Escan offers foreigners long term leases on Al Fanar Towers
Abu Dhabi-based Escan Investment and Real Estate Development has announced it will offer long-term leases of up to 100 years and title deeds to foreigners who have 49% company ownership in the UAE, for its Al Fanar Towers in Fujairah, Emirates Business has reported. Construction has begun on the project, which is scheduled to be completed by 2013.
Escan Investment and Real Estate Development, the large Abu Dhabi based construction and real estate congromerate yesterday announced that it will be offering foreigners long term leases of up to one hundred years plus title deeds for purchasers who have at least 49% ownership in a compay based in the UAE. The new long term leases are for Escan's new Al Fanar Towers project in the Fujairah based development.
Saeed Al Mehairie, Company Board Member and Acting Chief Executive Officer said "A decree has been issued by the government allowing us to provide long-term leases to foreigners who own a 49 per cent stake in any company registered in the UAE. The mixed-use project is freehold for GCC residents."
The Al Fanar Towers (literal translation is Lighthouse) project will comprise of a large, 35 storey residential tower, shopping mall and an office tower. Properties in the Al Fanar Tower will include studio's, one, two and three bedroom apartments, as well as a select number of three and four bedroom penthouses.
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