Project Construction

Requirement : Price : AED 350M

Deal Synopsis       Project Construction is a diversified group in the UAE and India that specializes in mixed-use Real Estate Development / Affordable Housing / Community Redevelopment. The project owes a consortium of Banks/ Royal Highness based out of GCC and reputed UAE/UK/Chinese contracting companies and completing the project in line with the construction specifications.   The project requirement stated the lender to provide funding for a Construction cost of AED 350 M against the collateral of land and escrow account for receivables from old and new sales.   Deal Highlights     The Project covers the construction of a G + 29 residential building in Business Bay 70% of the units were sold in 2007-2008 AED 337M receivables from units already sold minimizing the risk of unsold inventory Revised design for the project was completed The land cost stated as 95 Million with the present market value of AED 130 M which was fully paid-up The project was a perfect product to cater to the demand in the catchment area The built-up area of the project was 925,875 sq. ft. The project has receivables of AED 337 million + 83 Million (Extra200 per sq.ft for conversion to residential) totaling AED 420Million from the existing unitholders The estimated value of unsold units was AED 175 million