Thursday, August 25, 2011

Damac announces cash refund option for investors of Palm Springs

Damac Properties has offered the option of cash refund to investors of Palm Springs project in Palm Jebel Ali.

The investors in the project have revealed that Damac has offered them the options of either 70percent cash refund within two weeks or 100percent refund with 25 percent within two weeks, and the rest paid at duration of three years, with 25 percent payment each year.

The Senior Vice President – Corporate Communication, Damac Properties, Niall McLoughlin, revealed that Damac is committed towards working on the Palm Springs in bringing about a closure to this long-pending issue.

Palm Springs was planned to be a 25-storey beachfront development on Palm Jebel Ali. Damac had tried to cancel the project in 2008, but agreed to reinstate due to protestation by investors.

According to RERA’s report last year, the works on this project are yet to begin, and the project plot has not been handed over to the developer. The RERA statement said that the developer is in the process of amalgamating the two plots, and get the new affection plan.

In the month of May this year, RERA cancelled nearly 218 projects. UAE witnessed completion of 129 projects since 2009, and 237 out of 450 projects are likely to be ready any time soon.

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