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Wride said: "Anyone who develops within Riverwalk will be held to guarantees on what they deliver - including matching their total promise to the consumer, the timelines they have for delivery, and the quality of the finished home or office space."
"From the selection of sub-developers, where we will only choose those that have a proven track record, through reviewing their sales collateral and promises to consumers, we will ensure consumers know exactly what they are buying, and therefore what they will receive."
"We will monitor the development schedule closely, with pre-agreed targets for starting each element of the project, through to completion. The use of escrow accounts enables us to place an additional layer of protection in for the consumer, as well as to tie development timelines down to tangible dates."
"Payments from the escrow accounts holding the consumer's money are timed to the best of our ability, and are directly based on construction deliverables. The funds will only be released once these pre-determined deliverables are met, for example when the foundations are complete or the building has reached a certain height."
Riverwalk was the first freehold residential development to have been announced in TECOM, and the first to a Western company. Phase One of the total Riverwalk development is currently underway and consists of 1.5 million square feet of residential and commercial space, with freehold sales activity commencing before the end of the year.
Plans call for Riverwalk to have waterways flowing through the development, with a central island of restaurants, galleries, studios and boutique shops. The entire Riverwalk project will consist of three phases of development. DAR Consult is the designer and architect, and Al Habtoor has done all the enablement work to date.
Posted by Anne-Birte Stensgaard, Senior News Editor
