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Discuss this article (3 Comments)Tanmiyat revises payment plan on $735m project
by This email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 14 September 2009
LIVING LEGENDS: An artist's impression of the Tanmiyat project.
Developer Tanmiyat has revised the payment plan for its AED2.7 billion ($735m) Living Legends project at Dubailand, it was reported on Monday.
The Saudi-based developer has not collected any payments from customers for the past five months. Details of the new plan are being sent to buyers.
The new plan is in line with Real Estate Regulatory Agency (RERA) guidelines that say developers should collect payments as they reach different stages of the construction processes, Emirates Business reported.
"We have obtained approval from RERA for a revised payment plan for our Living Legends projects and we are now approaching our customers to provide them with updates and work closely with them on how to proceed," said Wan Hasni, advisor-in-charge at Tanmiyat.
"We will now be meeting with our customers to provide them with solutions that best suit their needs and agree together on the new payment procedure."
Hasni said the previous payment plan was based on fixed dates and was not linked to construction progress.
"Now the more we build, the more payments we collect," he added.
Living Legends is part of the AED14bn Legends mixed-use entertainment development. An investor from Britain, who wished to remain anonymous, said Tanmiyat had not taken any payments from him since July last year.
READERS' COMMENTS
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Tanmiyat
Posted by Investor, dubai, uae on Monday 14 September 2009 at 18:49 UAE time
Until Tanmiyat does not start construction on the site no investor will pay single penny. Its been more then 3 years, we have paid 20-30% to them our money is stuck and all get from them asking for payments on no grounds.
Posted by Investor, dubai, uae on Monday 14 September 2009 at 18:49 UAE time
Until Tanmiyat does not start construction on the site no investor will pay single penny. Its been more then 3 years, we have paid 20-30% to them our money is stuck and all get from them asking for payments on no grounds.
Tanmiyat
Posted by Deepak Agarwal, Dubai, UAE on Monday 14 September 2009 at 16:05 UAE time
Hi
I have been an invetsor and for 3 years the ground has been empty. For a project this size, I do not think a couple of cranes and a digging machine is enough. Also they have not yet given the completion date. In some cases aver 50% has been paid by the investor.
Posted by Deepak Agarwal, Dubai, UAE on Monday 14 September 2009 at 16:05 UAE time
Hi
I have been an invetsor and for 3 years the ground has been empty. For a project this size, I do not think a couple of cranes and a digging machine is enough. Also they have not yet given the completion date. In some cases aver 50% has been paid by the investor.
Tanmiyat
Posted by Investor, dubai, uae on Monday 14 September 2009 at 11:24 UAE time
Don't tell me tales! There is no construction on their site, no activity. Even investors are not allowed to enter the site. Three years ago they sold the whole project and there is still ONLY DESERT!
Posted by Investor, dubai, uae on Monday 14 September 2009 at 11:24 UAE time
Don't tell me tales! There is no construction on their site, no activity. Even investors are not allowed to enter the site. Three years ago they sold the whole project and there is still ONLY DESERT!
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