Ajman cancels PKN Princess Resort project |
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23 June 2008
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 IndustryAjman 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.
By Bassma Al Jandaly
© Gulf News 2008. All rights reserved.
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When you say las vegas entertainment concept, and you call the project las vegas project I assume this means there will be casinos in the resort? [Report Abuse | Email to a Friend | Reply to this Comment]
Their website says this:
PKN Re-Brands Las Vegas Project, Las Royales
News Bulletin June 2008
In the wake of the overwhelming success of the launch of our project, PKN Chairman, Max Paxima, has announced that PKN Group and its Investment Consortium have tendered an offer to purchase the equity interest of the Government of Ajman.
The announcement came hours after the buy out offer was accepted, and this will give PKN and its partners,shareholders and investors an open platform to promote what has turned into one of the most sensational resort communities in the region.
As a result of the promotional launch, PKN was empowered by public demand to unleash a bold new promotional initiative and to drive the value of the project higher through its star power and Las Vegas Entertainment concept.
Current clients will be forwarded an addendum to their existing agreements to transfer their rights without delay or charges to the newly Rebranded " Las Royales Resort and Spa" therefore retiring the Princess Brand.
This new Brand , Las Royales Resort and Spa, has already been ratified by the PKN Board, and will enter into other exciting community developments in the region and around the world.
The Las Vegas appeal and sizzle that has propelled PKN to be one of the most sought after developers, will continue to rival each market its brand is present.
Las Royales has adopted the exact same architectural concept and construction specifications and therefore no interruptions or delays will impede the rapid progress the construction teams on site are currently enjoying.
News about new Board member appointments will be announced on the updated web site: www.Lasvegas-Uae.com on or before July 10th,2008.
"Now that we have free entrepreneurial control of the construction and promotion of this unique luxury entertainment community, the Las Royales name will echo around the world as the forum of choice for world class entertainment catering to the affluent " said Paxima.
"We are all truly excited about this new alliance, and now that the Government has agreed to transfer their interest to PKN, we are grateful for their encouragement and support and will always consider Ajman as the real home of PKN.
"PKN will also be announcing other exciting development opportunities in the coming weeks, and we thank all of our customers for their support."
"After all, its was through their initial confidence in our projects concept that allowed us to evolve and to acquire, finally, controlling interest on the site." he added.
For any further Information, please do not hesitate to contact : Michael J. Tolan- Executive Vice President, PKN World Group.
---------------------------------------------Contact Info
Michael J. Tolan
Executive Vice President
PKN Group Development
LasVegas-UAE.com
Mobile +971 50 1572321
Tel: +971 4 3297696
Fax: +971 4 3297697
www.LasVegas-UAE.com
lasvegas@Lasvegas-uae.com [Report Abuse | Email to a Friend | Reply to this Comment]
http://www.pknprincessresort.com/
http://www.lasvegas-uae.com/
the above are the exact website!!
There are no comments on the cancellation from their website either. [Report Abuse | Email to a Friend | Reply to this Comment]
This is a bit confusing.
According to one broker, the government of Ajman and PKN Group entered into a 50/50 JV partnership to develop this project. Therefore shouldn't the Ajman government be 50% responsible?
A search for PKN Procurement (as mentioned in the last line of the article) reveals that PKN Procurement and Technical Services LLC registered in UAE specializes in procurement for Oil & Gas Industry from pipes, turbines, supply vessels to fire-fighting and HSE equipment including ambulances, SCBA, PPE, etcetera.
Additionally, PKN Enterprises, Inc., does consulting, financing, investments and business developments for clients worldwide
The above is according to http://www.pknenterprises.com/
The president and chairman of PKN Enterprises, Max Paxima, is also the chairman of PKN World Group, which presumably deals in real estate, see the website www.pknprincessresort.com, although the website seems not to be fully functional, as large chunks of information either fail to load or are missing.
Other sources claim that the resort would be valued at Dh4 billion upon completeion at the end of June 2009. Given the wide coverage of construction material and manpower delays / shortages, I would have imagined that at least some piling works may have been done by now in order to get the project finished on schedule. I'm sure not one square foot of ground has been broken.
Seems to be another example of dodgy property deals unfortunately and should be filed along with the Al Salam city by Tameer fiasco. [Report Abuse | Email to a Friend | Reply to this Comment]