Al Andaleeb, Music tower

[Aaron_]

Hello everybody,

I recently made a first 15% payment for an apartment in the so called Music Tower which is being develloped by Al Andaleeb Investment Group. I made the payment via Aria Star real estate. Aria Star sent me the receipt from Al Andaleeb.

I have now been waiting for a while and have still not received a contract. Also I have tried to look at how far the construction is, but on the website of Al Andaleeb, they dont provide any of this kind of information. I tried mailing Al Andaleeb, but no answer.

I am starting to get really nervous as you can see, being a simple cabdriver you understand I dont know much of the real estate world. I fear I might lose the money for which I have worked so hard for. Another friend of mine in Germany has also done the same payment to Al Barakah and I have heared some disturbing news about that developer.

I tried looking for info regarding this developer on this forum, but could not find any. Could somebody please advise me or tell me if they are familiar with this developer or this situation and how I could find out how far the construction of the buildings is.

Thank you very much.

Kind regards,

Aaron

 

[MaxyzK]

Hi Aaron

I don't know much about this development, but I've invested in 5th avenue, Emirates Lakes, and similarly wondered when I would get my contract. I've been told that when I've paid my 3rd instalment, which amounts to about 30% of the total purchase price, is when I will be sent the contract. Maybe you've gotr the same arrangement too?

 

[Green_age]

Hi Aaron,
I bought some properties from this developer but another project. The project called "money tower". They sent the contract 30 days after the down-payment. There is no problem about that. The problem right now, is the market itself. People are affected by this global crisis and the cash flow has stopped. many losing their jobs, and not able to buy peoperties or pay the installments. There is a slim chance for the projects which have not been launched yet, to be done soon. Projects are likely to be postponed, payments should be refunded or restructured respectively. Buyers must officially ask the developer to decide over. The crisis in the market is not something that we could keep a low profile on. Its a global situation, and develpoers must compromise with buyers, otherwise they will lose their crebilities and reputation. I suggest you to be realistic and make a decision about what you are going to do.

 

[Aaron_]

Max and GreenAge, thank you very much.

Greenage, thank you for the info. I dont mind if the project delays a bit, I just hope they dont declare bankruptcy. I hear different things about how long it will take for the world to recover from the crisis. I have decided to go on with the deal.

 

[Rowanne81]

Hi i invested in chocolate tower with alandaleeb and have now paid 49% and i have since then not paid anything else and i got a letter in february saying not to make any more payment till they get RERA AJMAN account and an ESCROW account in ajman. i have also invested in AL barakah in monarch tower which i have no idea whats happening with it...i would love to have a chat with you about this if you could email me at marydhanya at gmaildotcom

 

[maram12uk]

Hi Guys
I booked 1 property in Money tower Al Andaleebs Via UK agency DUBAI CITY MOVES and paid almost 50% but now no one is replying about the project since Feb 2009 they asked me to stop the payment in Feb 2009 whats going on? no emails no reply of my emails.
please reply me if you have any information or if you can visit their office in Dubai for more info?
thanks
Mariam

 

[Rowanne81]

Money tower

HI maram12uk
please contact me on marydhanya at gmail dot com and i can add you to a huge list of us who have invested with the same developer...ie alandaleeb....we keep each other updated with wat little we hear from either the developer or the real estate regulatory authority here called as ARRA.
there has basicallly been no update since feb 2009 .....the situation is still the same and most of us dont know what is happening!