Posted by Neil King
A construction-linked payment schedule has been drawn up to ensure delivery of the Paradise Lakes Towers residential and commercial development in Dubai by the end of 2011.
Under the terms of the new payment scheme, which was agreed between Sweet Homes Holdings and the Real Estate Investment Corporation of Ajman, investors in the project will be required to continue paying the remaining construction-linked instalments, while a remaining ten per cent will have to be paid on handover of the completed units.
"By shifting to the new payment plan, investors are being assured of the project's completion and delivery by December 31, 2011," confirmed Fahad Sattar Dero, chief executive officer of Sweet Homes Holdings.
Located a 20-minute drive from Dubai Airport, Paradise Lakes Towers takes its name from the surrounding lakeside views and lush greeneries.
Upon completion, the project will boast a 15,274 sq ft entertainment zone, a full floor of exercise facilities, a swimming pool and satellite TV in all the towers.
Designed by Adnan Saffarini Engineering Consultants, the project is part of Emirates City, a development comprised of 92 residential and commercial towers.