Select Pacific Al Marjan

[ramos]

Hi All
Anyone else tried to get an extension for the next instalment on this development? Select are only prepared to give 20 days although no building work has started and they cannot use the funds until they do works.
We have had never ending problems with Select from day 1 and although we like the development would never buy from them again. Anyone else had a bad experience with them?

[didsburyred]

I have been asking Select for the last two weeks for an extension to my 2nd payment as it has just gone astronomically high but they don't seem to give a damn and I was told straight up that if I miss the 01 Dec deadline I will receive a fine and then if I don't pay 20 days after that I will lose all the money that has been put in so far ~ £25,000

Not really sure what I can do about this at the moment... have to find some way of gathering the necessary funds to bail me out from the look of it.

Would never deal with Select again though!!!

[anil]

This is not good to hear...

The extraordinary exchange rate movement has made it difficult for many people. The cost in GBP is now much higher.

But, the Select LPP is basically a 15 year mortgage. So, I guess they are not going to make it easy for people who can not make the payments (especially in the current climate).

I can see some diffcult times ahead for investors and for Select.

Hopefully this recession and the crazy exchange rate will not last the whole 15 years!

[koss]

I am having the same issue with Select. Unfortuntely I have been made redundant and have informed Select. They told me if they have an influx of people they will consider an extension of leeway on payment. Maybe someone should formulate a letter?
Does anyone know of agents in RAK?

[ramos]

Originally Posted by koss

I am having the same issue with Select. Unfortuntely I have been made redundant and have informed Select. They told me if they have an influx of people they will consider an extension of leeway on payment. Maybe someone should formulate a letter?
Does anyone know of agents in RAK?

Still waiting for an improvement in the exchange rate, but doesn't look good. I wouldn't even mind so much if there was actually any building going on by Select. Does anyone know if it is actually legal for them to keep monies paid so far? Did not see contract for about two months after 1st instalment. I am buying something in India and the developer there is completely different. I saw a copy of the contract before paying any monies, although again it took a few months to get the contract. Having paid the first instalment they would actually repay all monies if I now changed my mind. As these are exceptional circumstances and instalments are due in AED not GBP, I think Select could be a bit more considerate.

[koss]

I have a 1 bedroom in Polynesia with uninterrputed views of the sea.

I paid : 1,120,458 AED
I will sell for : 1,070,000 AED (ono)

[asif sharif]

They have told me that they will consider the options with me at the time of the payment so we can work something out.

I have a studio apartment on 6th Floor in Bora Bora. Looking to sell it for 500,000 Dhirams (445sqft), if anyone interested.

[koss]

Originally Posted by asif sharif

They have told me that they will consider the options with me at the time of the payment so we can work something out.

I have a studio apartment on 6th Floor in Bora Bora. Looking to sell it for 500,000 Dhirams (445sqft), if anyone interested.

Hi Asif - who told you they would consider the options with you? What options?
Thanks,
Koss

[asif08]

ive got two apartments in this development...very much screwed with the dirham to pound ratio....25% increase in payment is too much...but having now put in 25k for studio and 50k for 1 bed, am wondering whether to sell off before the next payment in june.... doesnt look likely that we'll ever get as good a rate as 7.3 again....

any thoughts??


whats this about no work being done yet...have they not started on the foundations yet??>

[koss]

Hi Asif, no foundations have been laid yet. Seems like construction has slowed down.
Do you know what is the penalty for not paying installments? 1% of the expected amount or total proeprty value?