^^ From SZR I haven't seen any. Maybe they have them inside the core now.

I thought the same , should be inside the core.

I thought the same , should be inside the core.

As i have seen, there is a blue,gray structure inside, i've seen it when i walked beside the construction site last friday, but i'm not sure for that.

Considering there aren't any outside stairways, they must have put up the elevators ... and since none of them is visible outside either, it must be inside the core.

Didn't they mention that was their intention in an article a few weeks back ?

24/June/2011

Pentominium

http://i54.tinypic.com/14bj63d.jpg

http://i56.tinypic.com/o7okes.jpg

http://i52.tinypic.com/2rpcg39.jpg

http://i55.tinypic.com/2ns3tyf.jpg

http://i51.tinypic.com/2gy927s.jpg

http://i51.tinypic.com/30mv9ub.jpg

Considering there aren't any outside stairways, they must have put up the elevators ... and since none of them is visible outside either, it must be inside the core.


Jump lifts will be installed in the next few weeks :)

^^ Yeah, there are more then just 120 apartments there, I would say at least 200.

175 :)

175: Closer to 200 then 120. :banana:

30-june

pento as seen from the boat for a change:

http://i900.photobucket.com/albums/ac210/PrincessTower/zIMG_2861.jpg

Nr 26 is there!

8/July/2011

Pentominium

http://i56.tinypic.com/308jl28.jpg

http://i52.tinypic.com/afivxc.jpg

http://i56.tinypic.com/2e19a10.jpg

http://i54.tinypic.com/2emq69v.jpg

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

http://i56.tinypic.com/xbldg3.jpg

http://i55.tinypic.com/t5owvq.jpg

those steel columns seem to be slowing everything on that one side down!!! i wonder what floor the steel columns terminate.

Upon completion of floor 30 owners have to pay another 10 % reaching 60 % payment.
Interesting decision point....Will Trident continue or go on hold ?

Its a Construction Forum, otherwise I would have told you.

15/July/2011

Pentominium

http://i54.tinypic.com/2a9cn0w.jpg

http://i54.tinypic.com/2q9jhqh.jpg

http://i53.tinypic.com/sqs6c5.jpg

http://i51.tinypic.com/2zp6qvs.jpg

http://i54.tinypic.com/1z4lwtz.jpg

http://i51.tinypic.com/fbz7mg.jpg

http://i53.tinypic.com/v5fo0p.jpg

Nr 27 and 28 there :)

21/July/2011

Pentominium

http://i55.tinypic.com/259et15.jpg

http://i52.tinypic.com/idaond.jpg

http://i54.tinypic.com/vio3ec.jpg

http://i51.tinypic.com/2uysydl.jpg

1 for money 2 for show 3 for Imre :) Thanks for sharing ...

29/July/2011

Pentominium

http://i56.tinypic.com/2vd0io1.jpg

http://i51.tinypic.com/ve0xev.jpg

http://i55.tinypic.com/dhc0vm.jpg

http://i53.tinypic.com/264khuh.jpg

http://i54.tinypic.com/2iuthcn.jpg

http://i56.tinypic.com/24nfcbq.jpg

http://i53.tinypic.com/332m06b.jpg

http://i56.tinypic.com/20hskly.jpg

http://i55.tinypic.com/5ahlau.jpg

http://i52.tinypic.com/168eg40.jpg

2 more pics from The Torch :)

http://i54.tinypic.com/19kp6d.jpg

http://i56.tinypic.com/10xx6wy.jpg

I havent seen workers there during the day since 1st of August...

Imre, slowing down for ramadan i think... there are usually 3 buses there during the day. Night time is empty though.

I heard there is a big problem, nothing about the Ramadan..

ouch... OK. that's no good then.

About WHAT kind of problem do we speak?

The Developer Trident, is the problem, not known for paying their bills.

Ok, are we speaking about temporary or permanent financial issues?

The rumour is DEWA have blacklisted them on all their site's new and old, perhaps that's why the lights are out.

We should change the status soon to ON HOLD as 8 days without workers and progress.

Lights on Now, must have put a shilling in the meter..........it wont last long.

[QUOTE=agod;82636995]Lights on Now, must have put a shilling in the meter..........it wont last long.[/QUO



Diesel fuelled generators :cripes:

We should change the status soon to ON HOLD as 8 days without workers and progress.


