A property development billed as a ‘Las Vegas of the Emirates’ has been cancelled, leaving property investors scrambling to get their money back.

The government of Ajman has pulled the plug on the Dh2.3 billion PKN Princess Resort project, according to Gulf News, and over the weekend urged interested parties to make their claims directly to the property developer.

People who have purchased properties as part of the project have until June 30 to make their claims, according to the news site. Gulf News reports:

“According to the statement from the Ajman government, the project located in Al Manama area was cancelled on June 15.

“The government of Ajman and PKN Procurement jointly decided to end their relationship in the project.”

No further details on the cancellation were to be found on either the development’s home page or that of the Ajman government yesterday.

The development was first unveiled last year and was to feature a gated community of luxury villas and a Las Vegas style entertainment centre in the Manamah area of the Emirate.

Initial estimates put the completion date of the project at the end of next year. Max Paxima, chairman of the resort, was quoted by AllBusiness in November last year, saying

“the project is both stunning and appealing because of its overall value and quality and location.”

“Add to that star power and the entertainment opportunities that we are privileged to be bringing to this hemisphere like never before, well, it’s not only historical, in Vegas tradition, it’s magical”.

A body set up to scrutinise the plans for new UK eco-towns has laid down a series of points for property developers to follow after some home builders were warned about a “lack of innovation”.

The 15-member Eco-towns Challenge Panel includes experts in design and environmental issues, meant to advise property developers as they come up with ideas for the new towns.

It will not decide which plans make the final shortlist of up to ten potential locations, a task left to MPs after public consultations. Housing minister Caroline Flint said:

“I have been clear from the start that only those bids that reach the highest possible standards for sustainability can make it through.

“This process was meant to be a challenging ride for the developers, and they need to be open to the creativity of these ideas. Some clearly need to up their game and the ball is now in their court.”

The panel includes TV presenter and green-lifestyle specialist Joanna Yarrow and Sir Peter Hall, president of Town and Country Planning Association. The new recommendations for developers include setting out more clearly how transport strategies will reduce traditional car travel.

Panel chairman John Walker said:

“We want the final eco-towns to be better than the best of the current examples that do exist in the UK and the rest of Europe - clearly there is still a lot of work to do.”

Locations on the initial 15-strong eco town shortlist include Manby Park in the East Midlands and Rossington in Yorks and Humber.

US property developer Donald Trump has predicted the UK housing market slowdown will not end up as bad as has been seen in America. Mr Trump told The Times the US crisis had been caused by over-building, a problem said to not be so severe in the UK.

Mr Trump is currently in the middle of dealing with an inquiry into his ambitious plans to build a golfing resort by the sea in Aberdeenshire, Scotland. Called Golf Links Scotland, the development is earmarked for a three-mile stretch of coastline near Balmedie.

Mr Trump told the Times:

“The property market will continue to fall until the credit crisis ends. I think that will be in the next 12 months.

“The problem with the US market is nothing to do with supply and demand, it is because people cannot get credit.”

He also told the paper

“a lot of downside has already taken place”

, adding

“now, I tell people to buy real estate. There are real opportunities now“.

Mr Trump has previously told Sky News that the planned two-course development, also featuring a five-star hotel, would make the local area “environmentally better”. Many local people are opposing the plans, while some local businesses are in favour of the project.