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Things are looking up

Things are looking up

Deeyar’s selling property, Al Manal is getting financing and Nakheel’s paying up—Kipp couldn’t ask for a more positive looking property world, if we wanted to.

March 30, 2011 3:41 by

Majida Ali Rashid Senior Consultant and Senior Director of Planning & Organisational Development at the Land Department said in a statement: “The mechanism through which Lakeside Residence was selected and accredited under the programme requires it to be registered with the department; should meet a specified completion percentage; must have an escrow account; be moving forward as per the construction schedule; and have a competent contractor who can deliver on time.” That the Land department found Al Manal Development to meet all of the above stipulations is an encouraging sign for all developers in the region.

And of course how could we forget good ol’ Nakheel? What would a property story be without a mention of the trouble child of the Dubai property scene? An incomplete one, that’s what. This week has seen a Nakheel milestone when the company gave Dh4.6 billion to its trade creditors. In a statement, a Nakheel’s spokesman said: “Today’s announcement marks significant progress in our recapitalisation plan, following on from the initial payments to trade creditors of Dh500,000 or less, which commenced in March 2010.” The company is expected to finalise its restructuring before the end of first half of 2011.

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