Monday, May 16, 2011

Lagoons project to go ahead: Sama Dubai

The Dh.64bn Lagoons project by Sama Dubai has not been cancelled, and therefore, no refund will be given to plot owners, confirmed Khalid Al Malik, the CEO of Dubai Properties Group.

“If you want to build, submit your design, contractor and consultant’s name, and your commitment in writing, and then I will put an infrastructure for you. Instead, if I put the infrastructure in place, and then no one builds, it will be unfair for us,” said Al Malik to developers.

He said this, when private developers questioned about refund, following suspension of work on the project.

A private developer, on conditions of anonymity, told the media that an investment of Dh.65mn has been made by him on a plot of land. As he received no response from the master developer about refund of money following suspension of work on the project, he considers taking the matter to the court.

Meanwhile, Al Malik emphasized that the marked should pay the money they owe to the group, so as to enable the company to deliver and not ask for infrastructure without paying their dues.

Dismissing rumours that Sama Dubai has sold its international projects, Al Malik said that it has been reviewing the launched projects.

Bahrain, Qatar and Rabat projects are under review, and the Casablanca projects will be reviewed, he added.

Dubai Holding consolidated its real estate firms in August 2009, bringing Dubai Properties, Tatweer and Sama Dubai under the single umbrella of Dubai Properties Group.

In April 2006, Sama Dubai launched waterfront projects along 70mn square feet of Dubai Creek. The Lagoons will include seven islands, including residential units, office buildings, shopping centres, building and marinas. The detached islands will be linked by bridges.

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