Platinum One- Arjan ,ACW Holdings

[del77]

Sami – I think we have come to accept that in this forum you have your issues. No-one can stop you from liasing with ACW and Rera. But you should remember that you should be clear on who you are representing. What do you mean my “we”? You and just a few other investors? That’s ok as long as Rera know who those investors are. But if you are referring to ALL ACW investors then you are wrong.

Also I think you are wrong to ask for a whole project to be cancelled. Again, if you are not happy with the situation then you speak to them about your concerns and cancelling YOUR contract with ACW and getting YOUR money back.

I have gone to Rera’s website and emailed them to clarify that Sami’s (AKA Yousouf Jhugroo) views do NOT represent that of ALL ACW investors. I would suggest that anyone else who, like myself, has confidence in ACW, should do the same

 

[sami71]

Joint committee set to cancel 'unviable' projects - Real Estate - ArabianBusiness.com
Joint committee set to cancel 'unviable' projects
by Andy SambidgeThis email address is being protected from spam bots, you need Javascript enabled to view it on Thursday, 07 May 2009

PROJECT VOTE: A special committee will decide which real estate projects should be cancelled amid the current slowdown. (Getty Images)A special committee has been set up to decide which construction projects in Dubai should be cancelled amid the current slowdown in the real estate sector.

The Dubai Land Department and the Real Estate Regulatory Agency (RERA) have set up the committee to vote on "unviable" projects, senior department officials said in comments published by Emirates Business on Thursday.

Addressing an investors' meeting, officials said a committee has been formed to study and analyse non-feasible projects, the paper reported.



Related: 200 UAE construction projects due for H1 completion
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Ludmila Yamalova, partner at Mac Davidson Legal Consultants, who was present at the meeting, told the paper that amendments to Law No 13 regulating the Interim Real Estate Register in Dubai now allowed the committee to cancel projects that they deem not feasible.

Research published earlier this week revealed that more than 200 construction projects are due to be completed in the UAE during the first half of 2009, more than for the whole of the previous year.

Research by industry analysts Proleads showed that only 2.4 percent of 1,289 UAE construction projects worth $1.28 trillion which were under way at the start of the year have been cancelled.

About 135 projects were on schedule to be completed in the first quarter of 2009, with another 70 to be finished in the second quarter, compared with a total of 184 overall last year.

According to RERA statistics, 31,003 and 43,880 units are scheduled to enter the market in 2009 and 2010, respectively.

However, it believes 20 per cent of residential units may not enter the market this year.

 

[sami71]

2009 May 7starsdubai’s Weblog

RERA Dubai – Panel to identify unviable projects for cancellation
Posted by 7starsdubai on May 7, 2009

source Business24-7

Dubai Thursday, May 07, 2009

The Dubai Land Department and the Real Estate Regulatory Agency (Rera) have set up a committee that will decide on cancellation of “unviable” projects, senior department officials said yesterday.

Addressing an investors’ meeting, officials said a committee has been formed to study and analyse non-feasible projects.

“It is a tedious task and requires a lot of paper work. But the committee has been created to address the issue,” a senior official said.

Ludmila Yamalova, Partner, Mac Davidson Legal Consultants, who was present at the meeting, told Emirates Business that officials admitted project cancellations were not under their purview earlier, but amendments to Law No13 regulating the Interim Real Estate Register in Dubai now allows them to cancel projects that they deem not feasible.

In February, Rera Chief Executive Officer Marwan bin Ghalita said he believes 25 per cent of the projects will be cancelled, as developers did not start them or don’t have an intention to begin. However, he could not be reached for comment on the number of developers requesting cancellation.

The officials further told investors that the detailed regulations for Article 11 of Law No13, which lays down the terms for cancellations of “off plan” properties, will be announced soon and will explain terms such as “beyond developers control” in detail.

According to Yamalova, the authorities said developers will no longer be allowed to retain any money on reselling of units on termination of investors’ contract.

“Developers will no longer have any incentive to cancel contracts, as the money received on the resold unit will have to be deposited with the trust account of the Land Department,” she added.

Besides, Rera is also ensuring all amended payment schedules from developers need to be approved by them, with it planning to upload all payment plans on their website.

According to Rera statistics, 31,003 and 43,880 units will enter the market in 2009 and 2010, respectively.

However, it believes 20 per cent of residential units may not enter the market this year.

In February, it said the number of developers has come down from about 870 to 427.

 

[sami71]

Dubai property prices back to mid-2007 levels
Dubai property prices fall 41 per cent
Published: 28 April 2009 11:00 GMT Author: Colin Foreman More by this Author Last Updated: 28 April 2009 15:21
House prices in Dubai fell an average of 41 per cent during the first quarter of 2009, taking them back to the same level as the second quarter of 2007, according to research by Colliers International.
The US company's figures show a 34 per cent decline from the first quarter of 2008.

