PROPERTY buyers who invested in the Marina Reef development remain adamant that they want their money back.
They said they were aware of the reasons given for delays in the project, but had simply had enough of waiting.
One home buyer who has already put BD200,000 into the project said she not only wanted her money back, but also compensation. "I have lost two years in being unable to rent the property out and lost bank interest on the money that I would have made on rents," she said on condition of anonymity.
She claimed repeated meetings and telephone calls with the developer had yielded nothing.
"All I have are promises that mean nothing," said the buyer, who signed a contract to purchase an apartment in March 2008 and was given a completion date of April 2010.
"Since then, I have been running around to see what's going on and work has not progressed at all for a long time now," she said.
"Initially the developer blamed the delay on the global financial crisis, then said there was a cement and steel shortage and then claimed unrest in Bahrain had put paid to their plans.
"We have heard so many excuses now that we do not believe anything."
The buyer, who wished to remain anonymous, said she was even made to sign another contract to pay an extra BD20,000 after she was told the size of the flats had been increased.
"This is all so unfair," she said, adding that other residential developments on Reef Island had already been completed. "Why has only this development not been completed?" she asked.
Another buyer who took out a mortgage to pay for his flat is also seeking his money back.
"I have now heard all the excuses and want my money back," he said. "I can take that and put it down to bad experience, but they have even refused to give me back the money."
He claimed the original contract stated that buyers would get their money back without interest if their apartments were not ready on time and accused the developer of changing the property plans several times without the knowledge of buyers.
"That has not happened and I want my money. Why is that not happening?" he asked.