*Nakheel will resume work on six projects* *Emirates Business 24/7 *
Dubai-based property developer Nakheel will restart work on at least six mega Dubai projects early next month. Jumeirah Park, Al Furjan, Jumeirah Village, Jumeirah Islands Mansions, Jumeirah Heights Clusters and Al Badrah are the first projects likely to resume. Contractors last month started to receive payments from the developer the Palm islands, paving the way for resumption of stalled projects around the emirate. http://www.emirates247.com/property/real-estate/nakheel-will-resume-work-on-six-projects-2010-08-18-1.280750 *Victory Heights hands over two-thirds of villas* *Emirates Business 24/7 * Dubai’s Victory Heights has handed over almost two thirds of villas to homeowners, with the 600th villa owner moving into the 961-unit golfing residential community on Tuesday, the developer said. 75 per cent of the community’s 794 phase-one homes have been completed, putting the golfing residential development, which surrounds the award winning The Els Club golf course, on target for completion of the phase-one arm by the end of 2010. http://www.emirates247.com/property/real-estate/victory-heights-hands-over-two-thirds-of-villas-2010-08-18-1.280649 * * *RAK developers continue to offer 3-year visas* *Emirates Business 24/7 * Some developers in Ras Al Kaimah are guaranteeing three-year residence visas in exchange of buying a property located in the emirate. This is despite the federal law that only allows for six months visa. Al Hamra Village, for one, is openly advertising that it can provide visa and financing to Royal Breeze Direct Sea View Apartments. Under the UAE federal law, foreign owners of the UAE property are only entitled to a six-month multiple-entry visa, which came into effect on June 1. The visa, which needs to be renewed every six months, costs Dh2,000 http://www.emirates247.com/property/real-estate/rak-developers-continue-to-offer-3-year-visas-2010-08-19-1.281045 *Developers fail to deliver on rental promises* *Emirates Business 24/7 * An increasing number of investors who bought into projects offering guaranteed rental income are finding that the developers are unable to deliver on their promises. The developers who made the assurances during the property boom are struggling to make payments in a real estate market that has been the hardest hit by the economic slowdown. Emirates 24|7 found that one such developer is Dubai Guernsey Property Investments Limited (DGPIL). The company has stopped payments since the end of 2009. Investors, who wished not to be named, said their primary reason for purchasing units in International City was the eight per cent rental guarantee, but they have not received any money for some time. Mahmood said the main reason for the default was the sudden drop in occupancy and rental income from International City, which resulted in a “big shortfall in rent compared to expectations”. “We had committed these rent payments very conservatively in much more positive times, and were caught by surprise at the extent of downturn of the market. Essentially, where the rent has not come in, we have not had the cash flow to pay rents to the buyers of the units. http://www.emirates247.com/property/real-estate/developers-fail-to-deliver-on-rental-promises-2010-08-18-1.280547 *Deyaar plans to drop Flamingo Creek project* *The National* Deyaar Development, the publicly traded property developer, is planning to abandon a Dh372 million (US$101.3m) project because it believes the master developer Sama Dubai is unlikely to complete the infrastructure. Deyaar said the project was Flamingo Creek, launched by National Bonds in The Lagoons, a planned Dh80 billion development of towers that were to have been built around Dubai Creek. Sama Dubai said, however, that it had every intention of completing the infrastructure work. “Sama Dubai will meet the infrastructure requirements of its customers in line with the construction schedules of developers,” a company spokesman said. http://thenational.ae/apps/pbcs.dll/article?AID=/20100816/BUSINESS/708169888/1051 [image: cid:3356737934_672033] DPRE Real Estate Brokers LLC Ayham Jbara Property Consultant Office 1102, Al Moosa Tower 2 Sheikh Zayed Road Dubai PO Box 123704 United Arab Emirates +971 505910570 mobile +971 4331 6618 phone +971 4331 6619 fax [email protected] www.dpreholdings.com Confidentiality: This communication contains information which is confidential and may also be privileged. It is for the exclusive use of the addressee. 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