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22 April 2024

Union Properties offers 10% discount to 'selective' buyers

Index Tower is one of the Union Properties developments (SUPPLIED)

By Parag Deulgaonkar

Union Properties is offering a 10 per cent discount to buyers who are willing to settle their balance before February 15, Emirates Business has learnt.

In a letter e-mailed to buyers, the developer offered them a chance to avail a "prompt payment incentive" with a view to saving 10 per cent off the remaining balance due on their units.

"If you choose to settle the balance due on or before February 15, we will reduce the amount due by 10 per cent as an incentive for early settlement," according to the company. The offer is available during the time frame given and to buyers who have paid all their instalments on their units and are pending handover for the following developments such as Index, Limestone House, Green Community Motorcity, Uptown Motorcity and The Control Tower.

The move comes at a time when the global financial tsunami has hit the realty market worldwide and developers find it difficult to access funds from financial institutions.

The company did not respond to questions sent by this newspaper.

On Sunday, Union Properties said its board had approved plans to sell non-convertible bonds worth Dh2.5 billion to "strategic investors". In November, the company announced flexible leasing and buying plans, offering potential residents and businesses three options to choose from – rent, own or rent-to-own.

The "rent-to-own" programme provides clients the flexibility of living in selective units for a period of two years. After they complete the first or second year in the property, they have an option of buying the unit at a fixed price with refund of a percentage of their annual paid rent, depending on the number of years. The "rent" option was offered on properties such as Uptown MotorCity.