Words: Ashley Rigg
Published: 19th October 2009
UAE: Emaar could shelve plans for Burj Dubai Towers
Emaar could shelve plans to build 13 high-rise towers earmarked for the site of the world’s tallest building in Dubai after investors transferred their down payments to other projects.
To help cash flow in a difficult market, Emaar has allowed buyers to transfer their down payments on the Burj Dubai buildings to other projects and has even
offered agents commission on credit notes.
However, brokers report that buying and selling of credit on the towers has now come to a virtual standstill which has put the future of the 13 buildings in doubt.
The Burj Dubai is expected to open its doors to the public for the first time on December 2. The tower is the centrepiece of a 202-hectare development that has become one of the world’s largest construction sites.
Full story on
The National.
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