Business | Property
Damac's Business Bay tower back on track
Property developer Damac, which had tried to cancel Haz Tower in Business Bay, yesterday said that the project is back on track following complaints by investors who had pumped in Dh60 million since July 2007.
- By Suzanne Fenton, Staff Reporter
- Published: 00:28 April 10, 2008
Dubai: Property developer Damac, which had tried to cancel Haz Tower in Business Bay, yesterday said that the project is back on track following complaints by investors who had pumped in Dh60 million since July 2007.
Around 10 exasperated investors yesterday met officials at the Land Department to complain against the company.
However, Niall McLoughlin, senior vice-president of corporate communications at Damac, said that the Haz Tower is "definitely going ahead".
The issue crops up just a week after Damac came under fire for cancelling the Palm Springs project on the Palm Jebel Ali.
The Haz Tower was launched July 8, 2007, with a project value of around Dh240 million. The tower is now worth an estimated Dh660 million.
Damac, the largest private sector developer in the UAE, has launched 80 projects but handed over only two so far.
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