Address Furjairah Resort + Spa project expected to be completed by 2019
Eagle Hills, the Abu Dhabi-based real estate firm, has signed a $81.6 million facility with the National Bank of Fujairah (NBF) to finance the ongoing construction of The Address Fujairah Resort + Spa.
Located in Sharm in the emirate of Fujairah, the project comprises of an Address Hotel with a range of five-star facilities and four residential buildings that include 170 branded apartments, five beach villas and five garden villas, a statement said.
In addition, the development will include a 500m promenade, beach access and a plaza.
“This strategic agreement with a trusted bank represents an important milestone in the development of The Address Fujairah Resort + Spa. It will further reassure customers about their investments in a project that will be delivered in a timely fashion, whilst adhering to the world-class standards of Eagle Hills and The Address Hotels & Resorts,” said Low Ping, CEO of Eagle Hills.
“We are committed to giving back to the communities in which we operate, and we believe it is absolutely vital that we work in partnership with local organisations. The National Bank of Fujairah (NBF) represents a strong local financial partner for us.”
The project was launched in 2016 with the start of necessary ground and marine works. Construction is on schedule and the project is expected to be completed by 2019, the developer said.
“We are delighted to forge an agreement with Eagle Hills on its first UAE project,” said Vince Cook, NBF’s CEO.
“Our agreement aims to support their development strategy and plans for this spectacular seafront project, which we are sure will further boost the economic prospects of Fujairah and help position the emirate as a preferred travel and tourism destination. We are confident that our partnership will also meet the requirements of individual investors through our innovative solutions and services and our value-added mortgage programmes.”