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National Bonds makes Abu Dhabi foray

Dubai-based UAE savings scheme National Bonds Corporation (NBC) has made a foray into Abu Dhabi with the launch of a freehold residential project.
The 44-storey Reem Tower will be situated in Marina Square, the first phase of Reem Island. NBC has tied up with Japanese architectural and urban design firm Nikken Sekkei for the project.
Work on the tower is expected to start next year. It will include 216 two-bedroom apartments; 117 three-bedroom apartments; and two four-bedroom apartments.
Speaking to Khaleej Times on Saturday, NBC CEO Mohammed Qasim Al Ali said the project would cost approximately Dh400 million and negotiations are underway with contractors.
"We always try to be different in either the quality of the project or payment plan. We'll introduce a unique payment plan ranging from seven to 10 years. We are specialised in the residential sector and will continue to focus on that but may venture into hospitality in the long term," Al Ali said.
He was speaking at the launch of sales of Phase 3 of Casa Flores villas on Saturday where the company sold five out of 136 units in the first hour of its launch.
"We have a very good response from customers. This project is unique because of the payment plan we have introduced. It's the best in town because you pay five per cent now, five per cent after three months and then post handover in the last quarter of 2018. You pay 90 per cent over 10 years. So, if you rent it after handover, the buyer ends up paying only 26 per cent of the property," Al Ali said.
He said the group invests in a well-balanced portfolio. "For example, 63 per cent either comes from deposits with banks, 25 per cent in real estate and about eight per cent in the equity market," he said, adding that the group is also looking to introduce a new takaful programme for bond holders.
"One of the key products we targeting is the takaful market. We initially introduced a takaful plan that covers life, disability, loss of employment. We will likely introduce a takaful plan for the education sector because a lot of kids go to private schools and it will be covered with the takaful plan."
- waheedabbas@khaleejtimes.com