Investors breathe sigh of relief as projects are revived

29.10.2014
Six property projects in Dubai, which were part of the former Best Homes development portfolio, are to be revived. The projects were stalled since the global financial crisis.
Six property projects in Dubai, stalled since the global financial crisis, are to be revived, providing relief for investors, The National said.
The projects, which were part of the former Best Homes development portfolio, have been taken over by Empire Arabia which has signed an MOU with Q Developments, part of the Dubai-based Q Group of companies. Q Developments is to manage and deliver the projects, it said in a statement.
“We have already been in contact with investors here in the UAE and as far afield as Pakistan, Russia, India, the UK and Canada,” said Safi Qurashi, the chief executive and founder of Q Group. “All have expressed relief that the projects are being revived, as they feared the worst when work stalled during the financial crisis.” Qurashi was imprisoned in 2009 over bounced security cheques worth a total of almost AED196 million. He was later cleared of two of the three charges.
The developments include two in Sports City - Global Golf Residences 2 and Rescom Tower. Two more of the developments are located in International City - Global Green Views 2, where work has reached the third floor, and Global Green Views 3. In Business Bay, Global Bay View has been designed as an office tower but is subject to a change of use and redesign, the statement from Q Group said. The final project is a 19-storey residential tower in Jumeirah Village Triangle.

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