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Marina Reef project 'on track'

Manama, August 8, 2009

Developers of a multi-million dinar apartment complex in Manama insist the project is on track, despite claims by a disgruntled buyer that construction work had stalled.

The Marina Reef project, near the Bahrain Financial Harbour, is on schedule for completion by the agreed launch date of next April, according to the company building it.

Ebrahim Abdul Aal Construction Services spokesman Mohammed Abdul Aal said foundation work was well underway and once it had been completed, structures would rapidly start going up.

He was responding to claims that the project was facing delays by British buyer Fareed Al Abdeen, who is demanding his money back.

'It is going smoothly and we do not foresee any problems at this moment,' Aal told our sister newspaper Gulf Daily News.

'We have about 120 people working every day on the foundation stage.

'It is all going very smoothly and we hope to finish that stage very soon.

'After that things will speed up and we will finish the first floor in one week and then the second the next week.

'Everything is on course to be finished by April 2010.

'We have a grace period of six months to complete the project after the agreed date if it is affected by unforeseen circumstances, but we will not need that.'

Mr Al Abdeen agreed in February last year to buy two of the 156 apartments.

But he now wants to be released from the deal and is refusing to continue payments.

'I have sent a letter to the developers through my lawyer to pay me my money back.

'I paid the agreed price but still nothing has been done there,' he said.

'The only communication they have had with us is to offer to help with the finances, but money is not a problem.'

'I have money to pay all the dues, but I am not paying any more because they are not doing anything with it.

'There has been no progress at the site,' he said.

He has so far paid 30 per cent (about BD80,000) of the total cost of the two flats, but said he would consider legal action if the money was not returned..-TradeArabia News Service




Tags: property | real estate | Marina Reef |

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