^^Nice pics DXBGO & ps500 - Thanks for posting!

Looks like we are getting somewhere!

My reading of the text suggests that this only applies to resales (third party sales).




I also take it that it can not be applied to projects that are already under construction.:dunno:
TB what have CAYAN said about this ?

TB what have CAYAN said about this ?

Not a thing, Dorrabay is nearing completion and the final invoice has been issued but no RERA fee.

Select are at it, even the way they issued the notices tells you they are at it.

Not a thing, Dorrabay is nearing completion and the final invoice has been issued but no RERA fee.

Select are at it, even the way they issued the notices tells you they are at it.

TB I REALLY hope you are right ! (this will be costly otherwise)

I have asked my other developers so we will see, but I heard of something like this happening a while back just didn't know detail

All property must be registered in the next 10 days!

Not a thing, Dorrabay is nearing completion and the final invoice has been issued but no RERA fee.

Select are at it, even the way they issued the notices tells you they are at it.

^^ Give it a break TB ! How can Select be "at it" if the money is deposited into a RERA account? Hmmm maybe they have insiders at RERA that siphon the money off and transfer it to them. If anyone is "at it" it is RERA IMO.

Not a thing, Dorrabay is nearing completion and the final invoice has been issued but no RERA fee.

Select are at it, even the way they issued the notices tells you they are at it.

I guess this proves that you think everything is a conspiracy. When you think SP can introduce a new law only for us at BC. I think its time you started to get in touch with reality and put your bad experiences behind you. Contrary to SP "being at it" they are a step ahead once again by keeping us all up to date. Keep it real and STOP SCARE MONGERING ALL THE TIME. This law protects us all and is a welcome addition to make property transactions more transparent in Dubai. It will make no difference financially to anyone other than they will have to pay these fees sooner rather than later.
btw just type Dubai law 13 into google for full explanation...

I guess this proves that you think everything is a conspiracy. When you think SP can introduce a new law only for us at BC. I think its time you started to get in touch with reeality and put your bad experiences behind you. Contrary to SP "being at it" they are a step ahead once again by keeping us all up to date. Keep it real and STOP SCARE MONGERING ALL THE TIME.

I think it is you that is out of touch with reality. :nuts:

Why is it only SP that are asking for this money? Because they are a step ahead of all the other developers.:ohno: SP have never been ahead of anyone.

I have tried to make you think about it, but if you want to give money away then go right ahead.

^^ Law 13 states that the contracts of all sales of off plan properties must now be registered with the Land Department, creating a fixed official database of all property transactions.


Something that occured to me is that it may only be a few developers like Select that require this to be paid as the UK Dubai Select company was acting as a 3rd party selling off-plan to Torch Select Dubai etc.

I guess this proves that you think everything is a conspiracy. When you think SP can introduce a new law only for us at BC. I think its time you started to get in touch with reality and put your bad experiences behind you. Contrary to SP "being at it" they are a step ahead once again by keeping us all up to date. Keep it real and STOP SCARE MONGERING ALL THE TIME. This law protects us all and is a welcome addition to make property transactions more transparent in Dubai. It will make no difference financially to anyone other than they will have to pay these fees sooner rather than later.
btw just type Dubai law 13 into google for full explanation...

Why are Select customers so sensitive?

^^Because every man, woman and his/her dog/cat/fish comes on here to tell us that we are idiots for investing in Bay Central and we should have done X,Y or Z.....like bank shares,etc, etc.....

Only kidding Jeetha - we also have a sense of humour....

^^Because every man, woman and his/her dog/cat/fish comes on here to tell us that we are idiots for investing in Bay Central and we should have done X,Y or Z.....like bank shares,etc, etc.....

Only kidding Jeetha - we also have a sense of humour....

You forgot Gold :lol: :banana::banana:

I would be the first to admit that I was a fool to fall for the DS/SG charm and support a local company blindly :cry: :cry:

^^ Law 13 states that the contracts of all sales of off plan properties must now be registered with the Land Department, creating a fixed official database of all property transactions.


TB, if you have any purchases in Dubai that are not registered they will not be legally valid, please check on this or you will loose them.

Select are ahead of the game here. Payments are made direct to the land registry and not to Select.

Steve;

I think you will have to pay the developer and they pay the 2% into a specific RERA account that they will have access to. I could be wrong :dunno:

If you were to realise your investments with SP SG SS DS now, i dont think the returns would fall within the "fool" catagory.

If you were to realise your investments with SP SG SS DS now, i dont think the returns would fall within the "fool" catagory.

It would, based on other investments made at the same time :cheers:

If I had the chance to do it all over again, I would never touch them and that is the truth :bash:

It would, based on other investments made at the same time :cheers:

I told you those bank shares would come good. :lol:

You forgot Gold :lol: :banana::banana:

I would be the first to admit that I was a fool to fall for the DS/SG charm and support a local company blindly :cry: :cry:

Gold is not an investment for me....rather an insurance policy...:cheers:

:cheers::cheers:hi bc investors. once SP have registered our propertties with land department.What happens if some one wants to sell.who will charge the transfer fee and how much.surely sp cant ask for 1% their charge. i rembe reading some where once properties are registered with rera developers can only ask a smaal admin fee for transfer.
any thoughts will be welcome

:cheers::cheers:hi bc investors. once SP have registered our propertties with land department.What happens if some one wants to sell.who will charge the transfer fee and how much.surely sp cant ask for 1% their charge. i rembe reading some where once properties are registered with rera developers can only ask a smaal admin fee for transfer.
any thoughts will be welcome

Found this

Law number 13 of 2008, governing off plan property sales in Dubai is set to come into effect this week. The law will introduce a mandatory system of pre-registration for sales contracts at the emirate's Land Department. Any off plan sales regarding real estate units in the city that are not registered will be legally invalid.

The registration system is the next stage in the government of Dubai's efforts to increase the levels of transparency in the local real estate market, along with the introduction of a specific arbitration agency, the Real Estate Regulatory Authority (Rera), and legislative measures such as the escrow law.

These initiatives come at a time when investor confidence in both upcoming and existing projects has been shaken following a series of scandals in the local industry.

Although the system will initially be undertaken by the Land Department, the duty will eventually pass to master developers, who will be obliged to register all purchases by sub-developers.

According to an explanatory report authored by Chloe English and Alexis Waller from legal firm Clyde & Co's Real Estate department, the registration system is already up and running and will work in tandem with the current project registration system in place at Rera following the introduction of Law number 8, the escrow law.

Law number 8 declared that all developers had to be approved by Rera and have an escrow account, which all monies from investors would be paid into and would be used solely for the construction of the development.

The system also paves the way for easing in the emirate's Law number 14 of 2008, regarding mortgages, allowing investors to register against off plan projects.


Contract and purchase fees
Developers will still be obliged to pay a fee of Dhs370 per off plan unit contract when registering their site plan. The developer will not need to have taken possession of the land before registering off plan sales, registration of the concluded purchase agreement at the Land Department will be enough.

There will also be an additional 2% registration fee, payable at the split of 1% by the seller and 1% by the buyer, on all third party sales prior to the beginning of construction.

The good news for buyers is that developers will no longer be able to charge transfer fees on off plan sales.

Administrative charges will still be payable but the exact amount is currently being determined by the department. The Clyde & Co report estimates the figure at Dhs5,000 for off plan transfers and Dhs500 for completed properties.


Breach of contract
Under the new law, if buyers default on a sales contract it becomes the developer's responsibility to report the breach to the Land Department.

They will then issue a notice granting the buyer 30 days grace to comply with contractual obligations. If the issue is not resolved within the period the developer can cancel the contract and return all money paid, minus 30%, which they are allowed to keep. The new law means that the 30% is now a value of money paid by the buyer, rather than 30% of the value of the project.

In a further boost to buyers, developers will also no longer be able to claim additional money if a project is larger once completed than set out in the original contract.

If the project is smaller than specified, however, the buyer must be compensated (the size difference has yet to be specified but the report anticipates a threshold of 5% and over from the advertised area).


Restrictions on property 'flipping'
The new law is also part of the government's efforts to help curb the market speculation that has seen prices rise at fever pitch levels, and ensure that all transactions are monitored by the government rather than by individual companies.

Unfortunately, for many of the investors currently undergoing problematic handovers, the law will not retroactively govern projects that are already underway or completed - although all developments still in the off plan stage only have 60 days to register sale contracts with the Land Department.

Although some of Dubai's major developers, including powerhouses Nakheel and Emaar have set their own restrictions on the resale of off plan units, placing a hold on sales until either a set period of time has elapsed or a percentage of the contractual value has been paid, the new law does not make these restrictions mandatory across the board.

OK - Looks like we on LPP need to pay 1% to RERA.

Now I need SP to pull their heads out of their butts and tell me where to send the money....I need to know asap whilst the UKP still has some value left.

Even though I don't like UK bank shares, I am now the proud owner of all of them due to the fact that I pay UK tax...

thanks for all the updates.
looks great!!!

Is this good news for Bay Central? Average 2,750 psf...I think so!

http://www.ameinfo.com/170650.html

You should also look at our neighbour's website:
http://www.abyaar.com/pier8/

This is the ice tower:
http://www.ameinfo.com/images/news/0/64720-ICE-Tower1.jpg

people with central tower, left facing apartment will have slighty blocked views down the marina with these two building built

^^Blocked is a bit harsh is it not? Couldn't they look right slightly and see the marina?
When I get my keys, I'll take a picture and update this thread!

ok slight restricted

:soon:!!

[QUOTE=FWIW;26339054]^^Blocked is a bit harsh is it not? Couldn't they look right slightly and see the marina?
When I get my keys, I'll take a picture and
which side of bay centr is this new project:bash:

Here's a map of our neighbours! I think they look very good; hopefully BC will not look out of place!

http://i37.tinypic.com/2dlns3n.jpg

I do not think the central tower will be affected. Maybe the hotel tower will have some restricted views towards phase 1

Firstly may i introduce myself my name is heck ramsey, have purchased 1br in west tower retire in 4yrs and hopefully will be spending our wet uk winters with you guys, after completion til date of retirement i shall look into the rental market, although i do feel that this will change and prices may drop and conditions become more challenging. my goal is to have a good property in a good location and at least holds it value!! that i can enjoy.
IS MY GOAL ACHIEVABLE..

Welcome Heck.

Yes, I believe your dreams are attainable.

BC will be good property in a great location.

Good luck.

FWIW

Heck,

4 years to retire and you are using it as a 2nd home i think you made a good choice. Bay Central when complete wil be a good development to live in, especialy if the hotel deal stays as it is.

