Three ‘stalled’ projects started by Dubai master developer

Three “stalled” projects were put back on track in Jumeirah Lakes Towers (JLT) last year and that was all due to the incessant efforts of the master developer, Dubai Multi Commodities Centre (DMCC).

In response to questions from Emirates 24|7, the master developer said: “DMCC connects new investors with the few developers who were forced to halt their construction activities and actively assist in developing innovative financial solutions to support all parties. In 2011, we were able to get the work on three towers restarted in this manner.”

It added: “DMCC continues to work very closely with Real Estate Regulatory Agency (Rera) to develop solutions for developers in difficulties. We are currently working with Rera/Tanmia to assist a developer in overcoming their long-standing challenges and to complete their project.”

Already, Dubai Land Department has launched Tayseer and Tanmia initiatives that are aimed to restart “halted, but viable” projects.

Launched in July 2010, Tayseer aims to facilitate financing for purchasers in certain pre-qualified projects. To date, Rera has confirmed that only two projects have been financed under this scheme.

Tania, initiated in September 2011, is aimed to get semi government/private investors on board to get projects completed. The Dubai Land Department is currently auditing over 100 projects, but possibly just one project has got the requisite funding through this plan.

- Six towers to be delivered in 2012

This year, the master developer expects three commercial towers, one residential and two hotel & hotel apartments to be completed in JLT.

Four office towers were only completed in 2011.

DMCC says, one residential, forecasted to be completed last year, is now expected to be completed in the fourth quarter, as advised by developer/owner, Fatma Mohd Mussabih Belgaizi.

Two hotel and serviced apartment towers, planned completion in 2011, have completion targets of third quarter, as advised by respective developers/owners: IFA Hotels & Resorts and HH Sheikh Ahmed Bin Saif Al Nahyan, the master developer informed.

- 80% developers have set IOA

Though only 271 interim owner associations (IOAs) across Dubai have been registered with Rera, DMCC says 48 out of 60 towers in JLT have formed IOAs.

This means 80 per cent of the projects have got IOAs at different stages of being formalized.

“DMCC is regularly meeting with the towers’ sub developers and IOAs (even where the towers have not lodged in their Jointly Owned Property Declaration yet) and ensuring that the appropriate information is disseminated to all parties on everyone’s obligations,” it said.

JLT is a waterfront community, comprising 87 residential, office and mixed-use towers. In June last year, DMCC told this website that no projects have been cancelled to date in the master development.

The master development comprises 26 clusters of three towers or trios, with each trio having two towers of the same size and one tower that is five floors taller. The man-made lakes that consist of four separate water bodies will cover 179,000 square meters and will be approximately three metres deep.

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