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”.
Related posts:
Well if they dont drink or gamble it was hardly likely to catch on
Las Vegas Real Estate in Bargain Territory!!
Brand New Homes at AUCTION..
Minimum bids start at $99,000.
Previously valued $350K-$750K.
Auction bid deadline is NOV 6th!
See http://www.fre.com/295Z1 for all details…