It shold be ready for you to hold your retirement party. :banana:

Firstly may i introduce myself my name is heck ramsey, have purchased 1br in west tower retire in 4yrs and hopefully will be spending our wet uk winters with you guys, after completion til date of retirement i shall look into the rental market, although i do feel that this will change and prices may drop and conditions become more challenging. my goal is to have a good property in a good location and at least holds it value!! that i can enjoy.
IS MY GOAL ACHIEVABLE..

join the club heck you will do fine. worry about rental market when Bc project is complete.rental will continue to go up on marina but not at the pace thay have done in last few years.
once again join the club.
:cheers:

Welcome heck, are you Gordon's more polite brother?

I think BC will keep its value even in these difficult global times and 4 years+.

There are many parties to look forward to in the marina area when we all retire there :lol:

Is encouraging that a quick and positive response has been received thanks all....due to being a cautious to medium risk investor this was a big decision to make, hopefully for all of us it will pay off... we all now have insurance assuming uk status with $ and £ current exchange another plus lets hope it stays favorable..... On a down side was going to cash in hbos shares to make final payment:lol::lol:. what a joke how did we not see it coming...

Firstly may i introduce myself my name is heck ramsey, have purchased 1br in west tower retire in 4yrs and hopefully will be spending our wet uk winters with you guys, after completion til date of retirement i shall look into the rental market, although i do feel that this will change and prices may drop and conditions become more challenging. my goal is to have a good property in a good location and at least holds it value!! that i can enjoy.
IS MY GOAL ACHIEVABLE..

wellcome too the forum.. im 29 years old and im also looking too retire in about 4 years time...

Bay Central will more than likely be near completion in the next two years..

great investment you dont need too worry

i have been told that every transfer will be charged 2% and future 2%s shared 1 each buyer and seller. dont understand how this is going to work....so the 2% is not really abolished as far as the investors are concerned.

:cheers::cheers:hi bc investors. once SP have registered our propertties with land department.What happens if some one wants to sell.who will charge the transfer fee and how much.surely sp cant ask for 1% their charge. i rembe reading some where once properties are registered with rera developers can only ask a smaal admin fee for transfer.
any thoughts will be welcome

Welcome heck, are you Gordon's more polite brother?

I think BC will keep its value even in these difficult global times and 4 years+.

There are many parties to look forward to in the marina area when we all retire there :lol:

hi steve
are you retiring as well. looking at current situation in uk will be a good thing unless gordy dips into everyones pension funds again:bash:

Here I am again...
Welcome on board Heck!
Our investment should be fine as a buy to let property and in the long period too.
BC has a great location as the Marina itself. It's a great place to live and to rent it out.
The overall level of the construction should be very high...when it will be ready!
Our SP friends have to speed up the construction process in order to comply with the completion time (December 2009 in my contract), I spoke with a sales manager few days ago which still confirm the completion in 2009 :weird:
Hard to believe...they have to pull up three huge towers in a period just a little bit longer than 1 year. In my opinion the development will be ready by December 2010...just before penalties.
At this stage I'm prepared to face this inevitable delay but I can understand worries related with LPP without rental income.
Everyone are ok with RERA registration payment to SP?
I have managed my payment yesterday morning and now I'm waiting my documents from Dubai Land Department and invoice from SP.
Is there someone aware about inheritance in UAE?
From my information, after RERA registration, it is advisable for a foreigner to make a will to clarify his/her intentions regarding the disposal of property in the UAE.
Seems not necessary to make a local will in the UAE because the local Courts look at whether the will is valid in the country of origin.
So it is advisable for foreigners who own property in the UAE, but who do not live in the UAE, to make a will according to the laws of their own nationality, and have the will attested by the UAE Embassy in their home country.
As soon I will obtain RERA registration I will act in this manner!
Any thought about...? Cheers
:soon:

hi joe never even thought about it, "single man like what i do do what i like!" isnt that right?......"mary" :) shall have to investigate.... DOES anyone have any views on the furniture packs or any other finishings...how was the torch finiished good?

.... DOES anyone have any views on the furniture packs or any other finishings...how was the torch finiished good?

Torch finishing is great! only problem is there are not enough sun beds at the pool for the number of residents in the building.

The Point is great also, looks fab! As Joe said, only 2 years and we will all be sitting at the bar in the Hotel drinking beers:)

^^ I'm just going with it now:ohno:

hi joe never even thought about it, "single man like what i do do what i like!" isnt that right?......"mary" :) shall have to investigate.... DOES anyone have any views on the furniture packs or any other finishings...how was the torch finiished good?

it is easier and better to furnish it yourself.will take about one week of your time.and it can be done to your taste. if you are planning to rent it long term do it unfurnished.also the proposedhtel may want to take over the management if they are short of room. Then you will have to furnish it per hotel specifications or let the hotel do it.
hope this helps.

dxbgo:cheers:

pictures of the site anyone??

[QUOTE=Beppe786;26374128]wellcome too the forum.. im 29 years old and im also looking too retire in about 4 years time...

Whats your secret Beppe?

Im also 29 years old - but far off from being able to retire! :nuts:

Looks like I won't be abe to until the age of 42.

[QUOTE=Beppe786;26374128]wellcome too the forum.. im 29 years old and im also looking too retire in about 4 years time...

Whats your secret Beppe?

Im also 29 years old - but far off from being able to retire! :nuts:


Dont get married.. that the secret!!

:lol: I guess shoes, handbags, wining & dining and large grocery bills can add up.

^^Don't forget the cost of bringing up kids...I am amazed at the rate of cash they can consume...hmmm must get High School Musical costumes, books, stickers, etc, etc...

:LOL:

BTW anyone got any new pictures of BC?

any new pictures.. intrested too see if progress has picked up

^^Just sent Sale on a mission...

http://www.skyscrapercity.com/showpost.php?p=26542496&postcount=7882

http://i34.tinypic.com/wum04n.jpg

http://i37.tinypic.com/2u5tmxv.jpg

http://i35.tinypic.com/10sddmd.jpg

^^Nice one sale! :applause:

:cheers:

cant really tell from those photos if there has been much progress this week.. more blockwork and piles have been dug up on the back wall.. :ohno:

they havent started on the central tower maybe once west tower footings are complete..

^^Looks like they are still progressing - maybe slow, but at least I can see some people on site...Went so quite that I started to worry...

Did they use the crane to get that cement truck into the hole? Would have loved to see a flying cement truck!!! :crazy:

some slow work better than no work...

I am thinking of selling a one bed in west tower highest floor with full yacht bay/marina view. Any advice on what to market it at? I was thinking around 2150psf. It has the 15 year non status payment [lpp] plan also if that helps.

With the way credit and lending facilities are at the moment having any unit with non status pre approved finance would warrant a significant premium alone in my opinion.

Interesting to see what the going rate is for BC at the moment.

^^Yes, I agree - the LPP alone is worth a lot more now than before! Not sure how the transfer process would work though...I am sure SP would also get a big cut though.

^^Yes, I agree - the LPP alone is worth a lot more now than before! Not sure how the transfer process would work though...I am sure SP would also get a big cut though.

as SP dont let you convert from standard plan to LPP on resales dont see why they would want a big cut on resales on LPP^^

^^This only applies to LPP from start...

Don't want to put words in HT's mouth, but what I understood he was saying is that in this Credit Crisis world we are now in, having a line of credit pre-approved would be of great benefit for most buyers compared against Standard Plan. Therefore, we might see that Standard Plan prices are slightly lower than the LPP ones or the LPP ones are preferred. This scenario gets better when you factor in that we could be in for higher inflation, and therefore the LPP would get cheaper over time!

Another point to consider is: that by SP always acting as a middleman, they know what you paid originally, the contractual purchase price, the amount you have paid on LPP, they find the buyer(themselves?) with the highest(their) price, and they transfer the property to new buyer.

Basically, they are not a charity and they would ensure they got a healthy return. They would also be able to sidestep the 1% compensation plan by re-writing the completion date for the new buyer, if any delays looked likely.

So what to do if you are on LPP? Hang on guys, it may be tough but it will be worth it.

^^This only applies to LPP from start...

Don't want to put words in HT's mouth, but what I understood he was saying is that in this Credit Crisis world we are now in, having a line of credit pre-approved would be of great benefit for most buyers compared against Standard Plan. Therefore, we might see that Standard Plan prices are slightly lower than the LPP ones or the LPP ones are preferred. This scenario gets better when you factor in that we could be in for higher inflation, and therefore the LPP would get cheaper over time!

Another point to consider is: that by SP always acting as a middleman, they know what you paid originally, the contractual purchase price, the amount you have paid on LPP, they find the buyer(themselves?) with the highest(their) price, and they transfer the property to new buyer.

Basically, they are not a charity and they would ensure they got a healthy return. They would also be able to sidestep the 1% compensation plan by re-writing the completion date for the new buyer, if any delays looked likely.

So what to do if you are on LPP? Hang on guys, it may be tough but it will be worth it.

Any apartments i have sold to date in Dubai have been to cash buyers that don't require credit. The only benefit in having LPP is that it opens up the market for the seller to more types of buyers. In my opinion people on SPP have nothing to worry about as there are still cash rich buyers in the world.
The only question i was asking was what people thought i could sell one of my apartments at as i recall people have sold recently for good premiums.

Does 2250/sqft sound reasonable or over the odds. It is a one bed on the highest floor with full yacht Bay /Marina view and also has non status pre approved 15 yr finance available. Any body interested or with info can contact me directly on baycentral@blueyonder.co.uk

Thanks

bought on spp now reading you guys iam thinking should have went for lpp plan is for a long term hold 15 to 18 yrs... does anyone have floor dimentions for west 04 1br 677ft2 and does this include balcony area......

bought on spp now reading you guys iam thinking should have went for lpp plan is for a long term hold 15 to 18 yrs... does anyone have floor dimentions for west 04 1br 677ft2 and does this include balcony area......

how much did you pay?

bought on spp now reading you guys iam thinking should have went for lpp plan is for a long term hold 15 to 18 yrs... does anyone have floor dimentions for west 04 1br 677ft2 and does this include balcony area......

lpp / spp is personal choice and only suites peoples finances. If you've got the cash why pay over odds over 15yrs. There is a substantial premium when opting for this method. And yes it does include balcony area. The sizes are net as opposed to some developers that sell gross so thats a good thing.

Also...Law 14 is going through at present which opens up the mortgage market allowing off plan and finished apartments to be mortgaged in the same way as other countries so soon you can [re-] mortgage your apartment if you like.

^^Yes - don't want to get into a debate between SPP Vs LPP. As Maktol says, everyone makes their choice down to personal preference/finances. For me the payments were made affordable using the LPP and allowed me to buy when I otherwise probably couldn't...

Using the LPP is a no brainer as far as i'm concerned.

