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Discuss this article (1 Comments)Limitless offers 10% of customers help in land deals
by This email address is being protected from spam bots, you need Javascript enabled to view it on Thursday, 08 October 2009
REAL ESTATE: 'The market will come back,' Limitless deputy director says.
Limitless LLC, the real-estate unit of Dubai World, offered more than 10 percent of its developers help with land purchases after banks curtailed lending, according to the deputy director for Middle East.
“The market will come back and you have to have people on your side,” Salah Ameen said in an interview at the Cityscape property conference in Dubai on Thursday. “You also have to make a contribution.”
The worst financial crisis since the 1930s weakened demand for real estate in the Persian Gulf as banks curtailed mortgage lending and speculators withdrew from the market.
About 400 projects worth more than $300bn have been postponed or cancelled in the UAE, Proleads Group said in July.
Limitless said on July 14 it was “carefully reviewing” its projects because of the global economic crisis.
The first project in Dubai, Downtown Jebel Ali, consists of 230 plots. Only 30 are being developed by Limitless, while the remaining were sold to third parties, according to Ameen.
READERS' COMMENTS
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excellent move by Limitless
Posted by Ahmed, UAE on Thursday 8 October 2009 at 17:37 UAE time
You are commended by your action and I think this is very positive.
On the other hand, you have other Developers that they sqeeze their investors to the bone. They do not even care about the financial issues around these investors.
Good job Limitless, I hope that others will follow.
Posted by Ahmed, UAE on Thursday 8 October 2009 at 17:37 UAE time
You are commended by your action and I think this is very positive.
On the other hand, you have other Developers that they sqeeze their investors to the bone. They do not even care about the financial issues around these investors.
Good job Limitless, I hope that others will follow.
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