I had a site visit 3 weeks ago( bit of an oxymoron there as there is bugger all to see). I have bought 3 apartments in G tower by GIO. They have only just started piling work and it's not likely to be finished till Q1 2010, 18 months behind schedule. We have been offered a 4th apartment at original price which is very much less than soon to be launch price ( well, maybe soon, who knows?). Compensation for lateness- nothing. I was sorely tempted to pull the plug but I stand to lose a lot in exchange rate as I have invested over £350k already of my own cash. The only upside is that I fully expect the final price to be over treble what I paid which would make me pretty happy.

But then again with COA who knows?

Please people buy
More you buy easy I sell
Thanks

Does anbody know what is going on with WADI TOWER in COA ??? Does anything happend there already? Price must double at least on completion, thats what I think as well... I dont think that all the investors just will accept the huge currency loss, for me I definetly dont!

As far as I could see there has been no work at all yet. However I do believe that work is about to comence. My main issue(s) is that we have invested a great deal of cash and with no compensation at all. We also have no recourse to compensation because we have no contracts yet- probably not issued to avoid this. The product we have purchased is without doubt truly amazing and one of the best in Dubai( Phillipe Starck is the designer) but our lives are on hold now. We were supposed to be out of this by mid to late next year. If our apartments make a lot of money then no doubt I will be happy but I am now getting impatient.

Hi, Chiquita,

My understanding is that there is very little difference between the two, both aparthotels similar in specification, price and completion dates which have slipped approximately 18 months. the latest completion dates are middle of 2009

However, the 20 year leaseback scheme should provide owners with a very reasonable return (annual yield), the sales people will tell you 20 -26%, but I'm working on half of that, there will also be a DLR station closeby.

If you are considering purchasing a unit in either of these towers I would contact MED direct.

Regards

Stuart

Hi Stuart,
Thanks for the comment. I already bought one unit of AC with great expection(great return). However I am hearing long delay and unknown future which makes me angrier as time goes on. I feel deceived and stucked. I don't understand why MED didn't tell us the fact of delay. Do you think MED really didn't know the mastor developer's time line?

just to give you a tip if you need to buy in dubai to invest then better get an offplan project and forget about it cause the developer always delay the completion date , but if you want to buy to move in so never take an offplan or underconstruction and make plans upon it bettter take a built one . if you need to ask about anything plz feel free to ask me

nice sales pitch

All the small commercial properties in Metro Tower are now sold.

I agree the project faces delay like many others in Dubai but this is a great long term investment.

Yes, it is a great long term investment. Is there anyone who want to buy windsor unit with good price?