Developer Tanmiyat has revised the payment plan for its AED2.7 billion ($735m) Living Legends project at Dubailand, it was reported on Monday.
The Saudi-based developer has not collected any payments from customers for the past five months. Details of the new plan are being sent to buyers.
The new plan is in line with Real Estate Regulatory Agency (RERA) guidelines that say developers should collect payments as they reach different stages of the construction processes, Emirates Business reported.
"We have obtained approval from RERA for a revised payment plan for our Living Legends projects and we are now approaching our customers to provide them with updates and work closely with them on how to proceed," said Wan Hasni, advisor-in-charge at Tanmiyat.
"We will now be meeting with our customers to provide them with solutions that best suit their needs and agree together on the new payment procedure."
Hasni said the previous payment plan was based on fixed dates and was not linked to construction progress.
"Now the more we build, the more payments we collect," he added.
Living Legends is part of the AED14bn Legends mixed-use entertainment development. An investor from Britain, who wished to remain anonymous, said Tanmiyat had not taken any payments from him since July last year.For all the latest business 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.
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