Platinum One- Arjan ,ACW Holdings

[vin09]

Hi,

ACW Holdings(a relatively new company) have put Platinum One in Arjan(DubaiLand) on for sale.

Does anybody know much about this new development or ACW in general? Theres not much about this on the net but it seems pretty good.

Cheers
Vin

 

[sgaur]

Have you invested in this project finally? I still could not made up my mind to invest or not in this project. Looks interesting investment as this investment is in Dubailand and these are hotel appartments and should do well because to tourist place.

 

[Maziz27]

Have you invested in this project finally? I still could not made up my mind to invest or not in this project. Looks interesting investment as this investment is in Dubailand and these are hotel appartments and should do well because to tourist place.

have you made your mind yet????

I'm still waiting to decide too.

My first payment is due and I don't want to pay untill I@m 100 % comfortable with Platinum one/ ACW reliability.

thanks

 

[sgaur]

They are professional and I checked their registeration and Escrow account details on RERA website.

one suggestion: their contractual terms are not good. I feel many terms are favouring them instead the contract and reservation letter should be favouring both parties. So just take care on that part. But location and all looks good. They have lauch of platinum two in 26th. You can get more information from them in this launch

 

[Maziz27]

Thanks for getting back to me instantly.

But as in general do you think its a sound investment? and have you invested with them already?

They are the most critisized developer in dubai, poeple tend to attack them in every forum.

I don't know if they have enemies all over the place.

still these comments make you worry, isn't it?

cheers

 

[MyDamac]

its better to go for DAMAC's project "MADISON Residences" in Dubailand than this one..

i know ppl say bad things about DAMAC but still its a lot better than this

 

[samar]

Maziz27
Have you bought a property from ACW, if yes, kindly give us some feedback on their contract if you have rceived one

 

[JoeHolmes]

Looks fine

I am now on my fourth property with ACW and I am happy. I use a company called IPIN who screen in detail all of the products they promote. I have used IPIN for a number of years and have bought 16 properties through them. I like the little effort I need to put into the running of this investment and I am sure Dubai when finished will prove to be a good bet! joe

 

[Demoniise]

I have been offered property in Arjan by ACW.....these developemts any good?

 

[docc]

Before you make an investment in any property, try to find out the developers portfolio and also each project's contractor details. I have said this many times; its important to check the credibility of both the developer AND the contractor.

Sometimes the developer is a well known one but due to excess demand, they take on new contractors who don't know what they are doing and hence land everyone in trouble. These little things can make a big difference, not only in the delivery times but most importantly in the end product which most people tend to ignore.

Again, invest smartly people, SMARTLY!

 

[JoeHolmes]

Dubai or not dubai

Whether you choose ACW or not please look at the facts relating to Arjan. 75% commercial and 25% residential. With this area having what they are classing as a new financial district I think serviced apartments here will be in high demand. Building will be starting well before other areas as there is a lot of local input. I have my contract from ACW and they are no different to the ones from my purchases in the marina. It comes down to the individual at the end of the day. One thing I will say, I won't pay Damac's prices. Best of luck whatever you decide. joe

 

[sgaur]

Dear Joe

Can you share with us your purchase? Have you purchased an hotel appartment or Office? and at what price.

Thanks

 

[JoeHolmes]

I have a studio and one bed in Platinum one and two commercial units. I paid approx 1450 AED psf. Panorama said Dubai might be the next financial capital, let hope so!

 

[sgaur]

I also purchased studio in platinum one at same price in May 2008 but I feel this is very expensive because one of my friend purchased 2 bed room appartment in motor city at just aed 900 at same time from one of leading developer union properties. But that is not hotel appartment. I feel that I have paid more than market price. What is your opinion?

