Commercial real estate developer wins landmark case against defaulting customer
DUBAI, United Arab Emirates - Sunday, January 16th 2011 [ME NewsWire]
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(BUSINESS WIRE)-- One of the UAE’s leading real estate developers, Al Fajer Properties (“AFP” or “the Company”), today announces that it is to take legal action against customers who have defaulted on payments as part of its move to claim the rightful dues from defaulters in its Jumeirah Business Centre (JBC) towers, at the Jumeirah Lake Towers (JLT) community.
Also the Company is pleased to announce that in a landmark ruling it has won a significant legal case in the UAE courts. In the ruling the judge has ordered a defaulting customer to pay 40% of the contract price to AFP for defaulting on payments for their delivered properties in the JBC towers.
A spokesman for AFP said, “This is a significant turning point for all developers in the UAE who have delivered on their properties. The ruling is in line with the Sales and Purchase agreements that are signed in good faith by the customer and the developer under UAE laws. At AFP we believe in win win situations for both customers and AFP but customers have been misled into believing they do not have to meet their contractual obligations.”
AFP was the first developer in Dubai to offer a five-year payment plan and up to a 40 per cent discount on its properties. The Company has completed and successfully handed over five commercial towers in JLT thus meeting its stated obligations. AFP has also completed these projects in record time by constructing the projects on an accelerated pace of a five day cycle per floor.
The spokesman went on to add, “AFP has gone out of its way to help customers cope with the difficulties they were facing by offering unique discount offers. We have met all our commitments and contractual obligations to customers despite the tough environment and it is disappointing that some of our customers aren’t meeting their commitments and contractual obligations.”
AFPs commitment to construction and delivery has led to 200 floors being constructed in two years, encompassing some 2.5 million square feet of office space and an additional 85,000 square feet of retail space in the JLT community.
Al Fajer Properties (AFP)
Al Fajer Properties LLC (AFP) was established in November 2004 as a wholly owned subsidiary of AFG (Al Fajer Group).Since then the Company has built up a significant land bank. The Company is currently in the process of developing its flagship project which consists of 9 commercial towers located in the Jumeirah Lake Towers Community. With an estimated project value of over AED 3 billion the Company has positioned itself to become a leading player in the fastest growing real estate market in the world.
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Contacts
On behalf of Al Fajer Properties
James Strong,
+44 (0) 20 466 5000
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