#UNDER C: ALAREIFI MARINA, 32F Res

[Dubai-Lover]

Name: Alareifi Marina
Floors: 32
Height: ?
Use: Residential

developer: www.natcome.com

http://tinypic.com/5p3eht

http://tinypic.com/5p3fv7

[Dubai-Lover]

this was in the gulf news freehold property section

and what a crappy tower!

[SA BOY]

its probably someones first attempt at being a property developer, with a cheap ass architect

[AltinD]

I have some question:

Why are there two pointing arrows on the location map?
What does it mean the one with Arabic writting?
Did they use someone's else map and forgot to remove his notes or that marina side place is perhaps a barge for parking boats, belonging to this building's residents?

[Dubai_Boy]

It says "Garden" in Arabic ;/

[dubaiflo]

a tower with a garden ? hope it is a public park or something...
32 F is not bad, will be a good addition to marina skyline, nevertheless the tower is ugly , at least in those b/w renders.
looks like marina diamond with 32 stories , doesn't it :D?

[juiced]

What renders? Where are these renders?

[juiced]

TINYPIC works now! :D :D :D

[dubaiflo]

that is really a MD with 32 F ... lol

[Dubai-Lover]

full page ad in gulf news today

and guess what they have done! :hilarious

they have put the render of the tower on the deira corniche in their advertisement :hilarious

you gotta see this :rofl:



and now it comes even better, their description of the project
(copied from the newspaper, check their english skills!)

Al areifi Marina tower locatred in Dubai marina in a strategic site emerge on the most famous architectural project in the world such as the Dubai palm, The world island, and burj Al Arab to make obtainable to had one most luxury apartment in Dubai


Al areifi Marina tower grants you a selective collection of apartments to be suitable with your life style, there is variety in this collection such as super deluxe and luxury apartment distinguished by vastness consisting of three bedrooms.

If you prefer small apartments, there is a selection of two bedrooms, one bedroom and studio apartments htat have been designed specially to fit the needs of smaller families or couples. The view overlooks the sea on one side, green landscape on the othere and fascination marina towers.

Consist of thirty five floors, three parking lots, the tour includes different services:
...


WHAT THE FUCK IS THIS??????????? :eek:
they surely know how to market this hot property :rofl:

[Krazy]

It's gotta be some sorta joke, they cant be serious

[Dubai-Lover]

added to emporis

[AltinD]

It seams they have used a internet translation service. If the ad is this bad, imaggine the tower it self :lol:

[Dubai-Lover]

whatever has to do with this tower, it's crap :lol:

architects, marketing, location,.... :rofl:

[dubaiflo]

that would be something for juiced to buy in.

[juiced]

that would be something for juiced to buy in.

and then resell to you, because the developers would refuse to sell directly to someone like you ;)

[dubaiflo]

i dont want it.

[scorpion]

It seams they have used a internet translation service. If the ad is this bad, imaggine the tower it self :lol:


i think they used an internet translation-service for the DESIGN!!

:hahano:

[DUBAI]

LMAO!~ this is hillarious!

btw, on a more serious note, this tower has been renamed,

"dubai comedy tower and garden"

[Dubai-Lover]

no, even better,

according to today's gulf news ad this is tower is 50% sold

i'd like to see those stupid guys who invested in this tower and even more who found this advertisement convincing :eek2:

[DUBAI]

lol, perhaps we should all put a bit of money together and buy an ad in the gulf news. for a 20 story tower. put a map of dubai there with about 6 arrows pointing to different parts of town. we could also include a cartoon sketch of a tower.

i propse...."the juiced tower"

[dubaiflo]

we could even make a 100 floor proposal, and sell all the apts, that would be more money.
an ad in gulf news, that should be affordable.
the tower will be called weisswurst and sauerkraut center.

[dazz]

http://www.tp.spt.fi/~jukarkil/uae/big_boss.gif
http://www.strategiy.com/inews.asp?id=20050703175114
"Saudi Arabia's Al Areifi Real Estate Development has awarded Ebtikar, a Bahrain-based marketing consultant specialized in GCC real estate, a $70m contract for their new Al Areifi Marina Tower in the exclusive Dubai Marina."

some details:
412,427 sq ft tower, 300res units (studios, one bedrooms, two bedrooms, three bedrooms, duplexes and villas), private pool in each floor.
Food court, cafe and retail shops on ground floor and car parking in the basement.

according to above news source the tower is 35 floors

[DUBAI]

Hmm i think this tower should give out a free dancing llama with every room!

[dubaiflo]

pool in every floor... i wonder how that will work, but should be great if it is on the front overlooking the marina...

[juiced]

What a strange name

[Dubai-Lover]

some unexected details
i mean the price and the pools
still doesn't make the tower a good one though

[Dubai-Lover]

how can this be?


Dubai tower draws huge investor interest
Posted: Sunday, August 14, 2005




Dubai


Ebtikar, a Bahrain-based marketing consultant, has announced that Dubai's Al Areifi Marina Tower, marketed by the company, has attracted massive interest by investors.

It said only 35 per cent of the apartments are now available for purchase.

A number of road shows were recently held in different GCC countries, including Bahrain, Qatar and Saudi Arabia, to highlight the project's investment potential, architectural excellence, state-of-the-art convenience, sophisticated infrastructure, exclusive locale and unparalleled luxury. Response to these road shows was highly positive and elicited not just enthusiastic enquiries but, also, immediate property purchase, a spokesman said.

Located in the heart of the exclusive Dubai Marina area, Al Areifi Marina Tower rubs shoulders with such spectacular architectural projects like the Palm Islands, World Island and Burj Al Arab, and stands as a defining statement for opulent living, he said.

"The response to Al Areifi Marina Tower has been huge and we would encourage interested buyers to contact us as soon as possible to avoid any disappointment," said Thamer Al Muqla, Vice Chairman of Ebtikar.

The 412,427 sq ft, 35 floor-tower comprises 300 elegant units, furnished with full luxury amenities. Apartments include chic and tastefully decorated studios, one bedroom, two bedrooms, three bedrooms, duplexes and villas. Each floor boasts its own private pool , in addition to the building's outer pool.

Based in Bahrain with a representative office in Saudi Arabia and affiliates region-wide, Ebtikar is part of the Gulf Marcom Group (GMG), which also comprises Gulf Saatchi & Saatchi, who are handling the branding and advertising component of the project; T&M Eventscom, who are handling the public relations and events management; Gulf Hill & Knowlton, Gulf Translations, and Enjaz Business Development Company.

[DUBAI]

scammers like to make themselves look important???

[Dubai-Lover]

sign board
http://tinypic.com/avfp7n.jpg

render, any better??? HELL NA! :D
http://tinypic.com/avfpyo.jpg

[Dubai-Lover]

today they were cleaning the site already!

http://tinypic.com/avfq82.jpg

[dubaiflo]

wow looks tall in that render. thanks.

[Dubai_Boy]

Great

[Dubai-Lover]

website is www.alareifimarina.com

damn, in this animations it almost looks great
much better than i expected

[Dubai-Lover]

today

http://tinypic.com/fbj8ed.jpg

[Chad]

I just noticed it's similarity with The Arabian Crown.

[Dubai-Lover]

today

http://tinypic.com/i3v1ck.jpg

[Dubai-Lover]

today

http://tinypic.com/io2b1k.jpg

[Dubai-Lover]

today

http://tinypic.com/k4atlz.jpg

[dubaiflo]

not much happened..thought piling must have been underway now...

[malec]

Gowealthy are selling this tower now

http://www.gowealthy.com/realestate/uae/dubai/alareifimarina/index.asp

http://www.gowealthy.com/realestate/uae/dubai/alareifimarina/images/location.jpg

[Stephan23]

Yeah, and it says under construction!!!!

[thedubailife]

Room sizes look smaller then average the one beds as an example are only 58 sq mt, But they psychologly they seam cheaper, but there 2 beds are only slightly bigger then a one bed in say for example infinty tower for the exact same price, which is in a better location in the marina.

[dubaiflo]

i also read today it is UC already. so change that please anyone.

location for this one is among the worst in the marina.

[Dubai-Lover]

today

http://i1.tinypic.com/ngsrc8.jpg

[Naz UK]

Just seen this tower thread...just wana say....er..."HAHAHAHAAAA HAHAHAHAHAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA HAHAHHAAAAAAAAAAAAAAAAA HAAAA HA HA HA ".

I'm done.

One more..."Hahahahaaaaaaaa".

[malec]

What's wrong with this tower?

