With regard to ‘Homes joy after one-year delay’, (GDN, August 25), it seems the chickens have again come home to roost.
There’s a surprise. The $18 million Providence Residence, in Juffair, was apparently launched in October 2015 and was to be completed by September 2017.
A most impressive list of amenities was promised for residents and “for the first time in Bahrain bespoke living like never before”.
I have seen these claims before, back in 2007!
However, in October 2015 apartments for sale off-plan came under the jurisdiction of Decree 28 of 2013, which included safeguards to potential off-plan buyers via an escrow account – giving the developer only strictly limited access.
In 2016, similar safeguards plus ensuring adequate build finance to complete the project applied under the New Real Estate Organisational Law, which was approved in almost record time of three months.
Has anyone seen this new law online?
It highlights that both the 2013 and 2016 real estate laws safeguarding financial interests for off-plan apartment buyers, and ensuring contractual completion date, lacks a monitoring system to verify that developers comply with all these laws.