Cirrus Developments is offering its Aquarius Gate customers a payment plan that is linked to construction development, according to a statement.

The new plan means that for all future payments customers will only need to make these once certain construction milestones have been met.

The move has been approved by the Real Estate Regulatory Authority (RERA) and follows a proactive approach by Cirrus Developments to have the new payment plan for Aquarius Gate, located within Nakheel's Waterfront project, reviewed and supported by RERA.

“We are delighted to be offering this initiative to our purchasers which further underlines our full commitment to them,” said Behnam Eshragh, chairman and CEO of Cirrus Developments. “We recently announced construction had started at Aquarius Gate with enabling works getting underway and this most recent development will provide further confidence in the project and ongoing support to our purchasers.”

The announcement comes on the back of Cirrus Developments’ discussions with its existing purchasers who they have been meeting with on a one-on-one basis to listen closely to their needs and expectations.

Rehan Khan, COO of Cirrus Developments said: “We are currently meeting with our purchasers on an individual basis to hear their thoughts and feedback on what has transpired in the market in recent months and how they are being affected.

“We are listening to our purchasers’ needs on a personal basis and reacting as much as commercially feasible, and believe this is the best way forward, particularly as some purchasers have over-extended themselves. In some cases we have deferred payment by five months from when they were due.”

Aquarius Gate, a Dh3 billion ($816 million) project, was revealed to great acclaim in the investor pre-launch phase. The development comprises two towers – one residential and one commercial – and is located in Madinat Al Arab, the premier beachfront community at waterfront.

Nakheel has been investing heavily in the infrastructure for Madinat Al Arab and there are a number of developers with launched projects in the waterfront. It is conveniently close to beaches, the metro station, shops, restaurants, parks and other amenities. One side of the development is planned to be dedicated to an art wall which will showcase Islamic art from around the world.

Located on the western shores of Dubai, Nakheel’s Waterfront will transform 1.4 billion sq ft of empty desert and sea into an international community for an estimated population of 1.5 million people that is twice the size of Hong Kong island. Waterfront is being developed on the last 15 km of natural coastline in Dubai and will provide more than 70 km of coastline in total. – TradeArabia News Service