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Dubai developer wants $185m from investors
February 5, 2010
Al Attar Properties is chasing payments it claims are owed by investors in The Skyscraper, a commercial tower in the emirate's Business Bay development.
"We have already linked our payment plans to construction milestones and investors were required to pay after we completed piling," Bipin Tavarool, projects manager at Al Attar Properties, told Emirates Business.
The first installment of 15 percent was due on completion of shoring and piling, Tavarool said, according to the newspaper. The developer claimed it has invested AED60m to AED70m to continue construction of The Skyscraper and Polaris, a mixed-used development, also in the Business Bay development.
Original Posting At: ArabianBusiness
"We have already linked our payment plans to construction milestones and investors were required to pay after we completed piling," Bipin Tavarool, projects manager at Al Attar Properties, told Emirates Business.
The first installment of 15 percent was due on completion of shoring and piling, Tavarool said, according to the newspaper. The developer claimed it has invested AED60m to AED70m to continue construction of The Skyscraper and Polaris, a mixed-used development, also in the Business Bay development.
Original Posting At: ArabianBusiness
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