Investors get refund from cancelled projects in Dubai; many revived

Dubai Courts has issued the latest list of cancelled projects in the emirate, which reveals five projects have been liquidated so far with proceeds being distributed among investors.

Published on March 16, 2016, the following project names have been listed under the category “Cancelled projects which have been liquidated and amount distributed among investors.”

# Khyool Investment’s Abjar Tower and Faras

# Zenith Real Estate Development’s Zenith Tower

# Khalifa Alabbar Real Estate Development’s Spark

# Hydra Properties Hydra Towers

Twelve projects have been mentioned under the category of “Lands related to cancelled real estate projects that have been sold through auction”. Below are the developer and project names:

# Khalifa Alabbar Real Estate Development Spark

# Alternative Capital Invest Victory Bay Tower

# Fortune Serene Limited Fortune Serene

# Ahmed Abdul Rahim Al Attar Properties Toronto

# Ahmed Abdul Rahim Al Attar Properties Vancouver

# Alternative Capital Invest Gmbh Sami Q Tower

# Dujan Properties Ltd Eden Blue

# Escan Real Estate Escan Tower

# ME Development Windsor Residence

# IR Investments Holding Company Limited Tonino Lamborghini-Elettra Residence

# 32 Group Properties Limited Paris Residence

# Arabia Group Development Limited Moon Tower 2

The list puts 104 projects under the category of "Cancelled projects transferred to the cancelled real estate projects committee at Dubai Courts from Dubai Land Department’s cancellation section."

