Ambitious Dubai projects including plans for the region’s first rotating tower and a luxury development on the island of Greece on The World project have been included in a new list of cancelled property projects published on the Dubai Courts website.
The document, which was first published last summer as a list of 18 developers and 36 developments, has now been extended to more than 150 projects.
Dubai Courts said that two projects by Khyool Investment – Abjar Tower and Faras 2 – had been liquidated and the money from them distributed among investors.
It said that Rera’s Cancelled Real Estate Projects Committee was currently hearing cases for another 17, all of which were developed by Reliance Real Estate Development.
Another 34 cases were in the process of having funds distributed among investors after having been heard and registered by the committee, Dubai Courts said.
The website added that the remainder of the projects listed had been transferred to the committee and would be heard soon.
"The committee for the liquidation of cancelled real estate projects in the emirate of Dubai and settlement of rights related thereof, specialises in liquidation of real estate projects, by which a final decision of cancellation has been issued by Real Estate Regulatory Agency (Rera), whereas the judgments, orders and decisions issued by the committee shall be final, peremptory and unappealable by all means of a regular appeal, and shall be executed by the implement Department Dubai Courts," a statement on the Dubai Courts website said.
Dubai Courts did not respond to email and telephone requests for further information from The National, but it is widely believed that the list should provide investors in the cancelled projects with a new timeline under which refunds could be forthcoming.
The projects include a wide selection of ambitious real estate projects dreamed up by developers during the heady days of the previous property boom.
They included High Rise Properties’ Dh250 million Rotating Residence, a 16-storey freehold rotating tower of four town houses and retail areas in Jumeirah Village South that was due for completion in 2008.
Also included on the list was V-Greece on the World, a 484,882-square-foot development by V Resorts located on the south-eastern side of the Europe archipelago, which would have included 65 luxury homes that the developer was planning to rent out to tourists when not in use by buyers.
Neither High Rise Properties not V Resorts were available for comment when contacted by The National.
“This is a move in the right direction for the Dubai real estate market and should make people feel slightly more comfortable about investing in off-plan real estate,” said Craig Plumb, the head of research in JLL’s Dubai office. “However, it is disappointing that according to this list only two projects appear to have reached the end of this process when many of these investors have been seeking their money back for years.”
Below is the new list in full:
Cancelled real estate projects which have been liquidated and distributed among investors
Khyool Investment LLC
Abjar Tower
Faras 2
Cancelled real estate projects currently being heard by the Cancelled Real Estate Projects Committee
Reliance Estate Development
Reliance 1-17
Cancelled real estate projects which have been heard and registered by the Cancelled Real Estate Projects Committee and are in the process of distributing amounts among investors
High Rise Properties
Dorna Tower
Orchid Residences
The Heights - Golden
Waves Business Tower
The Heights - Silver
Rotating Residence
High Rise Boulevard 1
High Rise Boulevard 2
Hampstead & Mayfair Development Limited
Hampstead Residences
Zenith Real Estate Development LLC
Zenith Tower A3
Orbit Holdings Ltd
Orbrit Holding
IR Investments Holding Company Limited
Tonino Lamborghini-Elettra Residence
ME Development LLC
Windsor Residence
Cliff Dwellings Enterprises Ltd
Global Golf Residence
Galadari Investment Office Limited
G-Office Tower
Bux Holdings Limited
Beti Ul Funoon
Parshwa Holdings Limited
Sapphire
Escan Real Estate PJS
Escan Tower
Al Zahra Properties
Eden 1
Eden 2
Sunset Gardens A
Sunset Gardens B
Sunrise 2
Alternative Capital Invest Branch GMBH
Wings of Arabia
Makaseb Properties
Rufi Tower (Quattro)
Rufi Lake View
Archery Tower
Quattro West
Merwess Abdulaziz
Azizi Feirouz I
Azizi Feirouz II
Azizi Feirouz III
Azizi Fountanne Tower
Remah Holding Limited
Tower 88
Dujan Properties Ltd
Eden Blue
