As an investor in this company, I feel like I have been robbed of my savings and profit. I have looked at the market and apartments in Jumeirah Village are selling for under Dhs1000 in the current market.'
If the response by even a large minority of investors is negative then MiNC will not have the funds necessary to begin construction and those who have advanced the extra money will have their funds returned and the company will wait for bank funding to resume.
'We initiated a meeting with the Land Department to get them to intercede on our behalf with the banks,' said Everest, 'and they put pressure on them but we've had no joy. Our next move if the buyers don't accept the deal is to return the money, sit it out and wait for financing. But it is our intention to build every single one of the units.'
UPDATE: Subsequent to the publication of this article MiNC has issued a statement to AME Info stating: 'We have taken steps to reduce the premium requested from clients to a maximum of 30% or Dhs200,000 (whatever is the lower), as a handful of purchasers that bought at pre-launch prices (less than Dhs600 per square foot) have rightly pointed out that the premium requested of them was excessive.'
See also:
Dubai developers feel the effects of price uncertainty
Dubai's off plan projects 'on hold' through lack of financing
Nakheel denies Palm Deira stoppage rumours
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- United Arab Emirates: Wednesday, November 19 - 2008 at 12:30
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Edward Poultney, Editor - EnglishWednesday, November 19 - 2008 at 12:30 UAE local time (GMT+4)
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