{"id":10528,"date":"2016-04-13T00:16:51","date_gmt":"2016-04-12T17:16:51","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=10528"},"modified":"2016-04-12T22:32:19","modified_gmt":"2016-04-12T15:32:19","slug":"abu-dhabis-urban-planners-working-on-ways-to-restart-stalled-reem-island-projects","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabis-urban-planners-working-on-ways-to-restart-stalled-reem-island-projects\/","title":{"rendered":"Abu Dhabi's urban planners working on ways to restart stalled Reem Island projects"},"content":{"rendered":"


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\nAbu Dhabi’s Urban Planning Council is working on a plan to restart stalled property developments on Reem Island.According to UPC officials, the planning body is looking at ways to encourage property developers to restart construction work on a handful of unfinished towers on the island that were hit by the global financial crisis. “We are in the final stages of providing a recommendation for the way forward for these problems in Reem Island,” said Mohamed Al Khadar, the UPC’s executive director for Urban Development and Estidama Sector, at the Cityscape property exhibition in Abu Dhabi on Tuesday. “What the recommendation is I cannot disclose to you right now, but we will present it to the leadership of the government and then they will give us the mandate to go ahead and do it. This is one of our priorities.” he said.
\n“Reem Island is beautiful but it is been underestimated. This island can be easily rectified by different decisions, so we will be doing that exercise.”As the bottom fell out of the property market in late 2008 and prices plunged, investors walked away from their commitments and property finance dried up, leaving developers unable to continue with billions of dirhams worth of development plans.Property experts predict that the UPC’s plans may be similar to the Tanmia initiative from the Dubai Land Department that it launched in 2011 and where the DLD acts as a mediator between the developers of stalled projects and new developers and investors interested in restarting them.
\nAt the end of last year, DLD reported that it had helped to restart 51 stalled projects worth Dh12 billion since the initiative was launched four years earlier.”Reem Island clearly needs something like this,” said Craig Plumb, the head of research at JLL’s Dubai office. “However, the problem will be injecting the funding to get these towers finally built.”According to figures from JLL’s Cityscape presentation, the UPC is scaling back its 2030 master plan for the capital with the city’s projected population for that year revised downwards to 2.4 million from an expected 3.1 million people when the plan was first published.
\nMr Al Khadar said that 27 projects and master plans were approved by the UPC in the emirate of Abu Dhabi in the final three months of last year, bringing the total number of approvals last year to 101.This annual total accounted for a total floor area of 13.5 million square metres – 26 per cent more than in 2014. Projects approved in the final quarter of last year included three Reem Island projects – the 185,000 square metre Reem Mall, 574 apartments in Najmat Towers and 408 apartments in Shams Meera.
\nThey also include the first phase of a new development on Al Fahid Island, located between Saadiyat and Yas islands on the capital’s Sheikh Khalifa Highway.Mr Al Khadar said that the UPC had given approval to 59 projects in Abu Dhabi that were allowed to exhibit and to sell units to customers at Cityscape and nine which were allowed to exhibit but not currently to sell units. lbarnard@thenational.ae
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\nSource : thenational.ae
\nRead more…Abu Dhabi’s urban planners working on ways to restart stalled Reem Island projects<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Abu Dhabi’s Urban Planning Council is working on a plan to restart stalled property...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-10528","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-2JO","jetpack-related-posts":[{"id":8344,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/reem-mall-progresses-in-abu-dhabi-as-800m-loan-moves-nearer\/","url_meta":{"origin":10528,"position":0},"title":"Reem Mall progresses in Abu Dhabi as $800m loan moves nearer","date":"March 18, 2016","format":false,"excerpt":"\r \r Agility, the Gulf's largest logistics company, has said that it is in the final stages of securing US$800 million in bank loans to invest in building Abu Dhabi's latest mega mall.Kuwait-traded Agility last year revived dormant plans to build Reem Mall, a planned 2.8 million square feet shopping\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21474,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabis-1bn-reem-mall-project-set-to-be-built-by-al-futtaim-carillion\/","url_meta":{"origin":10528,"position":1},"title":"Abu Dhabi's $1bn Reem Mall project set to be built by Al Futtaim Carillion","date":"July 31, 2016","format":false,"excerpt":"\r Abu Dhabi's US$1bn (Dh3.67bn) Reem Mall looks likely to be built by Al Futtaim Carillion after it was named as preferred bidder for the project.The developer behind Reem Mall said that it will now enter into detailed contract negotiations with Al Futtaim Carillion \"with the objective of finalising an\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":166727,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-radisson-branded-waterfront-residences-project-announced-on-abu-dhabis-reem-island\/","url_meta":{"origin":10528,"position":2},"title":"New Radisson-branded waterfront residences project announced on Abu Dhabi\u2019s Reem Island","date":"December 8, 2025","format":false,"excerpt":"\r The AED1.2 billion development will be delivered by Royal Development Holding in collaboration with Radisson Hotel Group, adding to the capital\u2019s growing branded residential pipeline The post New Radisson-branded waterfront residences project announced on Abu Dhabi\u2019s Reem Island appeared first on Arabian Business: Latest News on the Middle East,\u2026","rel":"","context":"In "Property 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