Platinum One- Arjan ,ACW Holdings

[sgaur]

Same here. I tried my best and sent even article also where it is mentioned that construction cost has reduced by 70% as compared to prices of August 2008. But it seems that they are not listening at all.

They have given a new payment schedule. This payment schedule is faster than original payment schedule. Inspite of the fact that they have not even started construction, they are asking installment of 60% amount to be paid on 1st May 2009. Which looks really weired.

I wrote them that I will need a compeletion certificate of 60% of total construction during May to pay next installment otherwise,I will write to RERA. They have not come back inspite of sending many reminders to them.

Where do you stay in Dubai or outside Dubai?

 

[AVA]

Hi,
I live in the UK. Recently I have received a letter for the registration of the unit with Dubai Land Authority. Have you received similar letter? Is there anyway we could get the money back or negotiate the price. My friend who lives in Dubai mentioned that property prices have gone down by up to 50%. Number of off plan projects seems to be put on hold.

 

[sgaur]

I have also received the same letter. I have tried to negotiate with them but they did not agree, But they have delayed the installements till October 2009. You can also try that.

 

[ahmed2008]

I have received the same letter re: registration of unit and a demand for 1960 AED. Our contract on the first page registration is done at completion. what is this off plan register? What are the laws 14 and 15 of 2008? does anyone know? It all sounds strange. And the last para talks of completion register as well and that we can do it through their Dubai conveyancing if required. what do they mean ? Is this different from the above for which we are supposed to pay now? Have they started constucting at ALL?

 

[MrOslagbar]

Kensington manor

Any updates on these projects ?

I have a 1 bedroom in Kensington manor for sale if anyone is interested. Selling on OP, 970 sqft, selling price 900 000 DHS. 60 % paid. Payments linked to construction.

Send proposal to joac at hotmail . com

 

[AVA]

Hello sgaur, JoeHolmes and ahmed2008,

We are not sure about the details for the registration of unit. Have you paid for it?

I just saw this thread -
Xpress: News | Court asks developer to return Dh7.5 millon to investor

and it says that the developer should have registered the land within 60days of purchase. I am not sure if the land and unit registrations are the same.

Let me know if you have paid for this and why are they asking for this now all of a sudden? Do you know if there is anyway I could get my money back?

Thanks.

 

[AVA]

Any updates?

I have received the same letter re: registration of unit and a demand for 1960 AED. Our contract on the first page registration is done at completion. what is this off plan register? What are the laws 14 and 15 of 2008? does anyone know? It all sounds strange. And the last para talks of completion register as well and that we can do it through their Dubai conveyancing if required. what do they mean ? Is this different from the above for which we are supposed to pay now? Have they started constucting at ALL?

Have you paid 1960 AED? Please let us know if you have any information regarding the details for register.

 

[sgaur]

Dear AVA

Yeah, I have paid this amount. Do you have an appartment with them? If yes, then in which building? I think excavation work for light tower is started. you can go to their website and check the status. Although it is not clear at all. But you can have some idea.

 

[FireFly]

Registration

Dear AVA

Yeah, I have paid this amount. Do you have an appartment with them? If yes, then in which building? I think excavation work for light tower is started. you can go to their website and check the status. Although it is not clear at all. But you can have some idea.

Sagur,

When did you pay and have you had confirmation back or received anything with regards to registration?

Has anyone else made the payment and how are your ACW projects coming along?

FireFly

 

[financier888]

Sagur,

When did you pay and have you had confirmation back or received anything with regards to registration?

Has anyone else made the payment and how are your ACW projects coming along?

FireFly

The developers are obliged to register the sold units with the land dept. - you should follow this through as it is for your own protection. Insofar as any additional payments being due that are NOT linked construction - you don't have to pay and I believe they developer has rescheduled them... ( as the new law supercedes any payment plan you may have agreed to...)

 

[FireFly]

Financier,

Thanks very much for the useful information.

Do you know the process or how long it takes for the Developer to get an apartment registered.?

Thanks,

FireFly

 

[AVA]

Thank you sgaur, AVA

 

[lammy1978]

Hi there, I am UK based and have currently paid 50% on a studio apartment in Platinum One. Whilst my payment plan has recently been adjusted slightly by ACW/Skycom, there does appear to be a huge chasm between construction rate and payment installments...the most recent site update pictures show a fenced off area and a "site office", which looks optimistic at best (workmen drinking tea just out of shot presumably ). Does the forum believe it would be prudent for me to try and hold/reschedule my 60% payment until construction has reached a comparative 60% level, and if I would have a good case in doing so? Incidentally, I have also paid the unit registration fee although have not received confirmation that the unit is now fully recognised by RER - any further updates on this would be appreciated. Thanks, Lammy

 

[FireFly]

Hi Lammy,

I'm not an expert but I would try in the first instance to negotiate with ACW and see if they agree to delay the next payment.

I have read that there is a (new?) law which stipulates that payment must be tied to construction - but I don't know if this holds water against older projects. Also, I think there is a clause which states if 'no work' has started then you don't need to make further payments.

