Investors demand compensation for Dubai project that hasn’t progressed in two years
Investors in a major Nakheel development in Dubai are asking authorities to take action over claims that no work has been carried out for more than two years.
A group of European investors that bought units in the Jumeirah Waves Business Towers project is now demanding a refund and compensation, a Property Wire report said. The group said it believed the lack of progress on the development, which comprises three towers in Jumeirah Village South, was unrelated to the global economic downturn.
The group of investors wants the government, the Real Estate Regulatory Agency and master developer of the JVS project, Nakheel, to intervene in the dispute with the project developer High Rise Properties.
“It has been more than two years since our group and other investors have purchased units in the JWBT development, but the project area is still undeveloped and the developer has remained elusive and unable to give us a reasonable time table for the development,” Richard Moore, the group spokesman, told Property Wire.
He added: “It is a breakdown in transparency and accountability and we urge the concerned government authorities in Dubai, mainly RERA and Nakheel, to step in and resolve this problem before it gets out of hand and negatively affects investor confidence in Dubai.”