Before Escrow was law in Dubai this was a like an insurance premium as far as i am concerned. Ok the LPP charges interest (i calculated it at just under 7%), but this prevents you having to give all your cash to a builder up front (all be it in stages), who has no incentive whatsoever to complete within the agreed timescales.

So it made sense to me to keep the cash invested and as long as it earns the same or more where it's invested then the LPP is insuring that i benefit from the full effects of the leveraging.

Also as i said before selling a unit with non status pre arranged finance will prove to be so much easier if the need should arise.

Completely agree, it makes no sense at all not to go for the LPP. You can get more than 7% by investing the money elsewhere during contruction. Possibly even get enough capital gains profit from that to pay off your apartment at completion if you invest it in another property which also grows in capital.

the LLP with no questions asked is Godsend imo. the money you will pay for one apartment on the SPP can be used, with a little bit more, to buy and pay for 3-4 apartments on the LLP until completion.

the LLP with no questions asked is Godsend imo. the money you will pay for one apartment on the SPP can be used, with a little bit more, to buy and pay for 3-4 apartments on the LLP until completion.

Are you assuming a 2009 completion here glover? I am a little slow here. If you have to pay 30% per apartment up front and then 1.3% per quarter per apartment assuming you bought Dec 06 this means 12 payments per apt until dec 2009 completion which equates to [12*1.3%*3apts=] 46.8%. So in total you have invested 136.8% over the period and hope that it finishes on time.
If you buy two on lpp and pay 30% up front on both and then Q payments until scheduled completion this equates to 92% of original fund...leaving 8% or 6 Q payments [3 per apt] for delay. However by your own estimate it is 3 yrs behind so how did you manage 3 or 4 apts?

the LLP with no questions asked is Godsend imo. the money you will pay for one apartment on the SPP can be used, with a little bit more, to buy and pay for 3-4 apartments on the LLP until completion.

glover is right,

im on the standard plan.. if i was on the Long Term plan i could have bought more apartments..

ill be glad once payments are over.. and have peace of mind that everything has been paid.. no more payments or intrests payment like on the LTP.

Why would it give you peace of mind knwoing you have paid up in full only to sit and stare at a hole in the ground for the next 4 years.

That would fustrate the hell out of me. :ohno:

Still at least your compensation payments will be worth more as they are based on what you have paid so far.

everyone situation is not the same.. / some people can afford too buy it cash some cant..

long delay is a worry to everyone..

yeah compensation would hopefully be better than nothing

Wow you must be really wealthy to be able to pay all of that money to a company who wont deliver the product to you for another 4 years when you had the option only to pay small installments with an interest rate similar to a deposit based savings account.

Why cant i have friends like you.

^^We mustn't forget the currency ratio when we look at this. If you are on SPP and paid up last year then you have gained on the currency...obviously this can also go the otherway...but if you believed that sterling was the strongest it would ever be last year and paid on SPP, then as far as I'm concerned you are a currency genius!

Wow you must be really wealthy to be able to pay all of that money to a company who wont deliver the product to you for another 4 years when you had the option only to pay small installments with an interest rate similar to a deposit based savings account.

Why cant i have friends like you.

Ahhh just like the good old days of Off-plan developments...
There was a reason that the returns were better....because you had to have patience and trust...:lol:

^^We mustn't forget the currency ratio when we look at this. If you are on SPP and paid up last year then you have gained on the currency...obviously this can also go the otherway...but if you believed that sterling was the strongest it would ever be last year and paid on SPP, then as far as I'm concerned you are a currency genius!

Very true,

Still no need to to pay infull as you could have bought your Dirham and stuck it in a UAE Bank ready to drip feed to SP.

But like Beppe says we all have different circumstances.

Why would it give you peace of mind knwoing you have paid up in full only to sit and stare at a hole in the ground for the next 4 years.

That would fustrate the hell out of me. :ohno:


Be fair .. by the time they have all paid in full, the building would be on the 1st level, ok .. maybe the third :lol:. Much better than a hole to stare at.

well have too check on FWIW Chart

next year June 09 is last installment and then one on completion

hopfully by june the wont be a hole in the ground

well have too check on FWIW Chart

next year June 09 is last installment and then one on completion

hopfully by june the wont be a hole in the ground

My last payment on SSP is September 09 then on completion. When did you buy and why is there a difference?

in your contract your completion date might be different?

mine is December 09

i bought over a year ago now

Just dug out the paperwork...

SPP
Reservation fee of 21,000
1st Install 15% on contract execution
2nd Install 15% less res fee on 1/12/2007
3rd install 20% on 1/06/2008
4th install 20% on 1/12/2008
5th install 20% on 1/06/2009
final install 10% on completion (1/12/2009????)

So at the moment people on SPP have put in 50% (of a smaller number) into this project so far...90% by June 2009. 100% paid off on completion.

LPP have put in 32.334% (of a bigger number) into this project so far...35.835% by June 2009. Every quarter LPP pays off 1/60th of 70% (1.167%). After 60 payments 100% paid of in March 2023.

So after all that, there really is no right or wrong answer...you pays your money you takes your choice!

in your contract your completion date might be different?

mine is December 09

i bought over a year ago now

Completion date on all my contracts is Dec 09. I have LPP and SPP. My final installment for SPP, with the exception of last payment, is Sept 09. Have you checked yours? Are you sure its June?
Do you intend staying in BC or is it just investment? I plan to use BC as base in Dubai.

yeah same here maktol.. im gonna use it as a base for myself and business..

i think i got the money out at a good time when i got 7.5AED per £..

might have too suffer on the june payment

^^They probably gave you 2 months grace as you probably were very close to or past the 1/12/2007 payment. So after that it is every 6 months...

Just dug out the paperwork...

SPP
Reservation fee of 21,000
1st Install 15% on contract execution
2nd Install 15% less res fee on 1/12/2007
3rd install 20% on 1/06/2008
4th install 20% on 1/12/2008
5th install 20% on 1/06/2009
final install 10% on completion (1/12/2009????)

So at the moment people on SPP have put in 50% (of a smaller number) into this project so far...90% by June 2009. 100% paid off on completion.

LPP have put in 32.334% (of a bigger number) into this project so far...35.835% by June 2009. Every quarter LPP pays off 1/60th of 70% (1.167%). After 60 payments 100% paid of in March 2023.

So after all that, there really is no right or wrong answer...you pays your money you takes your choice!

INVESTMENT APPRAISAL
When I made initial enquires re purchase of apartments in BC, Select Property said the equivalent of an 8% interest charge was built into the LPP compared with SPP. They put it like this because the LPP is not a formal finance agreement.

So for those with surplus funds on deposit who only wanted one or a fixed number of apartments( rather than maximising number of apartments they could buy) then the SPP was best bet given after tax interest that could be earned is 3 to 5% depending on the interest rate and whether you pay higher rate of income tax or not. If you didn't have surplus funds or wanted to maximise number of apartments you could buy then LPP was best bet if you expected values to go up more than 8% pa especially in the early years because this would generate the opportunity to flip the property before completion. Clearly values have gone up more than 8% pa since launch. :lol:

( I am a long term investor rather than "a flipper")

^^They probably gave you 2 months grace as you probably were very close to or past the 1/12/2007 payment. So after that it is every 6 months...

August 2007 was the last one i bought.

August 2006 was the last one i bought.

2006???? Wow - you were early...surprised your contract doesn't state completion as 9/2009...

( I am a long term investor rather than "a flipper")

Good to hear it - I am also a long term investor...and not a flipper...even though I have LPP...:lol:

yeah same here maktol.. im gonna use it as a base for myself and business..

i think i got the money out at a good time when i got 7.5AED per £..

might have too suffer on the june payment

Fortunately i have money in Dubai to cover all the payments so Exchange rates don't trouble me too much [other than the cost of a beer] although i am tempted to sell something as there would be quite a significant premium on currency alone. Anyone who bought all the currency when it was at 7.4/5 would make a small fortune just selling at the same price (for example).
What building are you [all] in and what type, floor etc.? Anyone that has bought and stayed in an apt in Dubai recently will know the real fun and games start during the handover/snagging process. Everyone buying to stay in BC should keep in touch and act jointly during that process.

2006???? Wow - you were early...surprised your contract doesn't state completion as 9/2009...

Sorry August 2007 i meant

Fortunately i have money in Dubai to cover all the payments so Exchange rates don't trouble me too much [other than the cost of a beer] although i am tempted to sell something as there would be quite a significant premium on currency alone. Anyone who bought all the currency when it was at 7.4/5 would make a small fortune just selling at the same price (for example).
What building are you [all] in and what type, floor etc.? Anyone that has bought and stayed in an apt in Dubai recently will know the real fun and games start during the handover/snagging process. Everyone buying to stay in BC should keep in touch and act jointly during that process.

Same strategy here - I can't be dealing with currency fluctuations anymore...

I'm in Central Tower...2 bed high floor...al fattan views!

Good idea about the snagging - always a bigger issue than it should be. I have been reading that some developments are having handover delays due to DEWA connections not happening. So it is a good idea we stay in touch and act jointly!

well all have a pint once its ready in BC Bar

^^Yes we will, and High Times is buying the first round!!! :cheers:

I'm in Central Tower...2 bed high floor...al fattan views!

Good idea about the snagging - always a bigger issue than it should be. I have been reading that some developments are having handover delays due to DEWA connections not happening. So it is a good idea we stay in touch and act jointly!

I'm in West Tower 2 bed high floor with Yacht Bay/Al Fattan view.

I'm in West Tower 2 bed high floor with Yacht Bay/Al Fattan view.

I'm in Central tower, around the 20th floor - marina facing 1 bed 08 unit

.............................Anyone that has bought and stayed in an apt in Dubai recently will know the real fun and games start during the handover/snagging process. Everyone buying to stay in BC should keep in touch and act jointly during that process.

This is what I like most about the DS threads. Everyone is an optomist:lol:

Anyone chosen their curtains yet?:hahano:

What's a optomist?

Somebody who tests your eyesight.

today, friday 17 oct.

http://img136.imageshack.us/img136/4198/img0187vo6.jpg (http://imageshack.us)
http://img136.imageshack.us/img136/img0187vo6.jpg/1/w1280.png (http://g.imageshack.us/img136/img0187vo6.jpg/1/)

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http://img407.imageshack.us/img407/2516/img0189yq4.jpg (http://imageshack.us)
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http://img133.imageshack.us/img133/471/img0186am9.jpg (http://imageshack.us)
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http://img404.imageshack.us/img404/5849/img0193qi0.jpg (http://imageshack.us)
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http://img266.imageshack.us/img266/7725/img0195hm1.jpg (http://imageshack.us)
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http://img523.imageshack.us/img523/7296/img0196ph0.jpg (http://imageshack.us)
http://img523.imageshack.us/img523/img0196ph0.jpg/1/w1280.png (http://g.imageshack.us/img523/img0196ph0.jpg/1/)

thanks for pics glover looks like good progress

^^ Thanks for the pics Glover - coming along nicely...should be out of the ground in 2/3 months...i hope!

ok progress on the west tower, but almost none on the other two!!

