Stadium Point, Sports city

[hempig]

hi all am new to this thread usually go on skyscraper city, anyway i have made payments since jan 2006 and am hopeful but worried , last week was in london and actually went to profile office in bond street had a talk with the office rep there and he assured me that things were ok if a little bit delayed, a case of biding our time he said he had also purchased in the building and was also keen to see things moving and said a lot of the delays were due to obtaining new building licences regarding the extra floors that were added mid last year. to be honest it didnt look like a company in trouble although i know you cant tell just from an office. also called a rep from dsc head office to see if they were concerned about lack of progress on some of the builds, she said that all projects that have been given the plos of land and liceneces have a obligation to finish the build and assured me that they will see it through, after so much investment from people inside dubai and from around the world they will have serious egg on there face if they dont pull this off and have a half finished building site to look at!!! ( anyone agree) my personal view is this although its easy to get panicky in the current climate i am sure they are trying to sort this out , if we all hold on and stick together this could be a good investment. lets wait for there next move i was actually called on my mobile from a rep in dubai saying that they were in the process of giving all of us a progress report in a couple of weeks so lets see what that says , by this time next year you never know we actually might have something to be positive about, if we get the product we bought into the wait will be worth it,abut am reakistic and if we get no response i am also willing to lend weight to a group action , keep posting and lets sort this out, come on profile dont let us down.......

[Alimha]

Hi....thanks for joining the site....welcome!

It is good to hear that you were personally able to visit the Profile London office....I would appreciate if you would provide the contact details of Profile London (Bond Street)....it is good to hear your impression of their London operation.

I very much agree with that it is in the interest of the developer (Vascon Trading ) to complete the project because the plot was assigned to them by the Master Developer for Dubai Sports City (DSC) who has contractual agreement with Vascon to develop the Stadium Point....pls visit the DSC website and review the Jan 2009 Newsletter for all the progress at DSC...it is impressive...I visited DSC in March 2008....the Ernie Ells designed Golf Course is impressive...I guess I am a golfer based in Calgary, Alberta, W. Canada..I was impressed !

Stadium Point is right across the Cricket Stadium where international matches start in 2009 season....the International Cricket Council will be based in Dubai at DSC....it will be an eye sore if a unfinished building is standing at this location. Cricket is also my passion and hence my interest in Stadium Point.

One thing that bothers me is that if this project gets completed in 2Q 2011, then you waited 5 years to get a return on your investment.....this is a long time, since your payment todate does not ear any interest....significant impact on ROI. I am curious to know what was the completion date estimated when you purchased the unit in Jan 2006? What is the % of price that you have paid todate and did you get a S_P Contract? Where offered a rental agreement with a 8 % of price (gross) as rent guaranteed per year?

I agree with you that now we have wait and see what Profile announces. I would like to know when do thay receive the construction permit (incl changes to design).

Regards...Alimha

Originally Posted by hempig

hi all am new to this thread usually go on skyscraper city, anyway i have made payments since jan 2006 and am hopeful but worried , last week was in london and actually went to profile office in bond street had a talk with the office rep there and he assured me that things were ok if a little bit delayed, a case of biding our time he said he had also purchased in the building and was also keen to see things moving and said a lot of the delays were due to obtaining new building licences regarding the extra floors that were added mid last year. to be honest it didnt look like a company in trouble although i know you cant tell just from an office. also called a rep from dsc head office to see if they were concerned about lack of progress on some of the builds, she said that all projects that have been given the plos of land and liceneces have a obligation to finish the build and assured me that they will see it through, after so much investment from people inside dubai and from around the world they will have serious egg on there face if they dont pull this off and have a half finished building site to look at!!! ( anyone agree) my personal view is this although its easy to get panicky in the current climate i am sure they are trying to sort this out , if we all hold on and stick together this could be a good investment. lets wait for there next move i was actually called on my mobile from a rep in dubai saying that they were in the process of giving all of us a progress report in a couple of weeks so lets see what that says , by this time next year you never know we actually might have something to be positive about, if we get the product we bought into the wait will be worth it,abut am reakistic and if we get no response i am also willing to lend weight to a group action , keep posting and lets sort this out, come on profile dont let us down.......

[hempig]

hi alimha, well i have paid 65% so far as i was an early investor,completion was early 2008 i think, as i said as long as they pull it off we will all have a product to admire, these things do take time , i have also bought in cape verde and that has been delayed by 2 1/2 years in a development not even on the same scale as dsc so there are always going to be a few hitches, the developers dont forget are doing this as a business and looking to deliver a good product as well , i went to the site late 2006 and there was nothing but sand and now 2 years later you see whats there now unbelievable to be honest, how long is the london olympic site gonna take ? will that be on time and budget. we all bought into this dream and i am sure its coming we just have to have a bit of patience, the days of flipping within a year are over i personally didn buy for that purpose anyway,property investment has to be viewed over the long term now!! i look forward to watching 20 20 from my balcony and hear the roar of the crowd, there has already been too much investment and media attention not to mention worldwide brands being taken on board to let this become a 2nd rate operation , man u , icc, ernie els etc instead putting the whole thing down lets be positive for the future let profile work this out so far all my correspondence with them has been good, e mails replied to calls answered, say no to negativity...........

