Cracks are beginning to appear in some of these stalled major private projects and they are not all in those partially-built towers; it's only a matter of time before their bank calls in a loan on default that is running well in excess of BD1 million per annum in interest.
Touring the Middle East trying to arrange further investment? They are wasting their time and our money on a fool's errand, especially as their own contractors haven't been paid for all the work done on site or for those materials already used. The world economic downturn has been the best excuse they can find, knowing well that it was always an underfunded project from inception.
Nobody in their right mind is going to buy any apartment on a derelict site, but there are many prospective rich speculators waiting to take over a partially-built project if only they could just get their hands on the land's mortgage deeds. Sooner rather than later, someone will succeed. Whilst the project management procrastinate, there is little consolation for disillusioned existing buyers seeing their hard-earned cash down-payments slowly crumbling into dust.
Copyright 2009 Gulf Daily News
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