DUBAI, United Arab Emirates--(BUSINESS WIRE)--Al Fajer Properties is pleased to announce that its performance-based direction is now measurable by an established construction standard whereby attaining the highest level of transparency on its projects.

The developer is happy to announce that it has undergone a voluntary construction audit carried by a RERA (Real Estate Regulatory Agency) approved independent third party. The results of which confirms that work on phase 1 has neared 80% completion and 15% of construction has been completed on phase 2 (including the Ebony and Ivory Towers) with work continuing. Progress on the project will be available on the official RERA website shortly. The audit affirms that Al Fajer properties have attained the highest level of transparency and is in full compliance with all RERA rules and regulations.

The impressive turnaround of the company started with an aggressive managerial restructuring that set a new direction for itself in early 2008. This was followed by a financial restructuring that resulted in a strengthening of the balance sheet by AED 3.2 Billion. The restructuring involved removal of inefficiencies and strengthening of the company’s operational capabilities culminating in a four day construction cycle per floor and the building of Phase 1 in record time. Phase 1 is due for hand over in the last quarter of this year.

As a result of this operational excellence, AFP has also become the first developer in Dubai to use the Oqood system in its entirety demonstrating the highest level of compliance.

Confirming this milestone achievement, His Highness Sheikh Maktoum bin Hasher Al Maktoum, President of Al Fajer properties, said: “Often times in the past, a minority of companies in the sector, were led by brokers and sales agents who did not adhere to sound business methodologies as it was very easy to sell real estate due to the excessive demand. However, today Dubai like any developed economy is returning to fundamentals. I believe those companies with a strong focus on management and performance as their core competencies will be able to excel in the current market conditions. I am confident that we will continue to deliver measurable results through our performance and dedication. “

His Highness further went on to commend RERA on its proactive approach helping to achieve full transparency in line with RERA’s goals and aspirations for the real estate sector. “We applaud RERA in helping to further boost investor confidence. We believe that the Dubai market has matured and is best positioned to take advantage of any market recovery even though we may still face difficult times for the remainder of this year. We believe that we have past the bottom in terms of bargain property prices for completed projects and projects under construction. With the introduction of third party construction auditors by RERA and publication of their results, RERA is in mid stream of changing Dubai’s real estate market to a factual and rational one, maintaining the highest level of transparency,” said His Highness Sheikh Maktoum Bin Hasher.

Over the past few years RERA has been diligently working with the Dubai Land Department, developers and its preferred partners to bring transparency and clarity to Dubai’s burgeoning real estate market. In a market ruled by disinformation the completion of such a voluntary exercise by AFP over the last month only further helps to prove the facts on the ground showcasing the concrete results achieved by the new management team.

Al Fajer Properties (AFP)

Al Fajer Properties LLC (AFP), was established in November 2004 as a wholly owned subsidiary of AFG (Al Fajer Group). Since then the company has built up a significant land bank of note. The company is currently in the process of developing its flagship project which consists of 9 commercial towers located in the Jumeirah Lake Towers Community. With an estimated project value of over AED 3 billion the company has positioned itself to become a leading player in the fastest growing real estate market in the world.

Dubai Real Estate Regulatory Authority (RERA)

RERA, Real Estate Regulatory Authority, part of the Dubai Land Department is a nodal agency that formulates, regulates, manages and licenses various real estates related activities in Dubai. RERA was established in July 2007 by a decree of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai.

RERA envisages a transparent and effective regulatory environment in which various entities pertaining to real estate can conduct their business. As part of this vision, RERA would like to create an online community and marketplace thus enabling various categories of stakeholders to interact and transact with each other and with RERA

Dubai Land Department (LD)

The Dubai Land Department was established on January 24, 1960. LD has developed in sync with the rapid growth of Dubai. The number of lands registered at LD exceeds 50,000 plots all over the emirate. The process of registering real estate data is entirely computerised. All procedures related to sale, purchase, and mortgage are conducted electronically. The LD has left the era of manual work behind, keeping pace with advanced technology, which allows the department to provide clients with quality and time-efficient service. The LD places a high premium on customer care. Most clients are either UAE nationals and or GCC investors. The Dubai Land Department continuously strives to keep up with the development and prosperity of the emirate under the rule of His Highness Sheikh Mohamed bin Rashid Al Maktoum.