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FINANCIAL NEWS
CHI Group files an USD84.1m suit against Nakheel
28 Aug 2011
(MENAFN) CHI Development Group, A homebuilder in Jumeirah Golf Estates, said that it filed an USD84.1 million suit against Nakheel Properties, the project’s master developer over delays in infrastructure construction, reported The National.
CHI Development Group built Lime Tree Valley, a collection of 121 villas along the golf course and was completed almost two years ago, but owners have not been able to move in because there is still no electricity or road access to the homes.
On the other hand, Nakheel Properties’ said that the works at site are advancing and the contractors are on site and progressing work on the development.
CHI’s representing lawyer, Jonathon Davidson, said that CHI’s clients are trying to resolve these issues amicably with Nakheel. Proceedings have been filed ahead of the proposed separation of Nakheel from Dubai World to protect CHI Development Group’s interests and those of its purchasers.
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