City of Arabia

[jordandvdj]

i'll sell you my 2 bed, 22nd floor wadi tower for 1.8m even though galadari want 2.2m

[Girish]

Hi Everyone
I have 4 units of 1 Bed Room Apartments for SALE in WADI WALK.
All units are Water facing. These are very rare on the market. Total size is 990 sq ft inclusive of 2 balconies of 187 sq ft. (803 + 187 =990 )
Go wealthy is selling these at 1750 per sq ft. I can sell them at 1600 dhs per sq ft.
If anyone is interested send me an email or PM me.

[DAYFox]

A few days back I got this letter from Galadari:

Dear Valued Customer:
We, City of Arabia, are proud to be associated with you as our valued customer. It is your confidence and interest that has kept the City of Arabia flag flying high and it is always our principle that those who have confidence in us will never be let down. Our project is progressing very well and most of the infrastructure work has been completed. We have learnt from the experience of other builders who have built buildings that cannot be occupied as the infrastructure is taken up at the end. We have done the reserves so that when the building is ready, you are ready to move in. We have already appointed piling and shoring contractors for your building and bids from civil contractors are being evaluated.
Due to unavoidable circumstances beyond our control such as Municipality approval, RTA approval and other changes in the Master Plan, based on actual technical input, has delayed our project for the extent of few months. We the developers of City of Arabia know how your investment is affected due to this unavoidable delay. In consideration of this we have decided to postpone your payment and are enclosing a revised schedule. If everything goes well, it is our hope and whish that the City of Arabia and your building will be ready to move before the end of 2009.
We take this opportunity to thank you for your interest and participation in our development and apologize to you for the unavoidable delay.
Kindly have one copy of the Addendum signed and returned. The second copy is for your records.
We look forward to your continued co-operation.
Yours sincerely …


So far so good. That the project is delayed I was aware of but now they want me to sign a contract with new completion dates. I bought in June 2006 and the Wadi Tower was supposed to be ready by 2008. I already paid 55% and i am not planning to sign the new contract just like that because than i have no rights for any compensations. My question to you all now: What would you recommend me to do??? How do I have to proceed now and what can I say to them?
Waiting for your replies! thank you!

[savais]

I got the same thing and enquired about it. There are two options, as far as I understand it.
(1) Sign the addendum and the payment schedule is revised and the long stop date is postponed.
(2) Refuse to sign the addendum and keep the original payment schedule and long stop date.
What is your payment schedule and long stop date on your contract?

[DAYFox]

Originally Posted by savais

I got the same thing and enquired about it. There are two options, as far as I understand it.
(1) Sign the addendum and the payment schedule is revised and the long stop date is postponed.
(2) Refuse to sign the addendum and keep the original payment schedule and long stop date.
What is your payment schedule and long stop date on your contract?

Payment schedule OLD but still valid:
Reservation+Execution of Agreement 15% PAID
15.Aug 2006 10% PAID
15. Nov 2006 10% PAID
15. March 2007 10% PAID
15. July 2007 10 % PAID
15. Nov 2007 10 % not payed
15. March 2008 10% not payed
Completion Date 25% not payed

NEW one they want me to sign:
...
15.May 2009 10%
15. Sep 2009 10%
On Completion 25 %

Old completion Dates, but still vaild:

Anticipated Completion Date: 31.March 2008
Long stop Date: 31.Dec. 2007
Ultimate Long Stop Date: 31.Dec. 2008

NEW completion Dates they want me to sign:

Anticipated Completion Date: 31. Dec. 2009
Long Stop Date: 30.Jun. 2010
The Ultimate Long Stop Date of 31. Dec. 2008 set out in Clause 1.1 is herby removed


Please tell me your dates as well! When did you buy? Thx

[savais]

sent you a pm.

[lesplaces]

Anyone know if these are sold out. I have an option to buy twpo small offices on 750sq feet each at 980 AED per square foot. Any views on current paper vlaue before I press the button.

For investment calculation I am assuming completion mid 2010.

[DAYFox]

Originally Posted by lesplaces

Anyone know if these are sold out. I have an option to buy twpo small offices on 750sq feet each at 980 AED per square foot. Any views on current paper vlaue before I press the button.

For investment calculation I am assuming completion mid 2010.

Prices are in that range right now! For that point in time definitely not a bad deal!

[savais]

According to gowealthy.com, office prices in metro tower are 1566 AED per sq ft. Don't know if anyone would actually but it at those prices, but 980 is definitely a good deal.

[lesplaces]

Originally Posted by savais

According to gowealthy.com, office prices in metro tower are 1566 AED per sq ft. Don't know if anyone would actually but it at those prices, but 980 is definitely a good deal.

Thanks - yes saw this ono there site following your reply:

Metro Tower : Price : Gowealthy.com