By Staff writer
A total of 74 investors from The Palm Jebel Ali Homeowners group signed the letter
To His Excellency Mohammed Al Shaibani
Chief Executive of Dubai Investment Corporation and Director General of The Ruler’s
Copy to: Nakheel Management
Re: The Palm Jebel Ali Homeowners
We take this step of writing to you with great respect hoping for your benevolent assistance. We purchased our homes on the Palm Jebel Ali between 2003 and 2008 because we are excited to be part of this world class development and because we have great belief in His Highness Sheikh Mohammed’s vision for Dubai.
Since 2003, we have all paid between 30% and 50% of the price of our homes to Nakheel and many of us have paid far more than this via the secondary market. Since 2009, The Palm Jebel Ali has been placed “On Hold” and designated as a “Long Term Project”. We have, therefore, waited patiently for our homes to be built as promised.
However, the lack of certainty as to when our homes will be built has caused, and is causing, tremendous financial and emotional suffering for us and our families and many of us continue to endure on-going mortgage and rental costs whilst we are waiting. Many of us have invested our life savings into the Palm Jebel Ali.
We have watched with hope as Nakheel has launched and delivered new projects, move into profitability and paid off it’s debts. We very much hope that this will now be reflected in the re-launch of this project and that construction will re-commence on our homes.
We hope you agree that fair and proper treatment of customers will further enhance international and domestic investor confidence in the lead up to the World Expo 2020.
Investor confidence, together with His Highness Sheikh Mohammed’s vision, are the essential foundations upon which Dubai’s future as a premier global destination for business, tourism and investment are founded.
[Signed by 74 investors]
yeah right. why not speak to rera? oh - because they can't even sort out the issues with almost every 'completed' development in dubai. it would be an interesting survey to find out who is anywhere near happy with what developers have delivered. snagging is more a case of putting up with rubbish finishing and at least getting your keys. HOAs - if they exist - are still fighting with developers debts leading to no warranty on small matters like AC systems, fire systems and elevators.
hang in there palm JA people. hopefully by the time you get your villas there will be regulations in place so you're handed over what you paid for.
they were given the option of moving to palm jumeirah in a one bedroom apartment (not for a villa)