Managing Distressed Projects

KM Properties LLC was the owner of Parklane Tower, B2B Office Tower and Tamani Arts Offices, all located in Business Bay / Burj Khalifa area. After the economic crisis in 2008, the addressed projects were classified as distressed projects as per DLD, hence The Developer Properties LLC (TDP), with its managing partner Eng. Imad Hassan, became the new owner and took over the construction of the towers which were, as per RERA, 30% to 35% completed.

TDP designated IAH project development, a registered firm in project development consultancy, to undertake the handover process of the projects and the investors’ contracts. IAH managed the completion of the building; from coordination of new Sales & Purchase Agreement which is confirming timeframes, inclusions, and terms to completion of the construction and coordination of tenancies upon completion of the building.