Al Furjan

[Property Pimp]

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

Welcome to our club... we are all in the same boat here.

Everyone who contacted Nakheel regarding a resolution for Al Furjan - Phase 2 will know that they are not willing to make any amendments to the initial agreement or offer any alternatives. Why should they? they already have our money. But I beleive they want the rest. i.e. they want us to continue payment for thier cash flow purposes. I think this is where we can have the upper hand.

My suggestion is this: We draft a petition letter that says that we the owners of Al Furjan, phase 2 collectively agree not to make ANY further payments to Nakheel until they start negotiating in coming up with REAL solutions to help us.

This may sound extreme, but imagine if 70% or more investors do not pay? Which I'm sure many will not pay, but a letter to this tune will make it official.

 

[uaeinvestor2007]

Welcome to our club... we are all in the same boat here.

Everyone who contacted Nakheel regarding a resolution for Al Furjan - Phase 2 will know that they are not willing to make any amendments to the initial agreement or offer any alternatives. Why should they? they already have our money. But I beleive they want the rest. i.e. they want us to continue payment for thier cash flow purposes. I think this is where we can have the upper hand.

My suggestion is this: We draft a petition letter that says that we the owners of Al Furjan, phase 2 collectively agree not to make ANY further payments to Nakheel until they start negotiating in coming up with REAL solutions to help us.

This may sound extreme, but imagine if 70% or more investors do not pay? Which I'm sure many will not pay, but a letter to this tune will make it official.

Hi Property Pimp

Thanks for your reply, it seems that you are guy who means business and I would love to stick around with you. Unlike the other investors who bought furjan to flip, I bought it for my family . I would be quite sad to lose it but on the other hand with the exchange rates the way that they are and falling prices, it does not make any sense in keeping it. I wake up everyday wishing I never bought it. I have just come back from Dubai and while I was their, I went to Nakheel who say that they are not cancelling the project or even going to change the payment plan and that the project is in "full swing". However, i do know that Nakheel do have a habit of changing their mind every so often.
I also went to the farjan site and had a look around the show homes, even though they are very nice it just does not make any sense for people who bought in phase 2 to keep them. lets hope Nakheel will help us!!!

whats the next step for us all then??

may payment is fast approching!

 

[dubaisv]

I have a friend who's in the construction industry who said he'll try to get me some info. Arabtec was given the contract to construct Phase 1 1500 villa's while Al Shafar General Contracting was given the contract for Phase 2 300 villa's.

At present Phase 1 construction is going on which makes sense since 40% has already been paid by them. I am unsure if they have begun work on Phase 2 at all considering that the number of villa's in Phase 2 is one-fifth that of Phase 1.

Al Furjan is a fantastic project and i purchased after doing my fair bit of research, but the prices we paid are obviously at the higher end (with the current market scenario). What really concerns me is all the news that Palm Jebel Ali has come to a complete halt due to lack of liquidity. Also, recent news articles have mentioned that billions of dirhams have to be paid to contractors, so that again raises a concern about liquidity.

Apparently, there is some big news coming from Nakheel in the next 3-4 weeks; not sure if this is related to Nakheel in general or their Waterfront development. I guess, we'll just have to wait and see.

Regards.

 

[dubaisv]

Btw, i hope we are all still on for the March 15th meeting as per our previous plan.

Regards.

 

[Property Pimp]

Btw, i hope we are all still on for the March 15th meeting as per our previous plan.

Regards.

The meeting is on 2nd of March at the request of Small M, because he is not in Dubai at the moment.

Time is running out and I am concerned that 'waiting and seeing' will not get any results in time. I think we need to take some form of action soon.

I am also concerned that not enough Furjan 2 investors are coming forward.

 

[dubaisv]

Oh sorry, 2nd March. My bad.

Somehow, we need to get a list of Al Furjan investors from Nakheel. If we can manage that, we can perhaps get somewhere. Ideas anyone?

 

[Property Pimp]

Oh sorry, 2nd March. My bad.

Somehow, we need to get a list of Al Furjan investors from Nakheel. If we can manage that, we can perhaps get somewhere. Ideas anyone?

