Q Developments to manage six stalled projects in Dubai
Dubai-based real estate development firm to revive stalled projects
- Safi Qurashi, CEO and Founder of Q Group
RELATED ARTICLES: ‘Complete stalled projects first’ – Hill Intl VP says | Golf residential community Victory Heights celebrates completion | Rising Again
Q Developments has been appointed by developer Empire Arabia to revive six residential and commercial projects in Dubai, formerly on hold due to the global recession.
The Dubai-based real estate development firm has signed an MoU to manage and deliver the troubled projects, which have been taken over by Empire Arabia, Q Developments said in a statement.
“[Investors] have expressed relief that the projects are being revived, as they feared the worst when work stalled during the financial crisis. Each are now being offered various options depending on their individual circumstances, and we’re working closely with Empire Arabia to deliver all the projects to the highest standards,” said Safi Qurashi, CEO and founder of Q Group.
“We have already been in contact with investors here in the UAE and as far afield as Pakistan, Russia, India, the UK and Canada,” he added.
The six developments include projects in Dubai Sports City, International City, Business Bay, and Jumeirah Village Triangle.
Some of the towers will undergo a change of use and design, the statement said.
The projects slated for completion first are the Global Golf Residences 2 in Sports City and Global Green Views 2 in International City. Both are to be delivered in early 2016.
“We are delighted to have formed a new working partnership with a company which shares our commitment to deliver these projects in a manner which is in the best interests of all the original investors,” said Masood Pervez, vice chairman, Empire Arabia Group.
