Emaar received petition regarding cancellation of three projects worth more than $24.5 bilion
Emaar Properties said on Thursday it will consider a petition from over 200 investors to cancel or postpone projects worth more than $24.5 billion as the emirates suffer from a real estate downturn, said Reuters. The petition by over 200 individual property buyers who call themselves the “Emaar investor group” calls for the cancellation or postponement of the Warsan, Asmaran and Maysan projects in Dubai launched in mid-2008.
The petition is the latest setback for the property developer after being hit hard by the global financial crisis.
Emaar posted a loss of 1.77 billion dirhams ($481.9 million) in the fourth quarter due to writedowns from real estate inventory in it’s U.S. unit J L Homes.
Arabtec, which was awarded the contract by Emaar to build more than 500 villas at the 3.4 million square foot Warsan Estate in July 2008, is still working on the project, according Reuters.
Asmaran is a 70 million-square-foot hospitality development worth 90 billion dirhams launched by Emaar Bawadi, a joint venture between Emaar and Dubai developer Tatweer’s Bawadi unit.
The Maysan project comprises three high-rise apartment towers within the Asmaran development.
The Emaar spokeswoman said the firm was committed to upholding the interests of all its customers and stakeholders.
