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FINANCIAL NEWS
Damac offers Palm Springs investors cash refund
24 Aug 2011
(MENAFN) Dubai-based Damac Properties’ Senior Vice-President Corporate Communication, Niall McLoughlin, said that Damac offers Palm Springs project investors a 70 percent refund in two weeks, or 100 percent with 25 percent paid in two weeks and rest over 3 years, reported Emirates247.
McLoughlin also said that these offers come in an effort to end the stalemate with investors of Palm Springs project in Palm Jebel Ali. Moreover, Damac is fully committed to working with Palm Springs Investors to bring closure to this issue.
On the other hand, Palm Springs investors say that Damac’s executives offered the options of cash refund at 70 percent within two weeks, or 100 percent with 25 per cent paid within two weeks and the rest paid at 25 percent over the three subsequent years.
It is worth noting that Palm Springs was designed to be a 25-storey beachfront development on Palm Jebel Ali. However, Palm Jebel Ali and Palm Deira projects have not been cancelled and remain part of long-term projects.
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