^^I think this is due to the restricted access to the plot...i.e. they will work from west to central to east towers...maybe once the podium and a few floors are done, the three towers could have a race to see which tops out first!

^^I think this is due to the restricted access to the plot...i.e. they will work from west to central to east towers...maybe once the podium and a few floors are done, the three towers could have a race to see which tops out first!

time for another EDC( expected date of completion) fwiw please
^^:nuts:

how much more do they need to do before they finish the west tower foundations and move too the central tower??

Found Law 13 on rera website which outlines the registration process

http://rpdubai.ae/rpdubai/pdf/pdf_laws/No13_2008.pdf

Also found Law 14 concerning mortgages in the Emirate of Dubai
http://rpdubai.ae/rpdubai/pdf/pdf_laws/No14_2008.pdf

ok progress on the west tower, but almost none on the other two!!

Thanks for photos Glover they are excellent. Looks like really good progress on west tower. Any of Yacht Bay or Jumeirah Walk?
DxbPC formerly Maktol

http://img127.imageshack.us/img127/1089/atlanticinthefuturemq3.jpg

i dont see how the west tower will have Yacht Bay club views.. marina quays will be in the way..

Let's stop deluding ourselves and be honest....... progress is terrible here. I would have expected all three towers to be being worked on at the same time. If they were all at the same stage as West Tower is now, then things wouldn't be so bad. But Jesus Christ !! if they are doing one at a time, this thing is going to take forever. Only glimmer of hope is that once the slab(s) is poured, they build all three towers together. Surely they must do this, they couldn't do each one separately........could they ?? Still only half a dozen workers on site. :ohno:

^^Morris - I share your pain...but what can we really do about it?

Everytime SP call me to sell me something new, I keep asking them the completion date. They keep saying Dec 2009.

I haven't updated my chart because I still believe in my own prediction. Nothing I have seen construction wise actually contradicts my view, but actually reinforces it.

Now, there is a chance that unknown to me, that SP/DCE will pull out all the stops to get this finished as per schedule. Who really knows?

Therefore, I have planned for the worst which is a handover end of 2011. But I pray and hope that they deliver on their promises...

^^Morris - I share your pain...but what can we really do about it?

Everytime SP call me to sell me something new, I keep asking them the completion date. They keep saying Dec 2009.

I haven't updated my chart because I still believe in my own prediction. Nothing I have seen construction wise actually contradicts my view, but actually reinforces it.

Now, there is a chance that unknown to me, that SP/DCE will pull out all the stops to get this finished as per schedule. Who really knows?

Therefore, I have planned for the worst which is a handover end of 2011. But I pray and hope that they deliver on their promises...

You're right, there's nothing at all we can do about it. I see progress like this. We'll have to wait at least six months for the foundations and waterproofing to be completed as clearly we can see now that each tower will be worked on one at a time. I guess the slab will consist of three separate pieces - hopefully slabs should be in place by say June next year. Assuming they then really get their arses into gear, six months to work on the podium takes us to ground level by Dec'09. Another 12 months to build the towers, assuming they build them all at the same time........doing them separately would be a complete disaster timewise, so better not go down that route - that's the armageddon scenario. So we should top out say Dec'2010. Another year for fit out and completion Dec 2011. This is the very, very best we can expect and there's nothing factored in here for unforseen problems, but fingers crossed DEWA connection does not get held up and we may get the keys early 2012 if we are lucky. Really can't see anything sooner than this.

The issue is constantly the same, simply not enough resources are being put into this development. Why the hell not ?? That's what I want to know. Anybody would think they were just building one tower here. No use speaking to SP they'll tell you nothing.

From contacts in the industry it would appear that material prices are no longer a problem, these have been tumbling in line with all other commodities in the aftermath of the credit crunch and fears of world recession.Labour is the big problem and it would appear to be due to direct intervention by the Dubai authorities in issuing work permits,the logic being that if you slow down the labour supply,you can slow down completion dates and hence the oversupply of property in a slowing market,thus ridding out the downturn.

From contacts in the industry it would appear that material prices are no longer a problem, these have been tumbling in line with all other commodities in the aftermath of the credit crunch and fears of world recession.Labour is the big problem and it would appear to be due to direct intervention by the Dubai authorities in issuing work permits,the logic being that if you slow down the labour supply,you can slow down completion dates and hence the oversupply of property in a slowing market,thus ridding out the downturn.

This sounds plausible...Another thing I think we BC'ers have on our side is that we are directly in front of the marina mall and hotel...My thinking goes along: They need human resources to ensure the mall is open on time. There has been crazy amounts of money (4000psf) that has been spent on the serviced apartments that look over the BC site. We therefore, have the support of these people(Emaar?) to make sure that BC is built asap. We may be frustrated at getting the keys to our apartments, but think of these people! Do they want to look at a building site for 2/3 years?

You're right, there's nothing at all we can do about it. I see progress like this. We'll have to wait at least six months for the foundations and waterproofing to be completed as clearly we can see now that each tower will be worked on one at a time. I guess the slab will consist of three separate pieces - hopefully slabs should be in place by say June next year. Assuming they then really get their arses into gear, six months to work on the podium takes us to ground level by Dec'09. Another 12 months to build the towers, assuming they build them all at the same time........doing them separately would be a complete disaster timewise, so better not go down that route - that's the armageddon scenario. So we should top out say Dec'2010. Another year for fit out and completion Dec 2011. This is the very, very best we can expect and there's nothing factored in here for unforseen problems, but fingers crossed DEWA connection does not get held up and we may get the keys early 2012 if we are lucky. Really can't see anything sooner than this.

The issue is constantly the same, simply not enough resources are being put into this development. Why the hell not ?? That's what I want to know. Anybody would think they were just building one tower here. No use speaking to SP they'll tell you nothing.

How does it go .. Optomist or is it Optimist :lol:. Same old bullshit if you ask me. Park Island - all four towers developed in parallel. Why on earth would the same contractors approach this development one at a time.... limited resources perhaps or no development schedule to stick to - just an arbitrary completion date for investors to make purchase decisions on. Says a lot of this development and the company behind it. I don't see any of the towers breaking the surface for another 1.5years. :bash:

http://img127.imageshack.us/img127/1089/atlanticinthefuturemq3.jpg

i dont see how the west tower will have Yacht Bay club views.. marina quays will be in the way..

DEFINATELY EVERYTHING ABOVE 14TH FLOOR WILL HAVE VIEW. Red line roughly where west tower will be. This photo taken from bottom of marina so yacht bay view guarenteed.

http://i38.tinypic.com/2vbjzhw.jpg

^^ yeah having a view of boats is rather pleasing! b******s.

like you guys are going to stare out the windows all days and look at boats!


lol you people make me laugh!

Although everyone agrees that there are delays in Dubai what worries me is that the star attraction of this developement was the on site 5 * hotel and the synergistic opportunities that this brings with investing here. Surely these people are not going to be messed around with outrageouse delays to their hotel and planning and it would be the utlmost priority for SP to get this project on time! over and above all of their other projects to keep to the contract and timeframes I am begining to wonder if the hotel deal is still on the table!! I will be very very angry if it was all hype to sell the project. This project is unbelievably behind and is getting rather boring to talk about now.

Although everyone agrees that there are delays in Dubai what worries me is that the star attraction of this developement was the on site 5 * hotel and the synergistic opportunities that this brings with investing here. Surely these people are not going to be messed around with outrageouse delays to their hotel and planning and it would be the utlmost priority for SP to get this project on time! over and above all of their other projects to keep to the contract and timeframes I am begining to wonder if the hotel deal is still on the table!! I will be very very angry if it was all hype to sell the project. This project is unbelievably behind and is getting rather boring to talk about now.

I agree it is boring to talk about now. Regarding hotel they will have more realistic deadlines than we have I think...and it is only a thouht...that the official deadline as far as hotel will be concerned is Dec 2010 as that is when the contract allows for compensation to kick in. Also it can't just be hype as the hotel name is officially being used to market BC. I believe a lot of the intial delays were caused because the hotel was originally the central tower so they have had to go through a redesign and get that passed to allow the east tower to be hotel. Furthermore this is prime location and every hotel chain would take the oportunity to be here so no worries there.
In summary there is a delay and everything else is just bored people speculating...me included. I think Dec 2010 no problem.

Although everyone agrees that there are delays in Dubai what worries me is that the star attraction of this developement was the on site 5 * hotel and the synergistic opportunities that this brings with investing here. Surely these people are not going to be messed around with outrageouse delays to their hotel and planning and it would be the utlmost priority for SP to get this project on time! over and above all of their other projects to keep to the contract and timeframes I am begining to wonder if the hotel deal is still on the table!! I will be very very angry if it was all hype to sell the project. This project is unbelievably behind and is getting rather boring to talk about now.

I'm sure the hotel deal was ligitimate when announced, and maybe it is still going to happen. It was only ever a "hotel management deal" that was struck i think, so SP will still own the building.

When the development is finaly ready it may make more sense for SP to sell the hotel units as residential units to make a load of cash instead.

There is nothing contractualy that BC investors have that guarantees a hotel being on site at any time so fingers crossed on that one.

Only time will tell.

Bizzy posted this pic in the DM thread: Shows some potential views us Sea/Al Fattan view people might get...

http://i35.tinypic.com/zvtwg4.jpg

I'm sure the plan would still be to proceed with the Hotel. However if there is a nasty economic worldwide downturn this will surely affect tourist numbers and the Hotel may want to re-consider. The East Tower would have to be redesigned IMO to convert to residential as the units would be too small having been designed as hotel rooms. Don't forget the podium area would have to undergo a truly massive redesign as well - who would want an empty hotel lobby, restaurant, spa, etc.

This is all wild speculation of course at this stage and best for us to assume the Hotel is going ahead. At 300 rooms it's not that large. The great thing about BC though is you can always rent out long term in the normal way so we have the benefit of both options here.

^^A lot of posters on this forum, are needlessly spreading fear, uncertainty, and doubt...Until the official BC people tell me otherwise, then all of this is just background noise and unwarranted speculation...

As far as I am concerned my contract (the one I have in my hands as I am an actual investor in BC and not like some other deluded git on here) specifically states that the Project comprises of two residential towers and another hotel tower. That is good enough for me and should be for you too.

