Sunday, April 01, 2012

Al Mazaya resumes work on 67 suspended projects in Dubailand

Leading property developer, Al Mazaya Holding, has announced that it has re-commenced works on its 67 suspended projects in The Villa, Dubailand and its Queue Point, Liwan projects.

Speaking to the media, Khaldoun Abdul Kader, Executive Vice President, Dubai Office Operations, mentioned that already work on 67 unsold villas in Dubailand has begun. The selling process will begin only when the project nears completion.

Kader mentioned that there was a huge demand for medium-sized villas, and they are hoping to complete construction in a year’s time. However, the units will be released only in phases.

As for the Queue Point project, few buildings are ready for handover, but the process was delayed due to lack of infrastructure. However, Kader confirmed that majority of these buildings will be developed, although at a slower pace.

The villa project includes 520 residential villas, with majority of them being handed over. The Queue Point development comprises 44 plots in the Liwan master plan, out of which 37 forms residential buildings and seven have been set aside for office, retail and commercial use.

According to CBRE, the new villa developments lack community amenities, and were experiencing greater pressure on lease and occupancy rates. However, Al Mazaya mentioned that it has been able to solve atleast 80 percent of such issues over the past 18 months.

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