Dubai revives two property projects in JLT

Both towers have been restarted under Tanmia initiative

HABN Real Estate Development, a Dubai based developer, has acquired Wind Tower I and Wind Tower II in Jumeirah Lakes Towers under Tanmia, Dubai Land Department (DLD) said on Tuesday.

The Tanmia initiative, launched in September 2011, aims at attracting “serious” investors to Dubai’s real estate market and developing on hold or new profitable projects according to the standards and enforcement mechanisms developed by the Real Estate Investment Management and Promotion Centre, the investment arm of DLD.

The total cost of the two projects is Dh400 million, the department said. It previously has stated that over 100 projects are being audited under Tanmia and 12 companies have registered under investor category.

Emirates 24l7 reported in early November that DLD had finalised the deal for the stalled Wind Tower projects.

“We have approved two projects – Wind Tower I and II — under Tanmia,” Sultan Butti bin Mijrin, Director-General, DLD, had said.

Wind Tower I is a 25-storey residential and commercial tower, comprising 365 residential units and 128 hotel rooms. Wind Tower II is a 33-storey residential and commercial building, containing 415 units.

In a press statement, bin Mijrin said: “The Centre has proven its effectiveness in the sector and its ability to play a major role in revitalizing the market and connecting investors under DLD’s umbrella to execute projects in a clear and transparent manner”.

Majida Ali Rashid, chairwoman of the Centre, said Tanmia initiative mainly focuses on preserving the rights of clients and investors alike at all stages.

“DLD strives to stimulate the real estate sector while safeguarding investors’ right. These objectives are represented in this initiative targeting all types of stalled or ongoing projects and offering them to public or private sector entities; so they can benefit from such kind of project to achieve their investment goals.”

Majida told this website earlier that the Tanmia initiative will continue for the next three to four years.

According to information contained in 2011 Dubai sovereign bond prospectus, DLD said a total of 291 projects were on hold in Dubai as of March 31, 2012, but each of these registered projects were likely to qualify for either the Tayseer or Tanmia initiative.

This website reported earlier that Pacific Ventures, a Dubai-based developer, had acquired two projects in Jumeirah Village Triangle and one in Business Bay under Tanmia.

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