[dubaiflyer]

Wow...this is really funny thread, great entertainment! If this tower is 50% sold, it was certainly not the advertising that did it. Maybe the developer has a very large family that all want to live together....and enjoy gardening!

[Naz UK]

Its not even the tower, its the unbelievable marketing of it! If they have used this multi-million dollar marketing agency for the publicity, they should sue them for every last penny, and then use the money they win build a decent tower!

[dubaiflyer]

This, taken from the Go Wealthy website, , speaks volumes about the ineptitude of the marketing for this tower.

"Alareifi Marina invites you to indulge in the sheer pleasures of life, spend a quiet evening on your balcony gazing at the unfathomable sea and drown in it’s ethereal beauty, or contemplate as the yachts sail by, or indulge in a long afternoon by the misty pool ". Drown in the sea? A misty pool? Perfect copywriting! :bash:

[malec]

So if you buy in this tower you'll drown in the sea :hahaha:

[dubaiflo]

http://i3.tinypic.com/vomtj6.jpg

excavation completed.

[Krazy]

this should be under construction now.... hopefully! can someone check on this one this weekend?

[Plet]

Any news on this one?
Is it standing right on the water front?
When will it be finished? This year?

[laguna33p]

I have the latest pic, how do you post photo on here?

[Krazy]

go to www.tinypic.com
upload the picture there
copy the [img] tag that appears after you're done uploading
paste it here and post

[laguna33p]

Thanks.....pic straight from developer who say construction upto 2 floors...cant see it myself

http://i18.tinypic.com/33xya20.jpg

[Dubai Bob]

when there myself last week, one of the workers told me that they only 15 weeks behind the original schedule, should be ready april 2008. anyone else have any info?

[Imre]

this will not ready in 2008, 2009 more possible...

[Dubai Bob]

this will not ready in 2008, 2009 more possible...

Someone told me that any delay beyond july 2008, there is a financial penalty written in the contract, is this true?

[Imre]

I dont know... depends on the company , some companies give compensation but most of not..

[Imre]

15/May/2007

ALAREIFI MARINA

http://img511.imageshack.us/img511/4928/imresolt65vw2.jpg (http://imageshack.us)

http://img338.imageshack.us/img338/1118/imresolt14tu6.jpg (http://imageshack.us)

[Dubai Bob]

Great Pics, Al Alrefi is the second one in from Manchester Towers isnt it?

[Imre]

yes

[tailspin]

Does any one have an idea of when this building will really be ready by?

[Imre]

I would say , minimum 2 years

[anacreon]

A good incidental shot there of the Lighthouse site - still no movement there I see!

[Sady]

Hi Everyone,
Yet again I have been told yesterday by Alareifi that the completion has now been moved to Dec 2008. :ohno:

Has anyone got any latest picture as Alareifi told me they have finished 2 floors?

According to my contract this was due to finish next month. Has anyone started any proceeding to get the fine paid?

I do hope the project get completed eventually. Has anyone bought this apartment and is worried like me?:bash:

Regards

[Imre]

07/07/2007

ALAREIFI MARINA , it was just a gossip that the construction halted , lots of workers at the site and rising now

http://img513.imageshack.us/img513/9987/imresolt18nj3.jpg (http://imageshack.us)

http://img513.imageshack.us/img513/2241/imresolt19vj3.jpg (http://imageshack.us)

http://img513.imageshack.us/img513/4964/imresolt31tp0.jpg (http://imageshack.us)

http://img354.imageshack.us/img354/3116/imresolt32ok6.jpg (http://imageshack.us)

[Sady]

You are a STAR Imre, thank you

[Imre]

27/July/2007

ALAREIFI MARINA

http://img518.imageshack.us/img518/7751/imresolt097nf8.jpg (http://imageshack.us)

http://img515.imageshack.us/img515/6196/imresolt098ce1.jpg (http://imageshack.us)

http://img518.imageshack.us/img518/3519/imresolt108zo7.jpg (http://imageshack.us)

[True Blue]

The new interchange works may be affecting the access to the site and slowing things down a little.

[Sady]

Thank you very much Imre.

This building is taking all the time in the world to rise. I wonder when it will be completed!

[Imre]

10/Aug/2007

ALAREIFI MARINA

http://img187.imageshack.us/img187/3774/imresolt013cb9.jpg (http://imageshack.us)

http://img168.imageshack.us/img168/1134/imresolt014yd8.jpg (http://imageshack.us)

[Sady]

It looks like they have completed the 3rd floor and is now on the 4th floor.

Many thanks Imre.

Sady

[Imre]

14/August/2007

ALAREIFI MARINA

http://img161.imageshack.us/img161/767/imresolt57yk5.jpg (http://imageshack.us)

http://img161.imageshack.us/img161/6295/imresolt16ai2.jpg (http://imageshack.us)

[Sady]

Thats an excellent picture Imre, Thanks.

[Imre]

26/Aug/2007

ALAREIFI MARINA

http://img167.imageshack.us/img167/205/imresolt01hd5.jpg (http://imageshack.us)

http://img253.imageshack.us/img253/8229/imresolt02zr2.jpg (http://imageshack.us)

[yasir_hilali]

I thank you very much for your continuous update by pictures Imre, and i hope you keep this up :D

[Imre]

07/Sept/2007

ALAREIFI MARINA

http://img265.imageshack.us/img265/9255/imresolt001ra6.jpg (http://imageshack.us)

[laguna33p]

any update on this one? btw, i have seen apartments advertised in this tower for less than £50k, what is the reason for this? and does this make it the cheapest place to buy in dubai marina?

[yasir_hilali]

any update on this one? btw, i have seen apartments advertised in this tower for less than £50k, what is the reason for this? and does this make it the cheapest place to buy in dubai marina?

where and by who was this advertised, that means the price is around 260k DHS :hm:

[thedubailife]

No it would be around the 375K AED

1 pound is around 7.5 AED at todays rate

[laguna33p]

see for yourself.....

http://www.findaproperty.com/displayprop.aspx?edid=09&salerent=0&pid=760549&agentid=08925

http://www.findaproperty.com/displayprop.aspx?edid=09&salerent=0&pid=760581&agentid=08925

http://www.findaproperty.com/displayprop.aspx?edid=09&salerent=0&pid=392897&agentid=04508

[Sady]

I sold mine on the 22nd Floor for AED 385,000 2 months ago because the project has been delayed for 2 years. According to my contract it was due to finish in May this year but has been postponed to May 2009.
The developer also refused to pay me the fine making many excuses. Hence I decided that I cannot trust them anymore for another 2 years and sold my studio to break even.
I also sold it because it took them 3 months to finish the first 2 floors but it looked like they are building much quicker now.
I wont risk my money with this developer though!
Also it looks cheap for the price but if you look at the price per sq ft its not really, because its very small compared to the other studio. For example mine was only 356 sq ft and some are even around 300 sq ft.

[Imre]

15/Oct/2007

ALAREIFI MARINA

http://img148.imageshack.us/img148/1583/imresolt67ue8.jpg (http://imageshack.us)

http://img86.imageshack.us/img86/8814/imresolt68lj0.jpg (http://imageshack.us)

[Imre]

18/October/2007


http://img81.imageshack.us/img81/8314/imresolt096wo8.jpg (http://imageshack.us)

http://img521.imageshack.us/img521/5186/imresolt097ls0.jpg (http://imageshack.us)

[Imre]

02/Nov/2007

ALAREIFI MARINA

http://img340.imageshack.us/img340/4216/imresolt190kv2.jpg (http://imageshack.us)

[Imre]

16/November/2007

http://img528.imageshack.us/img528/262/imresolt131lj2.jpg (http://imageshack.us)

[VineLLo]

Hi. I'm new on this forum...
I would know if I'm wrong to invest in this building...
Is very strange the long time to rise this and the lowest price compare to the others in Marina...
I would have some informations please.
Thank you for your answers -Francesco-

[Sady]

Hi,

You probably saw my email above that I sold mine couple of months ago as according to my contract the completion has been postponed to 2 years. I wont be surprised if there is more delay in the future. Also they refuse to pay me the find as stated on my contract and provided stupid reasons such as they did not get the permission letter from the neighbouring building as the guy was on holiday etc. Anyway, I think it is a big risk to take to invest here. However if you are not worried about the completion date, then it might be worth as it is cheaper than any other developments.
Hope this helps!

[VineLLo]

Thank you Sady for your very important informations! See you later -Francesco-

[VineLLo]

There are new photos of this building?

