24/July/2009

The Index

http://i29.tinypic.com/11iz6h1.jpg

http://i30.tinypic.com/2u8ktvo.jpg

http://i31.tinypic.com/33vhlx4.jpg

29/July/2009

SZR,

The Index, Islamic Bank Towers etc..

http://i25.tinypic.com/29lhgsn.jpg

http://i28.tinypic.com/292qhjc.jpg

http://img512.imageshack.us/img512/4006/onebedpic1.jpg
http://img512.imageshack.us/img512/6370/onebedpic2.jpg
http://img37.imageshack.us/img37/2791/onebedpic4.jpg
http://img510.imageshack.us/img510/5782/onebedpic3.jpg
http://img518.imageshack.us/img518/4237/bathroomq.jpg
more at official website. love the grey ceilings

Yes, not too bad at all, the gray and white do work well together. I suppose once you get some nice furniture in there and really cosy it up a bit it will look pretty good actually.

Thx jixline:cheers:

I also really like the grey ceilings. You would think they wouldn't look good together, but it does, hmm.

08/August/2009


http://i32.tinypic.com/14vhb1f.jpg

I also really like the grey ceilings. You would think they wouldn't look good together, but it does, hmm.
In Europe, there are glossy strained casement ceilings becoming more and more popular. Looks far more beautiful, they are meant to visually expand the space.

http://i25.tinypic.com/rjlagl.jpg

26/August/2009

The Index

http://i28.tinypic.com/n34ug9.jpg

http://i30.tinypic.com/11m58as.jpg

http://i27.tinypic.com/ekoz20.jpg

http://i26.tinypic.com/dhftiv.jpg

03/September/2009

The Index

http://i32.tinypic.com/315y5aq.jpg

http://i32.tinypic.com/6ru54p.jpg

http://i31.tinypic.com/1z4vaxw.jpg

So is Index tower on hold now? I've driven past several times and there seems to be very little activity on site. Certainly compared to the neighbouring 'Park Towers' which is a hive of activity. There are current projections for completion in Dec 09 but I suspect it will be a long time after that. Am I wrong?

http://i37.tinypic.com/2844ut.jpg

http://i37.tinypic.com/1zcl2rt.jpg

So is Index tower on hold now? I've driven past several times and there seems to be very little activity on site. Certainly compared to the neighbouring 'Park Towers' which is a hive of activity. There are current projections for completion in Dec 09 but I suspect it will be a long time after that. Am I wrong?

I really hope you are!:ohno:

I really hope you are!:ohno:

Clear progress between the 2 September and 27 September pictures.....

^^^^
yes indeed...and i am hopefull this one could be completed this year!
:banana::banana:

Does anybody know what these apartments will be renting at? /sq foot. Fancy moving in there...looks great.

^^^^
yes indeed...and i am hopefull this one could be completed this year!
:banana::banana:

Impossible.

http://i35.tinypic.com/2ce0qoj.jpg

http://i35.tinypic.com/3304imw.jpg

Also here, hate this almost no progress... !! :wallbash:

15/October/2009

The Index

http://i37.tinypic.com/2gtao7l.jpg

http://i35.tinypic.com/1196mbc.jpg

http://i36.tinypic.com/2eoebkl.jpg

http://i38.tinypic.com/33d893k.jpg

http://i37.tinypic.com/316svf4.jpg

Thanks Imre! These pictures are amazing!

30/October/2009

The Index

http://i37.tinypic.com/51qax.jpg

10/November/2009

http://i38.tinypic.com/6qxkcl.jpg

from the Burj Dubai

March 2008 (from the 140th floor)

http://i33.tinypic.com/wi98yh.jpg

November 2009 (from the Tier19)

http://i36.tinypic.com/34hgg02.jpg

http://i38.tinypic.com/5mbdpl.jpghttp://i34.tinypic.com/23mq3bk.jpg

20/November/2009

The Index

http://i49.tinypic.com/2ep3plz.jpg

http://i49.tinypic.com/333jzax.jpg

http://i46.tinypic.com/2cq1a1y.jpg

http://i50.tinypic.com/5bbjp3.jpg

http://i48.tinypic.com/b7la55.jpg

http://i50.tinypic.com/mb4gw2.jpg

The Penthouse section looks pretty good now that the glass is on it.

28/November/2009

The Index

http://i46.tinypic.com/nn38mg.jpg

http://i50.tinypic.com/r1hoqg.jpg

29/November/2009

The Index

http://i47.tinypic.com/2cnbksi.jpg

http://i45.tinypic.com/1yr41w.jpg

Crane coming down?

yes!

01/December/2009

The Index

http://i50.tinypic.com/2642m29.jpg

http://i50.tinypic.com/30nkvfc.jpg

http://i49.tinypic.com/olnjr.jpg

Also almost done !! :okay:

Also almost done !! :okay:

And will be "almost done" for quite a while unfortunately --shouldn't have strecthed and bought the plot --we all make mistakes -- hindsight would be wonderful

^^ What are you talking about?

Also, does anyone have any idea as to when the handover for this is?

^^ What are you talking about?

Also, does anyone have any idea as to when the handover for this is?

I'm hoping for April. The podium and the penthouses are 4-5 months away I reckon. UP are still saying December which is clearly untrue. I wish they'd be more truthful !!