Excellent idea, we need an insider for the job though.

 

[NwAli]

hi All

i have a friend who have invested in Al furjan phase 1 with low OP , he has got 4 villas , two 3 bed one 5 and one 6 bedroom , has tried every thing nakheel for options but have bein rejected, even tried selling them all in minus 10 individually and 15% as a bulk , but nothing seems to help.
any suggestions and views to help him out ??
he hasn;t got enough funds to pay the next 20% and seems he will lose a fortune has paid 40% till date

regards

 

[Small M]

Just askl your friend to show up coming Monday at Havana Mall of the Emirates (see previous post). You can recognize me as I have very short hair and I will be putting my blue bag on the table.

 

[Property Pimp]

hi All

i have a friend who have invested in Al furjan phase 1 with low OP , he has got 4 villas , two 3 bed one 5 and one 6 bedroom , has tried every thing nakheel for options but have bein rejected, even tried selling them all in minus 10 individually and 15% as a bulk , but nothing seems to help.
any suggestions and views to help him out ??
he hasn;t got enough funds to pay the next 20% and seems he will lose a fortune has paid 40% till date

regards

Nakheel are simply not listening to Al Furjan owners requests, phase 1 or 2 because the project is going ahead on schedule.

They are consolidating and offering credit notes on other projects like lake district, badrah, promenade etc. but not Furjan.

They are saying just keep paying according to original payment plan.

 

[uaeinvestor2007]

I have also been onto Nakheel, they are not prepared to even delay the next payment by 6 months like they have done for the Badrah phase 2 owners.
They have got us hook line and sinker as they say!

 

[Property Pimp]

I have also been onto Nakheel, they are not prepared to even delay the next payment by 6 months like they have done for the Badrah phase 2 owners.
They have got us hook line and sinker as they say!

This is why Furjan investors need to take action. They want to corner us so that we pay, but who is crazy to keeo paying at these prices? The prices should at least reflect the drop in construction costs.

 

[uaeinvestor2007]

I agree, but what can we do, time is really running out as next payment is due in may.

We need to get as many furjan owners asap and get a petition going.

 

[dubaisv]

I don't understand why they are being lenient with other projects but not so with Al Furjan. Phase 1 is being built by Arabtec and i can try to get some info from them about progress. Phase 2 is by Al Shafar General Contracting. Unfortunately, i don't know anyone directly in this company so can't really get any info. Anyone know anyone there?

Regards.

 

[Property Pimp]

I don't understand why they are being lenient with other projects but not so with Al Furjan. Phase 1 is being built by Arabtec and i can try to get some info from them about progress. Phase 2 is by Al Shafar General Contracting. Unfortunately, i don't know anyone directly in this company so can't really get any info. Anyone know anyone there?

Regards.

Can you get us some insider info on Phase 1 at least?

Also does anyone know what happened to people who defaulted in Dec. 08, how many and how has nakheel handled them?

 

[dubaisv]

Will get on it first thing in the morning.

 

[gohar]

Please if you can get info about Al Furjan Phase 1. I will really appreciate.

Thanks in advance!

Gohar

 

[dubaisv]

Article from around a month ago stating that Nakheel will delay Al Furjan Phase 2:

Nakheel delays Al Furjan expansion - The National Newspaper

 

[Property Pimp]

Article from around a month ago stating that Nakheel will delay Al Furjan Phase 2:

Nakheel delays Al Furjan expansion - The National Newspaper

Yes, but it does not say that directly, they are saying they will delay the SALES of More units, which is a silly comment given the circumstances.

dubaisv, would you know the number of villas sold in phase 1 and phase 2.

It's says they are sticking to schedule for first 2,000 and the total villas are 4,000.

But does the first 2,000 include ones sold in phase 2 ???? meaning 2,000 are unsold. There were plans for a phase 3 launch a while ago.

Facts on this would be really helpful.

 

[dubaisv]

" Phase one will include more than 2,000 three, five and six-bedroom villas and terraced houses plus apartments, commercial property and mixed-use properties and retail centres."

Link: https://www.zawya.com/Story.cfm/sidZAWYA20080430094835