Shaikh Mohammad amends Dubai property registration law
The amendments aim to protect real estate investors and developers.
The new law specifies policies and procedures that will be applied in cases of breaches of sale contracts by the buyer.
The law specifies that in such an event, the developer must notify the Dubai Land Department (DLD). Once the notification is received, the DLD must give a 30-day notice to the purchaser.
The notice must be dated and given in writing, and delivered to the purchaser directly by registered mail, electronic mail or any other method specified by the Department.
If the developer and buyer reach an amicable settlement, it must be added to the sale contract and signed by both parties.
If the buyer fails to fulfil contractual obligations or accept an amicable settlement, the DLD may issue an official document stating that the developer has fulfilled his legal obligations, specifying the percentage of completion of the property.
Dubai Holding, Emaar to revive world’s longest luxury hotel chain
“The Bawadi project, a joint venture between Dubai Holding and Emaar, is currently in its early stages and progress will be communicated in due course,” Fadel Al Ali said.
No other details were shared.
Launched in October 2007, Wam reported the Dh60-billion signature development would be an equally-owned venture wherein Bawadi, a member of Tatweer, owned by Dubai Holding, would contribute 70 million square feet of land (worth Dh3.85 billion) in lieu of its ownership interest, whilst Emaar would contribute Dh3.85 billion in cash to the joint venture.
Source: Emirates 247
Drake & Scull losses deepen as restructuring continues
The company posted a loss of Dh318 million for the three months to the end of September, compared with a loss of Dh78m for the same period a year ago, and a Dh182.7 loss for the second quarter of 2017.
The third quarter loss came in well below the Dh119m loss prediction calculated by Bloomberg from an average of analyst forecasts.
Contract revenue declined by a third year-on-year to Dh590m, while general and administrative costs almost doubled to Dh114m.
DSI launched a recapitalisation programme earlier this year in the face of mounting accumulated losses, with Dubai-based investor Tabarak Investment becoming the company’s largest shareholder with an investment of Dh500m.
Source: The National
Sharjah project beats its own sales record
All 115 units, which included studios and one-bedroom apartments, sold out on the same day, beating the 102 units sold on Aljada’s launch day.
“It’s clear that investors agree with our vision to provide a lifestyle that is second to none in Sharjah, at a price point that is realistic for all,” said Shaikh Sultan Bin Ahmad Al Qasimi, Chairman of Arada. “We look forward to breaking ground on Aljada at the beginning of next year.”
Delivered in phases starting in 2019, construction on Aljada will begin in the first quarter of 2018 and the entire project is expected to be completed by 2025.
Source : Gulf News