LAKE SIGNATURE 1- Emirate Lake Towers-Ajman

[verity]

To All Investors in Lake Signature 1- Emirate LAKE Towers- AJMAN(by GR8 developers)
Do you have progress on the project ?
Will it ever start on site ?
I put 20% so far, am pressed to pay monthly installments AND still wait for SPA contract
Have GR8 got Affection Plan from CHAPAL Master developer ?
Is it the same Chapal with track record from Dubai projects ? Have GR8 got building permits/other permits from Ajman land Dept ?
Is GR8 bank account with ABN AMRO an Escrow Client account ?What other Agents are selling the project- apart from 'No More Hotels' and 'Unity
Estates' in London UK ?
Have anyone managed to re-negotiate Payment plan to be linked to Construction progress ??
What are other options to deal with GR8 if project is not near to be on site ??
LETS Bunch together for any future problems with the projectthank you all
v

[financier888]

Originally Posted by verity

To All Investors in Lake Signature 1- Emirate LAKE Towers- AJMAN(by GR8 developers)
Do you have progress on the project ?
Will it ever start on site ?
I put 20% so far, am pressed to pay monthly installments AND still wait for SPA contract
Have GR8 got Affection Plan from CHAPAL Master developer ?
Is it the same Chapal with track record from Dubai projects ? Have GR8 got building permits/other permits from Ajman land Dept ?
Is GR8 bank account with ABN AMRO an Escrow Client account ?What other Agents are selling the project- apart from 'No More Hotels' and 'Unity
Estates' in London UK ?
Have anyone managed to re-negotiate Payment plan to be linked to Construction progress ??
What are other options to deal with GR8 if project is not near to be on site ??
LETS Bunch together for any future problems with the projectthank you all
v

ANY developer touting 'ESCROW' accounts for Ajman - it's a marketing ploy. Ask them - 'what are the terms and conditions of the escrow? and what is the governing law of the escrow withdrawals?' - otherwise, it's simpy another name for a bank account whereupon the develoepr can withdraw funds as the please without any oversight or accountability... !!

Chapal does have projects in progress - however, they may be over extended - like many.. If they are 'solid' then they need to more transparant in their investor relations. To date, there are no laws in effect in Ajman that ties the payments to contruction progree like you have in Dubai . They are being formulated but not in effect nor the govt mechanisms to enforce them.

It's not unusual for the delay in getting you the SPA - it can come upto a year after the launch but under the circumstances - I would insist on it as well as additional representations including a construction time table.... If they balk at this - it means they are clueless... and their is no gaurantee that your payment / proceeds are going to YOUR project... I have seen quite often that a developer takes funds on one project and applies it for land payments on another !! From a transparancy perspective - Ajman is still in the dark although this is changing but not there yet...

Chapel may be OK - they seem to be legitimate but even the most experienced developers are hurting. When Donald Trump delays his projects in Dubai - that says a lot.

CAVEAT EMPTOR ! Buyer BEWARE!
good luck

[verity]

Originally Posted by financier888

ANY developer touting 'ESCROW' accounts for Ajman - it's a marketing ploy. Ask them - 'what are the terms and conditions of the escrow? and what is the governing law of the escrow withdrawals?' - otherwise, it's simpy another name for a bank account whereupon the develoepr can withdraw funds as the please without any oversight or accountability... !!

Chapal does have projects in progress - however, they may be over extended - like many.. If they are 'solid' then they need to more transparant in their investor relations. To date, there are no laws in effect in Ajman that ties the payments to contruction progree like you have in Dubai . They are being formulated but not in effect nor the govt mechanisms to enforce them.

It's not unusual for the delay in getting you the SPA - it can come upto a year after the launch but under the circumstances - I would insist on it as well as additional representations including a construction time table.... If they balk at this - it means they are clueless... and their is no gaurantee that your payment / proceeds are going to YOUR project... I have seen quite often that a developer takes funds on one project and applies it for land payments on another !! From a transparancy perspective - Ajman is still in the dark although this is changing but not there yet...

Chapel may be OK - they seem to be legitimate but even the most experienced developers are hurting. When Donald Trump delays his projects in Dubai - that says a lot.

