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You bought the land, you have a vision and the money’s all there. Now all you need is a good property developer. When it comes to choosing a developer to commence work on your commercial property, there is perhaps little as important as the two R’s: research and reputation.
Research will reveal a property development company’s history, major projects, major clients, whether or not they completed their work within a reasonable time frame in the past and how solid their finances are. Publicly traded property development companies have a lot of their financial information on the web, and looking into those numbers can be key to finding out about the financial health of a company.
A developer’s reputation in the market is another factor to consider. Business publications and construction journals can provide insight into a property developer’s standing in the court of public opinion and help you make an informed decision.
Regional experience in the kind of commercial property you want to develop (industrial, retail, mixed-use) is vital as well. With the construction market picking up aggressively after years of slowdown, monetary losses and job cuts, foreign property developers are opening offices in the MENA region to obtain their share of profits, and those in the market for a commercial property developer have more choice than ever before.
The recovery is evident in one of the government-owned leading regional property developers’ recent announcement that it is ready to pay all its outstanding loans an impressive four years ahead of schedule. Another property developer backed by the local government is also in talks to launch an initial public offering (IPO) to bolster capital to keep up with a number of high-profile projects in the pipeline.
Demand for office space is also increasing across the UAE, and there is no better time to invest in a reputable developer than now.
• Reputation plays a major role when in the market for a developer
• Regional experience is invaluable in a developer’s performance
• Business journals can provide insight into a developer’s standing
See related story: The future of property development in UAE
Source: Bushra Hameduddin, Special for Properties
The writer is a freelancer