[Pleth]

What will be built in front of this building?
Surely it will be a even taller building that will ruin the view over the Marina? :uh::devil:

[VineLLo]

Photos photos photos :D

[yasir_hilali]

What will be built in front of this building?
Surely it will be a even taller building that will ruin the view over the Marina?
that has been worrying me too, they "say" it will be a park and nothing to affect the veiw.

Photos photos photos
yes, we love'em too,
but the guy is doing us a good favour and we can't really ask for them he's doing it for free, and i think most of us should respect that.

[VineLLo]

My dear yasir I respect the free work of the others but you're wronging because I've only ask some photos not to do the slave for me, mine was only a simple help request...bye

[yasir_hilali]

My dear yasir I respect the free work of the others but you're wronging because I've only ask some photos not to do the slave for me, mine was only a simple help request...bye

then please excuse my misunderstanding...

[VineLLo]

It's ok

[Imre]

progress is good here

14/December/2007

ALAREIFI MARINA

http://img337.imageshack.us/img337/5862/imresolt08er2.jpg (http://imageshack.us)

http://img337.imageshack.us/img337/7851/imresolt09fb3.jpg (http://imageshack.us)

[VineLLo]

Thank you Imre very much!
On january I'll stay in Dubai to buy a studio in this building...
do you know the new release date of this?
Bye!

[Imre]

18/December/2007

ALAREIFI MARINA

http://img213.imageshack.us/img213/7520/imresolt31mx1.jpg (http://imageshack.us)

http://img338.imageshack.us/img338/6206/imresolt50sr5.jpg (http://imageshack.us)

http://img213.imageshack.us/img213/6662/imresolt51qi1.jpg (http://imageshack.us)

http://img100.imageshack.us/img100/3299/imresolt52tg2.jpg (http://imageshack.us)

[CIPUS]

What is the double ground strip behind the building, the new street?

[Imre]

yes, new street for the Interchange 5.5

[CIPUS]

Very near.....

[Imre]

02/January/2008

ALAREIFI MARINA

floor Nr.13 U/C

http://img267.imageshack.us/img267/9044/imresolt10by5.jpg (http://imageshack.us)

[Imre]

23/January/2008

ALAREIFI MARINA

http://img502.imageshack.us/img502/9370/imresolt04ix2.jpg (http://imageshack.us)

[Imre]

26/February/2008

Alareifi Marina

http://img184.imageshack.us/img184/6792/imresolt16mk7.jpg (http://imageshack.us)

[yasir_hilali]

has any one else got a fax from Alareifi saying that the building was sold and stated that we should get our money back... AT THE SAME PRICE AS I PAID 2 YEARS AGO.
how can it be possible for the building to be sold all of a sudden and we buyers get kicked and have our cash thrown in our faces.

Has this happened to anyone else?
because strangely no one is complaining...

[Imre]

one of my friend has bought an apartment of Liwa Heights (JLT), after 6 months the developer sent back the money because they wanted to make an office tower there.
He got back the money without interest...

[shaffar]

has any one else got a fax from Alareifi saying that the building was sold and stated that we should get our money back... AT THE SAME PRICE AS I PAID 2 YEARS AGO.
how can it be possible for the building to be sold all of a sudden and we buyers get kicked and have our cash thrown in our faces.

Has this happened to anyone else?
because strangely no one is complaining...

My friend just told me of an email to the sort, they say the cost of building the tower has gone up & they can't continue.
I looked at his contract and couldn't see any wording allowing them to do that?

War, natural disasters, but not an increase in the build cost.



what should he do?

[Sady]

Hi,

I received a call from Alareifi yesterday asking for the phone number of the person who bought my studio about 6 months ago. The guy told me that the construction has been halted because of a problem with the Municipality.

It is clear after reading your posts above that the reason is different.

Good luck to all of you who have invested in this building or developer I should say!!!

I can imagine the stress that you guys are going through because of this.
Sady

[kamalyakub]

Yasir
I got an email from Al Areifi for same subject to collect money back.
I think we have to form group to deal jointly this subject

Kamal
kamalyakub@gmail.com


has any one else got a fax from Alareifi saying that the building was sold and stated that we should get our money back... AT THE SAME PRICE AS I PAID 2 YEARS AGO.
how can it be possible for the building to be sold all of a sudden and we buyers get kicked and have our cash thrown in our faces.

Has this happened to anyone else?
because strangely no one is complaining...

[jeetha]

Developers should offer to buy back at today’s rate.

[yasir_hilali]

to all those who would are interested in doing something, or do not know what to do concerning this subject...
Please we would like to contact you as soon as possible!
you can contact me first by e-mail, and then we will start to talk a bit more seriously about this subject.
I will not let this slide away, they are giving us false excuses and throwing us around, I will not just go in and take my money and be thankful, I have been patient after their 1 YEAR DELAY, I had things planned and while they just so simply destroy them...

I have yet to collect my money that i paid 2 years ago, so anyone else who hasn't please contact me as soon as possible at
yasir_0o1@yahoo.com

[jeetha]

I have not bought here, but I got up this morning thinking:-

Simply by transferring paperwork to someone else (could well be a family member’s).
Does that give them the right, to return original monies back?

Surely it’s against rules and regulations of Dubai.

Who ever bought (or are in process of buying the whole tower) are asking for trouble.

[yasir_hilali]

Who ever bought (or are in process of buying the whole tower) are asking for trouble.

Buyers are "Iskan Properties" of Abu Dhabi!

We have started legal proceedings against Al-Ariefi. Al-Ariefi is a Saudi Investor, and obviously he have planned for this all since the start. Now whether it is legal or illegal to sell the whole tower while its apartments have been sold earlier is yet to be verified from the regulation authority.

[CIPUS]

I don't know Dubai laws, but when i buy a property, anybody can sell my property to someone else. Is there a judge in Berlin?

[yasir_hilali]

If you excuse me to place a notice here in Arabic regarding Areifi tower…

قام خالد سعود العريفي بالتلاعب بملك المستثمرين في برج العريفي مارينا في دبي
ومَن له حقوق على العريفي بمراجعة السلطات المختصة في دبي

[jeetha]

If you excuse me to place a notice here in Arabic regarding Areifi tower…

قام خالد سعود العريفي بالتلاعب بملك المستثمرين في برج العريفي مارينا في دبي
ومَن له حقوق على العريفي بمراجعة السلطات المختصة في دبي

Would you like to share it?
Good news or is it Bad news?

[carpetking]

Would you like to share it?
Good news or is it Bad news?

"The Khalid King Saud Al-Arifi manipulating investors Arifi tower in Dubai Marina
It has rights to Arifi reviewing the relevant authorities in Dubai"

[jeetha]

Thanks - carperking.

[shaffar]

If you excuse me to place a notice here in Arabic regarding Areifi tower…

قام خالد سعود العريفي بالتلاعب بملك المستثمرين في برج العريفي مارينا في دبي
ومَن له حقوق على العريفي بمراجعة السلطات المختصة في دبي


(Al Soud Al Arifi has been "playing" with the ownership status of investors in Al Arifi Marina in Dubai, and to whom has right over Al Arifi building to please contact the relevant body in Dubai)

[Hishamds]

Dear All,
I'm hisham from Libya my family invested their money in this project and they paid cash in may 2005 and now after all these years I suddenly read all this strange things while I was searching for pictures of the project,I really don't know what's the real story I tried to call Alarefi marina on this No.: +971 42288396,but there was no answer.
if anyone knows what's the real story please email me Hishamds@yahoo.com.

thank you all

[Wannaberich]

750.000 for a 1 bed here,reading this now I know why.Whats the point bringing in Escow etc and trying to protect buyers if this kind of thing goes on.Dubai goverment wake up !

[Hishamds]

I still don't know what's the story behind Alarefi's tower !!! was the project really stopped or sold? if it was sold then why shouldn't the new buyer continue building the tower?
and if it was stopped for how long will it stay like that?
besides :
750.000 for a 1 bed here,reading this now I know why.Whats the point bringing in Escow etc and trying to protect buyers if this kind of thing goes on.Dubai goverment wake up !
where did you find this price? on what floor of the tower?

[Wannaberich]

GNAds4U.com

[Sady]

Hi Hisham,

I sold my property about 6 months ago when it was still on the first floor and made hardly any profit because I lost faith in the developer and started to doubt them when I was informed that the completion was delayed for another 6 months (nearly 2 years delay in total).

The developer contacted me about 1 week ago and ask for the phone number of the new buyer to inform him that he will get the money back because construction has been halted because of the Municipality, which I don't think is true. I could not find his phone number.

