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Article: Ajman's Crown Residencia stalled.
- Article from:
- Gulf News (United Arab Emirates)
- Article date:
- September 25, 2009
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Byline: Suzanne Fenton, Staff Reporter
Dubai: Investors in the Crown Residencia project in Emirates City, Ajman will have to wait at least a year and a half before they can move in.
Abu Bakr Abuzeid, finance manager of the project's developer, Al Batha Real Estate, said that many people have not paid installments and so the project has stalled.
"We are waiting for many people to pay us. They are delaying payments. We need to swap our clients to Dubai and we have offered them projects in Dubai," Abuzeid said.
Crown Residencia does not have an escrow account, according to the Ajman Real Estate Regulatory Agency (Arra). One of the ...