Saturday, October 16, 2010

Dubai Silicon Authority grants freehold status to Cedre Villas

The Dubai Silicon Oasis (DSO) Authority has the right to grant freehold status to real estate projects being developed within the free zone, a senior official has revealed.

The Senior VP Engineering Management, Muammar Al Katheeri, at the Dubai Silicon Oasis Authority, said that the DSO has the right to regulate based on its operational requirement and to decide on the areas that are to be granted as freehold.

As of now, the Cedre Villas will be granted freehold status, Al Katheeri said.

Earlier during the year, Regulation No.1 of 2010 which amends the Regulation No.3 of 2006, designated areas for expatriates to enjoy as freehold, and this was published in Dubai government official gazette. The 2006 regulation had designated DSO as an area in which foreigners could own property, but restricted the ownership rights to leasehold interests only.

The 2010 regulation removed this limitation and enabled the property within DSO to be owned by foreigners on freehold basis.

Al Katheeri said that granting of free zone status for projects depends on the management, as to how they see the future, and what they consider as best suited for operation as free zone.

The lease and sale of all 368 units in the first phase of the Dh.1.55bn Cedre Villas project has been completed, while the second phase was delivered in June. Nearly 40 percent of the units have already been leased and sold.

Al Katheeri revealed that during the launch of the project a 10 percent discount was given, which is now reduced to 8 percent. But, on the opening of the community centre, this will be further reduced to five percent or no discounts at all, as the project has witnessed good sales from the day of launch.

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