60 Living Legend investors plan march
Over 60 investors in the Dh2 billion Living Legends project, after having formed an action group, will go on a protest march to the developer’s site office in Dubailand on Thursday, to demand answers on completion of the project.
Living Legends is being developed by Saudi-based company Tanmiyat.
The move, investors said, is prompted by a lack of communication by the company, alleged false claims on completion date and failure by senior company officials to address investor grievances.
A Real Estate Regulatory Agency (Rera) official confirmed to this website that the agency is closely monitoring the project and had met investors’ to try sort out the problem amicably.
“I have chased Tanmiyat several times, but could not get a concrete reply from them on the project. Every time they told us they would get back… they never came back. We tried to meet with senior company officials, but were able to meet only with the customer care relationship manager,” says AG, who has invested Dh1.6 million in a villa in the project.
DA, who has bought an apartment in the project, said: “I was promised delivery of my apartment by 2010, but they still haven’t communicated anything to me. I have followed up a number of times with them but there is no response. All I hear is that work is underway… they did send me newsletter, saying work was going on. Now, this newsletter has also stopped.”
The project was due for handover in 2008, with the completion date was later shifted to October 2010, investors claimed.
According to the Rera official, “The project is under review from our team and there had been several meeting with group of investors to find options that were acceptable to all parties.
“The developer has said ‘he is committed to the project and has appointed a new contractor with construction work starting on the villas’. But we [Rera] are following the project closely and asking
the master developer, Dubai Properties Group, to evaluate the project progress as well.”
He added: “Our advice to investors is to communicate with the developer and look at options that they are giving. If there is anything that we can assist with we are ready to. We have asked the developer to link all payment to construction progress and give clear construction schedule to the investors.”
In October 2010, Dr Wan Hasni Wan Su, Advisor in Charge, Tanmiyat, told this website that the developer will be handing over 200 villas and almost 400 apartments in the first phase of Living Legends project in Dubailand by end of 2011.
"We will be delivering 200 villas and 300 to 400 apartments in the first phase of the project which will
completed by end of next year," he had said.
Covering an area of 1.340 million square metres within Dubailand, the residential segment of Living Legends will have a total of 500 villas, 12 residential towers, a golf course, golf hotel, and a mall.
No Tanmiyat official from Saudi Arabia answered Emirates 24|7’s calls.
Only initials of investors quoted in the story used on their request
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