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Tue 23 Nov 2010 11:23 AM

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Tameer repossesses 200 units, 600 more to follow

Total terminations will be only 13 percent of Dubai-based property developer's customer base

Tameer repossesses 200 units, 600 more to follow
DUBAIS TAMEER: Tameer is the developer of Princess Towers in Dubai Marina

Dubai-based
property developer Tameer Holding had
repossessed 200 units by the end of October, and planned to take back a further
600 imminently from defaulting customers, UAE Emirates 24/7 reported on
Tuesday.  

“We have repossessed
200 units by the end of October and plan to terminate another 600 contracts.
The total terminations will be only 13 percent of our customer base,” company
president Federico Tauber was reported as saying.

“We already know which
customers are committed to the project and which ones are not. So we have a
plan for termination done as per the regulations stipulated by the Land
Department of Dubai.”

Tameer is the
developer of Princess Towers in Dubai Marina.

Tauber said the
company was not seeking damages from defaulting customers.

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Buddhadeb Mookerjee 9 years ago

Tameer's decision is understandable. It will be interesing to know their plan for dealing with the repossessed units where buyers are few and far between.

Joel 9 years ago

Interesting what will happen with money paid by buyers? Are they forfeited or refunded partially?