D1 Tower Dubai Creek

[Peter39]

D1 Tower

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

Hi

Can you give me an update as to your payment negotiations with Emirates Sunland please? I understand that they have now accepted that all payment plans need to be based on construction but have yet to publish these revised plans.

Regards

Peter

 

[Peter39]

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provided for write-downs on the sites that have not started development and that the joint venturer on the Atrium has withdrawn at a cost of A$15m.

Hi

Got any updates on Sunland or Emirates Sunland re the D1 Tower, PV or NUR?
I understand that construction is progressing, but would be interested in any updates from Oz.

Thanks

Regards

Peter

 

[Peter39]

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provided for write-downs on the sites that have not started development and that the joint venturer on the Atrium has withdrawn at a cost of A$15m.

Dick
Sunland have announced that they are pulling out of Dubai but will complete the
D1 and PV. They have not said if they will complete or abandon their other UAE developments (e.g. NUR & White Bay). Do you have any info?

 

[harry_v]

latest from ENSHAA

The latest from ENSHAA representative is that the new expected completion date is now March to June 2013. However I have never seen an offical expected completion date published. This is actually one more year than the previous date of March to June 2012. It seems they just add a year without any serious or accurate planning. Why are they not explaining why we are suffering such huge delays time and time again ?

 

[Datum1m]

I have not received anything in writing from Sunland stating the completion will now be 2013. I will write to them for an update, but under RERA regulation we should all have contracts with clear completion dates, if Sunland fail to deliver, we should be entitled to some form of compensation.

 

[harry_v]

Hi Datum1m,

I contacted Enshaa because of an article I read from ArabianBusiness (see below). Did you know there is another forum 'D1 tower dubai' with some other interested investors. I will be interested in knowing what you find out esp regarding compensation.

Developers of Dubai’s AED2.3bn (US$626m) Palazzo Versace have promised to deliver the project by the end of next year, despite construction having slowed considerably.

Enshaa Services Group refused to comment on whether the project was being affected by liquidity woes, but said it was being partly hindered by a lack of water and electricity on site.

The Dubai Creek development has so far missed its original completion date by four years, and is still not being constructed at full speed.

Sources close to the project, which asked not to be named, told Arabian Business it needs to find $60m to complete by the given target.

 

[Peter39]

D1 Force Majeure

Enshaa have issued a Force Majeure basically extending the Completion date for "at least another 15 months".
They quote from the SPA, saying a Force Majeure event such as
"delays in provision of utilities to the Plot by local and/or government authorities and any other circumstances beyond the control of the Seller".
Elsewhere in the notice, they give a revised estimated Completion date of "mid 2013".

 

[harry_v]

Force Majeure'

Yes, I have received the letter from ENSHAA as well.

What is to stop them issuing another 'Force Majeure' again in 15 months time ?

Going on past promises, I'm not confident D1 will be ready in 15 months time. Looking at the pictures there is very little around PV and D1, no 'culture village'.

We really need Legal advise. Anybody know any lawyers in Dubai who deal with these type of issues ?

Every delay is cost us all thousands of pounds in mortgage payments/ lost income. Will the apartments be worth what we paid for them when they are completed ? Very depressing.

 

[Peter39]

D1 & Culture Village

There is more info on:

Dubai Projects - SkyscraperCity

 

[harry_v]

apartment's worth

Thanks Peter. There seems to be a lots of investors spread around different forums.

Is there any change of selling an apartment ? Does anybody know if it's been done ? What are the apartments worth now ?

 

[Peter39]

Harry
I will send a PM to you

 

[Syndicate]

Hi all, I am new to this group and have started following the posts. I know quite few lawyers and would be more than happy to organise few informal meetings with one at a time, at NO cost.

Interested in meeting up? Any suggestions how and where?

 

[Syndicate]

I am also fully aware of the Force Maj clause that the developer has initiated. I am not a lawyer by profession but am sure there has to be a way out of this, if not be sale then at least by fighting our corner and getting some discount on the prices we paid. Just because there is no completion date as such on our contracts, doesn't allow the developer to continue sending us delay notices every 1-1.5 years! This is getting ridiculous .... so much of lost income, and so much of mortgage payments!

We ought to form a group and meet, and share notes and ideas. Surely we would get somewhere by taking the first step but definitely wont get any where by taking none!

 

[harry_v]

I noticed a lot of D1 apartments have been put up for sale on some property sites. It seems people are losing patience but who is going to buy without realistic completion date ?

 

[Datum1m]

Hi To any D1 owners still reading this thread.

Just wanted to know if anyone has any new updates by now we should have all paid 70% of the contract price, which means the developer (whoever that might now be) cannot ask for any further payments until completion.

I have read stories of work slowing down considerably due to lack of funds, but yet the developer does not want to accept any responsibility for late completion (we have to think ourselves lucky if this ever does get completed.

However I don't feel we can do anything until it is completed and they start demanding the 30% balance, at this point we should jointly ask for a reduction of the remaining 30% due to very late completion.

Some feedback from anyone still involved with the development would be good, I used to get monthly progress reports but they have stopped since Sunland sold out to the new developer.

 

[lapoga]

i am a buyer from moscow, russia. bought a whole floor. i would be willing to join if any members have formed a group for an arbitration. now that the 30% payment is looming, it is very difficult to digest this, given the fact that the investment was made in 2007.

 

[Datum1m]

i am a buyer from moscow, russia. bought a whole floor. i would be willing to join if any members have formed a group for an arbitration. now that the 30% payment is looming, it is very difficult to digest this, given the fact that the investment was made in 2007.

Yes I agree the time we have waited the developer should waive the remaining 30% or at least give us some compensation

 

[Peter39]

I am interested in contesting the Completion terms.

What do we do next?

 

[Datum1m]

I am interested in contesting the Completion terms.

What do we do next?

Hi Peter,

There seems to be 2 active threads on this Forum for the D1

http://www.propertyforum.com/forum/dubai-property/22016-d1-tower-dubai-3.html#post167722

Please also read this other thread, we need to find other D1 investors and form a group, I feel we will have more of a voice the larger the group