Sunday, August 09, 2009

Several Dubai Marina projects delayed

The properties in Dubai designated as on hold by RERA (Real Estate Regulatory Agency), the property regulator by Dubai Government, are not the only projects that have been delayed. In fact, the agency has two other categories, such as 'delayed' and 'progressing to RERA-approved revised schedule', to indicate that a project is behind schedule, The National reported.

According to a report published in RERA's official magazine, although 10 percent of projects are currently 'on hold', the developer is still unsure, as another 31.8 percent of the projects have been 'progressing but not yet on site'.

RERA, last month made the announcement that it had designated 69 out of 407 projects on hold, which constitute 17 percent of the projects.

Among the nine delayed projects in the Marina, RERA's website reports only three as delayed. Among these, one of the projects, designated as delayed is the 90-storey Damac Heights tower, launched in 2007.

Works have begun on site, but have now stopped to permit a design review in accordance with the comments by Dubai Municipality, said RERA's inspection note. Schedule will be updated when the design and re-tendering has been completed, it states.

According to a spokesman for Damac Properties, the company has three other projects in Dubai Marina, among which, the Marina Terrace and The Waves have been completed, while the Ocean Heights has reached 66th storey.

The other project in the Marina is Damac Heights, and it is not cancelled or on hold and is very much in progress, confirmed Niall McLoughlin, Senior Vice President, Corporate Communications.

Although launched in 2007, the project will not be completed before 2013. The other two projects for which RERA's reports are not available online are Harbour Residence and My Tower, with inspection reports stating as progressing to RERA-approved revised schedule.

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