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Future of Dh4bn Al Helio clouded without escrow account |
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Tuesday August 4 2009
The future of Al Helio Downtown, a Dh4 billion master development in
Ajman, remains uncertain as D'seco, the project's master developer, has
yet not registered the project with Ajman Real Estate Regulatory Agency
(Arra) or opened an escrow account, Emirates Business can reveal.
"The
developer has purchased six plots from Ajman Real Estate Investment
Establishment (REIE). They, however, have neither registered the
project nor opened an escrow account," an Arra official said on
condition of anonymity.
Arra had set a deadline of July 1 for
property developers to complete their registration procedures. The
deadline was extended from May 1. A fine of Dh100,000 per month was
likely to be imposed on erring companies. Sung Dol Kim, Chief Executive
Officer of D'seco, a South Korean developer, could not be reached on
his mobile phone for comment. Phone numbers mentioned on the company's
website were not connected.
Al Helio Downtown was launched in
June 2008 in partnership with Property House. The development was to
cover an area of 115 acres and consists of 65 freehold plots –
commercial, residential, and mixed use.
The project was scheduled for completion in 2013.
Source: Emirates Business 24/7
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