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In Turkey, the builder of a condominium building with mini-castles was approved to carry out the works, which had been halted because of the bankruptcy of the company. Last Friday (1), the creditors of the construction company voted in favor of the completion of the works.
The Burj al Babas Project, located in the city of Mudurnu, about 200 kilometers from Istanbul, was designed as a luxury residential condominium consisting of identical houses built in castles around a center. commercial and a hotel. . The unit price varies between $ 300,000 and $ 550,000, according to the company's website.
However, delays in obtaining building permits increased the cost of construction, as the depreciation of the lira led to higher prices for building materials in Turkey. The company, along with other players in the construction sector in the country, felt the effects of the falling currency and rising interest rates.
The construction of the condominium was halted in 2018 before the construction of 732 houses. The company has been declared bankrupt.
Construction of Mini Condominiums Burj al-Babas's lawyer, Ozgur Yanar, said Friday that most creditors had voted in favor of the authorization of the company, using its capital and badets, to continue to build mini-castles. However, the decision was not unanimous.
Nearly half of the mini-castles were bought by Kuwaitis. A Kuwaiti lawyer representing buyers of more than 70 chateaux said the company had not kept its promises. They are not convinced that the company will complete the construction.
"We do not support the decision taken now," Fawaz al-Mutairi said at the end of the two-hour meeting. "The company has given up many clauses, we do not trust them anymore."
See below pictures of the buildings:
