Al Fajer Properties successful performance now measurable

The developer said it has voluntarily engaged an independent RERA (Real Estate Regulatory Agency) based third party construction audit, the results of which confirms that work on phase 1 has neared 80% completion and 15% of construction has been completed on phase 2 (including the Ebony and Ivory Towers).

Progress on the project can be monitored on the official RERA website. The audit affirms that Al Fajer properties have attained the highest level of transparency with its projects.

The impressive turnaround of the company started with an aggressive managerial restructuring that set a new direction for itself in early 2008. This was followed by a financial restructuring that resulted in a strengthening of the balance sheet by Dhs3.2bn.

The Phase 3 of the restructuring involved removal of inefficiencies and strengthening of the company's operational capabilities culminating in a four day construction cycle per floor and the building of 5 towers (Phase 1) in record time, due for hand over in the last quarter of this year.

As a result of this operational excellence, AFP has also become the first developer in Dubai to use the Oqood system in its entirety demonstrating the highest level of compliance.

Confirming the milestone achievement, His Highness Sheikh Maktoum bin Hasher Al Maktoum, President of Al Fajer properties, said:

"Often times in the past, some companies in the sector, were led by brokers and sales agents who did not adhere to sound business methodologies as it was very easy to sell real estate due to the excessive demand in the market. However, today Dubai like any developed economy is returning to fundamentals Therefore, companies that have a strong focus on management and performance as their core competencies are the ones that will excel in these current market conditions. I am confident that we will continue to deliver measurable results through our performance and dedication."

His Highness further went on to commend RERA on its proactive approach helping to achieve full transparency in line with RERA's goals and aspirations for the real estate sector. "We applaud RERA in helping to further boost investor confidence. We believe that the Dubai market has matured and is best positioned to take advantage of any market recovery even though we may still face difficult times for the remainder of this year."

"We believe that we have past the bottom in terms of bargain property prices for completed projects and projects under construction. With the introduction of third party construction auditors by RERA and publication of their results, RERA is in mid stream of changing Dubai's real estate market to a factual and rational one, maintaining the highest level of transparency," said His Highness Sheikh Maktoum Bin Hasher.

Over the past few years RERA has been diligently working with the Dubai Land Department, developers and its preferred partners to bring transparency and clarity to Dubai's burgeoning real estate market. In a market ruled by disinformation the completion of such a voluntary exercise by AFP over the last month only further helps to prove the facts on the ground showcasing the concrete results achieved by the new management team.