D1 Tower Dubai Creek

[Peter39]

I'm an Investor of the D1 Tower. I bought a Studio in December 2007. I made all the payments on time and paid 50% till now. My next due payment is 10% from original price due at the mid of this month.
The problem is: I still have to received my original contract. I do have only the reservation contract, and contacting Sunland in Dubai, I had the response that the reservation contract has the same power of the original, so meaning that I have to complete the payment on time. And they will provide me the Original contract as soon as possible.

Now, Does it seem correct ??? It is passed one year and I still have to receive my contract.!! Does anyone has the same problem.

-Alvi

No one who has bought on the D1 has a contract. I will speak to my Dubai based lawyer after EID and ask him where we stand.

In addition, these are the main issues with Sunland:

1) Why do they insist on taking the payments for up to 60% when the work is nowhere near 60% complete?
2) They have told us that the payments are going into Escrow (which is good news) but it still makes no sense why they need to keep taking them unless they just want the interest which was not the spirit of the contract. The sensible action would be for Sunland to suspend payments until construction catches up withnthe payment schedule which will probably be late 2009.
3) Like most other developers, they have other projects (NUR & Atrium) and given the current state of the property market, Sunland will no doubt have a number of defaults from purchasers which will hurt their cash flow. We need to get some guarantees from Sunland and find out our position if they go bust.

In any event, it would be better to wait until the above points are clarified before any more payments are made.

 

[onyl]

I own a 4 bedroom in D1. I too have made payment of 30% and another 10% is past due. I too feel that it is unfair that Emirates Sunland is asking for additional payments when the building has not even come above the ground. At the same time, we have not recvd the original SPA from them. I suggest we contact them or RERA as a group and try to find a solution to this issue. I would be able to gather another 8 people who are in the same boat.

 

[onyl]

suggest lets go to RERA and or emirates Sunland together or file a petition together

 

[Datum1m]

Investors Meeting

I own a 4 bedroom in D1. I too have made payment of 30% and another 10% is past due. I too feel that it is unfair that Emirates Sunland is asking for additional payments when the building has not even come above the ground. At the same time, we have not recvd the original SPA from them. I suggest we contact them or RERA as a group and try to find a solution to this issue. I would be able to gather another 8 people who are in the same boat.

Emirates sunland investors group.anybody owning property with the above developer in projects Palazzo Versace,D1 tower,Nur tower,and ATRIUM in waterfront.We are having an investors meeting on 16th december 15.00 hrs @ MORE cafe,Gold and Diamond park.(CLOSE TO SUNLANDS OFFICES)agenda to discuss capability of the developer to continue to do the project, since he has only sold 70% of the Apartments within D1 and apparently moved the money from one project to the other project and all the money was not put in the escrow and he is already running short of continuing the project,when on palazzo he has already collected 30 percent and on D1 tower almost about 40 percent, so this situation is not going to improve while investors like us are refusing to pay because we do not feel our money is safe.

All investors are welcome.
send this invitation to all the friends and investors you know.

 

[vijaybhambhani]

Hi Onyl,

As per tel. conv a while ago, i have already lodged a complaint with RERA with regards to further payments for D1 apts. I met Mr. Marwan, and he said, if there is no contract given, we should not make any further payments. I will be visiting RERA again on Sunday, to check if there is any follow up from their side with Emirates Sunland. Will keep you posted.
Vijay

 

[Datum1m]

I would please ask all Sunland purchasers living in Dubai to attend the meeting to be held at More Café, Gold and Diamond Park at 3.00pm 16/12/2008.

 

[vijaybhambhani]

I would please ask all Sunland purchasers living in Dubai to attend the meeting to be held at More Café, Gold and Diamond Park at 3.00pm 16/12/2008.

Confirm, will be present on 16 Dec, at More Cafe. Tks.

 

[kamadenu]

Hi

I have bought an apartment in Nur and have paid 20%. I dont have a contract and also the temporary contract I have does not even have a completion date. They keep telling me that the contract is coming. I also have no confidence and would like to join the meeting

 

[Datum1m]

Meeting

Hi

I have bought an apartment in Nur and have paid 20%. I dont have a contract and also the temporary contract I have does not even have a completion date. They keep telling me that the contract is coming. I also have no confidence and would like to join the meeting

You are most welcome and I look forward to meeting you 16/12/2008 More Cafe @ 3.00pm

Regards

Nigel

 

[onyl]

Am wondering, we all started strong as a group with several discussion. However, no further meetings have been called for and neither any updates of any progress, if any? Any news or updates or all this has just fizzled out !!!

 

[Datum1m]

Am wondering, we all started strong as a group with several discussion. However, no further meetings have been called for and neither any updates of any progress, if any? Any news or updates or all this has just fizzled out !!!

Not sure if you attended the meeting, but a group of at least 20 people are taking legal advice from Habib Al Mulla.

I have been down to RERA with another investor and explained I have paid 50% and been asked to pay 60%, for a Development which is still at foundation stage. RERA said they would write to Sunland requesting them to give us a better payment schedule. I am trying my best, but would welcome greater support.