[Alimha]

Hello Hempig......I am prepared to give Profile and the developer Vascon Trading the benefit of the doubt...I am waiting to hear their update in the next few weeks. I would advise Profile and Vascon to be transparent and disclose the real issues they are facing...investors do not get timely communication and become concerned.

i would like to hear whether they have construction bridge financing to supplement the payments made by the investors. I would like to hear from the escrow agent...Dubai Islamic Bank....that everything is in order and what % of funds collected has been advanced to the developer for acquiring the land, architectural/design fees paid, etc.

The following article was published in Gulf News with respect to new laws being proposed to protect long term investors like yourself and me :

Protection for off-plan buyers

Gulf News
Published: January 28, 2009, 22:48
The authorities are moving to protect buyers of off-plan properties in Dubai, an important step to strengthen the overall property market in the emirate.
Those looking for homes (end-users) and investors - not speculators - in the Dubai property market need to be confident that the construction of projects to which they have committed their money will be completed if they are to freely buy and sell off-plan properties. The two new laws that have been drafted are designed to protect buyers from developers who have no intention, or capacity, to carry out their glitzy promises.
The first makes it compulsory for developers to own the land and have completed 20 per cent of construction before they can sell off-plan. The second says the payment plan must be linked to progress in construction and limits the developer to taking only 20 per cent of the purchase price of the property before it is ready to be handed over. This will further reduce speculation in developments that caused the local property market to overheat and opened the door for developers to take chances with other people's money.
A strong property market is an important part of business and consumer confidence in Dubai and the new laws will give them an important boost


best Regards.....Alimha

Originally Posted by hempig

hi alimha, well i have paid 65% so far as i was an early investor,completion was early 2008 i think, as i said as long as they pull it off we will all have a product to admire, these things do take time , i have also bought in cape verde and that has been delayed by 2 1/2 years in a development not even on the same scale as dsc so there are always going to be a few hitches, the developers dont forget are doing this as a business and looking to deliver a good product as well , i went to the site late 2006 and there was nothing but sand and now 2 years later you see whats there now unbelievable to be honest, how long is the london olympic site gonna take ? will that be on time and budget. we all bought into this dream and i am sure its coming we just have to have a bit of patience, the days of flipping within a year are over i personally didn buy for that purpose anyway,property investment has to be viewed over the long term now!! i look forward to watching 20 20 from my balcony and hear the roar of the crowd, there has already been too much investment and media attention not to mention worldwide brands being taken on board to let this become a 2nd rate operation , man u , icc, ernie els etc instead putting the whole thing down lets be positive for the future let profile work this out so far all my correspondence with them has been good, e mails replied to calls answered, say no to negativity...........

[vonvonvon]

Hi there,

Glad to hear some positivity regarding Profile. I bought a 1 bed in Bermuda views. Yes, supposed to be finished jan 2008. That does not bother me but I wish profile would keep in touch with updates etc. Been silent since October. not answering my emails right now.
Are Profile ok do ye think?

Thank you everyone

[Alimha]

Hello Vonvonvon!

Reading messages from various members of this site who have recently contacted and/or visited Profile offices in London and Dubai tells me that they are functioning OK.

I received a recent email from Profile Dubai re Stadium Point :

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

I would suggest you contact Shirley Mathew to get an update on Bermuda Views. Please post a message when you get any update....thanks.

Regards....Alimha

Originally Posted by vonvonvon

Hi there,

Glad to hear some positivity regarding Profile. I bought a 1 bed in Bermuda views. Yes, supposed to be finished jan 2008. That does not bother me but I wish profile would keep in touch with updates etc. Been silent since October. not answering my emails right now.
Are Profile ok do ye think?

Thank you everyone

[Dublin09]

Hi Alimha,

To date ive paid 65% the remaining 35% on completion........
Yes i received a contract from profile in 2007, but that has to be replaced with new contract due to the introduction of 2 new residential floors. My unit was on the 16th floor now to be the 18th floor.
As I was one of the first to purchase I received a rental agreement of 10% per annum for first 3 years....

[vonvonvon]

Hi Ahilma,
Thanks a mil for your reply.
Thanks for info also. I will email and let you kinow if i hear anything.

vonvonvon

[OAKWOOD3000]

Hi Dublin 09,

I put down 40% todate on Bermuda views, tried alot of time sicne before Xmas , no real hard information coming back from Profile.

Just called again today and they said that they are coming out with a new payment plan and that there are delays. They could not confirm how long.

oakwood

[vonvonvon]

Hi Dublin 09,

My husband and I have paid 3/4 of our bermuda views apartment. Supposed to be completed jan 08 as you prob know. Profile are slow to reply to my emails but Alimha thinks that an update is due in the next couple of weeks. My conveyincing people in Malaga (recommended by the now bust Larionovo) are slow to reply too.

vonvonvon