White Bay developer Al Murjan goes bust......
 

Oh dear............... defaults by “nearly 50 percent of the buyers.”

http://www.bloomberg.com/news/2010-1...s-default.html

Re: White Bay developer Al Murjan goes bust......
 

which means all of them :(

Re: White Bay developer Al Murjan goes bust......
 

Sounds like they are trying to temper the effects of the housing downturn by blaming part of the problem on non approval of plans.

So the deputy Ruler doesn't have the Wasta to get a multi billion dollar project approved, sure.....

Re: White Bay developer Al Murjan goes bust......
 

I'm shocked to hear a UAE property concern could go bust.

I mean, the dedication to professionalism, transparent financial dealings and commitment to never miss-sell at all. Not to mention most local banks are simply excellent at loan risk assessment...

I won't even mention how they carefully survey the market to ensure what they build will be supported by the local market and not left empty for months or years.

How could this have happened?

:p

On a more serious note a friend of a friend brought in the Green Community and apparently lots of seawater from the water table has been gradually seeping up, killing the plants and causing the property to sink.

N.

Re: White Bay developer Al Murjan goes bust......
 

In Bahrain, they don't try to hide that - it's called "Floating City"...........

Re: White Bay developer Al Murjan goes bust......
 

friend of mine bought there as well, when it rained two year ago her entire apartment was under 3ft of water, it was a right mess.

Re: White Bay developer Al Murjan goes bust......
 

Hi all,

I'm a reporter in Abu Dhabi. I'm interested in finding both Al Murjan and Green Community owners. If anybody knows owners, can you please respond to my sign on here? Thanks...

Re: White Bay developer Al Murjan goes bust......
 

hi there, why Green Community Owners is there a problem there?

Re: White Bay developer Al Murjan goes bust......
 

Res' in-depth research on this forum suggests that flats in the Green Community get flooded when it rains and the sea water has killed the plants.

Re: White Bay developer Al Murjan goes bust......
 

mmm yes they do, well at least my friends did a couple of years back :(

Re: White Bay developer Al Murjan goes bust......
 

We know. Res and I have both read post 6 :)

Re: White Bay developer Al Murjan goes bust......
 

:rofl: I don't go back on a thread !

Re: White Bay developer Al Murjan goes bust......
 

Does he mean Al Murjan or Al Furjan? The latter is the new development near Jebel Ali.

Re: White Bay developer Al Murjan goes bust......
 

Hi Abudhabires,
We bought on the whitebay project, did not default on our contract and paid 50% untill completion, we now have a meeting set up with Al murjan liquidators to discuss ou option for re- paying us some money back. We have one of the earliest appointments so if ou would like to discuss this please give me an email adress.:fingerscrossed:

Re: White Bay developer Al Murjan goes bust......
 

Hi Abudhabires,
We bought on the whitebay project, did not default on our contract and paid 50% untill completion, we now have a meeting set up with Al murjan liquidators to discuss our option for re- paying us some money back. We have one of the earliest appointments so if you would like to discuss this please give me an email adress.:fingerscrossed:

Re: White Bay developer Al Murjan goes bust......
 

A friend of mine is trying to set up a focus group for White Bay investors, if anyone wants to contact him they can via mikesmall.vsm @ gmail.com

thanks

Re: White Bay developer Al Murjan goes bust......
 

I'd be very careful buying into property development in the region. Notwithstanding the obvious risks, the coastal gulf environment is about the worst in the world for steel and reinforced concrete durability.

Specifications, materials, and build quality need to be of the highest standards.

Re: White Bay developer Al Murjan goes bust......
 

with this in mind how does that impact on all those stalled projects all over the place? if they ever get finance again can they complete them without them becoming death traps? and is the expected life expectancy is reduced significantly?

for example in Bahrain there is a development called Marina West where the skeletons have just been standing there for about 2 years with no progress. they are trying to get new financing but surely they can't just pick up where they left off..?

Re: White Bay developer Al Murjan goes bust......
 

White Bay has gone to the wall, the investors are trying to recoup their initial investments but I can't see it happening