Property in Dubai
Dubai developers seen re-possessing units from investors
Dubai developers have begun to repossess units from investors who have begun defaulting on payments.
Bonyan International recently revealed that it adhered to RERAs (Real Estate Regulatory Agency) procedures to take back units in its Gate 2 project at the Jumeirah Lake Towers.
The Vice Chairman of Bonyan, Anas Atatreh, revealed that having re-possessed few units from investors in the Dubai Gate 2 project, the company is holding on to these units. But Bonyan is ready to help investors if they are reasonable.
Similarly, Cayan Development CEO, Kareem Derbas revealed that Cayan has registered with the Land Department to auction out two of its office units, after re-possessing them.
Also, South Korea’s Bando Construction has also revealed that it is seeking to take back properties. Bando Construction is currently developing U-Bora Tower in Business Bay, and said that about seven investors are yet to fulfill their contractual obligations.
The Business Development Manager at Bando, Ian Powell, said that although the company has approached investors who are at default, cancellation may be the only way forward in few cases.
Posted on 19/3/2010