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Discuss this article (9 Comments)Deyaar cancels Enclave project in Dubai
by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 17 June 2009
PROJECT CANCELLED: An artist's impression of the Enclave project by Deyaar.
Real estate developer Deyaar has formally cancelled its Enclave project in Dubai after making a full refund to all investors.
The development was to have been the first residential development at Dubai's International Media Production Zone (IMPZ) and would have included homes, retail space, large play areas and swimming pools, according to the company website.
"We had to cancel the Enclave. Although the project was good, it was launched at a very inopportune time. As a developer we had to be fair and so we returned 100 per cent of our investors' money. We will be happy to review the decision if the market comes back," CEO Markus Giebel said in comments published by Emirates Business on Wednesday.
Giebel also told the paper that the company has put on hold its deal in Saudi Arabia.
"We did investigate some land use in Saudi Arabia, but as the financial crisis went on we found that we could get some better deals. Although we had signed an MoU, we decided not to do the deal, as we believed it was overvalued," he said.
According to Giebel, the company will, however, soon announce a large-scale project in Dubai, which will "tremendously" increase its rental income.
READERS' COMMENTS
Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.
deyaar park
Posted by deyaarpark-loser, Dubai, UAE on Wednesday 23 September 2009 at 14:35 UAE time
agree we shoudl go collectively to RERA, maybe set up a group on facebook and get contact people from there.
Let us go forward and get our money back after two years.
Posted by deyaarpark-loser, Dubai, UAE on Wednesday 23 September 2009 at 14:35 UAE time
agree we shoudl go collectively to RERA, maybe set up a group on facebook and get contact people from there.
Let us go forward and get our money back after two years.
Deyaar
Posted by Nancy, Toronto, Canada on Wednesday 9 September 2009 at 10:03 UAE time
I totally agree with taking Deyaar and other developers in Dubai to a good court for keeping people's money for 2 years. Project has been cancelled and we are paying bank interest and our money is stuck in Deyaar account.
Posted by Nancy, Toronto, Canada on Wednesday 9 September 2009 at 10:03 UAE time
I totally agree with taking Deyaar and other developers in Dubai to a good court for keeping people's money for 2 years. Project has been cancelled and we are paying bank interest and our money is stuck in Deyaar account.
Something is better than nothing
Posted by Raj Thanwani, Dubai, UAE on Saturday 8 August 2009 at 23:18 UAE time
I am an investor in Deyaar park. Recently one of the deyaar staff called me for a meeting to find a solution. I had a long talk with him and finally decided to take a different property in Business bay. I felt that though it is offplan, its wise to chose a property in BB since they have reduced their prices, obviously not as per market rate, and reduced my total portfolio by 70%. I think its wise for us to release from Deyaar park and to chose somehtin what they offer. Something is better than nothing.
Posted by Raj Thanwani, Dubai, UAE on Saturday 8 August 2009 at 23:18 UAE time
I am an investor in Deyaar park. Recently one of the deyaar staff called me for a meeting to find a solution. I had a long talk with him and finally decided to take a different property in Business bay. I felt that though it is offplan, its wise to chose a property in BB since they have reduced their prices, obviously not as per market rate, and reduced my total portfolio by 70%. I think its wise for us to release from Deyaar park and to chose somehtin what they offer. Something is better than nothing.
Deyaar Park - Downtown Jebel Ali
Posted by Ramesh Khemani, Dubai, UAE on Monday 27 July 2009 at 21:35 UAE time
I was following up with Deyaar to refund the 10% payment back to the bank which they collected against Deyaar Park since I have taken a home loan from the Bank. On May 20th 09, they confirmed to me that they will refund the payment back to the bank if i bring the letter from the bank since I was getting charged interest @ 9%. Their VP - Sales, Nasser and another sales head Amir Gamal confirmed to me that the payment would be refunded however now suddenly they came up saying that they wont refund the payment I can either stick to Deyaar Park or choose some another alternative. I just wanted to know only one simple thing that since the money is lying into their escrow account why dont they refund since my bank is charging me interest every month and the money is just sitting into their escrow account. Also I would just request all of you to make a commitee and then approach RERA jointly and make a complain since if we go alone one by one they are not going to entertain us.
Posted by Ramesh Khemani, Dubai, UAE on Monday 27 July 2009 at 21:35 UAE time
I was following up with Deyaar to refund the 10% payment back to the bank which they collected against Deyaar Park since I have taken a home loan from the Bank. On May 20th 09, they confirmed to me that they will refund the payment back to the bank if i bring the letter from the bank since I was getting charged interest @ 9%. Their VP - Sales, Nasser and another sales head Amir Gamal confirmed to me that the payment would be refunded however now suddenly they came up saying that they wont refund the payment I can either stick to Deyaar Park or choose some another alternative. I just wanted to know only one simple thing that since the money is lying into their escrow account why dont they refund since my bank is charging me interest every month and the money is just sitting into their escrow account. Also I would just request all of you to make a commitee and then approach RERA jointly and make a complain since if we go alone one by one they are not going to entertain us.
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