UAE developer offers a way out for offplan buyers in distressed projects
Company says it will offer options to investors to transfer to secure and ready projects
Dubai: A property company has stepped up with offers for buyers holding units in delayed or cancelled offplan projects in the UAE.
GVG Real Estate Development will sign agreements with these troubled projects to “either acquire or co-develop” them and offer buyers in these the option to transfer their payments to more secure ready projects in the UAE.
“Some of these ready projects even boast rented units and some are available with flexible installments/payment plans,” the company said in a statement.
GVG either purchases and completes the troubled projects, or deducts the installments paid by the buyers, and invests them in ready properties that are vacant. Or in rented mixed-use projects that are performing well.
This strategy had been deployed successfully in the downturn years of 2010-12 by other investor groups, who picked up exposures in shelved or delayed projects.
According to Ali Salami, CEO, “I found GVG with a group of Saudi and international partners to provide innovative real estate solutions for distressed projects.”
GVG offers new projects in Dubai and north emirates with the possibility to pay in installments.
I found GVG Real Estate Development to provide innovative solutions for distressed projects