Vue De Lac to begin this week

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The K3 tower is one of three in the Vue De Lac development that is yet to begin.

Dubai-based Al Attar Properties has confirmed that it could begin foundation work on its Vue De Lac project in Jumeirah Lake Towers as early as this week.

The development includes three towers - K1, K2 and K3. Each was originally scheduled for handover in September 2007, but the project has since been pushed back to the third quarter of 2010.

Speaking to Construction Week, Al Attar projects manager Bipin Pudiyadath said, "We should be able to begin the raft foundation within a week or two maximum, and we should be able to start the entire construction after the raft work."

He also said the company was waiting for Dubai to release its green regulations in January before it begins construction in order to comply with the code.

"Once the regulations come out, we are just waiting for the approval (of the design) which we should get by January," Pudiyadath said.

The declaration follows complaints from investors of the project who said the delay was costing them "thousands of dirhams a year."

An investor in the project, who declined to be named, told Construction Week that the delay was costing around US $4100 (AED15,000) per year.

"We bought this in the hope that our EMI (equated monthly installment) would work up to about 90,000 dirham a year, which is what it would have worked up to if they had delivered on time.

"But we pay 7.5% interest over and above the monthly EMI, so for every year that the developer delays the project, the additional 7.5% works up to about 15,000 dirham annually.

"If the project was up on time, it would have benefited us. Now, our cash is locked in and there is no compensation."

Investors say they should be paid compensation to cover money that has been lost due to the delays.

"The people at Al Attar are always polite, but when your cash is locked in, you want a little more than that," the investor said. "Shouldn't the developer be responsible for something?"

But Pudiyadath said, "We make decisions regarding compensation at the time of handover. As of now, there is nothing. Not just yet."

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