Openshore & GSS Developers

[Frankie]

I did get the email from Openshore but not in time to use the account for my last payment which was made last week. It was my 4th payment also so hopefully the contact will be on its way soon.
Frankie

[MaxyzK]

Hi Frankie

Welcome onboard! I was hoping that someone would have the latest update on what's going on over at Emirates Lakes. I would love to visit the area and see for myself, but may have to leave it until next year. I posted a slideshow of the groundbreaking ceremony hosted on youtube earlier on this thread, which is a good sign, but we need to be kept informed with regular updates on the construction progress.

[abumuqbil]

an article in Gulf News last 9th April 2009 on “Property Weekly” featuring 5th Avenue Ajman. gulf news

[paulm]

Hello property investors,

I would like to make a few points to you all. I will be as careful as possible to protect myself.

1. Openshore must be reading these threads and may have an account and may be making there own comments, this seems so when you read the replies, some very odd and contradictory comments.

2. From the research i have done GSS seem very reputable which is who you must be concerned with the most if you pay them directly.

3. Paying openshore directly and signing another contract is not in your favour. IF openshore went bust you'd lose that money and GSS will ask you for this again. If GSS went bust you'd lose everything anyway, it would be nice to keep one payment but if GSS go bust openshore may do too atthe same time. Although taking money from the client account would be illegal this does not mean it could not and has never happened.

4. Openshore was incorporated on 12 June 2007 by Zuber Mohsan & Get Property Managment Ltd. Zuber is a relative of Tahir Mohsan former owner of Granville technologies ltd aka Time Computers. We all know what happened here. Google them. A lot of people lost money. Openshore has filed one set of accounts which show current assets of £11000, current liabilities of £18000 therefore an overall loss of £7000. Credit rating is suspended as the company is financially valueless.
I looked further into get property m Ltd and found a lot of companies within the family surname, addresses all at time technology retail park and all have no credit rating except 1 giving showing a credit rating of £500 so the overall profit for the year must have been around £5000.

I would look into openshore a bit more, get info on email not the phone. If you get a report from companies house you can get the details and see for yourself at relatively low cost. You can also get the directors addresses.

i dont want to scare you but inform you all is not always as it seems, look at the banks.

If GSS are reputable, you are safe, better to stay on this forum and stick together in the event of a problem. You must keep a relationship with the developer as they are the key. When buying nvestment property you must pay the developer and not a third party. Paying a third party only benefits them and not you.

[abumuqbil]

Hi all any updates as to construction. I bought my apartment directly. payment schudle is 10% booking and all further payments into escrow account when this is opened other wise no more payments, I wouldn't pay a third party what so ever as things are already complicated enough.

[kspain]

Hi All,

That is some very interesting information. I have had a quick look on t'internet and it seems acurate. I am surprised that openshore have such bad accounts, will have to look at that in more detail.

I wasn't keen on paying openshore rather than GSS, after all GSS are the developer and if they go bust we're all buggered anyway! So i am going to continue to pay gss directly and hope for the best. All seems good but i will start to feel better when they start to build the apartments.

How long will it take to build?? I cant remember exactly when the flats are due to be ready so i will have to go through my paperwork again. Is it 2010 or 2011?? I need to find out which month also.

Would be nice to hear from more people.

Best regards

[MaxyzK]

Openshore were saying that the project was due to finish around April 2011, but GSS's main man, Max ???? (can't remember his surname!) was quoted as saying that the project is heading for completion by the last quarter of 2011. I presume this means Oct-Dec 2011.
I must admit having read the above quotes, I got worried as I had already forwarded my next payment to Openshore, thinking it was a safer option?! I will think twice next time!

[OpenshoreProperty]

One of our customers highlighted the post above to us today from someone questioning our reputation and service levels. We would like to point out the following:-

Openshore Philosophy
Unlike many estate agents, Openshore do not just sell the property, take their commission and leave the customer to deal with the developer even if they have problems. Instead, Openshore continue to provide help and support to customers as this ultimately leads to more customer recommendations, repeat sales and other service opportunities.

Ask our customers and Look at our track record
The market downturn following the credit crunch in September 2008 has left many customers who purchased via other agents without any help and support. We have provided our customers with updates, good communication, payment advice, and have worked hard to ensure that developers are proceeding with these construction projects in a timely manner.

