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Jumeirah Waves Business Towers project in Jumeirah Village South remains undeveloped more than two years after investors purchased units from developer.

in Dubai who have bought units in the Jumeirah Waves Business Towers (JWBT), a commercial development project comprises 3 identical towers located in Jumeirah Village South (JVS), are urging government authorities in Dubai, Real Estate Regulatory Agency (RERA) and master Developer of the JVS project, Nakheel, to intervene in an ongoing dispute with the project developer High Rise Properties, a protracted conflict that the complainants claim could potentially hurt the overall investor confidence in Dubai and ultimately deliver a negative impact on Dubai and the United Arab Emirates’investment landscape. A number of European investors revealed that the developer has not started any substantial work on the JWBT developments and has also been unwilling to entertain requests by investors for a refund and compensation since selling to them the units almost two and a half years ago.

The affected investors claimed that up to 50 per cent of the entire units in the 3 towers have been sold out, while buyers have paid between 15 to 60 per cent of the total amount of their respective units. The complainants further said that they do not believe that the delay in the start of construction of the JWBT has been caused by the ongoing global financial crisis since construction work on the project was actually supposed to have started more than two years ago – at the height of the real estate boom in Dubai and the region.

“It has been more than two years since our group and other investors have purchased units in the JWBT development; but until now the project area is still undeveloped and the developer –High Rise Properties- has remained elusive and unable to give us a reasonable time table for the development. There is certainly a breakdown in transparency and accountability somewhere and we urge the concerned government authorities in Dubai, mainly RERA and Nakheel, to step in and resolve this problem before it goes out of hand and negatively affect investor confidence in Dubai,” said Richard Moore, a representative of the affected European investors.

“High rise Properties have given a lot of excuses and promises, but nothing concrete has been done to at least make the investors feel that their investments are being safeguarded. It is not just the money that we have invested in this project that”s at stake here; this kind of attitude by a developer will certainly cause further damage to the reputation of Dubai”s real estate sector at a time when the industry is supposed to be consolidating its forces and building its image to limit the ill-effects of the global financial crisis,” added Moore.

The investors further pointed out that the JWBT developer, High Rise Properties, a company controlled by the influential and powerful Al Tayer family, has earlier made several excuses for being unable to start the project, including an alleged two-year delay in the turnover of the allocated land. The investors also claimed that the project has been registered with RERA, which makes the developer and its owner Abdul Hakim Al Tayer, fully accountable to the government. However, the complainants have urged concerned authorities to act swiftly and with full transparency on the matter as they fear that Al Tayer family may use its clout to influence the result of any investigation that may arise.

“Abdul Hakim Al Tayer and the management of High Rise Properties have been uncooperative and we are left with no other resource but to ask the government to help us settle this issue. Naturally, we can”t allow our investments to lay idle for an extended period without knowing what the future holds for the project. Moreover, there is obviously something wrong within this organisation considering it has been two years and they have not made any effort to push this project or reach a settlement with affected investors. Surely, the government must take a look at this case, considering its potential impact on the future of Dubai”s investment climate,” concluded Moore.

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2 Comments

  1. I placed a deposit in The Waves Project, Jumeria Village .. developer is Fortune DXB and master developer is Nakheel.
    I heard RERA canceled the project but developer is trying to go around it and create a joint-venture with other developers to keep the project stall and not to pay back money in escrow accounts to investors.

    Please keep me posted anasmatar@gmail.com
    +97455934228

    • panj2017
    • Posted 13/02/2017 at 17:53
    • Permalink

    Schon properties R big long time frauds from pakistan!Since last ten years they have come up with new lies.My hard earned money all gone and no result.May these people burn in hell fire!btw i invested in dubai lagoon


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