If the picture I posted above (thanks bizzy) does not show you that BC also has arguably the best and most central location in the world's largest man-made marina, then nothing I say or do will be able to change your mind. So we will just leave it there then...

hopefully there start on the central tower foundations then East tower..

when there all done.. hopefully water proof them all at once

Just had a discussion with SP with someone I trust. ( I am not naive either.) SP have a lot of credibility invested in BC with investors many of whom are repeat purchasers. I was told that there has been a delay in getting the permit to build the hotel (not sure why they haven't had it before now) but approval is literally expected this week. Hopefully this will be the trigger for more contruction effort.

Hi guys i'm new to this forum. Bought 2 bed in central tower just over yr ago. Was reading posts about hotel and emailed marriott. this was there reply..




Thank you for contacting Marriott. We appreciate the opportunity to provide you with information.

Marriott has announced tentative plans to open the new Renaissance Dubai Marina in January, 2009. Unfortunately, we are unable to provide an exact date as unforeseen construction delays may cause the opening date to change.

Please look for announcements of future hotel openings at:

http://marriott.com/search/newHotels.mi

Did you know that you can use Marriott.com to make a reservation at a location that meets your specific travel needs?

1. Begin at Marriott.com (http://www.marriott.com). Click the "Search by Keyword" tab on the left-hand side of the page.

2. Type the hotel name, keyword, or phrase you wish to search for in the box.

3. Click the red "Find" button to view of list of hotels according to the search options you have entered.

For more guidance regarding the online reservation process, please visit the web address below:

https://www.marriott.com/suggest/faqs_reserve.mi#question1

If you need additional assistance making reservations online, please feel free to reply to this email or contact an Internet Customer Care Associate by phone at 800-721-7033 (toll-free in the United States and Canada). We are available to help you 24 hours per day, 7 days a week.

For our international guests, a listing of international reservation offices is available at the following site:

https://www.marriott.com/reservation/worldnum.mi

Thank you for choosing Marriott.

Regards,
Sue Lima
Marriott Internet Customer Care

Hope it helps .

Just had a discussion with SP with someone I trust. ( I am not naive either.) SP have a lot of credibility invested in BC with investors many of whom are repeat purchasers. I was told that there has been a delay in getting the permit to build the hotel (not sure why they haven't had it before now) but approval is literally expected this week. Hopefully this will be the trigger for more contruction effort.


:omg: This doesn't sound very good at all. Two years after launch and still no approval to build the Hotel. :ohno: What happens if the approval is not given ?? Three residential towers ??

then SP have mis sold this too us.. they have been very clever no mention in our contracts either.. :ohno:

hope the hotel chain stays with us...

I was told that there has been a delay in getting the permit to build the hotel (not sure why they haven't had it before now) but approval is literally expected this week. :lol: :lol::lol: - WHAT - there is a delay in getting the permit to build the hotel. If any of this is true .. this is hilarious. Keep it up Select Property wankers ... What was the initial reason behind the delays with the Torch development - along the same lines i recall citing permit issues. Lets hope they get the thumbs up this week, and as a result put in the required effort in getting these towers built.

Marriott has announced tentative plans to open the new Renaissance Dubai Marina in January, 2009. Unfortunately, we are unable to provide an exact date as unforeseen construction delays may cause the opening date to change.


Looks like they have been missinformed also. Hope they haven't started staff recruiting yet unless they can do a bit of steelfixing.

The lack of Hotel approval does seem a bit strange after all this time, unless it has not yet been designed and therefore not submitted for approval.:dunno:

I also contacted Marriot and they replied within the day. Their answer confirms they are opening the hotel however the date is still tentative. I have removed my name for obvious reasons...

Dear ****,
>
> Thank you for contacting Marriott. We appreciate the opportunity to
> provide you with information.
>
> The Renaissance Dubai Marina does not yet have a definate completion or
> opening date, but it will most probably be late in 2009.
>
> For a lot of informaton about this
> project that you might find interesting:
> http://www.selectproperty.com/invest/dubai/investment-property/bay-central/
>
> If we can be of further assistance, we invite you to reply to this email.
>
> Thank you for choosing Marriott.
>
> Regards,
> Ricky Shae
> Marriott Internet Customer Care

Dear Ricky Shae,
Please find attached picture which shows the progress at the Bay Central site over the past 2 years.

Would you like to hazard another guess at the completion date? :lol:



Maktol, I note you have changed your forum name, are you a Dubai policeman? :runaway:

Dear Ricky Shae,
Please find attached picture which shows the progress at the Bay Central site over the past 2 years.

Would you like to hazard another guess at the completion date? :lol:



Maktol, I note you have changed your forum name, are you a Dubai policeman? :runaway:

Very good...the patters great. The point i was trying to make, albiet Wee Ricky's guesstimate is out, is that Marriot Hotel are on board 100% and are still focusing on opening. Hopefully stop the speculation. Changed name to my origianl preffered which wasn't available when i signed up but is now.
BTW what tower are you in and what type have you got. Are you an end user or investor, or both?

this is very bad news imo. if they haven't got the permit for the hotel yet, the whole development will be way delayed. this also means that no piling work has been done for the hotel yet, as i suspected few months ago!! i wish some on this board will wake up and face realty, it's DS who is deceptive and misleading here.

message 1637

http://www.skyscrapercity.com/showthread.php?p=22630796&highlight=hotel#post22630796

"just went through all the piling pictures in this thread. couldn't see any piling work being done on the hotel side!! looks like they never did any piling work for the hotel after all! what a bummer!
Last edited by glover; July 15th, 2008 at 12:06 AM. "

this is very bad news imo. if they haven't got the permit for the hotel yet, the whole development will be way delayed. this also means that no piling work has been done for the hotel yet, as i suspected few months ago!! i wish some on this board will wake up and face realty, it's DS who is deceptive and misleading here.

message 1637

http://www.skyscrapercity.com/showthread.php?p=22630796&highlight=hotel#post22630796

"just went through all the piling pictures in this thread. couldn't see any piling work being done on the hotel side!! looks like they never did any piling work for the hotel after all! what a bummer!
Last edited by glover; July 15th, 2008 at 12:06 AM. "

it will be a real bummer if central and west tower are completed and sp start pilling work for the hotel after that. BC will be a building site for another 2 years after completion of west and east tower.I am not getting good vibes regarding this hotel plan.Off course the marriot would have a legally sown up the contract. they would not have paid 90 % upfront.
dxbgo:ohno:

will we get a completion certificate if it goes ahead with out the third tower?

it will be a real bummer if central and west tower are completed and sp start pilling work for the hotel after that. BC will be a building site for another 2 years after completion of west and east tower.I am not getting good vibes regarding this hotel plan.Off course the marriot would have a legally sown up the contract. they would not have paid 90 % upfront.
dxbgo:ohno:

sorry meant west and central tower^^

will we get a completion certificate if it goes ahead with out the third tower?

dont see any reason why not.:bash:

I posted some comments about the hotel and also how in general some of the postings on here were very sarcasteic and aggresive towards other peoples opinions or concerns why was this removed !?

^^^^

You are not allowed to say or post anything that may be seen as negative towards this development.

If it displays genuine concern at construction delays, posabilities of the Hotel not being a done deal, or 80 floor hotels blocking any views from the central tower towards the beach.

Sorry it's just off limits.

In fact i'll be amazed if this post lasts longer than the time it takes me to say "oh dear"

Maybe Rahail Aslam is a moderator in his spare time, who knows.

I also find some comments appear to lack balance and are over negative.

Periodic delays have occured on other projects JBR for instance and presumably Torch and others but progress has continued and projects completed. The main risk of buying off plan involves potential delays but the quid pro quo is good financial returns. Those that have flipped on BC have doubled their money in 12 months for instance. My apartment in JBR has more than doubled in value and has proved very easy to rent out at a great rent.

From my enquires, construction progress BC on should now pick up. Lets see what happens by the end of November.

my post was not negative-i am an investor here too. My point was that some people on here need to to respect others opinions instead of all the sarcastic comments such as "deludid git" mentioned earlier. If this is all a clicky little club just let me know and ill piss off now but seriously the tone of some of you is pathetic!!

my post was not negative-i am an investor here too. My point was that some people on here need to to respect others opinions instead of all the sarcastic comments such as "deludid git" mentioned earlier. If this is all a clicky little club just let me know and ill piss off now but seriously the tone of some of you is pathetic!!

Investment related posts are not allowed, maybe thats what was wrong with the deleted posts.

Re the hotel, I think I am right in stating that Marriot is engaged as a management partner and they have no ownership of the building which will belong to SP.

Very good...the patter's great. The point I was trying to make, albeit Wee Ricky's guesstimate is out, is that Marriot Hotel are on board 100% and are still focusing on opening. Hopefully stop the speculation. Changed name to my original preffered which wasn't available when I signed up but is now.
BTW what tower are you in and what type have you got. Are you an end user or investor, or both?

I can't give any clues as to what tower I am in incase you raid my apartment for illicit liquor.

NOT A SINGLE CLUE WILL I GIVE:lol:

Looks like you will be a PC for a while yet and not be getting promotion to DC in the near future.

I can't give any clues as to what tower I am in incase you raid my apartment for illicit liquor.

NOT A SINGLE CLUE WILL I GIVE:lol:

Looks like you will be a PC for a while yet and not be getting promotion to DC in the near future.

I thought so... Nothing to do with BC....
Why so many opinions.
Sad guy...

Someone is allowed to show an interest without having made a purchase in the development for goodness sake!

This forum is about Skyscrapers and you don't have to have bought into one in order to take part! In any case if you followed the Marina scene more widely - instead of just concentrating on your investment - you'd pick up a lot of useful knowledge and you'd also know the answer to your question is The Jewels and Dorra Bay!

By the way I don't own anything in BC either - but I have a friend who does!

I thought so... Nothing to do with BC....
Why so many opinions.
Sad guy...

Stop it, ok!

http://www.selectproperty.com/regions/dubai/bay-central/resources/images/cu_bc20080901.jpg

looks like the site enterance comes ontop of the third tower, maybe thats why they have too do that last..?

some on this board are just unbelievable! Select hides the fact that they have no approval yet for the hotel, keeps telling investors that everything is on track, and that piling for the hotel has been done, while the facts on the ground show otherwise, yet some on this board keep putting up excuses for Select.

i am just wondering if we have some on this board who actually work for Select some way or another!

http://www.selectproperty.com/regions/dubai/bay-central/resources/images/cu_bc20080901.jpg

looks like the site enterance comes ontop of the third tower, maybe thats why they have too do that last..?

Yes Beppe - that was exactly the point I was trying to make a few posts ago:

^^I think this is due to the restricted access to the plot...i.e. they will work from west to central to east towers...maybe once the podium and a few floors are done, the three towers could have a race to see which tops out first!

I thought so... Nothing to do with BC....
Why so many opinions.
Sad guy...

