14 July 2009
Tameer Holding, a Dubai-based developer, expects to complete refunds to all investors in Al Salam City, a Dh30 billion project in Umm Al Quwain, by September-end, President Federico Tauber told Emirates Business.
"The project has not been cancelled, but has been put on hold. We have refunded about 70 per cent to our investors and will complete the process by the end of September. There was delay [in refunds] since we had to sort out some administrative issues as the project was being handled by one of our subsidiaries," he said.
Al Salam City, developed by Tatweer, a joint venture between Tameer and the Umm Al Quwain Government, was launched in July 2005. In May 2008, this newspaper reported that Al Salam City was being put on hold and investors were given the option of withdrawing their money or rolling it into another project.
"Since most of the investors opted for a refund, we are giving back 100 per cent of what we owed to them," Tauber said. Tameer has completed a restructuring exercise with the focus now being on completing projects in Dubai, he said.
With a development portfolio of Dh20bn, the company is building eight towers in Dubai and will hand over the Palace Tower in Dubai Silicon Oasis by month-end. The tower has 424 residential apartments and 150 high-tech office suites.
Only two of its projects -- Eye Park in Arjan district of Dubailand, and Anara, a 100-storey tower on Sheikh Zayed Road -- have been put on hold, Tauber said. "Although we still have a large land bank in Dubai, the time is not right to launch new projects. We believe the market will recover in 2010-2011 and then we will think of new launches," he said.
Tameer Holding, a Dubai-based developer, expects to complete refunds to all investors in Al Salam City, a Dh30 billion project in Umm Al Quwain, by September-end, President Federico Tauber told Emirates Business.
"The project has not been cancelled, but has been put on hold. We have refunded about 70 per cent to our investors and will complete the process by the end of September. There was delay [in refunds] since we had to sort out some administrative issues as the project was being handled by one of our subsidiaries," he said.
Al Salam City, developed by Tatweer, a joint venture between Tameer and the Umm Al Quwain Government, was launched in July 2005. In May 2008, this newspaper reported that Al Salam City was being put on hold and investors were given the option of withdrawing their money or rolling it into another project.
"Since most of the investors opted for a refund, we are giving back 100 per cent of what we owed to them," Tauber said. Tameer has completed a restructuring exercise with the focus now being on completing projects in Dubai, he said.
With a development portfolio of Dh20bn, the company is building eight towers in Dubai and will hand over the Palace Tower in Dubai Silicon Oasis by month-end. The tower has 424 residential apartments and 150 high-tech office suites.
Only two of its projects -- Eye Park in Arjan district of Dubailand, and Anara, a 100-storey tower on Sheikh Zayed Road -- have been put on hold, Tauber said. "Although we still have a large land bank in Dubai, the time is not right to launch new projects. We believe the market will recover in 2010-2011 and then we will think of new launches," he said.
By Parag Deulgaonkar
© Emirates Business 24/7 2009
