Month: October 2013

Crystal Lagoons to bring world’s largest crystalline manmade lagoon to Dubai

Dubai, 02 October 2013. Multinational Crystal Lagoons Corp. the patented technology developer of giant crystalline lagoons, marks its return to Cityscape in Dubai, which starts on the 8th October, with the launch of its latest and grandest project to date, which once completed will be entered into the Guinness Book of World Records.

Crystal Lagoons has signed a deal to construct the world’s largest manmade lagoon, covering 40 hectares, almost four-times bigger than the world’s largest existing lagoon. Located in the upscale Mohammed Bin Rashid City – District One residential community, located in the heart of Dubai, the lagoon will form an integral part of the US$7 billion project. Mohammed Bin Rashid City – District One is a prestigious joint venture between Dubai-based Meydan Group and Real Estate developer, Sobha Group.

The new lagoon with its expansive custom-made beaches, which offer unlimited scope for swimming, water sports and other water based leisure activities, will be a core amenity within Mohammed Bin Rashid City – District One’s fourty seven million square feet of freehold land. This expansive development will feature luxury residences, green parklands, waterways, a high end shopping and dining pavilion and large recreational spaces creating one of the lowest density developments in the heart of any international city.

“Caribbean landscapes are no longer exclusive to tropical destinations. Our pioneering concept and state-of-the-art technology, which allows for sustainable, swimmable, turquoise lagoons of unlimited sizes to be built and maintained at low cost anywhere in the world, is proving extremely popular with our growing list of partners across the Middle East,” said Kevin P Morgan, CEO, Crystal Lagoons. “Dubai gives us an outstanding strategic position in the Middle East, and the opportunity to participate in a world-class development that adds prestige to our current project portfolio,” he added. Mohammed Bin Rashid City (MBRC) is a planned mixed-use development containing four components; family tourism, retail, the arts and entrepreneurship and innovation. One interesting feature will be a public park larger than Hyde Park in London.

Crystal Lagoons’ global portfolio of 250 projects located in 50 countries includes five high-profile Middle East based developments. The company has completed two lagoons in the popular Egyptian resort of Sharm El Sheikh – including currently the world’s largest lagoon at 12 hectares – and another completed project in Jordan, along with two other projects under development in Oman and the UAE. “As the only company in the world offering this concept and technology, we continue to expand globally and revolutionize the real estate market by partnering with international developers and resort operators to improve overall sales prices, velocity, and project densities. Based on our track

record in the Middle East, we have proven that our technology can add value to a top destination, making beachfront real estate a reality anywhere in the world,” said Morgan. The company is currently in discussions for a number of exciting new tourism projects in Saudi Arabia, Qatar, the UAE and Egypt, and Morgan emphasises the region’s attractiveness as investment in tourism infrastructure continues to outpace other global markets. Crystal Lagoons’ portfolio of regional projects also includes the completed 4.29-hectare Dead Sea Lagoon in Jordan, a project developed in partnership with Turath for Tourism & Real Estate Projects, and the under development 4-hectare lagoon located within the new Barka Resort in Oman. The Alargan-developed resort is situated 50 kilometres west of the capital, Muscat, and the lagoon has become the focal point of the community, which also offers three hotels, serviced apartments, villas, townhouses, apartments and a souk.

With the announcement of its new Dubai project, Crystal Lagoons is also on the way to securing its third Guinness World Records’ title for the world’s largest swimming pool, building on the success of its San Alfonso del Mar, Chile, and Sharm El Sheik, Egypt, locations. The only global company with the technological capability to make the development of giant bodies of water economically viable, Crystal Lagoons is positioning itself as offering a unique product differentiator to high-profile tourism and real estate projects around the world.

Its technology makes it possible for people to enjoy an authentic beach experience in previously unimaginable locations, such as the desert or in the centre of major cities, with the potential to add economic value to new tourism destinations and real estate projects. Crystal Lagoons uses up to 100 times less chemicals than traditional pool systems and only two per cent of the energy required by conventional filtering technologies, making the lagoons incredibly sustainable. The largest real estate event in the Middle East, Cityscape Global 2013 takes place from 8-10 October 2013 at the Dubai International Convention and Exhibition Centre.

