Issue No 282 - 08 Sep 2008
Ivory Tower investors 'get notices'

Investors in Saudi developer Sokook's infamous Ivory Tower project still get notices of contract cancellations, a report said.

Sokook is issuing investors with 14-day notices asking them to pay the balance 90 per cent on their units, or face cancellation of contracts, according to the Gulf News report. 

Dubai's Real Estate Regulatory Authority (Rera) is backing investors in this case, but that has not stopped Sokook, they said.

Hundreds of investors acquired off-plan units in the 20-storey Ivory tower which was launched in 2005. Building work was expected to start in November, three years behind schedule.

The developer started cancelling contracts, after a dispute with Tecom, which has the investors up in arms.

Source: Trade Arabia News

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