Tanmia initiative to undertake three shelved-off projects
The Dubai Land Department’s initiative Tanmia will resume a number of previously stopped projects in Dubai. Some of them of them are in Jumeirah Lakes Towers and some in Business Bay.
DLD’s Director-General, Sultan Butti bin Mijrin, told a local website that the department has given a green light for two of Tanmia projects – Wind Tower I and II. According to him, there may be other projects financed by new investors.
In addition, Pacific Ventures confirmed a participation in the Tanmia scheme project in Business Bay. The name of the new undertaking is Burj Pacific and it is expected to be revived in the coming months. Burj Pacific was not the original name of the project, which is a residential tower comprising of 21 floors and 150 penthouses and apartments. The building is expected to be ready by 2015.
The Tanmia initiative started last year in September. Its goal is to attract private and semi-government investors to the projects so that they can be finished. Right now, the Dubai Land Department is reviewing more than 100 different assignments.
- Additional reading: Dubai Land Department revives real estate market with several initiatives
The DLD stated that the Tanmia scheme will continue until 2015-2016. However, it added that the work on it is not easy. The initiative is directed towards the private and government sector and it can be very beneficial, but it requires a lot of research. Before assigning a project to a developer or an investor, the department needs to examine every technical legal and financial aspect.
Investors and owners of inactive projects can approach Dubai Land Department to include them into the Tanmia initiative.
According to data from the 2011 Dubai sovereign bond prospectus, the Dubai Land Department stated that there are 291 frozen projects in Dubai as of March 31, 2012. However, all of them may be included in the Tanmia or the Tayseer scheme.
- Further reading: Dubai Land Department shortlists 40 projects with ‘guaranteed’ finance for project completion
Tayseer initiative kicked off two years ago. It focuses on finding funds for buyers in some pre-qualified projects. For now, the scheme provided finance for only two of them. One of these projects is already completed. This is Lakeside Residence in Jumeirah Lakes Towers.
Hi
I would appreciate if you can mention the publication name, in this DLD article.
But the name of our publication was never ever mentioned during the past many years when our articles are camouflaged and re-published by a number of local publications in a matter of 30-40 minutes from the time they appear online…..
We sincerely hope that this happens for real now, we have been waiting for 6 years for our flat in Marina Star which has been on hold for 2 years ans we do nor know what is happening and where all our money has gone! Are we ever going to get our flat?? We thought we were buying in a safe and fully lawed country! Now we are in serious doubt!