DAMAC to go ahead with Palm Springs real estate development in Dubai

Palm Springs, real estate development on Palm Jebel Ali, Dubai by DAMAC Properties

DAMAC Properties, one of the leading Dubai-based real estate developer, has finally announced to go ahead with the Palm Springs development on the Palm Jebel Ali. The realty development will finally proceed further after 5 years of its launch following a thorough discussion over the issue under the guidance of the Real Estate Regulatory Authority (RERA).

Hussain Sajwani, Chairman, DAMAC Properties, said, "After extensive discussions, DAMAC Properties is pleased to announce that the Palm Springs project, located on Palm Jebel Ali has been re-instated and will be delivered to customers. This announcement will further enhance confidence for international investors in the Dubai real estate market".

DAMAC Properties had cancelled the real estate project in March 2008 citing the reasons as ‘redevelopment of the plots' and that the development could not be situated on the re-allocated plot. However, this explanation questioned by Nakheel, the master developer of the Palm Jebel Ali in Dubai who said that it had informed of the alterations to the master plan over 10 months ago.