AS a buyer of two apartments in the Marina West residential development, which has been stalled for more than 11 years, I was saddened to read in the GDN of April 6 frustrating stories of various buyers, with whose plight I completely sympathise.
It really does seem as if no one is listening to us; this has been the case since March 2010.
It is also interesting to read that no explanation was given as to the reason why negotiations between the developer and an outside investor, for the rescue of Marina West, collapsed in 2019.
Applying some simple arithmetic with respect to this ‘collapse’, and mindful that Bahrain property values are set to rise in the near future, the most likely explanation is that the developer was seeking too high a price for his consent to that investor’s proposal.
Buyers ask: Why is the developer being allowed to maintain a power of veto over an economically-viable rescue investment? How many investment proposals will he reject because there’s not enough in it for him?
We buyers have been kept in the dark over resolving Marina West for far too long. How many more bona fide investors – who paid their hard-earned savings to the developer in good faith and have seen nothing in return – are going to die without being allowed to take possession of their lawfully-owned property?
If this is the way Bahrain conducts its business, outside investors will quite understandably stay away and prefer to invest elsewhere. The question is: Does anyone care?
Will someone in authority please not just ignore pleas like this? Show us that the end of the Marina West tunnel is in sight.
Disgruntled Investor
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