Ajman rules out relaunch of PKN Princess Resort |
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Ajman Government has confirmed the Dh7.3 billion PKN Princess Resort project in Al Manama area has been cancelled and will not be relaunched under any other brand name, Emirates Business has learnt.
"The project will not be relaunched under a different name or a different contractual relation with the partner," said Abbas Al Nil, legal consultant for the Government of Ajman, yesterday.
"The agreement mentions clearly the project has been cancelled effectively and 'forever abandoned'. All cheques received will be returned to the buyers." The confirmation came after PKN Group said the Ajman Government had accepted its buyout offer. The firm planned to relaunch the project under a "Las Vegas entertainment concept".
It said clients of the project would be forwarded an addendum to their existing agreements to transfer their rights to the rebranded Las Royales Resort and Spa.
Michael J Tolan, Executive Vice-President for PKN Group Development, could not be reached for comment.
Although Al Nil did not reveal the exact reason for cancellation of the project, he said it was done due to "problems" raised regarding the management.
The PKN Princess Resort project was a joint venture between the Ajman Government and the PKN Group. The project was to be built on 3.1 million square feet.
By Eman Al Baik and Parag Deulgaonkar
© Emirates Business 24/7 2008
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