 

[Peter39]

D1 Tower

Can all owners of property in the D1 Tower please contact Nigel Knight - who is Datum1m - as we have formed an investors group of 650+ and it would be helpful if all D1 ownesr acted together.

Thanks

 

[onyl]

Nigel could you please send me your cell phone number or you could contact me at 050-6455452. Onyl

 

[Peter39]

D1 Investors

Hi Onyl

Nigel's mobile is: 050 279 2862

Regards

Peter

 

[lapoga]

I am looking for investors who have bought from Emirates Sunland D1 Tower, I have bought a Unit in D1, I am being asked to make my next payment based on payment schedule, which will mean I will have paid 60%, but the building as only just started coming out of the ground and is nowhere near 60% complete. I would like any investors who have bought into D1 to come forward and let me have their thoughts. I personally would like to see the payment schedule based on work completed and certified as been completed by an independent Architect.

Regards

Nigel

Hello Nigel,
I read this only today. I bought a full floor on D1. Same issues. No contract yet (i was told now it is available but i am yet to get it). Paid 50% already and still fighting with Emirates Sunland. Can you please share any new developments ?

thanks
gopal

 

[Peter39]

D1

Give Nigel a call. He is in Dubai and his number is on an earlier message. We have a forum of several hundred investors in Dubai property and a number in the D1 who are all acting together.

Regards

Peter

 

[Dick]

I am a securities analyst in Australia an cover Sunland. I am therefore most interested in you experience with D1. Do you have anything to add since your last posting on this site.
You no doubt are aware that they have provided for write-downs on the sites that have not started development and that the joint venturer on the Atrium has withdrawn at a cost of A$15m.

 

[Peter39]

Sunland

As you are no doubt aware, the property sector in Dubai is currently in what can best be descibed as a 'state of transition'. To summarise, there were a lot of speculators who bought off plan hoping to make a quick turn and it now appears that there were also a number of developers who had no intention of actually building anything!
Consequently, when the market crashed, a lot of people got caught with their pants down.
Sunland currently have a good reputation in Dubai in that they are regarded as honest and appear to be committed to the longer term.
Their key developments are the Palazzo Versace ('PV') and the D1 Tower ('D1')both of which are located in an area known as Cultural Village. They also have the NUR building (cheaper) and the Atrium but I don't know how construction with these is progressing.
The last update on the D1 (see D1 web site - Building page - images 2009) was in late April and showed that they had completed 5 levels. I now understand (unconfirmed) that they have completed level 7 and as the D1 is 80 floors, they are about 10%.
Construction of the PV also appears to be progressing.

Sunland have not been clear as to when they expect to complete the D1.
They have issued cancellation (repossession) notices to some investors who have defaulted on payment but not to others.
RERA (the new regulatory authority) have told developers that all payment plans should be linked to construction milestones, but currently Sunland have failed to implement this instruction.
Other developers have offered their investors payment holidays and/or price reductions but Sunland haven't and in the current climate their prices per sq ft are far too high to be commercially viable for investors.
Sunland's communication to its investors leaves a lot to be desired but maybe that's just a function of how business is done in the UAE.
As to whether they have the funds to complete any of their projects, you are probably better placed to judge.
The other issue is Cutural Village which will need investment in infrastructure (transport links etc) for it to be a desirable plce to live.

 

[Dick]

I note with interest your comments on D1. I am an equities analyst in Australia and cover Sunland. I am most interested in their operations in Dubai and would appreciate any comments on the state of their current operations.
I would be equally happy to pass on any info that i may have. If you wish to discuss I would be happy to phone.
Regards.

 

[Peter39]

Sunland

My information is that Sunland have sold nearly all the one and two bed apartments in the D1 but still have some three beds left. The apartments I am referring to are on levels 1 -39 above which are more luxurious apartments and I have no info on these.
The prices Sunland would have charge are between AED 2,000 - 2,500 per sq ft which is 'top of the range'. Therefore, one can conclude that Sunland have done pretty well.
I understand that they are now asking for approx AED 4,000 per sq ft for the few one and two bed apartments they still have so they appear to be confident

However, because of the property collapse and the uncertainty of the completion date some investors have defaulted on their payments. It is not possible to know how many as only Sunland have this info. bu I would think it is quite a few especially given the bad publicity about Dubai which has affected everyone's confidence.
I would guess that all those who have defaulted have paid at least 40% and some 50% as these were the payments required by Sunland when they made the initial sales.
Assuming that Sunland haven't wasted this money and taking into account that they are nowhere near 40% completion and that the cost of construction has, in the last 6 months, dropped dramatically, then it can be assumed that they should be OK from a cashflow perspective. .
Nigel Knight, who is an investor in the D1 and is a contributor to this forum has had some meetings with them in Dubai (where he is based) and his number is on an earlier entry on his forum. I suggest you give him a call.
Let me know if you need any further info.