NewsBuyers in La Hoya Bay asked to resume payments
Khoie Properties, the developer of La Hoya Bay in Ras al Khaimah, has asked buyers to resume payments in order to continue the construction works. In return, Khoie offers a 25-35 per cent price reduction on the unfinished apartments. La Hoya Bay was originally scheduled for completion in 2008, but the...
Buyers Upset at Contract Changes
Buyers of The Torch, a Select project in the Dubai Marina, have been told they will not have access to their apartments unless they sign a new contract, The National reports. Select started handing over apartments earlier this month, and now buyers must agree to controversial changes to the original...
“No Refunds to Plot Owners”
“There will be no refunds to plot owners… I am developing The Lagoons” says Khalid Al Malik, group CEO of Dubai Properties Group to Emirates 24/7. As the Dh64bn project has not yet been cancelled, investors and plot owners are not entitled to any refunds. This brings the Dubai Creek project to...
Khoie and Arabtec sign Dh2.5bn La Hoya Bay deal
A memorandum of agreement (MOA) for the construction of La Hoya Bay Development in Ras Al Khaimah was signed yesterday between Khoie and Arabtec. The total value of the project is estimated at 2.5 Billion Dirhams to be constructed in phases over the next 54 months. The first phase of the project valued...
Dubai Government Seize Properties
The Dubai Land Department starts to deregister properties after sending letters to investors who have failed to fullfill their payments on off-plan project, The National reported. The cancellations were sent on behalf of developers that have completed 80% or more of a project, which can be made due to...
MAG 218 Ready For Handover
The MAG 218 residential tower, built at a cost of AED450 million and consisting of 555 apartments spread over 66 floors, is now complete and ready to be handed over to residents following the official opening ceremony yesterday (Saturday 15 May). Commenting on the handover, Mohammed Nimer, CEO of MAG...
Dubai may seize properties
The Dubai Land Department may begin seizing off-plan properties whose owners are in default. The authority has started notifying investors who have defaulted that if they fail to make their outstanding payments within two weeks that 40 per cent of any money they have paid so far will be confiscated,...
Capitala Highlights Rihan Heights Progress At Cityscape Abu Dhabi 2010
Capitala announced today on the back of Cityscape Abu Dhabi 2010, significant progress for Rihan Heights, the first residential phase of its maiden project – Arzanah. Arzanah, Capitala’s flagship project, is a 1.4 million square metre development encompassing residential, retail, commercial,...
Kuwaiti NREC launches Dh1.2bn project in Abu Dhabi
Kuwaiti developer, National Real Estate Company (NREC), is set to develop a Dh1.2 billion four-tower residential waterfront project called Carina Views on Najmat Abu Dhabi in Al Reem Island. The project consists of four 22-storeys residential towers with 684 units in all. The project is intended for...
Nakheel offer investors in Palm Jebel Ali more options
Close to 700 investors in Palm Jebel Ali have expressed their dissatisfacion with Nakheel’s offer of alternative properties and have announced plans to bring lawyers into the matter. Nakheel recently received US$9bn (Dh33bn) from the Dubai Government to revive stalled projects and settle debt,...