Colliers blamed the property crash on a lack of readily-available finance; job security concerns; a lack of transparency regarding delays and postponements; and speculators moving out of the market (MEED 13:1:09).

"Negative sentiment is the key factor driving the decline in the index and the availability of finance continues to impact the market. End-users are concerned about job security and therefore unwilling to enter the market, even if finance is available to them, while the price/yield gap is tempting professional investors to wait for further declines," said John Davis, chief executive officer of Colliers International.

Although the market appears to be levelling off, Colliers expects the traditional summer slowdown will further erode prices.

"On a more positive note, the index remained unchanged in March 2009. However, we would caution that it is too early to say whether the halt in the decline of the Index can be sustained, especially over the traditionally quieter summer months. We expect the last quarter of 2009 to be a barometer for signalling future trends in the market," he said.

Colliers' previous report found house prices fell an average 8 per cent between October and December 2008.

 

[financier888]

another approach to consider

I would like to respectfully make a suggestion to those vested in these projects. ‘Are the developers experiencing some financial difficulties? – Although I am not a party to that information – chances are – yes, they probably are because almost EVERY developer in the world is ! That said, I’d like you to consider an approach that will help to secure your investment going forward – and that is – ‘talk and / or meet with your developer and work with them.’ If it means converting your investment to another project that is further along in development – do so. Provided you think you are getting fair value for your money.. The alternative? Possibly losing everything.

Be grateful there are no bankruptcy laws / procedures in Dubai – that would be a far simpler course of action for so many of these developers. As it stands now, the developers are hard pressed to find solutions, in absence of filing bankruptcy and ultimately walking away. For a developer to secure additional bank financing for a project – they need to have a project that has been largely subscribed / investors that have purchased a majority of the units and making timely payments. If everyone stopped paying – then it will be next to impossible to obtain bank financing or bridge funds and if the project goes ‘bust’ – chances are – you will see a fraction of your investment returned. Keeping in mind, these projects were funded from ‘off-plan’ purchases – and following the RERA reg’s as it relates to payments / take-downs allowed under law – the initial 20-30% has already been spent… and should you get a project cancelled and expecting a refund? - What happens if the developer does NOT have the funds to repay you??? What then? Even if he goes to jail – that won’t get your money back.

I think you should organize but use this methodology to work with the developer in coming up with a constructive way to go forward and not allow your emotions to take sway and not turn it into a adversarial situation – as you have the most to lose.

 

[acw invester]

i have been investing in Dubai properties since 2004 with different companies in a different projects , and since that time i didn't face any problem like what i am facing now with the Acw holding .
i invest with them in 2007 in Kingston Manner project , when i booked with them they mentioned the the completion of this project Will be march 2009 , and till now i paid around 80% from the price plus 40, 000 Penalty . and they put on me the penalty cause every time they ask for payment i ask them to send me details about their projects in the Acw , and no one can give any answer for what i am asking even Mr. Nadime ali he didn't give any answer and only they says you have to pay or we have to cancel your apartment and they send us the penalty ,
we have to make a legal quick action against them ,cause till now they didn't do anything to begin in the construction . and if anyone open their website its only perspective and drawing for the project which mean nothing and there is also no photos for the constructions or any plans for this .

so according to all this and according to what i read in all of your e-mails and i realized that its not only my problem its all the investors in Acw problem so far i' ve already contact a lawyer who has a good experience in properties in Dubai ,he is a lawyer for some of the well known construction companies in Dubai, he has a good relation and good experience in Rear and Escrow , and he is opinion related to this issue is to return back my money as soon as I can , and not to waste the time in waiting what will happen after cause my lose will be more.

 

[AVA]

I would fully support your motion Sami. Are the developers allowed to draw money from the escrow account before starting the construction? In that case, if RERA cancels the project how much the investor would be entiled to receive?

Sami - you have mentioned that "....He mentioned at one stage that registration of the units by the buyers is important, then added "and now it's free". [Our view was that doing this might help legitimise the position of the developer] "

What exactly is free? Is it essential to register?

 

[AVA]

When I bought the property during early 2008 ACW assured the project would start in May 2008. However there is no progress. I am worried about my investment and lodged a complaint in RERA website. Those whoever wish to make a compaint go to the website Welcome to the Official Dubai Real Estate Community
complaints section to lodge a complaint

 

[AVA]

I would fully support your motion Sami. Are the developers allowed to draw money from the escrow account before starting the construction? In that case, if RERA cancels the project how much the investor would be entiled to receive?

Sami - you have mentioned that "....He mentioned at one stage that registration of the units by the buyers is important, then added "and now it's free". [Our view was that doing this might help legitimise the position of the developer] "

What exactly is free? Is it essential to register?

 

[financier888]

I would fully support your motion Sami. Are the developers allowed to draw money from the escrow account before starting the construction? In that case, if RERA cancels the project how much the investor would be entiled to receive?

Sami - you have mentioned that "....He mentioned at one stage that registration of the units by the buyers is important, then added "and now it's free". [Our view was that doing this might help legitimise the position of the developer] "

What exactly is free? Is it essential to register?