UP are saying June 2010

^^ What are you talking about?

Also, does anyone have any idea as to when the handover for this is?

Iwas just saying that UP shouldnt have bought the plot in front they could have afforded to finish this one quicker then :cheers:-still wish i'd bought at 1200 aed psf -what a steal

http://i48.tinypic.com/2gvm2k9.jpg
http://gulfnews.com/about-gulf-news/al-nisr-portfolio/xpress/readers-pictures-dec-10-1.551481

25/December/2009

The Index

http://i47.tinypic.com/jr3eqv.jpg

http://i47.tinypic.com/21dr2go.jpg

http://i46.tinypic.com/34xqlww.jpg

http://i45.tinypic.com/6ss0mo.jpg

http://i47.tinypic.com/2ui87dy.jpg

Thanks Imre! Awesome pics. Looking forward to this finishing. Interesting to see work progressing now on the podium section, would be great to see how this develops.

http://i46.tinypic.com/1e6ofn.jpg

http://i45.tinypic.com/33nc4lt.jpg

31/December/2009

The Index

http://i48.tinypic.com/f5czv8.jpg

http://i45.tinypic.com/29canb7.jpg

http://i45.tinypic.com/qqswt2.jpg

http://i49.tinypic.com/i5w2sn.jpg

http://i45.tinypic.com/dop8ww.jpg
The view from the top of the world's tallest hotel.
http://www.constructionweekonline.com/article-7333-dubai-opens-worlds-tallest-hotel/


^^ Great view past all that muck alright! :D

14/January/2010

The Index

http://i50.tinypic.com/rh66pj.jpg

http://i50.tinypic.com/2075ouf.jpg

http://i49.tinypic.com/2968on.jpg

:omg:

The second picture is :nuts:

Gotta love the density in the 2nd shot. Great work as always Imre!

When I saw on television news stations, one on the transfer of the headquarters of the United Nations from New York to Dubai, I remembered this building and I said to myself would be the appropriate Headquarters

When I saw on television news stations, one on the transfer of the headquarters of the United Nations from New York to Dubai, I remembered this building and I said to myself would be the appropriate Headquarters

Wow you are right, this building would be perfect!

I was just wondering today where they should build the new UN building, but then again we already have it built! :cheers:

PS: Although there won't be a chamber for where the world leaders sit like they do in NY (The big oval chamber) Maybe they should build a chamber building next to this one if they decide to move to Dubai?)

31/December/2009

The Index

http://i48.tinypic.com/f5czv8.jpg

http://i45.tinypic.com/29canb7.jpg

http://i45.tinypic.com/qqswt2.jpg

INCREDIBLE SHOTS IMRE !! (yes ALTIN I AM SHOUTING ABOUT IT !!) :lol::lol:

I waited till the tower is completed (and hoped for an improvement) but this must be the ugliest Foster design EVER. I think when the Queen sees this tower she will revoke his "Sir" status... :laugh:

INCREDIBLE SHOTS IMRE !! (yes ALTIN I AM SHOUTING ABOUT IT !!) :lol::lol:

Thanks:)

This is from the top of the Burj Khalifa spire (828 m), The Index looks small from there:)

http://i49.tinypic.com/2nush7d.jpg

^^

Wow Imre. You actually get access up there? The view is stunning! The cars on the roads look like small dots. Thank you for the pictures. Does it sway too much on top?

Thanks:)

This is from the top of the Burj Khalifa spire (828 m), The Index looks small from there:)

http://i49.tinypic.com/2nush7d.jpg

You have friends in high places IMRE !

21/January/2010

SZR

http://i48.tinypic.com/65xzqr.jpg

23/January/2010

SZR ,The Index and Ahmed Abdul Rahim Al Attar Tower

http://i45.tinypic.com/27zb5ma.jpg

24/01

http://i45.tinypic.com/10ztyjs.jpg

http://i50.tinypic.com/mmq3jt.jpg

25/January/2010

The Index

http://i45.tinypic.com/30vkkxs.jpg

http://i45.tinypic.com/2wpryp2.jpg

http://i49.tinypic.com/5n0qj5.jpg

http://i47.tinypic.com/2u4083k.jpg

Looks almost complete.

yes everything done exept the entrance and podium areas.

weirdest building ever, i don't think i will ever understand it :D

http://www.business24-7.ae/Articles/2010/1/Pages/UPearns15returns.aspx

Union Properties made a 15 per cent profit on the sales of two properties for Dh150 million as it plans to offload its “old” assets, the company’s Chairman told Emirates Business.

“We have made Dh150m on the sale of two assets to local investors, reporting a profit of 15 per cent. The price we got was higher than our evaluation despite a slowdown in the market,” Khalid bin Kalban said.

It will make an official announcement next week. Kalban said the company does not plan to sell its new assets, but was concentrating on disposing off its small assets. “There is a lot of demand for our old assets and we will put more for sale.” He said the sale proceeds will be used to fund ongoing projects, with focus on completing Limestone House and Index Tower in DIFC and MotorCity project.

A very big and ugly building that looks bad from any angle and dominates all the nice buildings near it. Imagine looking at the index from your window every day. Enough to make think you were looking at a vertical giant jailhouse

--

what a tower!

