Investors into the Jasmine Garden project on the Thailand island on The World development have been offered a full refund by the developer through promissory notes, maturing in 2015.
Imtiaz Khoda, project representative, Jasmine Garden Ltd, told the Emirates 24|7 website that the project had had not been cancelled, but is “on hold.”
“Jasmine Garden located on the Thailand island of the World is not a cancelled project and is currently on hold.
“During these challenging times in residential real estate, it is important to adopt a flexible approach to the issues at hand in order to present viable solutions to the current purchasers in the project.
“In close co-operation with Rera, we have offered a number of attractive solutions to current purchasers, inclusive of a full refund in the form of a promissory bond, maturing in 2015,” he told reporters.
Jasmine Garden is a five-star residential island resort, with nine beach villas, 10 water villas, 56 studio and 56 one-bedroom loft units. The company has invested over $12.5 million in the project and does intend to develop the project in the future.
Khoda clarified further it was Jasmine Garden Ltd that had bought the island for $20 million. Prior to the global economic crisis, The World islands were sold by invitation only and range in price from $20 million to $50 million.
The World project features 300 islands off the Dubai cost and is managed by state-owned property developer Nakheel.