By Nicole Walter, Senior Reporter
Published: 00:00 October 5, 2010
Dubai: Dubai Properties Group (DPG) is focusing on the delivery of existing projects for the remainder of this year and will be set to announce where the rest are heading in 2011.
"We're now in the phase of challenge we must manage carefully. The strategy is to review projects and coordinate closely with all concerned parties to successfully deliver," Khalid Al Malek, group CEO of Dubai Properties Group, told Gulf News.
Less advanced projects are on hold. But Al Malek stressed that none has been cancelled but it is rather about when to bring them back to the market.
"We're reviewing each of them and will have clarity to announce the details next year," he added. The Culture Village, where Damac and Sunland Group have projects, for example, and The Lagoons, Al Malek said are going ahead. Why cancel a beautiful project like The Lagoons, for example, he said.
"We have investors into the project and will support them and are coordinating with the authorities to make sure the infrastructure is there. If developers are serious they can get on with building their projects," he said.
Dubailand's myriad developments include the cities of Arjan, Liwan and Majan. Malek said that new areas are being defined and new projects will be announced in the first quarter of 2011.
The Mudon development, where the Cairo townhouses have been under construction, is still on hold and under review.
In the meantime the developer continues to focus on the completion and delivery of existing projects. Phase one of Remraam and The Villa phase two, both in Dubailand, are being prepared for delivery in the second quarter of next year.
The leasing portfolio is the developer's other main focus. Mirdif's Shorooq development has a waiting list, Al Malek said.
Before and after 2010 and 2014! This section of the forum is dead and we need to keep it moving hno: I am way over my head with work and university ... but once I am done I will take a trip all around these parts of Dubai.
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