Anyway my point his, what happened to all the other people to whom the developer could not get in touch with because they have either changed their address or phone number to that on the contract? Does this mean they will still own the appartment under the new developer if they do not take their money back? A solicitor will be the best person to advise those affected on that.

Best of Luck!

Sady

[Hishamds]

THANK YOU SADY,do you have the phone no. that they call you with? I tried to call them on +971 42288396....but no answer.
anyway you are not involved with those people anymore so congratulation :)
I wonder why would the Municipality halt the project? and if they did ,that won't be FOREVER ,it's going to be for some period of time.
if only I could go to Dubai I would come out with what happened.

[Imre]

this project not halted, lot of workers there and they are working on the 17th floor now...

[Hishamds]

thank you Imre for your good news,but why did some owners receive such msgs by (faxes,emails,phone calls) ?it's kinda strange especially while the project still in progress!!!

[Sady]

Hisham,

It could just be that they are trying to get the appartment back from some people so that it could be sold at a much higher price later. They know that the price has almost double now.

Unfortunately I have deleted their number from my contact. I used to chat on messenger to someone at Alareifi on Moh_Ali_Saqallah@hotmail.com.

Regards

Sady

[Hishamds]

thank you sady...
I knew that theres something strange about that,maybe some people who work in Alarefi project r doing such things without awareness of Alarefi's headquarter.
that's possible.

[Sady]

I am not sure about that because the person that phoned me was from Saudi instead of Dubai and he is the one who had to authorise my sales.

I have just digged into my email to find his contact details
Email: info@alareifimarina.com
Al-Areifi Real Estate Co. ( Head Office ), Riyadh, KSA
M.M. HAWA
Marketing Manager

Hope this helps

Sady

[Hishamds]

are these people at Alarefi company in Dubai ALIVE or DEAD ?
they don't answer phone calls ,they don't reply to emails,their website hasn't been updated for a long time,their project is delayed for two years.
they need to be sued,as written in our contracts they should pay 1% of the original payment every month after the 3 months of the date when they should handle the flats, as I can remember.
and we should all cooperate !!!

[Sady]

Hishamds,

Just to let you know that I sent them a letter last year to ask them to pay me the 1% fine as stated on the contract through a solicitor in Dubai - Key Dixon but they refused to pay stating it was situation outside their control (municiality excuse again) and therefore they will not pay me the fine. That's another reason why I sold my appartment because I did not want to waste more money paying solicitor to try to get the fine from them.

Did you try to email them at the address I gave you?

One thing to bear in mind is that if you are not the owner they will not respond. I know that because the estate agent Better Homes that sold my apartment contacted them several times but in vain. I had to contact them and mention that I am the owner of Flat No, etc then only the guy replied.

Regards

Sady

[Hishamds]

I sent them emails but they didn't responde...but anyway my brother receieved email from them they said that they are going to pay him back his "writes" the meant "rights",that was not the only one mistake,their messege was a mess I'll try to post it here to see what kind of quality they offer.
well our situation is: "our flat is not for sale"
we payed in cash about 3 years ago.
but we should watch them and see if they really stopped the project,only Imre can help us from time to time I guess he lives there in Dubai.
PLease Imre send us any pics or at least tell us if the project was really halted or not.

[naser99]

thanks for everyone for contributing to this issue. I bought a unit in Areifi in early 2005, yesterday they contacted me through the sales agent which I bought it from in Kuwait and offered to return my purchase money plus 20% interest. their offer is really suspicious. the sales agent advised me not to pursuit legal battle as owner/developer of al areifi marina in Dubai might fall for bankruptcy. can anyone from Dubai bring us the latest update at ground zero ? I'm sure there is a legal governmental office that deals with authenticating his claims.
anyone can help us reach the authority in Dubai with our issue?.

[Hishamds]

I may have a friend who's going to travel to Dubai in a couple of weeks I'm going to ask him to see what's the real story out there,but I'm not sure if he's going there or not so we can't depend on him.
Alarefi marina project is a part of Alarefi company in Saudi Arabia ,I think bankruptcy would be for the headquarter company in Saudi Arabia before it become Dubai's marina's issue, I hope you understand this point.
by the way Naser99 ,in their email for my brother they didn't mention the 20% interest, besides according to the contract they should pay 1% monthly after three months of the delayed time of handling, and that would be much less than the 20% interest they offer!!! why would they offer 20% when they (according to the contact) can pay 1% ???
isn't that strange?
on the other hand according to what Imre says the construction is in progress !!!
so WHAT THE HECK IS GOING ON?

[naser99]

I know, this is exactly what I'm saying. previously it was 5% then 10% now 20%. I think he's trying to get back the units cheap and sell them for the current market price. I spoke to alareifi office in saudi today demanding his offer on paper but he refused. they say either you accept this offer or risk a legal battle against a bankrupted part. I know some people who have taken his offer and got their money plus 20% so his plan is working. Dubai land asked me to file a complaint and to do that I have to go to their office in Dubai which I can't at the moment but will do so soon.

[Elb]

I also got a call from Kuwait office mentioning the same plus the 20% and the bankruptcy thing at the end. I called the Saudi office and got the same thing but only the 10% to 15% and no official letter. they said we sold the building to a company due to our ongoing losses (nothing about bankruptcy) and don't know what the company plans to do with the land.

I am so confused. Shall I take the money or! is the law in Dubai in our favor or! are they saying the truth! are they throwing the bankruptcy term just to scare us! and how can we file a complaint against them when we don't have anything in writing!

Also I got to know that once you accept. Your check will be ready the next day!!!!!!in Kuwait!!!!!!

Please advise if possible. Thanks

[friendship]

I wonder if any body invested after reading the initial posts, the comments were so negative and early warning for potential problems.
I donot know the legal perspective, but people should complaint to master developer EMAAR and also land department.
I think Dubai needs independent classification system for projects which could guide investors.

[jeetha]

Not sure what advise to give people. This doesn’t make sense at all.
1) Building is rising.
2) Contracts been issued to all
3) Developers will not give nothing in writing
4) My gut filling is that… who ever is ringing your guys, are the future developers. Must have bought the building with all contracts and cannot sell same apartment twice.
5) If it was me, I would hang on to it.

Something smell fisheye alright.

[Hishamds]

I'll try to make it to Dubai my self next august and see what is going on ,so please every body who's involved into this; please post here every single piece of information that we might find useful in the future.
my current advice to every investor don't accept their offer,cuz the project is in prgress just have some patience.

[Sady]

Thats what I suspected initially. I guess he is trying to get the apartment back and will sell it at a much higher price later. If he is going bankrupcy then why is he offering the money back with interest?hmmm
Surely another company would have gone bankrupt without giving the money back?

Good Luck guys

[Hishamds]

I SUGGEST for everyone who received an email from that Alarefi Co. to quote and paste those emails here to make a comparison between two things:
1-their offer.
2-the reason why they returning the money back or why they stopped the project.
so we can figure out what is going on.
you don't have to put your real names or any personal details about your selves.
just put the main subject.
i'll try to post my brother's message ASAP.

please everyone share us

[Dubai_Steve]

Work on a luxury 35 storey residential tower at the prestigious Dubai Marina has been halted.

Major Saudi Arabian developer, Alareifi, has pulled the plug on its 379-apartment project which is midway through construction.

Investors in the property are being told Alareifi cannot complete the project.

The Alareifi Marina is a unique development in Dubai in that whilst with other projects, off-the-plan buyers pay instalments in accordance with the staging of construction, Alareifi buyers have been paying the full price of the apartments upfront. In return for this they have received discounted prices.

Dubai authorities in recent months have stepped in to regulate off-the-plan instalment payments by insisting developers open escrow accounts and deposit all funds into those accounts. The developers are then only permitted to draw on those funds for authorised construction works.

The Alareifi sales however, marketed through Khalid S. Al-areifi & Partner Real Estate, were all completed prior to this new regulation. The company is offering to reimburse buyers with their outlays, however many of these date back four years. The company has been plagued by delays to the commencement of construction, during which time development costs, particularly those relating to material, but also to labour, have escalated.

The availability of contractors, project managers, and resources, such as cranes, has also been heavily strained.

Almost all projects in Dubai are running well behind schedule, in some cases by a number of years.

Some developers have sold complete developments off the plan but have delayed commencing construction. Several projects such as the Wind Towers at Jumeirah Lakes, and Damac's Palm Springs project at Jebel Ali Palm, which were sold to investors more than four years ago, have yet to commence construction.

Emaar's Marina Quays project is more than a year behind schedule, during which time it has completed six new towers in a nearby Marina location.