Source: propertyonline

Full steam ahead for Mohammed Bin Rashid City District One

Dubai-UAE, 02 October 2013: Meydan Sobha FZ LLC, today announced that District One, Dubai’s marquee development located in Mohammed Bin Rashid City, is making rapid progress with the construction of its Show Village. The Show Village, which will act as a unique showcase of the prestigious Meydan Sobha development, is already approximately 80 per cent complete and when finished will comprise nine show villas, a demonstration of the world-leading Crystal Lagoon feature, extensive landscaping and a bespoke sales centre.

District One is an exclusive residential destination situated in a prime location in the heart of Dubai, a mere 2.9 kilometres from the Burj Khalifa. The expansive development is just five minutes from the entertainment and financial centres of the city, but it will be one of the lowest density residential developments in any international city, with over 65 per cent of its 1,100 acres dedicated to open and green space. Launched by Meydan Sobha, an equally owned joint venture between Meydan Group LLC and Sobha Developers Ltd, the project, which will be delivered in four phases, will be completed in approximately seven years.

The nine actual villas in the Show Village will offer buyers a preview of what their future life of luxury will look like as they will be identical in every respect to the homes that residents will be able to buy. One of the unique selling propositions of District One will be the world’s biggest manmade lagoon, which is being constructed by globally renowned Crystal Lagoons, and the Show Village will also include a portion of the actual lagoon built using the same technology.

Commenting on the development, Mr. Saeed Humaid Al Tayer, Chairman and CEO of Meydan Group said: “Mohammed Bin Rashid City-District One is poised to become a monumental destination in Dubai, offering a residential development in the heart of the city that is currently unique to anything else in the region. The development also includes various attraction points ranging from parks, man-made beaches and the largest Crystal lagoon in the world to sports fields with cycling tracks, an equestrian club and shopping & dinning promenade with an array of restaurants. With master planning, aesthetic design and build of the highest quality, the show villas’ completion provides customers with the ability to physically experience their future lifestyle in a true and meaningful manner.” Prospective buyers in District One will have the option of distinct villa styles and a vast array of floor plans, ranging from four to eight bedrooms.  The project embodies a lifestyle that blends luxury with natural beauty and nouvelle residential. “With a three-decade-long pedigree of developing and constructing lifestyle destinations, District One will be the jewel in Sobha’s crown,” said Mr. PNC Menon, Founder and Chairman of Sobha Group.

“We expect to complete the nine villas by November. Our partnership with Meydan will enable us to deliver expertise, choice and quality to an entirely new community in the heart of Dubai.” In addition to the stunning villas themselves and the vast lagoon, District One will also deliver a phenomenal range of features and activities including parks, manmade beaches, canals, water sports, and even an equestrian club with riding trails. The development will also feature a promenade with a wide selection of stores, restaurants, cafes, lively bistros and entertainment options.

Source: propertyonline

High expectations for Cityscape Global 2013

The 12th edition of the Middle East’s largest and most influential property event will take place from 8-10 October at the Dubai World Trade Centre, and has been extended to two additional exhibition halls this year, covering more than 25,000 square metres of exhibition space. With more than 200 international and regional exhibitors taking part, the global real estate showcase has been on a consistent upward growth curve since 2009, and will be the largest it has been in four years. Even so, its organisers, Informa Exhibitions, hadn’t anticipated such a strong exhibitor response months before the show opens. “With Cityscape Global being the barometer of the local and international real estate market, we were always anticipating continued growth of the show.

The demand for exhibition space that we have received over the last couple of months in particular, however, has been quite overwhelming,” said Wouter Molman, exhibition director of Cityscape Global.

“There is definitely a heightened buzz about the exhibition this year which has resulted in the difficult decision to turn away exhibitor requests because we simply don’t have any more space to accommodate them. “The good news is that those companies which were ready early and confirmed their space will have a global audience of more than 25,000 participants to showcase their latest property developments and peripheral real estate products and services.” Molman added that he expects a large number of major announcements to be made by participating exhibitors both leading up to, and during Cityscape Global, as developers work hard behind the scenes to build up investor interest to coincide with the three-day event. This year will also see an increased participation from Qatar based companies, with major projects from key developers Barwa Real Estate Company, Mall of Qatar, Msheireb Properties, and United Development Company, all taking

centre stage. Abdulla Hassan Al Mehshadi, CEO of Msheireb Properties, said: “Msheireb Properties is delighted to be taking part in Cityscape Global 2013. For us, it represents an opportunity to showcase our flagship project Msheireb Downtown Doha and the pioneering work we are currently undertaking in the field of sustainability urban development.” Another stand that will be a major attraction for crowds will be that of the Dubai-based Diamond Developers, which will showcase its AED1 billion, 46 hectare Dubai Sustainable City development, the Emirate’s first fully sustainable real estate project. Faris Saeed, CEO of Diamond Developers, commented: “Under the slogan ‘Sustainable living’ we will be presenting at Cityscape Global a day of a family living in a sustainable community.

