D1 Tower Dubai Creek

[Datum1m]

I am looking for investors who have bought from Emirates Sunland D1 Tower, I have bought a Unit in D1, I am being asked to make my next payment based on payment schedule, which will mean I will have paid 60%, but the building as only just started coming out of the ground and is nowhere near 60% complete. I would like any investors who have bought into D1 to come forward and let me have their thoughts. I personally would like to see the payment schedule based on work completed and certified as been completed by an independent Architect.

Regards

Nigel

[kamadenu]

Originally Posted by Datum1m

I am looking for investors who have bought from Emirates Sunland D1 Tower, I have bought a Unit in D1, I am being asked to make my next payment based on payment schedule, which will mean I will have paid 60%, but the building as only just started coming out of the ground and is nowhere near 60% complete. I would like any investors who have bought into D1 to come forward and let me have their thoughts. I personally would like to see the payment schedule based on work completed and certified as been completed by an independent Architect.

Regards

Nigel

I have a property in Nur (same developer) in culture village and have paid 20%. My next payment is due and the project has not even broken ground. I also dont have a contract. Believe even D1 investors have not been given a contract. Under such circumstances, we dont know
when is the delivery
what will be the contract terms which we will be forced to sign because we have already paid so much
what abt the law 13
I am willing to join the group.......of nur and d1 investors

[Datum1m]

Originally Posted by kamadenu

I have a property in Nur (same developer) in culture village and have paid 20%. My next payment is due and the project has not even broken ground. I also dont have a contract. Believe even D1 investors have not been given a contract. Under such circumstances, we dont know
when is the delivery
what will be the contract terms which we will be forced to sign because we have already paid so much
what abt the law 13
I am willing to join the group.......of nur and d1 investors

Thank you for the response to my post, I looked at nur when I bought into D1, so I know the development.

It would seem there are no Emirates Sunland investors looking at the Forum right now, just me and you.

I have written to the Developer asking him to change my payment schedule to one that is construction based, so I will let you know if and what response I get.

I gained some information yesterday that gave me great cause for concern; it would seem Developers are allowed to draw as much as 20% against a Escrow Account without even appointing a contractor and this would be to cover things like Sales & Marketing and land acquisition. So under Law 13 we the investor will be buying the land for the Developer to resell to new investors from the 30% we have had to give him, for not been able to meet the payment schedule.

Regards

Nigel

[TommyC]

Originally Posted by kamadenu

I have a property in Nur (same developer) in culture village and have paid 20%. My next payment is due and the project has not even broken ground. I also dont have a contract. Believe even D1 investors have not been given a contract. Under such circumstances, we dont know
when is the delivery
what will be the contract terms which we will be forced to sign because we have already paid so much
what abt the law 13
I am willing to join the group.......of nur and d1 investors

I would definately recommend joining the existing initiative led by Mohammed which has already gained a lot of traction! If you haven't already done so, send an email to: investorslaw13 at hotmail.com with some brief details on money invested in which projects, your contact details and a comment about the latest interpretation. There will shortly be a petition handed over to the land department and we need as many investors as possible to back it up. Overall there seems to be a big need to come together, both in individual projects and in the community as a whole.

[kamadenu]

Originally Posted by TommyC

I would definately recommend joining the existing initiative led by Mohammed which has already gained a lot of traction! If you haven't already done so, send an email to: investorslaw13 at hotmail.com with some brief details on money invested in which projects, your contact details and a comment about the latest interpretation. There will shortly be a petition handed over to the land department and we need as many investors as possible to back it up. Overall there seems to be a big need to come together, both in individual projects and in the community as a whole.

Thanks, I have joined the group already. The stories that come out every day get more and more scary.........

[TommyC]

Originally Posted by kamadenu

Thanks, I have joined the group already. The stories that come out every day get more and more scary.........

Know what you mean, the current slowdown experienced have made a lot of things come to the surface; like the abuse of escrow accounts, developer tactics and even master-developer behaviour. Let's see what we can do about it!

[Peter39]

Originally Posted by Datum1m

I am looking for investors who have bought from Emirates Sunland D1 Tower, I have bought a Unit in D1, I am being asked to make my next payment based on payment schedule, which will mean I will have paid 60%, but the building as only just started coming out of the ground and is nowhere near 60% complete. I would like any investors who have bought into D1 to come forward and let me have their thoughts. I personally would like to see the payment schedule based on work completed and certified as been completed by an independent Architect.

Regards

Nigel

I am in the same position and whilst I didn't expect the payment schedule to exactly follow the construction progress, it now seems to be a long way adrift.

I have been told completion date for D1 is last qtr 2010, so assuming work started in Dec 07 then by March 09 we will have paid 70% but the construction timetable will only be 42% - a long way behind!

Have you been in contact with the agent who sold it to you or Emirates Sunland to get their comment?

Regards

Peter

[kamadenu]

Originally Posted by Peter39

I am in the same position and whilst I didn't expect the payment schedule to exactly follow the construction progress, it now seems to be a long way adrift.

I have been told completion date for D1 is last qtr 2010, so assuming work started in Dec 07 then by March 09 we will have paid 70% but the construction timetable will only be 42% - a long way behind!

Have you been in contact with the agent who sold it to you or Emirates Sunland to get their comment?

Regards

Peter

the agent who sold you the property has probably run away............(joking) the developer will never agree that he is late.......so what can you do

[Datum1m]

Originally Posted by Peter39

I am in the same position and whilst I didn't expect the payment schedule to exactly follow the construction progress, it now seems to be a long way adrift.

I have been told completion date for D1 is last qtr 2010, so assuming work started in Dec 07 then by March 09 we will have paid 70% but the construction timetable will only be 42% - a long way behind!

Have you been in contact with the agent who sold it to you or Emirates Sunland to get their comment?

Regards

Peter

I have been speaking to an Agent today who in the past as sold a lot of Sunland Apartments. He tells me they will be shelving the Atrium project and will probably look at shelving Nur, but continue with D1. I asked if the would be letting investors have their money back, but he could not comment. I have a few concerns regarding the D1 project I can afford to continue with my payments, but how many more investors can or will. Does the Developer have the liquidity to continue if say 50% default and what will happen to the area around D1, if nothing else gets built, how will the affect the value of our investment?

Regards

Nigel

[Peter39]

Originally Posted by Datum1m

I have been speaking to an Agent today who in the past as sold a lot of Sunland Apartments. He tells me they will be shelving the Atrium project and will probably look at shelving Nur, but continue with D1. I asked if the would be letting investors have their money back, but he could not comment. I have a few concerns regarding the D1 project I can afford to continue with my payments, but how many more investors can or will. Does the Developer have the liquidity to continue if say 50% default and what will happen to the area around D1, if nothing else gets built, how will the affect the value of our investment?

Regards

Nigel

Nigel

Can we get any confirmation regarding the (possible) shelving of the Atrium/NUR projects?

Given that Sunland only recently sent out a newsletter which was all upbeat, I am surprised that an agent would be in a position to know about Sunland's possible plans which clearly contradict what they are saying to their investors - who would have told the agent?

However, once we are sure of the status, we can address the other issues re money back and future of the D1 and PV projects directly with Sunland.

Perhaps one of the forum members who has bought into the NUR or Atrium can make some enquiries?

Regards

Peter