Tanmiyat to hand over 600 units by end-2011

Tanmiyat, Saudi-based real estate developer, will be handing over 200 villas and almost 400 apartments in the first phase of Living Legends project in Dubailand by end of 2011, a top company executive told Emirates 24|7.

"We will be delivering 200 villas and 300 to 400 apartments in the first phase of the project which will completed by end of next year," said Dr Wan Hasni Wan Su, Advisor in Charge, Tanmiyat.

The company, which is self funding the mega project, said it is in talks with investors to ascertain the number of who want to continue with the project and are ready to meet their payment obligation.

"We haven't defaulted anyone... we are reviewing the project and trying to find out the number of people who are really interested in continuing with us," he added.

Covering an area of 1.340 million square metres within Dubailand, the residential segment of Living Legends will contain a total of 500 villas, 12 residential towers, a golf course, golf hotel, and a mall. In addition, the golf course is designed by the Swiss golfer and designer Peter Harradine, creating an all-new project that stands out as a distinctive architectural landmark in Dubailand. China State International (CSI), which is part of China State Construction, has been appointed as the main contractor.

According to Dr Wan, property prices in Dubai have bottomed out with the market going through a consolidation phase.

"There is a situation of oversupply and a weak demand. There is need that all parties, be it developers or authorities, all work together to encourage demand."

On the issue of granting residence visa for property buyers, Dr Wan said "what was promised should be looked upon."

"They need to review it... there need to be incentives to attract buyers and the visa issue needs to be reviewed," he said.

Follow Emirates 24|7 on Google News.