CAVEAT EMPTOR ! Buyer BEWARE!
good luck

Thank you, You seem to know lot about UAE prperty market
are you dubai based ?
GR8 developer is marketing Lake Signature 2 as well in Eye of Ajman
looks they buying more land
GR8 is part of GR8 Holdings group from Pakistan( active in uae for some years)- but L.S is their first real estate project ever
Would they run away with our money ???
Reservation contract says 'if stop paying installments GR8 can cancell contract after 30 days monies were due'
Payment plan is for 3 years ( last 10% pay on completion)
Does it take 3 years to build ? When should we expect they start on site?
and should we keep on paying ???
What permits they need from Land department to start on site ?
Perhaps best if I visit land dept and GR8 offices myself
take care
v

[financier888]

Originally Posted by verity

Thank you, You seem to know lot about UAE prperty market
are you dubai based ?
GR8 developer is marketing Lake Signature 2 as well in Eye of Ajman
looks they buying more land
GR8 is part of GR8 Holdings group from Pakistan( active in uae for some years)- but L.S is their first real estate project ever
Would they run away with our money ???
Reservation contract says 'if stop paying installments GR8 can cancell contract after 30 days monies were due'
Payment plan is for 3 years ( last 10% pay on completion)
Does it take 3 years to build ? When should we expect they start on site?
and should we keep on paying ???
What permits they need from Land department to start on site ?
Perhaps best if I visit land dept and GR8 offices myself
take care
v

It depends on the strength on the group - (developer) being that this is their first project is of a concern but it doesn't mean that they won't see it through... it's about how strong their balance sheet is - what their core business is and if they have the funds to continue.. (how much of the project have they sold etc? )
If you think about - when the large govt linked developers here feeling the pinch and Donald Trump is cancelling his latest project here - you must wonder - 'how are these smaller developers withouth the experience level going to survive? ' especially if they may be over extended in their land bank.. as many are

I am not sure of the status of the "Eye of Ajman' - but many of these large mega developments will be postponed indefinitely...

Does this also include a 'Lake' ? if it does - I'd be doubtful unless it overlooked a sea of sand.. Creating a Lake is a formidable investment and who is responsible to provide this 'Lake' - the Master developer or the Ajman govt? Very doubtful. (too long to go into the 'why's of this....within the context of this posting)

Insofar as to 'how long does it take to build? - i can't say as I have not seen the plans. Any developer now, of right mind, would want to build ASAP as the prices of construction materials have dropped in many cases 50% - two years from now - it may rise by that time... So, you'd want to take advantage of this and get moving... IF you have the money.

The other side of the coin is - how long will Ajman municipality need to get electric to the site - thus, the 'slow roll' of construction. WHy get the building constructed in two years if there will be no electric available for handover? You're SPA should also include a completion date (projected)

If I had paid 20% - I would want my payments to be tied to construction - or be prepared to cancel the contract. In the months to come the Ajman govt will be implementing laws similar to RERA - and this will force the developers to be more transparant - but it will take time.. and in the meantime, your developer will be pressing buyers for more $$$$

The other thing I would do - is investigate behind the scene and determine if they are solvent or having problems.. The fact that they have been here for years may not mean a whole lot.. Others that have been here for years are.... gone..and along with them - the monies paid by investors.. Other groups from Pakistan, that are experienced developers up there - that's different story. They may have the back-up funding to proceed... Like I said previously, it's tough in ajman as the investors are largely in the dark at the present moment and i suspect many investors will be taking hits.. Projects will NEVER get built and losses will be incurred.

I am based in Dubai.

I'd consider trying to sell my unit even if it meant taking a loss... in other words - cut your losses....

good luck to you!

[verity]

Originally Posted by financier888

It depends on the strength on the group - (developer) being that this is their first project is of a concern but it doesn't mean that they won't see it through... it's about how strong their balance sheet is - what their core business is and if they have the funds to continue.. (how much of the project have they sold etc? )
If you think about - when the large govt linked developers here feeling the pinch and Donald Trump is cancelling his latest project here - you must wonder - 'how are these smaller developers withouth the experience level going to survive? ' especially if they may be over extended in their land bank.. as many are

I am not sure of the status of the "Eye of Ajman' - but many of these large mega developments will be postponed indefinitely...

Does this also include a 'Lake' ? if it does - I'd be doubtful unless it overlooked a sea of sand.. Creating a Lake is a formidable investment and who is responsible to provide this 'Lake' - the Master developer or the Ajman govt? Very doubtful. (too long to go into the 'why's of this....within the context of this posting)

Insofar as to 'how long does it take to build? - i can't say as I have not seen the plans. Any developer now, of right mind, would want to build ASAP as the prices of construction materials have dropped in many cases 50% - two years from now - it may rise by that time... So, you'd want to take advantage of this and get moving... IF you have the money.

The other side of the coin is - how long will Ajman municipality need to get electric to the site - thus, the 'slow roll' of construction. WHy get the building constructed in two years if there will be no electric available for handover? You're SPA should also include a completion date (projected)

If I had paid 20% - I would want my payments to be tied to construction - or be prepared to cancel the contract. In the months to come the Ajman govt will be implementing laws similar to RERA - and this will force the developers to be more transparant - but it will take time.. and in the meantime, your developer will be pressing buyers for more $$$$

The other thing I would do - is investigate behind the scene and determine if they are solvent or having problems.. The fact that they have been here for years may not mean a whole lot.. Others that have been here for years are.... gone..and along with them - the monies paid by investors.. Other groups from Pakistan, that are experienced developers up there - that's different story. They may have the back-up funding to proceed... Like I said previously, it's tough in ajman as the investors are largely in the dark at the present moment and i suspect many investors will be taking hits.. Projects will NEVER get built and losses will be incurred.

