Payments for The Pad put on hold by Omniyat Properties

Omniyat Properties will not collect any further payments from its investors on "The Pad", a residential building in Business Bay as the project's handover has been delayed, Emirates Business can reveal.

Further, the developer is suspending all construction work on The Pad project for an anticipated period of five months.

"We will collect no further payments from investors until we receive further clarification from the master developer vis-à-vis the infrastructure in Business Bay," said Omniyat in an e-mailed statement to the newspaper.

According to the developer, The Pad has been delayed due to the lack of completion of infrastructure in the master development, Business Bay.

Omniyat said the new completion date will be dependent upon and consistent with the master developer's permanent infrastructure delivery dates. "This information is already displayed on the Real Estate Regulatory Agency (Rera) website. Once we have obtained more detail from the master developer and have visibility on infrastructure completion dates, we will provide a new anticipated completion date."

Last week, an investor on The Pad shared a letter with this newspaper from Omniyat dated December 6, 2009, which stated that Omniyat has delayed the completion of The Pad project.

"We have been aware of the possibility of some infrastructure delay for several months, but we had hoped that such delays would not materially impact on our delivery of the project. Unfortunately, it is now confirmed that the delivery dates for the most essential permanent infrastructure elements are much later than anyone could have anticipated and that such delays will have a material impact on our delivery of the The Pad."

According to Omniyat's website, The Pad is a 24-storey residential cybertecture apartment tower. The Pad was launched in 2007, and until recently, was scheduled for a 2010 completion.

 

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