And counting.....9, 10...35, 36, 104, 105.......... :cripes:

[QUOTE=agod;82636995]Lights on Now, must have put a shilling in the meter..........it wont last long.[/QUO



Diesel fuelled generators :cripes:

I wanted to say the same, Trident has nothing with the DEWA here as the ACC pays the generator bills :)

And counting.....9, 10...35, 36, 104, 105.......... :cripes:

I see the site office every day , only few cars left there , I hope they will restart one day ..

Probably would be better idea to redesign the tower and make smaller apartments there..

^^ Has there been any legal case won by the existing investors?

I see the site office every day , only few cars left there , I hope they will restart one day ..

Probably would be better idea to redesign the tower and make smaller apartments there..

There is already enough small apartments in Dubai. What the market needs is true luxury on a par with Le Reve and .....ehhh....Jewels:laugh:

Never miss a trick!;)

And counting.....9, 10...35, 36, 104, 105.......... :cripes:

This statement tells a story. I guess the problems are not short term by your comment.

This statement tells a story. I guess the problems are not short term by your comment.

Correct!

12/August/2011

Pentominium, 12 days without workers , ON HOLD status seems confirmed now...

http://i53.tinypic.com/otnaew.jpg

http://i55.tinypic.com/2vcc48m.jpg

http://i52.tinypic.com/34nfrmc.jpg

That's a true shame that a building like this is on hold. But with the economic crisis these days it's not strange. Eventually they will continue and we will see this engineering masterpice completed.

Upon completion of floor 30 owners have to pay another 10 % reaching 60 % payment.
Interesting decision point....Will Trident continue or go on hold ?

This was my post of July 9. Sadly it seems Trident has decided to sit on the money. Was there any communication to the customers ? Or the usual silence ?

Jump lifts will be installed in the next few weeks :)

Why install lifts if you plan to go on hold and never use them ?

Why install lifts if you plan to go on hold and never use them ?

Check date of comment! :cripes:

There has to be more to this than just not paying up on a DEWA bill. Paying DEWA should be the least of their expenses compared to what it will take to finance this monster.

This site has nothing with the DEWA ..

Go take a look at some of the older Trident threads if you want to see how awful TRIDENT are as a developer. Total disregard for clients.......
I can see no way that they can continue to build this unless they have found a number of buyers who are stupid enough to continue to pay the stage payments.
This was an awful project from day one. Dreadful location and way over priced. A few suckers just fell for the clever marketing.... :bash:

There has to be more to this than just not paying up on a DEWA bill. Paying DEWA should be the least of their expenses compared to what it will take to finance this monster.

You might like to see a couple of things that Trident have done, beleive me their are Many, Many, more...........if you are involved with them be it Contractor or Buyer, please be aware of the way they do Business, or more likely the way they dont.


OPEN LETTER TO THE CHAIRMAN

To All Trident/Tricare Homeowners, & Tenants.

Please take a look at Trident Internationals Chairman.

http://gulfnews.com/life-style/people/wazir-ali-daredia-s-story-of-success-1.25516


He really sounds like a lovely man, beautiful wife and children, good luck to him and his success.

But, is his success built on the misery of of his customers, does he know at this moment with Eid approaching his Management team have decided to bully everyone on Marinascape into submission, by turning of the Lobby Lights, Landing Lights and stopping three of the Lifts, we also have endured having our Access Cards Cancelled, thus denying us the legal right to our homes, and today’s torture is the threat of the chiller water being cut.

Most parts of the property, including the swimming pool, I say pool, in the singular, because we were promised in all the Sale’s Literature another one, the Aqua Centro, with Gym and Sauna, and Squash Courts, but have never been allowed to use that Facility from the day it was built, does he know of the email from RERA stating that NO DISCONNECTION IS ALLOWED, does he know that his team continue to call us defaulters when we are not, we are Non-Payers, because long before any fees where due, we collectively stopped payment, because of the total lack of services, that were never provided.

We have always been happy to pay, if the services we were promised, were ever delivered, does he know after many letters and emails, to try to find a way forward, we are still waiting on replies from his company, does he know that whilst his team have denied us the full Owners (Required by Law) contact list, they quite happily sent to everyone a fraudulent letter from an old Trident Employee, (because they have the full owner’s list) Yusuf Surmawala, extolling the excellence of his own company, and trying to fool everyone into thinking how great the Trident Brand was, and how bad he thought we were, the Elected Interim HOA Board when in reality we were just trying to do our job.
Does he know that his Team, are still taking an extortionate 5000 Dirhams, from Owners who want their Title Deeds, and his Team, have continually lied to them on when they would be delivered, does he know his Wonderful Development Marinascape, has not had a Facade clean since September 2009, and Avant Tower has the dirtiest Banner in Dubai, hanging from its side, with the Trident name on it, is this how he wants his company to be perceived.