# Bangash Investments Limited Bangash Residence

# German Holding Group Mira Palace

# UAE Waterfront Group Limited Royal Bay

# UK-CIG Developments (JVS) Limited Metropolis Lofts

# Baiti Properties Development Al Qurashi

# Yra Enterprises Limited Schon Suites and Schon Residence

# D10 Awf Investment Limited Aquarius Gate Tower

# V Resorts Ltd V-Greece on the World

# Premier Group (FZC) Berlin City Center

# Neel Devcons Limited Phoenix Wings

# Alternative Capital Invest Gmbh (Branch) Sami Q Tower

# Galadari Investment Office Limited G-office Tower

# Arabia Group Development Limited Moon Tower 2

# Jasmine Garden Limited Jasmine Garden

# Rufi Heaven Limited Rufi Heaven

# Fortune Serene Limited Fortune Serene

# Anis Holdings Limited Chase Residency

# Sunland Nur (JOC) Limited Nur

# Makaseb Properties Quattro West

# Gulf Line International Ltd North Gate Business Tower

# Sanali Holdings Fze Sanali Business Tower

# Sanali Holdings Fze Sanali Business Heights

# Bela Vida Limited Dolce Vita

# Alternative Capital Invest Gmbh (Branch) Wings of Arabia

# Alternative Capital Invest Gmbh (Branch) Ferretti Luxury Beach Residence Twin Tower

# Reliance Estate Development Reliance 4

# Reliance Estate Development Reliance 5

# Reliance Estate Development Reliance 6

# Reliance Estate Development Reliance 9

# Reliance Estate Development Reliance 12

# Premier Group Properties Berlin Business Tower

# Memon Property Ventures (FZC) Gardenia 4, Gardenia 3

# Noorzak Investments Limited Jehaan 4

# Noorzak Investments Limited Jehaan 2

# Noorzak Investments Limited Jehaan 6

# Noorzak Investments Limited Jehaan 11

# Noorzak Investments Limited Jehaan 9

# Noorzak Investments Limited Jehaan 3

# Posh Holdings Limited Posh Lifestyles

# Aaa Facilities Management Services Eclipse Tower

# DSEC Corporation Fzc Oval Tower

# DJA414 Investment Limited Sienna Square

# Plus International Three Limited Wave Residence 2

# Kleidienst Properties the K Suites

# Elan Investment Limited Sanali Quantum

# Flamingo Investments Limited Sanali Flamingo

# Umesh Kumar Vinodrai Chug Insignia Residence

# ACW Holding Ltd Platinum 2

# Mahdi Amrollahi (Partner) Antar Marzooq Pisa Tower Residence

# Luxor Investments Limited The Signet

# Sheffield Real Estate LLC Sheffield Classique

# City-d Investments Limited Pangkor Laut Luxury Residence & Spa Village

# Integral Properties Development Integral 05

# Smart Home Properties Elegant Tower

# Diamond Arch Limited Diamond Arch 1

# Diamond Arch Limited Diamond Arch 2

# Rufi Century Tower Limited Rufi Century Tower

# Rufi Down Town Residency Limited Rufi Royal Residency

# Rufi Luxury Heights Limited Rufi Luxury Heights

# Makaseb Properties Rufi Lake View

# C7D1 Limited Monarch Residency

# Liquid Assets Limited Turquoise

# Ahmed Abdul Rahim Alattar Properties Vancouver

# Al Faraa Properties Burj Al Faraa

# Ahmed Abdul Rahim Al Attar Properties Toronto

# Al Zahra Properties Eden 2

# Al Zahra Properties Sunset Gardens a

# Al Zahra Properties Sunrise 2

# Escan Real Estate Escan Tower

# I.R. Investments Holding Company Limited Lamborghini-Eettra Residence

# Alternative Capital Invest Gmbh Victory Bay Tower

# Sunland Waterfront Bvi Ltd the Atrium

# 32 Group Properties Limited Paris Residence

# Me Development Windsor Residence

# Sungwon (Fze) Santeview

# High Rise Properties Dorna Tower

# High Rise Properties Orchid Residences

# High Rise Properties the Heights-golden

# High Rise Properties Waves Business Tower

# High Rise Properties the Heights-silver

# High Rise Properties Rotating Residence

# High Rise Properties High Rise Boulevard 1

# Orbit Holdings Ltd Orbit Holding

# Parshwa Holdings Limited Sapphire

# Dujon Properties Ltd Eden Blue

# G&G Partners Limited Villa Caria

# Bux Holding Limited Beti Ul Funoon

# Makaseb Properties Rufi Tower (Quattro)

# Remah Holding Limited Tower 88

# Al Zahra Properties Eden 1

# Sharm Land Limited Sharm Land Tower

# Sanali Holdings Fze Sanali Capital Avenue

# Syndicate Sealine Limited Mystica

# Kleindienst Properties the K Hotel

# Rufi Grand Apartments Limited Rufi Grand Apartments

# Galadari Investment Office Limited Real Estate G-tower

# New World Investments Limited Jouri-1

# New World Investments Limited Soraya Tower 1

# New World Investments Limited Jouri-3

# New World Investments Limited Jouri-2

# Plus International Two Limited Pixel Tower

# Mena Capital Investment Amwaj Tower

# Syndicate Developer Limited Celestica

Stalled projects restarted

In December 2015, Dubai Land Department told Emirates 24|7 that 51 projects worth Dh12 billion have been revived under its Tanmia initiatives since 2011, with 12 projects, worth Dh2 billion, were activated in the last one year.

The Tanmia initiative was launched in September 2011 and was aimed at getting semi-government/private investors on board to get projects completed. Under the scheme, property investors were also given the right to register their stalled projects with the department.

The Tayseer initiatives, which are guaranteed funding initiatives, were launched in June 2010 and DLD said it saw completion of 1,110 units valued at Dh137 million.

Currently, there are eight organisation listed under the scheme. Though names have not been disclosed, previously it was reported that Emaar Properties, Wasl Properties, ICD-Brookfield were among some of the entities listed under the initiatives.

The initiatives initially covered 40 projects across Business Bay, Dubai Marina and Jumeirah Lakes Towers. As to qualify under the scheme, projects must have adequate infrastructure planned or in place; escrow trust account has to be properly managed; technical reports need to show that a minimum 60 per cent of construction is complete and a minimum of 60 per cent of the project has been sold.