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DAMAC PROPERTIES COMPANY LIMITED

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DAMAC PROPERTIES COMPANY LIMITED Powered By Docstoc
					Dear Sir/Madam, Re: Palm Jebel Ali – Palm Springs – Unit We write to advise you regarding your investment in the above project. As you are aware from previous correspondence, the plot upon which the Palm Springs project was to be built (“the Plot”) was due to be handed over some time ago. You will also be aware of ongoing delay to the handover of the Plot by the Master Developer. We have now been advised officially by the Master Developer that the Palm Jebel Ali Master Development has been re-designed and that the Plot will not be delivered. As a result of this official confirmation, we now regret to advise you that the Palm Springs project has been cancelled. We understand that this is a serious and unfortunate situation but we trust that you will understand that it is one which is completely outside of our control. Attached please find a diagram which shows the plots purchased by Damac in the original masterplan and the re-allocated plots on the new masterplan. It is clear from this document that the reallocated plots are significantly different in location. In addition, the building forming the Palm Springs development (of which your Unit forms part) cannot be situated on the re-allocated plot which is nearest in distance to the Plot. Your attention is drawn to the Force Majeure clause of the Sale and Purchase Agreement which specifically deals with this event. While under no contractual liability to do so, and in recognition of the disappointment which this notice will undoubtedly cause, we are willing to make the following offer to you: Either: 1. Transfer to Unit(s) of your choice on another Damac development of your choice at a discounted price 15% below current market. OR: 2. Repayment of monies paid by you with 6% interest calculated from the date of each installment payment. While we understand the disappointment which will be caused by this notice, we trust that you will recognize that this matter is completely outside our control and that the above offer is made in good faith. We would appreciate it if you could respond by 30 March 2008. Please confirm which option you would like to avail yourself by completing the attached form. In the interim period should you require further assistance please do not hesitate to contact the Palm Springs customer service team on crm@damacgroup.com or Tel +9714332 20255 and Fax +9714-332 0311, who will be happy to assist you.

Yours sincerely,

Damac Palm Springs Company Limited
Fareed Dowlatshahi Senior Manager – Client Relations


				
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