Orion Developments Limited, the Dubai-based developer, will be launching seven projects worth USD 272 million (AED 1 billion) in 2014, according to a top official.
"We have already acquired the lands and have commenced the process of construction in some areas," said Samir Munshi, Managing Director at Orion Developments. "The land has been paid in full. We have our funding in place and will not be using money from our investors."
The developer has bought land in Jumeirah Village Circle, Dubai Silicon Oasis, Majan and Arjan in Dubailand, Dubai Sports City and International City (Phase Three).
"We have started work on two towers in Dubai Silicon Oasis. We will start sales only after 30 percent construction is complete," Munshi added.
Architect Tony Ashai will design the Jumeirah Village Circle townhouses. "We are also working with other architects like Dubai-based Modular Designs and an Italian designer on other projects," he said.
Reviving Stalled Projects
Orion Holding, the parent company, will continue to fund stalled projects.
It has invested nearly USD 109 million (AED 400 million) in reviving various projects across Dubai. The list includes USD 41 million (AED 150 million) in Donna Towers, Dubai Silicon Oasis, USD 6.80 million (AED 25 million) in Rufi Waterfront Residency and USD 5.98 million (AED 22 million) in Frankfurt Tower 1, Dubai Sports City.
Munshi hinted at the possibility of taking over of two new projects; one being a major development in Business Bay but did not divulge any details.
He highlighted the company's strategy to equally split its fund between acquisitions and development.
"We are investing and not taking over projects. The actual developer will continue to build it and we will exit by selling their stock once the project is finished."
The Dubai Land Department announced two initiatives - Tayseer and Tanmia - previously to revive stalled projects. Nearly 232 projects are 'on hold' in the emirate. In 2013, however, a new committee had been set up to cancel and liquidate many of these projects.
© Zawya 2014
