In an effort to end the stalemate with investors of Palm Springs project in Palm Jebel Ali, Damac Properties has offered them cash refund options, 'Emirates 24|7' can reveal. Investors claim that company executives of the Dubai-based developer, who recently met them, offered the options of cash refund at 70 per cent within two weeks, or 100 per cent with 25 per cent paid within two weeks and the rest paid at 25 per cent over the three subsequent years. Although the developer did not respond to our queries, Niall McLoughlin, Senior Vice-President Corporate Communication, Damac Properties, in an emailed statement, said: “Damac is fully committed to working with Palm Springs Investors to bring closure to this issue.” An investor, who refused the offer, on conditions of anonymity, said: “I was told that Damac was bound by two other parties as to what could be offered… and this was the maximum. I said I could not accept that other parties were able to impose commercial decisions on Damac such as how much to refund their customers.” Full story and source: http://www.emirates247.com/property/damac-offers-cash-refund-options-2011-08-23-1.414652