Tameer Holding, a Dubai-based developer, has repossessed 400 units till date and expects no more defaults ahead of handover of its two projects next year, the company president told Emirates 24|7.
“During the last two years we put in place a strategy to deal with each investor particular situation, which has resulted in a considerable reduction in the rate of defaults already. We don’t expect defaults at handover of our Princess Tower and Elite Residence in Dubai Marina, since the customer that are reaching that point have already paid a significant percentage of the purchase price,” said Tameer President Federico Tauber.
In November, Tauber told this website that they company had repossessed 200 units.
Asked what will be the biggest challenge when they commence handover of the two towers in Dubai Marina, he said: “These two projects in combination contain in excess of 1,400 apartments. The single biggest challenge will be the logistics involved in coordinating and managing the handover process and moving in of such a large number of customers. The planning for this immense task has already begun.”
This website reported earlier that the 414-metre Princess Tower will becomes the tallest residential tower in the world on completion, followed by 395-metre 23 Marina by Hircon International and 381-metre Elite Residence.
According to Tauber, the majority of apartments in both projects have been sold with only a small amount of inventory is currently available. He did not give the current sales prices, adding that prices were specific to each apartment and dependent on size, orientation, view, etc.
“Customers continue to recognise the value proposition of these landmark projects as sales continue to be achieved in both projects in recent months.”
Tameer has already completed Silver Tower in Business Bay and hand over procedures is likely to commence soon. The developer claims only a small number of apartments are available in Palace Towers project at Dubai Silicon Oasis.
“In an effort to assist our customers during these difficult times we are currently offering furniture vouchers to new apartment buyers in this project, this is in addition to the white goods already being provided. This offer has been welcomed by a number of buyers who have already taken up this opportunity which is available for a limited time only,” he added.