International City Phase III

[9009Ali]

Hello Georgihh,

Do you have any more details about these new laws?
Is there a link to the article in the 'National' journal?

Would be very much appreciated.

Cheers

 

[georgihh]

Hello Georgihh,

Do you have any more details about these new laws?
Is there a link to the article in the 'National' journal?

Would be very much appreciated.

Cheers

Hi,
I haven’t got the link, but this was a proposal and when it is going to happen I don’t know.
Dubai was Ok before the construction boom, even now the people are still coming and doing some business, but the balloon was so huge that will take decades to fill it up again.
They need to deliver such a law to boost the investors’ confidence, or nobody buys in this Place anymore. I think they will issue the law in the next couple of months as the time is running and the debt is growing up, unfortunately first they need to pay back and only than they can start attracting fresh cash.

 

[9009Ali]

Thanks for the reply.

Fingers crossed and not burnt I hope.

 

[Bulldozer]

All

I have just had a meeting with Peter, whom many of you may know or have had contact with in the past regarding our investments into Al Attar properties in IC3.

We have come up with a plan of action of sorts for the immediate future which will be instigated when I visit Dubai later this month.

It is designed to inform Al Attar that we are combining as a group of investors who have all been let down by the failure of their company to deliver its projects. We DONT believe it will have any immediate impact on the Al ATTAR management, however it is the first step to showing a unified front rather than a bunch of fragmented rants.

You dont have to be involved if you dont wish to be - thats fine, everyone can go their own way. At the moment its just me and Pete.

If you wish to join our group, and therefore be involved in this 'unified front' please reply to Pete ( who has lots of email addresses) - he will be contacting you all in the next few days requesting certain information that we have agreed is necessary to have when I meet with :
1. Al Attar management
2. Previous lawyer/advocate firms
3. Independant lawyer/advocate firms.
4. RERA

Of coourse I am not guaranteeing any results or further action than has already happened ( or not happened) , but myself and Pete both agree that a positive and proactive stance is better than sitting worrying about what the future holds.

Hope you are with us. If you wish to be involved and Pete doesnt have your email details, please feel free to PM your email address to myself first so i can then email you later with what info we need.

We are not solicitors - we wont have the answers to some of the questions you throw on this forum, but we can try to use our collective knowledge and expertise to try and win back our position and money....

thanks

Bulldozer.

 

[g4set]

Gpd now request stage payments

hi i bought in park lane development new completion date is june 11 if not completed then developer has to pay interest if not completed by june 12 you can request yor deposit back!

update just had letter from gpd now asking for stage payments of 5% per floor completed then 25% final on completion - this is contary to original contract which was 30% deposit with 70% balance on completion. They cannot change terms without your agreement I will not pay any more until completed I urge everyone else to do the same, I intend to seek advice, let me know if you have any thoughts on this
thanks g4set

 

[ebrahim1]

Gpd

g4set- look at the gpd parklane thread

 

[lougrace]

hi i bought in park lane development new completion date is june 11 if not completed then developer has to pay interest if not completed by june 12 you can request yor deposit back!

update just had letter from gpd now asking for stage payments of 5% per floor completed then 25% final on completion - this is contary to original contract which was 30% deposit with 70% balance on completion. They cannot change terms without your agreement I will not pay any more until completed I urge everyone else to do the same, I intend to seek advice, let me know if you have any thoughts on this
thanks g4set

hi,

i am new to the forom and need some advice, i bought an apartment in Mayfair in 2008 and now GPD are telling me this:

Currently there is no further progress to Mayfair F32. You should have been informed by email that Dubai Civil Engineering are taking over the construction of the projects. DCE are a construction company and therefore are able to complete the buildings on budget



They will be starting this month on Eton which is the most progressed and will be offering clients that can and still want to complete on their units like for like in this building. Since the market crash prices have depreciated by 50-60% in value as studios are now only worth AED160,000. We do not foresee many investors wishing to complete and therefore it would not be conducive to build more than the demand. If the take up is greater, then DCE will complete another.



They are aiming for completion by end of this year and for those that are completing we will be offering a discount on their final balances which will be confirmed shortly.

If you do have the ability to complete on your remaining balance then what we can offer you is to transfer into a much more prestigious area Jumeirah Village Circle for about the same price as your 70% balance and earn rental income straight away.

In JVC there are 3 studio's left. The cheapest is AED 270,480 and 2 out of the 3 have tenants already.

1 rented to end May 2012 for AED25K per annum and the other 04.06.2012 - AED 26K per annum



These units are in a building that has underground parking; outdoor pool; fully equipped gymnasium and roof top gardens. All which IC3 projects do not.

If you have the means to complete like you have said then I recommend JVC as they have proved very popular. Instead of purchasing into negative equity in IC3 you'll be purchasing a ready built property at today's market rate. Staying in IC3 you will not be able to recoup you investments for many years.



You can see it doesn't make sense to complete in IC3 and GPD will not/cannot refund investors with their deposits. We are trying to offer our investors a way out and if you are an investor that still wants to invest in property in Dubai then this is a good opportunity to take advantage of the low prices we are seeing now.

do you know whats happening or what my rights are?

 

[samnajy]

Hi Gentlemen,

Any news about toronto tower ??

 

[mu@]

As we know by now that a committee has been setup to look over the issues of the salted property projects, Dubai courts will no longer entertain such cases. This is a good news as the committee will not charge anything to the investors resulting in a direct savings of 90,000AED should the matter was resolved through Dubai courts.

