City of Arabia

[Meztri]

George, thanks for these towers pictures, they tell the whole story and do not need further comment. Those projects are a joke, the dimensions, the designs their number. Some people are taking the piss. There are the same people behind all those "too good to be true" on paper projects. I lost sleep because of such programm, however if you ask for your money back, you get it. Best of luck.

[jordandvdj]

Maztri - whatdo you mean 'if you ask you get your money back'.

I would happily take back my deposit and go and buy something else.

I understand you lose it all if you cancel.

does anyone know for a fact what the process is?

[Roshan]

Originally Posted by jordandvdj

Maztri - whatdo you mean 'if you ask you get your money back'.

I would happily take back my deposit and go and buy something else.

I understand you lose it all if you cancel.

does anyone know for a fact what the process is?

The rules vary from developer to developer. Some don't want to take the stock back once it's sold. Othere developers see a silver lining and make it look like a favor by giving your money back.

In the end both the parties are happy. The investor who got his money back when it was launched or with a few percentage of interest and the developer who might have sold it for Dhs 650 but now will be able to sell it at Dhs 1300.

Regards

Roshan

[Meztri]

As long as there other people buying, they will prefer to shut you up and pay you back. They would do that, I suppose, to avoid bad noise and keep getting in more deposits. A friend of mine booked into something very similar and I was very close to follow and pay the deposit, when we realised that there is no Escrow account, no lawyer involved, no architect, no RERA approval or registration, not even a name for the street on which all these silly grandiose towers are going to be built! I did not make a move, he asked for his 15k back through a lawyer and got refunded promptly and very professionnally (impressive & puzzling). The project has now completely vanished, no mention of it anywhere! They seem to have a very creative (with a very bad taste) artist who is ready to produce a design and a tower for each individual imprudent investor. The mistake they seem to have made here with CoA is that there are too many of you, and you have all been quite patient. The quickest and the ones who invested smaller amounts (20k or less), stand a chance in my view to get paid back IF you dealt through a UK registred company or paid them into a UK account (by cheque or transfer).
I'm honestly not 100% sure that there is a scam and I'm not certain that those people are thiefs, all may still be real, you judge. There are probably still some good ones (even NOW, and even in Dubai).

[georgihh]

Originally Posted by Meztri

As long as there other people buying, they will prefer to shut you up and pay you back. They would do that, I suppose, to avoid bad noise and keep getting in more deposits. A friend of mine booked into something very similar and I was very close to follow and pay the deposit, when we realised that there is no Escrow account, no lawyer involved, no architect, no RERA approval or registration, not even a name for the street on which all these silly grandiose towers are going to be built! I did not make a move, he asked for his 15k back through a lawyer and got refunded promptly and very professionnally (impressive & puzzling). The project has now completely vanished, no mention of it anywhere! They seem to have a very creative (with a very bad taste) artist who is ready to produce a design and a tower for each individual imprudent investor. The mistake they seem to have made here with CoA is that there are too many of you, and you have all been quite patient. The quickest and the ones who invested smaller amounts (20k or less), stand a chance in my view to get paid back IF you dealt through a UK registred company or paid them into a UK account (by cheque or transfer).
I'm honestly not 100% sure that there is a scam and I'm not certain that those people are thiefs, all may still be real, you judge. There are probably still some good ones (even NOW, and even in Dubai).

They will pay the money back.
Just all the developers with delayed projects are trying to find the way how to get rid off of the existing investors and start again with double the price.

[DAYFox]

So, well, some people of you really think that City of Arabia is not beeing build? This will never happen... It will definitely being build, its just a question of time (but not 10years)
As I said many times before, NOW its already to late to ask the developer and get ur money back. Why? Because we -the ones who have invested in 2006- wait too long already!!! The sqfet price is around 1200AED now -ok, dont forget that you will not get this price at this point in time, but soon you will get the marketprice especially when the developer anounce new projects in that area with these prices!
IMHO selling back to the developer would be the worst thing you could do in this sitaution right now!

[John Alexander]

Originally Posted by DAYFox

So, well, some people of you really think that City of Arabia is not beeing build? This will never happen... It will definitely being build, its just a question of time (but not 10years)
As I said many times before, NOW its already to late to ask the developer and get ur money back. Why? Because we -the ones who have invested in 2006- wait too long already!!! The sqfet price is around 1200AED now -ok, dont forget that you will not get this price at this point in time, but soon you will get the marketprice especially when the developer anounce new projects in that area with these prices!
IMHO selling back to the developer would be the worst thing you could do in this sitaution right now!

Like the developer of Al Tafany Place putting the units on the market at 1800 AED per sq. ft and then reducing it to1300 AED per sq. ft as not many people were buying. Now try and find a buyer for your resale at 1300 AED or even 1200 AED. LOL

So I am afraid Day Fox your theory does not work here.

[savais]

Originally Posted by John Alexander

Like the developer of Al Tafany Place putting the units on the market at 1800 AED per sq. ft and then reducing it to1300 AED per sq. ft as not many people were buying. Now try and find a buyer for your resale at 1300 AED or even 1200 AED. LOL

So I am afraid Day Fox your theory does not work here.

Another major reason there are no sales is because no construction has even begun. Once the towers start to rise, I am quite confident you will get 1200dhs psf, or at least 1100psf. These are the prices in DSC and JVS, and I honestly don't see those places as being much better than CoA or the rest of Dubailand (when it does eventually get completed). if anyone bought here wanting to make a quick buck, it was a mistake. Dubailand is for the longterm, when it is all completed, and the blue metro line is ready (which is around 2014-2015). So if you bought for the future, stick it out and you won't be disappointed, but if you bought to flip in 2 years' time, you should have bought elsewhere.

[savais]

By the way, the above post of mine was not directed at any individual, but just a general opinion.

[georgihh]

Developers hit by cost overruns
By Suzanne Fenton and Nadia Saleem, Staff Reporters
Published: October 03, 2008, 00:13

What’s next?