UAE Rush » Sama Dubai http://www.uaerush.com Real estate and construction news from the United Arab Emirates Mon, 30 May 2011 21:11:03 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 “No Refunds to Plot Owners” http://www.uaerush.com/2011/05/17/no-refunds-to-plot-owners/ http://www.uaerush.com/2011/05/17/no-refunds-to-plot-owners/#comments Tue, 17 May 2011 21:48:49 +0000 UAERush http://www.uaerush.com/?p=2586 “There will be no refunds to plot owners… I am developing The Lagoons” says Khalid Al Malik, group CEO of Dubai Properties Group to Emirates 24/7. As the Dh64bn project has not yet been cancelled, investors and plot owners are not entitled to any refunds. This brings the Dubai Creek project to yet another halt.

“I don’t owe them and I am not going to commit the mistakes of the past”, Malik says.

This statement came as a response to a private developer who raised the question of refund, based on the project being stalled. The developer now says they are weighing the options of taking Dubai Properties Group to court. According to Malik, “The market needs to pay us the billion they owe us so as to enable us to deliver and not ask for infrastructure without paying their dues.”

The Lagoons was launched by Sama Dubai, now under Dubai Properties Group, in 2006.

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