Wednesday, March 21, 2012

Works resumed on stalled projects in JLT

The three projects at Jumeirah Lake Towers (JLT) which was stalled last year, has been put back on track, due to persistent efforts by the master developer, Dubai Multi Commodities Centre (DMCC).

The master developer revealed that DMCC links new investors with few developers, who were compelled to halt their construction activities, and actively assists in developing innovative financial solutions to support all parties. In 2011, the developer re-started work on three such stalled projects.

DMCC also works closely with RERA (Real Estate Regulatory Agency) to develop solutions for developers in difficulties. At present, DMCC is already working with RERA/Tanmia to assist a developer in overcoming their long-standing challenges and for completion of their project. Tayseer and Tanmia initiatives are aimed to begin viable projects which have been halted.

Tayseer, launched in July 2010, aims to facilitate financing for purchasers in certain pre-qualified projects. According to RERA, so far only two projects have been financed under this scheme.

Beginning September 2011, Tania initiated the scheme for completion of projects by semi government/private investors.

The DLD is monitoring more than 100 projects currently, although only one project has received the requisite funding through this plan.

In 2012, the master developer plans to deliver three commercial towers, two hotel and hotel apartments, and one residential tower at JLT. The residential tower was due for completion last year, and will now be completed by end of 2012. The hotel and serviced apartment towers were also to be completed in 2011, but now have completion targets of third quarter 2012.

JLT is a waterfront community, involving 87 residential, office and mixed-use towers. The master development involves 26 clusters of three towers (trios), with each trio housing two towers of equal size, with one tower being taller by five floors. The man-made lakes comprise four separate water bodies, spanning 179,000 square meters, with three metres depth.

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