Guest89 don't be too sensitive. No need for personal comments, and you are sensible enough to know it is none of your business what the view out of my window is.
This is a building that many people have to look at because of it's location, the aggresive design, the massive size, the materials used in construction, the way it is positioned on it's site, how it relates to the buildings immediately around it and how it relates to the overall landscape. etc. etc.
You know many people like it, but you also that know that many people do not like it.
It is described by others as looking like a hospital or a multi story car park, or a jailhouse.
You clearly love it and even have a Pipe Dream of it being perfect for the headquaters of the United Nations.
Debate is good.

Guest89 don't be too sensitive. No need for personal comments, and you are sensible enough to know it is none of your business what the view out of my window is.
This is a building that many people have to look at because of it's location, the aggresive design, the massive size, the materials used in construction, the way it is positioned on it's site, how it relates to the buildings immediately around it and how it relates to the overall landscape. etc. etc.
You know many people like it, but you also that know that many people do not like it.
It is described by others as looking like a hospital or a multi story car park, or a jailhouse.
You clearly love it and even have a Pipe Dream of it being perfect for the headquaters of the United Nations.
Debate is good.

For years rumours were that this was indeed a multi story car park to service the DIFC area in full.

My opinion was that it was an excessive overdose of concrete that eliminated any modern streamlined look.

Great view looking out though.

Guest89 don't be too sensitive. No need for personal comments, and you are sensible enough to know it is none of your business what the view out of my window is.
This is a building that many people have to look at because of it's location, the aggresive design, the massive size, the materials used in construction, the way it is positioned on it's site, how it relates to the buildings immediately around it and how it relates to the overall landscape. etc. etc.
You know many people like it, but you also that know that many people do not like it.
It is described by others as looking like a hospital or a multi story car park, or a jailhouse.
You clearly love it and even have a Pipe Dream of it being perfect for the headquaters of the United Nations.
Debate is good.


I do not have a pipe dream of it being perfect for the UN Headquarters. I stated in that particular thread that it wouldn't be a bad location given its position within the city. Let's face it, the UN is not coming to Dubai and if it did, it wouldn't be in this building. I like the building not because it is made of concrete, but because it is something different than the rest. In size, shape, direction, height and imposing appearance.

We are both entitled to our opinions and I respect yours. Thank you for sharing yours and hope no offense is caused.

Guest89 thanks for your kind words. Natrually we are on the same side. We live and/or invest in Dubai and we wish the best for Dubai.

See what I heard was that the land in front was for sale in Feb-08 to June-08, concluded July 08,, agents will confirm this.

The company bought it for at least 200M USD.

Today that lands worth less than 50M USD.

Those in the know, know who bought what.

150M USD loss you would have to start selling assets to cover this loss.

If the company was small it would be gone, if it was large, it would be in a very bad poistion.

See what I heard was that the land in front was for sale in Feb-08 to June-08, concluded July 08,, agents will confirm this.

The company bought it for at least 200M USD.

Today that lands worth less than 50M USD.

Those in the know, know who bought what.

150M USD loss you would have to start selling assets to cover this loss.

If the company was small it would be gone, if it was large, it would be in a very bad poistion.

....And definitely not in a position to build a building!!

Thanks....good info.....

UP is selling the Ritz Hotel now, hopefully they will have a buyer and they can finish The Index soon.

Hopefully Visa's will be issued to investors and banks will reduce mortgage rates. It will happen, but when...

UP is selling the Ritz Hotel now, hopefully they will have a buyer and they can finish The Index soon.

Imre, next time you find yourself at a good viewpoint, take some pictures of the entrance to Index at the bottom of the building (both sides). They are making good progress and it would be good to see some detail. Thank you!!

Imre, next time you find yourself at a good viewpoint, take some pictures of the entrance to Index at the bottom of the building (both sides). They are making good progress and it would be good to see some detail. Thank you!!

here here

07/February/2010

The Index

http://i49.tinypic.com/v46vm9.jpg

http://i47.tinypic.com/33xvn95.jpg

Done?

Done?

Went to the site yesterday. The workers are saying one more year to complete!

Went to the site yesterday. The workers are saying one more year to complete!

WHAT!!!!!!???? How reliable is this source? UP are still saying June 2010.

How did the podium/entrance look? How did the penthouses look

Went to the site yesterday. The workers are saying one more year to complete!

1 more year? The exterior is complete, they just have to finish the interior. I doubt it would take 1 year.

1 more year? The exterior is complete, they just have to finish the interior. I doubt it would take 1 year.

I spoke to one of the subcontractors who was doing interior work (dont want to specify too much, as dont want to get anyone into trouble) and they said their work alone would take another 5 months. They said all floors up to 73 were done and only interiors of penthouses was left.

The podium and entrance is really coming along nicely and looks great, but seems like a lot of work still to do. I was not allowed to go inside.

I spoke to one of the subcontractors who was doing interior work (dont want to specify too much, as dont want to get anyone into trouble) and they said their work alone would take another 5 months. They said all floors up to 73 were done and only interiors of penthouses was left.

The podium and entrance is really coming along nicely and looks great, but seems like a lot of work still to do. I was not allowed to go inside.

I honestly think there's more to this story behind the scenes. We're not receiving the full picture! I reckon they're stalling on purpose in order to release their building when market conditions become more favourable.

