Hundreds of property buyers in the long-delayed Ivory Tower project in Dubai fear they will lose their cash after work on the development stopped and consultants were called in to staff its Deira offices.

Ivory Tower, planned in the International Media Production Zone, was fully sold off-plan in 2006 and is now almost two years late.

Mohammed Binghalib, the former director of the developer Sokook Investment Group, said he was “not with the company any more”. The company’s website has also been closed and is to be updated, says a message on the site. Sokook’s office in Deira was manned by a consultant from Homes Real Estate yesterday.

The consultant said the developer had hired his company, based in Dubai, to compile a “feasibility report” on the 700 customers who bought units in the sprawling 20-storey Ivory Tower.

bloomberg.com