City of Arabia

[bisto]

Originally Posted by jordandvdj

The last 10 pages on this thread have just been about trying to make ourselves feel better.

The COA project just keeps slipping and IMG really do need to communicate.

I only just got my contract after months of calling and emailing and then just 3 days after it was signed i get an email saying i am late on the payment plan. My bank have not even processed the paper work and they are setting me up for late fees or cancellation of contract.

I am almost at the point of selling up for no premium - just get my money back and call it a day.

Unlike many i live in Dubai and just want somewhere to live. I expected to move in soon - Its a joke.

Who gives a XXXX about trains. Get a move on.

I bet IMG have been rolling the millions from us the investors on the stock market and have probably lost it in the last 10 days and there will be no city if arabia.

I for one am getting out now before i waste thousands on payments to get stiffed down the line.

I dont think its that bad, I agree there is no communication, but my experience taught me this is normal is the middleast, I am not going to say I am happy with progress overall but slowly things are moving on which I think is good in away that they are not rushing things, and lets admit this project is BIG. I knew from begining they will not meet deadlines. so lets hope things keep progressing.....

[John Alexander]

[QUOTE=jordandvdj;76809]The last 10 pages on this thread have just been about trying to make ourselves feel better.

Hi Jordandvdj,
Considering that you live in Dubai and wanted a place for yourself to live, what made you buy an off plan property in COA which is mainly for the tourists. Even I knew in 2005 when I bought my unit in COA that it will be a gateway to DUBAILAND. Now this Dubailand is all about tourism like the disney area in Orlando. Also it is so far away from the other normal residential areas of Dubai.

[georgihh]

Originally Posted by jordandvdj

The last 10 pages on this thread have just been about trying to make ourselves feel better.

The COA project just keeps slipping and IMG really do need to communicate.

I only just got my contract after months of calling and emailing and then just 3 days after it was signed i get an email saying i am late on the payment plan. My bank have not even processed the paper work and they are setting me up for late fees or cancellation of contract.

I am almost at the point of selling up for no premium - just get my money back and call it a day.

Unlike many i live in Dubai and just want somewhere to live. I expected to move in soon - Its a joke.

Who gives a XXXX about trains. Get a move on.

I bet IMG have been rolling the millions from us the investors on the stock market and have probably lost it in the last 10 days and there will be no city if arabia.

I for one am getting out now before i waste thousands on payments to get stiffed down the line.

This one is one of the best posts I have seen on this forum
End of the day we buy properties to make money and in this case or too many now, our money are frozen for couple of years.
The projects are not started, canceled or delayed.
And we loose money.
Apart from the flippers I don’t think somebody here in Dubai has made more money from buying properties that he could have made in his own country.
And on top of that lots of people have already lost.
COA will be changed, modified, twisted and eventually something will come out of this project but when and what – nobody knows?

[chiquita]

[jordandvdj]

John A - why did i choose COA - because it offers one of the best living spaces in dubai.

I am upset because when i bought it - it was due june 2009.

It takes at least 20 months to built a tower like Wadi. To hit the current long stop of june 2010 they need to start now. There is no contract let to build it - there for December 2010. more than 2 years.

Thats 300,000 aed i will be paying in rental in the meantime and god knows how much to the bank to finance IMG delays.

The payment plan has not changed however - why should i make payments when they have committed nothing. Payment should be on contruction milestones only. 10% on foundation, 10% on podium etc. This seems fair and reasonable.

I know it will be good - but IMG should not expect my money for doing nothing. I will pay when they pay.

I know it will be wonderful when done - i am happy to wait as long as they do not expect me to pay the equivalent of one years dubai rent every 12 weeks. Forget it.

[bisto]

Originally Posted by jordandvdj

John A - why did i choose COA - because it offers one of the best living spaces in dubai.

I am upset because when i bought it - it was due june 2009.

It takes at least 20 months to built a tower like Wadi. To hit the current long stop of june 2010 they need to start now. There is no contract let to build it - there for December 2010. more than 2 years.

Thats 300,000 aed i will be paying in rental in the meantime and god knows how much to the bank to finance IMG delays.

The payment plan has not changed however - why should i make payments when they have committed nothing. Payment should be on contruction milestones only. 10% on foundation, 10% on podium etc. This seems fair and reasonable.

I know it will be good - but IMG should not expect my money for doing nothing. I will pay when they pay.

I know it will be wonderful when done - i am happy to wait as long as they do not expect me to pay the equivalent of one years dubai rent every 12 weeks. Forget it.

Well practically in terms of dates what you saying make sense which ofcourse is very bad for all of us. But what can we do, correct me if I am wrong the only thing we can do is ask for a new Payment Structure. I am also paying interest on the Mortgage so it is a nightmare. We need to talk to them - "WE".

[albog]

20 months? It takes between 3 and 4 years (probablyt 4) to build a tower like that starting from digging to structurally complete. People need to go out and actually examine their surroundings to find an average build rate as opposed to listening to crap from developers!

[Datum1m]

Originally Posted by bisto

Well practically in terms of dates what you saying make sense which ofcourse is very bad for all of us. But what can we do, correct me if I am wrong the only thing we can do is ask for a new Payment Structure. I am also paying interest on the Mortgage so it is a nightmare. We need to talk to them - "WE".

Hi All
I have been told by an agent that from the 1st November developers will no longer be able to base their payment schedules on pre determined dates and that all existing schedules will have to be revised to take into account actual build programs. Therefore if the developer falls behind programme they don’t get paid. I believe this is a ruling by RERA, so if your developer fails to comply you can report them to RERA.
Regards
Nigel

[John Alexander]

Originally Posted by bisto

Well practically in terms of dates what you saying make sense which ofcourse is very bad for all of us. But what can we do, correct me if I am wrong the only thing we can do is ask for a new Payment Structure. I am also paying interest on the Mortgage so it is a nightmare. We need to talk to them - "WE".

Well with MED projects in COA we have to pay as the structure gets ready. So I have not paid a penny since the end of 2005 as I did not have to. All I have paid is 30%. The next payment will be due when the podium will be ready

I agree that you should mention it to your developer that they have not started building so why should you pay.

[djaan]

Originally Posted by John Alexander

Well with MED projects in COA we have to pay as the structure gets ready. So I have not paid a penny since the end of 2005 as I did not have to. All I have paid is 30%. The next payment will be due when the podium will be ready

I agree that you should mention it to your developer that they have not started building so why should you pay.

you are lucky that they have not cancelled your contract as i have not paid
since two months and they are telling me that they will cancell my contract
or i have to pay penalty so how can i handle it if they cancell my contract
then i have started from beginning.

thanks
Djaan