UAE group GVG launches key solutions for crisis-hit real estate firms
UAE-based GVG Real Estate Development said it has introduced innovative solutions for real estate buyers of delayed or canceled off-plan projects in or outside the UAE, who are experiencing delays in their projects due to the Covid crisis. GVG Real Estate Development said it has introduced innovative real estate solutions for real estate buyers of delayed or canceled off-plan projects inside or outside the UAE, who are experiencing delays in their projects due to the recent current crisis, which is expected to have long-term repercussions. A major Emirati development company, GVG said the real estate innovative solutions target those investors or end-users who have invested in troubled off-plan real estate projects inside or outside the UAE and are not interested to continue with these projects. To achieve its vision in providing innovative solutions to distressed buyers, GVG Real Estate Development is planning to obtain five additional new ready projects by year-end as the risk of ready and leased properties in the UAE, said the company in a statement. The company is focused on acquiring ready and preferably income generating projects as they offer reduced risk compared to off plan projects, and it allows the company to offer its cliental base immediate rental income. Also, residents can enjoy a convenient lifestyle within projects that meet the expectations of the new demand post the Covid-19 pandemic in terms of amenities, facilities, space and layouts. GVG Real Estate Development pointed out that will sign agreements with these troubled projects to either acquire or co-develop these projects and at the same time offer the buyers in these projects the option to transfer their payments to more secure ready real estate projects in the UAE; some of these ready projects even boast rented units and some are available with flexible installments/payment plans. The Emirati company either purchases and completes the troubled projects, or deducts the installments paid by the buyers, and invests them in ready properties that are vacant or rented mixed use projects that are well performing and carefully selected with a promising future. GVG Real Estate Development currently offers new projects in Dubai and North Emirates with the possibility to pay in installments. The buildings contain studio, one, two and three-bedroom apartments. All the projects are ready and well placed in a strategic location, with modern designs, constructed over well-established master communities that meet the needs of the residents and provide promising capital growth and sustainable rental returns. CEO Ali Salami said: “Dubai has been ranked among the top global cities in terms of its ability and readiness to deal with the repercussions of the Covid-19 pandemic as its laws, regulations, infrastructure, wise fiscal and monetary policies, and empathetic leadership, place it in the forefront of the world’s cities to overcome Covid-19 crisis and strengthen its position as a safe and innovative global city.
Source: Trade Arabia, http://www.tradearabia.com/news/CONS_371345.html