Limestone House units handover next month

Union Properties, Dubai-based real estate developer, will finally commence handover of units in Limestone House in Dubai International Financial Centre (DIFC) from mid-December.

In an e-mailed letter to owners, the developer said apartments were ready for handover with owners requested to settle all outstanding payments against the apartment, if any, before the handover date.

There was, however, no mention of the amount of service charge, which the company said was still being calculated.

“Upon finalising the calculation of the service charges budget, we will be communicating the amounts of the provisional service charge to all owners, which will be paid via current and post-dated cheques on a quarterly basis until end of 2011 on handover date,” the letter added.

In late October, Union Properties started sending letters to owners for orientation and inspection visit following which owners are being send handover letters.

This website, reported in July, that handover of units in its Limestone House was pushed back to end of September from the previously stated June-July handover. Realtors have said that the project was set for completion by May 2009.

According to the company, Limestone House will offer complete concierge facilities to the health and wellness offerings, including an indoor lap pool, modern fitness centre, Jacuzzi plus separate male and female changing facilities with steam rooms in each. To ensure the utmost privacy and personalised entry for the “apartments” residence, there will be exclusive lift access serving a limited number of apartments with secured parking entry and access control to operate the designated elevator to the resident’s home.

Union Properties, earlier this month, sold its Ritz Carlton hotel in DIFC for Dh1.1 billion.  It reported a third quarter net loss of Dh451.8 million compared to Dh152.3 million in the same period a year ago as losses on property valuation went up significantly.

The company has net current liabilities of Dh811m, which includes short-term bank borrowings amounting to Dh325m and the current portion of long-term bank loan amounting to Dh1.17 billion.

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