vAl Fajer Properties completes successful Restructuring; strengthens balance sheet by AED3.2 billion
Al Fajer Properties (AFP) today announced the successful completion of its restructuring plan for the company, which commenced in early 2008.
Under the leadership of its newly appointed president, His Highness Sheikh Maktoum bin Hasher Al Maktoum, a rigorous review of the company was conducted, whereby the previous management was disbanded and a new management team and strategy put into place.
The new strategy involved liquidating the company’s substantial land bank valued at AED 800 million, and generating additional sales from existing inventory of AED 2.4 billion, bringing the total value of mitigated risk down by AED 3.2 billion for the company.
The company saw an accelerated construction plan delivering a 7-day cycle per floor, which had never been achieved before for phase 1 (towers 1 – 5 of its 9 commercial towers) within the Jumeirah Lakes Towers (JLT) community. Phase 1 is due for completion in the last quarter of 2009 and phase 2 (towers 6 – 9) scheduled to be online on or about the same time the following year.
The company also initiated the implementation of new policies and procedures, bringing the company up to date with international financial standards and in line with updated RERA (Dubai Real Estate Regulatory Agency) rules and regulations ensuring more transparency in the marketplace.
“We have taken immediate remedial action in early 2008 which has significantly strengthened the position of AFP and I am very pleased with the outcome,” said His Highness Sheikh Maktoum Hasher Al Maktoum, President of Al Fajer Properties.
