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Omniyat Committed to Delivery Timelines: CEO

DUBAI — Construction is fast on track for Omniyat Properties’ nine projects and the company is committed to its delivery timelines, CEO Peter Walichnowski said.

“The first three projects, One Business Bay, Bayswater and the Square will be completed by April 2009. The second batch of three projects, the Pad, Binary and Gemini, will be delivered by 2010. The Octavian, the Opus and Beachfront Living will be completed by 2011,” he said.

Walichnowski said Omniyat is focused on completing its ongoing projects and there will not be any new launch this year. Speaking to the media after the launch of Omniyat Asset Management (OAM), a full service management company offering property management and investment services, he said: “The OAM has been established as a natural extension of our business. It will act as a developer and service provider for our projects.”

“Our aim is to establish a long-term relationship with our customers that will remain even after we delivered the buildings to ensure that the Omniyat experience continues through the investment phase so as to deliver superior returns and to eliminate the problems associated with managing their property investments,” Walichnowski said.

On the current real estate scenario he said: “It’s a tough market right now, affected by what happened around the globe. Number of transactions have dropped drastically and selling is badly affected. However, we are lucky that we are not in a situation where we have to discount the prices.”

According to Walichnowski, the first half of the year is going to be tough and by middle of the year there will be improvement in the market with more liquidity and funds.

In less than four years, Omniyat has established itself as one of the most successful development brands in the region creating real estate assets with a gross realisation of over Dh21 billion.

· aneela@khaleejtimes.com