Dubai Sustainable City is a new generation of community planning, and we will showcase the multiple benefits of living in a sustainable environment with emphasis on green, social and economic aspects of sustainability. We are thrilled to share our vision and experience in sustainability solutions that seek to make Dubai the region’s benchmark for sustainable development.”  Ahmad Al Matrooshi, managing director of Emaar Properties, Foundation Sponsors at Cityscape Global, added: “Cityscape Global is the region’s premier property exhibition that attracts visitors from around the world. As a foundation sponsor of the event, we will once again showcase our established and upcoming project portfolio to a distinguished audience encompassing industry professionals across all facets. The exhibition is a key index of the performance of Dubai’s property sector.”

Source: propertyonline / Property Times magazine

LD takes steps to stabilize sales and rental markets

Dubai’s Land Department (LD) is taking further steps to stabilize the market, taking the rent committee under its wings and doubling the property registration fees. The IMF recently alerted of the risk of a property bubble emerging in Dubai, and this increase in registration fees may just be what the doctor ordered.

“We studied this increase in the fees actually before the warning was issued by the IMF, and although we believe our decision is in line with the IMF’s concerns and increasing the fees to 4% will limit any indications of a bubble happening, limiting unhealthy flipping, we don’t agree that there is a bubble forming. On the contrary, we believe the market has reached maturity, is stable, with actual projects not speculation and the values today are at the right level for a global city like Dubai,” says Sultan Butti bin Mejren, the director general of the Land Department of Dubai (LD).
The increased fee from 2% to 4% to register a property on the land department’s interim or completed real estate registry applies to all properties, except industrial and warehousing, from October. As per law buyers and sellers are expected to continue sharing the fees on a 50-50 basis.  The LD has recorded AED162 billion covering 44,000 transactions since the first nine months of this year. In comparison the same period last year saw transactions of Dh90 billion and Dh145 billion for thewhole year. Clearly the market is on the go. “It is good they’re trying to curb flipping, we would suggest a property tax and this is a good example of that. We’ll see how well the 4% will work but the experience in Singapore and Hong Kong is that transaction tax is s god way to reduce the amount of dissuading buyers selling on too quickly,” comments Craig Plumb, head of research at Jones Lang LaSalle – MENA.
Equally rents are on the way up. The LD hopes by moving the existing rents committee under Dubai Municipality into its judiciary remit, it will stabilize rent levels and decrease the number of disputes. The rentdispute settlement centre promises to speed up procedures and benchmark them to, if needed, introduce new laws, revise application fees and even the rent index.
“The LD has some very experienced people, so hopefully this new Centre will be a good thing for the market, but it remains to be seen how the transition goes and whether the new Centre looks at things the same way as the Rents Committee did,” comments Michael Lunjevich, partner at Hadef & Partners. The centre will open 60 days from when the already issued decree to form it is published in the Official Gazette. The next opportunity is October. “We expect to open by December,” confirms Sultan.
source: propertyonline / Property Times magazine

Realty: Tempo should ensure fee hike is taken in stride

But buyers of Dubai property might soon have to factor in a possible tightening of mortgage lines

Dubai: Give property buyers some space and they will start to take the hiked registration charges in Dubai — from 2 per cent to 4 per cent which came into effect from October 6 — in their stride. At least, that is the sum and substance of what market observers are forecasting.

“There haven’t been any transactional activity drop as such after the announcement [late last month],” Yash Shah, sales and leasing manager at SPF Realty, said. “The market will soon absorb the new regulations and move forward. It just needs some time to sync in the market.”

But that, to put it bluntly, is the crux of the issue. Will the hike go far enough to slow down the pace of increase in activity in key freehold locations of Dubai?

