City of Arabia

[jordandvdj]

Could not sustain the optomism.

what right do img have releasing the octagon while doing nothing for existing customers.

Anybody remember that bank advert back in uk - 'new customers only' !!!

I think my deposit on wadi tower paid for the models for CAO at cityscape. Did anyone notice all other towers are cereal boxes with lights - ie no design, no developers. CAO is officially dead to me.

I am contacting IMG to see if i can get money back.

It is NEVER going to get built in this decade. I am sorry, but not waiting that long.

Should IMG refuse then i am writing off the cash - certainly not making any payments from the plan.

My advise is to stick to those developers who have actually delievered something. CAO is a pipedream.

Look at Galadari group in detail. They sell yatchs and own a Taxi fleet. What makes anyone believe they can deliever a 5 billion dollar project.

I was a fool - the web site blinded me. A fool i was.

Run investors, RUN - it is money down the drain.

[georgihh]

Originally Posted by jordandvdj

Could not sustain the optomism.

what right do img have releasing the octagon while doing nothing for existing customers.

Anybody remember that bank advert back in uk - 'new customers only' !!!

I think my deposit on wadi tower paid for the models for CAO at cityscape. Did anyone notice all other towers are cereal boxes with lights - ie no design, no developers. CAO is officially dead to me.

I am contacting IMG to see if i can get money back.

It is NEVER going to get built in this decade. I am sorry, but not waiting that long.

Should IMG refuse then i am writing off the cash - certainly not making any payments from the plan.

My advise is to stick to those developers who have actually delievered something. CAO is a pipedream.

Look at Galadari group in detail. They sell yatchs and own a Taxi fleet. What makes anyone believe they can deliever a 5 billion dollar project.

I was a fool - the web site blinded me. A fool i was.

Run investors, RUN - it is money down the drain.

Just curiosity - is the model the same one as the last year and the year before?

[chiquita]

I got the news of escrow accounts from MED just few days ago.

Originally Posted by John Alexander

Hi Chiquita Med has been in the process of opening an Escrow account for AC and Windsor for the past six months.I am sure it does not take this long. They have already opened the Escrow accounts of their projects is DSC which were sold after their COA projects. This was a while ago.

[John Alexander]

I had a reply from MED today that shoring and piling of Arabian Crowne will start as soon as they get the approval from Galadhari the Master developer. So it is not MED
but Galadhari group which is holding everything up as far as ARABIAN CROWNE is concerned in COA.

[sgmasey]

It's because Galadhari are delaying and they are the master developer that none of us are receiving any compensation from MED.

But after 3 years of nothing, most of us don't care who is causing the delay, we just want the windsor and AC projects to start moving.

I've invested in windsor apartments but would like out right now, but what are the chances of finding a buyer........none!!

Does anyone have an email address of a senior decision maker at MED who responds to emails, if so please let us know.

Rdgs

[Meztri]

you should be able to get your money back, the dream scenario for them is you writing the deposit off and let them off the hook.

If you dealt with a UK entity, or paid in pounds a UK account or with UK cheque then you may be protected by UK law. Even if you are not, the UAE law should cover you. They made Escrow accounts mandatory for that reason, so Developpers get paid only in stages and in line with the progress of the building work. In other words they cannot ask you to pay for phase 2 or 3, if they cannot prove that phase 1 is fully completed. The Escrow account obligation, applies to all projects in CoA, so you should be protected by its logic and meaning even if your own project was not set with one (ie. if there is a delay, the Developper CANNOT ask you to keep paying as if all is fine).

By the way and as a general point, the escrow account must be held by an independant (easily recognisable as independant) legal entity. It must not be Held, controlled or Managed by the developper or the agents selling the project. The whole point is to prevent them from free access to the funds till they prove the progress made on the building works (tranche by tranche).

Best,

[John Alexander]

Hi,
With MED projects after paying 30% deposit one has to pay as the structure progresses, therefore there is no compensation. It is different from the Galadhari projects.

Med was also offering resale facilities for the people who wished to resale their unit and were not happy at one time.

Their hands are tied up as they have to rely on the master developer to make sure that all the infrastructure is ready before they start work.

[chiquita]

Yes, they seems to be tied up and can't go futher although they want to start building. It seems to all depend on Galadari Group. What can we do? It is all waiting game without compensation.

Originally Posted by John Alexander

Hi,
With MED projects after paying 30% deposit one has to pay as the structure progresses, therefore there is no compensation. It is different from the Galadhari projects.

Med was also offering resale facilities for the people who wished to resale their unit and were not happy at one time.

Their hands are tied up as they have to rely on the master developer to make sure that all the infrastructure is ready before they start work.

[John Alexander]

Well I believe Dubai although it has not been affected by the Global credit crunch it will see a slow down in property prices at some time.

The events of this week worldwide has definitely taken its toll on people and so not many people are buying properties abroad now.

So the result is that developers in Dubai are taking a lot longer to sell their inventory
compared to couple of years ago.

This will no doubt have effect on sales and resales. Well resales have been very slow in Dubai anyway.

The effect could be seen in this weeks Cityscape. Although no one was mentioning it they all have got this fear of the effect of global credit crunch on Dubai properties especially as a lot of buyes still have to be cash buyers in Dubai as lending is still in its infancy over there. Now the U.A.E. banks have become even more tighter in lending because of the events worldwide.

[sgmasey]

Just received this reply from MED, it appears to be the same old story and no response to my enquiries regarding my deposit, funny that!!

"The City of Arabia with Galadari Group as a Master Developer has put a major emphasis on completing the piling for the Mall of Arabia (Biggest Mall in the World) and Wadi Walk Canal (9.8 km). The leveling of the plots is almost completed & access has been given to the developers to finally put their equipment on the plot and start the fencing since the majority of the Deep Services and internal roads are completed. We are pleased to inform you that we have already demarked the plot & completed the preliminary fencing on our plot. The excavation and shoring work on Windsor is expected to commence shortly, 2008.

Please be aware that as the construction commences the market price will rise substantially and is set to become a major tourism destination that will provide significant returns on your investment, especially the serviced apartment’s category. The next installment will be due once the podium is ready. We will inform you once the podium is ready. City of Arabia will establish itself as the downtown of Dubai land, the 3 billion sq. ft. major entertainment site. As per the City of Arabia, the phase one of the Mall of Arabia will be opened to public in the 3rd Quarter of 2010. The Dubai land will also have 50-60 km of combined tram and monorail lines which would cut the travel time within the zone. One sub-station is ready and the rest 11 are under construction. At least 10 Kilometers of the rail lines will pass through the hotel and shopping cluster."