Buyers who have planned to reside or rent their apartments in some cases have been waiting years. While developers are earning interest on their customer's funds, the customers are paying interest on loans, exasperating their problem.

The Alareifi tower was expected to be completed mid-this year, now it is unlikely to be finished at all.

Buyers in the development, most having forked out for their investment in 2004, can now just dream of what could have been. For inspiration they could go to the company's Web site which is still promoting the property.

'Designed with cosmopolitan freshness and flair, Alareifi offers stunning views that extend across the marina all the way to the sea,' says the site. 'Everything you desire can be found right here, from a state-of the-art fitness spa to swimming pools, food courts, cafe's, children's play areas, walkways, 4 floors of parking and more.'

[montranieri]

So the developer is tring to pay back the same amount he got from the investors 3 years ago or something like that then resale the full project at the today marekt price.
Oh , good idea!! Why am i not so clever??:bash
The problem is that in the arabic world the way to do business is so immoral that when I see islamic banks not being able to give interests to bank accounts because against religion, i really lough.
Go less to the mosque but behave properly in your life!!!

[True Blue]

Can someone confirm that CRC are the contractor here and are they still working onsite?

[Naz UK]

So the developer is tring to pay back the same amount he got from the investors 3 years ago or something like that then resale the full project at the today marekt price.
Oh , good idea!! Why am i not so clever??:bash
The problem is that in the arabic world the way to do business is so immoral that when I see islamic banks not being able to give interests to bank accounts because against religion, i really lough.
Go less to the mosque but behave properly in your life!!!

And commenting on a subject you know FECK-ALL about i suppose IS your idea of clever? :weirdo:

[nasim50]

Well another project bites the dust.......

Oh and to Montranieri and his comment on islamic ways.......... go fuck yourself you infidel.

If you don't have anything sensible to say......don't say it.......... you PRICK.

[Zaid_stone]

So the developer is tring to pay back the same amount he got from the investors 3 years ago or something like that then resale the full project at the today marekt price.
Oh , good idea!! Why am i not so clever??:bash
The problem is that in the arabic world the way to do business is so immoral that when I see islamic banks not being able to give interests to bank accounts because against religion, i really lough.
Go less to the mosque but behave properly in your life!!!

So stay away from the Arabic world, and go more to the bars, may be u can remeber who u are....

[Salameer]

Poor montranieri!
You must be feeling like the :devil: judging by what the 'moral police' has had to say above.

You have some valid points but I suggest you edit your post and express it a little favourably to the believers.:cheers::cheers::cheers:

[Krazy]

this project smelled of trouble from day 1.. my sympathies for the investors. Hope everything works out for you guys.

[Hishamds]

please all try not to mess this up,please no more mention any religious issues here and let's just focus on the situation we have here,seriously our investments are in great danger and we should all stick together and try to find a solution for this.
thank you all

[glover]

i am assuming english is not your first language, so when you said "the way to do business is so immoral" in the arab world you were referring to work ethics and professionalism. you are right, work ethics and professionalism in the arab world and the developing world for that matter is not on a par with developing countries and we have some distance to go to get there. but if you think that the reason for that is religion and race (be it any religion or race), then you have to be a racist bigot imo.

FYI, hypocrisy exists in every religion, including yours, and i am assuming its christianity.

So the developer is tring to pay back the same amount he got from the investors 3 years ago or something like that then resale the full project at the today marekt price.
Oh , good idea!! Why am i not so clever??:bash
The problem is that in the arabic world the way to do business is so immoral that when I see islamic banks not being able to give interests to bank accounts because against religion, i really lough.
Go less to the mosque but behave properly in your life!!!

[Josau]

Why is the local press i.e. Gulf News,AME, Arabian Business etc. silent concerning this matter? We find out via a Malaysian news paper?! Or is this not confirmed news?

[jeetha]

This is not good at all. Feel very bad for people who have invested here. Like Krazy said “Trouble from start”

I don’t understand Gulf news or any other news agencies in Dubai.
"Is there" OR "not" a story here!

[Hishamds]

Can someone confirm that CRC are the contractor here and are they still working onsite?

thank you True Blue but it seems like that the main subject has been drifted away....a little bit
we need a confirmation please

[bizzybonita]

still site u/c

[jeetha]

still site u/c

Then why it is on HOLD thread?

[montranieri]

My english is not so good, yes
Sorry if somebody felt insulted by my words. I do not want to open a religion discussion.
My point it is always the same and no matter if the person is Christian, Muslim,Hindu, buddist or whatever. The mosque was the most appropiate in this case.
Definetely I will avoid to mention any religion from now on.
But the reaction I had from somebody is honestly questionable.

Well another project bites the dust.......

Oh and to Montranieri and his comment on islamic ways.......... go fuck yourself you infidel.

If you don't have anything sensible to say......don't say it.......... you PRICK.

[yasir_hilali]

I have clearly stated in an earlier thread, that Alarieifi tower is still under construction, because it's under another owner. If you have invested in it, don't just argue on the forum and waste other people's time, although this site have proven to be very helpful.

You are strongly, advised to approach Dubai Land Department to lodge a complaint at your earliest. We don't know what's the outcome will be, but they are the body that legislates property laws in dubai and are welcoming our enquires.

Al-Arieifi Kalid and Abdullah are scam, they are genuinely corrupt, but still owners may be able to sue them in Dubai or Saudi because they still have investment in Dubai and certainly back in their country.

A number of owners have already talked to law firms in Dubai to secure their rights (or what's left of it). Those who are still arguing in this thread about whether it is sold or not, whether the law allows or not, please pick up the phone and call Dubai Land Department to verify all by yourself, as such speculations here are confusing some people.

I truly appreciate those who wrote negatively about this tower in the first few posts, I wish I've knew about this forum back then to run from Alarifie like the plague he is. Whatever you posted then have formalized within two years to be true.

[Hishamds]

I have clearly stated in an earlier thread, that Alarieifi tower is still under construction, because it's under another owner.
Thank you Yasir for these information, but you didn't mention who the new owner is,and what would happen with the properties of the investors!

The same tragedy happened with DAMAC Palm springs investors and they have taken an action,we should threat Alarefi co. and force them either to continue with the project or at least pay as today's real estate prices.

for more info. about DAMAC's case:
http://www.dubai7stars.blogspot.com/

[fairouza]

Wednesday, April 2, 2008
Second Dubai property project scuttled
original published: Malaysia Sun

http://story.malaysiasun.com/index.php/ct/9/cid/3a8a80d6f705f8cc/id/343073/cs/1/

A new luxury resort development, sold-out to investors five years ago, will never be built.

Damac Properties, the biggest private developer in Dubai, has cancelled the Palm Springs project, a 25-storey residential and resort development, planned for the Jebel Ali Palm.Investors bought the 1, 2 and 3 bedroom apartments, in the project commencing in late 2003.

Damac said the property, when completed, would be managed by a five-star hotel operator.The absolute beachfront property was to have provided sea views from all apartments. With resort facilities, and the opportunity to put units in the hotel pool, the project was so popular the original selling prices almost doubled within a year.Damac however pushed ahead with building other projects, and announcing new ones across several Gulf countries. It remained tight-lipped about Palm Springs.

Buyers received scant, and vague information about when the project was proceeding.Now after five years Damac, having had the use of the funds from the sell-off, is now saying it won't proceed and the original investors, or those than have bought on the resale market, have a choice of getting their original price back plus 6% per annum interest, or transferring their investment to another Damac property at a 15% discount.Some buyers however have paid huge premiums on the resale market, and to accept the Damac offer will leave them substantially out-of-pocket.Damac says it has no choice as the Jebel Ali Palm has been reconfigured and the plot it was to build on will now not take the original development.'Damac Properties has been advised that the master development of Palm Jebel Ali has been redesigned and the Palm Springs plot will not be delivered. Due to redevelopment of the plots, the building forming the Palm Springs development cannot be situated on the re-allocated plot and, as a result, the Palm Springs project has been cancelled,' Hussain Sajwani, the Chairman of Damac Holdings, said in a statement.It is somewhat incredulous such an event could be taking place five years after plans were put in place, and the property was marketed.A more likely event is that construction costs have sky-rocketed since 2003, and the project based on the original prices that Damac contracted for, are now unviable.

The news of the Palm Springs demise comes hot on the heels of the failure of the Alareifi tower at Dubai Marina.

