Sunday, April 10, 2011

Deyaar delivers 595 housing units successfully

Deyaar Development has begun handover of 595 units in its three residential projects in Business Bay. It will be offering finance options to customers to help reduce the default rate.

The Vice President – Communications & Marketing, Lina Anani, said that the company has already sold all apartments in the three projects, and is not expecting a high default rate.

She said that she plans to reduce the default rate by offering easy payment plan, arrangement with banks for mortgage facility, and helping them resell or lease their apartments through the company’s property management and leasing arm.

She also mentioned that the company has not re-possessed any property so far, but, in case the investors defaulted, the company will take appropriate legal action.

The Mayfair Tower comprises 218 units, with 213 Mayfair Residency units and 164 Clayton Residency units.
Anani agreed that majority of clients have already paid 40 to 50 percent, and therefore the possibility of a default is quite less. Moreover, the developer has already begun working on establishing interim owners association as per the Strata guidelines.

The Deyaar CEO, Saeed Al Qatami, also said that with the handover of Mayfair Residency, Mayfair Towers and Clayton Residency, apart from Metropolis Offices, the company has been successful in handing over commitments towards first half of 2011.

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