Dedicated Property Registration Office set up
Emaar to notify via SMS regarding title deed collection
Dubai, September 13, 2006: Emaar Properties has set up a dedicated Property Registration office at its Property Transfer Department on the ground floor of Building No 1, Emaar Business Park, to commence the registration of property ownership to homeowners.
Emaar has also intimated its clients a detailed project-specific time-table, starting September 19, 2006, for registering their homes located within designated freehold areas in Dubai. The registration process for each property is expected to be completed within a few working days.
"Following the promulgation of the Dubai Property Law, homeowners had been keenly anticipating the registration of ownership on properties that are completed, handed over and fully paid," said Mr Ahmad Al Falasi, Director, Property Management, Emaar Properties. "Emaar has now streamlined the ownership registration procedures by setting up a dedicated Property Registration office at the Property Transfer Department, which liaises with the Land Department of the Government of Dubai."
A representative from the Land Department will be stationed at the Emaar office to assist in the registration process. Homeowners need to complete a Declaration of Name and Ownership form, which has already been sent out by Emaar or can be downloaded from www.emaar.com, and submit to the Property Registration office along with a required set of documents.
"Once the applications are submitted at the Emaar office, homeowners need not visit the Land Department for further registration requirements. After the registration process is completed, Emaar will notify homeowners via SMS for collecting the title deeds from Registration Office," added Mr Al Falasi. "By opening the Property Registration office, we are easing the registration process for our customers."
The supporting documents required to be submitted by individuals include the original sale agreement or contract; photocopy of passport along with original for verification and the Customer Declaration sheet. All applicants must have completed their due payments up to December 31, 2006, before submitting the application.
Buyers who cannot apply in person can issue a notarized power of attorney (PoA) The PoA must explicitly mention that the authorized representative has the authority to register the property at the Land Department.
In case of joint ownership, customers should provide the percentage of ownership of the property. For future transfers of deed, the Land Department will need a No Objection Letter from Emaar to process the transfer.
Customers can contact Emaar Contact Centre round-the-clock all week, telephone: 800 EMAAR (36227) or email at ptd@emaar.ae for more details.
Emaar has handed over more than 14,000 homes to customers in its various developments across Dubai including the Arabian Ranches, Dubai Marina and Emirates Living.
The registration of ownership is held in accordance with the 'Regulations Concerning the Identification of Areas in which Foreigners are Entitled to Own Properties in the Emirate of Dubai,' a governmental decree issued earlier this year.
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Note to Editors
About Emaar Properties PJSC:
Emaar Properties, the Dubai-based Public Joint Stock Company and one of the world's largest real estate companies, is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index. The company recently announced that its net profits for the half year ended 30 June 2006 reached AED 3.053 billion (US$0.831 billion) - a significant gain of 21 per cent over the first-half 2005 results of AED 2.533 billion (US$0.690 billion) - reflecting the remarkable growth the company has gained since its inception in 1997.
With more than 14,000 homes handed over to customers, Emaar has several major real estate projects under various stages of development in Dubai including Arabian Ranches, Dubai Marina, Emirates Hills, The Views, The Meadows, The Springs, The Lakes and The Greens. The company also owns and manages the Gold and Diamond Park.
Emaar has marched ahead with the construction of its AED 73 billion (US$20 billion) Burj Dubai Downtown development, which comprises the Burj Dubai - the tallest tower in the world when completed in 2008, The Dubai Mall, Burj Dubai Business Hub, The Lofts, The Old Town, The Old Town Island, Burj Dubai Boulevard, The Residences, Burj Views, man-made lakes, landscaped parks and gardens.
The company has joint ventures and projects across the region covering India, Egypt, Turkey, Morocco, Bahrain, Syria, Jordan, Pakistan, Lebanon, Tunisia and Saudi Arabia. In July 2006, Emaar also announced the opening of a full-fledged representative office in China, thus becoming the first Middle East property developer to effectively tap the potential offered by the world's second largest economy. Emaar also entered the US market by acquiring John Laing Homes, the second largest privately held homebuilder in the U.S., thus creating one of the world's leading real estate developers in residential homebuilding.
In a move that scaled up its core competency in product sales across the international arena, particularly the Western hemisphere, Emaar acquired Hamptons International, the UK-based subsidiary of premier property developer Wheelock Properties (Singapore) Ltd in a deal worth AED 562.45 million (US$153.05 million). The acquisition covers Hamptons' UK offices and its joint venture with CB Richard Ellis Hamptons International in the UK and Hamptons International Oman; and will build Emaar's international network of offices to over 130 over the next few years.
Last year the property developer announced plans to aggressively expand the retail sector with investments of over AED 15 billion (US$4 billion) to develop approximately 150 malls in the larger emerging markets of the Middle East, North Africa (MENA) and the Indian subcontinent. In addition, Emaar has teamed up with Giorgio Armani S.p.A to build and manage 10 Armani hotels and resorts across the world; an Armani hotel will feature in Emaar's flagship Burj Dubai tower.
Earlier this year the company announced plans to expand its investments into the education and healthcare business. The education initiative will involve the establishment of international schools in the MENA region and India, which will offer premium quality education and an integrated curriculum for students ranging from kindergarten to tertiary levels. Emaar's healthcare diversification will see the company invest around AED 18.35 billion (US$5 billion) over the next decade in the MENA and South Asia markets with the construction of hospitals, clinics and medical centres and the investment in the provision of world-class healthcare services.
While continuing to actively pursue expansion in its core business of innovative, high quality real estate development, Emaar has diversified into related business lines to further build value for its 59,000 shareholders, which includes the Government of Dubai. Emaar owns and manages EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar also holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking and is the majority shareholder in Amlak Finance, UAE's leading Islamic home financing company. For further information, please visit www.emaar.com.
For further information, please contact:
Kelly Home / Nivine William
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East & North Africa
Tel: (+971 4) 335 5969;
Fax: (+971 4) 335 6080
E-mail: k.home@asdaa.com, n.william@asdaa.com
© Press Release 2006
