20 November 2008
Azizi Investments, a Dubai-based real estate developer, said yesterday it will continue to work on its current developments and will launch new projects only when market conditions improve.
"Our emphasis will be on developing our current portfolio. The market has certainly slowed down and we too might have to slow down our 2009 plans," company Chairman Merwiss Azizi said.
In June, he told Emirates Business that the company plans to develop 150 to 200 projects in the next three years and would invest Dh15 billion for developing 55 projects in 2008.
The company was aiming to acquire 15 million square feet of land in 2008, but has acquired more than 50 per cent of that. It was planning to acquire an additional 50 million square feet by 2009 and another 100 million square feet by 2010, which would have taken its total land bank to 165 million square feet.
Azizi Investments has already launched projects in Nakheel's Al Furjan development and The Palm Jebel Ali. It has also secured 627,000 square feet of land in Dubai World Central and has plans to build a 45-storey residential luxury tower in Nakheel's Mina Rashid development.
"We have already acquired land in Dubai World Central and Mina Rashid. Our projects are awaiting approval from the respective master developers. Once we have the approval we will launch these projects," said Azizi.
Asked if the company was witnessing any cancellations by unit buyers, he said: "We have not seen any cancellations as of yet in our projects. We would like to help our investors and offer them flexible payment options."
Developers have recently started to offer extended or flexible payment options to buyers/investors. Emaar Properties and Union Properties have announced schemes for their investors.
Although the chairman didn't specify what the payment options would be, he said: "We will listen to our investors and we will not let them go. We will offer them more time."
Azizi Investment, which is part of the Azizi Group, is self-financing all its projects. "Most of the projects will be self-financed, and we don't have any problems."
According to Azizi, master developers are also offering more time to sub-developers as well as for land payment.
"They [master developers] have been helpful during this troubled time. We would request the government to have a rethink about the residential visa issue."
Azizi Investments has not laid off any employees nor is it contemplating the acquisition of any property company, Azizi said.
Azizi Investments, a Dubai-based real estate developer, said yesterday it will continue to work on its current developments and will launch new projects only when market conditions improve.
"Our emphasis will be on developing our current portfolio. The market has certainly slowed down and we too might have to slow down our 2009 plans," company Chairman Merwiss Azizi said.
In June, he told Emirates Business that the company plans to develop 150 to 200 projects in the next three years and would invest Dh15 billion for developing 55 projects in 2008.
The company was aiming to acquire 15 million square feet of land in 2008, but has acquired more than 50 per cent of that. It was planning to acquire an additional 50 million square feet by 2009 and another 100 million square feet by 2010, which would have taken its total land bank to 165 million square feet.
Azizi Investments has already launched projects in Nakheel's Al Furjan development and The Palm Jebel Ali. It has also secured 627,000 square feet of land in Dubai World Central and has plans to build a 45-storey residential luxury tower in Nakheel's Mina Rashid development.
"We have already acquired land in Dubai World Central and Mina Rashid. Our projects are awaiting approval from the respective master developers. Once we have the approval we will launch these projects," said Azizi.
Asked if the company was witnessing any cancellations by unit buyers, he said: "We have not seen any cancellations as of yet in our projects. We would like to help our investors and offer them flexible payment options."
Developers have recently started to offer extended or flexible payment options to buyers/investors. Emaar Properties and Union Properties have announced schemes for their investors.
Although the chairman didn't specify what the payment options would be, he said: "We will listen to our investors and we will not let them go. We will offer them more time."
Azizi Investment, which is part of the Azizi Group, is self-financing all its projects. "Most of the projects will be self-financed, and we don't have any problems."
According to Azizi, master developers are also offering more time to sub-developers as well as for land payment.
"They [master developers] have been helpful during this troubled time. We would request the government to have a rethink about the residential visa issue."
Azizi Investments has not laid off any employees nor is it contemplating the acquisition of any property company, Azizi said.
By Parag Deulgaonkar
© Emirates Business 24/7 2008
