Pre Launch permanent thread ! ! !

[jags]

Originally Posted by Roshan

That's one reason I did not buy in Sports city. Elite soon will come up with the 100th tower LOL.

mpat, good one on Rufi.

Rgds

Roshan

hi

well i m trying to be positiven n bit defensive.because i have 4 units with them.i checked with RERA.they r registerd n have approval for atleast Elite no 2 4 n 5. they have escrow accounts in place.when i investd with Marina Diamond 5.they were new in Dubai. they launched six projects without starting construction in single.they have delivered.what i know abt TP is they have big projects in Singapor. they own named hotels in US.they r in hospitality industry in US.originally they were major exporters.the company is 40 50 yrs old.i hope they deliver in Dubai.these talks make butterfly running in my stomach.

[Roshan]

Originally Posted by jags

hi

well i m trying to be positiven n bit defensive.because i have 4 units with them.i checked with RERA.they r registerd n have approval for atleast Elite no 2 4 n 5. they have escrow accounts in place.when i investd with Marina Diamond 5.they were new in Dubai. they launched six projects without starting construction in single.they have delivered.what i know abt TP is they have big projects in Singapor. they own named hotels in US.they r in hospitality industry in US.originally they were major exporters.the company is 40 50 yrs old.i hope they deliver in Dubai.these talks make butterfly running in my stomach.

If what you have just said is true, then they look like a solid company. If the company has cash reserves, then that's a big plus point. A company with that profile cannot go wrong.

It's just that when they go around launching projects like hatching chickens, it's a bit worrying.

With their mentioned background and Escrow in place, you should not be worrying.

Just a suggestion, do not put all your money with one developer.

Regards

Roshan

Sorry, if we put butterflies into your stomach.

[iloilo]

Originally Posted by mpat

Try to go and visit sports city and you will see how new and un reputed developers like FALAK , RUFI , BANGASH , PROFILE etc are working,.,,,,

If you maek payment to developers's account then it wont go to ESCROW , you should insist for ESCROW account right from teh beginning or else dont make the payment, Just make 5 or 10 k AED initial amount for blocking the unit and write down on teh reservation form that remaining amount will be paid once the ESCROW is done.

Originally Posted by iloilo

I purchased a unit in Nov-2007 (after the Escrow Account Law was passed) and have already made 2 payments to date. I did not receive any letter/intimation from neither the Escrow Bank nor their solicitors confirming that my money is lying in their safe custody. The only place in the full property Agreement where there is mention about the Escrow Account is under the "Sellers Covenants and Warranties" clause where it says in one plain sentence: "The Seller undertakes to deposit the monies received from the Buyer in the Guarantee Bank Account". What are we supposed to infer from this statement and what is happening in reality - no one knows! Who can throw some light on this in relation to the Dubai Property Market?

Mpat, could you direct me to reliable sources where I can get to know how this escrow thing works in Dubai. I called NBD & they r not sure as to how it works. I have already written post dated cheques in the developer's name & I have got their receipts but not one of the monkeys in the developer's office know how this escrow works. The monkeys say that it is being put in the escrow a/c - how can I verify that? Please help me.

[richie83]

Originally Posted by mazi

Hi Day fox - Thanks for the info
apparently this is Select's first development, isn't it?

it is their first in Ras al Khaimah, and as joint developers with Dubai select, but they already have some in construction in dubai marina (e.g. torch, bay central) so they are not new, and have experience in developing in UAE.

[jags]

[quote=Roshan;46017]If what you have just said is true, then they look like a solid company. If the company has cash reserves, then that's a big plus point. A company with that profile cannot go wrong.

It's just that when they go around launching projects like hatching chickens, it's a bit worrying.

With their mentioned background and Escrow in place, you should not be worrying.

Just a suggestion, do not put all your money with one developer.

Regards

Roshan


hi Roshan

thanks for yr tip.u r right.i realised that too late.what is done is done.i have invested all that was available.i should have looked around. unfortunately living here my resources for information on different projects r limited.i would have loved to find something which has finance available from developer.i am self financing all the projects.with payments for Elite units at regular interval can't invest more.if u have any information on refinancing for MD property pls let me know.

thanks

[mpat]

Originally Posted by iloilo

Mpat, could you direct me to reliable sources where I can get to know how this escrow thing works in Dubai. I called NBD & they r not sure as to how it works. I have already written post dated cheques in the developer's name & I have got their receipts but not one of the monkeys in the developer's office know how this escrow works. The monkeys say that it is being put in the escrow a/c - how can I verify that? Please help me.

iloilo
If you dont mind, who is the developer?
I think the best way to go to the website of RERA ( www = realestatecommunity=com) you will find complaint form,
Second thing , go to the master developer, like for JVS , its NAKHEEL .dubai sports city, dubai sports city itself is a master developer and TATWEER is on top of it.
Third thing, Write a letter to the developer mentioning your querries and asking them why not to stop further paying in this situation. ( this will help you in case of a dispute in future also ,and willl make the developer wake up)
Bye

[ash210977]

hi there
i m interested in buying properties in pre launch. can any one help me on this.
thanks

[mpat]

Originally Posted by ash210977

hi there
i m interested in buying properties in pre launch. can any one help me on this.
thanks

Almost all developers keep something on pre launch,but its not necessary that pre launch will have the best price.Keep doing research on available properties as well as pre launch and then decide....

bye

[PropertyGuru]

Well done on this thread - neat idea.

A temporary solution on the way you could possibly make it look like a permanent thread is to make a posting daily, thereby keeping it on top of the list! Crazy idea but it might work.

Moderators - please help

Regards,

PropertyGuru

[Roshan]

Originally Posted by PropertyGuru

Well done on this thread - neat idea.

A temporary solution on the way you could possibly make it look like a permanent thread is to make a posting daily, thereby keeping it on top of the list! Crazy idea but it might work.

Moderators - please help

Regards,

PropertyGuru

Verde by ETA star at Dubai Maritime city. Not a pre launch but a launch.

How do you guys feel about Maritime city.

Good idea to keep it on top of the list.

Roshan