I am based in Dubai.

I'd consider trying to sell my unit even if it meant taking a loss... in other words - cut your losses....

good luck to you!

Thank you again

If GR8 developers received Affection plan from Chapal (master)
would that confirm they are to start on-site( within 6 months) or so ?
How can I check solvency of GR8, who are JV of Nasira Group and Guardian ??
would my visit to Ajman land dept be of help to vet out this project ?
Is your Unit in L.S. ? or other project in Ajman ?
I am in London
thanks
v

[financier888]

Originally Posted by verity

Thank you again

If GR8 developers received Affection plan from Chapal (master)
would that confirm they are to start on-site( within 6 months) or so ?
How can I check solvency of GR8, who are JV of Nasira Group and Guardian ??
would my visit to Ajman land dept be of help to vet out this project ?
Is your Unit in L.S. ? or other project in Ajman ?
I am in London
thanks
v

Yes, they probably did get the approval to start marketing - for sure but this does NOT mean that the property has been handed-over by the Master developer. (not like in Dubai) I know the ajman municipality approved plans and the sale thereof, but in the case of marmooka - the plots were not handed over. Until the plots are handed over - then, no building can start...

i would make the trip to ajman and try to find out if the plot has been handed over. If not, I would most certainly NOT make any more payments - plain and simple..

I dont have any units in ajman but aware of the developments there and some of the issues. It doesn't really matter who the JV group is - if they have cash problems then it wont get built. Trump was doing a JV with Nahkeel and the project and was suspended and probably cancelled.... and they are rock solid. It;s a sign of the global economic situation.

I suggest you conduct more due diligence before you part with your hard earned money

[verity]

Originally Posted by financier888

Yes, they probably did get the approval to start marketing - for sure but this does NOT mean that the property has been handed-over by the Master developer. (not like in Dubai) I know the ajman municipality approved plans and the sale thereof, but in the case of marmooka - the plots were not handed over. Until the plots are handed over - then, no building can start...

i would make the trip to ajman and try to find out if the plot has been handed over. If not, I would most certainly NOT make any more payments - plain and simple..

I dont have any units in ajman but aware of the developments there and some of the issues. It doesn't really matter who the JV group is - if they have cash problems then it wont get built. Trump was doing a JV with Nahkeel and the project and was suspended and probably cancelled.... and they are rock solid. It;s a sign of the global economic situation.

I suggest you conduct more due diligence before you part with your hard earned money

GR8 conducted Soil test of the site late December( even sent me copy of results) and are going to Fence off this site
Would that indicate land was handed to them by master develop ?
and construction need to start (within 6 months ?)
Will Ajman Land dept answer my queries over the phone
or i indeed need to see them face to face ??
How to deal with GR8 IF STOP PAYMENTS, but to avoid having contract cancelled by them( 30% of unit price is non refund)
really appreciate
v

[financier888]

Originally Posted by verity

GR8 conducted Soil test of the site late December( even sent me copy of results) and are going to Fence off this site
Would that indicate land was handed to them by master develop ?
and construction need to start (within 6 months ?)
Will Ajman Land dept answer my queries over the phone
or i indeed need to see them face to face ??
How to deal with GR8 IF STOP PAYMENTS, but to avoid having contract cancelled by them( 30% of unit price is non refund)
really appreciate
v

Yes, if they have conducted soil samples, then the site has been handed over. I would press them for a contruction schedule and ask them if they have signed a contract with a construction firm. Construction companies (reputable ones) will NOT sign a contract with a developer unless they have assurance that the developer has the ability to pay - more than someone's word... The soil sampling in ajman can run from AED 25,000 - 75,000 depending on the size of the plot. So, this is not a major expense per se - ask when they will start piling

No need to call AJman land dept or see them.. If you are referring to losing 30% of unit value - this is under Dubai law - NOT ajman. You need to check any provision for refund stated in your reservation for or in your SPA if you have recieved one....

You should also try to list it and see if you can find a buyer - or go to the other ajman blog posts here and see if you can source a buyer

[loai]

thanks for the info... had purchased property there myself

[verity]

Originally Posted by loai

thanks for the info... had purchased property there myself

Hi Loai
you purchased at Lake Signature 1- Emirate LAKE Towers- Ajman ?
Direct from GR8 or which Agent ?
Have GR8 sent you SPA ?
When will construction start on site ? Is there contract with construction company ?
Do you have Payment Plan linked to construction progress ?
If you are based in UAE perhaps you have more info on whether project will go ahead at all, or there will be major problems....
GR8 seem to be investing in buying more land ( from our money paid for the project ?)
Chapal (master) or Ajman gov will provide water/electricity and the Lake ?
Do you know ??
thanks
v