Burj Dubai

Emaar Properties has released a statement this afternoon denying that any of its projects were on hold.

Burj Dubai
Burj Dubai

The statement came in the wake of reports suggesting the master-developer had frozen construction on an unconfirmed number of its projects, and that it had issued credit notes to buyers allowing them to swap their investments for projects that were closer to completion.

Reports stemmed from comments made by Emaar COO Naaman Atallah at a meeting hosted last week by the Dubai Property Society (DPS), at which a number of journalists were present.

“No projects launched by Emaar Properties are currently on hold,” the statement said. “All the developments are progressing and in line with Emaar’s strategy to complete all commenced projects.”

The firm, developer of the Downtown Burj Dubai project, also sought to quell speculation concerning its credit-note policy.

“As part of our commitment to customers, we are currently offering several options including end-users having the option of transferring their purchases from projects that will be completed at a later stage to those in the advanced stages of development,” the statement said

“Emaar has not issued or is planning any document that will enable customers to transfer their payment to others.”

At last week’s meeting Atallah said: “A real investor is not a speculator. We have taken everybody’s concerns into consideration and today we have multiple choices that allow you to convert what used to be a speculative purchase into a real investment. 

“That is having an effect on us, seeing a lot of the existing inventory being placed. We have real buyers and real end users living there.”

The statement issued by Emaar concluded: “Being a listed company, all matters of significance to the company are made available in the public domain on a timely basis to avoid any speculation.”

by Jamie Stewart Apr 26, 2009 , http://www.constructionweekonline.com

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