on the timeframe and the guidelines of these laws.”

Although service charges have been finalised, Al Ali said: “We has reached a conclusion on the most likely service charges and is currently in the process of finalising the contract with the FM in compliance with the new Strata law guideline. The service charges will be communicated to investors in the handover letters, as part of our commitment to deliver the highest quality at the best prices. These charges will be amongst the most competitive in the market.”

On the issue of defaults and repossession, he said: “Skycourts is one of the most affordable projects with a very high collection ratios reaching to 75 per cent as per the payment plan. Defaults have been kept to a minimum to-date reflecting a high commitment from investors.”

In order to help investors, Skycourts has offered a flexible post handover payment plan to investors.

Asked if Amlak will be able to pay the final handover payment since most of the units in the project have been financed by the Islamic mortgage company, Al Ali said: “Amlak is one of the end user finance sources. Until now, we haven’t seen anything that contradicts this commitment.“

NBC has also retained some of the units for yield-generating purposes and these are expected to gain attractive rates based on real estate standards, the CEO added.

According to Skycourts website, the project has a total of 2,836 apartments in six towers.