UP delays handover of Limestone units again

Union Properties, the Dubai-bourse listed developer, has again postponed handover of units in its Limestone House project in Dubai International Financial Centre to end-September, Emirates Business can reveal.

In a letter emailed to customers, the developer said:  “The anticipated completion date for the Limestone House as per the sales and purchase agreement is September 30.”

In May, Khalid bin Kalban, Chairman, Union Properties, had said they expected to handover units in Limestone and Index projects in June and July of 2010.

According to realtors, the project was set for completion by May 2009.

According to the letter, the anticipated completion date represents “the date upon which it is presently expected that the property will be ready for possession and after the issuance of the completion certificates.”

The apartment orientation/snagging for the apartments will commence soon, the company said.

Limestone House is the creation of a vision to construct prominence and to design an incomparable standard of living focusing on opulence,style and traditional luxury, the company website said.

Ayman A Okasha, Chief Property Officer, Union Properties, said last month that the company had started executing the orders to repossess units of defaulting investors in its MotorCity project.

The developer had reported a first-quarter profit of Dh50 million, up 67 per cent, from Dh30 million reported during the same period last year.