By Andy Sambidge
Developer says it is re-evaluating operations on some of its $2.7 billion worth of projects.
Tameer Holding on Sunday said it was in the process of re-evaluating some of its projects in the light of the real estate slowdown.
Ghassan Sakhnini, President and CEO of Tameer, which has projects worth about AED10 billion ($2.7bn) across the UAE, said investors would be notified of changes to contracts once decisions had been made.
"Based on market dynamics, we are in the process of re-evaluating some of our projects. Once decisions have been made, we will notify our investors about the changes to their agreements and contracts. Alternatively, we will come up with interesting offers to allow them to reduce or balance their investment costs," he said in comments published by Emirates Business.
Tameer, which is 75 per cent owned by the Al Rajhi Investment Group, has eight on-going projects in Dubai, one in Abu Dhabi and one in Jordan, the paper added.
"Our projects in Dubai and Jordan are more than 90 per cent sold out. In Abu Dhabi the figure is around 50 per cent," Sakhnini told the paper.
he added that its project, Prestige Heights, which was pre-launched in 2008, has been put on hold.
"The project did not progress past the pre-launch phase and so has not been officially launched," he said.
anyone aware of the current status of the Tameer Towers project in Abu Dhabi? The developer just announced that the contract for the project is suspended and there's been no news since then.
Does anyone know about Tameer Towers project.. it has been 5 years since they stopped.