Investors from Ajman, such as Hamsa Shetty and Junaid Sayed, sales manager at FMCG, have lost thousands of dirhams from projects that have not been completed in the emirate.
Shetty said she invested in a one bedroom apartment in Ajman’s SF Tower in 2008, and has not received an original copy of the invoice until today.
“I made the investment through Al Rashed Real Estate. I made two payments worth £20,100 [Dh115,374] and have not received an invoice or confirmation of the original agreement until now,” she said.
She explained that she went to Ajman Court to seek help, but it has yet to help compensate her for her loss.
“Someone from Ajman Court told me the developer is in prison. The tower is not even there,” she added.
Shetty is still communicating with Ajman Court, but no resolution has been made, she said.
Sayed, too, has not received his two-bedroom apartment in Ajman’s Goldcrest Dreams 1, developed by Star Giga Establishment Limited. It costs Dh440,000, of which Dh220,000 has been paid to the developer, he said.
“I invested in 2006. They said they would deliver the project in 2009, but they stopped construction in 2008, saying there were issues with labour. They said work will commence fast,” Sayed said.
The developer then said it would deliver the project, which is now 40 per cent complete, in 2011, but it has not done so until today, according to the investor.
Meanwhile, a Gulf News reader, who is an investor, said he has not recovered the Dh500,000 he invested in two units in Al Marjan Island’s La Hoya Bay in Ras Al Khaimah back in 2008.
He said the project’s developer Khoie Properties “promised a refund to those investors who do not wish to wait for their units, however since then I have not received any refund or unit.”
In response to such investors, Frank Khoie, the company’s chairman, told Gulf News: “We have been amongst the rare developers offering refund to our clients who wish to get our due to their financial problems by way of selling their units to new investors and they will only get their deposit back once the unit is resold.”
He added: “ We have over one thousand investors in our La Hoya Bay project and they all understand the difficulties to complete our project due to lack of infrastructure in Ras Al Khaimah, however both private sector developers and the government entities are doing all we can to succeed.”