Dubai revives three more on-the-shelf real estate projects

At least three stalled projects – two in Jumeirah Lakes Towers and one in Business Bay — will soon be revived under the Dubai Land Department’s (DLD) Tanmia initiative.

“We have approved two projects – Wind Tower I and II — under Tanmia,” Sultan Butti bin Mijrin, Director-General, DLD, told Emirates 24|7.

“We are working with more investors on a number of projects,” he revealed.

Speaking to this website, Parvez Khan, Chairman, Pacific Ventures, confirmed that they had taken over a project in Business Bay under Tanmia initiative.

The Indian developer has renamed the project — Burj Pacific — and will be re-launching it in November.

“We recently took over one project in Business Bay, which we have renamed Burj Pacific. Majority of the original investors have agreed to continue with our project. We have new contractors on site and work has commenced,” Khan said.

Burj Pacific is a 21-storey residential tower, comprising 150 apartments and penthouses.  The project is expected to be completed by 2015.

In June, Khan told this website they were planning to spend Dh50 million over a two-year period to take over projects listed under the Tanmia scheme. It has already acquired two projects in Jumeirah Village Triangle and renamed them — Pacific Residencia and Pacific Edmonton Elm.

DLD’s Tanmia scheme was launched in September 2011 and aimed at getting semi-government/private investors on board to get projects completed. Currently, the department is auditing over 100 projects.

Majida Ali Rashed, Senior Counsel Strategy, DLD, has said earlier that the Tanmia initiative will continue for the next three to four years, but the process was not an easy one.
“The scheme targets the government and private sector and will help them benefit from these projects, but it not an easy task. We have to look at all the legal, technical and financial aspects before allowing another investor/developer to take over the project.”

Property owners and investors in stalled projects are allowed to approach the DLD to seek inclusion of their project under Tanmia.

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.

Tayseer scheme was launched in July 2010 and is aimed at facilitating financing for purchasers in certain pre-qualified projects. To date, only two projects have been financed under the scheme of which Lakeside Residence in Jumeirah Lakes Towers has been successfully completed and handed over.

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