Project Update November 2009

Overview

We are writing to firstly, wish you Eid Mubarak as we prepare in Dubai for the three

day religious festival and the National Day a few days later and then move into

the final month of the Year. Secondly, we wish to update you on progress and to

inform you when we will be able to confirm completion and provide you with an

occupation date. For those that have not made appointments to personally visit the

site, you will be pleased to hear that work continues to progress well. We still await

to receive the formal Building Completion Certificate and permanent power but are

now confidently programming in terms of weeks and days as opposed to months

and weeks. We hope to provide you with some good news when we return after Eid

and will write to inform you as soon as we receive the Authorities official Building

Completion Certificate. We will then be able to confirm how long it will take for the

contractors to hand over the buildings to Asteco Development Management and the

phased timeline for Asteco to handover of the buildings and units to the individual

customers.

From the photographs, you will see that work on the beach has started and

progressed since we last wrote. The landscaping on the podium is maturing and the

two restaurants and bar facilities are externally complete. The swimming pool has

been full for sometime and the lazy river is due to be filled shortly. Internally, two

additional show apartments have been completed and furniture packages installed to

complement the third show unit. The offices for the handover and co-ordination and

Sales staff have been prepared and made ready in anticipation. Work continues on

the detail within the apartments and externally in the corridors and entrance lobbies.

Behind the scenes, the basement car parks are nearing completion and additional

design and access controls are being refined and added to ensure residents privacy is

respected uninvited visitors will not able to gain access to the podium’s facilities. The

co-ordination team is preparing and assembling all documentation in parallel to the

Strata team and the external lawyers to ensure that the legal structure is correct and

complies with both the new Jointly Owned Property Law and also practical reality -

to ensure the long term success of the Oceana Development. The FM contractor is

due to be publicly appointed very shortly and is preparing to mobilize immediately

to begin refining and checking the plant and machinery in advance of the handover.

In conclusion, please be assured that Seven Tides and Asteco Development

Management and Property Management are collectively working very hard in your

interest to deliver the product that you purchased. The journey is almost at an end

but we are aware that there is still time for surprises but we emphasize that Seven

Tides is doing its professional up most to forsee and avoid and or if necessary address

issues at its expense if they arise. We are now on the final straight and will write very

shortly after Eid to provide dates for the handover.

Below, the Podium’s landscaping design is superimposed over a photo of the actual work on

site to date, to provide you with an insight into the final product.

Thanking you.

Yours Sincerely,

Ian Hollingdale

Head of Project – The Palm