Al Attar Properties Serves Legal Notices To Investors

A legal notice has been served to all the investors by Al Attar Properties, a Dubai based property developer. The investors of a commercial tower, The Skyscraper in Business Bay development is seeking payments in order to continue with its construction. The Project Manager – Head of Projects & Finance, Bipin Tavarool of Al Attar properties told Emirates Business, “We have already linked our payment plans to construction milestones and investors were required to pay after we completed piling. Only five to 10 clients have paid... we have an outstanding of about Dh68 million on the project.”

On the completion of shoring and piling, the first installment of 15 percent was due. The investors were served with notices through concerned authorities and we are requesting them to pay their dues. Tavarool further said, “We have sold up to 55 per cent of the project and expect completion by 2011. So we have invested more than Dh60m-Dh70m from our own pocket to continue construction.” The developer is considering to give an option to the genuine buyers in The Skyscraper to move their investments to Polaris.

Tavarool further said, “We are considering transferring our [The Skyscraper] investors, who have continued to pay, to Polaris. Those who haven't will not be given this offer. Clients need to pay. We were not collecting any money from clients on any of our projects for the past 18 months... now we are starting and so they should pay.”

Meanwhile the Dubai real estate developer is also offering the investors a chance to invest in three of their International City projects. They are given the chance to swap their properties for units in Vista Del Lago and Vue Du Lac in Jumeirah Lakes Tower development. Tavarool told that that there is a lot of space in the JLT Towers and thus they have started that swap offer.