Golden Gate investors wary of payments notice

Golden Gate investors wary of payments notice

Home-owners in the Golden Gate project have been advised by the developer to continue paying their instalments, despite the temporary suspension of the project by the Real Estate Regulatory Authority (RERA).An investor, who spoke to GDN on condition of anonymity, said he received a communication from the company that the instalment payments needed to continue as usual and the suspension of the licence had nothing to do with payments from investors.The GDN reported two weeks ago that the developer had reassured investors about the project's financial position and that construction work continued without delays.An emailed message to investors then quoted Anas Al Kooheji, executive director of Golden Gate, as saying the suspension was due to ‘a compliance issue', and that the company was working with RERA to resolve the matter