Investors in a stalled multi-million dollar residential project have called for government intervention.

The Marina Reef project, located on Reef Island, has allegedly missed several deadlines since it was started in 2008.

It is owned by Marina Reef Real Estate Development and Ebrahim Abdul Aal Construction Services, according to the project brochure.

The contemporary residential development comprises three low-rise buildings of six storeys each with a total of 165 apartment units.

The project was started in 2008 and the delivery was expected to be in 2014 after having missed several earlier deadlines.

DELAYS

However, after years of waiting and investing anywhere between BD50,000 and BD200,000, the 200 investors – many of whom are foreigners – claim they have received nothing but delays and a fresh request for more money without any guarantees.

A group of them spoke to the GDN yesterday and demanded government intervention, claiming the project was 90 per cent complete.

“Each one of us has a different case,” said a Lebanese investor who spoke on condition of anonymity.

“Some of us have gone to court and received a ruling in their favour but are unable to get the money out of it, while some of us have paid 80 per cent and for four years they don’t know if they should even take the apartments anymore.

“Also, we all received e-mails from Marina Reef asking for payments on the altered size of project, so those who paid for 90 metres have to now pay for 95 metres – this was nearly six months ago.

“The developers are now saying they’re just waiting for water and electricity to be connected to the building and that we have to pay the additional balance.

“We’ve been agreeing but as long as we get compensation for the delays that happened.”

The group of investors also claimed they have not received any guarantees on when the project would be delivered or if they would be compensated for the years of delays – adding that they have invested large amounts of money in the project.

“The authorities need to take over this case and act on our behalf. We are under the jurisdiction of Bahrain’s laws and the government, so we need to be protected,” said another investor on condition of anonymity.

“This really sullies Bahrain’s name when it comes to attracting foreign investors, when people hear about these things it makes them not want to invest so it has to be resolved.”

No one from the developers could be reached yesterday.

ghazi@gdn.com.bh

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