Marina Square, the first project to near completion on Reem Island, is expected to start handing over within the 1st quarter of 2010, according to Tamouh Investments. Although, it sees like people won't be moving in until the middle of the year. Profile Group, which owns several of the buildings sent a note a few weeks ago to its buyers saying the handover procedure is complex and would require more time.
"Please be advised we have now received formal notice from the Master
Developer, Tamouh Investments L.L.C., that although excellent progress
is being made in the construction of the above Building, the complexity
of handover procedures including the formalisation of strata titles and
registration with the relevant authorities mean that the Master
Developer will now not be able to commence handover of the Building to
Profile Group Properties until after 31 December 2009.
Accordingly pursuant to clause 5(b) of the SPA, we hereby give
notice that, as our acquisition of the Building is being delayed by the
Master Developer, the Completion Date under the Agreement for Sale of
Freehold Unit will now be varied by an equivalent period of the delay,
which should not exceed six months (i.e. on or before 30 June 2010)."