Al Fajer Properties Releases Progress Report

June 30, 2009 - PRLog -- Al Fajer Properties today said it is pleased to release further details of the (Real Estate Regulatory Agency) RERA-approved third party construction audit.

http://www.alfajerproperties.com/downloads/e_2009_06_08.pdf


The report shows that Phase I of its Jumeirah Business Centre projects has neared 80 per cent completion  and  15 per cent has been completed on Phase 2, which includes Ebony and Ivory Towers.

His Highness Sheikh Maktoum bin Hasher Al Maktoum, President of Al Fajer Properties said: “We are proud to publish the results of this audit. We have set ourselves a high performance  bar for our projects and from our management. In releasing this information we are delighted to share our performance and achievements with our partners and customers.”

Being the first developer to release the construction  audit results to the public , Al Fajer Properties has again achieved a first in the real estate sector where it is the first company in the UAE to publish  an independent  construction audit which puts the company in a league of its own.  This will surely be a precedent for other strong developers in the country to follow which will ultimately lead to the  highest levels of transparency leading to increased confidence in the real estate sector.

Al Fajer’s progress on the construction front follows an aggressive managerial restructuring of the company which it initiated last year to turnaround the company with prudent practices. The restructuring also included financial streamlining that  resulted in a strengthening of the balance sheet by AED 3.2 Billion. The restructuring involved removal of inefficiencies and strengthening of the company’s operational capabilities culminating in a four day construction cycle per floor and the building of Phase 1 in record time.  Phase 1 is due for hand over in the last quarter of this year.

AFP  is also the first developer in Dubai to use the Oqood system in its entirety indicating  high level of compliance to prudential norms set by the authorities.

Earlier, His Highness Sheikh Maktoum bin Hasher Al Maktoum, President of Al Fajer Properties, had said that only those companies “with a strong focus on management and performance as their core competencies will be able to excel in the current market conditions. I am confident that we will continue to deliver measurable results through our performance and dedication. “

Applauding RERA for its initiatives to bring transparency to Dubai’s real estate market His Highness went on to add that  “Dubai market has matured and is best positioned to take advantage of any market recovery even though we may still face difficult times for the remainder of this year.  With the introduction of third party construction auditors by RERA and publication of their results, RERA is in mid stream of changing Dubai’s real estate market to a factual and rational one, maintaining the highest level of transparency.”

Over the past few years RERA has been diligently working with the Dubai Land Department, developers and its preferred partners to bring transparency and clarity to Dubai’s burgeoning real estate market.  In a market ruled by disinformation the completion of such a voluntary exercise by AFP over the last month only further helps to prove the facts on the ground showcasing the concrete results achieved by the new management team.

Ends

Notes to Editors

Al Fajer Properties (AFP)

Al Fajer Properties LLC (AFP), was established in November 2004 as a wholly owned subsidiary of AFG (Al Fajer Group).  Since then the company has built up a significant land bank of note.  The company is currently in the process of developing its flagship project which consists of 9 commercial towers located in the Jumeirah Lake Towers Community. With an estimated project value of over AED 3 billion the company has positioned itself to become a leading player in the fastest growing real estate market in the world.

Dubai Real Estate Regulatory Authority (RERA)

RERA, Real Estate Regulatory Authority, part of the Dubai Land Department is a nodal agency that formulates, regulates, manages and licenses various real estates related activities in Dubai. RERA was established in July 2007 by a decree of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai.

RERA envisages a transparent and effective regulatory environment in which various entities pertaining to real estate can conduct their business. As part of this vision, RERA would like to create an online community and marketplace thus enabling various categories of stakeholders to interact and transact with each other and with RERA

Dubai Land Department (LD)

The Dubai Land Department was established on January 24, 1960. LD has developed in sync with the rapid growth of Dubai. The number of lands registered at LD exceeds 50,000 plots all over the emirate. The process of registering real estate data is entirely computerised. All procedures related to sale, purchase, and mortgage are conducted electronically. The LD has left the era of manual work behind, keeping pace with advanced technology, which allows the department to provide clients with quality and time-efficient service. The LD places a high premium on customer care. Most clients are either UAE nationals and or GCC investors. The Dubai Land Department continuously strives to keep up with the development and prosperity of the emirate under the rule of His Highness Sheikh Mohamed bin Rashid Al Maktoum.