The Bridge in Dubai Sport City

[G.invester]

Construction Status - The Bridge project from The First Group property developers




The Bridge Crosses a Major Milestone!

It’s an exciting time for the team at The Bridge, an iconic project in the heart of Dubai Sports City. Contractors recently poured the first concrete into The Bridge’s raft foundation. Members of The First Group were on site to celebrate this significant milestone, which meant that work on the project’s 32 floors could begin…

“From here on, the only way is up for The Bridge!” commented Amr Al Bawab, Director of Construction for The First Group, who joined the team to mark the occasion. “Construction is well on schedule and we are all really looking forward to seeing the project take shape.”

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The Bridge’s excellent location and stunning collection of commercial and residential property has attracted investment from around the globe, with footballer Michael Owen and England cricketer Freddie Flintoff amongst the owners. As members of The First Team, they join fellow ambassadors, footballer Andriy Shevchenko, tennis ace Svetlana Kutznetsova and former Ryder Cup captain Sam Torrance, all of whom have invested in property with The First Group.

[Ados]

It has taken long enough for them to get started. I reckon they are another two years plus away from completion not on schedule by any means. Anyway what do you think of it as an investment in these troubled times?

Regards Ados

[nuttygirl]

I have also invested in this property and not what to do now - i still have remaining of my installments to pay but not sure if I should or not. Any advise?

[Ados]

Hello Nuttygirl,

Its hard to say depending on your own circumstances, but if you can hold out until they complete at least you will have something worth while to sell or at least have a rental income. Not sure though how much now! The Law has changed in Dubai in favour of developers and you could loose 30% of your money even though there has been no progress over the last two years. The more progress they make the more of your money you will loose. This is to prevent investers from pulling out during the downturn. If you find anything out Please update this forum as we are all in the same situation. We could do with more owners registering on this forum and sharing their thoughts.

Best Regards Ados.

[Sportsman]

It's difficult, but i think at least Sports city has a chance to still complete and be a successful development. Many others as in Ajman, etc, will never work out.

I would continue and like said, it's better to follow through and complete a building than fold and have nothing but lawsuits and lawyers take what's left....

[maximus1]

do not invest with them. i wish that i had never heard of them , let alone given them my hard earned money. bought an overpriced invest, delivered three years late (actually its still not been handed over yet) and despite all of their wealth builder plans & promisses they now tell me that the rental returns are not as they had hoped, and they are now trying to scare us into signing up for somthing, that is not at all beneficial to me.its kind of funny, if you phone them regarding any of ther projects, they will tell you that ther doing great and you better get a wiggle on or you will miss out and they tell tales of great returns via rentals.then like me when you talk to them about rentals or possible resale they tell you, good luck trying to sell or rent anything at the moment because nothing is moving, and they are right as i have checked out many est agents in the area, and nothing much is selling unless you want to sell at a loss. they do however continue to falsley advertise the high return rates etc on ther web site, and still send out to existing and potential customers ther rates that they know not to be true. i am in the process of now taking legal action against them.my journey with them has been one of dissapointment and being let down time after time, stressfull and to date the worst investment i have ever made, actually its the only epic disaster i have been involved with. this is why i am sharing this with whoever wants to take heed from it. the odd thing is no matter how hard i look on forums i cannot find any body saying anything about them good or bad, so if you know of any such discussions please let me know.
regarding the returns, i cannot quite believe what they have told me today, it hurt big time. they are saying the expected rental is now going to be in the region of 20 to 30 thousand aed a year, thats right folks a year 3 to 5 thousand sterling. they are expecting final payment. its not going to happen, the stark reality is it is no deal, this means i am going to be in dis pute with them and i now realise that i have lost my investment pretty much as i am sure that if i do not make the final payment they will probably seize it or somthing in ther favour. but it is already not worth what i paid for it, and 5k a year rental? it will take me about 60 years just to break even. if anyone is interested in contacting me then do so i can forward copies of correspondance to you. i think it is to late for anyone who has purchased in yasmin now we are all in the same situation? however why dont we start a website that can be used to show the corruption that has taken place and prevent other people from investing with them?

Last edited by maximus1; Today at 03:22 PM.

[Bridge investor]

hi,
thank you for your input.
i have invested in the bridge a long time ago, and i only have one final installment to pay completion date has changed a few times since, and now it is supposed to be this decembber...i still can't see it happening as recent pictures show they 're quite a way off.i hope to hear from anyone, especially bridge investorstors to shed some light...it is getting too confusing.
thank you.

[purestgreen]

Hi All,

I'm new to the forum - I've recently been approached by TFG to pay my final 20% payment early, with a small (just over 5%) discount on that payment. They say that they are expecting the certificate of completion very soon, in just about a week.

Has anyone else had this? I'm not sure what to do...I might as well take the deal, unless I think that the whole project is about to collapse in which case I've lost (or have to start fighting for) the other 80%.

I guess at this stage I expect them to complete at some point, although whether it's by the end of this month (Jan 2012) like the guy say it "should" be, I'm not very optimistic.

Has anyone taken the deal? Is anyone definitely not? Reduced rent / poor performance aside, as long as it completes I'll be quite relieved, at least we can keep hold of it, I believe that it will all pick up again in a couple of years...

[rocchio]

Hi my advice would be to have deeds on table when you complete! Without deeds you own nothing. Sorry just seen your post by chance!

[James Greg]

There are many projects going to be start in Dubai sports city and other places. Rental business is at its peak in Dubai Marina, Business Bay and Discovery Gardens. If you want to find out luxury apartments on rent with cheap prices then I can surely recommend you some places. But the information and details about sports city is good from your side.