Openshore & GSS Developers

[SusieQ]

Thanks for doing that Maxyzk.

I too must read the 'small print' in the future!!

There's not a lot of money swishing around I suppose at the moment for people to be buying property. I think everybody is being cautious and waiting to swoop in for a 'bargain' later!

[SusieQ]

Thought this might be of interest folks.

Also read the bit about Dubai (for those investors there).

Property slowdown hits Ajman’s frontier - The National Newspaper

[MaxyzK]

That's a worrying and depressing article, SusieQ!

Does anyone know of the current state of affairs with the developer GSS? I find it worrying that I haven't received any emails back after sending off a couple. Also, look at their website, :: GSS Real Estate ::, select 5th avenue in the pull down menu, and it goes to a development called Christie's Tower! Even website doesn't work properly!
I look around at other forums and see talk of pulling out of deals, with people prepared to take a hit and walk away, but does anyone know where we stand with this developer and the project 5th avenue, which so many of us have a vested interest in? Surely, if they've almost completely sold all its units, it should bode well unless there are many defaulters on the horizon. I know other factors are taken into the equations, but I'm due my next large payment at the start of Jan, and seriously thinking about my next move, as I'm having no joy emailing them. I'm now going to ring them and see!

[MaxyzK]

Well I've tried ringing GSS in Ajman, but the phone just keeps ringing. I'm sure there's some logical explanation, and I'm not starting to panic.........

Anyone else care to try?! Tel.no. 00971 6 7466441

[SusieQ]

Sounds a bit of a daft question, but did you take note of the time difference (could it be their lunch hour or something). Now starting to clutch at straws! What about getting Openshore involved and asking them why GSS aren't bothering to answer e-mails etc ??

Lets hope we are getting the vibes wrong!

[jwayne592]

Originally Posted by SusieQ

Sounds a bit of a daft question, but did you take note of the time difference (could it be their lunch hour or something). Now starting to clutch at straws! What about getting Openshore involved and asking them why GSS aren't bothering to answer e-mails etc ??

Lets hope we are getting the vibes wrong!

All sounds a little bit worrying. I've just e-mailed Tariq at Opensure to shed somelight on the situation with 5th Avenue and GSS. I have been receiving my receipts for the two payments I've made so far. Does anybody know if the money paid so far is protected should the deal no go through.

I'm sure all will be fine and we're just panicking for no reason but it would be nice to be 100% certain.

[MaxyzK]

jwayne - let us know what Tariq says. I tried to phone GSS at about 2pm GMT, so taking into account the 2 or 3 hour difference, someone should have answered! But I phoned Openshore and spoke to someone (not Tariq) who assured me that GSS are a massive company who have their fingers in many pies, and aren't some dodgy developer from the likes of Khazakstan (no offence to any Khazaks reading this) who fly-by-night. He told me that although Ajman markets are down, they're not as badly hit as Dubai's. He said that the project is very much going ahead, and that I should make my payments as per the agreement. In any case he said, the payments are covered by escrow, although there's no need to panic.
Words of comfort indeed; I don't want to sound like a doom-monger, but look at giants like Emaar and Tameer!
As Pyschiatrist said, let's stick together on this one.

[psychiatrist]

The cost of building is around 350 dirhams per square foot, so the way i see it prices will drop but not by that much, the risk is that towers are not built due to lack of finance either from banks or through default in payments or both.
If the money is put in an escrow that is a good thing, Another encouraging sign if you visit skyscraper.com. Ground breaking work, soil testing ect.. has actually started on the emirate lake towers site.
I think the best thing we can do is to actually collect the contacts of all investors, it could come in very handy both in good times and bad and i do not mind setting a seperate website for this if necessary.
The good thing is after the initial 3 payments the amount given quarterly drops significantly.
I also have the feeling that the dollar is overvalued and by mid next year the battering the pound has recieved will be in reverse, thats assuming the bank of England keeps interest rates the same after they cut them this month.
sensible things to insist on GSS/Ajman
1) money should be put in escrow
2) quarterly updates on construction, plus or minus prices
3) prompt issuing of contracts
4) explanation on what happens if the developer cancels the project. or if someone defaults
5) Not to do with the developer, but i think the UAE is shooting itself in the foot by reneging on the resident visa

[SusieQ]

Would have been nice to have had a contract up front really wouldn't it. I suppose I just trusted that it would work the same as Dubai. Anybody know what happens if it doesn't finish on time? In Dubai we got penalty interest back as it was 3 years overdue!! Will this be the case in Ajman? The payment schedule is pretty rigid.

[psychiatrist]

Good news,
Construction based payments for Chapal the master developers of GSS/5th avenue,
I hope they pass on to subdevelopers

http://www.business24-7.ae/articles/...6583ac2fd.aspx