Heather - I am so with you on this. I am getting fed up of all this negative talk about ACW. I am an investor with ACW. I am investing in Hanover Square. I have paid 80% and the registration fees. I have not had any problems with them and am overall satisfied with my dealings with them.
I am fed up with all the scare mongering that has been circulated by email and on this forum. If you incur late fees, you have absolutely no-one to blame but YOURSELF. You signed a contract that stated the payment terms. You know the penalties if you don’t pay on time. And do people honestly think that with all the attention that ACW has got, and the way that they are expanding that they will just take our money and run???
If you are so concerned about the state of things and are one of the people that has used dramatic words such as “scared”, “helpless” or “lawyer” in your emails or in this forum, then I would suggest that you all take a 2 or 3 night trip to Dubai and VISIT them. Its pretty cheap over the next few months! Hopefully that should put your mind at ease!
As for questioning me as to whether I am true investor just because I am satisfied with them, that’s just pathetic! The ones to question are those who simply want to try and create and “them and us” scenario between investors and ACW, the ones that are all anti ACW but still choose to invest with them!
Today I got a 3 page letter from Ian Pask, General Manager of ACW Holdings. Hopefully you will all receive the same in the next day or 2. It does address the points of construction and how that is underway and also addresses Platinum 2 and the issues there. It also says that they are moving to a construction based payment schedule. What you all have to remember is that they have thousands of customers so the administration of these things does take a lot of effort. These things do take time and hopefully it will be worth it in the end. Until you all read the letter, I suggest you all give the moaning and scaremongering a brief break!
But the biggest thing that concerns me is how did "John Smith" or Krish Shrikanth or Mohammad Aqeel get our email address’??? This is still unanswered! It seems obvious that these address’ are all people who have invested in ACW Holdings. Would it be a stretch to far to suggest that perhaps an ACW database with our details has perhaps been broken into?? A bitter and twisted ex-employee perhaps?? Answers please!
To any and everyone that has read my contributions on this thread :
1) I am not an employee of ACW and never have been
2) I have worked in development internationally and in Dubai
3) I have participated on govt' levels - as it relates to regulatory issues..
that said - I am not fully aware of every project that ACW is involved in but was seriously considering buying some units from them at the last cityscape till just about everything crashed. I considered buying from them because I felt they were reputable, reasonably priced and knew what they were doing.. Do I know their exact status (financial) now? I do not. However, from everything I have read in regard to those who have invested and are in communication with the management - If I accept that what has been stated it true - the management is acting in responable manner and senior management are directly communicating with the investors - RARE - especially in Dubai. In addition, I have no doubt, that if you pick-up the phone - you can speak directly with senior management and have your questions answered & truthfully. This is an example of how Investor Relations should be handled - whether private or listed companies - and I worked at senior levels at both.
Of course, it is in the best interest for any developer - to get started as soon as possible with construction as prices of materials have dropped -however, they cannot commission overnight - keeping in mind - they were just 'handed-over' the plot. Rumours abound in Dubai - always have... If you have doubts, questions etc - pick-up the phone and ask speak to the senior managements. Within all the best and most professional firms I know in Dubai - you can access / speak with the CEO !!! - Sadly, these firms are far and few in between. When senior management won't take your call or are away on 'extended' visits over seas - the start to worry... Keep in mind... this is internet !! and you can't beleive everything you read - so - when you have doubts - pick-up the phone. That's not say that you should rely on the spoken word - but I am sure, as in the case of ACW - as the site progresses - they will either post the pics on their website and email all concerned with the link..
PS - 'progress slow and sluggish' ? Well, even slow progress is progress! as compared to ZERO - NONE, which you can read about with some developers on this forum - who've been taking money, making empty promisies and have not moved so much as one teaspoon of sand and escrow accts with nominal balances remaing!! Try to remain 'level-headed' and explore every opportunity to engage and speak with the developers before running to atty's or raising the red flags.. Donald Trump had to cancel his latest project in Dubai and he's one the best in the world - the shift in the global economy has wiped out devlepors that are 2nd and 3rd generation!! Reputable and honest before the floor fell out beneath them. Overall, I think that based on what I reading, these guys are doing the best they can under the circumstances... think about it
good luck to you all!
