Nearly three stalled projects – two in Jumeirah Lakes Towers, and one in Business Bay, will be revived under the Tanmia initiative of Dubai Land Department (DLD).
The DLD Director-General, Sultan Butti bin Mijrin, mentioned that under Tanmia, the two projects – Wind Tower I and Wind Tower II have been approved.
He revealed that the department is working with other investors and more projects are underway.
The Chairman of Pacific Ventures, Parvez Khan, said that they have taken over a project in Business Bay under the Tanmia initiative.
The project taken over in Business Bay has been re-named as Burj Pacific, and will be re-launched in November. Several of the original investors have agreed to continue with the project. Fresh contractors have been appointed and the work has begun, Khan revealed.
Burj Pacific is a 21-storey residential tower, comprising 150 apartments and penthouses. The project will be ready by 2015, Khan said.
Khan further said that plans are on to spend Dh.50mn over a two-year period, to take over projects listed in the Tanmia scheme. Already two projects have been acquired in Jumeirah Village Triangle, having renamed them as Pacific Residencia and Pacific Edmonton Elm.
The Tanmia scheme by DLD was launched in September 2011, aimed at getting semi-government/private investors on board to get projects completed. The department is now auditing more than 100 projects. The Tanmia initiative will continue for next three to four years.
The scheme targets government and private sectors who can help them benefit from the projects. Property owners and investors in stalled projects are allowed to approach the DLD to include their projects under Tanmia.
As per the information last year, the Dubai Sovereign bond prospectus, DLD said that a total of 291 projects were on hold as of 31st March 2012, and majority of these projects were likely to qualify under the Tayseer or Tanmia initiative.
Launched in July 2010, the Tayseer scheme is aimed at facilitating finance for purchasers in certain pre-qualified projects. Till date, only two projects have been financed under the scheme, out of which, Lakeside Residence in Jumeirah Lakes Towers has already been completed and handed over.