By Construction Week
Construction activity at site of US$6bn project has been limited in recent months
Dubai's Pearl project faces a delay of two years from its original completion date of 2013, according to Zawya Dow Jones.
Construction activity at the site of the US$6bn project has been limited in recent months, and the project's senior site engineer Shahid Quereshi admitted that the project is still a long way from completion.
"As a result of the slow construction works, we only have been able to complete nine storeys of the total 75 scheduled for phase one," he said.
The Pearl is a 20m mixed-use scheme overlooking the Palm Jumeirah containing branded apartments retail and leisure, commercial offices and hospitality units. It is set to contain four towers based around a large podium and contain 1,490 apartments, seven five-star hotels including a Bellagio and an MGM, over 60 restaurants and a 1,800-seat theatre.
The project is being developed by Al Hashim Group and its main contractor is Habtoor Leighton Group. EC Harris is project manager.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
So where is the story. Anyone driving by could have told you the same. What is the reason for the continued delays????? Come on AB, you can do better than this. No Pulitzer Prize contender with this story.
and why is the construction work slow I wonder? And by 'slow' I assume you mean ' stopped for over a year'.
This project has been an utter disaster, it was taken over from the Qatari company company that first launched it by TECOM, because of little progress and it was becoming an eyesore in the heart of Media City. It was then transfered to a consortium, Pearl FZ LLC led by Al Fahim Group, the original structure which had stood like broken teeth on the skyline was eventually torn down and reconstruction started in 2008, we of course all know what happened next! Residential buyers, then began to backpedal from what were exhorbitant prices, and the whole thing got bogged down in economics. DIFC Investments pulled out of a pledge to buy 29 floors of the East Tower f0r AED3 bn in mid-2011.
However, what is now such a long-term unfinished project is entirely bad for Dubai's progressive image, and another 2 years as a building site presents a daunting prospect. One could say that anybody who has had to wait 7 years for a property, has every right to sue for breach of contract. Preposterous!
Lack of finance and nobody lining up to lease or buy = dead project.
I have invested in this project in 2008 and have paid 10% of a 7 million dirham apartment. I belive i desrve some compensation for this, i am pretty sure DIFC did not loose out on 10% of the 29 floors they bought. Does any one have an idea on whether there is a class action suit against the Dubai Pearl. There certainly should be one!!
What were you expecting when you parted 700K in 2008 (in the height of the crisis)?
Sorry to be cynical, but if we are not careful about where we invest hard earned money, it is pointless blaming anybody when the deal goes bad.
I am not saying Dubai Pearl is right; but you would have saved your money had you done your homework.
I was in the Pearl office in Jan 2013 and they told me that they are waiting for a 1b $ loan to extend the contrctuion. Hopefully they get it.
please give me the diciders of this project
we can help to finance it and save all the project by leanding them money according the bank guarantee from their side
As an old customer of Dubai Pearl project who paid about 600 000 dhs for an apartment to Omnix ( the old owner of the project ) in the year 2006 ,I am so sorry that I invested in this project.For the sake of Dubai image as a good investment place , it is better for the new owners to do something to lessen the bad image this project has brought for the city.
i suggest they re brand and re launch. since most developers are doing it; and see how (The SAME) people will rush with their new crisp chq books again.