Dubai developer wants $18.5m from investors

Al Attar Properties says it is chasing investors for payments to continue construction.
Dubai developer wants $18.5m from investors
By Andrew White
Thu 04 Feb 2010 08:10 AM

A Dubai-based property developer says it has served legal notices to investors in one of its projects, seeking payments to continue with construction.Al Attar Properties is chasing payments it claims are owed by investors in The Skyscraper, a commercial tower in the emirate’s Business Bay development.

"We have already linked our payment plans to construction milestones and investors were required to pay after we completed piling,” Bipin Tavarool, projects manager at Al Attar Properties, told Emirates Business.

“Only five to 10 clients have paid… we have an outstanding of about AED68m ($18.5m) on the project," he added. "We have served them [investors] with notices through authorities concerned and are requesting them to pay the dues."

The first installment of 15 percent was due on completion of shoring and piling, Tavarool said, according to the newspaper. The developer claimed it has invested AED60m to AED70m to continue construction of The Skyscraper and Polaris, a mixed-used development, also in the Business Bay development.

"We have sold up to 55 percent of the project and expect completion by 2011,” said Tavarool. According to the newspaper, the developer is considering offering buyers in The Skyscraper an option to move their investments to Polaris.

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