Bogus brokers sell third palm property

The project is still in the design stage and no sales have been opened

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By  Eudore Chand Published  October 30, 2004

Be warned: unauthorised real-estate and property brokers based in Dubai have already begun to market property on a third Palm island. Though Nakheel has announced that, due to unprecedented demand for properties on the two palm-shaped man-made islands off the coast of Dubai, it will build a third and smaller palm closer to Sharjah, it has not yet opened its latest project for sale. It is now warning the public to be careful. “Bookings for properties on The Palm Deira, will be handled only by the Nakheel sales office,” said a Nakheel statement that further “warned that real estate agencies and brokers offering to make bookings are misleading the public.” Nakheel clarified that bookings for Dubai’s third man-made island off the coast of Deira have not yet begun. Announcement about the launch of the sales of properties on the new Palm would be made at an appropriate time. “The announcement of The Palm Deira has enhanced Nakheel’s position as the foremost developer of iconic projects. We are currently busy with the work of adding innovative components to the new Palm, in an effort to offer something refreshingly different and stunningly beautiful, in line with our mission to create landmarks that will stand out on the global property map,” explains Sultan Ahmed bin Sulayem, Nakheel executive chairman. “While we are encouraged by the immense interest displayed by potential investors, it is important to point out that we have not yet started selling properties on The Palm Deira. We will launch the sales of properties very soon,” added bin Sulayem. “We would also like to tell our investors that all bookings, sales and payments for any and all properties on The Palm Deira shall be conducted only through Nakheel sales offices directly and not through any other real-estate companies or agencies. As we have not authorised any agency to sell properties on The Palm Deira, people dealing with third parties are doing so at their own risk.” Investor interest in The Palm Deira is understandable in view of the response Palm Jumeirah and Palm Jebel Ali generated.

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