Does he know 3 days after a fire in a restaurant below Avant Tower, his security Guards were more than hopeless, and his team sent an email out to all owners, informing them that Tricare had acted superbly and the 2 Towers were evacuated, not true, does he not think as a caring man, that to deny us lighting just a few days after the Avant Tower was filled with smoke, that his management team are added to the fear of the Residents, should another fire occur, and the place is in darkness, Panic would set in, as Residents tried to Evacuate the Building in the dark, with a very great risk to life.

Mr Wazir Ali Daredia you may think that all is right with your Company and its employees, but your customers are beginning to think otherwise, your company's reputation is slipping fast, as we all wake up to the nightmare that is becoming a Guantanamo Bay, or as your Management team call it, Marinascape.


XXXXXXXXXXXXXX

Interim HOA Representative

p.s. Dear Mr Ali Daredia, I sign my letters unlike your team, who very rarely do, and remain faceless, if this letter does reach you, I hope my assumption of you as a decent and honourable man, who has some kind of Integrity, will see sense, and stop this now.


The JOPD Board went and paid the Property DEWA bill to stop us being Dis-Connected.
Letter from Jeevan, head of ECM, who found the same problems as us in dealing with them.


Dear All,
I must say with honesty that I have yet to meet a more committed, proactive and united Board like MarinaScape. You guys have really put in so much effort and your own funds when times have been tough. And in times of crisis, a Chairman who reaches out into his own pocket to save the community is commendable by any standard and a mark of real leadership. Needless to say, the owners are very fortunate to have such a Board and I believe they need to know what you have all done and continue to do on behalf of the community. The story needs to be told.

When I spoke to Trident today, I was very disappointed to note their attitude, obviously uncaring and callous to say the least. I have already informed Ahmed Hamdani of what happened today and how the Board has saved the day. It isn’t surprising to me how each Board of a Trident community we have met so far (Bayside, Waterfront, Grand Residences) all have only one intention – to get rid of Trident. I asked Amjad Khan, the Trident Finance Manager if they feel any shame, but I guess he is on a different wavelength.

I made it clear to him, that we expect them to pay up for the utilities NOW since the invoices have gone out and after my lengthy discussion, he promised he will discuss with his bosses to see if they are willing to pay. However, I’m not holding my breath.

I believe the Board should put all that has happened in writing sending it to RERA to keep on record. For my part I will continue to inform RERA of what is happening here, so that they very well aware of what’s happening and who the real culprits are. Hopefully some action will be taken soon by them.

Kind regards,
Jeevan J D’Mello
Emaar Community Management

Bad news, I went to the Oceanic 2 weeks ago , there was no security and was around 40C in the lobby..

Wow! I used to think Trident were not too bad but i guess I was wrong.

Hope the OA get control soon.

Looks like Trident's financial woes may be a lot worse than Cayan's. The government said they will step in to help developments that are struggling to complete. No chance of them helping here, it's just out of the ground.

I just looked again at the Marinascape thread, and I can answer my own question now.

http://www.skyscrapercity.com/showthread.php?t=120507&highlight=trident&page=88

The reason no one has received their Title Deeds is because they have a mortgage on the property.

Dont ask me how a bank loans money, on homes that have been sold, and paid for, and should belong to the owners, but they have, after promising everyone their Deeds would be forthcoming, many owners paid up fully, and are still waiting.

Of course No deeds, No Bank Account, and No Legal HOA.

I am pretty well convinced, Pentominium Owners will never get theirs.

A.

o.O omg. terrible news there. So the chances for a finished pento are approaching a downpoint huh?

19/August/2011

Pentominium

http://i56.tinypic.com/339nd6f.jpg

http://i52.tinypic.com/2hfkmde.jpg

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

The project is now officially ON HOLD until further notice due to funding problems with the developer and that the Project Management team have all been laid off.

The project is now officially ON HOLD until further notice due to funding problems with the developer and that the Project Management team have all been laid off.

