Sub-developers at Riverwalk, the mixed-use development to be constructed in Dubai Internet City, will be contractually bound to deliver on time, according to W. Jonathan Wride, managing director of Capital Partners FZ LLC, the development owners.
Capital Partners, whose development is the only freehold residential area in Dubai Internet City, part of the Dubai Technology and Media Free Zone (TECOM), will oversee the master planning of Riverwalk.
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.
About Capital Partners
Capital Partners FZ LLC is a privately held company specialising in the acquisition and development of innovative real estate assets. The firm is headquartered in Dubai and has operations in the Middle East and the United States. The company has been present in Dubai since 2002.
The firm looks to create iconic, industry-leading developments that add significant consumer value and improve quality of life.
Capital Partner’s expertise is in equity investment, market research and real estate development, which enables the company to pursue the role of principal and attain the critical first-mover advantage in the regions where it operates.
About Dubai Internet City
Dubai Internet City is a strategic base for companies targeting emerging markets in a vast region extending from the Middle East to the Indian subcontinent, and Africa to the CIS countries, covering 2 billion people with GDP of $6.7 trillion.
In line with Dubai's liberal economic policies and regulations, Dubai Internet City offers foreign companies 100 per cent tax-free ownership, 100 per cent repatriation of capital and profits, no currency restrictions, easy registration and licensing, stringent cyber regulations, protection of intellectual property.
Within a short span of time, a dynamic international community of ICT companies has established itself in Dubai Internet City. The global ICT giants based there include: Microsoft, Oracle, HP, IBM, Compaq, Dell, Siemens, Canon, Logica, Sony Ericsson and Cisco. These companies represent a formidable community of over 5,500 knowledge workers.
