City of Arabia

[romaforever]

I was buying in April 2007 a studio in metro tower with view on wadi walk. Price around $166k. For personal problems I did not buy it. Should I be happy or very disappointed? What do you still think about that investment?

[Roshan]

Originally Posted by romaforever

I was buying in April 2007 a studio in metro tower with view on wadi walk. Price around $166k. For personal problems I did not buy it. Should I be happy or very disappointed? What do you still think about that investment?

What is the area ( nett or gross ) for the price of 166 $.

[romaforever]

I remember around 600 square feet

[Tazib]

Hi Guys,

Just like yourself my dad and aunty have bought a 2 bed in the arbian crown. They have paid all their installments completely. They bought directly from MED and the account management is completely crap they dont give update we dont know whats going on and am getting quite concearned.

Do you think they should hold out until completion?

Do you know the anticipated completion time?

Is there compensation for us?

if you could avise on the matter much appreciated

cheers

Taz

[Roshan]

Originally Posted by Tazib

Hi Guys,

Just like yourself my dad and aunty have bought a 2 bed in the arbian crown. They have paid all their installments completely. They bought directly from MED and the account management is completely crap they dont give update we dont know whats going on and am getting quite concearned.

Do you think they should hold out until completion?

Do you know the anticipated completion time?

Is there compensation for us?

if you could avise on the matter much appreciated

cheers

Taz

Tazib,

In business bay I went with Omniyat properties and there is a delay in the construction as the land is not handed over to them by the master developer. It's not their fault They sent out a letter saying future payments are deferred until further notice.

With the same developer, I had put a clause in my booking form that my purchase was subject to bank finance. 6 months down the line, the bank finance failed and the payment was 3 payments advanced. I asked for a grace period of 15 days to pay the 3 payments and they agreed without charging me a late fee.

Al Fajer on their JLT development deferred the next payment by 6 months as there was a delay in construction. Besides they waived the first year maintenance charges fully. I visited the site the other day and was not very happy with the progress. I have already hinted on a further delay on the next payment. If you don't ask - you don't get. Don't ask, demand and they might agree.

Now tell me how many investors have this kind of consideration.

Do you think they should hold out until completion?

The city of Arabia is a big project and delay will be the norm. Such projects are difficult to flip in the progressed state of payments as buyers are less. Nobody wants to touch a ticking time bomb. I guess the next best thing is to hold out.

Is there compensation for us?

The usual contracts stipulate an interest on the payments made on delay after 6 months of the stipulated completion date as per the current bank interest rates. Go through the contract and see if such a clause exists. All my contracts have this clause.

Try twisting the developers arms and tell him the project is delayed and the future payments should be deferred. I have used that succesfully in my investments.

[Roshan]

Originally Posted by romaforever

I remember around 600 square feet

That works to about 1015 dhs psf. I booked Motorcity in Dubai land at 704 Dhs psf and the construction has progressed as per schedule. The phase 3 might be going anything between 850 to 900 dhs psf.

Union properties are very professional on their developments but if you default on your payments, then GOD help you as they will charge you a 1% penalty and nothing can turn that.

[kevthedentist]

Originally Posted by Roshan

Tazib,

In business bay I went with Omniyat properties and there is a delay in the construction as the land is not handed over to them by the master developer. It's not their fault They sent out a letter saying future payments are deferred until further notice.

With the same developer, I had put a clause in my booking form that my purchase was subject to bank finance. 6 months down the line, the bank finance failed and the payment was 3 payments advanced. I asked for a grace period of 15 days to pay the 3 payments and they agreed without charging me a late fee.

Al Fajer on their JLT development deferred the next payment by 6 months as there was a delay in construction. Besides they waived the first year maintenance charges fully. I visited the site the other day and was not very happy with the progress. I have already hinted on a further delay on the next payment. If you don't ask - you don't get. Don't ask, demand and they might agree.

Now tell me how many investors have this kind of consideration.

Do you think they should hold out until completion?

The city of Arabia is a big project and delay will be the norm. Such projects are difficult to flip in the progressed state of payments as buyers are less. Nobody wants to touch a ticking time bomb. I guess the next best thing is to hold out.

Is there compensation for us?

The usual contracts stipulate an interest on the payments made on delay after 6 months of the stipulated completion date as per the current bank interest rates. Go through the contract and see if such a clause exists. All my contracts have this clause.

Try twisting the developers arms and tell him the project is delayed and the future payments should be deferred. I have used that succesfully in my investments.

GIO have completely rescheduled our payments for G Tower due to the delay.

[chiquita]

The biggest problem is DELAY. How long? I don't know. Anticipated completon time? Maybe later than 2010. Compensation? MED never mentioned about it even if I asked them. They seem to be honest but not really. My anger is getting bigger and bigger. Check it out with MED as often as possible. Let's share the info here. Group force might change their attitude.

Originally Posted by Tazib

Hi Guys,
Just like yourself my dad and aunty have bought a 2 bed in the arbian crown. They have paid all their installments completely. They bought directly from MED and the account management is completely crap they dont give update we dont know whats going on and am getting quite concearned.
Do you think they should hold out until completion?
Do you know the anticipated completion time?
Is there compensation for us?
if you could avise on the matter much appreciated
cheers
Taz

[romaforever]

I was buying in May 2007 the following unit:

Floor: 32nd.

View: Wadi Walk

Surface area: 667 sqfeet or 61.97 sq m

Price: 620,977 AED

Then the personal situation stopped me from doing so. Should I be happy or disappointed in view of what has been happening in Dubai's market (possible oversupply, late delivery, increase of inflation etc.)?

[romaforever]

I forgot to mention that the building was METRO TOWER