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  • 26-01-12

    Dubai's Palm Springs investors to get full refund

    (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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