There was some talk about the momentum tapering off slightly once the wave of buying spurred by the Arab Spring subsided. That never happened, as the last two quarters saw a surge in transactions, as recorded by the Dubai Land Department (DLD). Property value gains are still sticking to the double-digit percentage growth during the same period.

According to top DLD officials, the hike will go far enough to cool down “excessive” speculative buying and selling in the chase for a quick profit taking. At the same time, they also make a point of emphasising that local registration charges are still much lower than in most mature real estate investment destinations.

More measures likely

“Of course, the idea is not to restrict the market altogether but allow a slower rate of increase,” Robin Teh, country manager at Chesterton International, said. “There might be more measures being introduced as the months progress.”

While cash buyers can take increased transaction costs in their stride, it may be less so for mortgage-backed buyers. There are still concerns over the loan-to-value (LTV) upper limits that the UAE Central Bank might impose shortly, forcing buyers to put up more equity as down payment.

That plus the doubling of the registration charges now will mean a sizeable funding commitment upfront.

But Shah reckons that the market and its buyers just need some extra time to adjust. He says the registration charges will be shared by the buyer and seller, which is the norm now (even though the regulations place the onus on the buyers alone.)

“The raised fees will be equally shared by buyers and sellers, so I don’t see a need for investors to talk of the sudden hike in fees,” Shah said.

“Once the market syncs with the new changes, there won’t be any correlation between the higher transaction charges and a slower growth in property value gains.”

Source: http://gulfnews.com/business/property/uae/realty-tempo-should-ensure-fee-hike-is-taken-in-stride-1.1240110

Recent property buyers in Dubai caught between rock and hard place

Sellers insist that these buyers should stick to the market norm of paying the registration charges in full

Dubai: With property registration charges doubled to four per cent from October 6, buyers involved in recent transactions are suddenly dealing with a funding crunch they never anticipated.

Sellers insist that these buyers should stick to the market norm of paying the registration charges in full, even though the Dubai Land Department regulations clearly state that these should be borne equally by buyer and seller.

“An unseemly tug-of-war has broken out in those transactions where the buyer does not have immediate access to the additional funds and the time limit on their mortgage applications is ticking away,” said a property agent. “It leaves affected buyers between a rock and a hard place while sellers hold all the aces.

“The only solution would have been for the authorities to extend the period before which the hike came into effect.

Source:  gulfnews

 

Dubai housing headed for correction

House prices in the emirate have climbed more than 22% over the past year

Dubai: Residential house prices in Dubai are increasing at an unsustainable rate and may see correction over the next 12 months, a report by property consultancy Jones Lang LaSalle (JLL) said on Thursday.

House prices in the emirate have climbed more than 22 per cent over the past year – higher than any major global market – as billions of dollars of government real estate projects triggered a buying binge and stock market bull run that has caused concern at the International Monetary Fund.

“The rate of increases seen over the past year is indeed unsustainable…while residential prices and rents will continue to increase over the next 12 months, the rate of increase will decline somewhat,” the JLL report said.

The surge has largely been driven by speculative buying, JLL said, noting: “Such rates of increase cannot be supported by the fundamentals alone.” Data from the Dubai Land Department shows 80 per cent of real estate sales in the first half of 2013 were cash transactions, suggesting the speculative buying that the emirate witnessed in the previous boom period is regaining traction.

Dubai’s property market prices collapsed by over 50 per cent in 2009 after the global economic crisis. The IMF warned in July that overspending could leave Dubai vulnerable to another debt crisis if global market conditions deteriorated.

JLL’s report suggested the current overheating would be tempered by new regulation, significant house supply and developers being less dependent on pre-sales.

Dubai said last week that it would raise the registration fee charged for real estate transactions to four per cent from two per cent to prevent excessive speculation in the property market.

The government is also working on introducing mortgage limits for expatriate and local investors.

About 45,000 new housing units are expected to be delivered in Dubai before the end of 2015, representing an annual increase of around 16,000.

Source: gulfnews

Upscale District One to test market sentiments

Formal sales to happen before year end with villas at between Dh1,800-Dh2,000

Dubai: Dubai’s next big thing by way of a super-premium residential location, the District One in Mohammad Bin Rashid (MBR) City, will have the first formal sales launch of its villas before the year end, according to the developer.

