Feb 01 2015   | Source: Gulf News 

Full list of cancelled projects

Buyers seeking to invest in Dubai’s real estate have been advised to be wary about projects that have been cancelled or potentially may be cancelled.

More than 160 developments have been included in the latest list of cancelled projects posted on the Dubai Courts website. The list specifies which projects have been liquidated or are in the process of liquidation.

However, some of the cancelled developments are still being advertised online to potential investors and tenants. One website, which shows pictures of a high-rise tower under construction on Shaikh Zayed, is inviting tenants to rent commercial spaces with prices ranging from a little over Dh60,000 to more than Dh1 million a year. The said project is listed as cancelled in the Dubai Courts website.

“I advise against considering online advertised projects that have been cancelled or potentially may be cancelled,” said Thomas Bunker, manager, at Better Homes Real Estate’s Off Plan Sales Division.

According to the Dubai Courts’ list, two cancelled projects by Khyool Investment – Abjar Tower and Faras 2 --have been liquidated and the funds from them have been distributed among the investors.

At least 10 projects by other developers, including Hydra Properties, Azizi Investments, Fortune Serene and 32 Group Properties, among others, are also being heard by the Cancelled Real Estate Projects Committee.

At least 50 more projects have been heard and the money from them is in the process of distribution among the investors. There are also at least 100 cancelled real estate projects that have been transferred to the committee for review.

Bunker told Gulf News that the new list on Dubai Courts website includes projects that were stopped during the credit crisis six years ago after investors were challenged by finances and large losses, leaving some projects idle for sometime and forcing the Land Department to step in.

“The release of this list suggests that they have done just that and these projects have now officially been cancelled; the terms and conditions of these cancellations are another story we’d all be interested in hearing,” he said.

Investors are also warned that new projects have been launched recently and some of them are going to be built on the same plots previously allocated for the cancelled projects. If they are interested in such projects, they are strongly advised to do their homework before parting with their cash.

“I am already hearing about new projects that are being built on land that was to be used in projects that experienced a similar fate,” said Bunker.

“In these cases, investors will be more interested in hearing about the terms and conditions of the cancellations: when the projects were officially cancelled, did the investors get any money back and what happened to the developers (i.e. were they held accountable).

“Until these questions are finalized, it is difficult to say for sure how valuable this recent news [on list of cancelled projects] will be for potential investors.”

John Stevens, managing director of Asteco, however, said the new list of cancelled projects will be useful to real estate investors.

“The report is a useful and reliable source for investors to gain further insight into specific developments but more importantly provides the next step in transparency and an opportunity for investors in the cancelled projects to receive refunds,” Stevens told Gulf News.

FULL LIST OF CANCELLED PROJECTS

Projects that have been liquidated and money from them distributed to investors :

KHYOOL INVESTMENT

ABJAR TOWER

FARAS 2

Cancelled projects being heard by Cancelled Real Estate Projects Committee

AHMED ABDUL RAHIM AL ATTAR PROPERTIES

TORONTO

VANCOUVER

AZIZI INVESTMENTS (L.L.C)

AL MASA II

FORTUNE SERENE LIMITED

FORTUNE SERENE

32 GROUP PROPERTIES LIMITED

PARIS RESIDENCE

SAMA EMIRATES ESTATE DEVELOPMENT

THE SAMA WORLD TOWER

ALTERNATIVE CAPITAL INVEST GMBH

VICTORY BAY TOWER

SAMI Q TOWER

SPAIN SELECT LIMITED

THE AQUITAINIA

SUNGWON (FZE)

SANTEVIEW

HYDRA PROPERTIES ( L.L.C )

HYDRA TOWERS

KHALIFA ALABBAR REAL ESTATE DEVELOPMENT

SPARK

Projects that have been heard and funds from them are in the process of distribution among investors:

