New Scheme Lets Investors ‘Test the Water’
12th July 2006: Dubai Select, the UK’s leading authority on buying property in Dubai for investment purposes, has today announced the launch of a part ownership scheme which enables customers to buy a portion of the company’s freehold apartments in Dubai, from just £6,999. Investors are able to purchase the fully furnished luxury accommodation in 2 week increments which, when sold, will see them receive their share of the total value of the property – a sum which should not only cover their initial investment but should also generate a profit as Dubai property prices rise.
In addition to using the accommodation for holidays -while generating a profit- customers are able to exchange their allocated 2 weeks for other global destinations. Through its membership of the Interval Quality Vacation Exchange Network, a vacation exchange network run by Interval International, Dubai Select’s Fractional Ownership customers can swap their 2 weeks in Dubai for a comparable property in over 2000 resorts in 75 countries. The exchange process works on a supply and demand basis, together with other factors such as quality and unit size. This is good news for Dubai Select customers as Interval anticipates that Dubai will be a highly demanded area within their network.
Commenting on the introduction of the scheme, Mark Stott, Managing Director, Dubai Select: “Fractional Ownership provides an alternative investment option. It is ideal for those purchasers who want to have their own freehold property in the sun but who can’t commit to tying up all of their money in outright ownership of a property.
“It also provides the ideal stepping stone for property investors who want to test ownership in Dubai, and as an added bonus they get to spend 2 weeks of the year in the sunshine without the usual holiday costs.”
The company is introducing the scheme into a number of its developments, with each apartment broken down into 25 x 2 week units, with 2 weeks reserved by Dubai Select for maintenance to ensure the property remains at a high standard. The units are purchased for a period of 15 years, with the price varying slightly depending on the season. As each portion of the apartment is sold the funds will be held in escrow by Hutchinson & Co Trust Company Ltd, and will only be released when the property is built and the occupancy rights are under the control of the Trustee. Hutchinson & Co Trust company Ltd is a specialist trustee and stakeholder company within the Vacation Ownership Industry. It will
hold the property in trust for a period of 15 years, after which it will be sold and the net sales proceeds distributed to purchasers accordingly.
For more information contact Dubai Select Fractional Ownership on 0870 428 3806 or alternatively find out more at Dubai Fractional Ownership
About Interval International
Interval International, a leading vacation ownership exchange company, is celebrating 30 years of quality and innovation. Interval has a global network of more than 2,000 affiliated resorts in over 75 countries, and serves its developer clients and in excess of 1.8 million member families through 28 offices in 19 countries. The company provides a variety of services and year-round travel-related benefits to enhance members’ vacation experiences. Headquartered in Miami, Florida, Interval International is part of IAC/InterActiveCorp, which operates leading and diversified businesses in sectors being transformed by the Internet, online and offline. Other IAC companies include Ask.com, Citysearch, Entertainment Publications, HSN, LendingTree, and Ticketmaster.
About Hutchinson & Co Trust Company
Hutchinson & Co Trust Company specializes in trust operations within the Vacation Ownership Industry. It has an enviable reputation for commitment to service, flexibility, confidentiality, integrity and independence.
· Trust Company began trading in 1992
· Investors in People (IIP) accredited in 1999
· Over £40 million assets held in trust
· Trustees for projects in over 30 countries
· Administer over 300 bank accounts in more than 20 different countries
· Over 100,000 members of the general public in 55 countries have benefited from the services of the Trust Company
· Multi-lingual staff speaking a total of 15 languages
· Members of trade bodies and Chamber of Commerce in 9 countries.