 

[JoeHolmes]

Hi,

I understand your point, but there are differences in areas. I have recently been over to Dubai sorting out rental contacts on other property I have there. It soon adds up and finding an agent, what a pain. I like the idea of Arjan. I work within the financial sector and there is lots planned for this area, almost a financial district. I have purchased property all over and I am now staying clear of residential I have to manage; I just don't have the time. I know there are cheaper options in Dubai, but from past experience you get what you pay for. It is their holidays over there at the moment, but as I understand both projects will be starting this side of 2008. I have been looking into some re-financing options once completed and the per square foot rate on both the commercial and serviced apartments are a lot lower than 95% of the other developers in the area of arjan. I was very please when I saw the new launch of one of the Sheikhs son’s commercial towers starting at 3,000 AED psf. Let's hope I get there on the light. I am not unhappy, I think capital application is a bonus, the yields looks good and I like the formula. Fingers crossed!! Arjan, I know lots of firms heading for this area time will only tell.

regards joe.

 

[sgaur]

Dear Joeholmes

This is my first property in Dubai. I received contract from ACW holding. Most of the terms are one sided in favour of ACW holding. I just want to know from you that had you hired a lawyer before signing an agreement? Is it advisable to hire a lawyer? If we want to change the terms in contract, whether ACW holding will agree to do that. Otherwise, it will be wastage of money even if I will hire the lawyer.

If I will go to terms of contract, nobody can sign such one sided contract in favour of ACW holding. What is your advise from your experience to hire lawyer or not?

Thanks

 

[JoeHolmes]

Hello,

I have not used a lawyer personally, but I did ask an analyst I work with to look through the details. I understand what you say about them covering their back. I think you may be referring to the part on the rental yields and offering no guarantee. I have bought hotel apartments here in London, you should see that contract and it is not even freehold, but the returns are excellent. As you will appreciate I can only tell you my story and only you can decide whether you wish to use a lawyer or not. I am personally not a great fan of lawyer in the real estate world! That's just my experience I guess! I am happy in the knowledge that Allied Maintenance Company is going to be running the services side of most of ACW's projects. This is a well respected company in the ME and I have property under their management currently.
You can never tell the future, but as they are looking to run these projects for a number of years under their control, that tell's me they see the value and returns expected. I like that part.
I hope it helps?

joe

 

[sgaur]

Hi JoeHolmes

How r u doing? What do you expect about platinum 1 now? I feel it will be good to keep this investment for longer period. I think if you will sell now, you may have to sell in loss or negative premium. What is your preception about this property now? I have already paid 50% of total value and I am not sure if they have started construction as of now although there was a news about ground breaking for these buildings.

 

[JoeHolmes]

In for a penny in for a pound..

Nice to hear from you. I have always looked at this as long term and that is now set in stone. This is why the rental is going to be the important part. I hope now the government of dubai will focus on what is important and not 1km towers. I have enquired that construction is starting soon and ground testing has already been taking place. That comes from an engineer friend who lives out there and works for Mizin, so I am happy hearing that. I hope the new year bring more balance to the world. I will be relieved to see construction in full swing!!!

 

[sgaur]

Dear JoeHolmes

I hope you will be doing well. I was reading the article, (threads have been provided at end of this conversation) and as per this article the construction costs in Dubai has been reduced by 70% since August 2008 due to reduction in steel and cement prices. I tried to negotiate with ACW holdings to pass on some discounts to customers also but they have refused and also there is new law in Dubai and as per this law the installments should be linked to construction. When I asked ACW holding to provide me a payment schedule matching with construction, they have provided a payment schedule faster than I already had.

I have paid 50% of total price of appartment and construction is not started as of yet. I am not sure about the basis they have provided me this schedule. Do you get new payment terms about your appartment and in case you get it, what are your payment terms? Are these faster than previous payments terms.

Do you know other investors in Platinum one so that we can put pressure on above both issue.

Please read the article below.

http://www.business24-7.ae/articles/2009/2/pages/02082009_1477193005e94e3e945c8c74dd85141e.aspx

 

[AVA]

Hi,

We also purchased in Platinum One and have paid 50% so far. We were trying to negotiate the payment schedule and the revised schedule is not any better. Please can you update us on your progress? Number of off plan Dubai projects seems to have reduced their purchase. But ACW doesnt seem to reduce the purchase price. Let us know your experience.