Bonyan begins Dubai Gate 1 handover

Bonyan International Investment Group, a Dubai-based property developer, has begun the handover of its Dubai Gate 1 project in Jumeirah Lake Towers (JLT), a company executive said.

Dubai Gate 1 project has a total of 592 residential units with 30 retail shops. According to Bonyan, of the total 592 apartments within the building, keys for around 50 apartments have been handed over to investors.

"Although no time-frame has been set by us for the handover, since many customers of the building are living abroad, we expect to handover more than 50 per cent of the units within April as they have already settled their dues," said Samer Jammal Customer Relationship Manager, Bonyan.

Jammal said that almost 50 per cent of the investors have already settled their dues so far on the Dubai Gate 1 project. On the rest of the 50 per cent, Bonyan said it would go aggressive on final payment collections from investors once it had exhausted all possible amicable solutions first. "In general we have no major issues with the owners."

Jammal further said that the final payment due by the investor prior to handover was around 10 per cent of the total value of the project.

"According to our estimates, around 90 per cent of those investors who have taken the handover of the building are looking to rent it out. We will be extending help to those wishing to rent out their apartments."

He said that the developer was referring real estate brokers to investors who were seeking help to rent out their apartment in the Dubai Gate 1 project.

Meanwhile, Bonyan is also in the process of setting up an interim owners' association on the project.

Jammal said: "We are eager to establish an interim owners association as the Strata Law is yet to come into effect.

"We are encouraging owners to take responsibility of their own property at an early stage and further understand the work involved in running such a tower and the cost involved as many owners still don't feel they have to pay any charges!"

He added: "Everything we do is in line with the Real Estate Regulatory Agency (Rera) regulations and in their knowledge.

"The building will have an outsourced facility management like all the other Jumeirah Lake Towers (JLT) building," he said.

In an earlier interview in February, Anas Atatreh, Vice-Chairman, Bonyan International Investment Group said the developer currently has around Dh15 billion worth of projects on-going and all of these projects are self-financed.

"In Qatar, we have four towers, two of which are completed and the keys are handed over to the investors." Two other towers will be handed over later this year, according to the Bonyan Vice-Chairman.

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