As we reported Sunday, construction of the luxury 35 storey residential Areifi Marina tower at the prestigious Dubai Marina has been halted.Major Saudi Arabian developer, Alareifi, pulled the plug on the 379-apartment project midway through construction. Investors in the property are being told Alareifi cannot complete the project. The Alareifi Marina is a unique development in Dubai in that whilst with other projects, off-the-plan buyers pay instalments in accordance with the staging of construction, Alareifi buyers paid the full price of the apartments upfront.

In return for this they received discounted prices.Dubai authorities in recent months have stepped in to regulate off-the-plan instalment payments by insisting developers open escrow accounts and deposit all funds into those accounts.

The developers are then only permitted to draw on those funds for authorised construction works.The Alareifi sales however, marketed through Khalid S. Al-areifi & Partner Real Estate, and the Palm Springs project, were all completed prior to this new regulation.

On Monday stocks on the Dubai stock exchange fell almost 3%, their biggest one-day fall in two months. The decline was led by the city's biggest property developer, Emaar Properties, which shed 3.95%.

:bash:

[yasir_hilali]

Thank you Yasir for these information, but you didn't mention who the new owner is,and what would happen with the properties of the investors!


Mate, you are not reading my post properly, CONTACT DUBAI LAND AUTHORITY!!

[Hishamds]

dear Yasir,I'm not in Dubai and I don't know who's to call there to help me with this,and I thought that you know something about the new owner ,that's it.
but i'll try to search the internet and hope I can find out the new owner.

[fairouza]

http://story.malaysiasun.com/index.php/ct/9/cid/3a8a80d6f705f8cc/id/342712/cs/1/

Construction of luxury Dubai tower halted
Malaysia Sun
Saturday 29th March, 2008



Work on a luxury 35 storey residential tower at the prestigious Dubai Marina has been halted.

Major Saudi Arabian developer, Alareifi, has pulled the plug on its 379-apartment project which is midway through construction.

Investors in the property are being told Alareifi cannot complete the project.

The Alareifi Marina is a unique development in Dubai in that whilst with other projects, off-the-plan buyers pay instalments in accordance with the staging of construction, Alareifi buyers have been paying the full price of the apartments upfront. In return for this they have received discounted prices.

Dubai authorities in recent months have stepped in to regulate off-the-plan instalment payments by insisting developers open escrow accounts and deposit all funds into those accounts. The developers are then only permitted to draw on those funds for authorised construction works.

The Alareifi sales however, marketed through Khalid S. Al-areifi & Partner Real Estate, were all completed prior to this new regulation. The company is offering to reimburse buyers with their outlays, however many of these date back four years. The company has been plagued by delays to the commencement of construction, during which time development costs, particularly those relating to material, but also to labour, have escalated.

The availability of contractors, project managers, and resources, such as cranes, has also been heavily strained.

Almost all projects in Dubai are running well behind schedule, in some cases by a number of years.

Some developers have sold complete developments off the plan but have delayed commencing construction. Several projects such as the Wind Towers at Jumeirah Lakes, and Damac's Palm Springs project at Jebel Ali Palm, which were sold to investors more than five years ago, have yet to commence construction.

Emaar's Marina Quays project is more than a year behind schedule, during which time it has completed six new towers in a nearby Marina location.

Buyers who have planned to reside or rent their apartments in some cases have been waiting years. While developers are earning interest on their customer's funds, the customers are paying interest on loans, exasperating their problem.

The Alareifi tower was expected to be completed mid-this year, now it is unlikely to be finished at all.

Buyers in the development, most having forked out for their investment in 2004, can now just dream of what could have been. For inspiration they could go to the company's Web site which is still promoting the property.

'Designed with cosmopolitan freshness and flair, Alareifi offers stunning views that extend across the marina all the way to the sea,' says the site. 'Everything you desire can be found right here, from a state-of the-art fitness spa to swimming pools, food courts, cafe's, children's play areas, walkways, 4 floors of parking and more.'

_____________________________________________________

Aks RERA Dubai for help:

info@dubailand.gov.ae

[malec]

So what happens with this tower now? Is it left to rot and stand as a concrete hulk or will i be finished in some form or another?

[yasir_hilali]

construction has NOT halted in any way.
It is still under construction at full speed

[Hishamds]

any body in Dubai there,would you please paste a picture of the latest updates of that Alarefi project ,Dubai land authority are not responding to my emails.
so please anyone or at least confirm if there's a new owner of this project.

[Mistermark]

I can see that you guys have a problem. You're not alone - it seems to me that it's becoming normal for developers of Dubai property to deliver projects late, cancel or put them on hold or change specifications at will. I've reserved five apartments in three projects and all are affected to greater or lesser degrees. And in most cases, as yours, the developers are offering scant compensation - even though they're clearly in breach of contract

Given that the moderators of skyscrapercity.com discourage discussion of investment-related issues such as this, I've set up a forum, the specific purpose of which is to bring together purchasers of properties in Dubai who are out of pocket because of what the developers have done, and enable them to work together to establish group legal actions to recover their losses, in situations where it's unlikely to be worthwhile for an individual purchaser to pursue legal action.

The site is called Dubai Property Claims and the address is http://www.dubaipropertyclaims.com. It's a non-commercial site, provided at my own expense and in my own time to help people resolve their Dubai property disputes.

Please feel free to join us and perhaps to establish a thread in the Dubai Marina section for Alareifi Marina.

[DUBAI INVESTOR]

Calling Dubai Land Department, RERA, will not help. RERA do not enforce the property laws. Enforcement of Dubai's property laws is done through the courts. RERA does not handle court cases. The head of RERA has said publicly that "people who have problems with developers should have read their contracts better or used legal help etc ". Calling or emailing RERA is a waste of time. Get as many fellow investors together and consult an attorney.

[Hishamds]

Getting investors from all over the world together is not as easy as it sounds,we are from different worlds,i suppose all we have to do is watching from distance in the mean time and make sure that the construction is continuing ,until it stops for real then we make our move. agree?

[Elb]

I called Dubai Land Department and they said they are still investigating the matter of the project being sold to another investor (ISKAN) and if the deal is real or just to scam investors . they asked for a complaint and I sent them a letter by email. Ill wait a couple of days and follow up with them again

[Elb]

I called Dubai Land Department and they said they are still investigating the matter of the project being sold to another investor (ISKAN) and if the deal is real or just to scam investors . they asked for a complaint and I sent them a letter by email. Ill wait a couple of days and follow up with them again

[Hishamds]

good work Elb,I sent email to info@dubailand.gov.ae few days ago but they didn't respond.
but does anybody know what nationality is this company ISKAN ?
if you could find its address we can ask ISKAN directly,and I hope that they respond.

[sunrise1]

See: http://www.dubainews.net/story/347851

Mystery surrounds luxury Dubai tower
Dubai News.Net
Saturday 12th April, 2008

Mystery surrounds the development of the Al Areifi Tower at Dubai Marina.

The 30-storey development of luxury residential apartments has been under a cloud for several weeks as reports have circulated that the construction has been stopped, abandoned, or delayed.

The developer, Khalid Saud Al-Areifi & Partner Co., of Riyadh Saudi Arabia, has reportedly been approaching investors who bought apartments off-the-plan, in a bid to buy the apartments back.

According to investors they are being told construction on the site has been stopped and will not resume.

Investors report receiving telephone calls and faxes from the company.

We have sighted a letter faxed to an investor from Khalid S. Al Areifi which states the project has been stopped, and the company 'cannot complete the project.'

We spoke to the company who confirmed this, and recently a story was published to this effect.

It now transpires the company has not stopped construction at all. Several questions were emailed to the company to seek clarification, however they have gone unanswered.

On Saturday one of our journalists visited the site and found construction in full swing. The site has cranes and a stream of workers busily working on the building which has already been built to the nineteenth floor.

We contacted the builder, Buset Contracting on Saturday, who confirmed there has been no disruption to the construction. It is going ahead 'full steam,' he said. He confirmed the development had attained the 19th level, and there were eleven floors remaining. He said it would take another 15 to 16 months to complete.

The spokesman for the building company would not comment on reports the construction had been stopped, saying such questions should be directed to the developer.

Al Areifi, sold apartments in the complex off-the-plan around five years ago. In an unusual twist it discounted prices by 25% to sell the apartments on the basis of full payment being made upfront.

The prices of the apartments today outweighs those they were sold for, but this applies with almost all projects in Dubai.

Construction costs are increasing rapidly, however to date developers have been delivering pre-bought property without incident, although in most cases way behind schedule.