This delay is a combination of 'Credit Crisis/Debt Crisis' as well as a horrendously bad releasing strategy. You would have to be utterly brainless not to release this building in phases.

The building should have been completed and released from the bottom up. ie. the offices should have been released last year and then use that money to complete the rest of the tower faster.

Today

Work going on at podium level & you can see the cladding already started .


http://i45.tinypic.com/1z3rl8m.jpg

^^thanks!
glad to see progress on the podium! :)

The podium is quite big. Good to see progress there. :)

SINCE FIVE YEARS AND WORK NOT YET FINISHED AND COMPANY FACING FINANCIAL TROUBE LAST YEAS LOST 498 MILLION DIRHAMS
I DONT HOW THIS COMPANY IT WILL FINISH THE PROJECT

Podium is really looking nice - drove past it today:

http://i46.tinypic.com/dvh7hh.jpg

Nice shot! :applause:

I wish there were more pictures like that last one. Good job.

Yeah, nice palm tree. When you say podium, are you referring to the structure on the left to the tower itself and has some 3 floors?

Yeah, nice palm tree. When you say podium, are you referring to the structure on the left to the tower itself and has some 3 floors?

Yeah, and off the picture on the right hand side. The podium wraps around 3 sides of the building and spills water down into the water body at ground level. Its cool but absolutely massive.

BUT its reliant on the DIFC link being complete at some point. All the buildings in DIFC (which are currently jacked up 2/3 stories) will start to make a lot more sense.

I wish there were more pictures like that last one. Good job.

Gee, thanks guys! I must say however, that IMRE by far is the greatest updater of all time.

I will go and take some more pictures of the lower section over the weekend and post them for you.

The reason why I like it is because it's just a simple street view of the building.

Dubai really isn't seen that much up close at ground level.

Nice shot! :applause:

really ?? youre esily pleased:lol:

http://i49.tinypic.com/jkkrrr.jpg
http://*************************/dubai/burj_khalifa_skyscraper.htm

Gee, thanks guys! I must say however, that IMRE by far is the greatest updater of all time.

I will go and take some more pictures of the lower section over the weekend and post them for you.

Did you ever get round to taking the pictures of the podium man?

Did you ever get round to taking the pictures of the podium man?

Sorry man, last two weekends very rainy (last weekend) and dusty (this weekend). Have got my camera ready to go in the car. Hopefully this week when I drive by!

http://i45.tinypic.com/30ni59w.jpg

http://i48.tinypic.com/2i12fcl.jpg

http://i49.tinypic.com/ih4ak1.jpg

http://i45.tinypic.com/23rwkma.jpg

http://i49.tinypic.com/ffa1ip.jpg

http://i47.tinypic.com/prwhg.jpg

http://i49.tinypic.com/308gmxy.jpg

http://i46.tinypic.com/nxjm7c.jpg

http://i45.tinypic.com/32zksgj.jpg

http://i45.tinypic.com/rmqljm.jpg

http://i46.tinypic.com/2u799j9.jpg

http://i47.tinypic.com/28qq7lu.jpg

These close ups show the very heavy materials used with lots of walls of concrete.

These close ups show the very heavy materials used with lots of walls of concrete.

Great pictures of the podium. You can definitely see some progress down there now.

It makes you realise just how reliant it is on the difc 'retail spine' though!!

I wonder if they're going to ramp up the landscaping towards the front drop-off?

They're still saying 'End of June' for handvover. I wonder!

The tower structure is done ! What's still missing?

Imre? Complete section?

^^ I don't like moving stuff prematurely like this. Not moving until every last piece of scaffolding is gone and all building is done.

Just a question...

http://i40.tinypic.com/21c6s1d.jpg

Podium is under c

Once this opens we will be faced with the dilemma - do we want to live in the worlds largest tombstone, or would we rather see it every day!

Does anyone have any plans of the podium?

Once this opens we will be faced with the dilemma - do we want to live in the worlds largest tombstone, or would we rather see it every day!

shut up guy, this tower isn't that awesome but even better than nothing :bash:

the tower should be named "The MUCHO" of business by, and topped out with a GIANT Mexican hat instead. then people would love it!!

