Ajman Properties

[therealdubai]

Any news about the Highfield towers by Al Rashed in Humaid city will be appreciated.

[oleary7997]

Originally Posted by shama

What are the current price in Marmooka City Apartments. PSF Price

EMERALD TOWER - Marmooka City

Floor 19
Unit Type Studio
Area 406.90
Rate/sq.ft 595

Price AED 242,106
View LAKE
PARKING 35000

[shama]

Thanks. Any idea what price in Memon Ajman Tower 2 in Marmooka City. How secure is its Developer Memon Investments?

[shama]

I am Canadian Citizen and live in America.

We see that as the responsibility of the Ajman Government to make investigations about the developers and find out whom we can trust and who is not OK. We only ask the Government to protect us, If they late Ajman property go down and Overseas investor does not trust any more in Ajman. I think ajman governments sotp sell property who selling without escaw account.

I purchase 5 month ago apartments in Marmooka City, Ajman. When Developer told me they open escaw account, but now six month they did not open escaw and ask me send another payment. I all ready paid 1m dirham. next payment 500K dirham. I dont know where I stand now. pay them without escaw or stop payment? but my deposit 1m dirham ?

Please please advice me.

I also bought in Highfield Commercial Towers, Al Humaid City. I have been given a 2 month extension on my next payment (now due Feb 15). I have still not received any contracts. I am thinking about not sending any more monies until construction starts?

[oleary7997]

Originally Posted by shama

Thanks. Any idea what price in Memon Ajman Tower 2 in Marmooka City. How secure is its Developer Memon Investments?

im afraid i have no new information on your question. however see below about trust management accounts/Escrow in Ajman.

[oleary7997]

Originally Posted by shama

I am Canadian Citizen and live in America.

We see that as the responsibility of the Ajman Government to make investigations about the developers and find out whom we can trust and who is not OK. We only ask the Government to protect us, If they late Ajman property go down and Overseas investor does not trust any more in Ajman. I think ajman governments sotp sell property who selling without escaw account.

I purchase 5 month ago apartments in Marmooka City, Ajman. When Developer told me they open escaw account, but now six month they did not open escaw and ask me send another payment. I all ready paid 1m dirham. next payment 500K dirham. I dont know where I stand now. pay them without escaw or stop payment? but my deposit 1m dirham ?

Please please advice me.

there are no escrow accounts in Ajman. the Ajman land department has issued TRUST MANAGEMENT ACCOUNTS linked to the central bank.
however, the new laws do state that Ajman will be getting Escrow accounts...
The new Ajman Development and Investment Authority is preparing freehold laws and will impose escrow accounts and strata regulations similar to those adopted in Dubai.
see link...
http://www.zawya.com/Story.cfm/sidZAWYA20080310033130
here is a more up to date article from the national paper...
http://www.thenational.ae/article/20...84684/1051/rss

the only developers i know for a fact ho have set up trust management accounts which will be converted to ESCROW accounts when set up by the Ajman development authority are -KONIG TOWER & EMERALD HOLDINGS. both in Marmooka City. i have there official documents from the Badl Il Islamic bank with me.

all i can advise is if you stop paying into the contract i feel the developers will cancel your contract (even if not issued yet) and re-sell your apartment.
you can contact RERA in Dubai who will help you further.

Welcome to the Official Dubai Real Estate Community

[verity]

Originally Posted by McVelvet

I recommend Lake Signature in Emirates Lake Towers. I just got a studio for 32K, and with a great payment plan over 3 years. There are only a few agents selling them but they are offering cheaper rates than the developer.

Hi McVelvet

How is your Lake Signature 1 progressing ? how much % have you paid so far ?
have you received SPA from GR8 Holdings developers ?
Is project on site ?
Have you re-negotiated Payment Plan to be linked to Construction Progress ?
Has Master developer 'CHAPAL ??) passed Affection Plan to GR8 and will project ever be build ??Is water/electricity supply guaranteed by CHAPAL or Ajman gov ??
I am in same shoes as you-??- hence hungry for any update on progress
Do you happen to know' UNITY Estates ' and 'NO MORE HOTELS'
selling agents in LONDON UK ?
I really hope project is not fake !!
thanks
v

[verity]

Originally Posted by vinny

sorry to add to the confusion but i have a 1 bed in lake signature in emirate lake towers in ajman that i am looking to sell for AED 550 per sq ft if anyone is interested. Its full lake view on 27th floor. i can send you more details if you are interested.

HI VINNY
Lake Signature 1 - EMIRATE LAKE TOWERS- AJMAN- GR8 developer
Do you still hold your 1 bed on 27th floor ?
Was is bought through 'No More Hotels' in London or 'Unity Estates' ?
have you received SPA Contract from GR8 ?
Have GR8 got Escrow Account ? HAVE they started on site ?Have you negotiated Payment Plan linked to construction progress ?
Has CHAPAL Master developer or Ajman Gov. guaranteed water and electric supply ?so on and on
I also have 27th floor flat and eager for update on progress
Want to bunch with other owners in case of problems
to negotiate better terms with GR8 if project is delayed/shelved
thanks
v

[financier888]

Originally Posted by oleary7997

there are no escrow accounts in Ajman. the Ajman land department has issued TRUST MANAGEMENT ACCOUNTS linked to the central bank.
however, the new laws do state that Ajman will be getting Escrow accounts...
The new Ajman Development and Investment Authority is preparing freehold laws and will impose escrow accounts and strata regulations similar to those adopted in Dubai.
see link...
http://www.zawya.com/Story.cfm/sidZAWYA20080310033130
here is a more up to date article from the national paper...
Ajman developers welcome regulator - The National Newspaper

the only developers i know for a fact ho have set up trust management accounts which will be converted to ESCROW accounts when set up by the Ajman development authority are -KONIG TOWER & EMERALD HOLDINGS. both in Marmooka City. i have there official documents from the Badl Il Islamic bank with me.

all i can advise is if you stop paying into the contract i feel the developers will cancel your contract (even if not issued yet) and re-sell your apartment.
you can contact RERA in Dubai who will help you further.

Welcome to the Official Dubai Real Estate Community

In regard to a developer claiming to open an 'Escrow' acct in Ajman - this is meaningless and merely a marketing ploy. An Esrcow account must have 'terms and conditions' - other wise it is simply a 'name' to a bank account. In Dubai - there are terms and conditions related the escrow account and managed by the Bank and third party - the trustee. This does not exsist currently in Ajman - so a developer may say they have an 'escrow' acct - but the fact remains - they have full control over the account the proceeds thereof WITHOUT and accountability. it's more for marketing purposes..

The TRUST account being set-up in Ajman should have the requisit TERMS AND CONDITIONS whereupon the developer has to justify 'take-downs' - release of the funds based on the terms.. i.e. - piling, construction etc... But, it may be months before the details are sorted and implemented.

I would be interested to know what the terms and conditions (if any) are connected to the TRUST accounts being held in the Badl Il Islamic Bank - (if these are linked to Ajman projects.)

Currently, there is little if any real protection for investors in Ajman. Expect a higher % of defaults than Dubai due to the nature and experience level of the developers in Ajman...