Six property projects in Dubai stalled since the global financial crisis are to be revived providing relief for investors.
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, who in 2009 was imprisoned over bounced security cheques worth a total of almost Dh196 million. He was later cleared of two of the three charges.
“All have expressed relief that the projects are being revived, as they feared the worst when work stalled during the financial crisis. Each are now being offered various options depending on their individual circumstances, and we’re working closely with Empire Arabia to deliver all the projects to the highest standards.” The developments include two in Sports City - Global Golf Residences 2 where work has reached the seventh floor, and Rescom Tower, where Q Developments is seeking a change of use for the building which was originally designed as a mixed-use scheme.
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.
Dubai has experienced a surge in the number of developers seeking to restart stalled projects in the past year as the economy has gained pace and property values have soared.
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