19/March/2010

The Index

http://i44.tinypic.com/20fc18j.jpg

http://i42.tinypic.com/1i1y0w.jpg

http://i41.tinypic.com/nx29at.jpg

http://i39.tinypic.com/14ui7v4.jpg

http://i40.tinypic.com/21l1qc4.jpg

http://i43.tinypic.com/4ztc7c.jpg

http://img139.imageshack.us/img139/2528/img2686y.th.jpg (http://img139.imageshack.us/i/img2686y.jpg/)
http://img32.imageshack.us/img32/4708/img2668pn.th.jpg (http://img32.imageshack.us/i/img2668pn.jpg/)
http://img189.imageshack.us/img189/2054/img2667g.th.jpg (http://img189.imageshack.us/i/img2667g.jpg/)
http://img710.imageshack.us/img710/271/img2666u.th.jpg (http://img710.imageshack.us/i/img2666u.jpg/)
http://img209.imageshack.us/img209/4426/img2663n.th.jpg (http://img209.imageshack.us/i/img2663n.jpg/)
http://img268.imageshack.us/img268/2340/img2654l.th.jpg (http://img268.imageshack.us/i/img2654l.jpg/)
http://img17.imageshack.us/img17/6200/img2653l.th.jpg (http://img17.imageshack.us/i/img2653l.jpg/)
http://img687.imageshack.us/img687/777/img2652.th.jpg (http://img687.imageshack.us/i/img2652.jpg/)
http://img514.imageshack.us/img514/5975/img2651h.th.jpg (http://img514.imageshack.us/i/img2651h.jpg/)
http://img651.imageshack.us/img651/7272/img2650g.th.jpg (http://img651.imageshack.us/i/img2650g.jpg/)
http://img682.imageshack.us/img682/7664/img2649l.th.jpg (http://img682.imageshack.us/i/img2649l.jpg/)
http://img203.imageshack.us/img203/4041/img2648ov.th.jpg (http://img203.imageshack.us/i/img2648ov.jpg/)
http://img14.imageshack.us/img14/6407/img2645i.th.jpg (http://img14.imageshack.us/i/img2645i.jpg/)
http://img43.imageshack.us/img43/4066/img2642u.th.jpg (http://img43.imageshack.us/i/img2642u.jpg/)
http://img11.imageshack.us/img11/9937/img2641f.th.jpg (http://img11.imageshack.us/i/img2641f.jpg/)
http://img248.imageshack.us/img248/9366/17554365.th.jpg (http://img248.imageshack.us/i/17554365.jpg/)

^^
Did you go to the site? How did you get access inside the building?

^^
Did you go to the site? How did you get access inside the building?

Yeah UP are doing flat visits at the moment (trying to appease pissed off owners without actually committing to anything) So I got it to see my apartment...which was cool.

I wanted to get up onto the podium and enter the building through the front door but wasn't allowed. It is a hive of activity on site now... they were busy laying the ground surface when I was there.

Not really a hive of activity, I counted 8 workers.

Thank you for the interior shots though.


Click below for the view of the Podium from Liberty House.

Click here for podium Images (http://www.skyscraperlist.com/forum/showthread.php?70)

http://i40.tinypic.com/k96d55.jpg

Not really a hive of activity, I counted 8 workers.



Don't know. I went there today to book an appointment to see my flat and I counted more than 20 workers. That was around midday.

J3NdFze5fzI

View of DIFC Buildings from the roof of liberty house

I could only see the back side, from high up. I estimate worst case senario is end of this year, though likely August for handover.

I can imagine most owners are looking forward to moving in.

I could only see the back side, from high up. I estimate worst case senario is end of this year, though likely August for handover.

I can imagine most owners are looking forward to moving in.

I wonder what the % occupancy of the offices will be ? --that will good indication of a recovery (OR NOT ?)

Love tne tower as always !

Investors file case against Dubai's Union Properties

by Jason Benham on Monday, 29 March 2010

More than 30 investors have filed a breach of contract case against Dubai developer Union Properties for the non-delivery of homes on one of its projects, a local daily reported on Monday.

The developer's Index Tower project which is under construction in the Dubai International Financial Centre, should have been completed two years ago, the suit claims, according to newspaper Emirates Business.

"The respondents' continuing failure to deliver the units and the failure of the respondent to issue SPA (sale and purchase agreement) in a timely manner is a breach of its contractual obligations," according to documents seen by the paper.

Union Properties' chairman Khalid bin Kalban told Reuters he was unaware of the legal case. "There are complaints of course but management is dealing directly with them," he said. Earlier in March, the firm said it received "negotiable" offers for its Ritz Carlton hotel in Dubai, which the debt-laden firm is hoping to sell for about AED1.5 billion ($408.5 million).

The developer has AED6.5 billion of outstanding debt, of which AED2.8 billion had been rescheduled for payment to 2011 from 2009, with the remainder maturing in the long term.

The firm's shares were off 1.9 percent at AED0.5 a share at 0716 GMT, underperforming Dubai's index which slipped 0.3 percent. (Reuters)

arabianbusiness (http://www.arabianbusiness.com/584806-investors-file-case-against-dubais-union-properties)

Expected Handover : 19th September 2010.

Precisely Two Years Delayed!

Multiplex walked off site last Wednesday due to overdue non-payments from UP. Still unresolved as of today.

^^ Does this has to mean EVERY works on this tower are now on hold, or are there any other contractors left on the site that could finish the building? Or was multiplex even the only left contractor on site till past wednesday?

This is purely absurd. The tower is almost completed! What are the contractors thinking?

Can UP pay the contractors without any money? No.
Can UP make any money with an unfinished tower? No.
Do your math.

Bite it for a few more weeks and finish the building.

^^ ok few other questions.

Why should the contractors work without beeing paid?
how should contractors pay their bills etc. without making any profit with the businesses they are doing?

Would you work for free to just finish a developers building, because its nearly completed, allthough he already owes you money?

I somehow understand what you think, but the contractors are doing it right IMO.

As mentioned UP has already made 2 years delay in completing this tower, think about what this means for the investors. Sorry no sympahty for UP.

^^ Does this has to mean EVERY works on this tower are now on hold, or are there any other contractors left on the site that could finish the building? Or was multiplex even the only left contractor on site till past wednesday?

That is my understanding. Sub-contractors to Multiplex have also been put on hold until the issue is resolved.

It appears from recent press articles that UP is still struggling to raise finance. I expect it will be resolved eventually as obviously UP cannot collect final payments until the building is finished.