I don't understand why they started it in the current market. It's a strange one and they must have known a year ago there were going to be funding issues especially with a project on this scale.

^^ Not really. This was extremely high end, so the people buying into it should not rely on bank financing as much as people in the low end market, using their own funds instead. At least I imagined it so. Guess I was wrong.

The project is now officially ON HOLD until further notice due to funding problems with the developer and that the Project Management team have all been laid off.

What a massive shame -hope things can be turned around ?

I think a lot of people who bought into this development did so having being sucked in by the hype and marketing at the peak in 2007/8. No one bothered to conduct the slightest due diligence on the developer, nor look properly at the actual location.
Now the "off-plan" market has collapsed in Dubai, and the reality of how awful the location is has sunk in, buyers are having a reality check and realizing what a mistake they have made.
Add to this the awful conduct of the developer;Trident, and I doubt if even one unit is up to date with payments, hence on-hold.
I have to say I have totally no idea why Trident even started constructing this tower.........

^^ Not really. This was extremely high end, so the people buying into it should not rely on bank financing as much as people in the low end market, using their own funds instead. At least I imagined it so. Guess I was wrong.

It has nothing much to do with location. Also Tridents reputation was excellent at the time these were sold. Marainscape was seen as one of the best developments in the marina at the time. Le Reve's penthouses next door got constructed ok and I doubt if it would have been any different if this was constructed at Silverene's location or the arse end. Purely financial collapse, wrong timing etc.

It has nothing much to do with location. Also Tridents reputation was excellent at the time these were sold. Marainscape was seen as one of the best developments in the marina at the time. Le Reve's penthouses next door got constructed ok and I doubt if it would have been any different if this was constructed at Silverene's location or the arse end. Purely financial collapse, wrong timing etc.


^^Not sure I agree with you there. Had it been constructed at the "Chic End", perhaps on the Marina Star plot, I think many would still be keen to keep the payments going. Especially given the range of unobstructed views that would be available.

Now they've seen the state of the tallest block folly, they are wondering how the sales pitch fooled them into believing it was a faily open and uncongested site.

Big loss to the tallest block district as this drives down the kudos of the area! That marina 101 is also an eyesore!

Hey! Maybe I've hit on something. Maybe they are looking to take over the failed Marina Star plot:laugh:

Nothing to do with location?????

Have you ever heard of the phrase "LOCATION LOCATION LOCATION"??

Its ALL about location, especially when the gold rush ends and reality kicks in!!!

It has nothing much to do with location. Also Tridents reputation was excellent at the time these were sold. Marainscape was seen as one of the best developments in the marina at the time. Le Reve's penthouses next door got constructed ok and I doubt if it would have been any different if this was constructed at Silverene's location or the arse end. Purely financial collapse, wrong timing etc.

I don't understand why they started it in the current market. It's a strange one and they must have known a year ago there were going to be funding issues especially with a project on this scale.

Probably they had money in the escrow account and just wanted to spend instead of the refund, this happening everywhere , if the money gone construction stopped, few projects at the Business Bay a good example..
They just spent the investors money thats all..

I don't buy the idea that early investors were in the dark about the location and positioning of the tower. A person doesn't sign a contract valued at millions of dollars without knowing something so simple. Even a cursory inspection of the location would tell you that there were going to be towers all around and obviously these investors weren't salivating over sea views. Only us middle-class blokes think heaven-on-earth is little more than a sea view away. These investors are likely much more sophisticated.

The economy is what has done this project in. No one whether in Dubai, the US or even JohnnyinSpain would have known in early or mid-2008 that the world financial/banking order was in for a collapse.

In the "Goldrush" people were queuing up to buy anywhere. Especially locals and GCC nationals. I bet many did not even know what they bought or even where it was located!.
Many bought to flip, and they have been caught holding!!!
Imre, you may be right, Trident just spent what was in ESCROW. Now there is nothing left and no more stage payments. Shame for the Supertall area. They will have that half built construction site there for years now.

I don't buy the idea that early investors were in the dark about the location and positioning of the tower. A person doesn't sign a contract valued at millions of dollars without knowing something so simple. Even a cursory inspection of the location would tell you that there were going to be towers all around and obviously these investors weren't salivating over sea views. Only us middle-class blokes think heaven-on-earth is little more than a sea view away. These investors are likely much more sophisticated.

