City of Arabia

[DAYFox]

Originally Posted by John Alexander

Hi Day Fox. A friend of mine bought a unit in a furnished serviced apartment in COA at 950 AED per sq. ft in 2005. This year he could not find a buyer at 30% premium of the purchase price. Eventually MED found a buyer for 30% premium on the deposit (30%)he had paid which was just 85 AED more per sq. ft than he had paid.

So my friend that is Silly price. 1035 AED per sq. foot. that too after three years of waiting.

Just tell him to wait a little bit more! Soon he will make his 100%, selling now would be indeed very unwise... Construction has started at some projects in COA finally. I would say maximum 3 more years to wait to get 2500AED/sqfet in COA!

[DAYFox]

Guys, I have to ask u all again:

Since when is Wadi Tower a 2 complex tower?

http://farm3.static.flickr.com/2117/...238e47ae_o.jpg

Please dont delete the link again!
thx

[bisto]

Originally Posted by DAYFox

Guys, I have to ask u all again:

Since when is Wadi Tower a 2 complex tower?



Please dont delete the link again!
thx

I have only seen this on that link you sent so far. On COA web site they still mention its residential only. I would recommend lets contact them and find out what is going on. they can't just change it like that, I mean we have legal contracts! what do you think?

[DAYFox]

Originally Posted by bisto

I have only seen this on that link you sent so far. On COA web site they still mention its residential only. I would recommend lets contact them and find out what is going on. they can't just change it like that, I mean we have legal contracts! what do you think?

Ok Bisto, could u contact the developer and ask what the hell is going on ???

[bisto]

Originally Posted by DAYFox

Ok Bisto, could u contact the developer and ask what the hell is going on ???

I have called Galadari and spoke to Shubha, she said Wadi Tower is not mix use, however I felt that she is as outdated as us, or that she has been told that it has changed, so the actual conversation with her didn't really make me happier, I still dont know, DAYFOX you might be right..... they might have changed it to mix use and even have not updated their staff.....

[DAYFox]

Originally Posted by bisto

I have called Galadari and spoke to Shubha, she said Wadi Tower is not mix use, however I felt that she is as outdated as us, or that she has been told that it has changed, so the actual conversation with her didn't really make me happier, I still dont know, DAYFOX you might be right..... they might have changed it to mix use and even have not updated their staff.....

I know a few things for sure:
a) They have not updated the official City of Arabia Website for years, hence information there might not be updated
b) I never saw a mistake on a project board, especially not such a significant one (initially one tower, now two. initially pure residential, now mix use).
c) I know Shuba, last time she also seemed not really updated to me...
d) That the developer is not updating the investors I knew, but now i also learned, that they even don't update their own staff which really scares me

What i can do is the following:
1) I will call them up tomorrow and ask 100people if it's necessary to find out what kind of tower Wadi Tower is right now. I will also send them the picture with their OWN prject board!
2) End of november this year i have booked a flight to Dubai. I am planning to go to their Sales Office on Sheikh Zayed Road -among other business activities- personally and try to speak to them. It would be great if we could manage to form a group of COA investors, go together and put some pressure on them!

All in all, Iam worried about all the weird circumstances at Galadari, but I don't think that we will lose any money with that investment!

[John Alexander]

[QUOTE=DAYFox;75949]Guys, I have to ask u all again:

Since when is Wadi Tower a 2 complex tower?

Hi Day Fox. I was looking at City Skyscraper this morning and was about you comment on your posing few days earlier when I saw your post again just now.

Yes It seems like there are two towers for Wadi Tower one is commercial which is podium plus 45 and the other is residentilal which is podium plus 31.

Although I have nothing to do with the projects of Galadhari group, I would suggest that you contact them to find out the answers.

[DAYFox]

I just contaced Shubha, this is what i wrote:

Dear Ms Shubha,

Greetings from Germany.

As you might know, I am one of the Investors of WADI TOWER in City of Arabia. Unfortunately, I never got any updates from your side with regards to construction status or anything else, but it was like that from the beginning on, so I am kind of used to it.
Well, a few days back a good friend of mine -and investor of Wadi Tower as well- has sent me a picture from the project board of Wadi Tower at City of Arabia. At the first moment, I was really happy that finally the project board was there, but with a closer look on the board I really got confused, because:

1. The project board says that Wadi Tower is now a two complex tower (residential and commercial).
a. G + 7 Podium + 47 Commercial
b. G + 4 Podium + 31 Residential
2. When I invested in Wadi Tower, I was told that I invest in a pure residential project -which was only one Tower
3. Your official Website is still saying that Wadi Tower is a pure residential one tower complex. Please look at the picture in the appendix section of this email and convince yourself!

The reason why I am contacting now is the following:

Me and a few other investors –Iam talking on their behalf- want to know in which project We have invested and if Wadi Tower is now a one or two Tower complex. Additionally, We would like to get a decent update from your side not only with regards to construction status!

Please get back to me either via phone (XXXXXXXXXXXX) or via Email!

Thank you very much!
Yours sincerely

Note:

She got it at least already:

Your message

To: shubha@imgaladari.com
Subject: WADI TOWER CITY OF ARABIA
Sent: 9/18/2008 11:58 AM

was read on 9/18/2008 12:05 PM.

[DAYFox]

I got an answer from Shubha:

a) Wadi Tower is still a 30 Story residential building, NOTHING has changed here -so the project board is wrong!
b) I got an official copy from a the contractor 'Bauer Spezialtiefbau GmbH' saying that the piling work was done on the 28 July 2008.

All in all, everything seems to be fine! Tower will rise soon! If you are interested in this copy and some other photos, just let me know and i will email them to you!

Just because piling is done and the tower will rise soon, I am sure the prices will go up as well soon. And that's also the reason why they are selling in COA now for 1300AED+ because they know it's going to kick off soon!

When u have invested for less than 1000AED/sqfet just relax and lean back -my advice!

[bisto]

Originally Posted by DAYFox

I got an answer from Shubha:

a) Wadi Tower is still a 30 Story residential building, NOTHING has changed here -so the project board is wrong!
b) I got an official copy from a the contractor 'Bauer Spezialtiefbau GmbH' saying that the piling work was done on the 28 July 2008.

All in all, everything seems to be fine! Tower will rise soon! If you are interested in this copy and some other photos, just let me know and i will email them to you!

Just because piling is done and the tower will rise soon, I am sure the prices will go up as well soon. And that's also the reason why they are selling in COA now for 1300AED+ because they know it's going to kick off soon!

When u have invested for less than 1000AED/sqfet just relax and lean back -my advice!

Nice one DayFox, well that is good to know mate. would you be able to send the contract/photos over please?