Al Areifi appears to be involved in trying to buy back apartments at their original cost, notwithstanding they have been holding full payment for several years. Falsely advising investors the project has been stopped, and will not be completed will likely incur the wrath of the authorities. Investors have long maintained several companies use misleading advertising and selling techniques in the high-pressure property industry in Dubai.

Another developer, the Dubai-based Damac Properties has been criticised in recent weeks for recently abandoning a project marketed five years ago.

The company said its Palm Springs residential resort on the Palm Jebel Ali was being cancelled because of changes on the site by the master developer, Nakheel.

Naheel, however, announced it had made no such changes and was unaware Damac was withdrawing from the development.

Angry investors, many from the UK, have disrupted Damac project launches, stormed their sales offices, and threatened a class legal action against the company. Worse still, Damac has suffered from the bad publicity, at a time when it is opening new international offices and launching major new projects.

Our advice from Damac is that it is currently reviewing its decision on the Palm Springs project.

Adding to the Al Areifi affair, and the Damac debacle, has been the extraordinary delays in the completion of property projects in Dubai, some spanning several years.

Both large and small developers are being caught up in the delays, as chronic labour, materials and resources shortgages have crippled completion schedules.

[Hishamds]

thanks sunrise,I hope they just continue building with their full speed and without delays this time,let's hope and pray that everything goes fine with the project. inshallah

[Elb]

The guy I talked to in Dubai Land was Mr. Emad Eldeen Farouq (Legal Consultant in Dubai Land) he is the one who told me to send a complaint and gave me all the info. his email is - farouq@dubailand.gov.ae -. Not sure though about the nationality of ISKAN

I think my next move is to visit the site in Dubai and consult/hire a lawyer (they are not cheap in UAE)

Thanks

[Hishamds]

I've got these informations lately I copied and paste here....any comments or more info. please don't hesitate
----------------------------------------------------------------------------------
The current situation with the tower is this;

1) Building work has not stopped but is continuing at full speed;
2) The building was sold four months ago to Iskan Properties.
3) The original finance for the building works was obtained by Emirates Islamic Bank which has now mysteriously transfered over to Dubai Islamic Bank.
4) Iskan are trying to sell the whole building and claim that there is an agreement with the land department that removes all obligations
and liabilities to those who previously purchased apartments as long as their money is paid back to them.
5) iskan claims that there are only 20 outstanding units in which people have not received their money back and accepted this proposal.
6) Iskan also claim they intend to re-launch the building under a different name.
7) Iskan also intend to price the rooms at approx 1500Dh Per sq ft.
-----------------------------------------------------------------------------------
note:we personally didn't get back our money and we don't intend to,and my family say that they want 1000,000 Dh one million Dhs for the apartment.
finally I got these info by the email from unknown person and I really still don't know what's going on!!!

[Elb]

20 outstanding units!! I don't think so; I know that many did't sign anything and personally we own more than one unit in this project.
Hishamds; We don't intend to take the money back too.

I will be leaving to Dubai next week. Ill update you guys... Thanks

[yasir_hilali]

As a group of investors/owners who got together, we aren't selling back cheap and I think we collectively have more than 20 units. It is certainly more than 20 units left.

Iskan is an Abu Dhabi based small company
You may talk to Khaled 971 50 803 9000 or their office 971 2 447 4202. We did call them and they are defending Areifi strongly and claim they have bought the tower legally!! Untrue!

[Dubai_Steve]

By Suzanne Fenton, Staff Reporter
Published: April 25, 2008, 00:45

http://www.gulfnews.com/business/Real_Estate_Property/10208354.html

Adding to the increasingly delicate real estate sector in Dubai, Al Areifi Tower in Dubai Marina is shrouded in mystery after its developer told investors he is in fin-ancial jeopardy, Gulf News has learnt.

Al Areifi Tower was launched three years ago and most investors have now paid the full amount in cash to Saudi developer, Khalid Saud Al Areifi and Partner Real Estate in Riyadh, Saudi Arabia, investors said. The 30-storey tower was half-built in February when investors received faxes and emails from Al Areifi saying he was going through financial jeopardy and therefore couldn't finish the project.

Khalid Saud Al Areifi informed the investors that he would buy back the units from investors at the price they paid originally, plus 10 per cent interest.

As one owner put it, "If he is facing financial difficulties, where is he going to pay us from?"

It turned out that Al Areifi had sold the tower on to Eskan Properties in Abu Dhabi.

However, Eskan Properties' finance manager told Gulf News that the tower had been sold on to a private individual one week ago and so is no longer involved. "We sold the tower on again a week back," he said.

Investors filed a formal complaint to Dubai Land Department two months ago and are waiting for a response.

According to the Real Estate Regulatory Authority (Rera) website, Al Areifi is not a registered developer in Dubai, holds no escrow account and the Al Areifi Tower project is not registered either.

Potential investors should be cautious as Al Areifi is supposedly planning to launch new projects in Saudi Arabia and Bahrain.

No one at Al Areifi's office in Dubai was available for comment.

[Elb]

I agree Yasir; I got an sms from the Kuwait office yesterday to collect my cheque or they will return it to the owner upon Al Areifi's request. Not going though!
I think we should get each other's contact/email info! what do you guys think!

[Hishamds]

if I was in Dubai I would compromise this,and I would ask for a good price according to today's prices or i will refuse.
and that's what everyone should do

[Imre]

why this is ON HOLD ??

I saw the site today, lots of workers there and they are working on the 21st or 22nd floor now.

[Stephan23]

^^:okay: :master:

Finally you're back!!!!!!

[Hishamds]

welcome back Imre , I gotta say that Alarefi needs to be punished for what they are doing, personally I can't face that company and I think I'm giving up ,but please everyone if you have enough funds try to put those liars to trial,and good luck for all of you.

[Elb]

Hey Guys,
Just had a meeting with the legal consultant in Dubai Land Department, He personally is having major doubts about the oreifi sale and confirmed that although the land is now registered to ISKAN the owner still is not providing the sale contract to them. they are still investigating the matter. He confirmed that lots of owners didn't agree terms with AlAreifi and they are waiting for the land department to finish their investigation (more than 20!). He mentioned that the same thing happened with DAMAC very recently and they were forced to continue with the project. Also the Land Department will stop any transaction on the land\units so that no resell can be made by the new owner .

Went to the site and the project is very much underway. It reached the 22nd floor till today. The Oreifi and the contractor's signs are still there. I asked if any new company\contractor or any change happened and the workers said everything is the same.

Also visited a lawyer and he gave me some advice on this matter and I think I won't be late on doing that. I am glad I didn't take my cheque.

I know there are a lot of owners that still hold units that are not aware of this site. But for the ones who are; can you please just post a reply so we know how many of us are here.

Thanks

[Sady]

Hi there,

I sold my appartment in the UK last year and I am pretty sure Alareifi did not get hold of the guy who bought it as they have phoned me about three times and asked me to check if I can find his contact details. I told them I did not save his phone number as there was no use for it.

Good Luck!

[bizzybonita]

http://img257.imageshack.us/img257/6839/imresolt176rj5.jpg

[bizzybonita]

http://img.photobucket.com/albums/v163/liver4eva/New%20SSC/2008/May/May%2014%20Night%20Marina%20shots%20with%20Flo/Photo02.jpg

[yasir_hilali]

I know there are a lot of owners that still hold units that are not aware of this site. But for the ones who are; can you please just post a reply so we know how many of us are here.

We are 90 owners who haven't settled with Areifi yet, Dubai Land and many of us owners are placing pressure on Areifi lately. We should hear from Dubai Land very soon.
Latest Areifi offers have reached this level… Original Unit price + 45%

I advice you to stay in touch with Dubai Land as often as possible.

[Elb]

We are 90 owners who haven't settled with Areifi yet, Dubai Land and many of us owners are placing pressure on Areifi lately. We should hear from Dubai Land very soon.
Latest Areifi offers have reached this level… Original Unit price + 45%

I advice you to stay in touch with Dubai Land as often as possible.

Thanks Yasir for the news,

I wil be going to dubai in the next 2 days. Will visit Dubai Land Department and the site again. Will update here

Thanks again

[nad2446]

I am pleased to say that i am one of the 90 owners which own a apartment in Al Areifi Marina.

I have been following this site for the last few months. for the last few weeks everybody has quite down, it was starting to worry me until yasir sent the good news that the developers are under high pressure and they have increased the offer to 45% on top.

keep the good work up, hope the developers give in very soon.

[shaffar]

I got news that one owner settled on cost + 50%.

But why:nuts:, you should not accept anything less than market value, cost + 90/120%. That's what my friend is holding out for.