The economy is what has done this project in. No one whether in Dubai, the US or even JohnnyinSpain would have known in early or mid-2008 that the world financial/banking order was in for a collapse.

In the "Goldrush" people were queuing up to buy anywhere. Especially locals and GCC nationals. I bet many did not even know what they bought or even where it was located!.
Many bought to flip, and they have been caught holding!!!
Imre, you may be right, Trident just spent what was in ESCROW. Now there is nothing left and no more stage payments. Shame for the Supertall area. They will have that half built construction site there for years now.

Are you sure about that? I hope they will find a solution pretty soon, like in 6 months, or so.

Imre, you may be right, Trident just spent what was in ESCROW. Now there is nothing left and no more stage payments. Shame for the Supertall area. They will have that half built construction site there for years now.

Same happened with the Omniyat, many people were so excited when they started the Opus at the Business Bay, actually they just emptied the Escrow account and after stopped..

This is better for them as the refund for investors, many tricks there how can you save some money from Escrow account...

"Same happened with the Omniyat, many people were so excited when they started the Opus at the Business Bay, actually they just emptied the Escrow account and after stopped..

This is better for them as the refund for investors, many tricks there how can you save some money from Escrow account."



Can't the powers that be in Dubai do something to stop this kind of thing?
They may not care too much about investors losing money, but having the place littered with half finished building projects can't be good.

9/September/2011

Pentominium, still ON HOLD

http://i55.tinypic.com/9pv1hi.jpg

http://i56.tinypic.com/10z20zq.jpg

Rumour has it, that the boss has skipped town, leaving bounced cheques, and owing everyone, I feel sorry for all you trident Owners, who where conned on this development, and all the other ones as well, apparently he is in Las Vegas.

A.

What is he doing in Las Vegas ? Playing with the investors money ?:)

Hopefully he will win and they will restart the Pentominium.

haha...lets hope he makes the jackpot and return with plans to finish pentominium =/

This project will be finished, its not like the other projects in Dubai... I know it will take another 2-4 years but I have a strong gut feeling it will be finished.

Let your feeling become truth :cheers:

If it does get finished, it wont be Trident............I suspect they will be gone by next month.

Take it from me.

A.

Can they sell the property to someone else or to much legal binding and red tape?

Can they sell the property to someone else or to much legal binding and red tape?

Would be difficult to sell this project, first of all they should redesign and doing smaller apartments.

I think there is no market for these apartment now , simply the location is very bad for penthouses only, its ok for studios,1-2-3 BR's but who would buy a penthouse without view?
As the developer left the country , it will be ON HOLD for years.

when did the developer leave the country? Trident has been around since 2003 as far as I know, I dont think they will pack up and go, but than again we all thought allot of things would not happen in Dubai , I guess this is going to become another Palm Deira type project,

As Agod said , the boss is already in Las Vegas:)

24/September/2011

Pentominium and Marina Arcade plot

http://i55.tinypic.com/a3chu8.jpg

And the other one is in Hong Kong...............you have realize I cannot say anything on an open Forum until it happens.

But this Company, has been one of the worst I have ever come across, in my 40 odd years as a Businessman.

A

28/October/2011

Pentominium

http://i40.tinypic.com/25ic9sg.jpg

12/November/2011

23 Marina and Pentominium

http://i44.tinypic.com/35d69us.jpg

The views are non existant other than the very high floors, and even those will look down onto the roof's of the other towers. Access is going to be a nightmare.

It is one of the worst locations in the marina.

Anyone who bought here was totaly sucked in by all the hype. :bash:

what kind of views are people getting here, from the pic above it looks like its boxed in on one side and possibly 2 other sides as well?

This is a real shame...Dubai has real potential to be a great city, now it literally looks like everybody has just ran off...it is a ghost town.

Lesson to be learned from dubai...never invest billions into something that will not be used -
People will always be sheep, they see that investment in Dubai is extremely sucessful and profitable...so then everybody follows and invests, when there is not enough demand - the whole thing collapses

now it literally looks like everybody has just ran off...it is a ghost town.


absolutely. that's why this weekend it was difficult to get into night clubs because they were absolutely packed. maybe about 20 thousand people clubbing and partying in the marina and palm alone?

ghost town. lol

you have no idea what's goin on in this place.

now it literally looks like everybody has just ran off...it is a ghost town.