Ava - it's very, very important that your unit be registered with you listed as the owner - especially if you will need to file a claim. Only RERA can cancel a contract or for that matter the project. Check the status of your escrow with the bank - they must provide you the details. In addition, if no construction has started and you have already paid 30% or more - no further payments are required.

make sure your unit is registered!

 

[sami71]

Ava - it's very, very important that your unit be registered with you listed as the owner - especially if you will need to file a claim. Only RERA can cancel a contract or for that matter the project. Check the status of your escrow with the bank - they must provide you the details. In addition, if no construction has started and you have already paid 30% or more - no further payments are required.

make sure your unit is registered!

Dubai mulls cancellation of 27 projects - RERA - Real Estate - ArabianBusiness.com

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Dubai mulls cancellation of 27 projects - RERA
by Jason BenhamThis email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 11 May 2009

PROJECTS VERDICT: RERA will decide on the future of 27 projects planned for Dubai by the end of the month. (Getty Images)Dubai is considering cancelling 27 projects, the head of its real estate regulator said on Monday, as the emirate's property market slumps in the global downturn.

A decision whether to cancel or not would be made by the end of the month, said Marwan bin Ghalita, the head of the Real Estate Regulatory Authority (RERA).

"The decision has not been done. They are projects all over Dubai - third party projects (sub developers)," he said.

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Earlier this year, Ghalita said he believed 25 percent of projects will be cancelled in Dubai as a result of the global economic slowdown.

"It's almost the same," he said when asked if that figure had changed. The Dubai Land Department and RERA set up a committee last week to cancel projects in the emirate that are not feasible.

Real estate prices tumbled 41 percent in the first three months of the year, property consultants Colliers said in a recent report.

A collapse in property prices has already led to project cancellations in the region worth billions of dollars.

More than half of the construction projects in the United Arab Emirates, worth $582 billion, have been put on hold, Dubai-based market research firm Proleads said in February.

Ghalita said on Monday the committee would cancel projects based on RERA's decision whether or not they should continue, a request from developers to cancel, or through complaints to the watchdog from project investors.

In February RERA said Dubai developers are likely to delay the delivery of about 20 percent of residential units in 2009 and 40 percent in 2010. (Reuters)

 

[financier888]

Dubai mulls cancellation of 27 projects - RERA - Real Estate - ArabianBusiness.com

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Dubai mulls cancellation of 27 projects - RERA
by Jason BenhamThis email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 11 May 2009

PROJECTS VERDICT: RERA will decide on the future of 27 projects planned for Dubai by the end of the month. (Getty Images)Dubai is considering cancelling 27 projects, the head of its real estate regulator said on Monday, as the emirate's property market slumps in the global downturn.

A decision whether to cancel or not would be made by the end of the month, said Marwan bin Ghalita, the head of the Real Estate Regulatory Authority (RERA).

"The decision has not been done. They are projects all over Dubai - third party projects (sub developers)," he said.

Story continues below ↓
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Earlier this year, Ghalita said he believed 25 percent of projects will be cancelled in Dubai as a result of the global economic slowdown.

"It's almost the same," he said when asked if that figure had changed. The Dubai Land Department and RERA set up a committee last week to cancel projects in the emirate that are not feasible.

Real estate prices tumbled 41 percent in the first three months of the year, property consultants Colliers said in a recent report.

A collapse in property prices has already led to project cancellations in the region worth billions of dollars.

More than half of the construction projects in the United Arab Emirates, worth $582 billion, have been put on hold, Dubai-based market research firm Proleads said in February.

Ghalita said on Monday the committee would cancel projects based on RERA's decision whether or not they should continue, a request from developers to cancel, or through complaints to the watchdog from project investors.

In February RERA said Dubai developers are likely to delay the delivery of about 20 percent of residential units in 2009 and 40 percent in 2010. (Reuters)

Hi Sami - I am not clear as to how or why ACW kept charging you this AED 40,000 late fee or penalty? In addition, ONLY RERA has the authority to cancel your contract - the company can not do so unilaterally and keep your money. Does RERA have an opinion on the issue of your 'penalty' payments etc? ACW or for that matter ANY developer cannot demand payments that are not in compliance with the new RERA regs that govern same... It looks like they will have to consolidate the projects...

 

[Yasso_Yasso]

Help on AlBarakah

Hi Sami - I am not clear as to how or why ACW kept charging you this AED 40,000 late fee or penalty? In addition, ONLY RERA has the authority to cancel your contract - the company can not do so unilaterally and keep your money. Does RERA have an opinion on the issue of your 'penalty' payments etc? ACW or for that matter ANY developer cannot demand payments that are not in compliance with the new RERA regs that govern same... It looks like they will have to consolidate the projects...

Financier888,

Can u help me on al Barakah, I purchased a unit in ajman, do u know of any contacts to help.
Thanks.