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List of losers
A list of Dubai’s properties that have been either cancelled or delayed is making the rounds. If accurate, this is one list properties don’t want to top.
February 1, 2009 2:22 by Dana El Baltaji
A list of project cancellations and delays of properties in Dubai, which has been emailed to Kipp on at least three occasions, has caused a stir among the emirate’s expatriates.
If the list is accurate, then approximately $72.563 billion worth of projects are on hold, and $3.275 billion have been cancelled.
Kipp called a number of the developers on the list to confirm the rumors, and received mixed results. According to the list, Falcon City of Wonders, which it claims is being built by ETA Star, has been cancelled. However, the development is being built by Salem Al Moosa Enterprise.
Yet, Damac Property’s projects that are listed as “on hold,” such as Water’s Edge in Business Bay, and Business Bay: Burjside Boulevard are “experiencing delays,” explained the customer service operator.
When asked how long the projects will be delayed, she was unable to specify.
Kipp also called Dubai Properties to enquire after Signature Towers and Porsche Design Towers, both in Business Bay, but was met with a labyrinth of clueless operators and hesitant staff. We also called Nakheel, but the public relations department was unavailable.
Understandably, if the list proves to be accurate, then a number of developers have some explaining to do. Why wait for a random email to circulate before announcing the news to the public?
However, if the list is wrong, then it merely plays on expatriates’ already gloomy sentiment toward Dubai’s property sector…it may explain why the emails sent to Kipp with the list attached were sent by people who believed (blindingly) in the list’s accuracy.