HABN Real Estate Development, a Dubai-based developer, has recommenced work on Wind Towers I and II in Jumeirah Lakes Towers (JLT), Dubai.
"We started work on the Wind Towers in JLT in February 2014, which we acquired under Tanmia scheme of Dubai Land Department (DLD). We expect to complete it by August 2016," Al Sayed Abu Hamza Alawi Al Hayashi, Chief Executive Officer, HABN Real Estate Development, told Zawya in an exclusive.
Asked if the design of the towers had been changed, Al Hayashi said, "We haven't changed the design. Since we did not have any old investors in the project, it is starting as an almost new project."
Beijing Emirates International Construction Company is the main contractor for the two towers, while Al Asri Engineering Consultant is the architect.
The estimated construction cost of the two 35-storey towers, which will comprise residential and hotel apartments, is nearly USD 153 million (AED 560 million), said Al Hayashi.
The Wind Towers were launched in 2005, but were stalled following the global financial crisis.
HABN took over the Wind Towers under DLD's Tanmia initiative in 2012 and plans to 'to take over more projects', added the CEO.
Zawya had reported earlier that at least 16 projects were being re-started under Tanmia, a government-initiated project revival scheme launched in September 2011. Under this scheme, the stalled/incomplete projects are sold to financially strong companies and developers without compromising the rights of buyers.
"Sixteen projects, consisting of 4,631 units, are under review by developers under the Tanmia initiative. Once they are taken over, 2,254 investors will benefit," Majida Ali Rashid, Assistant Director General of DLD recently told Zawya.
© Zawya 2014
