Many thanks Ali for this insightful post. At least this reeassures some of us. It looks like at this stage the sensible thing to do is to hang on to the investment as selling off or demanding a refund will be an anticlimax in the face of the current state of the £/$ exchange rate.
Well done and how was Dubai? Did you visit the phase 3 site at all? Did you have any hint about the future metroline passing through this development? Please do you have any idea of the
current cost of a 2 bed in Vancouver Tower?
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Originally Posted by Ali54
I met with Mr Majid Al Attar, the manging director. He, somehow, convinced me by showing me correspondents from the NAKHEEL (the Master Developer) to AL ATTAR that the cause of delay is from Nakheel. Nakheel gave the Handover of Plots for construction in April and then issued the Compliance certificate (TO4) in May. I believe there is some further paper work left to be received from Nakheel before the contruction work starts. It is likely that the work on the Vancouver Tower will start before the Global Point. Mr Al Attar was optimistic that in the coming few months the work can start but acknowledged that it will take at least 2 years to complete (handing out apartments to clients).
As far as the MOU is concerned it says that Al Attar will fix the completion date whenever the construction work is started depending on final clerance from the Nakheel. The 5th instalment (the next outstanding) to be paid only after the completion of work the basement of the prposed building.
In my discussion with Mr Al Attar it would appear that Al Attar will refund any client wishing so but with no compensation.
One need to take into consideration several factors when amking decision: Some of us, including myself, paid extra premium to our agents for re-purchasing the apartments from previous potential purchasers. Al Atar will only pay you the payment toward the actual developer price of the apartment. The exchange rate now is quite diffrent compared to 2 years ago when we satrted payment by Sterling Poound. The legal system in UAE does not seem to be as clear as it could be in the UK. So I am not sure how much compensation would I be able to get from Al Attar. Lastly, it is also worth mentioning that the propery price is now higher than it was 2 years ago. Once the work on the site is started I am sure Al Atar will sell any returned units to them with high price.
As far as Nakheel is concern it would appaer that the delay was unavoidable after thier delay with the phase 1 work.
I personally encouraged Mr Al Attar to display any relevant documents and correspondents on thier website and also to email the documents they received from the Nakheel to all clients. He seemed to be in apprecxiation of my suggestion but not sure if his Sale/IT team will act soon.
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