HABN Real Estate Development has signed an agreement to purchase two projects (Wind Tower I, Wind Tower II). The total cost of deal is estimated at around AED 400 million and it was reached under the auspices and supervision of the Dubai Land Department (LD)
The Real Estate Investment Management and Promotion Center, the investment arm of LD succeeded in arranging the deal within the framework of its real estate development initiative (Tanmia) launched late last year. The initiative aims at attracting serious investors to Dubai’s real estate market and developing on hold or new profitable projects according to the standards and enforcement mechanisms developed by the Center to meet the aspirations of LD and its strategic planning to support projects that go beyond the traditional concepts of residential and commercial development towards economic added value model in the Emirate.
Sultan Butti bin Mejren, the LD’s Director General said: “The Real Estate Investment Management and Promotion Center has proven its effectiveness in the sector and its ability to play a major role in revitalizing the market and connecting investors under LD’s umbrella to execute projects in a clear and transparent manner”.
He added that the government entities and companies, semi government institutions, private developers realize that joining the Tanmia initiative is fruitful. Tanmia provides benefits and opportunities hardly find outside the initiative’s framework. The Center focused on such benefits and LD introduces them to serious investors seeking distinctive investment opportunities.
Tanmia’s members and concerned parties sensed the strenuous efforts made by the department to ensure success of this program through several measures including the evaluation of projects and offering diverse options to conclude transactions either by purchasing the whole project or in entering in partnership with a second developer to buy the concerned project.
Majida Ali Rashid Chairwoman of the LD’s Real Estate Investment Management and Promotion Center noted that Tanmia initiative mainly focuses on preserving the rights of clients and investors alike at all stages. She stressed that LD strives to stimulate the real estate sector while safeguarding investors’ right. These objectives are represented in this initiative targeting all types of stalled or ongoing projects and offering them to public or private sector entities; so they can benefit from such kind of project to achieve their investment goals.
According to the Center’s chairwoman, the total cost of this deal is around AED 400 million. The first project Wind Tower I is a 25-storey residential and commercial building located in Jumeirah Lakes Towers. It comprises of 365 residential units and 128 hotel rooms. The second project is Wind Tower II, it is a 33-storey residential and commercial building located in the same area, it contains 415 units.