Quote:
Originally Posted by Jeremy Sturgess
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.
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I don't think there is room for yet another Luxury development on the Hurghada coast .The area is being hyped massively at the moment but only El Gouna has the proven track record in the area .Sahl is promising but still risky IMHO .I think there will be many disappointed investors in the near future .