Dirc starts Ritaj last phase sales

Dubai Investments Real Estate Company (Dirc) yesterday began sales of Ritaj community development's last phase which houses 360 apartments, said a press statement yesterday.

The construction of this five-storey project is on schedule and handover to purchasers will take place during June 2009.

Dirc has allied with Gowealthy.com to sell the apartments.

With apartments starting from Dh498,000 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-wed couples and small families who are probably more uncertain now than ever.

Supported by long-term finance options by Emirates Islamic Bank, purchasing a studio apartment in Ritaj is a prudent alternative to renting," said Peter Penhall, Chief Executive, Gowealthy.com.

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