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News Article

09 April 2006

ETA Star partners with ADCB on The Grandeur Residences

ETA Star, a leading property developer in the UAE, has partnered with Abu Dhabi Commercial Bank (ADCB) to offer an attractive limited period promotion for the newly launched "The Grandeur Residences" at the Palm Jumeriah Crescent. Customers can take advantage of a special interest rate of 5.99 per cent for six months, for loans booked during the promotion that runs till April 15th, 2006, thereafter the rate will automatically revert to the bank's standard variable rate.

Abid A. Junaid, Executive Director, ETA Star, said, "This offer will certainly generate a lot of interest among buyers as they will see a definite advantage in availing this special scheme. The terms of the promotion are clear, with no fine print or hidden costs involved. We hope that customers make the most of this opportunity to realise their dream of owning one of the most prestigious and elegant properties in Dubai."

ETA Star recently launched the AED 1.2 billion Taj Exotica Resort & Spa and The Grandeur Residences, in partnership with the world-renowned Taj Group of Hotels. The Grandeur Residences is a luxury residential complex designed to provide residents a lifestyle reminiscent of royalty, as the project is modeled on the archetypal palaces of Rajasthan, in India.

"Despite the fact that The Grandeur Residences was launched less than ten days ago, the response we have received for the project has been overwhelming, with regional and international buyers showing keen interest in investing in the property. With the introduction of this attractive promotion in association with ADCB, we are providing a chance for a greater number of people to invest in this one-of-a-kind development," added Junaid.

Arup Mukhopadhyay, Head Retail Banking Division, said "ADCB is delighted to offer a tailor made specialised mortgage package for purchasers of The Grandeur Residences. This project from ETA Star and the Taj Group presents buyers with a wonderful opportunity to own luxury residences on the Palm Jumeirah, made even more compelling through a unique ADCB mortgage offer. ADCB prides itself of transparency and innovation, and a promise of exceptional one to one service, and we look forward to delivering this promise to ETA Star and its customers."

The Grandeur Residences comprises of 200 freehold fully furnished one bedroom, two bedroom and three bedroom apartments, including ten beach front villas. The entire facility will be serviced by Taj Exotica Resort & Spa, Palm Jumeirah, and Dubai. The one bedroom apartments at The Grandeur Residences cover a floor space of 1121 to 1236 square feet while the two bedroom apartments range from 1704 to 2148 square feet. All three bedroom apartments range from 2658 to 2676 square feet. The prices range from AED 1.9 million for a one bedroom apartment to AED 13 million for the 4-bedroom palatial villa.

ETA Star has put together a variety of options for The Grandeur Residences, including outright sale with furnishing, outright sale where the property is leased back to ETA Star for a minimum period of 5 years that would make the project interesting not only to own but also as an investment option.

Every apartment in the condominium of 'The Grandeur Residences' offer stunning views of the sea from the trunk of The Palm, the Burj Al Arab and the skyline of Dubai Marina. The property comes equipped with an array of amenities such as spa, swimming pools, health club, restaurants, helipad, tennis court and 24-hour security and a concierge. Residents of 'The Grandeur Residences' will have full access to the 5 star facilities of the adjacent Taj Exotica Resort & Spa, Palm Jumeirah. In addition, all units at The Grandeur Residences will be serviced by Taj Hotels Resorts and Palaces who are, the internationally renowned group with over of a century of experience in hospitality.

ETA Star is one of the leading property development companies in the GCC. ETA Star's portfolio includes pioneering projects such as 23 Marina, Al Manara, Liberty House, Gold Crest Executive, Pearl Residence, The Belvedere and Gold Crest Views-2. The company had recently forayed into the Indian and Sri Lankan property market with the launch of "The Gardens", an environment-certified residential complex in Bangalore and the Golden Enclave Residences in Colombo, Sri Lanka.

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