Despite paying for their properties in full, hundreds of owners are still waiting to move into their Palm Jumeirah apartments, built almost two years back. The reason: A legal dispute between developer Nakheel and Souq Residences, the company behind the project.
Susan Dinor, Board Member, Owners' Association Board and Development Board for Golden Mile, said: "The two Golden Mile buildings [5 and 6] were completed in early 2010, but the developers are yet to give their ‘completion certificate'. Only when they do can the handover begin. Investors have been unwittingly caught in a dispute between Nakheel and Souq Residences."
According to a sales and purchase agreement seen by XPRESS, buildings 5 and 6 were sold in 2004. They were originally scheduled for completion on May 1, 2007, but couldn't get ready before early 2010. Dinor said: "Investors who had paid almost 90 per cent of the amount were urged to pay the rest to ensure a quick handover. Many did but, sadly, they are still awaiting handover"
Apart from the fact that construction of these buildings was delayed by over two years, what irks the owners even more is that they still cannot get hold of their apartments even after these have been completed.
Officials from Nakheel and the Land Department were not available for comments on the issue.