Metropolis Lofts Advice

[thomot]

yeah, the good thing though is there are people on site....If you look at other projects like the torch on dubai marina. It's been well under way for a long time, way over schedule. My mate is working next to where it is being built and said he has seen no building for 4 months!!!..And thats the torch!...Have you tried selling your investment, i've seen them changing hands on different web sites?

[investor_from_uk]

Guys,

It's great to see that this thread has come back to life again, thanks to you all.

A few points I thought worthy of mention.

1. I got a 'Metropois Lofts Update' email from customer services, which mentioned what has happened so far on the site. I am sure you must have received it a couple of days back. It says that the enabling works package has been tendered and they will appoint one of the bidders 'shortly'. I think this is all a load of nonsense. They were supposed to start enabling works in November and they are YET to appoint a bidder. The email mentions everything but the new completion date. And by the way, a friend of mine recently visited the site (he went to Dubai from UK) and he said that there was nothing on the site. So basically, these are all delaying tactics and I think that the project is on hold. Furthermore, they give an escrow account in the email and ask us to make all outstanding payments, though they don't specify the payment plan or even give a hint of the new payment plan. How can it all be so vague, as in, asking us to 'make all outstanding payments'? Do they really think that the investors are stupid enough to part with their hard earned/saved money to give it away for no progress?

2. Secondly, I have been told that RERA has asked all developers, who haven't started construction to put their poject on hold. This makes sense because there is already a big exodus from Dubai, and the government can't afford mass supply unless the conditions stabilise in the next couple of people and Dubai starts getting people back. I own a completed apartment and I know that rents have already plummeted. More supply in this market is detrimental to the already falling market, in view of the fact that Dubai population will fall by 17% this year. So all projects will be further delayed and most of them, which haven't started will be cancelled.

3. Thirdly, have you guys seen the latest law by RERA, per which the investors can get 70% of the paid money back if they default and the developer hasn't started construction. This is a clarification of an earlier law issued in Oct/Nov last year and the earlier interpretation was that the developer can keep 30% of the total purchase price rather than the paid price. But the latest law bases the figure on the progress of the project.

Please don't think that I am being pessimistic by saying the above, as I just lay down the facts as I see them. A lot of my savings are invested in Dubai (and partly Met Lofts) and I want it to prosper. But on an honest note, there is a lot of uncertainity and whilst I intend to keep my completed property, I don't want to progress with Met Lofts. Can anyone please let me know if he/she is thinking of pulling out of the project. I don't feel comfortable putting in more funds in something that hasn't even started and has practically no completion date. Please confirm if anyone else has thought about, or progressed with, getting his/her money back from Met Lofts in view of their abysmal performance and progress?

Regards

[investor_from_uk]

Originally Posted by thomot

yeah, the good thing though is there are people on site....If you look at other projects like the torch on dubai marina. It's been well under way for a long time, way over schedule. My mate is working next to where it is being built and said he has seen no building for 4 months!!!..And thats the torch!...Have you tried selling your investment, i've seen them changing hands on different web sites?

Thomot,

Which websites did you see Met Lofts being sold. I have been told that there are absolutely no transcations in the off-plan market. Even the investors that do exist in th emarket are looking for extremely distressed sales only in developments by reputable developers.

Regards

[thomot]

Bayut is the web site selling met lofts.... A very good friend of mine who i see regularly assures me work will be started this year. He sold me the place. I'm going over in a couple of weeks. I'll be visiting UKCIG over there as well.

[investor_from_uk]

Originally Posted by thomot

Bayut is the web site selling met lofts.... A very good friend of mine who i see regularly assures me work will be started this year. He sold me the place. I'm going over in a couple of weeks. I'll be visiting UKCIG over there as well.

Thomot,
It seems that you recently bought this apartment. Well, in that case, I am not going to depress you with my pessimistic view of the development. Please read my earlier post to get a view of what I think of the development.

First of all tell me if you have paid any premium over the Original Price (OP) of the apartment. If yes, I hope it is not much since it's your friend who sold the apartment to you and in this market, off-plans are selling below OP rather than at a premium.

Secondly, before you go on and think that I am talking all doom and gloom, let me tell you that you money (not including the premium, if any) is safe if it's in escrow so don't worry about that.

Thirdly, as I said in my earlier post, I heard from someone that RERA has put all projects on hold which haven't started construction. Again, this is a rumour and might be wrong, but it does make sense. Even if the project starts in the current year, there is no guarantee of when it will finish. I don't think that it wll finish before the end of 2011 at the very earliest.

Fourthly, please don't make any more payments. I don't know how much you have paid, but don't pay any more unless you can see evidence of the project's progress. By the way, you can go to RERA website to see the progress of the project. Per the current status, the construction/project hasn't even started.

Notwithstanding what I mention above, if you are in it for the long term, it might still turn out to be a good investment but long term in this case is at least 5 years. As I said at the start of this post that you seem to have got into this thing fairly recently and I don't want to spoil your excitement/aspirations with regard to the development. As is true of every forum, people give their views which may or may not be true. So it's good that you are doing your own research when you go to dubai. Try speaking with inependent agents to get their view of the future of this development.

Regards,

[spg007]

hi

I am new to this post. I have been regularly reading all the valuable comments and information
from investors.
I bought my flat in Metropolis loft back in 2007 and am
quite annoyed that the work or construction hasn't started yet.
the development was supposed to have been completed by now.
I am so frustrated that I just want to get my money back.
And as far as I can see, the only way I can get a full refund is if RERA
cancels the project. I have recently heard that RERA are currently considering cancelling 27 projects
in Dubai. Does anyone know if Metropolis Loft is one of that.
A project can be cancelled by Rera if enough investors complain.
I don't think this project Metropolis Lofts will take off or be completed.
And I would be very cautious about making
any future payments to the developers UKCIG.
I would urge all investors to please lodge a complaint to RERA
so that they can consider cancelling this project and we as investors can get back
our hard-earned money. Complaints can be logged on their website rera.ae
Or they
can be contacted on
+971 - 4 - 222 - 1112

[Chiampobrogliano123]

Hi guys!
I can read your correspondance...My opinion as a former managing director for overseas property company. This project will never be built or if extremly delayed. I have now been contacted by number of old client that I now help connect with trustful lawyers in Dubai. Lawyer will do this on a fixed fee bases for all that are intrested.Including in this they will try cancel contracts cause of huge delays. it will be even cheaper if more investors join us.Please let me know if you are interested

[thomot]

Hi all,

just come back from Dubai and nothing is going on at the supposed site of met lofts. I even went to nakheel sales office in the desert after 4 hours of hunting with a local taxi guide. I was told by the person incharge of jummeriah village that they had just spoke to UKCIG and building would commence in 3weeks. From speaking to other people it seems jummeriah village will go ahead. Met lofts though....who knows!

[metlofts]

Hi,

If anyone is looking for a 472sq ft studio in Metropolis Lofts then I have mine on the market for 325000AED. This is 689AED per sq ft which also happens to be extremely close to the original buying price. I have made 30% payments so far which are safely stored in Tamweel Escrow.

If you are interested please send an email via this forum.

Thanks,

MetLofts

[Billy32]

Hi All,

Just thought I'd see if I could get any tips, I purchased my apartment in Met Lofts in February last year and have yet to sign my contract which I received last December.

I'm not sure if this puts me in a good position to terminate the contract or weather it be deemed that as I have made payments I have accepted the terms.

I have currently made paymemts of approx 25% anyone who can offer good legal advise or details please advise.

Billy