Nov. 1, 2008
-- Ajman, UAE - ABH Properties LLC released a letter to all SHINS customers about the investment security with regards to the purchase of property from SHINS that ABH Properties, as the Master Plan developers of the Park View development in Ajman would like to inform the clients of the following arrangements in respect to the purchase of property in the Plots T38, T39, T 41 or T42, otherwise known as the Gulf Palace. ABH Property is a development company which is part of a group of companies owned by H.H Sheikh Ahmed Bin Humaid AI Nuaimi. The announcement indicates that the customer's investment in the GMC development Gulf Palace is secure if it will continue to keep up the payments in to the development escrow account. That SHINS is no longer involved in this development and as such, the clients should make no installment payments to or through them. GMC shall be the client's point of contact for all enquiries. All payment should be made to the development escrow account as per the attached proforma. The alteration does not affect the original purchase contract as it will be honored by GMC as long as payment are made into the development escrow trust account as per the contract with SHINS.
The announcement was released by Mr. lain Stuart Mac Dougall, Head of Development Department of ABH Properties. Tel. No. +971 6 7479747.
Gulf Palace Development Escrow Account details:
Acct Name: Park View T38
Acct. No: 0037 198844 038
Bank Name: Emirates Islamic Bank
GMC Contact Details:
Gulf Marketing Consultants
Taj Mahal Bldg,Sheikh Khalifa Rd.
PO Box 40249 Ajman, UAE
Tel. No. 067412154 Fax No. 067412156