Dubai’s Palm Jebel Ali, the second of three palm islands off the coast of the emirate, has been delayed and is revising payment schedules for home investors as a result. Recently, some 400 home buyers petitioned the developer to reschedule payment plans because their villas are likely to be delivered several years later than originally planned.
The Dubai Real Estate Regulatory Authority has submitted revised plans for payment, although the developer Nakheel has not yet verified those. Nakheel said in a statement: “Nakheel works closely with RERA, as it does with all industry-related partners, to help maintain a healthy market under the current circumstances.”
“Nakheel appreciates RERA’s efforts and initiatives aimed at protecting the interests of all parties involved.”
Investors were informed in January that the property would not be ready for move-in until 2012, although the initial plans called for handover in June of 2008. Land reclamation on the island is complete and infrastructure work is currently under way, though construction on the villas has yet to begin.
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