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.

On-the-Spot Property Registration Introduced by Dubai Land Department

A new move has been involved which will allow all property transactions to be completed in a secure and successful manner in the most dynamic Dubai real estate markets. The Land Department of Dubai has announced the introduction of on the spot property registrations. The Director General of the Land Department Sultan Bin Butti Bin Mejren has announced the initiative which signals a technologically advanced approach in order to register and protect property interests within the emirate.

During the launch ceremony of this advanced system he further said, “Today has seen the immediate activation of the technological infrastructure stage which will support the new advanced services and electronically integrate processes as diverse as registration, pre-registration, escrow accounts and a state-of-the-art e-services system.”

He added: “This will take the Department significantly closer to the stage where it will be able to offer one of the most advanced systems for registering and regulating land and property transactions. It moves land and property ownership in Dubai into a new era in which coherent strategy and planning results in joined-up access and protection of owners' interests. One of the most important aspects of this 'services-led initiative' is that it integrates registration with procedures such as licensing the brokers who sell the property and even with the trust accounts through which funding for its construction is channeled.”

This announcement was made after the completion of the first phase of the implementation of their new system after it has been tested for four weeks. A two year review and implementation programme is further followed which has already taken this technological system to an advanced level. The IT Director at the Land Department, Mr. Khalifa Al Suwaidi said, “We are moving towards a range of new online options that will transform land transactions in Dubai.”

He further added, “Today's activation means we have taken the critical step which will enable the Land Department to offer online services as standard. The motivation and rationale behind this initiative were guided by our experience of the market and the requirements of those involved in buying and selling property. The market has changed dramatically in the past five years so our starting point had to be different and our response pitched at a different level.”

On-the-Spot Property Registration Introduced by Dubai Land Department

A new move has been involved which will allow all property transactions to be completed in a secure and successful manner in the most dynamic Dubai real estate markets. The Land Department of Dubai has announced the introduction of on the spot property registrations. The Director General of the Land Department Sultan Bin Butti Bin Mejren has announced the initiative which signals a technologically advanced approach in order to register and protect property interests within the emirate.

During the launch ceremony of this advanced system he further said, “Today has seen the immediate activation of the technological infrastructure stage which will support the new advanced services and electronically integrate processes as diverse as registration, pre-registration, escrow accounts and a state-of-the-art e-services system.”

He added: “This will take the Department significantly closer to the stage where it will be able to offer one of the most advanced systems for registering and regulating land and property transactions. It moves land and property ownership in Dubai into a new era in which coherent strategy and planning results in joined-up access and protection of owners' interests. One of the most important aspects of this 'services-led initiative' is that it integrates registration with procedures such as licensing the brokers who sell the property and even with the trust accounts through which funding for its construction is channeled.”

This announcement was made after the completion of the first phase of the implementation of their new system after it has been tested for four weeks. A two year review and implementation programme is further followed which has already taken this technological system to an advanced level. The IT Director at the Land Department, Mr. Khalifa Al Suwaidi said, “We are moving towards a range of new online options that will transform land transactions in Dubai.”

He further added, “Today's activation means we have taken the critical step which will enable the Land Department to offer online services as standard. The motivation and rationale behind this initiative were guided by our experience of the market and the requirements of those involved in buying and selling property. The market has changed dramatically in the past five years so our starting point had to be different and our response pitched at a different level.” pro

Abu Dhabi Property Prices Are Stable Now

According to one of the leading real estate consultancy companies in the Middle East, Landmark Advisory, October and November are the two months in which the sales have really become active as far as Abu Dhabi real estate is concerned in the year 2009. The demand focused on developments which were just on the verge of completion such as Al Reef villas, Marina Square, Al Bandar and Sky Tower. The investors are looking forward for the completed properties and waiting for the dates to be announced by the developers.

Throughout the fourth quarter of 2009, the transactional prices have remained stable according to company’s latest sales guide and until the properties are handed over in 2010, it is not expected to boost. However, the prices for the properties which are close to competition in 2010 are likely to augment. As the developments are near to the completion date the transaction volumes might get increase which could lead to marginal increase in prices.

A marginal increase of 5 to 6 percent has been seen in the asking price with an exception to Al Bandar property development. This property development in Abu Dhabi will likely to start drawing buyer’s attention by reducing the prices of Al Bandar. Currently a very small number of buyers are active in the market. Moreover, the demand can further be restricted if the delivery dates most notably for Marina Square and Al Bandar are postponed.

Realty Firm Oger Dubai Confirms Fallout with Daman

A subsidiary of Saudi Oger Limited, Oger Dubai a Dubai property developer said that a termination notice from Daman Real Estate Capital Partners Ltd. has been received for “The Buildings by Daman” project. It is a multi-purpose project comprising of 65 floors and this mixed-use complex is ideally situated at the Dubai International Financial Centre. The Daman Investments statement was issued on Thursday followed by the announcement.

In the statement the reason for termination of Oger Dubai is also mentioned as a Dubai based private firm had said that this decision of termination was based on the “disappointing performance of the contractor”. For this project Oger Dubai was the main contractor and has refused to agree with the Daman’s position.

A statement from Oger Dubai has said, “Oger Dubai recognizes that the economic conditions for the real estate industry remain difficult. Oger Dubai does not accept that the decision of Daman Real Estate Capital Partners Ltd. was based on the alleged performance related issues, but notes many key factors surrounding the Project. Oger Dubai has performed the works to high standards and in accordance with its commitments.”

Moreover, they have further added, “As this is the first such case that the Oger Group has faced during its long history of operations, Oger Dubai will consider its position and reserves its rights. Oger Dubai will take all appropriate measures to protect its interests and market-leading reputation.”

Oger Dubai was opened by The Hariri family's Saudi Oger Group as a part of the expansion plan of their group. Currently this group operates eight offices in Saudi Arabia, Switzerland, France, Morocco, Jordan, UK and Lebanon.

The Work on the Private Projects at The World will Begin Soon

Soon the construction will start on the various off-shore island developments in The World and it has been confirmed by the well known property developer Nakheel. Last month it was announced by the Kliendienst Group that they will begin the construction on the Germany Island which is the Heart of Europe development and is a part of the Dh.3.1bn. The confirmation regarding the beginning of the work after a European developer, Major Trade, announced the starting of work on its island project.

Marwan Al Qamzi, The managing Director of Nakheel said, “The World is an attractive project, given its differentiated offering and close proximity and accessibility to developing markets.” The Canadian Gulf Construction and the Arabian Profile Company Limited which is the Arabian architectural and cladding specialist have carried out their construction work on the development.

Viktor Herceg, the Managing Director of Major Trade shared a feeling of confidence by saying that after the project gets completed a huge demand for luxury residences will come up. He further added that Nakheel has been very supportive for its first island development. The island is located on the tip of the Greenland area of The World. It includes a luxury boutique hotel and modern residential villa developments. For a mid-sized European residential property developer, Major Trade is a property development investment arm and is particularly responsible for the construction of various high end Dubai real estate developments.

Nakheel confirmed that this year work will begin on as many 20 islands. Taking the economy into consideration the buyers have revised few of their initial designs and these are now moving ahead with their construction works.