Foundation work on the long-delayed Ivory Tower in Dubai, which began six months ago, has again reached a standstill.
Hundreds of buyers are walking away from their investment in the Sokook Investment Group’s project, which is already three years overdue.
'Why should we pay for an imaginary tower?' asked one investor who declined to be named.
It is yet another property development in Dubai that highlights the problems associated with selling off-plan, as buyers are now refusing to pay for something they have lost faith in and the developer has no cash to continue construction.