HIGH RISE PROPERTIES

DORNA TOWER

ORCHID RESIDENCES

THE HEIGHTS-GOLDEN

WAVES BUSINESS TOWER

THE HEIGHTS-SILVER

ROTATING RESIDENCE

HIGH RISE BOULEVARD 1

HIGH RISE BOULEVARD 2

HAMPSTEAD & MAYFAIR DEVELOPMENT LIMITED

HAMPSTEAD RESIDENCES

ZENITH REAL ESTATE DEVELOPMENT

ZENITH TOWER A3

ORBIT HOLDINGS LTD

ORBRIT HOLDING

I.R.INVESTMENTS HOLDING COMPANY Limited

TONINO LAMBORGHINI-ELETTRA RESIDENCE

M E DEVELOPMENT L.L.C

WINDSOR RESIDENCE

CLIFF DWELLINGS ENTERPRISES LTD

GLOBAL GOLF RESIDENCE

GALADARI INVESTMENT OFFICE LIMITED

G-OFFICE TOWER

BUX HOLDINGS LIMITED

BETI UL FUNOON

PARSHWA HOLDINGS LIMITED

SAPPHIRE

ESCAN REAL ESTATE PJS

ESCAN TOWER

EDEN 1

EDEN 2

AL ZAHRA PROPERTIES

SUNSET GARDENS A

SUNSET GARDENS B

SUNRISE 2

ALTERNATIVE CAPITAL INVEST GMBH

WINGS OF ARABIA

MAKASEB PROPERTIES

RUFI TOWER (QUATTRO)

RUFI LAKE VIEW

ARCHERY TOWER

QUATTRO WEST

MERWESS ABDULAZIZ

AZIZI FEIROUZ I, II, III

AZIZI FOUNTANNE TOWER

REMAH HOLDING LIMITED

TOWER 88

DUJAN PROPERTIES LTD

EDEN BLUE

RELIANCE ESTATE DEVELOPMENT

RELIANCE 1, 2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17

Cancelled projects which have been transferred to the committee and will be "seen" by the committee soon:

SANALI HOLDINGS FZE

SANALI BUSINESS TOWER

SANALI BUSINESS HIGHTS

SANALI CAPITAL AVENUE

INTEGRAL PROPERTIES DEVELOPMENT

INTEGRAL 05

QURESHI FAISAL ABDUL AZIZ

DUNES DAHLIA

DUNES GROUP DEVELOPMENTS LIMITED

DUNES LILAC

ROYAL HOLDINGS LTD

GLOBAL ELAHI RESIDENCE

AL TAFANY PROPERTIES LIMITED

AL TAFANY TOWER

CROWN TWO HOLDING LIMITED

CROWN ROYAL

NOORZAK INVESTMENTS LIMITED

JEHAAN 2, 3,4, 6, 11, 9

DIAMOND ARCH LIMITED

DIAMOND ARCH 1, 2

JAB DEVELOPMENTS INC

PEBBLE STONE

OASIS JV LIMITED

OASIS HEIGHTS

SHETH ESTATE ( INTERNATIONAL ) LIMITED

IRIS MIST

AL MAS WORLDS INVESTMENT LIMITED

SORAYA TOWER II

KLEINDIENST PROPERTIES

THE K SUITES

SALYA HOMES LIMITED

MARIO VALENTINO BOULEVARD

STAR SURVEYING & EVALUATING SERVICES

SAHARA ONE

BURJ ALALAM HOLDINGS LIMITED

BURJ ALALAM

RUFI DOWN TOWN RESIDENCY LIMITED

RUFI ROYAL RESIDENCY

UMESH KUMAR VINODRAI CHUG

INSIGNIA RESIDENCE

DESERT DREAM INVESTMENTS & DEVELOPMENT PROPERTIES

DREAM HARBOUR

DREAM SQUARE

BAITI PROPERTIES DEVELOPMENT

AL QURASHI

FLAMINGO INVESTMENTS LIMITED

SANALI FLAMINGO

ERC PROPERTY DEVELOPERS LIMITED

THE HEIGHTS

WESTAR PROPERTIES LTD

WESTAR GALAXY

DHEERAJ & EAST COAST (L.L.C)

THE H.Q

CENITA GLOBAL LTD

CASA VERONA

SHEFFIELD REAL ESTATE LLC

SHEFFIELD CLASSIQUE

UAE WATERFRONT GROUP LIMITED

ROYAL BAY

PROFILE ZERO FIVE FIVELIMITED

ZERO FIVE FIVE

SYNDICATE SEALINE LIMITED

MYSTICA

BANGASH DEVELOPMENTS LIMITED

ROYAL DELUXE VILLAS

ROYAL LUXURY VILLAS

ROYALE GARDEN RESIDENCE

AL FARAA PROPERTIES

BURJ AL FARAA

IMAGE RESIDENCES

ACW HOLDING LTD

PLATINUM 2

STERNON DEVELOPERS LIMITED

STERNON TOWER 1

JASMINE GARDEN LIMITED

JASMINE GARDEN

CHAPAL WORLD L.L.C.

