Kamran Mahmood | Current Status
348543
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MINC Property – Current Status

December 2015:

 

Marina Suites

 

The site is in a good location, so there is currently interest from investors who wish to fund the remainder of the build. The big stumbling block is that the developer is currently focused on a far bigger development elsewhere, so it has been very difficult to negotiate a way forward. The aim is to purchase the site from the developer and enlist a new construction company to complete the build, but this will only happen when the existing developer takes the time to negotiate and agree a settlement.

 

Jumeirah Village

 

The development can only restart once MiNC has raised money from the sale of three undeveloped plots of land on the site. The situation has been made more difficult by the action of the master developer, who has imposed huge penalties on the site because it was not developed during the agreed timeframe. We are currently in negotiations with the master developer about waiving these penalties, and initial discussions have been positive.

 

Putting aside the matter of penalties, the sale of the land is still difficult in the current climate. Although local agents have been assigned to market the land, the offers that have been received thus far have been derisory. I am convinced it is worth holding out for better offers as the market continues its recovery.