Arabian Business reports on the jolly news that Satwa hasn't quite had its chips. So does the Caro-Van. The Jumeirah Garden City (sounds SO much nicer than nasty 'Satwa', doesn't it?) development is to be 'revisited'. Nice choice of word. Not cancelled, downsized or rethought. Nope. Revisited. Whatever - it's potentially a reprieve from the ravages of the Death of Satwa.
It is an ill wind that blows no good, isn't it?
Clarifying the move today, a spokesperson for Death of Satwa developer Meraas told Arabian Business: "In a worldwide economic downturn, any corporate must analyze the market and ensure its business strategy is aligned to make the most of new opportunities, as well as ensure risk management strategies take account of the new financial landscape with a focus on new market and investor demands."
Quite.
5 comments:
His comment would be translated as
"People are defaulting on luxury properties, there is no liquidity in the debt market, capital markets have crashed and oil is at a three-year low. We made lofty claims and were being silly, as usual. Wait till things get better and insanity will be REVISITED."
And the other side of this insanity was the poor folk that were evicted from Satwa, cast aside like they didn't matter..
Is this Karma against the local developers??
The beauty is that the feasibility of thr Jumeirah Gardens project was further dented by the fact that they compensated the many local families there with land, new houses + rent for interim period + some cash. Haha
Yeah... its a big relief... Satwa needs to be classified as a heritage area... never to be 're-visited'
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