Lake SIgnature in Ajman

[rudeboy]

does anyone have any good news or bad news about Lake Signature and its developer Gr8holdings?

I have been offered 480 dhs / sq ft for a 520 sq ft studio. any comments?

 

[Antony]

The developer is GR8 Holdings but the Master Developer and the one doing the building is Chapal - they are excellent, very well renowned, and have delivered some high quality projects. The developer is charging a rate of nearly 600 so I have no clue how you are getting that rate. I would be very very wary if I were you!

 

[vinny]

anyone else looking to buy in lake signature? i have a 1 bed and am very happy with it but am looking to sell it on now.

 

[verity]

Lake SIGNATURE 1 -Emirate lake towers-Ajman

does anyone have any good news or bad news about Lake Signature and its developer Gr8holdings?

I have been offered 480 dhs / sq ft for a 520 sq ft studio. any comments?

Hi
LAKE SIGNATURE 1- Emirate lake towers- Ajmanhave you bought the studio ? through which Agent ?
have you received SPA Contract from GR8 ? AND
have project started on site?
GR8 have they got Ecsrow account (under Decree 8 )?let me know- as I also bought studio in L.S
but am worried it is fake project
v

 

[verity]

1 BED Lake Signature 1 for sale ?

anyone else looking to buy in lake signature? i have a 1 bed and am very happy with it but am looking to sell it on now.

Hi
is it lake signature 1 in Lake Towers-Ajman ?
What size, price, floor, aspect is it ? How much % you paid so far ?
includes parking space ?
thanks

 

[dalton Ice]

hi!!!
i got a 1-bedroom +study unit in Lake Signature - 1 exclusive of free parking space, i had to pay for that!!! Got my unit on the 14th Floor bought from GR8 only....I have had no issues except for the SPA (Sale Purchase Agreement) which was to be handed over to us in November however, i got mine just 2 days back in my mail. I have paid more than 35% of the sale value!!! should i worry abt anything!!!kindly get back to me!!!
dalton!!

 

[fracas99]

anyone who bought in Lake Signature, Ajman , please advise any updates or progress as to this project. I have invested in a unit here, and I am extremely worried based on the posts here.

 

[dalton Ice]

well i contacted GR8 holdings, they say they shall commence with construction work in a matter of few weeks. they also say they are in the process of setting up an ESCROW account although so far Ajman emirates has no such rules. I compared the copy of the SPA i received from them with another copy of an SPA provided by another developer, the terms & conditions are very similar in both, i guess the format is standard for all these SPAs. Anyways i still havent gotten any negative vibes from them!!! However, i would contact them in person just to be sure.

 

[financier888]

hi!!!
i got a 1-bedroom +study unit in Lake Signature - 1 exclusive of free parking space, i had to pay for that!!! Got my unit on the 14th Floor bought from GR8 only....I have had no issues except for the SPA (Sale Purchase Agreement) which was to be handed over to us in November however, i got mine just 2 days back in my mail. I have paid more than 35% of the sale value!!! should i worry abt anything!!!kindly get back to me!!!
dalton!!

Hi Dalton - if you were given a free parking space when you first purchased, and this is in writing in your original purchase agreement - then you should advise GR8 that this was a term and condition of your original purchase and if they don't honour it - they are in breach of contract... PROVIDED this free (1) space is included in your original purchase agreement..

good luck

 

[financier888]

well i contacted GR8 holdings, they say they shall commence with construction work in a matter of few weeks. they also say they are in the process of setting up an ESCROW account although so far Ajman emirates has no such rules. I compared the copy of the SPA i received from them with another copy of an SPA provided by another developer, the terms & conditions are very similar in both, i guess the format is standard for all these SPAs. Anyways i still havent gotten any negative vibes from them!!! However, i would contact them in person just to be sure.

There are regs for escrow provisioning in Ajman BUT until Ajman gets their version of RERA operational - it's meaningless - as you need 3rd party enforcement / supervsion to make an 'escrow' acct work as it is structered in Dubai.... Otherwise, it's just another account that the developer can take down funds at will without any accountability..... be carefull..

 

[fracas99]

well i contacted GR8 holdings, they say they shall commence with construction work in a matter of few weeks. they also say they are in the process of setting up an ESCROW account although so far Ajman emirates has no such rules. I compared the copy of the SPA i received from them with another copy of an SPA provided by another developer, the terms & conditions are very similar in both, i guess the format is standard for all these SPAs. Anyways i still havent gotten any negative vibes from them!!! However, i would contact them in person just to be sure.

Dalton are you there in UAe, and can you investigate personally the office and the site???

 

[financier888]

Dalton are you there in UAe, and can you investigate personally the office and the site???

