Al Furjan

[Ghada]

Originally Posted by Khalil

Hello Ghada, Thank you for your reply.

Yes, Nakheel are still refusing to change the payment schedule for Al Furjan, because they say the construction is on schedule and there are no delays.

I have the contact of a Manager in the Al Furjan Sales center, we can meet her to disuss, however we need to be a bigger group for them to listen.

I hope more people will come forward to rally up, time is running out.

Hello Khalil, Please count me in my mobile is 0506567001 if you need it.

[Small M]

I am in too!

[Arno Salzl]

Originally Posted by Ghada

Hello Khalil, Please count me in my mobile is 0506567001 if you need it.

how is the payment plan for the townhouses phase 1?

[Property Pimp]

Guys, has anyone recieved a letter from Nakheel dated 24th Dec.
Titled: "Notice & acknowledgment of assignment"?

Apparantely Nakheel assigned an "affiliate company" (which is part of Nakheel) to collect installment payments for Al Furjan on its behalf.

Wonder whats the motive behind this move?

[Small M]

Yes, I have receieved the same letter, but only one of them although I have 3 units in phase 2.

Is this normal with Nakheel? I know that other developers do it as well but no experience like this with Nakheel so far.....

Any comments?

[Property Pimp]

Originally Posted by Small M

Yes, I have receieved the same letter, but only one of them although I have 3 units in phase 2.

Is this normal with Nakheel? I know that other developers do it as well but no experience like this with Nakheel so far.....

Any comments?

I spoke with Nakheel regarding this, they said they have just changed the bank to which the installments are made. So, it doesn't really make a diffrence to us.

Small M, may I ask how much you paid so far? 10% or 20%? and whats your O.P?

[Small M]

20% and next 20% 1st of May 2009, OP depends on the style, 3.4 or 3.6

[Small M]

Well, anybody know anything about the construction of phase 2? Have they started phase 2 construction?

According to RERA they cannot collect more then 20% if they have not started correct?

Phase 2has paid 20% now and the next 20 is up 1st of May.

[Small M]

Guess 95% of the people who own Al Furjan are investors. A lot of them must have planned to sell before the two times 20% payments kick in this year.

People at Nakheel told me that they have received a lot of requests for cancellation of the phase 2 project.

I think that makes sense. Why would I pay 1.4 million this year for a 3BR townhouse, 40% of the total price, if I can fully pay for a 3BR villa in Abu Dhabi, Al Reef development at the moment with that kind of cash.

They will generate rental yield earlier, and probably also a higher rent. Hope they cancell it, cannot see anybody paying their installments.

What are your thoughts?

[Property Pimp]

Originally Posted by Small M

Guess 95% of the people who own Al Furjan are investors. A lot of them must have planned to sell before the two times 20% payments kick in this year.

People at Nakheel told me that they have received a lot of requests for cancellation of the phase 2 project.

I think that makes sense. Why would I pay 1.4 million this year for a 3BR townhouse, 40% of the total price, if I can fully pay for a 3BR villa in Abu Dhabi, Al Reef development at the moment with that kind of cash.

They will generate rental yield earlier, and probably also a higher rent. Hope they cancell it, cannot see anybody paying their installments.

What are your thoughts?

Most phase2 owners I spoke to paid only 10%, I know myslef and you paid 20%.

I am very interested to know how Nakheel are dealing with those owners now, because they are are 3 months overdue (since Dec. 08), I know they incurred penalties, but I hear they are due for termination after 3 months. Can they contest the termination in court? does Law 13, article 11 apply?

I don't think they will cancel it, because the profit margin (for them) is high for this project, especially phase2 which is 40% more expensive than phase1.

I went to the "special" "V.I.P" open day, seems Nakheel are trying really hard to win the hearts of Furjan investors to keep them paying.

I actually saw the phase1 villas structures off the ground. Which is amazing progress, since I went one month ago and it wasn't there.