[crazyevildude]

June 13th, By Imre

http://farm4.static.flickr.com/3109/2576392451_384d64a129_o.jpg

[shaffar]

Think of the headlines if this does not resolve to the satisfaction of the buyers, every country who envies the Dubai success story will point out how dangerous its to invest in the state (conveniently leaving out any safeguards in place now).

Any one who thinks they're going to lose any money invested (getting your money back only, is losing) is not realizing how embarrassing to the whole Dubai image this could be. No way would I be comfortable if i heard of such news before investing in Dubai.

[Sady]

Well done to all of you who did not sell and hold on!

I sold mine for almost the same price I bought it last year before all this saga started as I needed the money but 100% premium would have been an excellent profit. Even 50% premium would have been nice.

Keep up the good work. I think it would have been impossible for everyone to get together and take collective action is this bulletin board did not exist.

[nad2446]

Has anyone been in contact with RERA or the Dubai Land Department lately, Ive tried to email Dubai Land Department many times but I haven't got a reply yet. what is the government doing to help the investors from these robbing developers.

[yasir_hilali]

I believe Dubai Land had stopped short of fully supporting investors in this case, for the past three weeks they were trying to convince investors to accept +50% to close the case. As a matter of fact Areifi has been comfortably contacting investors offering them now +55% and claiming that Dubai Land is not legally entitled to mediate or to comment in this case.

Regardless of Areifi's latest claims, there are a number of investors who have hired lawyers and prepared themselves for long court battle. I advice all to consider joining forces and go to court.

Meanwhile, how come we didn't see any report or even a letter to the editor from investors in 7DAYS? I sent them a letter the other day but it wasn't published, I feel we need to get in touch with one of their reporters to put them in the picture.

[Elb]

Got a call a couple of day ago directly from the owners offering for the appartments 35%.. said to him thanks but no thanks. Ill be going back to dubai maybe next week to sit again the the Land Department .. The last time I was there they told me to wait for the investigation to finish.

I am preparing myself for a long battle; So I am ready to join forces with any investor who is willing. Just let me know and post a msg

Thanks

[Elb]

Got a call a couple of day ago directly from the owners offering for the apartments 35%.. said to him thanks but no thanks. Ill be going back to dubai maybe next week to sit again the the Land Department .. The last time I was there they told me to wait for the investigation to finish.

I am preparing myself for a long battle; So I am ready to join forces with any investor who is willing. Just let me know and post a msg

Thanks


Got another call for the 50% .. saying no

[fairouza]

Buyers are sold out
Last Updated : Wednesday 23 Jul, 2008 -
People who paid tens of thousands of dirhams for apartments in a new tower block have told 7DAYS of their shock on discovering the building has been sold TWICE.Melanie Mouton says she paid dhs250,000 for a studio apartment in Al Areifi Marina Tower three years ago, before it was built.But she says Saudi developer, Al Areifi Real Estate Company, then sold the entire building to another company.

According to Mouton, from South Africa, Al Areifi offered to pay back her dhs250,000 plus a percentage - which she says is not enough.


Mouton told 7DAYS: "They said there had been a dispute with the builder and they would give us our money back plus 25 per cent - but I said: 'No, I just want my apartment'."
Then they said 50 per cent. But this was for something I paid for three years ago - I can buy nothing in Dubai with that money now because the prices have gone up so much."Mouton says she found out earlier this year that the 35-floor building had been sold, but since then she has heard little about the fate of her apartment.Another investor,
New Zealander Zaid Al-Hilali, said he was told the tower would not be completed due to "financial difficulties"."
We were told by the developer to take our money otherwise he would close down and leave the country," he said."
Then we heard apartments had been sold twice - once to us and once to another company which bought the whole tower."At least 50 of us have had our apartments sold twice and most of us are going to court."


A director for Al Areifi did not want to discuss the matter with 7DAYS, but confirmed the situation.The investors say both the Real Estate Regulatory Agency and Dubai Land Department are aware of the situation. Both were unavailable for comment yesterday.

paul.mclennan@7days.ae

[Adam2210]

HI,

I am also an unfortunate investor in this nightmare project. I do not wish to give up, can anyone help?

My contact details are : - adam_sattar@hotmail.com
0044 7973 661405.

ADAM.

[Adam2210]

--

[Imre]

29/Aug/2008

ALAREIFI MARINA

board has been removed but still U/C

http://img181.imageshack.us/img181/6282/imresolt444ep8.jpg (http://imageshack.us)

[bizzybonita]

C/U 31/08/08


http://i37.tinypic.com/t05n6b.jpg

[Sady]

How is the legal battle going on guys?

[Elb]

I am in the process of beginning my battle with them. Also the file has been transferred to the police upon dubai land request for further investigation

Thanks

[Sady]

Best of Luck Elb. Keep us updated on progress.

[bizzybonita]

C/U 16/10/08


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

[bizzybonita]

Construction Update 19/Nov/08


http://i33.tinypic.com/25s9csg.jpg

[Imre]

03/December/2008

ALAREIFI MARINA

http://img101.imageshack.us/img101/8950/imresolt15fv5.jpg (http://imageshack.us)

http://img517.imageshack.us/img517/2908/imresolt16ag2.jpg (http://imageshack.us)

[Imre]

08/January/2009

Alareifi Marina

http://img518.imageshack.us/img518/6833/imresolt040kf3.jpg (http://imageshack.us)

[Imre]

09/February/2009

ALAREIFI MARINA

http://img19.imageshack.us/img19/2306/imresolt016it9.jpg (http://imageshack.us)

http://img398.imageshack.us/img398/8956/imresolt019dx6.jpg (http://imageshack.us)

[nad2446]

WHAT IS HAPPENING !!!!!!!

WHERE HAS EVERYONE GONE??????

HAVE I MISSED THE BOAT - HAS EVERYONE GOT THERE MONEYBACK FROM AL AREIFI APART FROM ME!!!!!!

PLEASE HELP ME!!!!!!!!!!!!!!! WHAT IS THE CURRENT SITUATION???? WHAT IS HAPPENING TO MY APARTMENT AND MY MONEY ?????

[Imre]

06/March/2009

Alareifi Marina and Casa Del Mar

http://i43.tinypic.com/2nim9va.jpg

[shaffar]

WHAT IS HAPPENING !!!!!!!

WHERE HAS EVERYONE GONE??????

HAVE I MISSED THE BOAT - HAS EVERYONE GOT THERE MONEYBACK FROM AL AREIFI APART FROM ME!!!!!!

PLEASE HELP ME!!!!!!!!!!!!!!! WHAT IS THE CURRENT SITUATION???? WHAT IS HAPPENING TO MY APARTMENT AND MY MONEY ?????


They are apparently not responding to any mail phone calls, anyone got news?

& has any one taken the cost +%55 offered ?

[Imre]

04/April/2009


http://i43.tinypic.com/280oxoo.jpg

[Imre]

14/April/2009

Casa Del Mar and ALAREIFI MARINA

http://i39.tinypic.com/2hzu6iw.jpg

[True Blue]

Anyone know what is happening with this tower? Did it sell out to the new developer or is it on hold?

There does not seem to be much activity here in the last 6 months.

[Imre]

01/May/2009


Alareifi Marina and Casa Del Mar

http://i44.tinypic.com/28cq1qt.jpg

[Imre]

10/July/2009

Alareifi Marina

http://i32.tinypic.com/2zjc9eb.jpg

http://i27.tinypic.com/118emuv.jpg

[True Blue]

Is this on hold, hasn't moved in months?

[Imre]

dont know whats going on , many times I saw some workers there , outside elevators moving but still no idea what they are doing there because no progress, no cladding.

[shaffar]

Still settling with the previous owners at cost + 40/50%.

[High Times]

^^

"Random" as my son would say. :nuts:

[Imre]

05/September/2009

Alareifi Marina and Casa Del Mar

http://i29.tinypic.com/2mfyws6.jpg

http://i29.tinypic.com/34qa2dv.jpg

[True Blue]

Is this on hold, hasn't moved in months?

Still settling with the previous owners at cost + 40/50%.


^^

"Random" as my son would say. :nuts:

I think the explanation for the lack of any progress is that they are still processing the change of ownership. People Imre see may just be security and general tidy up squad.

Clearly On Hold!

[Imre]

07/November/2009

Casa Del Mar and Alareifi Marina

http://i36.tinypic.com/2zfvn00.jpg

[Imre]

20/November/2009

Alariefi Marina and Casa Del Mar

http://i50.tinypic.com/2drfdw3.jpg