The project to build over 730 luxury villas and a shopping centre — which began in 2014 — encountered difficulties after the Sarot Group declared bankruptcy.
The firm made the decision after some of its Gulf customers couldn't pay for the villas they had bought as part of the $200 million project, Mezher Yerdelen, Sarot's deputy chairman, said. The villas are worth between $400,000 and 500,000 apiece.