• The GCC Financial Forum 2019
Marina Reef missed several deadlines, claims master developer

Marina Reef missed several deadlines, claims master developer

Manama

The developer of Marina Reef project at Reef Island has continuously missed the deadline to complete the project and at least two years are needed to complete the work of the building, said the master developer of the island, Lulu Tourism Company (LTC).

Earlier, the developer of the project, Marina Reef Real Estate Development stated that the master developer denied entry to its labourers to the project site at a crucial stage when the developer was all set to handover the apartments to their respective owners as 90 per cent of the work had been already over.

Waleed Ebrahim Abdulaal Al Fahad, Managing Director of Marina Reef Real Estate Development earlier said, “We are incurring huge losses as we are prevented from completing our project. During the last two months we weren't able to work on the project because we were denied entry of our buses, trucks and equipment at the island in order to complete the final stage works.”

Denying the allegations, LTC said that the developer missed many deadlines, before the master developer of the island took decision to block the entry of labourers of Marina Reef Real Estate Development.

In August 2009, the developers said that the project would be completed in April 2010. In 2013, press statements were issued by the developer stating that the work would be completed by the end of 2014. But in April 2015, the Marina Reef building was listed as defective project requiring subsidies from the bank. On the other hand, on its website, Marina Reef made false promises by announcing project delivery by June 2015, said the master developer.

 The developer also missed the deadline of June 2015, before blocking the labourers of Marina reef from entering Reef Island in mid July, the LTC said.Currently, the building lacks necessary features and amenities. Constructing a top roof will take almost 10 months. All basic amenities such as water, electricity and sewage works are also not connected. Moreover the developer has not applied for these amenities. Completion of roof work needs at least six months. Under current status, it is impossible to split/divide/deliver the building or its apartment to individuals, the master developer said.




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