Princess Resort Ajman

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Princess Resort Ajman

Postby shawarma » 02 Jan 2008, 14:19

Princess Resort is a Dhs 4.5 billion (US$1.2 billion) city to be built around the township of Manamah (or Manama?), 70 km east of Ajman City between Masafi and Dhaid at the foothills of the Hajar mountains Range. Referred to as a Las Vegas Entertainment Center (including a casino without gambling say the developers - isn't that like having a pub with no beer?).

Developer is PKN Group, based in Dubai. Princess Resort is a 50:50 joint venture between PKN Group (PKN Properties) and the Government of Ajman. Also called PKN Princess Resort.

Website? www.pknprincessresort.com has pictures, project details, etc. www.princessresort.com is spam with irritating popups (which is why I've linked it back to this topic). princessresort.ae has DNS error. pknproperties.com mentions it but has very little information.

Group RCI will manage the vacation rental properties which means owners can stay at other properties managed by Group RCI around the world - about 4000 resorts and 60,000 properties.

Princess Resort will include

a 15-acre lake with entertainment center on stilts for shows, rumoured to be operated by Caesar's Palace of Las Vegas
man-made beachfront
tropical vegetation and water features in a glass atrium
entertainment venues, palaces, lagoons, equestrian trails and snow-capped towers (what :shock: ?)
about 1,600 apartments (1-3 bedroom)
100 villas and chalets (villas to start from AED 13.2 million, or US$3.6 million, each). Patrick Swayze has bought one apparently.
2 five-star hotels with 488 rooms

Announced 20 October 2007?
Completion scheduled for 2010, work started in 2007.
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shawarma
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PKN Princess Resort cancelled

Postby shawarma » 23 Jun 2008, 09:19

The AED 2.3 billion PKN Princess Resort in Ajman has been cancelled by the Ajman government, effective 15 June 2008, according to a Gulf News report this morning (23 June 2008). Apparently the Ajman Government and PKN Procurement made a joint decision to end their relationship in the project. What does that mean? Did one partner have a disagreement with the other? Was it really a joint decision? And how will that affect the Ajman property market?

Investors must be jittery enough already with the Al Salam City dispute earlier this year. Of course, that was Umm al Quwain, not Ajman, but many investors tend to lump all the northern emirates together, so there is bound to be more negative sentiment out of this.

It's not good news for the original investors in the project, who will now lose all capital gains since the project was announced, and just as bad for investors who recently bought a property - they will have paid premium prices, but at best will be likely to get only the original off-plan price as a refund from the developer. As it was a 50:50 joint venture between PKN and the Government of Ajman, disgruntled investors are likely to think twice before making another investment in Ajman.

There is apparently a statement from the Ajman Government that says purchasers must make their claims before noon on 30 June 2008 - that's only a week from today to get organised. PKN is supposed to be solely liable for any claims from investors.

The Ajman government statement also said the PKN Princess Resort trade licence, commercial registration and Ajman Chamber of Commerce and Industry membership had all been cancelled.

The PKN website doesn't seem to have any information about the cancellation. It does say that the PKN Princess Resort has been rebranded as the Las Royale Resort and Spa.
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shawarma
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