Stadium Point, Sports city

[Roshan]

Originally Posted by Sixgun

yeah, I agree,

Everyone has different agendas, and I did not reveal mine.

For me, to try and buy this now, and flip it before contruction, well I couldn't be bothered with the paperwork.
I think it probably can still be done, as a business, but I'm buying with the attitude of,
" If this place really does kick-off, my daughter has the best 21st present ever coming to her way, if it bombs, she gets a nice cake"

I'm not trying to be smartarse here, just showing my risk aversion, but if it was my last dough , I think I would still put it here instead of , say, Brazil/.

Good thinking and good luck. At times you have to follow your gut feeling. If it clicks, nothing like it. If it doesn't you learn something.

Someone told me Abraham Lincoln failed 26 times before he became The president of the United States. I don't know how far this is true, but one thing is sure " Attitude determines your Altitude "

From what you have posted, you know what you are doing. Go for Gold !!

Regards

Roshan

[Roshan]

Originally Posted by mpat

Mr Pennineranger
I think that you have not studied the whole sports city thoroughly, It does not only contain only mall, but everything that is required to have in a small city or a town , like primary school , nursery , inermediate school , private clinic, police station , mosques , fire station , municipality office, parks, and MALLS also ,
I am sure that they can do so many sporting activities in here at international level.Did you see the tennis court in which here every year dubai duty free tennis interenational event being held ? Its a small corner in the middle of the city,hardly many people notice.
To be honest , I did not buy there because there will be sporting events there, But because there is already a free zone industrial area functioning well and employing almost 50 000 people ( Jebel ali ) , there is an international airport coming up and there are lots many things that will give job oppertunities to people to whom I can rent out my unit , If I myself dont stay there ( which is not impossible though ). and prices were very cheap as compared with other areas like IMPZ , JVS etc , atlesat 6 months ago.
Bye

IMPZ has done extremely well. Never imagined it would do so well. Sports city was concieved as a place dedicated to sports. These days lot of people are becoming sports conscious.

The international events could have been an after thought.

Regards

Roshan

[mpat]

Originally Posted by Roshan

IMPZ has done extremely well. Never imagined it would do so well. Sports city was concieved as a place dedicated to sports. These days lot of people are becoming sports conscious.

The international events could have been an after thought.

Regards

Roshan

Hi Roshan

Right from the beginning , I was sure that these areas will pick up well and that is why invested in Dubai , even though my friends used to criticise my decision that time but now they are happy with my judgement.
At present I feel that jebel ali downtown will pick up very good.

[Roshan]

Originally Posted by mpat

Hi Roshan

Right from the beginning , I was sure that these areas will pick up well and that is why invested in Dubai , even though my friends used to criticise my decision that time but now they are happy with my judgement.
At present I feel that jebel ali downtown will pick up very good.

Down townJ.Ali has been silent for a long time. I feel even a smaller office in the rane of 500 Sq ft will do well. It would cater to the logistics companies which intend setting up close to the airport.

mpat, while the Dubai chapter meets, it would be worthwhile to discuss these points in identifying key markets, what you saw which others didn't see.

Glad you made a good decision.

Regards

Roshan

[ringocon]

How much have people paid per square foot on this development?

[carpatwil]

Yes I bought in this block. Beleive or not I put my deposit down in March 2006 with an expected completion date of January 2008. Since then the whole project in my opinion has been a complete mess. They are building two extra floors and around June this year Myself and another friend who purchased a studio at the same time were asked to sign a document as acceptance of the change. I have tried and tried unsuccessfully to get any real sense of whats going on out of Profile. I asked for the contract to be cancelled and my deposit refunded and now I have Profile legal team saying that they are not reponsible for making that decision, despite the fact of course that all liaison has been through them, and that I will have to go to the developer. I have threatened them with publicity which I will carry out if pushed to that extent. I think that the way they have acted is criminal. They have told me that the money is in Escrow but I have yet to see the details of any Escrow account. Anyone know a good legal eagle in Dubai??

[ssuh]

Originally Posted by carpatwil

They have told me that the money is in Escrow but I have yet to see the details of any Escrow account. Anyone know a good legal eagle in Dubai??

Freshfields are excellent and have an authorative publication on Escrow laws in Dubai...

Certainly worth a call.

[carpatwil]

Thank you for this. I will contact them

[Alimha]

Hello Carpatwil !

I fully share your disappointment with respect to the Stadium Point development. I purchased a 1 BR on Fl 19 through Profile Europe (my agent was Unity Estates in London). In my case I put down the deposit in Feb 2008 and to date I have paid 35% or USD 96,000 of the purchase price...I still do not have a signed S-P Contract. I received a notification about the additional 2 floors but was not asked to sign any paperwork. Then I was told to stop further payments since RERA has insisted that investor payments into the Escrow A/C requires an approved unit number due to the addition of the 2 floors. I have checked the RERA site where the project is registered and they have an Escrow A/C and the Profile Dubai Site the following is shown :


Developer's Registration Number
474/2007

Escrow Agent and Account Number
Dubai Islamic Bank
01-582-4196460-01

Deborah Mackay at Profile Europe wrote the following email in response to my concerns :

I fully understand your apprehension and misgivings with the situation. However, as you know David Hanley and myself have the Stadium Point development changes high on our agenda and together with all concerned at the Dubai office we are pushing to move on as soon as possible whilst complying with the RERA conditions.