Damn, so the Index along with UP is in deep shit. -.-

Many contractors asking the final payment or bank guarantee before the finishing, as many example in Dubai and UAE , they wont have the last payment if they just simply finish everything.

This is the main reason why many towers ON HOLD just before the completion.

^^ ok few other questions.

Why should the contractors work without beeing paid?
how should contractors pay their bills etc. without making any profit with the businesses they are doing?

Would you work for free to just finish a developers building, because its nearly completed, allthough he already owes you money?

I somehow understand what you think, but the contractors are doing it right IMO.

As mentioned UP has already made 2 years delay in completing this tower, think about what this means for the investors. Sorry no sympahty for UP.

Well, investors certainly will not be happy with further delays due to contractors leaving the site, that's for sure. And I'm not sure if there is any money to be made by finishing the tower, but I suspect there is some final payment from the investors pending upon completion, that could be used to pay the contractors. I'm not really sure Multiplex can't afford several months of work more either.

Of course it's not Multiplex's business to credit UP operations. But the way I see it it is a difficult situation that can only be resolved by working together and not by walking away on each other.

It's either: Multiplex leaves-UP is left with unfinished tower-Investors don't get their property-UP cannot collect any money to pay the contractors, OR somehow Multiplex and UP manage to finish the tower-the building gets handed over-UP collects money from the investors-Multiplex gets paid. Seems obvious which one of those ways is better for everyone.

Multiplex walked off site last Wednesday due to overdue non-payments from UP. Still unresolved as of today.

^^
Has the work stopped on the Limestone House as well? It is a different contract so maybe not. I was told though that site inspections have been suspended due to some inspection that is underway.

Damn, so the Index along with UP is in deep shit. -.-

Any developer that bought land in front of index at the peak of the market, would be in the same position

Multiplex walked off site last Wednesday due to overdue non-payments from UP. Still unresolved as of today.

Hey, how did you find out this information? Do you know what the situation is now? Would you mind keeping this thread posted if the situation changes?
That would be much appreciated.
Cheers

Extreme disappointment for the investors. Its like Chinese Water Torture.

Investors will have to rely on the ongoing legal proceedings against UP in the DIFC courts. Although, what are the chances of succeeding against a broke developer.

Drove past today. Workers are back working on the podium. About 20-30 of them.

^^I believe an interim payment has been made to try get things moving again, however it may only be a temporary fix.

but all they really have to do is give it a good dusting...and its done. Couple of months and its all over.

Was at the site yesterday. Was a hive of activity at the podium level. The security said work was back on since last week and the issues have been resolved (to the extent that he would know anyway).

Damn, so the Index along with UP is in deep shit. -.-

Maybe. UP are in it deep, but at least they are behaving more honestly than many. Their problems stem from being heavily fined by the Taste Police for multiple crimes against architecture. I mean 'cmon - this looks nothing like the original render. if Norman Foster was dead he would be lying uneasily in his grave - and his tombstone would look like this monstrosity.

I think it was a 'Freudian slip' when their advert at DXB Terminal 1 said "Index - Minimal Sophistication"

Maybe. UP are in it deep, but at least they are behaving more honestly than many. Their problems stem from being heavily fined by the Taste Police for multiple crimes against architecture. I mean 'cmon - this looks nothing like the original render. if Norman Foster was dead he would be lying uneasily in his grave - and his tombstone would look like this monstrosity.

I think it was a 'Freudian slip' when their advert at DXB Terminal 1 said "Index - Minimal Sophistication"

I think it looks exactly like the original render and is beautiful. Just my opinion.

http://i50.tinypic.com/2lxiji1.jpg
http://www.flickr.com/photos/teseum/4577313865/sizes/l/

Great News

The Index Tower has powered by DEWA................ hope this news will reach to all investors as a great relief.

Regards

Sweet Lord, it looks monumental.

Great News

The Index Tower has powered by DEWA................ hope this news will reach to all investors as a great relief.

Regards

Yes, I spoke to UP today who confirmed the same. Handover process commences in June (snagging etc) with final handover aimed for September.....:banana:

Oh I forgot to add - UP have nearly signed a deal with an Abu Dhabi investor on the Ritz Carlton at a price acceptable to them. This is going to be a huge liquidity boost for UP. I heard this from a VERY good source.

Oh I forgot to add - UP have nearly signed a deal with an Abu Dhabi investor on the Ritz Carlton at a price acceptable to them. This is going to be a huge liquidity boost for UP. I heard this from a VERY good source.

Good stuff!

All investors need now is for the legal proceedings against to go according to plan!!

I think it looks exactly like the original render and is beautiful. Just my opinion.

Fair comment, Desieye, one man's meat is another man's poison. One thing I am sure we can agree on is that buildings nearing completion getting completed is good. Fair play to UP.

