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FINANCIAL NEWS
Dubai’s Palm Springs investors to get full refund
26 Jan 2012
(MENAFN) Dubai-based developer Damac reached an agreement with investors in the stalled Palm Springs project for a full refund on payments made for their uncompleted properties, Arabian Business reported.
The investors were previously offered 70 percent refund for their payments or 25 percent immediately followed by a further 25 percent annually for the next three years.
Of the 48 investors involved, 21 have received payment, and a further 27 are expected to receive their cheques in the next two weeks.
Palm Springs was designed to be a 25-storey beachfront development located on Nakheel’s Palm Jebel Ali island, but was then stalled in the wake of the emirate’s real estate crisis.
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