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Building company in forced land sale

20 May 2013

Following reported allegations that Cloud Construction owned by Temel Bulut, pictured above, has mis-sold houses off plan, it now emerges that it has been forced to sell land that the company was using for security on bank loans. Apparently, it has not met the terms of its bank loans for the past three months.

Today, Cloud announced the urgent sale of most of its land holdings with the stated intent of using the sales proceeds to directly repay bank loans.

The land up for sale includes a 67 donum plot in Catalkoy, where the firm was recently taking deposits for houses yet to be built.

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