| 20 Nov 2008 |
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Deferred payment plans for land deals
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Dubai-based master developers have started to offer deferred payment plans to property developers, Emirates Business has learnt.
"We had requested [our master developer] to defer our payment on the land that we have purchased from them. And we have been granted a three-month extension," a developer said on condition of anonymity.
The developer said he bought land on a waterfront project and paid 50 per cent of the price at the time of purchase. "We are facing problems as we are yet to receive Dh90 million from our investors. Hence, we had asked for an extension and that has been granted," he said.
By Staff Writer
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Community Comments (1)
Speculating investors??
This is nothing more than proof that developers are the real speculators, they are starting projects with the hope they will get finance by overinflated prices. In the end of the day, it's still the investors that are blamed!?!?
Developers starts unfeasible projects speculating that they will get the money from the investors, when they don't they have NO financing, they have basically started something that they couldn't afford. That is ridicuolus. When a developer starts a project he should be able to build it himself and sell to even just a single person himself, and still make it work in the short-term. As everyone keeps saying; property is a long-term investment and it should also be a long-term investment for the developers. But NO, they are speculating on short-term profits. And when one projects starts going slow, they launch another one and move financing from one project to another, virtually starting an internal pyramid game, which can fall apart any second. Refund the investors, let the developers learn the lesson and start over!
This is nothing more than proof that...
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