Princess Resort in Ajman was cancelled on 15 June 2008 according to this report. The list of of property developments biting the dust grows .
Could this have affected Ajman Bank (AJMANBANK) shares, which nose-dived by 15% today? After an astonishing performance yesterday as they listed on the DFM - soaring from 1 dh par value to over 4 dh during trading. See also ...
Ajman cancels PKN Princess Resort project
By Bassma Al Jandaly Staff Reporter
Dubai: The Ajman Government has cancelled the Dh2.3 billion PKN Princess Resort project and on Sunday urged investors to make their claims directly to the developer.
According to an official statement from the Ajman Government those who have purchased properties must make their claims before noon on June 30.
The project's trade licence, commercial registration and membership with Ajman Chamber of Commerce and Industry have been cancelled.
The statement said that PKN will be solely liable for any claims from property buyers.
According to the statement from the Ajman government, the project located in Al Manama area was cancelled on June 15.
The Government of Ajman and PKN Procurement jointly decided to end their relationship in the project.
Las Royales Resort and Spa is the rebranded name for the Princess Resort - which explains why the website was updated. So perhaps it's not all bad after all? If Mr Swayze was disgruntled yesterday after reading the Gulf News report, I wonder if he has become gruntled today after reading this news ...
Arabian Business 23 June 2008:
Axed $1bn Ajman development relaunched
by Dylan Bowman
Hollywood star Patrick Swayze and other investors in Ajman's $1 billion PKN Princess Resort could see their investments saved after developer PKN Group agreed to purchase the Ajman government's stake in the project.
The Ajman government said on June 15 the project, which was being jointly development by the government and PKN, had been axed, without giving a reason for the cancellation.
The government urged investors to make their claims to PKN, who it said was solely responsible for compensation.
Dubai-based PKN said in statement on its website, seen by Arabian Business on Monday, that the government had accepted its buyout offer and the company planned to relaunch the project under a "Las Vegas entertainment concept".
It said its clients would be forwarded an addendum to their existing agreements to transfer their rights to the newly-rebranded Las Royales Resort and Spa.
It said the Princess brand had been "retired".
PKN said the rebranded project would keep the same architectural concept and construction specifications.
"No interruptions or delays will impede... construction," it said.
The resort was being marketed as an exclusive resort complex featuring hotels, shopping malls and a 15-acre lake. The project had been planned for completion by 2010.
Dirty Dancing star Patrick Swayze was one of the first to sign up for the project, located in the Al-Manama enclave of Ajman.
PKN Managing Director Max Paxima told media at the project’s launch in October 2007 that the developer was "targeting a lot of Hollywood buyers", who could use the resort as a holiday destination.
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