Browse related articlesDamac buyers consider legal action
United Arab Emirates: Thursday, March 27 - 2008 at 08:40
People who bought into Damac's Palm Springs project on Palm Jebel Ali have voiced anger after the company cancelled the development, says a report in Gulf News. Damac says alterations on the Palm mean it cannot build the project, but investors feel the compensation they are being offered is paltry. It has told customers they can transfer their initial investment to other Damac properties at a 15% discount on current values. Alternatively they can get their money back plus interest, but investors say they are only being offered a rate of 6%. Investors, who are already angry over the company's poor customer service, have said they may begin legal action.
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StaffThursday, March 27 - 2008 at 08:40 UAE local time (GMT+4)
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