So the question is, does the fencing and piling work constitute work in progress?

I would definitely get the above information verified so that you are clear about your options.

There is a thead on this forum called 'Escrow Related Information' which is well worth a read.

The laws, the way they are interpreted and which projects they are valid for are difficult to understand in my opinion.

I hope that at least provides a little help.

FireFly

 

[lammy1978]

Hi Lammy,

I'm not an expert but I would try in the first instance to negotiate with ACW and see if they agree to delay the next payment.

I have read that there is a (new?) law which stipulates that payment must be tied to construction - but I don't know if this holds water against older projects. Also, I think there is a clause which states if 'no work' has started then you don't need to make further payments.

So the question is, does the fencing and piling work constitute work in progress?

I would definitely get the above information verified so that you are clear about your options.

There is a thead on this forum called 'Escrow Related Information' which is well worth a read.

The laws, the way they are interpreted and which projects they are valid for are difficult to understand in my opinion.

I hope that at least provides a little help.

FireFly

Hi FireFly,

Thanks very much for the quick response and helpful information, I will have a look into this and report back with anything of interest. Are the laws you refer to the recent LD Laws 13 & 14?

I would hazard a guess that ACW do consider the groundbreaking, fence erection and site offices etc to be "work in progress"...and maybe with many other developments being officially put "on hold" this might hold some water, however slow that progress appears. Also as you point out, my orginal contract was signed prior to the new laws which were (I believe?) created in October 2008, and I am not sure whether that would make a difference too. However, until I actually go out and have a look at the site myself (which is perhaps advisable?) I do feel loath to keep paying these regular percentages for very little evidence of comparitive progress! I wonder if anyone else on this thread is Dubai based and has recently visited site... Lammy

 

[sgaur]

Faster Payment Plan

Dear Lammy

When is your next payment due now? Because the payment plan I received now is faster than previous one although I donot see any construction happening on site.

Thanks

 

[financier888]

Hi FireFly,

Thanks very much for the quick response and helpful information, I will have a look into this and report back with anything of interest. Are the laws you refer to the recent LD Laws 13 & 14?

I would hazard a guess that ACW do consider the groundbreaking, fence erection and site offices etc to be "work in progress"...and maybe with many other developments being officially put "on hold" this might hold some water, however slow that progress appears. Also as you point out, my orginal contract was signed prior to the new laws which were (I believe?) created in October 2008, and I am not sure whether that would make a difference too. However, until I actually go out and have a look at the site myself (which is perhaps advisable?) I do feel loath to keep paying these regular percentages for very little evidence of comparitive progress! I wonder if anyone else on this thread is Dubai based and has recently visited site... Lammy

The new laws 'supercede' any contract terms you agreed to. Let's say that your contract terms called for 60% payment without link to construction - that's out the window! The developer MUST be in compliance with the new regs and NOT demand any more payments until they progress the cosnstruction! and ONLY RERA cancel your contract!!!!

'Fencing' with a few chaps drinking tea and using their tea-spoon to move sand is hardly ' work in progress' by any definition. Getting to merely 20% completion will take the piling and the foundation work completed - at a min.

CHECK WITH RERA! and don't pay one more cent! fil, pence, peso....

 

[lammy1978]

The new laws 'supercede' any contract terms you agreed to. Let's say that your contract terms called for 60% payment without link to construction - that's out the window! The developer MUST be in compliance with the new regs and NOT demand any more payments until they progress the cosnstruction! and ONLY RERA cancel your contract!!!!

'Fencing' with a few chaps drinking tea and using their tea-spoon to move sand is hardly ' work in progress' by any definition. Getting to merely 20% completion will take the piling and the foundation work completed - at a min.

CHECK WITH RERA! and don't pay one more cent! fil, pence, peso....

Hi all

In answer to sgaur's question, my next payment is due later this month, with a following 5% due in June; the original 10% payment was split on the readjustment but obviously the two month gap doesn't count for much in the grand scheme of things. Then another 10% is due September, then December and 20% on "completion". So like you say, it doesn't seem to differ much from the original plan. And these a large percentages for not much return. Is this a similar arrangement to yours?

Financier, thanks for the information - has this law actually been passed yet with RER and if so could you point me in the right direction of where to find these stipulations in writing? I would certainly think (unless the contractor has really been shifting over the past couple of months since those update photos),that the foundation work is not even approaching completion.

Thanks,

Lammy

 

[sgaur]

Dear Lammy

But you have already paid 50% then what are the basis of this 5% to be paid in April end. Have they finished 50% of construction to collect next amount?

 

[lammy1978]

Dear Lammy

But you have already paid 50% then what are the basis of this 5% to be paid in April end. Have they finished 50% of construction to collect next amount?

Hi, well that's really what I need to find out - whether ACW now legally have a responsibility to have completed 50% of construction in line with my payments and any further payments they are requesting....although the original contract was not drawn up to follow a construction milestone/payment system, with little evidence of progress at site it seems a raw deal for the prospective purchaser. What are your thoughts and personal situation? Lammy