ADM Signs Five Agreements On Real Estate Projects At Saadiyat

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 19th Jul, 2018) In the presence of Saif Badr Al Qubaisi, General Manager of Abu Dhabi City Municipality, Eisa Omair Al Mansouri, Head of the Lands and Properties Sector, has signed five Real Estate Escrow Account agreements with Al Dar Properties, with Abu Dhabi Commercial Bank as the account trustee.

The agreements relate to Al Saadiyat Walk, Jawher Al Saadiyat, Leilak, Azur, and Turquoise and provide for the construction of about 1,500 residential villas or property units.

Following the signing of the agreements, Al Qubaisi said, "The implementation of the Real Estate Law No. (3) for 2015 echoes the commitment of the Department of Urban Planning and Municipalities to streamline the real estate market to bring it in line with the highest international standards. The aim is to ensure a haven for the interests of investors and all related parties for the benefit of the entire real estate sector.

"It will assist in attracting investments and boosting the economic development and the sustained growth in Abu Dhabi. These agreements along with other similar agreements, provide an environment for the optimal implementation of the real estate law and regulations.

"Since the start of the implementation of the real estate law, the Abu Dhabi City Municipality has perceived an array of positive indicators highlighted by confidence and credibility, which are core elements of the relationships between all real estate parties. Equally, the marketing and promotional levels of these properties have thrived under the rules and regulations that protect the rights of all parties.

The implementation of the system has also contributed to protecting the rights of investors.

"The business of the real estate sector is governed by Law No. (3) for 2015, which had been implemented as of 1st January, 2016. The law includes seven Executive Regulations that boost the principles of governance and transparency and protect the rights of all the concerned parties. These regulations relate to common ownership of properties. Owners association, initial property registration, endorsement of fees, registration of real estate assessors, mortgages, project escrow account, and permits," Al Qubaisi added.

The five agreements are part of a series of agreements signed earlier with property developers and leading banks in this sector. The municipality will continue to enlist property development companies and banks to support the implementation of the real estate law.

The agreements contribute to the quality of services provided to investors, citizens and residents in Abu Dhabi. The role of the municipality in this regard is supervisory, aiming to complete and ensure the continuity of projects according to the specific real estate completion schedules.

According to the agreements, the developer is not entitled to withdraw any amounts from the project funds unless after the completion of 20 percent of the actual project phases. Instalments will be paid under the supervision of the Project Escrow Account Management Off the Plan.