You can most certainly take this email as your letter of protection and my word that given the changes and delays with this project, Profile will most certainly not be subjecting yourself or any other Stadium Point investor to the terms and conditions of the Reservation Form in relation to terminating the agreement and in particular we fully accept that all instalment payment delays are not viewed as arrears or breach of contract by the client in thesecircumstances.

There is absolutely no hidden agenda on our part or remote possibility that any bad practice would be served upon you whatsoever.

With regard to the Stadium Point Escrow account, you are correct, our website does show the new general Escrow account number and our RERA registration number.I can confirm that all client funds amounts paid to date are held in this account with Dubai Islamic Bank.
However, as I explained, the new escrow legislation demands that each client is given a personalised account number ….i.e. the unit number of your apartment is suffixed to the main account number and this must be used for all future payments……however, as we made changes to the unit numbers and await RERA final approval the bank will not allow us to issue the personal account numbers until these new unit numbers are confirmed and final…..no provisional arrangements will be accepted and they will not support any confusion on the matter.
As frustrating as it may seem, all these issues have gone hand in glove so I hope you can understand that we must abide by their instructions until all is completely agreed.

I certainly can´t expect you to feel satisfied with the lack of progress but we are seeing things moving slightly and as always I ´ll keep you informed.

Again, my sincere thanks for your continued patience and support.

Warm regards,
Deborah

All my contacts at Profile .....David Hanley in Dubai and Deborah Mackay in Spain have been let go...Spain office has been shut down. A Sales Contact in the Dubai Profile office gave me a tour of the DSC site in Mar 2008 and I recently contacted her and she put me in touch with a new contact for Stadium Point investors....see contact details below :

On 20-Jan-09, at 1:21 AM, Shirley Mathew wrote:


Dear Mr. Harji,

Please note in 3-4 weeks time you will have an update about your project.

Regards,
Shirley Mathew
General Manager - Contracts Management
Profile Properties - Client Services Division
24th level, Bur Juman Business Tower
Dubai, UAE
Tel: 00971-4-3511107
Direct: 00971-4-7095150
Fax: 00971-4-3518885
E-mail:shirley.mathew@profile.com

Please keep me informed what you find from the legal advisor. I would like to work with you and anybody else to put pressure on the developer to provide us answers regarding this project.....please contact me at abdullaharji@mac.com .....I would like start serious efforts via legal advisors in Dubai or RERA to salvage our investment.

I am in touch with two other investors in Stadium Point.....one of them is a real estate agent who also owns a unit.

Please get in touch with me and let us work together. I am also an investor in Metro Lofts by UKCIG and a large group of investors work very closely together to share information and we are beginning to have success.

Regards.....Alimha

Originally Posted by carpatwil

Yes I bought in this block. Beleive or not I put my deposit down in March 2006 with an expected completion date of January 2008. Since then the whole project in my opinion has been a complete mess. They are building two extra floors and around June this year Myself and another friend who purchased a studio at the same time were asked to sign a document as acceptance of the change. I have tried and tried unsuccessfully to get any real sense of whats going on out of Profile. I asked for the contract to be cancelled and my deposit refunded and now I have Profile legal team saying that they are not reponsible for making that decision, despite the fact of course that all liaison has been through them, and that I will have to go to the developer. I have threatened them with publicity which I will carry out if pushed to that extent. I think that the way they have acted is criminal. They have told me that the money is in Escrow but I have yet to see the details of any Escrow account. Anyone know a good legal eagle in Dubai??

[ssuh]

All,

I live in Dubai and have also purchased a unit within Stadium Point.

My concerns, aside from the obvious ones regarding lack of progress and information, is the 'apparent' tie-up between Profile Properties (PP) and Vascon Trading - the build contractor.

I am seeking a meeting in Profile's head office (indeed I shall need to door-stop) owing to lack of response to my calls for the meeting, during which I will seek to clarify the precise relationship between PP and the development.

Others on here maybe already be aware but it appears to me that PP's involvement extends beyond purely marketing the development. It may actually have a vested (i.e financial interest) in it.

I am not saying this is wrong but may go some way to explaining the difficulties we are having in extracting timely and meaningful information. My concerns are further compounded by the report in the Times that two senior Directors have been accussed of fraud plus anecdotal evidence (here and elswhere) that various PP offices are closing and that other senior Managers and Directors have recently left the company.

I stress that I am not accusing PP of anything illegal at this time but am simply seeking, as we all are, to get to the truth as to what is going on in order that we may all be in a position to review our available options.

On glimmer of hope is that our funds are in Escrow which theoretically affords us some degree of protection. If this development is doomed, for whatever reason, then I/we need to understand, ideally from PP, but anybody with experience of Dubai Escow, is at what point in time does somebody (either the developer, the investors, RERA???) call time on the project thus triggering a % return of our funds from Escrow.

The propsect of a developer unable to move forwards owing either to a lack of will or funds with my significant sum 'land-locked' is not filling me with glee.

I will keep everybody apprised of any developments.

Finally. I received similar notification last week that an announcement would be made within a month - so at least there is some consistency there. We shall see!


ssuh