International City - Phase III

[9009Ali]

Hi Mu@

I've got an 1 Bed in Vancouver Tower and have had a similar conversation with Imran of Al-Attar. I think they want everyone to sign the 'memorundum of understanding' MOU just to cover themselves (i.e. not paying any compensation)should there be any further delays.

I was led to believe that they will re-schedule the payment plan and will issue the repayment schedule once the building is at a certain stage in construction.

Have you received the signed contact (Sales & Purchase Agreement) from them yet, or are they holding you to 'ransom' with signing the MOU?

It's looking like its gonna be a long stuggle with Phase III.

[SAH]

Nakheel delays all their projects so don't think 2008 :

[laguna33p]

Looks like IC3 to be more delayed than IC1, these people need to get their act together and start finishing existing projects before coming up with new ones.

[SAH]

Originally Posted by laguna33p

Looks like IC3 to be more delayed than IC1, these people need to get their act together and start finishing existing projects before coming up with new ones.

Agreed! first finish all pendings. Think Nakheels think unexpected delays

[laguna33p]

yeh, boycott nakheel

[M.B]

HI ALL,
I HAVE RECEIVED THIS EMAIL FROM ALATTAR YESTERDAY:

Dear Sir,

With regards with your email the rescheduled payment is not yet ready
because still we are waiting for the infrastructure to be finished,
once we
start the civil construction that's time we will give you revised
payment
schedule. You can apply mortgage at AMLAK they can give up to 90%.

Any further assistance feel free to contact me
Thank you

Best regards,
Sheryll Beato
Customer Relation Executive
Al Attar Properties

[mu@]

Hello 9009Ali,

luckly I have received the sales aggrement, just to have an understanding do not sign any MOU unless it is clear what it is.

I heard there were lot of problems with ARY properties in international City. They dealyed the project but did not reschedule the payment plan, some people stop paying untill the construction was resumed, ARY send them letters saying they should continue the payments or lose the property. After much fuss ARY signed an MOU with all of them.

MOU will always go in there favour, I guess.

[letchkof]

Having just found some of the info from this forum to do with Al Attar and in particular Global Point,i think i'm in need of some advice/opinions. I am at the moment dealing with Amlak for the home finance on Global Point but if there is no construction taking place at the moment,how can Amlak offer the home finance or is the finance just deferred to when the new payment schedule is arranged. Also has anyone made any profit on re-asigning the contract to sell these apt's, as i've got 30% of the purchase price tied into this project and there's not a lot of positive news.

[bigboi]

Hi All

Myself and a number of friends have bought a few flats properties in Toronto Tower IC phase 3.

We have all received MOU from Al Attar.

None of us have signed this documentation, as we belive it is completley in favour of Al Attar.

I propose that if we all get together we can exert some pressure on Al Attar, in order to be compensated for loss of potential earnings.

Please give me your views on this subject.

Regards

Big Boi

[Gaurav Gupta]

I think this gotto do with Al Attar. I have one 2 bed in Al Jawzaa and I am pretty happy with Tameer, they have respond to your queries well and you get the right answer. I was aware of this project award earlier itself through Tameer customer service. I agree that there has been a delay which is more to do with IC P3 infrastructure work delay. I personally was prepared for delays in the back of my mind when I invested. I am happy to see it moving.

Tameer Holding chooses Al Arrab Contracting for the construction work of "Al Jawzaa Project" at a value of AED 58 Million
Tameer Holding, the region's leading property development company, has chosen Al Arrab Contracting for the construction work of Al Jawzaa Project at a value of AED 58 million. This comes after Al Arrab beat off competitors for the contract to construct the tower located in the heart of Dubai International City, a development soon to be known for its unique lifestyle and renowned international buildings. Al Arrab will take care of the construction work of Al Jawzaa Project that covers an area of 240119 square feet, and is composed of 2 buildings with a total of 180 residential units, each building is a Ground Floor + 5 floors. This deal comes in the light of Tameer's expansion strategy to execute its latest property projects in conjunction with some of the leading construction firms, including UNEC and Al Arrab Contracting for the construction of the Palace Towers and Regal Tower respectively (this being the second project between Al Arrab Contracting and Tameer).
Omar Ayesh, President of Tameer Holding said: "The property developer should be committed to its clients, customers, and investors in the development of its projects. This commitment should be evident throughout the launch and the sale of the project right onto the construction work. This is part of our strategy in Tameer, to choose contracting companies that are known for their good quality and performance in the construction market , thus our choice for Al Jawzaa Project is just one example of this and is a project that we consider as the latest in a long line of achievements".
He added: "Al Jawzaa Project is a special addition to the residential property sector in Dubai, delivering high quality standards and competitive prices to a huge property market that is incessantly competitive".
He continued: "The Dubai market is no longer satisfied with normal projects. Investors are looking for a special property product that come at international standards of development - forcing property developers to create more unique developments in a bid to out shine their competition. Tameer's mission has been and continues to be, to strongly establish its position and enhance
its qualifications in order to create and deliver the best property projects".
Likewise Mr Nusair Awar Tani, General Manager of Al Arrab Contracting said: "Signing the second deal with Tameer puts a great responsibility on to us. That responsibility is to provide all the best to one of the leading realty developers in the region and to finish the work to the highest of standards. This deal shows Tameer's confidence in our performance, which further encourages us to rise to that challenge and not let them down".
Al Jawzaa Project, which is located in Dubai International City, is composed of 180 freehold residential units, of studio and one and two bedrooms in addition to 6 retail shops. This includes swimming pools, a gym, health center, banquet area, and other entertainment and rest facilities.