Most the contracts (SPA's) are boilerplates with minor variations depending the on the developer and their contract with the Master Developer. They say they will start construction in a few weeks, and if they did indeed sell out most the units - they should. However, I have seen all too often, developers will say 'we're starting in a few weeks' and the 'few weeks' turn into months, if at all. We'll all know soon enough if a month from now, investors are still asking - 'when will they start?' - When Ajman does implement thier version of RERA, they will undoubtly link future payments to construction progress as well as proper Escrow provisioning with oversight protocals.

I think it's only fair to give GR8 a chance to peform, in good faith and they probably will. Either way, once the Ajman version of RERA is in place, there will be more transparancy and protection for investors.

 

[dalton Ice]

hi...

i pasted a thread a few minutes back and cant find it!!!
anyways, i visited the gr8 office located on sh.zayed rd. today. met with2 of their managers, nomaan the operations manager & jonaid the customer support manager, i had a long chat with these fellows and expressed my concerns regarding the project. both were very understanding & aware of the current fall in the real estate industry. they showed me with sevaral official documents which were stamped and approved by the master developer chapal and the ajman municipality. they claim to be have possession of the land, and to start proper construction work in a matter of few weeks. they say they are in the process of setting up an escrow account, as the concerned bank will only accept an escrow approved auditor's report, they are in liaison with a consultancy firm regardin this, there escrow account shall be active within 30-60 days. i asked them to give copies of these docs they shall provide these in e-mail.
i plan to visit the site, and will definitely take some pics...they shall arrange the visit this saturday and likewise inform me. i shall forward these and other info as i collect these, if anyone else wants to share this info please give us your e-mail addresses, so we may keep all updated!!!
thanks!!
dalton

 

[fracas99]

hi...

i pasted a thread a few minutes back and cant find it!!!
anyways, i visited the gr8 office located on sh.zayed rd. today. met with2 of their managers, nomaan the operations manager & jonaid the customer support manager, i had a long chat with these fellows and expressed my concerns regarding the project. both were very understanding & aware of the current fall in the real estate industry. they showed me with sevaral official documents which were stamped and approved by the master developer chapal and the ajman municipality. they claim to be have possession of the land, and to start proper construction work in a matter of few weeks. they say they are in the process of setting up an escrow account, as the concerned bank will only accept an escrow approved auditor's report, they are in liaison with a consultancy firm regardin this, there escrow account shall be active within 30-60 days. i asked them to give copies of these docs they shall provide these in e-mail.
i plan to visit the site, and will definitely take some pics...they shall arrange the visit this saturday and likewise inform me. i shall forward these and other info as i collect these, if anyone else wants to share this info please give us your e-mail addresses, so we may keep all updated!!!
thanks!!
dalton

dalton , you are awesome, thanks so much for all your investigative work...at least we now know there are real people working at a real office....did these people seem like they had their act together and know what they were talking about?? there seems to be a lack of communication w/ them, and anyone who i have dealt w/ has just a passing knowledge of english and its very difficult to understand whats going on ...very diff. from investing in the US -
lets continue to connect via email, thank you!!

 

[verity]

hi...

i pasted a thread a few minutes back and cant find it!!!
anyways, i visited the gr8 office located on sh.zayed rd. today. met with2 of their managers, nomaan the operations manager & jonaid the customer support manager, i had a long chat with these fellows and expressed my concerns regarding the project. both were very understanding & aware of the current fall in the real estate industry. they showed me with sevaral official documents which were stamped and approved by the master developer chapal and the ajman municipality. they claim to be have possession of the land, and to start proper construction work in a matter of few weeks. they say they are in the process of setting up an escrow account, as the concerned bank will only accept an escrow approved auditor's report, they are in liaison with a consultancy firm regardin this, there escrow account shall be active within 30-60 days. i asked them to give copies of these docs they shall provide these in e-mail.
i plan to visit the site, and will definitely take some pics...they shall arrange the visit this saturday and likewise inform me. i shall forward these and other info as i collect these, if anyone else wants to share this info please give us your e-mail addresses, so we may keep all updated!!!
thanks!!
dalton

HI Dalton
well done, thank you
Did GR8 show you proof of payment towards plot CC04( lake signature 1) to Chapal master developer ?
or GR8 holding the Title to this plot ?
also how big is their office/many staff ?
We want to make sure they own the plot before we make more payments
Are you on 20% or more paid ?
Best would be to visit Ajman Municipality- Land dept.- to verify that plot was handed over to GR8 by Chapal
I will email you their address/tel.number- Fri &Sat they are closed
other days open 8am to 2 pm only
Have GR8 agreed to link your payment plan to construction timeline before
RERA and Escrow be lawful in Ajman ??
best
verity

 

[fracas99]

HI Dalton
well done, thank you
Did GR8 show you proof of payment towards plot CC04( lake signature 1) to Chapal master developer ?
or GR8 holding the Title to this plot ?
also how big is their office/many staff ?
We want to make sure they own the plot before we make more payments
Are you on 20% or more paid ?
Best would be to visit Ajman Municipality- Land dept.- to verify that plot was handed over to GR8 by Chapal
I will email you their address/tel.number- Fri &Sat they are closed
other days open 8am to 2 pm only
Have GR8 agreed to link your payment plan to construction timeline before
RERA and Escrow be lawful in Ajman ??
best
verity

Verity - can you please give us your email address, in the way that Dalton and I did, as its easier to communicate via email rather than this cumbersome website.

thanks.