Dh30,000 in savings: New Dubai committee to settle property dispute for free - Emirates 24/7

The committee has started to settle liquidate the projects and issuing ads in the newspapers calling the investors to contact with specific projects.

http://www.google.ae/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=6&cad=rja&ved=0CEcQFjAF&url=http://imaging.gnads4u.com/images/000/002/968/241_3/orig.pdf&ei=5ip1UsvPDKLH0QWeyIH4DA&usg=AFQjCNEju54MQPJEsulASq7KdpYRJ2CVKw&sig2=jS3Z3zx-LA2owbQpCqIsGg

http://www.google.ae/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=7&cad=rja&ved=0CE0QFjAG&url=http://imaging.gnads4u.com/images/000/002/990/099_1/orig.pdf&ei=5ip1UsvPDKLH0QWeyIH4DA&usg=AFQjCNG-5wRRaSt1e2ovDRwDPKR2vW1YIA&sig2=ZMIGFSJRu0sROIORMt-Ylg

https://www.google.ae/?gws_rd=cr&ei=GL90UrScJNCN0wXYt4HgDQ#q=dubai+rera+liquidation

At the moment there is no webpage which can provide the current status of the committee’s work and future plans, we just need to keep any eye on newspapers for any news about the Al-Attar projects.

 

[Bulldozer]

Bulldozer here

A person acting in a way of a moderator has removed the post that was here - so heres the same message in different words....

If you still have an interest in a Al Attar property and are awaiting your money back that you invested, please contact me by the usual channels - PM or through our well publicised email - al-attar (at) hot.... dot co dot uk or contact Mr Pete ...

A polite note to the over-eager Mod - perhaps understand that the same message on 3 threads means there are 3 threads about the same thing .... very specific and very to the point - International City phase III , buildings Global Point, Toronto Tower and Vancouver tower and some disgruntled investors .... so to avoid repeat messages - allow only 1 post on any given subject! Otherwise 3 posts on 3 threads about the same thing wouldn't normally be considered spam - all it means is that the 3 threads cater to a similar group of people!

 

[myh]

Cancelled Projects

Hi
In order to receive our money by this committee, the project must be cancelled by RERA, but RERA has not published the list of cancelled project yet.

About half of projects ( including International city phase III Projects ) have not been audited by RERA for the last 3 years, and on Dubai Land Department website they don't have any progress report for this years, So they might be cancelled.

Do you have any further information in this regard?

 

[Bulldozer]

There is no information in the public domain about cancelled projects that is verifiable from rera. They have consistently refused to publish this information.

For those who believe that Dubai authorities will somehow put everything right for us, then those same people should understand WHY are rera refusing to publish this information.

Those in Dubai should actually go repeatedly to RERA dept and try and get this information and post it here for others to then follow up on.

 

[SSM]

RERA email

I haven't invested much in Toronto Towers but never one to allow crooks to steal my money. After many many MANY emails to RERA, they finally responded and stated the following:
"kindly informed that your project has been transferred to liquidation committee in Dubai real estate court to liquidate the project. Kindly send all your contact information to liquidation at rera dot gov dot ae
to update your information in the system."

Is this long standing saga and embarrassment to Dubai finally going to end??
I'm sure Al Attar has caused many investors never to look at Dubai again and also severe embarrassment to the government.

RERA contact number is 600555556

 

[samnajy]

So, do you think you will get your money from Al Attar ?

I hope...

What is the next step ?

 

[samnajy]

I haven't invested much in Toronto Towers but never one to allow crooks to steal my money. After many many MANY emails to RERA, they finally responded and stated the following:
"kindly informed that your project has been transferred to liquidation committee in Dubai real estate court to liquidate the project. Kindly send all your contact information to liquidation at rera dot gov dot ae
to update your information in the system."

Is this long standing saga and embarrassment to Dubai finally going to end??
I'm sure Al Attar has caused many investors never to look at Dubai again and also severe embarrassment to the government.

RERA contact number is 600555556

I sent Email to the liquidation department but I didn't receive any reply from them !!

 

[SSM]

Rera

It took seven years for RERA to reply to me....I don't expect the next backward Dubai service department to be any faster. Persistence is the key. Annoy them to hell.

 

[Bulldozer]

Hello All
This is the Bulldozer back again ... any further updates on the Al Attar mess?
Ive read through a few posts but still in limbo in regards to seeing any resolution on this . Im in Dubai in next couple of weeks so may try and track something down .... Please do reply to me obn this forum if you have any news me

Thanks

 

[Bulldozer]

Al Attar investors in UK, UAE and Pakistan please do get in touch?

 

[SSM]

Al Attar investors in UK, UAE and Pakistan please do get in touch?

Hi Bulldozer, please see my other posts in relation to feedback from Dubai Courts. Al Attar himself attended the hearing and they should be trying to contact investors to refund investments. However since we all applied back in 2007 ish passports may have changed. My question is who do we contact to provide up to date details so RERA, I assume, get in touch with investors. Basically the courts have all original investors names from AL Attar, so what are the next steps for investors. If you wish to provide me your email address then I can forward Dubai Courts emails.

 

[Bulldozer]

Hello

I see from the following link and also from a discussion with Pete that the 3rd Liquidation Committee has registered Case 2016/72 against Al Attar through Dubai Court ...
http://www.dubaicourts.gov.ae/portal/page/portal/dc/NReal Estate Projects

I guess this can be seen as progress....
I have sent an email to the email address [email protected]

Please anyone else still waiting progress on Global Point or Toronto Tower or Vancouver Tower please get in touch via the forum or through a direct message with your email address?

thanks