There is money to be made out of distressed projects | GulfNews.com

There is money to be made out of distressed projects | GulfNews.com:

"There is still money to be made from distressed projects in Dubai’s property market. And quite significant amounts.
Aqua Properties is going full steam ahead on a high-rise project — called the Limelight — at Dubai Sports City scheduled for completion by December. “It was a project that had gotten nowhere because the original developer had left the country and the apartment owners were left stranded,” said Ali Tumbi, CEO at Aqua. “When we came on board, we took up the whole business of reviving it and pumped in Dh60 million initially. Now, the project — which will cost about Dh500 million — is at the 70 per cent mark.”

But the real good news for Aqua will come closer to the completion date. Of the 730 apartments, 690 units were sold by the original developer before he skipped town. Since taking over, Aqua initiated contact with these buyers first."



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