As an investor in BC, I welcome the input from True Blue, and if ever we actually see some construction you will see that his contribution will be invaluable

some on this board are just unbelievable! Select hides the fact that they have no approval yet for the hotel, keeps telling investors that everything is on track, and that piling for the hotel has been done, while the facts on the ground show otherwise, yet some on this board keep putting up excuses for Select.

i am just wondering if we have some on this board who actually work for Select some way or another!

who can confirm if piling for the hotel (east tower) has been done or not. anyone on the forum who knows please enlighten us all.
welcome back FWIW
:bash:

pound dipped below £1 = 5.9 aed

hope most people made there december payment early

pound dipped below £1 = 5.9 aed

hope most people made there december payment early

not sorted mine out as yet was hoping £stayed around 6.4. it is unlikely considering BOE may reduce interest rates next month.cant be helped will have to buy at whatever rate is going next month:ohno:

^^
Have you heard of a forward currency trade

^^
Have you heard of a forward currency trade

yes but you dont get a good rate compared to spot trade. so i tend to take a risk with spot trade. i have bought forward trade but only when i felt £ was unlikely to rise any further. you win some you loose some^^

I thought so... Nothing to do with BC....
Why so many opinions.
Sad guy...

For all the True Blue lovers i would like to point out i was just be playfull and if you look at previous posts between us it is just [Sarcastic Scottish] patter.
I am sure he is as wonderful as everyone says and i will bow down when i meet him...

For all the True Blue lovers i would like to point out i was just be playfull and if you look at previous posts between us it is just [Sarcastic Scottish] patter.
I am sure he is as wonderful as everyone says and i will bow down when i meet him...

I don't like him, DS/SG are great :cheers:

I don't like him, DS/SG are great :cheers:

Mackie, see me soon, the TB therapy is wearing off:lol:

Everything is cool with Maktol, which is the easy name to say in conversation:) DxbPC seems more like a sentence than a word.

Back to construction, I think they are going to have to pour the three raft slabs at seperate times due to the area they cover and the need for movement joints. Looking at the access I recon they could progress West and Central towers and use East for access until the other 2 reach street level. Then the access is no longer required and they can get on with East tower.

Just my thoughts so don't panic if 2 go forward and 1 looks as if it may be ignored, it could be deliberate.

Mackie, see me soon, the TB therapy is wearing off:lol:

Everything is cool with Maktol, which is the easy name to say in conversation:) DxbPC seems more like a sentence than a word.

Back to construction, I think they are going to have to pour the three raft slabs at seperate times due to the area they cover and the need for movement joints. Looking at the access I recon they could progress West and Central towers and use East for access until the other 2 reach street level. Then the access is no longer required and they can get on with East tower.

Just my thoughts so don't panic if 2 go forward and 1 looks as if it may be ignored, it could be deliberate.

Your comments about construction make sense given access to the site is restricted but we would all like to see more progress now even if it is just on the west and central towers for the time being because this is were we have all bought.

Has anyone more up to date photos of the site?

as long as we get progress on the our towers dont really care about the hotel tower...

if there is a delay with the hotel tower hope it doesnt delay our handover, we already know theres gonna be delay, if hotel delays it more will be a bummer..

cant wait too see it when its gound level..

Your comments about construction make sense given access to the site is restricted but we would all like to see more progress now even if it is just on the west and central towers for the time being because this is were we have all bought.

Has anyone more up to date photos of the site?

goin to dubai on saturday . will post some on forum in 2 weeks time:cheers:

goin to dubai on saturday . will post some on forum in 2 weeks time:cheers:

great. Look forward to seeing them

Could anyone tell me how's the major contractor for this project???

Could anyone tell me how's the major contractor for this project???

He's fine, apart from a bad back which seems to be slowing progress down, but nice of you to ask all the same. :)

Looking at the access I recon they could progress West and Central towers and use East for access until the other 2 reach street level. Then the access is no longer required and they can get on with East tower.

Just my thoughts so don't panic if 2 go forward and 1 looks as if it may be ignored, it could be deliberate.

Thanks TB, I reckon you're correct here. Thinking about it I can't see how they could get access to the site any other way, unless they were to transport the materials by boat. :lol:

^^ Yeah, like they will be the first to build a big complex

morris,

a while back you said that Select has confirmed to you that the piling for the hotel was done! was it someone you know there!

exactly!!! i don't buy the access argument!

there is something going on with the development and Select just does not want to come clean about it!!!

^^ Yeah, like they will be the first to build a big complex

exactly!!! i don't buy the access argument!

there is something going on with the development and Select just does not want to come clean about it!!!

Nobody seems to know whether the piling for the east tower has been even started yet. I wonder whether SP are replanning the BC hotel to be taller? Oasis Hotel on the beach is being repaced with a very tall building according to other threads. The BC plot is in a great position. Another residential tower instead of the hotel might be more profitable for SP also. This is just pure speculation on my behalf.

I am buying two one bed apartments in BC. I will only be comfortable with the BC development when much more progress is made on West and Central towers which hopefully will happen from now on.

They can't make the East Tower taller........the whole development would look bloody ridiculous..........as if it was designed by somebody who'd been out the night before on the piss. :lol:

The access argument is the one I favour. TB thinks it's a viable reason and he's an expert on construction issues. It's very rare........but I agree with TB. :lol:

They can't make the East Tower taller........the whole development would look bloody ridiculous..........as if it was designed by somebody who'd been out the night before on the piss. :lol:

The access argument is the one I favour. TB thinks it's a viable reason and he's an expert on construction issues. It's very rare........but I agree with TB. :lol:

Do think development on BC is slow or is a slow start relatively common on most developments in Dubai? Any delay into 2011 is going to cost SP owing to the compensation clause. Also they can't get their hands on our payments unless they have done the work because of the workings of the escrow account. There might be a case for saying the more people on site you have the more inefficiency there is because of the difficulties in coordinating everyone's efforts but would this be a big factor? TB might have some thoughts on this. It is difficult to see how SP gain from a delay beyond 2010.

If access is difficult and this is temporarily slowing down progress but progress will pick up later once the towers get to street level (I agree this sounds very plausible) why don't SP say something along these lines? Sounds like they have been asked often enough.

any new pictures anyone?

would be good to see if they have started on the central tower?

http://i359.photobucket.com/albums/oo34/melkor_gds/IMG_0695.jpg?t=1225076299

what is the current price of property in bc for floors 8 to 12 say any ideas any one... steel prices dropping think we will get a refund:):):)

I won't be surprised if main construction doess not start until next year. DS have a habit of launching long before a job goes to site.

Site investigation has just been carried out on the plot. These are the stages that have now to be completed before construction can start;

Produce SI report and soil lab tests
Foundation design
Complete building design
Obtain warrant for design approval
Tender foundation installation package
Select foundation contractor and form contract
Mobilise foundation contractor to site
Complete tender for main building works Drawings, Bills of Quantities and specifications
Obtain tender prices from bidding contractors and perform tender analysis
Appoint main contractor and mobilise to site.


There are different forms of contract but this gives you an idea of the processes that need to be carried out before you see construction proper.

Found this dated 26th Jan 07 in this thread. In some ways it is comforting to know current progress rate was predicted some time ago. TB clearly is knowledgeable about construction and has experience and knowledge of how projects are done in dubai.

Just a word of advice to investors about this project. Seems great, excellent location, good looking building and being sold by Select Property (formly Dubai Select). I don't see construction starting on this project until at least 2008. It was about this time last year I purchased a studio in The Point from Dubai Select. Its only now a year on that any work has really started. I think its a sound investment, but don't get sucked into thinking this property will start soon. Also beware that the design will change yet. The render that is published for selling never represents the render of the actual build. Not until all plans are finalised will you then see the proper render of the building.

Also this post from March 07 predicts slow progress.

does anyone know re. the situation on enforcement of law 13. None of the other developers have asked me to pay this as I understand that the 1% from developers side is to be paid first to register and then the individuals. Has anyone paid this yet......

^^I am on LPP and I have paid up...

Now I am wandering what I will get in return...it better be in a leather bound folder!

all mine are spp and i have paid up, will be going hungry this christmas.:ohno:

We......across the water, do not need to pay:banana:

all mine are spp and i have paid up, will be going hungry this christmas.:ohno:

Likewise but I need to lose some weight anyway

We......across the water, do not need to pay:banana:

You forgot to say "YET!"

:lol:

I forward Cayan, the whole article about Law 13. (Not that I wanted to).
They haven’t asked, so seems we do not have to pay…. OK maybe NOT - YET.
Emaar customers also have not been asked to pay YET.

Only Select customers had a deadline.:dunno:

^^I am on LPP and I have paid up...

Now I am wandering what I will get in return...it better be in a leather bound folder!

Hi

How did you pay when Select Property have not sent out any actual instructions? or did you pay directly in Dubai?

https://www.myselectproperty.com/images/ConstructionUpdates/large/BC1001.jpg

https://www.myselectproperty.com/images/ConstructionUpdates/large/BC1004.jpg

https://www.myselectproperty.com/images/ConstructionUpdates/large/BC1005.jpg

https://www.myselectproperty.com/images/ConstructionUpdates/large/BC1007.jpg

https://www.myselectproperty.com/images/ConstructionUpdates/large/BC1008.jpg

http://i33.tinypic.com/21cbfpf.jpg

http://i34.tinypic.com/ebc4xv.jpg

http://i35.tinypic.com/2u9uc20.jpg

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

Hi

How did you pay when Select Property have not sent out any actual instructions? or did you pay directly in Dubai?

I had to chase my account manager - she sent me an email with all the details in it!

thks - i spoke to SP yesterday and they will be sending out letters to all purchasers next week.

I forward Cayan, the whole article about Law 13. (Not that I wanted to).
They haven’t asked, so seems we do not have to pay…. OK maybe NOT - YET.
Emaar customers also have not been asked to pay YET.

Only Select customers had a deadline.:dunno:


Cayan...They forgot to connect electricity and water to Dorra Bay. Why would they remember to tell you about something that can only affect you in a negatice way. Pay it or be charged more. I have paid all my apartments in BC.

Taken last week must av been there day off ?
http://img142.imageshack.us/img142/9626/dsc02271ni5.jpg (http://imageshack.us)
http://img367.imageshack.us/img367/1084/dsc02272pt4.jpg (http://imageshack.us)

thks - i spoke to SP yesterday and they will be sending out letters to all purchasers next week.

Of course they would... it means getting more cash from their investor. Was in Dubai last week - the Bay central site is sooooo sleepy compared to the activity on the Silverene site, for example.

Perhaps, make an enquiry with the authorities that pass the law to find out if developers have being giving the go ahead to pass on these charges. I doubt that very much.

Hi Guys,

Just arrived back from Dubai, on a not very good Qtar Air flight - no personal TVs!!