CHAPAL EMIRATES POINT

SATNAM SINGH

R & R TOWER I

INFINITY EMIRATES INVESTMENTS L.L.C

SOCCER TOWER

UK-CIG DEVELOPMENTS (JVS) LIMITED

METROPOLIS LOFTS

NEW WORLD INVESTMENTS LIMITED

WORLD WIDE TOWER

STAR DEVELOPERS LIMITED

NATHALIE TOWER

D10 AWF INVESTMENT LIMITED

AQUARIUS GATE TOWER

JAB MOSAISTONE DEVELOPMENT INC

MOSIA STONE

MAHDI AMROLLAHI (PARTNER) ANTAR MARZOOQ (OWNER)

PISA TOWER RESIDENCE

SAMEER MAHMOUD AL ALI

ZENITH TOWER

ES INVESTMENTS LIMITED

KPM 2&3

SMART HOME PROPERTIES

ELEGANT TOWER

PREMIER GROUP (FZC)

BERLIN CITY CENTER

ARYENE PROPERTY DEVELOPERS LIMITED

ARYENE WONDERS

EVERGREEN SIGNATURE INVESTMENT LIMITED

LE STELLE 1,2,3,4,5

DIAMOND PROPERTIES LIMITED

BLUE MOON TOWER

RUFI LUXURY HEIGHTS LIMITED

RUFI LUXURY HEIGHTS

OPTIMO ARABIA LIMITED

ARABIA TOWER

ELAN INVESTMENT LIMITED

SANALI QUANTUM

GULF LINE INTERNATIONAL LTD

NORTH GATE BUSINESS TOWER

BELIZA RESOURCES LIMITED

PRODIGY 4

GERMAN HOLDING GROUP( L.L.C)

MIRA PALACE

OAKGROVE GLOBAL LIMITED

PRODIGY 2

AVETONA GLOBAL LIMITED

PRODIGY 5

MIRJANA RESOURCES LTD

PRODIGY 3

NEEL DEVCONS LIMITED

PHOENIX WINGS

ASHAI TOWER JVS LIMITED

ASHAI TOWER 5

RUFI GRAND APARTMENTS LIMITED

RUFI GRAND APARTMENTS

RUFI CENTURY TOWER LIMITED

RUFI CENTURY TOWER

LUXOR INVESTMENTS LIMITED

THE SIGNET

PEARL PROPERTIES

THE PALESIDES

KENSINGTON GLOBAL INVESTMENTS INC

KENSINGTON KRYSTAL

YRA ENTERPRISES LIMITED

SCHON SUITES AND SCHON RESIDENCE

CITY- D INVESTMENTS LIMITED

PANGKOR LAUT LUXURY RESIDENCE & SPA VILLAGE

MALSON LIMITED

MAISON RESIDENCE COLLECTION

V RESORTS LTD

V-GREECE ON THE WORLD

ALTERNATIVE CAPITAL INVEST GMBH (BRANCH)

PALAZZA ARABIA

ALTERNATIVE CAPITAL INVEST GMBH (BRANCH)

VENETIAN ARABIA

AL DUAA HOLDINGS (FZC)

ALDUAA MARINA TOWER

HAMPSTEAD & MAYFAIR DEVELOPMENT LIMITED

HAMPSTEAD & MAYFAIR BOUTIQUE RESIDENCES

BELA VIDA LIMITED

DOLCE VITA

GRUN DEVELOPERS LIMITED

P.K.S RESIDENCES

KLEINDIENST PROPERTIES

THE K HOTEL

ANIS HOLDINGS LIMITED

CHASE RESIDENCY

CROWN THREE HOLDING LIMITED

TAIBA

POSH HOLDINGS LIMITED

POSH LIFESTYLES

DJA 414 INVESTMENT LIMITED

SIENNA SQUARE

AAA FACILITIES MANAGEMENT SERVICES (L.L.C)

ECLIPSE TOWER

BURJ AL DUA’A LIMITED

THE PLAZA

ALTERNATIVE CAPITAL INVEST GMBH (BRANCH)

PERSHING LUXURY BEACH RESIDENCE TOWER

ZERO FIVE ZERO LIMITED

ZERO FIVE ZERO

SEBCO LIMITED

SEBCO RESIDENCE

Serviced apartments in Capital Bay by Damac

Inquire now for buying or leasing.

Subscribe to Lookup.ae’s Mailing List to receive property news and opportunity alerts.

Full list of cancelled projects

Share this Page

Lookup.ae