A list of 18 developers and 36 developments posted on the Dubai Courts website is believed to be the first definitive list of cancelled projects in the emirate.
While it is assumed that the list is meant to remove ambiguity over what developments are at what stage, in order to give investors clarity, Dubai Courts did not respond to interview requests from The National.
Still, the list should provide investors in the cancelled projects with a new timeline under which refunds could be forthcoming.
“Ultimately this is about improving transparency,” said Matthew Green, the head of research and consultancy at the property consultancy CBRE. “One of the main gripes of investors and people that work in the market is the lack of transparency, particularly around issues such as this. Which projects are cancelled, which are still valid. It gives more information to the investor as to what is attractive and what should be avoided. It is just one part of an overall strategy to get the market towards maturity. You would have access to this sort of information in any mature market place.”
The National attempted to contact the 18 developers on the list, which included Canadian, British and German developers alongside Arabian Gulf and other Arab companies, but found most numbers unobtainable with only two answering.
Middle East Development, with the cancelled City of Arabia, Windsor Residence in Dubailand did answer, and said it believed that the list did not tell the full story.
“I did not know we had been included on this Dubai Courts list,” said a Middle East Development spokeswoman who would give her name only as Rhoda.
“The cancellation of Windsor Residence was decided by Rera or Dubai Land Department. They cancelled the project, not us. The infrastructure was not ready and was not going to be ready, there is nothing there. We convinced 90 per cent of our investors to move to our other developments. Ten per cent decided they wanted their money back and now they will be waiting three or four years for it. It is only the lawyers win when you go to court, which is what we explained to our investors.”
While the list includes some of the leading companies of Dubai’s property landscape, it does not include some projects that are widely believed to be dead.
“The bureaucracy, in getting a development cancelled with a multitude of investors and other interested parties with differing wants and desires, will not always be easy,” said Mr Green. “I assume this list will grow as the market matures. It will help those that hope to get their money back and bring some clarity. Any information which adds to the overall picture will give all investors, both past and future, a greater depth of security in the market.”
The cancelled projects:
Remah Holding Limited
Tower 88
High Rise Properties LLC
Dorna Tower
Orchid Residences
The Heights-Golden
Waves Business Tower
The Heights-Silver
Rotating Residence
Heigh Rise Boulevard1
Heigh Rise Boulevard2
Alternative Capital Invest GMBH
Wings Of Arabia
Khyool Investment LLC
Abjar Tower
Faras 2
Makaseb Properties
Rufi Tower (Quattro)
Archery Tower
Rufi Lake View
Quattro West
Dheeraj & East Coast LLC
Cascade Manor
Merwess Abdulaziz
Azizi Feirouz I
Azizi Feirouz Ii
Azizi Feirouz Iii
Azizi Fountanne Tower
Bux Holdings Limited
Beti Ul Funoon
Cliff Dwellings Enterprises LTD
Global Golf Residence
Parshwa Holdings Limited
Sapphire
Galadari Investment Office Limited
G-Office Tower
Escan Real Estate PJS
Escan Tower
M E Development LLC
Windsor Residence
I.R. Investments Holding Company Limited
Tonino Lamborghini-Elettra Residence
Orbit Holdings LTD
Orbrit Holding
Al Zahra Properties
Eden 1
Eden 2
Sunset Gardens B
Sunset Gardens A
Sunrise 2
Hampstead & Mayfair Development Limited
Hampstead Residences
Zenith Real Estate Development LLC
Zenith Tower A3
ascott@thenational.ae
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