Dubai’s Union Properties Nears Ritz-Carlton Sale to Fund Towers
2010-06-08 20:00:01.0 GMT


By Zainab Fattah
June 9 (Bloomberg) -- Union Properties PJSC is close to
selling its Ritz-Carlton hotel in Dubai and plans to dispose of
other assets after the developer “got distracted” during the
property boom and took on projects and businesses that were a
poor fit, its chairman said.
The company “got involved in so many businesses that were
not core,” said Khalid Bin Kalban, who took over when Chief
Executive Officer Simon Azzam resigned a year ago after 23 years
in charge. “I don’t understand the rationale.”
Union Properties, Dubai’s third-largest developer, halted
projects after credit dried up in the financial crisis and an
increasing number of customers defaulted. In 2009, the company
reported its first full-year loss and suspended work on F1-X, a
Formula One theme park in the MotorCity development at the Dubai
Autodrome race track.
“MotorCity was created around the concept of having a
superior race arena and many people would question the wisdom of
getting involved in that,” Bin Kalban, 52, said in an
interview. “The company got involved and it wasn’t a core
business.”
The chairman said he’s in discussions with seven potential
buyers for the Ritz Carlton in the Dubai International Financial
Center and is “very close to concluding a deal” that may
include cash and the assumption of debt tied to the project. In
the past two months, Union Properties sold a building in the Umm
Suqeim neighborhood for more than 140 million dirhams ($38
million) to supermarket operator Spinneys, he said.
Proceeds from planned asset sales will go toward completing
its Index project in July and Limestone House in August. The
Ritz Carlton will open in September if it hasn’t been sold by
then, the chairman said.

Index, Limestone

The developer is looking to bring in partners to complete
F1-X, the chairman said. Union Properties will first finish the
80-story Index, an office and residential tower, and the
Limestone House apartment building in the DIFC and then turn to
projects that are 70 percent to 75 percent complete. It also
plans to finish the Renaissance hotel and the Marriott Courtyard
in MotorCity, Bin Kalban said.
Union Properties has about 1 billion dirhams of liabilities
due this year. Bin Kalban said he expects to collect about half
of that amount from property buyers in 2010 and 2011 after
renegotiating repayment terms with defaulters.
Unlike many Dubai developers, Union Properties wasn’t born
out of the city’s property boom. The company was founded in 1987
and first sold shares to the public in 1993. Azzam stepped down
in June 2009 without naming a replacement. That put the company
in the hands of Bin Kalban, a former United Arab Emirates
Central Bank official who also holds the title of CEO at Dubai
Investments PJSC.

Old Neighborhoods

Union Properties holds assets in some of the oldest and
most popular parts of Dubai such as Jumeirah, Al Satwa and Al
wasal which are almost 100 percent occupied and have held their
value better than other parts of the city, Bin Kalban said.
The chairman plans to sell some of those older assets
because market prices are “better than what we have on the
books” and managing small, scattered housing compounds is
costly and time-consuming.
Divisions such as Emirates District Cooling LLC, known as
Emicool, Property Investments & Development, Electro-Mechanical
Contracting, or Thermo, should also be sold, Bin Kalban said.
“This is where Union Properties got distracted,” he
said. “Everybody was following the model that whatever you get
into, you will make money.” The developer’s main business has
“nothing to do with Emicool and any other facility or
contracting activity.”

‘Liquidity Issues’

Selling the units “may take some time because of the
liquidity issues,” he said.
The company scrapped plans to expand in Asia and Europe
after projects stalled in its home market. Bin Kalban blamed a
“mismatch” of funding, which was largely based on sales of
uncompleted properties.
Union Properties has fallen 47 percent in Dubai trading
this year, cutting its market value to 1.22 billion dirhams. The
June 7 closing price of 36.6 fils compares with 5.15 dirhams at
the peak on July 24, 2008.
Bin Kalban said the company will be able to settle around
600 million dirhams of liabilities against halted projects.
Contractors are owed no more than 200 million dirhams, he added.
The company, which last year reported a loss of 498 million
dirhams, is counting on the tourism industry to help it weather
the crisis. Union Properties plans to create a legal entity to
better manage and grow its hospitality business. It owns five
hotels in Dubai, including the Courtyard Marriot, Marriot
Executive Apartments and the Renaissance Hotel.
“There is a jam in the system and money isn’t
circulating,” the chairman said.

http://i49.tinypic.com/25hhd37.jpg

Have any of you Index owners been for your snagging visit yet??? This was promised repeatedly to happen in June. I'm fully expecting this to be yet another abject lie.

Also, any news on the lawsuit against UP??!

http://i49.tinypic.com/2nbbnd5.jpg
http://i46.tinypic.com/5m9ws5.jpg



20 June 2010

Amazing picture, thanks, sale. Looks perfect.

Message from the Limestone House Forum: Same applies here!


Quote:
Originally Posted by live action
Just received this email from UP:

The Sales & Purchase Agreement for Limestone House™ is ready, should you wish to proceed with signing the SPA kindly advice so that I can arrange to keep it ready in advance. Kindly find attached a draft copy of the SPA for your review.

Expected handover date is 30th of September 2010 (as per the SPA), apartment orientation site visits are expected to be conducted in June – July and all the clients will be notified 10 days prior to this visit where all the snagging remarks will be registered and rectified by the contractor on site prior to handover.
The SPA allows this date (30/09/10) to be moved by 12 months and then further into the future if needed by UP. The SPA, if signed removes any rights you have for compensation due to the delays, size of apartment and anything misleading in the sales process or marketing material. You are also agreeing to pay all charges on your unit and for up keep of the common areas without a price being mentioned. I have only got to page 19 out of 37 but it seems to be normal Dubai as it is totally one sided for UP and the DIFC Auth.

