White Bay offers swap options

First master-planned development in UAE to go through liquidation

Investors in the White Bay project, now under liquidation, are being offered a property swap option by a Dubai-based developer, who claims to have approval from the liquidators to make such an offer, Emirates 24|7 can reveal.

“We are presenting this offer with the permission of liquidators. The offer is part of our move towards offering a viable solution to affected customers from other developers. This also adjusts the new sales of our own units,” Ahmed Shaikhani, Managing Director, Memon Investments, said in an emailed response.

“We have had many inquiries and some [investors] were already in negotiations,” he added.

In November, White Bay in Umm Al Quwain became the first master-planned developments in the country to go through liquidation.

An option offered to one of the investors was to swap his property for three apartments (a two-bed, a one-bed and a studio) in Frankfurt Sports Tower in Dubai Sports City, Dubailand, and pay an additional Dh1.3 million after adjusting the amount paid (by the investors) for the White Bay apartment.

AA, the investor who was made the offer recently, told this website: “I got an offer from Memon, asking me to swap my property in White Bay for apartments in their Dubailand project. I was given two payment options - one said 45 per cent completion/2 years and other reads 85 per cent completion/ 6 months.

“Unfortunately, the amounted they have asked me to pay is too high and unaffordable for me. I, however, have requested a person working with the liquidator’s team to assist me in getting a same size apartment or an apartment, which is equivalent to the amount I have already paid.”

Asked why investors were asked to buy three apartments, Shaikhani said: “The offer follows a simple formula in offering property and is accompanied by competitive and discounted rates that translate to a ‘win-win’ solution for both customer and developer. “ The public relations agency, referred by the liquidator’s office, did not reply despite several reminders.

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