Quote:
Originally Posted by Damac Manchester Office
Hi Everybody,
Well Damac is working very very hard to launch this fantastic project but there are many paper works and Bureaucracy issue to be finished before anything.
The Government has agreed the final Plans and designes, but there is still The Military intelligance Office has to finalised all the dopcuments and put any reservation regarding the location of the project.
Hopefully the project will Be soon on Jun maximum July. All i can say at the time being that the Morrocan and Egyptian Theme wil be launched first.   |
I saw in the FT today that Damac have today cancelled a large Dubai project that was already largely sold to overseas investors over the past several years. Speculation was that with rising building costs and now higher prices that they had sold it too cheap and now wanted to pull the scheme rather than build it at a loss. Legal action is being threatened apparantly by many purchasers who are not accepting Damacs explanation that they were forced by the masterdeveloper to move the site slightly. Interested to have your thoughts on this but can only be very damaging to Damacs credibility if there is even a shred of truth to the rumour.