09 October 2010

Abandoned Building Constructions

As we passed the Ajman emirate of UAE on our way home from Ras Al Khaimah; I cannot help but wonder on the abandoned clusters of steel buildings along the highway. I saw the billboard with the finished projected photo of the community being developed. Unfortunately, the recession must have caused the cessation of construction so some of the buildings were left half-way through the process.

It is very sad to see these abandoned development as they held promises prior to the onset of recession. Our friend even told me that someone she knows bought a property in the said halted development only to find out that the developer had gone bankrupt. All her lifetime savings went down the drain with no hopes of being recovered. Such a sad story for both the developer and investors.

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