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.
Damac signs deal to build more Paramount movie hotels
Dubai developer and Hollywood studio expands agreement to...
Dubai's Damac raises $348m in London share sale
Lukewarm reaction to the first share sale by a Dubai property...
Dubai may not see Expo benefits until 2015 - analyst
Expo-related spending seen taking up to 2 years to ramp...
Dubai Expo 2020 loss could hit property market
Report says that real estate investors have “gambled” on...
Dubai's Damac delays pricing of London IPO by four days
Developer is concerned the verdict on Dubai's bid to host...
Dubai's Emaar could spin off retail business
Retail unit currently contributes about 44% of total revenues...
Abu Dhabi's Aldar to start sukuk roadshow on November 21
Yas Island developer will hold investor meetings in the...