 

[alukok]

good to know that there are real people in their so called office. I also bought a flat and have told them i am going to withold payments till i get my SPA and they are on site,. There has been no communication from them at all.

my details are below

alukokayode at hotmail dot com or 07810041995

it will be great if we could all meet up or communicate by e-mail. i live in central london and am willing to meet up to discuss further


Kay

 

[fracas99]

anyone else looking to buy in lake signature? i have a 1 bed and am very happy with it but am looking to sell it on now.

hi vinny do you want to be on our lake signature email list? we are banding together to exchange info, if so pls email me

LAVIZA at VERIZON dot net

 

[NoMoreHotels]

In response to the some of comments made I thought I would use this opportunity to clarify a few points as I feel the information posted is incorrect.
The following documents are all available from GR8 Holdings
• The GR8 Holdings trade license copy,
• Architect Agreement & Appointment,
• Affection Plan,
• Approvals from Ajman Municipality,
• Some pictures taken from onsite soil tests
• The Soil test report acknowledgement

We have been advised by GR8 that the SPA (sales purchase agreement) is handed over to the customer once GR8 have received at least 20% of the sale value of the purchased unit. They are also in the process of taking an ESCROW account on board, but as we all are aware this is not a requirement in the emirates of Ajman at the moment due to (Supreme Council and Ruler of Ajman, H.H. Shaikh Humaid Bin Rashid al Nuaimi, issued Amiri Decree No.7 and 8, 2008, to regulate the land and property sector in the emirates) 7, and 8. We have spoken to GR8 and they have taken the initiative and volunteered for the same so before the end of this year they shall have a fully operational ESCROW account. The law designates the Department of Land and Property to regulate the sector, and the department is entirely responsible for registration of property rights and long-term leasing contracts.

The bank guarantees need to be deposited for those wishing to invest in Ajman, and that amount should be used only for the project. An amount of five percent of project value will be frozen and will not be released until completion of construction of the project. Also The 34 articles in the decree legalizes freehold ownership of property and land for individuals, and the company’s wholly owned by them, as well as to the public stock companies. Buyers and developers also have the right to own land and properties on freehold basis or on 50-year leasehold basis, renewable in designated areas to be determined and approved by the Ajman Ruler.
The decree is therefore a similar protection to an escrow account but is part of the legal frame work of the country as opposed to being a voluntary system like escrow.

 

[fracas99]

In response to the some of comments made I thought I would use this opportunity to clarify a few points as I feel the information posted is incorrect.
The following documents are all available from GR8 Holdings
• The GR8 Holdings trade license copy,
• Architect Agreement & Appointment,
• Affection Plan,
• Approvals from Ajman Municipality,
• Some pictures taken from onsite soil tests
• The Soil test report acknowledgement

We have been advised by GR8 that the SPA (sales purchase agreement) is handed over to the customer once GR8 have received at least 20% of the sale value of the purchased unit. They are also in the process of taking an ESCROW account on board, but as we all are aware this is not a requirement in the emirates of Ajman at the moment due to (Supreme Council and Ruler of Ajman, H.H. Shaikh Humaid Bin Rashid al Nuaimi, issued Amiri Decree No.7 and 8, 2008, to regulate the land and property sector in the emirates) 7, and 8. We have spoken to GR8 and they have taken the initiative and volunteered for the same so before the end of this year they shall have a fully operational ESCROW account. The law designates the Department of Land and Property to regulate the sector, and the department is entirely responsible for registration of property rights and long-term leasing contracts.

The bank guarantees need to be deposited for those wishing to invest in Ajman, and that amount should be used only for the project. An amount of five percent of project value will be frozen and will not be released until completion of construction of the project. Also The 34 articles in the decree legalizes freehold ownership of property and land for individuals, and the company’s wholly owned by them, as well as to the public stock companies. Buyers and developers also have the right to own land and properties on freehold basis or on 50-year leasehold basis, renewable in designated areas to be determined and approved by the Ajman Ruler.
The decree is therefore a similar protection to an escrow account but is part of the legal frame work of the country as opposed to being a voluntary system like escrow.

Dear Amit, are you also an investor w/ gr8/lake signature? if so could you pls. email me at LAVIZA at verizon dot net. thanks.