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Palm Jebel Ali investors reject Nakheel’s offer for studios
Investor’s in property develop Nakheel’s second palm-tree shaped island, Palm Jebel Ali
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Nov 14th, 2009
Investor’s in Nakheel’s second palm-tree shaped island, Palm Jebel Ali, have rejected the Dubai-based developer’s offer for studios in compensation for delays in delivering villas, Bloomberg reported on Friday, citing Arabic language newspaper Al-Ittihad. The newspaper cited an unconfirmed department official.
The Dubai Land Department received approximately 600 calls from investors who rejected Nakheel’s offer.
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i wonder if any of those investors had money/assets in other international companies/banks (ie citi bank, lehman brothers, etc…) and “rejected” some kind of compensation??…thats if they were offered a compensation to start with?!! investors in dubai are just taking advantage of dubai during recession while they used to run after developers to invest and stand in queques for hours to buy a property and make 100% profit in a week or 2.
Haitham you are absolutely right. There were many greedy people who profited in an obscene manner. But there are many like my wife and myself who have slogged for 10 years to save some money and invested in a small home only to see our project go into limbo with the prospect of loosing a lot of hard earned money !!
The Dubai government needs to take some hard decisions and insist that developers either complete projects on time or return the money taken from investors. Let us not forget that the developers were also equally greedy and announced many more projects than they could have ever hoped to manage with their own resources.
Certainly in cases where work has not even started several years after taking investors’ money ( e.g. Deyaar Park, Jebel Ali ) and the money is all sitting in escrow accounts ( hopefully ) then the money must be returned to investors.
I invest in Palm Jumairah at the start and held my property all the way till completion. Yes there were delays, but my investment was worth every single penny and I am enjoying a great lifestyle on the beach. So, my friends who invested in Jebel Ali Palm, when your house is ready and you move in, you will also feel great about this investment. Opportunities to live by the beach do not come your way at these low costs every day. To be honest, for the prices the houses are going at today, the land alone is worth more than the whole price.