Dubai's DAMAC scraps Bangladesh roadshow

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Dubai real estate developer DAMAC Properties has cancelled its promotional event in the Bangladeshi capital Dhaka, it was reported, amid controversy surrounding ownership of foreign properties by the South Asian country’s citizens.

The firm, which this year launched its luxury Akoya residences and golf course project, had been due to hold a glitzy event at the city’s Westin Hotel on Thursday and Friday, Financial Express said.

The event, which DAMAC said was design to promote its various projects to Bangladeshi investors, was however cancelled without the firm providing a reason.

Financial Express said that the Central Bangladesh Bank had taken exception to the plan, after issuing as public statement warning the property purchases abroad could violate limitations on foreign currency transfer.

The central bank had made the warning after newspapers began advertising the DAMAC event, Financial Express said. It said, citing Bangladesh’s Foreign Exchange Regulation Act 1947, that there was a bar on sending money abroad to buy properties.

Akoya by Damac is the company’s largest development to date, spanning 28m square feet off Umm Sequim Road.

It will also include a spa, boutique hotels and international schools from kindergarten to secondary, as well as globally-recognised retail brands, leisure and entertainment offerings and a sports complex.

The land has already been bought from Dubailand but no timeline for construction has been announced.

The first phase of sales at Akoya, 205 luxury villas, were launched in June, with prices starting from AED2.4m ($650,000).

Damac, which says it is the largest luxury developer in the Middle East, is also building two mixed-use developments in partnership with movie producer Paramount.

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Posted by: Shergar

This is not the first time Damac have broken their declared policy of purchasing the land, and obtaining the necessary permissions prior to launching their projects. Perhaps this helps explain their long delays and why according to their own published figures they have not launched a single major project since 2007 and yet nearly 1/4 of their 16,000+ units under construction have not yet been delivered.

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