Indicative launch prices could be in the Dh1,800-Dh2,000 range, which in itself would set a new pricing benchmark for upscale locations other than on the Palm and signature developments as the Burj Khalifa.

The developer, Meydan Shoba (an equal joint venture between Meydan Group and Shoba Developers), confirmed that pre-launch bookings are already on for District One, which will be an all-villa project totalling 1,500 residences set over a sprawling 700 acres. There will be multiple sales phases. The entire project, located along Al Khail Road and to cost Dh21 billion, would take between five to eight years to develop and also include a central park, water bodies, hospitality and promenade-fronting retail elements.

“It will be a low-density residential location and as a developer we can confirm that it will remain so,” said Ajay Rajendran, vice-chairman of Shoba Group. “The premium nature will come through not just from the quality of what will be offered but the fact that it will be the only new exclusively villa project being built close to the centre of the city.”

The developer is offering quite a few options on the villa designs, with unit sizes varying from 5,550 to 27,000 square feet. “Between 90-95 per cent of what a buyer would want in terms of design and scale is available through the options we have created internally,” said Rajendran. “On the pricing, we have not included the garage space, decking or open balconies into the offer.”

Cost of development will be met through internal reserves, debt and property sales. Initial construction works have started on site and the first of the major contracts are due to be awarded before the year is out.

On whether there wouldn’t be disruption to future residents in the initial phases from the continuing construction activity at others, the official said: “The development borders three existing and busy arteries and this would reduce any such concern.”

Existing villa values in Dubai have been on an upward trek ever since the market turned itself around and cash buyers began snapping up anything that was instantly available. Value gains of 20 per cent plus from the lows of 2010 are the norm for villas.

Rajendran sees a connect between the ongoing rental gains and demand for property. “As long as rentals are gaining, investors have less reason to worry about asset prices as the momentum is centred around strong fundamentals,” he said. “This is so even if the pace of rental growth slows down.”

Source: gulfnews

 

A progressive step in rental dispute resolution

New dispute centre has work cut out though some provisions need more clarity

His Highness Sheikh Mohammad bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued Decree No. 26/2013 establishing the Rental Disputes Resolution Centre. The Centre aims to provide a specialised judicial framework to deal with rental disputes and to improve the resolution thereof through a simple and expeditious mechanism.

Finding an efficient mechanism to resolve rental disputes in Dubai goes back to the ‘70s when a committee was formed in Dubai Municipality. The logic behind a quasi-judicial committee outside of the Court’s framework was that the market for rentals was governed by norms that required special knowledge that the regular courts may not necessarily possess. In addition, it was thought that delays associated with the court system would damage the real estate market, which could not afford having properties vacant or not generate income pending a court ruling.

The initial jurisdiction of the Rent Committee was confined to evacuation orders, which required swift decisions and actions. The decisions of the Rent Committee enjoyed judicial force and were as such enforced by the courts. There was no recourse to appeal or any sort of opposition as promptness was the main drive for the Committee.

However, its role expanded with time to cover any claim relating to rents and not merely evacuation cases. This meant it had to deal with legal issues that in some cases were complex and beyond the layman expertise of its members.

An added element was that the Committee worked in a vacuum of proper written proceedings and rules, which was a source of confusion for the parties dealing with it. With the real estate boom of the past decade, the number of cases the Committee had to deal with exploded and despite the increase in members and extended working hours, it was simply unable to cope with the volume of cases before it. In addition, the rise in the level of legal complexity led the Committee, composed fully of laymen, to struggle in dealing with these cases in spite of the sincere efforts and good intentions of its members.

So what is new in Decree No 26? The starting point is the jurisdiction is wide enough to capture all disputes relating to rents. However, it excludes rental disputes arising in free zones that have courts or special committees to deal with them (in a reference to the DIFC), those arising out of financial leasing and long leases, which are governed by Law No. 7 of 2006 in respect of Real Estate Registration.

The major development in the Decree is that the Centre is presided by a judge and all committees has a judge as a member in addition to two laymen members. Thus, the formation of the committees preserves the expertise that rent disputes require while adding a legal element that the previous ones lacked. The Centre has four divisions: for Conciliation and Settlement, First Instance, Appeal and Execution.

