Dubai Select, a specialist developer of luxury investment property in the Emirate state, has become the first property company in Dubai to offer its customers the security of an escrow account, giving purchasers full protection of their funds throughout the construction period. The account is being launched in conjunction with Dubai Selects latest development, Bay Central, a three Tower project on the marina which combines residential property with a five star hotel.
Barclays Bank has structured this escrow account as the first of its kind. Its innovative structure will enable property investors to securely hold their advanced payments during the construction phase of Bay Central. Emaar Properties will be the signatory on the account, providing security of funds, ensuring regular monthly updates on constructional cash flow are made and that progress of construction is maintained.
Commenting, Mark Stott, Managing Director, Dubai Select: “We have always adopted an open approach with our customers, giving them secure web access to their payment schedules and regular build updates. The escrow account is a more formal extension of that transparency”.
About Bay Central
Bay Central (baycentraldubai.com) stands less than 8 metres from the waters-edge, preventing future buildings being constructed in front of it, ensuring that the spectacular views of the marina are maintained. The two residential towers, Bay West and Bay East, contain 388 properties in each, including: studios from £79,950, 1 bedroom apartments from £117,009, 2 bedroom apartments from £176,000, 3 bedroom marina suites from £278,923 and 5 bedroom penthouses, which all have 5 balconies, maid quarters and a private Jacuzzi, from £743,367.
Residents of Bay West and Bay East will each have their own full range of amenities including: temperature-controlled swimming pools, shaded pool area, sauna, steam room, gymnasium, shopping and dining facilities, secure underground parking, 24 hour security, concierge desk and spacious lobby, professional house keeping service, children’s play area, and 24 hour maintenance and supervision.
Staying true to Dubai’s reputation as a luxury destination each property is designed to the highest specification, with contemporary styling and the use of marble and granite. Each property is also fitted with the latest internet and telecommunications systems.
Tower three of Bay Central, which will located in the centre of the development, will be a hotel and serviced apartments. Dubai Select is launching this in conjunction with a 5 star International hotel chain, the details of which will be announced shortly.
All 3 towers will be completed in 2009 which coincides with the completion of the whole marina development.
Dubai Select is offering it customers a choice of 2 payments plans on the development, a standard plan with payment over 3 years and a lengthy plan which extends the terms over 15 years.
* Photographs of Bay Central and the Marina are available on request.
About Dubai Select
Dubai Select (dubaiselect.com) is the UK’s leading authority on buying property in Dubai for investment purposes. Its extensive portfolio of luxury apartments are built to the highest specification and located in the most desirable areas in order to ensure customers get the maximum return on their investment, whether that’s through rental or resale.
Bay Central is the third development Dubai Select has launched in the Marina. The others – The Torch and The Point – are 95% and 85% sold out respectively.
The company has been operating in Dubai for nearly 3 years. In addition to its 5000sq ft show room and office in the UK, which houses the pre and post sales team, along with the contracts and marketing division, the company has an office on the famous Sheik Zayed Road, Dubai and Melbourne, Australia.