Earlier, interest-free loans were announced for Emiratis whose businesses were affected by the rains, with a grace period of 6 to 12 months
uae4 hours ago
In a landmark decision to save interests and funds of investors, authorities in Dubai seized assets and Escrow funds of a major property developer on Thursday after it failed to deposit investors' money in Escrow (guarantee) account.
The Dubai Land Department (DLD) said it had issued a decision to seized properties and plots of Schon Properties as well as funds deposited in Escrow account until the Dubai Public Prosecution and Dubai Courts complete legal procedures to recover investors' rights.
The move will bring in transparency and improve investment environment in the emirate as well as ensure that rights of all the parties are saved.
The developer was targeting mid-market buyers in affordable housing segment. The company claimed in a statement in October 2017 that it had 8 million square feet development, valued at Dh7 billion. Also claiming to have more than 3,000 customers, it claimed to have delivered more than 1.6 million square feet of development by October 2016.
In September last year, the Dubai-based developer announced that it had sold out the first phase of major hospitality project iSuites at Dubai Investment Park. It announced its entry into Jordan also in October 2017.
Schon Properties could not immediately be reached for comments despite repeated calls.
The Dubai Land Department called on investors to deposit their money in Escrow accounts and transfer payments to developers as per the percentage of completion in the projects. It stressed that this is the only way investors can preserve their money and ensure their rights are protected. Buyers are not advised to make payments to developers outside Escrow accounts.
waheedabbas@khaleejtimes.com
Earlier, interest-free loans were announced for Emiratis whose businesses were affected by the rains, with a grace period of 6 to 12 months
uae4 hours ago
Following a $3 per barrel average global price increase in March, petrol prices for April increased by 12 fils per litre in the UAE
uae4 hours ago
Annual rents in Dubai are usually paid in two, four or six instalments via post-dated cheques
business4 hours ago
NCM official says May 2-3 is identified as the ‘peak’ of the situation
weather4 hours ago
PSG are still involved in the Champions League in what could turn out to be the club's finest ever season
football10 hours ago
World number three Alcaraz, 20, missed a month prior to Madrid with a forearm issue
tennis10 hours ago
It was Chennai's fifth win from nine matches as they moved to third place in the points table with 10 points
cricket10 hours ago
Earlier, Arsenal held on for a pulsating 3-2 win over arch rivals Tottenham
football12 hours ago