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New residential apartments, villas to come up on Reef island.

Reef Island bids to settle row with developer

MANAMA, July 5, 2015

Bahrain's Reef Island Home Owners Union (HOU) has called for an urgent settlement of a dispute with the chairman of LuLu Tourism Company (LTC), the master developer of Reef island.

LTC prevented a number of owners, investors and contracting companies from entering the island to carry out work at the site, reported our sister publication Akhbar Al Khaleej (AAK).

The island includes investment buildings, residential apartments, villas and restaurants.

“LTC has engaged in practices that are unacceptable to all owners and investors by denying them entry to the island and charging them 20 per cent of the value of their lands under the pretext that they failed to complete construction work on time,” HOU chairman Farooq Almoayyed told AAK.

“Such practices are in conflict with Bahrain’s investment laws. Also, the trust of enthusiastic investors has been shaken. From the very beginning when the state owned 51 per cent stake of the project, investors were encouraged to buy plots but later their investments dropped after Bahrain Mumtalakat Holding Company sold its shares to LTC for a meagre price,” he added. – TradeArabia News Service




Tags: Reef Island | Lulu Tourism |

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