Issue No 278 - 11 Aug 2008
Rera seeks explanation from Saudi developer

Dubai’s Real Estate Regulatory Authority (Rera) has sought an explanation from Saudi developer Sokook regarding termination of contracts with investors in Ivory Tower, a report said.

Investors who had bought off-plan units in the tower were told to stop payments leading to cancellation of contracts, according to a Gulf News report.

Sokook had told Rera last month that construction of the 20-storey residential tower launched in 2005 would start on November 1.

About 30 angry investors have formed a group and hired a lawyer to fight their case with Sokook. They want to either get refunds of their payments or get their contracts reinstated, the report said.

Source: Trade Arabia News

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