Wednesday, September 02, 2009

Payment reduction scheme limited to Remraam project

The "prompt payment reduction" scheme, wherein a 30 percent discount on purchase price was announced by Mizin, is limited to phase two investors of Remraam project, and the offer may not be available for other Mizin developments, a company official clarified.

The payment reduction offer was well received among investors, and they had been appreciative of the company's efforts to assist them during the time of crisis, said an official from the Dubai Properties Group (DPG).

Investors in phase one have already paid an attractive price for their property, and therefore, only phase two investors are eligible for discount, and particularly for investors in Remraam project, he clarified.

Launched two weeks back, the reduction scheme aims to assist Remraam investors during the current economic scenario.

Several developers in Dubai have already offered discounts or prompt payment incentives to investors. In January, Union Properties announced its 10 percent reduction to buyers willing to settle their balance prior to due date. Even Nakheel had announced a "prompt payment scheme" for five of its projects, permitting investors to save up to 30 percent.

According to officials, all of Arjan, Liwan, Remraama and Marjan units that were available for sale have been sold. The official confirmed that all the property projects are in adherence with Real Estate Regulatory Agency (RERA) requirements and the funds are maintained in escrow accounts.

Earlier during the month, the developer mentioned that construction work at the Remraam community is progressing as scheduled, and the progress will be achieved on all four phases of the development. The contractors have completed the superstructure on several buildings to their full heights. About 90 percent of excavation works has also been completed, while the foundation for more than 70 percent of the buildings has also been done.

On completion, the Arabian-themed development will be a self-sufficient community with lush landscapes covering more than 85 percent of the development, and a range of amenities including a gymnasium, swimming pool, health club, steam rooms and sauna, basketball courts, community mall with entertainment outlets and restaurants, in addition to nursery, retail outlets, parks and walkways.

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