Dubai Properties looks to mirror JBR success

A new report by Unitas, a Dubai-based real estate consultancy, has May to July are the most favourable months to sell property. (File)

JBR: Imad Allaedin

Published Thursday, October 04, 2012

By Parag Deulgaonkar

Dubai Properties Group, a subsidiary of Dubai Holding, is looking at creating promenade destinations in the emirate that can mirror the success of Jumeriah Beach Residence (JBR), Group CEO has revealed.

“JBR is a unique project with its beach and the Walk. We are in the process of thinking of creating ‘fantastic’ destinations as we have water features in our projects,” Khalid Al Malik told Emirates 24|7.

“We do have promenade as a concept in our projects and we are very much aware of the opportunity. We are in the process of reviving it in Business Bay and Culture Village, which we expect will somehow mirror the success of JBR.”

A further development of JBR was also possible with Al Malik emphasizing, “We have land in JBR… the size is massive.”

JBR is among the prime freehold localities in Dubai and faces 1.7 kilometres of beach, featuring luxury hotels, retail outlets and restaurants. The master development houses 36 residential towers. In June, Asteco, a Dubai-based real estate consultancy, said rental rates had jumped four per cent in the first quarter.

Fully committed to Remraam

Although investors have questioned the quality and lack of facilities in the Remraam project in Dubailand, Al Malik said that they were fully-committed to project with DPG itself investing Dh500 million to meet the demands of the investors.

“It is unfair that people complain and those who complain don’t pay.

We have injected our own money into Remraam due to demand from these investors. We have done everything for Remraam even though the obligation was not on us. The people [investors] had to pay and inject the money into the escrow account.”

In a statement sent earlier to this website, the company had said that a significant proportion of customers and investors had not been making their payments.

“We have offered a series of initiatives to help our customers that include but are not limited to; unit upgrades, late payment fee waivers, family consolidations, deferred payment plans etc. Despite these initiatives, there are still a number of owners who have not made payments – this is something we are addressing with individual owners,” the company had said.

“We are ready to fix things if they are complaining. DPG is committed to project,” Al Malik reiterated.

About 1,549 units comprising studios, one, two and three-bedroom apartments in Remraam are ready for handover to both corporate and individual investors. The developer expects handovers to continue at a steady pace during the remainder of 2012.

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