Cancelled real estate projects which has been transferred to the committee and will be seen by the committee soon
Sanali Holdinsg FZE
Sanali Business Tower
Sanali Business Hights
Sanali Capital Avenue
Azizi Investments LLC
Al Masa II
Integral Properties Development
Integral 05
Qureshi Faisal Abdul Aziz
Dunes Dahlia
Dunes Group Developments Limited
Dunes Lilac
Royal Holdings Ltd
Global Elahi Residence
Al Tafany Properties Limited
Al Tafany Tower
Crown Two Holding Limited
Crown Royal
Noorzak Investments Limited
Jehaan 2, 3, 4, 6, 9, 11
Diamond Arch Limited
Diamond Arch 1
Diamond Arch 2
JAB Developments INC
Pebble Stone
Oasis JV Limited
Oasis Heights
Sheth Estate (International) Limited
Iris Mist
Al Mas Worlds Investment Limited
Soraya Tower II
Kleindienst Properties
The K Suites
Salya Homes Limited
Mario Valentino Boulevard
Star Surveying & Evaluating Services
Sahara One
Burj Alalam Holdings Limited
Burj Alalam
Rufi Downtown Residency Limited
Rufi Royal Residency
32 Group Properties Limited
Paris Residence
Umesh Kumar Vinodrai Chug
Insignia Residence
Desert Dream Investments & Development Properties
Dream Harbour
Dream Square
Baiti Properties Development LLC
Al Qurashi
Flamingo Investments Limited
Sanali Flamingo
ERC Property Developers Limited
The Heights
Westar Properties Ltd
Westar Galaxy
Dheeraj & East Coast LLC
The HQ
Cenita Global Ltd
Casa Verona
Sheffield Real Estate LLC
Sheffield Classique
UAE Waterfront Group Limited
Royal Bay
Profile Zero Five Five Limited
Zero Five Five
Syndicate Sealine Limited
Mystica
Bangash Developments Limited
Royal Deluxe Villas
Royal Luxury Villas
Royale Garden Residence
Al Faraa Properties
Burj Al Faraa
Image Residences
ACW Holding Ltd
Platinum 2
Sternon Developers Limited
Sternon Tower 1
Jasmine Garden Limited
Jasmine Garden
Chapal World LLC
Chapal Emirates Point
Satnam Singh
R&R Tower I
Infinity Emirates Investments LLC
Soccer Tower
UK-Cig Developments (JVS) Limited
Metropolis Lofts
New World Investments Limited
World Wide Tower
Star Developers Limited
Nathalie Tower
D10 AWF Investment Limited
Acquarius Gate Tower
JAB Mosaistone Developments INC
Mosia Stone
Mahdi Amrollahi (partner) Antar Marzooq (owner)
Pisa Tower Residence
Sameer Mahmoud Al Ali
Zenith Tower
ES Investments Limited
KPM 2 & 3
Smart Home Properties
Elegant Tower
Premier Group (FZC)
Berlin City Center
Aryene Property Developers Limited
Aryene Wonders
Evergreen Signature Investment Limited
Le Stelle 1-5
Diamond Properties Limited
Blue Moon Tower
Rufi Luxury Heights Limited
Rufi Luxury Heights
Optimo Arabia Limited
Arabia Tower
Elan Investment Limited
Sanali Quantum
Gulf Line International Ltd
North Gate Business Tower
Beliza Resources Limited
Prodigy 4
German Holding Group (LLC)
Mira Palace
Oakgrove Global Limited
Prodigy 2
Avetona Global Limited
Prodigy 5
Mirjana Resources Ltd
Prodigy 3
Neel Devcons Limited
Phoenix Wings
Ashai Tower JVS Limited
Ashai Tower 5
Rufi Grand Apartments Limited
Rufi Grand Apartments
Luxor Investments Limited
The Signet
Pearl Properties
The Palesides
Kensington Global Investments INC
Kensington Krystal
YRA Enterprises Limited
Schon Suites and Schon Residence
City-D Investments Limited
Pangkor Laut Luxury Residence & Spa Village
Malson Limited
Maison Residence Collection
V Resorts Ltd
V-Greece on the World
Alternative Capital Invest GMBH
Palazza Arabia
Venetian Arabia
Sama Emirates Estate Development LLC
The Sama World Tower
Al Duaa Holdings (FZC)
Alduaa Marina Tower
Spain Select Limited
The Acquitainia
Hampstead & Mayfair Development Limited
Hampstead & Mayfair Boutique Residences
Bela Vida Limited
Dolce Vita
Alternative Capital Invest GMBH
Sami Q Tower
Grun Developers Limited
PKS Residences
Kleindienst Properties
The K Hotel
Anis Holdings Limited
Chase Residency
Crown Thre Holdings Limited
Taina
Sungwon (FZE)
Santeview
Hydra Properties LLC
Hydra Towers
Ahmed Abdul Rahim Al Attar Properties LLC
Toronto
Vancouver
Posh Holdings Limited
Posh Lifestyles
Fortune Serene Limited
Fortune Serene
DJA414 Investment Limited
Sienna Square
AAA Facilities Management Services (LLC)
Eclipse Tower
Escan Real Estate PJS
Escan Tower
Alternative Capital Invest GMBH
Victory Bay Tower
Burj Al Du’aa Limited
The Plaza
Alternative Capital Invest GMBH
Pershing Luxury Beach Residence Tower
Zero Five Zero Limited
Zero Five Zero
Sebco Limited
Sebco Residence
Planetex Holdings Co.Limited
Crown Avenue
PND Investments Ltd
10 Tower
Heman R E D and General Trading Limited
I-Dubai
lbarnard@thenational.ae
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