The results of the effective work of the Dubai developer Al Fajer Properties (AFP) from now on officially meet the high standards of quality and transparency of project implementation.
Al Fajer Properties is proud to announce the successful completion of the voluntary audit of the Jumeirah Business Center (JBC) development project, undertaken by an independent government agency, the Dubai Real Estate Regulatory Authority (RERA). The audit results officially confirmed that the work of the first cycle of the project was 80% completed, and the second cycle, including the construction of the Ebony and Ivory Towers towers, had already completed 15% of the work, and construction was proceeding in accordance with the schedule. The official audit results will be published on the RERA website as soon as possible. The audit confirmed that Al Fajer Properties works in accordance with the requirements and rules of RERA, providing relevant information about the development process of the project.
The successful reorganization of Al Fajer Properties’s management team in early 2008 was a turning point in the company's operations. Thanks to the financial restructuring that followed, Al Fajer Properties today has a solid financial platform of over 3.2 billion dirhams. The change in management and financial strategy allowed the company to reach a record pace of construction, which ensured the construction of the floor in the first cycle, on average, in 4 days. The first cycle of the project will be commissioned in the fourth quarter of 2009.
Al Fajer Properties was the first Dubai developer to become a member of the Oqood integrated online platform created by the Dubai Land Department, which allows the registration, tracking and centralization of all contracts related to real estate in accordance with the standards established by the department. This once again underlined the company's desire to demonstrate a high level of compliance with oversight procedures.
Reporting on the achievement of a new significant height in the company’s work, His Highness Sheikh Maktum bin Hasher Al Maktoum, President of Al Fajer Properties, said that “previously brokers and sales agents who used unprofessional methods of work, as selling real estate at Such a high demand was easy and simple for anyone. But today, Dubai, like any other emerging economy, is returning to the traditional foundations of doing business. I think that only those companies can survive in the current market situation. and that focuses on competent management and effective work on the ground. And I have enough confidence in the fact that Al Fajer Properties has all the opportunities for productive work in the future. "
His Highness also praised RERA's strong efforts to bring greater transparency to the Dubai property market. “We are grateful to RERA for helping to increase investor confidence in the market. We believe that the Dubai market has already formed and today has good positions that allow it to successfully overcome the crisis, although it will still be clearly felt before the end of this year. We are confident that the market has already overcome the lowest point in the offer with low prices for finished and under construction real estate.With the introduction of RERA audits of construction projects and the publication of their results for free access on the Internet, RERA helps to make a difference for the better to Dubai real estate, making it a market with a high degree of transparency, "- said Sheikh Al Maktoum.
For several years, RERA, together with the Dubai Land Department, developers and partners, has been actively working to create and bring greater transparency and legal certainty to the growing Dubai real estate market. In a market where a lot of conflicting information is circulating, the passage of a voluntary audit by Al Fajer Properties has once again shown that the company is committed to matching words and deeds.