Went on site visit yesterday, ready with questions. I must say that you can only fully appreciate the size and depth of the plot when you are in it. It really is hugh. Progress is ok on the west tower, but sill slower than we would like I asked about the hotel tower. The rep seemed to be very upfront, she said when the plot was sold it was sold as 2 plots, she says this is specified in our contracts)The hotel will be on the second plot,but they will still share the podium. Design issame. Paperwork for the second plot has been slow to come through, but I was assured that it is now all complete. Pilling for the hotel has therefore NOT been done, but will start very soon and some of the equipment is on site to do this. I am advised thta it is still Marriott who will be managing the hotel.
Work is to contiune on the other 2 towers and these will complete ahead of the hotel tower. It is hoped that by the time west tower and central tower are ready to hand over the hotel will have topped out but there will be some delay in completion of the hotel.

She admits that progress in all has been slow especially compared with silverene, she says that DS intend to address this and are now working day and night on Bay Central and hope progress will speed up. There were about 50 workers on site, which is less than I would hope.

I asked when completion was likey and she says they have not been notified of a delay by the builders, but when they are they will let clients know, yes she said when they are, not if. I did mention that there is no way it will be completed by December 2009.

I took some photos and will attempt to post them later.

:bow::bow:

^^ THANKS FOR THE INFO AND UPDATE :banana:

Thanks for the update DXBGO. Funny isn't it that when I bought at BC I was assured by SP that the hotel would complete at the same time as the two residential towers...........oh well, change of plan......or Sales BS.

Interestingly SP admit there has been a delay but don't offer to explain what has caused this. About 50 workers on site is woefully inadequate. :ohno:

If the two residential towers are handed over before the Hotel this gives investors looking for income a difficult choice - hang on for the Hotel to open or rent long term and get tied down for 3 years with a tenant........and miss the opportunity possibly to rent to the hotel on a semi- serviced apartment basis. Or certainly miss the advantages of the holiday let market having a Hotel on site for 3 years.

I must admit BC is going from bad to worse IMO.

BTW any problems uploading the photos DXBGO, let me know and I'll talk you through it. Again.......many thanks for the update.

Of course they would... it means getting more cash from their investor. Was in Dubai last week - the Bay central site is sooooo sleepy compared to the activity on the Silverene site, for example.

Perhaps, make an enquiry with the authorities that pass the law to find out if developers have being giving the go ahead to pass on these charges. I doubt that very much.

I'm expecting SP to issue me with a receipt for the Land Registry fees that I have paid. Now.....this must come from the Land Registry and not SP. If I find out the fees I've paid have not been handed over to the Land Registry there's going to be big trouble......every investor is going to be very unhappy resulting in a RERA complaint etc. Surely SP realise they'll be caught out so easily if they are keeping the monies for themselves, which makes me think this is not what will happen......they can't be that stupid.

unbelievable how they have provided these pictured updates for over a year and never mentioned that piling for the hotel will be done later. and when asked about it they lied with a straight face! how can we trust what they say now, especially when it comes to speeding up their snail-paced construction!


I must admit BC is going from bad to worse IMO.

thks - i spoke to SP yesterday and they will be sending out letters to all purchasers next week.

Ok thats good because I wont pay without a bill - the reason that SP is charging is because they arent the developer they are the third party woth the develoer in Dubai hence the charge on what is effect a resale to us guys in UK

Developers direct in Dubia aren't charging excepts on resales -- correct me if i,m wrong somebody ?

I must say that you can only fully appreciate the size and depth of the plot when you are in it. It really is hugh.

Maybe my inexperienced eye but i personally felt the plot was somewhat too small to house three towers.

[QUOTE=DXBGO;27484060]Hi Guys,

Just arrived back from Dubai, on a not very good Qtar Air flight - no personal TVs!!

Went on site visit yesterday, ready with questions. I must say that you can only fully appreciate the size and depth of the plot when you are in it. It really is hugh. Progress is ok on the west tower, but sill slower than we would like I asked about the hotel tower. The rep seemed to be very upfront, she said when the plot was sold it was sold as 2 plots, she says this is specified in our contracts)The hotel will be on the second plot,but they will still share the podium. Design issame. Paperwork for the second plot has been slow to come through, but I was assured that it is now all complete. Pilling for the hotel has therefore NOT been done, but will start very soon and some of the equipment is on site to do this.

Thanks for the update. As per my earlier post someone at SP told me this a couple of weeks ago.

ive been trying too get through to select last week speak to my account manager (lois) who is the main manager there at select to ask her about my receipt for the Land Registry fees.. no joy yet?

anyone had any kind of receipt yet?

like morris i want an offical receipt that all land registry fees have been paid and registered in my name, it also shold come direct from the land dubai registery deparment not from select..

hey - will be uploading some pics shortly!

ive been trying too get through to select last week speak to my account manager (lois) who is the main manager there at select to ask her about my receipt for the Land Registry fees.. no joy yet?

anyone had any kind of receipt yet?

like morris i want an offical receipt that all land registry fees have been paid and registered in my name, it also shold come direct from the land dubai registery deparment not from select..

no dubai select have confirmed that they have the money. i assume land registration will take about 6 week.we will have to wait and see:cheers:

deleted

looks like they have taken the crane down.. moving it to another location?

hi guys - as promised, pics from Bay Central as of a few days ago:

http://img201.imageshack.us/img201/9178/dxbnov08111vm7.jpg (http://imageshack.us)
http://img201.imageshack.us/img201/dxbnov08111vm7.jpg/1/w640.png (http://g.imageshack.us/img201/dxbnov08111vm7.jpg/1/)

http://img148.imageshack.us/img148/7660/dxbnov08113pd3.jpg (http://imageshack.us)
http://img148.imageshack.us/img148/dxbnov08113pd3.jpg/1/w640.png (http://g.imageshack.us/img148/dxbnov08113pd3.jpg/1/)
http://img148.imageshack.us/img148/9659/dxbnov08114xl3.jpg (http://imageshack.us)
http://img148.imageshack.us/img148/dxbnov08114xl3.jpg/1/w640.png (http://g.imageshack.us/img148/dxbnov08114xl3.jpg/1/)
http://img394.imageshack.us/img394/8724/dxbnov08115aj7.jpg (http://imageshack.us)
http://img394.imageshack.us/img394/dxbnov08115aj7.jpg/1/w640.png (http://g.imageshack.us/img394/dxbnov08115aj7.jpg/1/)
http://img87.imageshack.us/img87/9523/dxbnov08116sn7.jpg (http://imageshack.us)
http://img87.imageshack.us/img87/dxbnov08116sn7.jpg/1/w640.png (http://g.imageshack.us/img87/dxbnov08116sn7.jpg/1/)
http://img87.imageshack.us/img87/249/dxbnov08117lj6.jpg (http://imageshack.us)
http://img87.imageshack.us/img87/dxbnov08117lj6.jpg/1/w640.png (http://g.imageshack.us/img87/dxbnov08117lj6.jpg/1/)
http://img508.imageshack.us/img508/4292/dxbnov08118ja1.jpg (http://imageshack.us)
http://img508.imageshack.us/img508/dxbnov08118ja1.jpg/1/w640.png (http://g.imageshack.us/img508/dxbnov08118ja1.jpg/1/)
http://img508.imageshack.us/img508/3114/dxbnov08119th5.jpg (http://imageshack.us)
http://img508.imageshack.us/img508/dxbnov08119th5.jpg/1/w640.png (http://g.imageshack.us/img508/dxbnov08119th5.jpg/1/)

great pixs.. thanks

looks like they have taken the crane down.. moving it to another location?

Yeap, they had just a single crane on site last week Wed, and it was being dismantled to be moved to another location.:ohno: Inadequate workforce, and this suggest no resources or money is being pumped into the project.

Thanks for the pics DXBGO - the site is huge, you can really see that in your pics.

Told you the crane was put there just for storagge and nothing else. :ohno:


:D

^^ Storage Or Nothing , I believe the full speed is coming within 3 months ...


:D



P.S Emaar won't let them Playin with sand too long ! Bulid it or leave it .

[QUOTE=DXBGO;27506478]hi guys - as promised, pics from Bay Central as of a few days ago:

DXBGO Thanks for the pictures. There looks to be new equipment and plant on site and lots of soil/sand removed from the site recently. It would be helpful if True Blue or others with expert construction knowledge commenting on latest pictures. Are we making worthwhile progress or not?

From DM thread - Thx Kevan!

http://i37.tinypic.com/29fw7qs.jpg

^^ Storage Or Nothing , I believe the full speed is coming within 3 months ...


:D



P.S Emaar won't let them Playin with sand too long ! Bulid it or leave it .

not gonna happen even after 3 months... no manpower/machinery available

^^Makes for bad reading.

I could not see any point in the crane at this stage other than to give the appearance of progress.

With the info on the hotel it just looks like 1 step forward and 2 steps back!

As for 50 labour on site, that is the amount you can fit in a standard bus. Maybe the rera fees would be better used to buy more buses.

Why is it SP are allowed to keep calling in the cash without declaring any delay or putting a hold on payments? This is the main reason I would not recommend them to anyone.

http://i9.tinypic.com/2wrl0m9.jpg

^^Makes for bad reading.

I could not see any point in the crane at this stage other than to give the appearance of progress.

With the info on the hotel it just looks like 1 step forward and 2 steps back!

As for 50 labour on site, that is the amount you can fit in a standard bus. Maybe the rera fees would be better used to buy more buses.

Why is it SP are allowed to keep calling in the cash without declaring any delay or putting a hold on payments? This is the main reason I would not recommend them to anyone.

You know what TB...........






................. you're right.

^^^ agree here too. i think SP is trying to buy time to rack in as much cash as they can before making an official delay. the contract defines the "Project" as: "The mixed-use development known as Bay Central located in Dubai Marina, Dubai, UAE, as detailed on the attached Project Plan and comprising the Building, a second tower and one hotel tower, a podium comprising commercial units and residential villas, and parking situated beneath such podium."

can't see this development being handed over without the hotel. they will probably slow down the construction of the residential towers even further to allow the hotel tower to catch up!

^^Maybe we should all get our heads together and write a letter regarding our concerns.

Some items we need official clarification on:
Has piling started for the Hotel Tower? If not, why not. If these were delayed due to permission from Emaar, then how did this project start?
Will the Dec 2009 handover date as per our contracts be honoured?
What are the current workforce numbers that are on-site?
Why are only SP clients being asked for 1% towards RERA fee? Other developers have not asked for this.

I am sure we have more concerns; let's get them into bullet form and demand an official response.

Hi Guys, can I ask why other SP projects likes The Torch and The Point are being constructed and are well above the ground, when Bay Central experiencing such heavy delays?

^^The Torch and The Point are also delayed when compared to their original sales efforts. SP will deny this...but I got the facts from these threads and SP's website.

