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Sama Dubai is offering investors in The Lagoons a chance to use their credit towards projects in Jumeirah Beach Residents and the Executive Towers.
September 30, 2009 12:28 by Dana El Baltaji
Property developer Sama Dubai is offering investors in The Lagoons a chance to transfer credit to properties owned by Dubai Properties, The National reported on Wednesday. Both developers belong to Government-owned conglomerate Dubai Holding.
Dubai Holding in August consolidated its developers – Tatweer, Dubai Properties, Sama Dubai – under a single property vertical to help cope with the financial crisis. The credit transfer between projects is an indicator of the support the vertical can provide the ailing developers.
Khalid Khatri, who acquired three properties in The Lagoons project, said Sama Dubai contacted buyers to offer a transfer to either Executive Towers or Jumeirah Beach Residences.
“They told us they were not cancelling the project, but we could transfer a one-bedroom from The Lagoons to a similar unit in JBR or Executive Towers,” Khatri told The National.
The offer may prompt investors to abandon The Lagoons, given that the AED80 billion (US$21.78bn) project, located on the Dubai Creek, has been stalled indefinitely.
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