Al Furjan

[Small M]

Last thing I heard is that Nakheel is reviewing the Al Furjan project, might be some delays, I hear many people defaulted allready and guess a lot will follow in 2009. I mean for 2 times 20% which is payable in 2009 you can allready buy 100% of villa's in other areas.

So people, tell Nakheel about your problems, the more the better!

 

[dubaisv]

I've invested here and own one of the large 6 beds in Phase 2. OP on it was 8.6 which seemed like a great buy during the boom, but the current market says different.

I too have paid 20% and can afford to pay the balance but i'd like to know that work is being done and that the project will be delivered as per schedule. No doubt that the project is great and location is really unbeatable and for those of you who haven't seen the show villa's; let me tell you that they are great (show villa's always are!).

I spoke to one of the Nakheel consultants at the sales office asking her if i could downgrade of transfer my 20% to another Nakheel project, but she said that at this point Nakheel isn't offering any such options; however, it's not to say that it won't be on the table in the future. Another interesting thing that she mentioned was that, those people who continue to pay diligently will in all likelihood be upgraded to Phase 1 with a refund in the price difference between Phase 1 and Phase 2. Personally, i would love for this to happen as i intend on living there on completion and a refund of around 30-40% is hard to say no to.

I have a lot of faith in this project mainly due to it's location; it's just a few minutes drive to some of the largest malls in Dubai, future airport, major golf courses etc.

Personally, i too feel that Phase 2 might get cancelled since most people who invested there were not end users (as with most projects in Dubai) and this might make Nakheel reconsider the whole project itself. Only time will tell...

 

[Small M]

Indeed time will tell

Going from phase 2 to 1 would be nice, paying 40% percent this year with completion in 4 years does not sound too good....

 

[Property Pimp]

I agree, the show villas are very well done, I hope the finished
product is of similar quality. Also the villas (in phase 1) have come
up very quickly.

I have also been told repeatedly by Nakheel that they are not offering
delayed payments, consolidations, downgrades or any deviation from the
original agreement, which they have done with few of their other
projects. Which in one way is re-assuring that they are intending to
go forward with Al Furjan as planned.

My main concern is the price's of Phase II, my terrace home was
selling for AED 1 Million less in phase 1 which is very worrying as
the price increase is unjustified. Thats why I haven't heard of any
Phase 1 buyers complaining, no wonder they got a good deal. As one
investor mentioned in the forum, we are required to make 40% total
payment this year, the value of which in todays market would buy us a
ready or near ready Villa. So does it really make sense to continue
paying?

Now the issue is, do we continue making payment diligently (knowing
it's overpriced) and simply hope that Nakheel would show appreciation
and move us to phase 1, then refund the diffrence? The move to phase 1
is not unreasonable, but I can't see why Nakheel would be so kind to
lose huge profits like that? It's their greed and speculation that
over-inflated the price's in the first place.

Perhaps we should ask Nakheel to give us this in some form of writing,
there is too much at stake here to leave to chance?

The other idea I have, is to round up as many phase II investors as
possible and collectivley agree not to make any further payments in
protest. We can prepare a written petition and submit to Nakheel
saying we will not make any more payments and suggest that phase II be
cancelled and we demand to be moved to phase 1 and refunded the
diffrence, I think this is more feasible and will force them to take
postive action. They will not be able to finance construction without our money.

 

[Small M]

I have been told by Nakheel in the past week that they are reviewing the phase 2 Al Furjan and that the commitee will make a decision soon.

I agree 100% with the comments above.

How about this:

1) as many phase 2 owners as possible communicate to Nakheel that paying 40% in 2009 is crazy. The moment you transfer the funds you loose 30 to 50% of the funds in market value. So tell them you will default the payment.
2) This might put just enough extra pressure on Nakheel to cancell phase 2 and shift us to phase 1 or to another project.
3) in 4 weeks we can meet for a coffee and decide what to do based on Nakheel statement or a lack of statement.

 

[Property Pimp]

I have been told by Nakheel in the past week that they are reviewing the phase 2 Al Furjan and that the commitee will make a decision soon.

I agree 100% with the comments above.

How about this:

1) as many phase 2 owners as possible communicate to Nakheel that paying 40% in 2009 is crazy. The moment you transfer the funds you loose 30 to 50% of the funds in market value. So tell them you will default the payment.
2) This might put just enough extra pressure on Nakheel to cancell phase 2 and shift us to phase 1 or to another project.
3) in 4 weeks we can meet for a coffee and decide what to do based on Nakheel statement or a lack of statement.

Good idea, but we need to act fast. We need to all sit together and draft this letter to Nakheel as soon as possible.

People need to come forward, if you own in Al Furjan.. I see only 4 or 5 active investors, there should be much more. Please join the google group and ask others to join so that we can communicate easily, keep a head count and make arrangments.

 

[dubaisv]

I'm in for a meeting; just let me know when. I've already joined the Al Furjan group btw.

Small M, did you hear about Phase 2 review from one of the customer service reps (on the phone) or from a sales consultant at the Nakheel sales center? The reason i ask is that the CS reps are usually clueless, so i wouldn't weight in too much on what they have to say.

Regards.

 

[Property Pimp]

I'm in for a meeting; just let me know when. I've already joined the Al Furjan group btw.

Small M, did you hear about Phase 2 review from one of the customer service reps (on the phone) or from a sales consultant at the Nakheel sales center? The reason i ask is that the CS reps are usually clueless, so i wouldn't weight in too much on what they have to say.

Regards.

Thanks SV for joining the group, we will meet soon. I hope you can help me rally up more owners, we really need strength in numbers for this to work.

