By Elizabeth Broomhall
Master developer says more towers to follow each year for next 3-5 years
Developers of the $4bn mixed-use Dubai Sports City project have promised to hand over a minimum of six new projects this year, following outcry from investors over building delays.
In response to questions from Arabian Business, the master developer said it would deliver between six and 10 towers in the year ahead and a flurry of further projects in the three to five years that follow.
It also committed to building as per the original masterplan and said none of its projects had been cancelled by RERA.
“Dubai Sports City developments and sub-developers’ developments vary in size, and we estimate that a further six to 10 towers will be delivered in 2012, with more to follow every year for the next three to five years,” said a spokesperson.
“[We] will be completing Canal Residence West, a development offering 500 apartments. Over 95 percent of this development has been sold and construction is at 91 percent.
“Gallery Villas project, a luxury development of 50 villas, will also be completed.”
Dubai Sports City is a 4.6m sq m development located off Emirates Road, originally designed to feature a mix of sports complexes surrounded by residential and commercial buildings in the heart of Dubailand.
Launched in 2003, it was intended to include a 60,000-seat, multi-purpose, outdoor stadium for cricket, football and athletics tournaments; in addition to a 25,000-seat cricket ground; a 10,000-capacity, indoor arena and a 5,000-seat hockey stadium. Other features included retail areas and community facilities such as schools.
But despite their ambitious plans, the master developer and a number of sub-developers are yet to complete a large number of the scheduled projects, including the 60,000-seat stadium.
Hit hard by the financial crisis, scores of residential developments have been stalled due to cashflow problems, with property firms refusing to provide refunds and buyers defaulting on payments amid slow construction progress.
Some of the investors, most of whom are from the UK and Ireland and have ploughed tens of thousands of dirhams into projects, have since set up action groups and websites in a bid to get their voices heard.
But representatives from Dubai Sports City insist that the project is ongoing and will be completed, albeit in stages. They claim the development has a total of 5,500 residents with over 90 percent of the main infrastructure complete.
“There is no specific date of completion as each project has its own timeline and will be completed in stages,” said the spokesperson, adding that the 25,000-seat capacity Dubai International Cricket Stadium was fully operational.
“The global economy has had a significant impact on Dubai Sports City, just like all other projects being developed in Dubai and throughout the world. Dubai Sports City is proud to have delivered so many projects to date and is still committed to delivering its vision and to continue to maintain a strong presence within Dubai’s marketplace.”
What is going on with Dunes Residence? The developer had an office on Sheikh Zayed Road but disappeared maybe a year ago. Does anyone know what is going on???
RERA attetude is very starnge? If an Investor miss a payment, the Developer with assistence from RERA start harasment demanding for more payments... What happened to the Escrows? Who is responsible for the lack of money there and why the Developers are not penalised?
Who is supporting the Investors? What is the penalty for delaying projects for years? Can you borrow money from the Banks with term free and interest free loan??
What actually is RERA and what they do? Look the mess in the construction business?? We all did mistake coming to Dubai. I just hope that the system will change and the Investors will be respected and given what they deserve. Investors build buildings and cities..not Developers...
Canal Residence West is now scheduled for October 2012...but last October they said it would be Easter 2012 and in Easter 2011 they said October 2011......etc....etc....Anyway were at 90% payment, just waiting for the next aggressive letter after theyve been silent for about a year....saying that if it isnt paid in a week they'll reclaim it legally etc. Cant wait for the handover saga (ifit ever comes) to see how much money theyll try demanding from us for DEWA connection and various other things....I expect. yay!
So where are these "...have since set up action groups and websites in a bid to get their voices heard"....Does anyone have a link to these sites?
On Google dial: skyscraperscity dubaisportscity you will get all info there regarding the ipetitions and you can look for your project and keep in touch with other investors.
Oasis 1 to be completed in 2008. Oasis 2 to be completed in 2009 (both in Dubai Sports City). Oasis 1 is a skeleton and Oasis 2 a hole in the ground. After 5 and 6 years respectively millions paid into these two projects by investors and developer cannot explain why money was not placed in Escrow. Escrow law in June 2007, developer continued to ignore law. No escrow in place in 2010 for Oasis 1.There is no money in escrow for Oasis 2.There is no accountability for either project, investors left in dark Developer continued to take money knowing projects were not going anywhere and kept selling in 2008, 2009, 2010. Developer had not paid for land, they will not advise how much they paid for the land with investor funds. Developer claimed force majuere for years and delayed completion continually bringing it forward to a new date. There are no future dates now, all silent. Developer bought more plots instead last one in Nov 2008 at The World Island.
I would also like to know what is going on with Dunes Residence???? RERA, you out there???
The developer has paid for the land. The land was bought at a low price then resold to OGV at a higher price. Looking into fraud.
If this is going to bring any good news then here it goes, I was in Dubai sport city just over a week ago, to make sure what is going on with canal residence Med style building in which I have my own APT I took some pictures and I was shown around my own apartment not the show house, Apt looked gorgeous and the finishing touches are amazing.... I straight away fell in love with my APT and cant wait to move in, despite having few investments in Dubai I would say DSC is the best investment I made... I know I had to wait 5 years more and it cost me a Divorce , LOL.. but it was worth while waiting...
If any one need any more info on any of the canal residence please email me: email@example.com.
Good luck and all the best... building are ready people so don't loose hope
Is investing in Dubai a big misstake for all?
I hope the officials of the country will do something. The only thing the investors who are still waiting for something to happen can do, is to try to let everyone know not to invest in Dubai!
RERA and the officials should do something!