The other interesting development is that the decisions of the committees are subject to appeal, a process that the previous ones did not have and which attracted a lot of criticism. The appeal committees is an indication that appeals have more legal elements that require consideration. In an attempt to strike a balance between the requirements of justice and the seriousness of appeals, the Decree requires for the admittance of an appeal, the judgment debtor must deposit 50 per cent of the decreed amount with the Centre.

The Decree provides that claims where the value thereof is less than Dh100,000 are final and not subject to appeal except in cases of evacuation, lack of jurisdiction, where the parties were not properly summoned or where forged documents were presented. It is most likely that parties to disputes will lodge appeals based on the many exceptions that the Decree allows which will render in effect the threshold impractical.

The Decree requires that committees render decisions within 30 days of the file being referred to them. However, this period can be extended indefinitely, which is most likely to happen in the majority of cases.

There is no doubt that it is a major development in resolving rental disputes in Dubai. The ultimate extent of success of this mechanism will depend on how efficiently it will be implemented.

— The writer is the chairman of Baker & McKenzie Habib Al Mulla.

Source: gulfnews

Dubai realty still offers a value proposition

Despite a hike in transfer fees values compare favourably with those elsewhere

Last week, news emerged that the Dubai Land Department (DLD) was doubling transfer fees to 4 per cent. However, the rise didn’t come as much of a surprise.

After all, there has been increasing concern that the emirate’s residential market is overheating. Our Global House Price Index shows that Dubai prices rose by nearly 22 per cent year-on-year in the second quarter of 2013.

In recent years, such “cooling” measures have also been introduced in other markets. Indeed, both Singapore and Hong Kong have implemented a number of policies since 2009, albeit with varying degrees of success.

This is reflected in the fact that, in annual terms, in Q2-2013, prices continued to see double-digit rises in Hong Kong, while Singapore saw a relatively modest increase of 4.5 per cent — a sharp slowdown compared to mid-2010 levels.

In Singapore, several rounds of measures have been introduced since 2009. Among these was the Additional Buyer’s Stamp Duty (ABSD), introduced in December 2011; it comprised a 10 per cent levy for foreigners and certain entities. But given that it wasn’t particularly effective, in January 2013, the ABSD was raised to 15 per cent for foreigners.

Moreover, permanent residents, and Singaporean citizens buying their second property, were also brought under the regime. One of the more recent measures — locally dubbed as ‘cooling measure 7.5’ — is the Total Debt Servicing Ratio (TDSR) framework. This requires that the total debt servicing ratio for any property buyer in Singapore must not exceed 60 per cent of their income.

What’s more, since 2009, a number of policies have been implemented in Hong Kong. These include a 15 per cent property tax on foreign buyers, mortgage restrictions and taxes on quick re-sales. Furthermore, earlier this year, the stamp duty was raised from a flat fee of HK$100 (Dh47) to 1.5 per cent for property worth up to HK$2 million. Anything over the HK$2 million saw stamp duty double from 4.25 per cent to 8.5 per cent.

So in context of all these measures, Dubai’s rise in the transfer fee doesn’t look particularly severe. Indeed, all else being equal, we are unconvinced that it will act as a significant brake on residential property demand, and thus price growth. There are several reasons for this.

First, Dubai’s new transfer fee is still much lower than the 15 per cent property tax being imposed on foreigners in the two Asian-Pacific markets, for example. That is important given that about 90 per cent of residential transactions in the emirate are accounted for by foreign buyers.

Second, despite the doubling in the transfer fee, the total costs associated with buying residential property — especially in the prime bracket — remain much lower in Dubai than some other popular locations around the globe.

Third, with prices currently rising at an annual rate of more than 20 per cent in the emirate, the 2 per cent rise in the transfer fee — while a bitter pill to swallow — is unlikely to be much of a deterrent for property investors with a view that Dubai’s residential market has further gains to make.

That said, in the short-term, we wouldn’t rule out a slowdown in the emirate’s residential price growth rate. However, we anticipate that once the market adjusts to the new development, it will likely be business as usual.

All in all, we think that some other “cooling” measures could also have been implemented to achieve the desired effect. For example, any seller transferring a property a short while after the initial purchase could have incurred higher costs.

Moreover, the hike in the transfer fee perhaps should have excluded end-users. And, finally, the Dubai Land Department would have done well to provide the market with a grace period of two to three months on agreed sales to prevent potential disarray among those involved in a transaction process.

Source: gulfnews