KM Properties says Business Bay projects on track
Dubai, April 12, 2010
KM Properties, one of Dubai’s leading property developers, said all its projects in Business Bay - Tamani Hotel at Park Lane Office, B2B Tower and Tamani Artisan Cluster - were progressing as per schedule.
KM Properties had recently released construction updates of all its projects to the investors.
“It is our duty to ensure that we build customer confidence by providing them updates with regards to the construction of the properties they brought from KM Properties, especially during this challenging times,” said Sanjeet Joher, group chief executive office of KM Properties.
KM Properties also arranges regular site visits for its clients to let them personally see the ongoing constructions. “We are maintaining regular contact with our clients and we encourage them to come and visit the construction site” Joher stated.
According to him, the construction work was in full swing at all its projects in Business Bay.
Giving the details, KM Properties chief said the construction on its iconic Tamani Hotel has reached the 20th floor.
'B2B Tower, a state of the art commercial tower consisting of offices, retails and parking facilities located in Business bay, is also progressing well as construction from basement 2 to 1 is ongoing. Tamani Artisan Cluster has seen the completion of basement 1 slab concreting works,' he added.
KM Properties appointed Al Rostamani Pegel, which was created in partnership with the Berlin-based firm Gustav Pegel & Sohn, as the official contractor for the construction of all three projects.
KM Properties said it has been closely working with the office of Marwan bin Ghalita, chief executive officer of the Real Estate Regulatory Agency (RERA) and Sultan Bin Butti, director general of Dubai Land Department to ensure that the compliance is achieved and regulations are followed accordingly.
'With new laws and regulations being implemented in the real estate industry, KM Properties has made it a point to be the first to know and the first to comply with all these laws and regulations. KM Properties is currently awaiting the upcoming Strata Law in order to implement the same in letter and spirit,' Joher remarked.
KM Rent, the property leasing arm of KM Properties, has just concluded several deals that made almost all of its freehold properties under its inventory occupied. More than 500 properties have been rented out through direct clients and some through KM Rent’s online portal, he added.
“We are delighted that 99 per cent of our inventories have been rented out in a short period of time. Rent declines have definitely pushed the market to other areas however, we have remained consistent and our aggressive business strategy and operation has carried us to this success” said Joher.-TradeArabia News Service