Gemini Property Developers has announced the launch of their maiden project in Mohammed Bin Rashid City (MBR City), with a flexible payment plan that allows buyers to choose how much they want to pay before handover, and the balance amount over a period of five years.

Splendor at MBR City is an eight-storey luxury residential building with 134 apartments, set to be completed in January 2018, and with handover scheduled to start in the first quarter of 2018. The Dh280 million project is being built at Sobha Hartland within MBR City in Dubai.

The project has a built-up area of over 320,000sqft and will include one-, two-, and three-bedroom apartments, penthouses and townhouses. Apartment units range from 780sqft to 3,400sqft, and will be priced at a rate between Dh1,300 to Dh1,465 per square foot.

Speaking at a press conference on Thursday, officials at Gemini said the payment plan as that will allow property buyers to move-in after a 50 per cent payment, with seven easy installment options to choose from regarding the remaining balance. The new scheme is designed to help property buyers and to protect them from the cost of home finance burden.

“The new payment plan in reality removes the burden of payment under stress and allows

the new payment plan in reality removes the burden of payment under stress Sudhakar R. Rao, Managing director, Gemini Property Developers

them to pay as per their convenience and thus eases the pressure on the property buyer,” said Sudhakar R. Rao, managing director of Gemini Property Developers.

“Once the buyer moves in to Splendor at MBR City upon paying 50 per cent, it frees up the rents — which could be converted into monthly installments for five years, or as low as 0.83 per cent per month that could be paid in quarterly installments — and property buyers can enjoy the benefits of living in their own homes.”

The project is self-financed by the group as well as funded by banks and the construction of the project is not linked to offplan sale of the units. The company had already registered the project with the Real Estate Regulatory Authority with an Escrow account as per the Trust Account Law.

Sailesh Jatania, CEO of Gemini Property Developers, said on the sidelines of the event that the project was well on its way to completion. He also revealed that the company was currently discussing another residential project in Dubai’s Business Bay.