Palm Springs Investors Group

A number of Palm Springs investors have had calls from Damac informing them that the ‘cancelled’ Palm Springs project is to be re-instated and will be located on the new plot provided by Nakheel. One UK investor said “I‘ve had a call from Damac informing me that the Palm Springs project will get the go-ahead now, but due to the re-allocated plot, there may be some changes. Damac told me that they will confirm this in writing within the next 10 days.”

The Palm Springs Investors Group is cautiously optimistic that this signals the end to the dispute between investors and Damac, and pending written confirmation of the decision to go ahead with Palm Springs, the Group is will be looking to suspend any further negative publicity against Damac. Let’s hope there is no ‘devil in the detail’ when investors receive official confirmation from Damac.

Some investors, however voiced concern by warning that it is now vitally important that all investors stay united and continue to monitor Damac’s future construction progress of the development.

It is quite possible that the dispute could have dragged on much longer, and most in the Palm Springs Group acknowledge the support that Nakheel and RERA has given in helping to resolve the matter. Let’s hope that Palm Springs investors receive official confirmation from Damac of the decision to build Palm Springs soon, so that the Group can then formally start backing Damac 100%, and publicly share their confidence in RERA, Damac, Nakheel, and indeed Sheikh Mohammed.

ALso read ‘The construction of Palm Spring Jebel Ali to begin soon’ in the Dubai Chronicle, ‘Damac u-turn on Palm Springs project’ in ArabianBusiness.com, and ‘Pressure pays as Damac u-turns on Palm Springs‘ in Kippreport