Sales and CS are uselss really, they know nothing. I have this contact - Tina Manik (04 3686931) who I usually speak to, perhaps you already know her, she is assigned to deal with Furjan clients.

Try calling her and see what she says, we can compare notes.

If you have another contact in Nakheel, please share.

 

[gohar]

ALFURJAN PHASE1 5BR villa@-5%prem

I am selling my 5BR Alfurjan villa from phase1.
-OP is 5487000
-SP @ MINUS 5% premium
BUA: 5412 sqft
Plot size: 6963sqft
I'm the OWNER so transfer and agency fee.

Please feel to contact me for more details.
00447810125447 OR email @ [email protected]

regards

 

[gohar]

Thanks SV for joining the group, we will meet soon. I hope you can help me rally up more owners, we really need strength in numbers for this to work.

Sales and CS are uselss really, they know nothing. I have this contact - Tina Manik (04 3686931) who I usually speak to, perhaps you already know her, she is assigned to deal with Furjan clients.

Try calling her and see what she says, we can compare notes.

If you have another contact in Nakheel, please share.

Hi,
I have also joined the group but I own the villa from Alfurjan Phase 1.
Is it possible to get any help in selling my villa. let me know if someone can find a buyer.
Thanks in Advance.

 

[dubaisv]

Thanks SV for joining the group, we will meet soon. I hope you can help me rally up more owners, we really need strength in numbers for this to work.

Sales and CS are uselss really, they know nothing. I have this contact - Tina Manik (04 3686931) who I usually speak to, perhaps you already know her, she is assigned to deal with Furjan clients.

Try calling her and see what she says, we can compare notes.

If you have another contact in Nakheel, please share.

Yea, i do know about Tina, but haven't spoken to her yet. What did she tell you when you spoke to her? What's her opinion about Phase 2?

Regards.

 

[Mikerux8]

hey everyone,
i'm new to this property forum, so be easy on me
i (much like the majority) am an owner of Al Furjan property (phase 1 dubai type) villa. i have a question: are the current news about uae real estate they real? exagerated? some sort of a bigger con??? i mean, shall i take it this serious and look for investment opportunities somewhere else? it's true people are being laid off, and a deflation atmosphere is taking its toll over this market,but can't this be considered as a psychological defacto fired up by rumours and gossips from the same people who've been hit hard at the beginning?

 

[Arno Salzl]

By Anjana Kumar on 2/3/2009

Developer Nakheel has no plans to cut its benchmark real estate prices for the Jumeirah Park and Al Furjan projects despite the slowdown in the global real estate market, say officials.

Meanwhile, Mohammed Rashed, General Manager of Al Furjan, said the pricing policy for new sales on the upcoming phases of the project remained unchanged.

"The development will consist of more than 4,000 units and around 2,000 villas have already been sold," he added. "All the units that have been released onto the market have been sold.

"In the future anything we sell will be as per market conditions, however, currently we are not lowering the prices of our units."

Rashed said Nakheel was not isolated from the global financial problems and the developer had readjusted to cope with what was happening around the world.



http://www.business24-7.ae/Articles/...6c17c901f.aspx
__________________

 

[Property Pimp]

By Anjana Kumar on 2/3/2009

Developer Nakheel has no plans to cut its benchmark real estate prices for the Jumeirah Park and Al Furjan projects despite the slowdown in the global real estate market, say officials.

Meanwhile, Mohammed Rashed, General Manager of Al Furjan, said the pricing policy for new sales on the upcoming phases of the project remained unchanged.

"The development will consist of more than 4,000 units and around 2,000 villas have already been sold," he added. "All the units that have been released onto the market have been sold.

"In the future anything we sell will be as per market conditions, however, currently we are not lowering the prices of our units."

Rashed said Nakheel was not isolated from the global financial problems and the developer had readjusted to cope with what was happening around the world.



http://www.business24-7.ae/Articles/...6c17c901f.aspx
__________________

Thanks Arno,

As usual, Nakheel releases dumb statements that contradict each other.

I guess that answers our question boys.

 

[dubaisv]

Nakheel also said that everything is rosy on Palm Jebel Ali and the Nakheel Harbor and Tower; we all know what happened there.

Personally, i wouldn't weigh in too much on these "official" statements.

 

[Small M]

Good idea, but we need to act fast. We need to all sit together and draft this letter to Nakheel as soon as possible.

People need to come forward, if you own in Al Furjan.. I see only 4 or 5 active investors, there should be much more. Please join the google group and ask others to join so that we can communicate easily, keep a head count and make arrangments.

Hmmm, act fast will be difficult, am in Europe for three weeks. How about we meet 2nd of March at Havana coffeeshop in Mall of the Emirates at 20:00 hours?

 

[Property Pimp]

How about we meet 2nd of March at Havana coffeeshop in Mall of the Emirates at 20:00 hours?

It's really amazing how organized you are man, specific time, specific date, specific place.. I don't even know what I'm going to do in the next hour..

Sounds good, though we need more owners to join till then.



Regards,

The Pimp

 

[dubaisv]

Count me in. I've already i'cal'd it.

Regards.

 

[dubaisv]

Any updates guys? Anyone hear anything else as to what's happening here?

 

[uaeinvestor2007]

I would like to join your group!!

Any updates guys? Anyone hear anything else as to what's happening here?

Hi all

Im also quite new to this site, However I too have bought a Al furjan villa in phase 2.
I really wish I never bothered, I would love to join your group to see if we can get this project cancelled or even transfered to phase 1.
I have already paid 20% plus a premium as I bought it from a broker on re-sale (how stupid was I!!). I have to pay another 20% in may and even though I could make the payment (just about) I would be loosing so much in the currency exchange because the pound is so weak.
Really need your guys help on this.

Best Regards

uaeinvestor