I will be in Dubai this week,will let you know if there is any news regarding constructions strat date and else

Hi Guys,

i just came back from my Trip to Dubai. With regards to the WADI TOWER in City of Arabia I can update you with the following:

I went to Capricon Tower and spoke to the people over there personally:

1) What is the current (3.10.07) square feet price in CoA in Wadi Tower? Answer: 968 AED per sqfeet (25th floor)
2) Is construction right on schedule? Answer: NO! Anticpated completion Date is now June 2009 !!! This is a delay of 1Year and 3Month !!! I said: Sorry, I am definitely NOT happy with that progress and so I asked for compensation. The lady I spoked too was very reasonably and directly offered me an adjusted payment schedule. The point is that I have already paid 55% of the total amount and now there are only 45% to go. Actually there are even only 20% to go because the last 25% are due on Completion Date! Due to that I DO NOT WANT AN ADJUSTED PAYMENT PLAN, thats what I also told her. She was a little bit confused and that I should contact her again when I know what I want instead.. The point is also that if I would agree to the adjusted payment schedule I am no more longer entitled for other compensations. So i would rather claim for a free furniture package or something comparable... What would you recommend for me to do now???

Thank you very much for your help, maybe someone else is in the same situation..

No one ???

Well this project gonna be 1 of the best project so a bit delay in the project i don't think it should have some problems

__________________
Mansoor Nizamuddin
Mob : +971507006976
mansoor@fcre.ae

ok, thats alright, i am fine with that
Cheers

I am in the same position. I have purchased 3 apartments from GIO in the G-Tower and so far I am looking at at least a year delay.

1 year or 6 months Delay ?

__________________
Mansoor Nizamuddin
Mob : +971507006976
mansoor@fcre.ae

at least 1 year. purchased them in feb 06. going out to dubai in 12 days . dont know what to think about the situation. am concerned that 1 year will turn into 2 etc. have tied up a substantial amount of cash.

As in the contract is written they pay 0.5% a month of the whole amount of the money which was paid. That means for instance if anticipated completion date was March 2008 and finanlly handover is March 2009 wou will get 6% back of your investment!

not too sure about that. I'm still waiting on a contract! Our purchase is with GIO not I and M Galadari. we have been offered a new pay structure which means nothing because the original would have meant we would have finished paying mid next year. a restructured payment plan is common sense, not an incentive!