More property on Dubai market: Handover of Centrium units from Q1 next year

ETA Star, a Dubai-based real estate developer, will commence handover of 550 units in the Centrium project in International Media Production Zone (IMPZ) from first quarter of 2013, a senior company executive told ‘Emirates24|7’.

“We have resolved the various construction issues relating to the project and now we have a new contractor on board. Work is continuing and we expect to commence handover from the first quarter next year,” Mohammed Ali, General Manager, ETA Star Properties, said.

“Another issue for the delay was the chiller water supply too has been resolved. Empower is back and has agreed to supply chill water to our project.”

Investors claim the Centrium was scheduled for completion in mid-2009 and the delay has been too exhausting financially on many.

“We were told the project would be handed over in 2009. But, later we were informed that because of a dispute with the contractor and the subsequent legal battle, the project’s progress had slowed,” As, an investor, who wished not to be named, said.

“It has been a really tough time for me… the uncertainty on when the project would get completed put me financial stress as I was bearing the cost of my mortgage while renting a place to stay.”

As stated that he still hadn’t got any letter from the developer on when the handover would begin.

According to ETA, the company has not cancelled any sales and purchase agreements as majority of the investors have agreed to continue with the project.

In 2005, ETA Star said the Centrium encompasses four towers, designed to cater to the growing demand for middle-income housing. The project comprises one, two and three-bedroom apartments while the towers are inter-connected by link bridges.

The IMPZ, the first free zone in the world dedicated to media activities, is located on the Emirates Road and is spread over 43 million square feet of area.

In a recent report, Jones Lang LaSalle said around 6,000 new units were completed in the first nine months of 2012, while it expected another 17,000 units to enter the market before year-end.

The main completions from 2012 to 2014 will likely in Jumeirah Village (approx. 6,300 units); Dubailand (6,200 units); Dubai Sports City (6,000 units); Dubai Silicon Oasis (4,200 units) and Al Furjan (4,000 units).

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