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11.10.2014
Dubai Properties Group has issued a deadline of 2017 for the completion of 40 mid-range hotels as the emirate steps up efforts to ready itself for the Expo 2020. All the buyers of the 40 hotel plots sold by Dubai Holding have been given the deadline to complete their projects by 2017, a senior Dubai Properties Group (DPG) executive has revealed.
“During the Arabian Travel Market, we had launched the 40 plots for mid-range hotels. All these plots have been sold to third parties who have been strictly given the timeline to complete their projects by 2017,” Mohammad Al Habbai, Chief Officer for Urban Planning and Infrastructure, DPG, told Emirates 24|7.
"We have given them very attractive payment plan and construction timeline. We are going to monitor them every six months to ensure that they are on the right track.”
In terms of penalties for “errant” developers, Al Habbai said those failing to start their projects might have to “forfeit” their plots.
“If one has achieved 90 per cent construction, it means he is serious and we will give him some time, but if that’s zero (construction hasn’t started)… we will take back the plot,” he asserted.
“During the Arabian Travel Market, we had launched the 40 plots for mid-range hotels. All these plots have been sold to third parties who have been strictly given the timeline to complete their projects by 2017,” Mohammad Al Habbai, Chief Officer for Urban Planning and Infrastructure, DPG, told Emirates 24|7.
"We have given them very attractive payment plan and construction timeline. We are going to monitor them every six months to ensure that they are on the right track.”
In terms of penalties for “errant” developers, Al Habbai said those failing to start their projects might have to “forfeit” their plots.
“If one has achieved 90 per cent construction, it means he is serious and we will give him some time, but if that’s zero (construction hasn’t started)… we will take back the plot,” he asserted.
