$543m Mirdiff Hills project on hold

PROJECT FREEZE: Dubai Investments Real Estate Company has put Mirdiff Hills on hold.

Dubai Investments Real Estate Company (DIRC) has put its AED2bn ($543m) Mirdiff Hills project on hold due to a lack of mortgage financing, it has been reported.

Investors will be given a 100 percent refund, the head of the real estate arm of Dubai Investments told Emirates Business.

Khaled Kalban, managing director and CEO, Dubai Investments, told the paper: "We have put the Mirdiff Hills project on hold because of a lack of availability of mortgage financing on the project. Investors have got back to us saying they cannot pay up for their units.”

"We have started to repay the investors' down payments in the project. There are many who would have wanted to remain invested and have taken the cheques from us reluctantly," he said.

The mixed-use development comprises 680 apartments, 380 offices and 129 retail units and was due for completion in 2010.

Kalban said the firm would continue with the project if liquidity improved in Dubai.

He added that Dubai’s real estate sector was not showing any immediate signs of recovery, but there were signs of prices stabilising.

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READERS' COMMENTS

thanks abdul
Posted by sajjad imam, new delhi, india on Sunday 26 July 2009 at 22:14 UAE time


dear abdul, i have also lodged a complaint with rera in april this year but they have been completely silent on the issue. Please do let me know if you come across anything, I will do the same. Thanks. tc

midas mirdiff hills
Posted by abdul aziz, dubai, uae on Saturday 25 July 2009 at 15:04 UAE time


hi sajjad ... itz very sad 2 hear that u r also in d very same problem .. write a complain letter 2 rera n land department .. might something happen .. tc

DIRC Refund
Posted by sajjad imam, new delhi, india on Wednesday 22 July 2009 at 10:37 UAE time


hi abdul aziz, have you any idea how we should go about recovering our money from Mundia/DIRC?

midas mirdiff hills
Posted by sajjad imam, new delhi, india on Monday 20 July 2009 at 16:47 UAE time


I paid 10% downpayment to Mundia Real Estate (M Holding) for a studio in mirdiff in The Mirdiff Hills Project. How do I get my refund from them as they are not reachable any more.

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