Abraham: “We are very pleased to offer a range of mortgage solutions tailored to the needs of UDC clients”
Doha, Qatar – September 17, 2022: United Development Company (UDC), a leading Qatari joint-stock company, has entered into a Memorandum of Understanding (MoU) with The Commercial Bank (CBQ) with the aim of providing attractive home loans for UDC properties in its flagship developments , The Pearl and Gewan Islands.
In the presence of Mr. Ibrahim Jassim Al-Othman, Chairman, Managing Director and member of the Board of Directors of UDC and Mr. Joseph Abraham, Managing Director of The Commercial Bank Group, the Memorandum of Understanding was co-signed by Mr. Hussain Akbar Al Baker, UDC Executive Director Commercial and Mr. Hussein Al Abdulla, Commercial Bank EGM, Chief Marketing Officer and Head of Premium Banking during a ceremony held at the UDC Tower at The Pearl Island attended by senior representatives of both parties.
As part of the agreement, buyers of UDC properties will be able to apply to the Commercial Bank for a home loan of up to 70% of the property’s value and an occupancy period of up to 20 years, while benefiting from fast loan processing and flexible value addition. payment options and plans. These financial arrangements will appeal to those wishing to live in the property themselves, as well as local and international investors, as Commercial Bank offers mortgage loans to non-residents wishing to facilitate home ownership in Qatar.
Commenting on the occasion, Mr. Ibrahim Jassim Al-Othman, Chairman of UDC, Managing Director and Member of the Board of Directors, said: “We are delighted to partner with Commercial Bank to offer financing facilities to our customers. in Qatar and abroad, and to complement UDC’s current post-completion payment plan offering. This would mean more choice to take advantage of unparalleled financing solutions, including attractive home loan rates and approvals faster while investing in exquisite, highly sought-after residences in Pearl and Gewan Islands. Additionally, the agreement is part of UDC’s efforts to provide flexible and convenient services to its clients, which further strengthens the position of UDC. ‘UDC as a preferred developer and helps attract more investors from local and international markets’.
Joseph Abraham, Commercial Bank Group CEO, said: “We are very pleased to partner with UDC to launch their prestigious ‘Crystal Residence’ and offer a range of mortgage solutions tailored to customer needs. This extends the strong partnership between UDC and CB to jointly serve their clients with transparent, market-leading financing options.”
As completed units at The Pearl Island continue to be in high demand, Crystal Residence is expected to attract a remarkable number of business and individual investors from Qatar and abroad with its amenity-rich, smart and sustainable features in addition to the unrivaled location at Gewan Island which promises to be Qatar’s most prestigious and exclusive address.
Crystal Residence consists of 15 luxurious mixed-use, six to seven-storey buildings that sit in the heart of Gewan Island in a bustling commercial and residential area, arranged around the pedestrian area and the longer “Crystal Qatar’s air-conditioned walkway.
Crystal Residence consists of a total of 586 apartments overlooking the sea or the Crystal Walkway and comprising one to three bedroom units ranging from 90 to 240 m² and four bedroom duplexes ranging in size from 365 m². Residents also have access to exclusive world-class leisure facilities in addition to publicly accessible ground floor retail, entertainment and dining outlets with ample underground parking.