Ajman settles 14 property disputes

Ajman Real Estate Regulatory Agency (Arra) has settled property disputes totaling Dh8.07 billion ($2.2 billion) in the past two years, which is part of its effort to regain global investor confidence.

“The number of disputes settled by us in the past two years totaled 14 and were worth Dh8.07 billion,” Yafea Eid Al Faraj, Executive-Director, Arra, told Emirates 24|7.

Two prime projects settled during the period were Escape (645 villa + 16 buildings) valued at $514 million and Al Helio Downtown (76 residential plots) worth $1.1 billion.

This website reported last year that investors in the Escape, the Dh1.8 billion equestrian-themed community project, were being offered a refund, which was 50 per cent of the “proven paid amount.”

In an email sent to investors, the agency had said: “We are sending this e-mail to inform you that Arra has initiated Escape settlement and the settlement offered is 50 per cent of the proven paid amount.”

In 2011, Arra commenced settlement of disputes for Al Helio Downtown, a Dh4-billion master development. D'Seco, a South Korean master developer, had launched the project in June 2008.

On its website, the agency says it conducts comprehensive study for all projects being carried out in Ajman on a case-to-case basis, taking into consideration all aspects including a possible cancellation of certain projects.

However, redeeming investors’ monies is a process that requires court decision, it says, adding that protection of the investors’ rights is the top priority for the agency.

Since the past few years, Arra has been focusing on providing investors with property swap options.

“We have a solution for them (investors in stalled projects or in projects haven’t been constructed)… we are offering them a swap facility and that too at the current market price,” Al Faraj said.

Currently, 144 projects are registered on the Arra website.

The agency was established in December 2008, according to the provisions of the Amiri Decree No8 of 2008, as amended by the Amiri Decree No11 and No12 of 2008.

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