The changes buyers must agree upon are to hand over voting rights on the homeowners association to the developer, allow the developer to take over the unit if the buyer “defaults under any of its obligations”, and give Select the ability to transfer sale contracts to third parties.

275 of the buyers have received the same amendments, which applies to units purchased under a long-term payment plan. James Rooney, a UK citizen who bought an apartment in The Torch told The National:

“What they are trying to do is force us into signing away our control”

Select said the changes were necessary to securitise the debt from these long-term plans, but the buyers are not willing to give up without a fight. Rooney added that an investor group had been formed in London and that the 25 group members together has sought legal advice.

The Torch

The Torch is located in Dubai Marina and is the tallest residential tower in the world, reaching 345 metres above the ground and housing 676 apartments. About 600 of those apartments were sold during Dubai’s property boom between 2005 and 2008.