International City - Phase III

[buddy]

Hi all,
Anyone heard anything from Alattar on Vancouver Tower and phase 3?

[mu@]

hello all,
I received a call from al-attar last week, they asked me to me to the office and sign a MOU, I refused to sign the MOU and, I enquired about any compensation for the dealys and was informed that there are no compensations.
did any one sign the MOU?

[avion99]

We also bought an apartment in Global Point. We were also send MAU and the contract. We got the contract now. IS there any movement on the site. What is the anticipated completion date ?

[hinesm]

I bought an apartment in Global Garden View, the developer hasn't offered a new contract but have offered to spread payments from September 2007 to December 2009. This i can only assume is the anticiptaed completion date. A full 2 years later than the original completion date of December 2007. I have also been refused compensation. If we have to wait until the end of 2009/early 2010 then there will literally be thousands of additional properties on the market. The overall situation doesn't look good and we are powerless to do anything about it. The developer will always claim force majure based on the fact that nakheel are a government entity.

[letchkof]

How did you get on with Al Attar when you went to see them last week Ali?

[Ali54]

Originally Posted by letchkof

How did you get on with Al Attar when you went to see them last week Ali?

I met with Mr Majid Al Attar, the manging director. He, somehow, convinced me by showing me correspondents from the NAKHEEL (the Master Developer) to AL ATTAR that the cause of delay is from Nakheel. Nakheel gave the Handover of Plots for construction in April and then issued the Compliance certificate (TO4) in May. I believe there is some further paper work left to be received from Nakheel before the contruction work starts. It is likely that the work on the Vancouver Tower will start before the Global Point. Mr Al Attar was optimistic that in the coming few months the work can start but acknowledged that it will take at least 2 years to complete (handing out apartments to clients).

As far as the MOU is concerned it says that Al Attar will fix the completion date whenever the construction work is started depending on final clerance from the Nakheel. The 5th instalment (the next outstanding) to be paid only after the completion of work the basement of the prposed building.

In my discussion with Mr Al Attar it would appear that Al Attar will refund any client wishing so but with no compensation.

One need to take into consideration several factors when amking decision: Some of us, including myself, paid extra premium to our agents for re-purchasing the apartments from previous potential purchasers. Al Atar will only pay you the payment toward the actual developer price of the apartment. The exchange rate now is quite diffrent compared to 2 years ago when we satrted payment by Sterling Poound. The legal system in UAE does not seem to be as clear as it could be in the UK. So I am not sure how much compensation would I be able to get from Al Attar. Lastly, it is also worth mentioning that the propery price is now higher than it was 2 years ago. Once the work on the site is started I am sure Al Atar will sell any returned units to them with high price.

As far as Nakheel is concern it would appaer that the delay was unavoidable after thier delay with the phase 1 work.

I personally encouraged Mr Al Attar to display any relevant documents and correspondents on thier website and also to email the documents they received from the Nakheel to all clients. He seemed to be in apprecxiation of my suggestion but not sure if his Sale/IT team will act soon.

[buddy]

Many thanks Ali for this insightful post. At least this reeassures some of us. It looks like at this stage the sensible thing to do is to hang on to the investment as selling off or demanding a refund will be an anticlimax in the face of the current state of the £/$ exchange rate.
Well done and how was Dubai? Did you visit the phase 3 site at all? Did you have any hint about the future metroline passing through this development? Please do you have any idea of the current cost of a 2 bed in Vancouver Tower?

Originally Posted by Ali54

I met with Mr Majid Al Attar, the manging director. He, somehow, convinced me by showing me correspondents from the NAKHEEL (the Master Developer) to AL ATTAR that the cause of delay is from Nakheel. Nakheel gave the Handover of Plots for construction in April and then issued the Compliance certificate (TO4) in May. I believe there is some further paper work left to be received from Nakheel before the contruction work starts. It is likely that the work on the Vancouver Tower will start before the Global Point. Mr Al Attar was optimistic that in the coming few months the work can start but acknowledged that it will take at least 2 years to complete (handing out apartments to clients).

As far as the MOU is concerned it says that Al Attar will fix the completion date whenever the construction work is started depending on final clerance from the Nakheel. The 5th instalment (the next outstanding) to be paid only after the completion of work the basement of the prposed building.

In my discussion with Mr Al Attar it would appear that Al Attar will refund any client wishing so but with no compensation.

One need to take into consideration several factors when amking decision: Some of us, including myself, paid extra premium to our agents for re-purchasing the apartments from previous potential purchasers. Al Atar will only pay you the payment toward the actual developer price of the apartment. The exchange rate now is quite diffrent compared to 2 years ago when we satrted payment by Sterling Poound. The legal system in UAE does not seem to be as clear as it could be in the UK. So I am not sure how much compensation would I be able to get from Al Attar. Lastly, it is also worth mentioning that the propery price is now higher than it was 2 years ago. Once the work on the site is started I am sure Al Atar will sell any returned units to them with high price.

As far as Nakheel is concern it would appaer that the delay was unavoidable after thier delay with the phase 1 work.

I personally encouraged Mr Al Attar to display any relevant documents and correspondents on thier website and also to email the documents they received from the Nakheel to all clients. He seemed to be in apprecxiation of my suggestion but not sure if his Sale/IT team will act soon.

[wayneis]

Did you visit the phase 3 site at all?

I am confused when I read all these postings about phase 3.

There is a very large Bill Board on Emirates Road that advertises International City Phase 2, I will take a photo and post it as behind it there is nothing but sand and more sand.....

[avion99]

Thanks Mr. Ali for your detailed on Global Point. We were also bit concerned why is so long delay. I hope they sort it out asap. Thanks

[Ali54]

Originally Posted by buddy

Many thanks Ali for this insightful post. At least this reeassures some of us. It looks like at this stage the sensible thing to do is to hang on to the investment as selling off or demanding a refund will be an anticlimax in the face of the current state of the £/$ exchange rate.
Well done and how was Dubai? Did you visit the phase 3 site at all? Did you have any hint about the future metroline passing through this development? Please do you have any idea of the current cost of a 2 bed in Vancouver Tower?

Hi Buddy!
Not sure if I can answer all your questions to your satisfaction. But will try: Dubai is growing. No matter what people say about it. The work on the Metro is well in progress, expected to start runing in under a year time in the view of most optimistic residents of Dubai. It goes through the IC which will be a good addition to the value of propeties there. I did not visit the IC during my this visit as I had done so in April. I was told that no new activity was there as far as the construction work is concern. There was some activity in April for testing the soil and leveling the ground in the P3 area. I have no idea about the current price of any aprtment in Vancouver Tower. But as I mentioned before, it is likely that work on the VT is very likely to start soon (i.e. 2-3 months, I was told). Once the construction work starts and people come to the believe that building is going to built soon, I am sure the price of any unsold apartment will spike higher. This is aparently why the Al Attar group don't mind to refund any client who wants to give up on his purchase at this stage.
Regards.
Ali