Issue No 306 - 27 April 2009
Emaar says no launched projects on hold

Emaar Properties said on Sunday it would complete all projects it has started and it was offering customers the option to swap units facing later delivery with others that are closer to completion.

'No projects launched by Emaar Properties are currently on hold,' the developer said in an emailed statement. 'All the developments are progressing and in line with Emaar's strategy to complete all commenced projects.'

Emaar's chief operating officer was quoted as saying last week the firm was drawing up a plan to deal with its toxic assets.

Instead of giving buyers refunds, Emaar would give credit notes to buyers that will allow them to swap their investments for other Emaar properties, he said.

'We are currently offering several options including end users having the option of transferring their purchases from projects that will be completed at a later stage to those in the advanced stages of development,' Emaar said.

Source: Reuters

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