Emirates City Forum

Goldcrest Dreams delayed by two years

Dubai: Star Giga Establishment's Dh700 million Goldcrest Dreams project in Emirates City, Ajman, has been delayed for two years due to difficulties in obtaining utilities and other infrastructure, the developer said in a letter.

All payments on units have now been postponed.

As per the new payment schedule, monthly instalments have been reduced by more than 50 per cent as payments will continue once residents have moved into their units.

"Due to anticipated delay in obtaining the utilities and other infrastructure, which is to be provided by the master developer, the anticipated completion date of your units has been changed from the current completed date of 31 July 2009 to 31 July 2010," the customer relations team wrote in the letter last month.

Star Giga say the primary reason for the long delay is a lack of electricity.

"It is primarily due to a lack of available utilities, mainly electricity. Electricity will only be available in Emirates City after two years. The distribution of power is an issue and the infrastructure in the city is not geared up for residents living there," a spokesperson for Star Giga Establishment told Gulf News.

Star Giga Establishment is a joint venture between ETA Star Properties and Mazyood Giga International.

http://archive.gulfnews.com/business/Real_Estate_Property/10292190.html