16/July/2010

The Index

http://i32.tinypic.com/2qly4k8.jpg

http://i31.tinypic.com/2rz83u8.jpg

http://i29.tinypic.com/de8p37.jpg

http://i31.tinypic.com/k9askm.jpg

If you're fortunate enough to be moving into one of the penthouses when Index is completed, this will be your view:

http://www.gigapan.org/gigapans/54457/

Yes a nice view from inside this building. Shame that the Index has to be in the view of others.

Had no idea the Glass was so far along on the Park Towers until looking at that last picture. :)

If you're fortunate enough to be moving into one of the penthouses when Index is completed, this will be your view:

http://www.gigapan.org/gigapans/54457/

What's the quality like up there Gerald - view is gorgeous !!

What's the quality like up there Gerald - view is gorgeous !!

Didn't even look inside an apartment - sorry!

The view is stunning though.

Ill send you some inside shots manu,

Ill send you some inside shots manu,

Thank you mate
Wish i hadn't blown my cash this place is cheap now and stunning view

CURRENT/NEW anticipated handover date is first week of November....

...UP's lies continue.

http://i52.tinypic.com/2ymd3bc.jpg
Emirates 24|7 (http://www.emirates247.com/)

A lot of people have mixed emotions about this building, but I love it! It's brutally awesome! :D

02 Oct 2010

http://img340.imageshack.us/img340/8582/dsc0073st.jpg (http://img340.imageshack.us/my.php?image=dsc0073st.jpg)

ATTN: Index Investors

Anymore UP investors wishing to pursue UP for compensation, please email me urgently:
hijjasfhertid@gmail.com

November 28th

Zoomed from afar

http://i55.tinypic.com/hw03u8.jpg

http://i55.tinypic.com/280nn9x.jpg

http://i55.tinypic.com/2wlsqc9.jpg

It's mewo completed,, first tenants moving in this week I hear..

I love this building. Can we move it to Completed or is it still not ready?

It's mewo completed,, first tenants moving in this week I hear..

What % age sold ?

http://i53.tinypic.com/8x651w.jpg

http://www.skyscraperlist.com/showthread.php?70-THE-INDEX-86F-Mixed-Use-328m/page2#post2630

Taken by 234sale (http://www.skyscrapercity.com/member.php?u=72175). :cheers:

http://www.dxbae.com/images/index_tower.jpg

Done?

Done?

Ah good question. Yes the building is done EXCEPT for the pool and gym levels. The dirty dirty developer Union Properties is trying to extort money from poor investors by forcing them to lease their OWN pool + gym from a third party - like Fitness First. This is on the back of a three year delay (entirely the developer's fault) and forcing investors to pay an extortionate and very questionable 40AED/sq foot service/community charge.

Ah good question. Yes the building is done EXCEPT for the pool and gym levels. The dirty dirty developer Union Properties is trying to extort money from poor investors by forcing them to lease their OWN pool + gym from a third party - like Fitness First. This is on the back of a three year delay (entirely the developer's fault) and forcing investors to pay an extortionate and very questionable 40AED/sq foot service/community charge.

One would question why any future potential investor would see Union Properties as a credible prospect.

They have a pool inside the building, halve way up ad well.. Gerald and I have seen it.

Maybe its a good thing if the pool is seperate, it won't be in the service charge fee..?

Ah good question. Yes the building is done EXCEPT for the pool and gym levels. The dirty dirty developer Union Properties is trying to extort money from poor investors by forcing them to lease their OWN pool + gym from a third party - like Fitness First. This is on the back of a three year delay (entirely the developer's fault) and forcing investors to pay an extortionate and very questionable 40AED/sq foot service/community charge.

40?
:eek2:

Ah good question. Yes the building is done EXCEPT for the pool and gym levels. The dirty dirty developer Union Properties is trying to extort money from poor investors by forcing them to lease their OWN pool + gym from a third party - like Fitness First. This is on the back of a three year delay (entirely the developer's fault) and forcing investors to pay an extortionate and very questionable 40AED/sq foot service/community charge.

40aed psf -- rents will hardly cover that !!!!

BUY TO LET HERE WONT WORK !!!

This is on the back of a three year delay (entirely the developer's fault) and forcing investors to pay an extortionate and very questionable 40AED/sq foot service/community charge.

Pants down and bend over!

Pants down and bend over!

If Cameron Diaz behind YES please :lol::lol: but not UP
:lol:

http://i56.tinypic.com/2hxcd4l.jpg
http://insidethemiddleeast.blogs.cnn.com/2011/01/23/haute-cuisine-dining-in-dubai%E2%80%99s-at-mosphere/

40?
:eek2:

:bash: init,, Look at Tijara Residence, hotel managed by the same fm company,, 2/3rd less than this price...

28/January/2011

The Index

http://i53.tinypic.com/13zd7ux.jpg

http://i55.tinypic.com/68d2xf.jpg

http://i54.tinypic.com/29imq1.jpg

Has anyone signed a lease(Office) in the Index yet ?

04/February/2010

The Index

http://i56.tinypic.com/eaqq9k.jpg

http://inhabitat.com/the-index-tower-by-fosterpartners-gets-nod-for-its-cool-design-in-dubai-sun/

All very quiet, is anyone in this tower yet?