Metropolis Lofts Advice

[investor_from_uk]

Originally Posted by Farouk

Investor from UK
Would you please send us the link to this re-sale ? because on portsmill web page it doesn't say anything about Marina star being sold out and Metropolis being having availability

thanks

Farouk,

The re-sale link just takes me to portmill estates website with details of the property, and when you click on the details of met lofts on their website, they simply ask you to call a number. Moreover, you are right that portmill estates don't say anything about Marina being sold out and metropolis having availability. It was shown only on the email they sent me. If you send me your email address, I can forward the email to you but all it contains is what I mentioned above. All in all, it is a marketing gimmick prompting you to call them.

Regards

[investor_from_uk]

Originally Posted by ngn97141

Just found this site.. Super helpful... Well, I guess i am one of the lucky ones as I have only paid 10% for my studio yet. Its on the 29th floor, hence its probably one of the best units too. I figure the markets around 1050 for it... but at the same time I know someone who offered me the same at 900. Now with the property prices stabilising et all.. I am a little concerned. But, honestly a project like JVS is quite well located and hence I dont expect the price to drop below 1200 once completed.. Any comments ?

Well, I have spoken with a few people and my guess would be that the price may be more than 1050 for an apartment if you have just paid 10%. I guess it should be around at least 1100. I spoke with a broker who sold met lofts in July for roughly over 1200. But the issue in the current market is that it's the buyer's market and people are too keen on buying, due to the global financial turmoil. Therefore, although the development is worth over 1100, you can't find the buyers in the market, which makes it difficult to fetch this price. On the other hand, I think that it is definitely worth a lot more than 900, especially if you have paid 10%. Whoever has given you that price of 900 is definitely fooling you!!

By the way, a lot of people, including brokers have advised me to hang on to it till it's complete because they say that it will give good returns, and probably have better price as well.

[Mujteba]

Guys my office number 52 berkeley square if anyone has a number or address in berkeley square of w1j then please let me know, i can visit them and see what is going on.

i did meet some people from "UKCIG" a few months back when they had an office in berkeley square house as i was investigating the cavendish in ajman they were making.

i did heare about them here in the uk as being responsible for selling land in the uk with supposed planning permissions which were a little dodgy, the FSA went after them but in the end they were proven innocent. Cluttons in dubai told me that they have a shady past but because they are rera registered, she said they have "cleaned up their act".

I know the hierarchy at portmill, met their boss and tried to find out if they were connected, but i dont think they are. And soho is not exactly a small place, there are many services and companies there it is popular with design houses/architects.

Anyone i am happy to knock on doors if people have some addresses as i would like to know also if all their projects are for real.

regds

[metlofts]

Originally Posted by Mujteba

Guys my office number 52 berkeley square if anyone has a number or address in berkeley square of w1j then please let me know, i can visit them and see what is going on.

i did meet some people from "UKCIG" a few months back when they had an office in berkeley square house as i was investigating the cavendish in ajman they were making.

i did heare about them here in the uk as being responsible for selling land in the uk with supposed planning permissions which were a little dodgy, the FSA went after them but in the end they were proven innocent. Cluttons in dubai told me that they have a shady past but because they are rera registered, she said they have "cleaned up their act".

I know the hierarchy at portmill, met their boss and tried to find out if they were connected, but i dont think they are. And soho is not exactly a small place, there are many services and companies there it is popular with design houses/architects.

Anyone i am happy to knock on doors if people have some addresses as i would like to know also if all their projects are for real.

regds

1 Berkeley Square (Edward Covell )

[Alimha]

Originally Posted by NP1

Maybe but it would still be misleading as one would expect the building to commence immediately afterwards.

The other thing I found a little odd was when they appointed Edwards Covell to “oversee all architectural design issues " on Met Loft. I could not find anything on them and they appear to be a small outfit based in Soho - very close to where Portmill are based. I would have thought that they would have apointed an international firm with other portfolios rather than a firm that appears to have no website or and unless I missed something no past portfolios.

I checked them out on Companies House and the firm do exist - there registered office is 1 Berkeley Square not in Soho as stated on some directories and they used to be called Yellow Screen Ltd and changed their name in November 2007. It does not say who the directors are but there is someone at Met Lofts in Dubai called Adam Covell - coincidene??

Has anyone else looked into this? I thought it a little odd but maybe there is more info out there.

Hi NP1,

I came across the attached article on reputable website : albawaba.com middle east news information on UKCIG Marina Star Project in a reputable Dubai newspaper ....can anyone confirm the content of this article...if it is correct then UKCIG are getting their act together in Dubai.

Adam Covell is the Project Director and Liam Crawford is the Construction Manager....construction to be completed in 1Q 2011.

Please provide your comments....thanks.

Alimha

[Farouk]

Alimha
This article is since Aug, and basically has nothing new as they were saying marina star has started since march 2008.

However, the important info, if anybody can get it, is about the progress of handover from Nakheel and why there was no official statement yet about it?

UKCIG says that they are waiting on some signs and boards to be installed before the announcement of handover, but this has been since late Aug with no progress.

Please guys, if anybody has a flow of communication with developper or his agent to get us some updates

Cheers

[metlofts]

I did post about them waiting for a NOC from Nakheel....

[Alimha]

Originally Posted by Farouk

Alimha
This article is since Aug, and basically has nothing new as they were saying marina star has started since march 2008.

However, the important info, if anybody can get it, is about the progress of handover from Nakheel and why there was no official statement yet about it?

UKCIG says that they are waiting on some signs and boards to be installed before the announcement of handover, but this has been since late Aug with no progress.

Please guys, if anybody has a flow of communication with developper or his agent to get us some updates

Cheers

Hello Met Lofts Investors,

It appears we are not getting timely updates from UKCIG .....since UKCIG is a RERA approved developer is it possible for someone in Dubai to visit RERA office and understand the rights of the investors......for example under what circumstances can the investors get the money paid into the Escrow A/C at Tamweel back.

Alimha

[metlofts]

Hi Alimha,

I think that's an excellent suggest. Maybe it'd be worth finding out the status of the NOC which is meant to be issued before construction begins. Surely we must have the right to any information that is of use to the investor which we're probably not being provided with by UKCIG.

Also, has anyone else noticed that http://www.berestates.com says 'This site is under construction.' They had been displaying Metropolis Lofts Under Construction images which were clearly fake. Also, does anyone know why Portmill Estates has no information about Metropolis Lofts? It has vast information about Cavendish, another UKCIG project.


Just out of interest, Portmill Estates has the following domaina registration details:

Registrant:
Robin Barton
18 Soho Square
London, W1D 3QL
GB

Domain name: PORTMILLESTATES.COM


Administrative Contact:
Barton, Robin jbincalar@ukcapitalinvestments.com
18 Soho Square
London, W1D 3QL
GB
+44.2070258272

I just think it's odd that if they are an independant agent for the UKCIG projects why the registrant of the domain would be UKCIG also!

[NP1]

I agree it does seem a little odd all these separate companies seem to be linked as does the Edwards Covell (the design company) who also operate from either 18 Soho Square or Berkeley Street depending on which address comes up on different searches.

Also these addresses are all provided by a service company that allows the use of a prestige London address like Mayfair or Soho so it all sounds better than somwhere like Manchester (no offence!).

Portmill estates were up until August this year known as "Redscreen Ltd".

Ber Estates according to companies house are due to be "stricked off".

I think all payments should be held back by all investors until work starts and evidence is shown. This way Im sure they will get things moving by realising that investors want to see progress and will just sit there.