Monday, June 08, 2009

Al Fajer projects progressing as scheduled

Al Fajer Properties has announced that all its projects are well on track.

According to a recent voluntary construction audit carried out by RERA (Real Estate Regulatory Agency), the results confirm that work on Phase one (Ebony and Ivory towers) is nearly 80 percent complete, while the phase 2 is nearly 15 percent complete, and the work is in progress at present. The Phase 1 is due for handover by the end of this year.

The audit also confirms that Al Fajer has achieved maximum transparency and completely adheres to RERA guidelines.

The President of Al Fajer, Shaikh Maktoum Bin Hasher Al Maktoum, said "During the past several companies followed the brokers and sales agents and did not adhere to good business methodologies, and it was easy to sell properties due to excessive demand. But, today just as is the case of any developed economy, Dubai is returning to fundamentals. "

Companies that strongly focus on management and performance will be able to do well under the present market conditions, Shaikh Maktoum said.

He appreciated RERA in helping to boost investor confidence, and continued that Dubai is well-placed to take advantage of any market recovery, although there are still difficult times for the rest of the year, in store.

"With the introduction of third party construction auditors, RERA and publication of results, RERA is half-way into transforming Dubai property market into a factual, rational one, while also maintaining high level of transparency," he said.

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