Gulf Construction Online - Riverwalk strict on delivery

UAE Focus

Riverwalk ... mixed-use project.

Riverwalk strict on delivery

01 November 2005

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, the development owners.

“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,” says Wride.
From the selection of sub-developers through reviewing their sales collateral and promises to consumers, the company will ensure consumers know exactly what they are buying, and therefore what they will receive, he says.
“We will monitor the development schedule closely, with pre-agreed targets for starting each element of the project, through to completion.”
He says escrow accounts will be used for each element of the Riverwalk development. The escrow process, currently one of the foundations of real estate transactions in the US, is relatively unpractised in Arabia. The principles are to ensure deposits from the buyer are held by an independent third-party, and no funds are handed over to the developer until all contract deliverables are complete.