The Dubai-based property developer World of Wonders Real Estate Development (WOW RED) is adopting an array of innovative sales methods in a bid to provide a distinguished offering in the emirate’s real estate sector.

With a portfolio of domestic and international projects in the pipeline, including the US$550 million SLS Dubai Hotel & Residences, executives at WOW RED are positive that creative finance solutions are essential in driving sales growth amid an increasingly dynamic market.

The privately-owned company has introduced a range of attractively-structured home finance payment solutions, in collaboration with the largest home finance provider in UAE – Dubai Islamic Bank – that spread payments over an extended period and maximise end-user return on investment.

Yahya Alkan, CEO, World of Wonders Real Estate Development, said: “With Dubai’s real estate market going through a period of consolidation, successful property developers must be increasingly creative in what they offer to potential customers. We believe we are setting a benchmark in how to stimulate investment through launching quality mixed-use developments coupled with flexible and sophisticated payment plans.”

WOW RED recently announced a partnership with Dubai Islamic Bank, the UAE’s largest Islamic bank, to provide innovative home finance solutions for investors in the SLS Dubai Hotel & Residences project in close proximity to Burj Khalifa.

In a market first, home buyers can benefit from 25-year financing with zero per cent financing cost for the first seven years of ownership. Customers have to pay half of the total price during the construction stage, with the balance to be paid over a period of up to 25 years. Monthly instalments are as low as AED 1,150 for a AED 1 million property for the first seven years after handover. Featuring 371 branded residences as part of a 75-storey residential and hospitality tower in Dubai’s downtown district, SLS Dubai is more than two thirds complete with handover on track for Q3 2020.

“This truly is a time when developers must innovate. The industry needs to look at the challenge ahead and tackle it with fresh thinking and enthusiasm.” said Mr Alkan. “We are very excited about the home finance packages we have introduced in collaboration with Dubai Islamic Bank. We knew we had to adopt a more disruptive approach and have done just that by launching payment plans that have made home ownership more attractive, more affordable and more secure.”

In a further example of incentives designed to spur sales, investors who buy single or multiple units in SLS Dubai Hotel & Residences will become part of the global loyalty program of sbe, the international hospitality group that will operate the development upon handover. The offer grants buyers’ access to any of sbe’s F&B outlets, hotels and residences across the world.

While recognising the importance of added sales incentives, WOW RED maintains that design innovation and build quality will be the main factors driving success in Dubai’s current property market.

SLS Hotel & Residences Dubai will include 254 designed hotel rooms, 371 exquisite residential units, and 321 hotel apartments, as well as sbe’s successful range of culinary, wellness, lounge and nightlife concepts.