Link with Time
Openshore is a separate legal company based at Time Technology Park. However, we are proud of the links and support we have from other companies based there. Customers including any of those who have posted here are welcome to visit us and look at our services. The fact that an IT company here went into administration in 2005, due to a downturn in the PC market is notable and interesting but not really relevant. The account information and creditworthiness given is not accurate and in any case irrelevant as customers do not pay Openshore. The creditworthiness of the developer would be more important.

Client Account
The client account was set up following requests from customers after the September credit crunch. It is an extra service offered by Openshore in response to customer demand and is optional. Please note:
-Use of the client account is optional – customers can pay using either method.
-The client account funds are separate from Openshore funds and would not be affected if Openshore went into administration or liquidation. The administrator would be legally bound to return them to customers.
-Whilst funds are in the Client Account, they belong to the customer, not the developer or Openshore.
-This system does indeed provide customers, collectively more influence should any issues arise in the future with the developer. Enquirers and Customers can get FULL INFORMATION from us.

The property market remains very challenging and we have had to reduce our own costs in light of reduced sales since September 2008. However, we are confident that the long-term prospects are good and have adapted our business to ensure we focus on our current customers, and be in a strong position when the recession ends.

[SusieQ]

Hi - has anyone got their contract yet. Supposed to be after the 4th payment. Any surprises in there assuming you have got anything????

Should we be suspending payment until we get something. It's a bit ridiculous and I'm getting nervous!!!

[Crofty2000]

Originally Posted by OpenshoreProperty

One of our customers highlighted the post above to us today from someone questioning our reputation and service levels. We would like to point out the following:-

Openshore Philosophy
Unlike many estate agents, Openshore do not just sell the property, take their commission and leave the customer to deal with the developer even if they have problems. Instead, Openshore continue to provide help and support to customers as this ultimately leads to more customer recommendations, repeat sales and other service opportunities.

Ask our customers and Look at our track record
The market downturn following the credit crunch in September 2008 has left many customers who purchased via other agents without any help and support. We have provided our customers with updates, good communication, payment advice, and have worked hard to ensure that developers are proceeding with these construction projects in a timely manner.

Link with Time
Openshore is a separate legal company based at Time Technology Park. However, we are proud of the links and support we have from other companies based there. Customers including any of those who have posted here are welcome to visit us and look at our services. The fact that an IT company here went into administration in 2005, due to a downturn in the PC market is notable and interesting but not really relevant. The account information and creditworthiness given is not accurate and in any case irrelevant as customers do not pay Openshore. The creditworthiness of the developer would be more important.

Client Account
The client account was set up following requests from customers after the September credit crunch. It is an extra service offered by Openshore in response to customer demand and is optional. Please note:
-Use of the client account is optional – customers can pay using either method.
-The client account funds are separate from Openshore funds and would not be affected if Openshore went into administration or liquidation. The administrator would be legally bound to return them to customers.
-Whilst funds are in the Client Account, they belong to the customer, not the developer or Openshore.
-This system does indeed provide customers, collectively more influence should any issues arise in the future with the developer. Enquirers and Customers can get FULL INFORMATION from us.

The property market remains very challenging and we have had to reduce our own costs in light of reduced sales since September 2008. However, we are confident that the long-term prospects are good and have adapted our business to ensure we focus on our current customers, and be in a strong position when the recession ends.

I would tend to agree with the general comments above that an estate agents financials are not important as you normally don’t deal with them much after the purchase. The financials of the developer, who we are buying from are important. However, as Openshore claim to offer a complete service, and as they have joined this forum now, perhaps they would be good enough to answer the following questions directly and openly on this forum. (They probably won’t)!

1. When I purchased, the forecast was for my property price to more than double after 3 to 4 years. What is the forecast now?

2. The final contracts were originally stated to be due after the 4th payment which for me is May 2009. My 5th payment will be due in August. When are these contracts to be sent to customers?

3. When is the building to be completed? Originally it was Q3 2011. However, recent Openshore literature showed an earlier date of Q2 2011.

4. Is there a risk the project could be delayed or cancelled? What happens if it is cancelled?

5. When I bought the exchange rate was 6.7 – Now it’s 5.3. This has meant I will pay around over 25% extra. Will the developer offer any compensation?

6. If I wanted to resell my property, can I do this and still get all of my money back. How quickly can it be resold?

7. Will Openshore compensate us if the developer messes up (the property is delayed by a long period, not up to standard, or proves difficult to resell or rent out).

8. What would happen if the Developer (GSS) goes bust?

9. What would happen if Openshore goes bust?

10. What would happen if Ajman goes bust?

Openshore - Can you please answer the above questions here in this Forum.