Ras Al-Khaimah - Pacific

[anil]

Originally Posted by Kimo

I have received my contract and only had two observations:

1. Clause 15.1 Seller is allowed 18 months delay that equates to 10,000*18 = AED180,000 potential rental losses to the buyer. In the other hand the Buyer has only 20 working days delay! I don't see the balance here. I think more than 6 moths delay from the Seller is unfair and unreasonable.

2. Clause 15.2, there are no penalties on the Seller if the Seller delays the completion day beyond June 2012? The Seller has held the buyer money for 4 years!


Cheers ,
Kimo.

Kimo,

Have you questioned these clauses with SP?

From previous experience, I was pleased to see any kind of penalty clause at all.

[Kimo]

Originally Posted by anil

Kimo,

Have you questioned these clauses with SP?

From previous experience, I was pleased to see any kind of penalty clause at all.

Sure I did, still waiting for a reply. I am not sure about the UAE but my experience in Bahrain, penalties start when developer is late by six months.

Please do not be alarmed about the 18 months delay and penalties clause, if this is the norm in the UAE then I wouldn't be worried about it. I just thought to share with you my thoughts not to cause havoc. I am still positive about this development.

Kimo

[dxbobserver]

Originally Posted by Kimo

You see there are six towers all together:

1.Samo
2.Bora Bora
3.Tonga
4.Tahiti
5.Fiji
6.Polynesia

Studio apartments are only available in Samo and Bora Bora. All studio apartments in Samo are sold out and Bora Bora is not released yet. If you are really keen they might start selling you in Bora Bora (please don't quote me on this).

cheers,
kimo

Bora Bora has been released now for a while and the studios are almost all sold out

[dxbobserver]

Based on my understanding of the UAE construction delays, I think it's good to have a clause at all as many developers don't include one at all - although I agree 18 months a long period - I would have preferred a max of 6-12 months

[richie83]

does anyone know about the water and electricity problems in the northern emirates? do you think this will affect RAK and al Marjan in particular?

[Kimo]

Originally Posted by Kimo

Sure I did, still waiting for a reply. I am not sure about the UAE but my experience in Bahrain, penalties start when developer is late by six months.

Please do not be alarmed about the 18 months delay and penalties clause, if this is the norm in the UAE then I wouldn't be worried about it. I just thought to share with you my thoughts not to cause havoc. I am still positive about this development.

Kimo

I got a reply from Select Property. Well the usual political answer that you get when you ask about sticking points on a contract. Not satisfied but will sign and sell as soon as I get more than 50% profit margin, hopefully before completion date.

Kimo

[anil]

Originally Posted by Kimo

I got a reply from Select Property. Well the usual political answer that you get when you ask about sticking points on a contract. Not satisfied but will sign and sell as soon as I get more than 50% profit margin, hopefully before completion date.

Kimo

That is pretty much what everyone is doing. There is an element of "faith" when buying in UAE.

I have bought off-plan in another country and it is normal to invole a solicitor to complete deal, but in the UAE we dont even use a solicitor to check the contract.

Anyway, as I said, I was pleased to see any kind of penalty clause at all!

[milktrayman]

Originally Posted by anil

That is pretty much what everyone is doing. There is an element of "faith" when buying in UAE.

I have bought off-plan in another country and it is normal to involve a solicitor to complete deal, but in the UAE we dont even use a solicitor to check the contract.

Anyway, as I said, I was pleased to see any kind of penalty clause at all!

Interesting, sounds like you have complete faith in ur dealings with UAE developers in not using a solicitor to mull over your contract.I was fairly pleased with the contract except to say that the 18 month penalty clause I felt was way too long, i had to read it over again as I could not believe it either.

[anil]

Originally Posted by milktrayman

Interesting, sounds like you have complete faith in ur dealings with UAE developers in not using a solicitor to mull over your contract.I was fairly pleased with the contract except to say that the 18 month penalty clause I felt was way too long, i had to read it over again as I could not believe it either.

No, I have no faith in any developer, but in UAE, most people simply do not use a solicitor. In other countries, it is pretty much mandatory to use one.

[richie83]

Originally Posted by dxbobserver

Bora Bora has been released now for a while and the studios are almost all sold out

found out today from SP directly that there are only 4 studios left in 'Bora Bora'. in addition 8 studios were added to the plans for 'Tonga', and there are only 2 of these left. so 6 studios left in the whole development.