A senior executive from Dubai Properties Group has said the real estate developer has sufficient funds in place to carry out all of its projects.
Speaking to Emirates247, Mohammad Al Habbai, DPG’s chief officer for urban planning and infrastructure, said the funds are in place for the various projects, regardless of sales.
“For the time being, we have fund for every single project. Despite sales or not, we will go ahead with these projects,” Al Habbai said.
DPG, the real estate development arm of Dubai Holding, enjoyed strong sales results for two new projects launched at this year’s Cityscape – the $217 million Maram Residence project, overlooking the Burj Khalifa District (with starting prices from AED1.7 million) and the Dubai Wharf project, a mixed use development in Culture Village (prices starting from AED1.1 million).
The wharf project is expected to start construction at the end of this year, and will be completed in two years’ time, and the main contract for the Burj project will be awarded in the near future.
“Enabling work has already commenced on Maram Residence with main construction contract being awarded soon,” he told Emirates247.
Al Habbai said the company is still considering its options for new affordable housing projects.
Last week, Emirates 24|7 reported that DPG had informed all buyers of the 40 hotel plots sold by Dubai Holding to complete their respective projects by 2017.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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