Hi folks,

This is my first post - what a great site!

Having ialready nvested in JLT in Dubai, which although took 5 years (!) to build has now been rented out, my partner and I would like to look at Ajman.

The apartment is being advertised for sale pre launch via the company Openshore and they appear to be extremely professional so far in terms of providing information etc. Also I haven't seen or heard of GSS who appear to be the developer, other than what is on their website. The development is the 5th Avenue Tower on the Emirates Lakes.

Before I start handing over my savings can anybody put my mind at rest that these people are reputable.

Thanks

Hi like you I have just been dealing with opensure buying in the same development. From the research I've done and viewing the 5th Avenue development website it all seems very good. I've just sent the booking fee off for a large studio in what I hope will be a good investment. What unit are you looking at buying and on what floor? Mines on the 21st floor.

Wayne

Hi Wayne,

How spooky - just put the phoen down to the bank to make my reservation payment and the e-mail popped up to tell me you had responded.

We too are on the 21st floor (!) A 1 bed unit, so hopefully not the same one (if you know what I mean!!). He dropped the papers off at Openshore this morning as we are fairly local to them. I have also been dealing with Currencies Direct and they seem to deal with the guys at Openshore frequently. My partner has been doing a bit of digging too, but didn't comieup with anything negative. I have to say that so far they have been really professional.

I can't find much about the developer unfortunately, other than the fact that they are part of GSS Holdings or GSS Group, who seem to have their fingers in a lot of pies, but haven't found anything bad.

So here goes I suppose and fingers, legs, arms and everything else crossed !!!!

It would be good to keep in touch and we could monitor the progress or have a moan about anything that isn't happening.

We have a proeprty in Dubai which we bought off plan in 2003 and we got the keys in June 2008 (!) so I'm not expecting too much let's put it that way. That said the increase in value is more than satisfactory, as is the rent being paid too.

Keep in touch.

Sue

Hi Sue,

Nice to know I'm not the only one investing in the development. Shame about the rubbish exchange rate at the moment as the figures quoted in the brochure at 7.3 AED are a little misleading. I've gone for studio type D so we may be close neighbours (couldn't quite stretch to the 1 bed). I haven't gone for a parking space and may live to regret it but it said not essential for a studio. I have a studio in International City Dubai and am pleased with that investment and the rent I get on it so hopefully this will perform as well if not better. Yeah be good to stay in touch and compare progress so feel free to pvt mssg me.

Thanks, Wayne

Yes, my thoughts entirely about a) not being the only one to buy in that development and b) the rubbish exchange rate. I have fixed forward now for 1 year so at least we can budget and know what we are paying and minimise any more risks.

When we bought in Dubai (we have a studio in Jumeirah Lake Towers) the exchnage rate back in 2003 was 6.3, so by the time it was finished we were getting much more. You win some you lose some I suppose.

We looked at the 1 bed (I think it is a C plan only because the prices quoted looked good, plus we have bought a parking space (as we did in Dubai) as it could just make the place easier to sell. I think Dubai parking is at a premium now.

Really nice to 'talk' to you Wayne. Will 'speak' again soon.

Sue

I similarly bought a studion E flat from this developer. I think in a way the '5th avenue' name sold it to me, in other words the building will hopefully live upto the name. So far openshore are brilliant and the developer seems pretty sound, though they seem to be from Kuwait.
Already the price has appreciated 3-5% in a month and they email you and keep you informed.
Yes, the pound sliding against the dollar has hurt me a bit . I don't know whether to prebook dirhams for my next payment.
It is great to finally converse with some co-investors.

Hi psyhiatrist nice to see even more people have invested in this project. When did you invest and what floor is your studio on? I noticed that the August price has gone up and I'm told that it will go up again in September. My booking fee has been sent and I'm now awaiting a receipt which i'm told can take 4-6 weeks. I enquired about booking the rate and got a quote of 6.3 for upto 2 years so won't bother with that.

Welcome to 5th Avenue, Psychiatrist!! Like you I think the name sold it to us too, and I quite liked the design of the building.

I have booked my Dirhams for 1 year (and got more than 6.3), simply because iof the dollar going down (and the dirham being pegged against the dollar of course.). It just makes it easier for us to know what we need to pay and there are no nasty surprises, and to be honest if it costs a little more then so be it - we still get the interest on the sterling to offset it. On our Dubai apartment we were intially getting 6.3 but by the end of it (5 years later I hasten to add!) we were getting just over 7 so we gained a bit on that purchase. It's just so difficult to predict isn't it.


Got my e-mail too having sent the deposit and was told the receipt will be forwarded in 4 - 6 weeks, so no doubt we will be speaking again around then!!

Speak soon

Sue

I purchased a 1 bed and large studio apartment on the 18th floor with lakes views and 2 car parking spaces back in June.
I have now had all the paperwork back from GSS with all the official stamps on them, so that was a nice relief as like most of you I never really knew much of GSS or Openshore!!
The contact I have had with Openshore has been superb and they have helped with everything I have enquired about kept in contact so I am up to date with progress so far.
Just a case now of paying out the payments on time and hoping that this project isn't gonna get too far behind schedule?!?!!

Hi Chingfordspurs,

Good to hear that the system seems to be working then - so far! You are a little further on than the rest of us I think as at least you have the official stamped receipt.

Incidentally - does anybody know what dates we are supposed to send the forthcoming payments on - the schedule just gives the month, or do they not bother provided that they get it before the end of the month.