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Dubai: National Bonds announced yesterday the signing of an agreement with Deyaar Development to transfer the development and management rights of National Bonds' real estate projects, Skycourts and Flamingo Creek, to Deyaar.
Under the terms of the agreement, which represents an alignment of resources and core competencies between two leading companies, National Bonds will continue to own its current real estate projects, including Skycourts and Flamingo Creek.
In addition to holding the development and management rights to these projects, Deyaar will manage the project construction and sales operations for Skycourts and Flamingo Creek. While the current agreement covers only these two specific projects for the time being, it will be extended to include other future real estate developments owned by National Bonds.
Strategic alignment
"This strategic alignment will provide significant benefits for both Deyaar and National Bonds. This transfer of management and development rights will further enhance the outlook for all those who have already purchased a home through National Bonds," said Mohammad Qasim Al Ali, chief executive officer, National Bonds.
National Bonds projects include Flamingo Creek, part of The Lagoons master development at Dubai Creek, which will comprise 244 villa-style apartments and freehold townhouses, and Skycourts, a pioneering freehold residential development in Dubailand Residences Complex on Al Ain Road, which comprises more than 2,300 apartments.
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