Have a look at this chart - also note that I was told via morris in 7/08 that piling for all three towers was completed. See here http://www.skyscrapercity.com/showpost.php?p=22719922&postcount=1648 .

Morris - you need to get in touch with whoever in SP gave us this incorrect information.

http://i34.tinypic.com/35jfd5g.jpg

if select anounce an delay what happends too our payments? do they continue?

^^Yes I think we have to carry on paying...

Pic from Bizzy:

http://i36.tinypic.com/122jjv4.jpg

^^^^ i think RERA has changed that with the recent laws. developers are supposed to reschedule/delay payments to match the delay in delivery! that's one reason developers would not make an official delay until forced to and/or only at the last minute!

^^ exactly , forced by master developer .

cant find anything on delays regarding RERA LAW

found this only:-

Once an off plan property is bought it must be registered with the Land Department within 60 days. The buyer must attend the registration or arrange for a Power of Attorney for somebody to represent them. The registration fee is currently free but it is not likely this will be the case for long. On completion the buyer will have to pay 1% for the registration of the title deeds. In effect the property is registered twice when it is bought off plan. At the time of purchase and at the time of completion. If the property is sold prior to completion the transfer fee will need to be paid to the Land Department, 1% from the buyer and 1% from the seller, the developer may also add an administration fee.


This system provides financial security and quality control as the trustees will not release funds if the construction does not meet minimum standards.


In addition the developer is incentivised to complete construction within a given time period as the trustees will retain at least 5% of the money for 12 months if the developer is one day late in completing.


Civil Law continues to give the building a 10 year guarantee for workmanship.

^^^^ it doesn't have to be specified in the law. RERA has wide powers and bin Giatha, the head of RERA, has repeatedly said developers should do that on their own and has urged investors to contact RERA in such cases.

And developers know that for sure!!

i have one developer in the marina who did that exactly, reschudled the payment plan and extended it for another 1.5 years because of delays in construction, even though there was a compensation clause in the contract in case of delays.

SP shuld do the same, but i suspect they would not unless forced to somehow or another!!

SPECULATION RE DELAY
OUR MONEY IS AT RISK. I can't imagine that SP are looking to twist investors (including me) ie take their money and run as they are a substantial player in Dubai and their reputation is too valuable to want to do this. The Escrow account gives us protection as well.

CASHFLOW DIFFICULTIES. All the apartments in the West and Central towers are sold except for perhaps a very few. I imagine they are experiencing a small number of payment defaults now owing to the "credit crunch" but these units can easily be sold by them at a higher price and they can pocket the existing payments. Payments from buyers must be well ahead of expenditure. So I can't imagine they have any concerns re cashflow or selling the units.

LACK OF RESOURCES. There could be a shortage of physical resources as some one else has suggested.

HOTEL. I reckon they may be having difficulty with the hotel. Because of delay the original timescales ie Dec 09 can't be met, the hotel management company and hotel investor are likely to have the right to pull out of any deal. They may now be stuggling to get the initial parties to resign to new timescales or to find another investor or hotel group to sign up on the original terms given the current financial climate. In these circumstances, it is understandable that they may want to delay building the hotel to consider their options which is why they are slowing progress on the other two towers as they want to build all three together. In my earlier post I said SP had told me recently there was a delay in getting a permit re hotel. This might have been a cover for the possibility I have suggested. If my suggestion is a reality this would be the reason why SP are not explaining themselves despite being asked to do so because they don't know as yet what the best way forward is.

Is there any other plausible explanations?

I support FWIW's idea of a joint letter. They are more likely to respond to a group letter. Every signatory would need to be an owner.

i am in, but a copy of the letter should also be sent to RERA! SP has to come clean about this project and officially update investors about the status of the hotel, the reasons for construction delays, the new handover date, and rescheduale/postpone payments to reflect the new handover date!

yeah im in too... but on the standard plan theres only one june 09 payment left due untill the completion payment..

^^Maybe we should all get our heads together and write a letter regarding our concerns.

Some items we need official clarification on:
Has piling started for the Hotel Tower? If not, why not. If these were delayed due to permission from Emaar, then how did this project start?
Will the Dec 2009 handover date as per our contracts be honoured?
What are the current workforce numbers that are on-site?
Why are only SP clients being asked for 1% towards RERA fee? Other developers have not asked for this.

I am sure we have more concerns; let's get them into bullet form and demand an official response.

MY EFFORT
Has piling started for the Hotel Tower? If not, why not given target completion date of Dec 09.

Has a contract been signed with Marriot for the management of the hotel? If yes, is this still valid and will this still be valid if there is a delay in completion of the hotel beyond Dec 09?

Will the handover date of Dec 2009 be met given progress to date? If not, what is new handover date and when was this first known about? In any event, please state timescales for completion of
- piling
- podium
etc to be completed by us

When will owners who have paid the registration fee get confirmation from RERA that they are the registered owners?

I SUGGEST THAT WE COMPILE THIS LIST BY EDITING AND ADDING TO MY LIST THAT I STARTED FROM FWIW'S IDEA.

Deleted

Hi everybody!
I’ m new in this forum and relatively new owner of two West Tower apartments.
Thanks for all the information you are providing us with.
IMO it is time to stop guessing and send joint letters to both SP and RERA asking for clarifications about the issues you mention on your posts.
In case you take any action please count me in!

'Off plan deadline extended' -3rd nov 2008.
The deadline for dubai developers to register under the pre registration sytem for off plan properties has been extended from the first week of november to the year end said a senior government official.
I read this on www.zawya.com/realestate Does this explain any of the confusion

^^Thanks for the link to the article.

Slowhand - I will put my thinking cap on and send out a draft to you and the others (via PM) that are interested in getting an official response.

We should give SP at least 2 weeks to adequately respond before posting the letter public here and to RERA. As investors in BC we need to balance our need to get information versus harming the reputation of the development/developer.

If only SP were more open in their communications with us...

^^^^ sorry, but i will not sign any letter that's not cced also to rera at the same time.

i think it should be sent to them both at the same time.. select and RERA

as select are just gonna fob as off again and not take us seriously

As per my PM to you guys - I will go along with the consensus...

Quote I like and think we should add to the letter:
“Honesty is the road to success. He who lies only believes himself”, Sheikh Mohammed, Ruler of Dubai

Not sure to what can be achieved here :dunno: Have you read the contract? Is DS/SG in breach of the contract Yet? Did you pick the phone up and speak to them? I spoke to them last week twice, Yes I have some issues with them but contacting them and getting an answer can't be easier. I admit, I only live around the corner but they always answer and return my calls.

If many of the answers to the questions above are a no, involving RERA is not going to achieve a thing..............I promise :) :cheers: I would have been in touch with them by now. Good luck with whatever you decide to do guys :cheers:

^^We are being pro-active and not reactive!!! What's wrong with that? You yourself insist that they cannot finish by Dec 2009 or even Dec 2010!

I think getting some written answers from them would allow us to move on from all the speculation and rumours surrounding the project.

12/12/12 actually :lol::banana: I am involved here deeply too. :cry:

I was talking about RERA, save it for the serious issues.:cheers:

Answers, you will get. Satisfying answers, I doubt it :ohno:

^^^ notwithstanding the contract (which was issued prior to RERA coming into existance), any developer in dubai has to follow RERA guidelines. The head of RERA has repeatedly said that developers late in handing over their projects should rescheduale/postpone payments to correspond with the new handover date. clearly, Bay Central will not be delivered until at least mid 2012! SP should rescheduale/postpone payments as such, and this request should be included in the letter.

just spoke to select in UK

imformation they have is :-

completion is still Dec 09

regarding land registry select have paid and we will recieve all documents soon

work is going on on all three towers, hotel has no issues

if delay is issued then only final payment will be moved regarding RERA


thats what response i got just called them 5 mins ago..

:ohno:so what you guys saying we could be up to 3 years behind delivery .. what happened to a floor a day calculation or is that just myth....

:ohno:so what you guys saying we could be up to 3 years behind delivery ..

^^ No doubt mate

just spoke to select in UK

imformation they have is :-

completion is still Dec 09

regarding land registry select have paid and we will recieve all documents soon

work is going on on all three towers, hotel has no issues

if delay is issued then only final payment will be moved regarding RERA


thats what response i got just called them 5 mins ago..

Hi
I would like to thank al for invitation to join forces and write to SP. In this instance i will decline as i am not to overly concerned by anything yet. I have bought many times in Dubai and this developement is NO DIFFERENT to any other with delays. I have no doubt there will be a delay but thats life. Regarding all the other rumours and speculation i here it but have no wish to participate.
I am delighted by my purchase and think it is THE prime location and faciltiy on the marina. I have no doubt or worry about the hotel and look forward to meeting you all there for a beer one day soon. To anyone that has ventured for the first time in Dubai...delays happen and changes happen...evrything will work out.
I have paid all my reg fees and welcome the initiative from the government. I also believe SP are very professional compared to most and efficient. They can only go as fast as they are allowed to by constraints.
I speak with my account manager and others at SP every other day and HAVE NO REASON to worry about anything they tell me. I have been told, like BEPPE, all is relatively well. Everyone relax and think about where it is and what you have. Let me here a few positives...let me here happy comments on this forum. BTW i know any and all can participate but why are all other developement owners continually worried and speculating about BC?
Anyway...in Dubai will post photos over next few days od developement and area.
Cheers
Maktol

Not sure to what can be achieved here :dunno: Have you read the contract? Is DS/SG in breach of the contract Yet? Did you pick the phone up and speak to them? I spoke to them last week twice, Yes I have some issues with them but contacting them and getting an answer can't be easier. I admit, I only live around the corner but they always answer and return my calls.

If many of the answers to the questions above are a no, involving RERA is not going to achieve a thing..............I promise :) :cheers: I would have been in touch with them by now. Good luck with whatever you decide to do guys :cheers:

I also live around the corner from SP. I have been in contact with SP recently over these issues and I still am. Their answers are vague and not that convincing either way. My only concern is slow rate of construction progress which everyone on this thread thinks is very slow. The likely delay is at least 2 years and maybe more. It is self evident now that completion Dec 09 can't be met but they are still sticking officially to this date. Why? What will the new date be? It is important as investors that we have answers to these key questions.

I would advise everyone to go on the Torch Thread and read the history, learn from people who gone through the same experience.........very similar if not exact circumstances (the contracts are almost exact too, except for the compensation start). Save yourself some energy and time......:cheers:

maktol is right, theres no way it can be ready for dec 09.. but over all everything else is ok.. just the progress is very slow,

i would be happy with the bc shell built by dec 09

http://i38.tinypic.com/2qbxh74.jpg

http://i34.tinypic.com/334u2j6.jpg