If only - SZR is as busy as it ever was. :lol:

I have NEVER SEEN DUBAI SO BUSY!!! The last 2 weeks have been manic!!! I know it was the EID holiday time, but what recession!!!! :banana:

If only - SZR is as busy as it ever was. :lol:

The whole place was heaving, especially with Saudi's, whose cars where everywhere, every seat in every Restaurant was taken, and it was so packed, it was like Petticoat Lane on a Sunday Morning.

I was told they gave Damascus a miss this year, and headed hear, I wonder why :lol:

Would like to see some photos of it this busy.

What a load of rubbish, re-circulating 2009 news!!!!

Dubai is very busy now. Go JBR Walk ANY weekend during winter. Try and book ANY decent restaurant, or get into ANY decent nightclub. Look at the big Mall's ANY weekend.

Dubai is very busy my negative friends, and it's a shame some people want to deny it!!!! :bash:

people that actually live in Dubai and buy property in Dubai and "working class" people that rent cheap units are two different things, the people that bought into dubai are gone, this is we have oversupply and close to 70% price drop in bad areas and 30-40% price drop in the Marina


And please dont look at a couple of weeks out of the year as the whole year because both me and you know that tens of thousands of people packed up and left dubai, their cars at the airports and parking lots is as good as proof as were going to get

I'm fully agree that Dubai is very busy place, especially Dubai Marina, i was in Dubai 3 weeks and can say that we could book tables in decent restaurants in 3-5 days, in atMosphere we booked 6 days in advance as it was fully booked, in evening time on weekends we couldn't find any tables in cafes.
Actually it's annoying. In same time i'm glad that Dubai looks much more busy if to compare with other world.
All that rubish about abandoned cars it's complete crap. I can find same in any european airport parking, it doesn't mean that everybody flew out of Europe

I didn't post here for a while..

Before visiting Dubai last Feb for a handover, I remember reading "reports"/"news" that Dubai was becoming empty, desolate, etc etc.

I was surprised to see how active the town was when I got there. The roads, the shopping malls, restaurants, beaches, hotels, business districts... everywhere was packed.

And yes, some if not most of them were tourists.. By the way, Dubai is one of the top tourist destinations, maybe that's the reason?.. :)

For readers who have not been (at least recently) to Dubai: I would read these "reports" with a pinch of salt.. :)

Everything I own in Dubai is worth more than I paid for it my friend......... And the rental returns are EXCELLENT.

Silverene has just come on line, and the rental's there are like a feeding frenzy!!!!!

Eeeeeyoreeeee!!!!!

:banana:

lol iam sure thats why property prices have fallen 70%., the people you see are tourists (from Iran, England and surrounding region) not permanent residents lol, any donkey can tell u this, Iam not pulling things out of my ass

the people you see are tourists (from Iran, England and surrounding region) not permanent residents lol, any donkey can tell u this,

So every night its tourists driving back form Abu Dhabi and Jebel Ali that are bringing SZR to standstill? :nuts:

When I said that Dubai was not busy, I did not mean the actual shops, malls, clubs etc...I was talking about property only...there is no denying, that most apartment towers are 80% unnocupied. If Dubai was as busy as you say, im sure this would be up and running, not stalled due to lack of demand.

...there is no denying, that most apartment towers are 80% unnocupied....


oh, ok. I didn't know that. but it makes total sense now that you say it.

Dubai bizzy because of the national day +good weather playing role as what they called season for tourism . I agreed with I am he in what he said about unoccupied thing .

...there is no denying, that most apartment towers are 80% unnocupied.

^^Interesting, where did you get this figure from? My building in the Marina is 97% occupied.

I personally think that Dubai is filling up again. It might not be easily noticeable through apartment occupancy, but the occupancy of most completed towers would probably be better than what it was a year ago so this is a very positive sign.

One can also look at the DSC population clock (http://www.dsc.gov.ae) which suggests that Dubai's population is growing by approximately 7000 people a month and is about to reach 2 million.

Hectic traffic is also back on Sheikh Zayed Road during peak times again as others have suggested (it was like this even before Ramadan etc.) so there has obviously been a positive change in the city’s population since the Global Financial Crisis.

^^Interesting, where did you get this figure from? My building in the Marina is 97% occupied.

Well, I was actually looking at property in Dubai... And not only do the rediculously low prices for luxury property suggest most is unoccupied, I have spoke to people who live there.

There is no reason for this to stall, unless to few people showed interest in buying.
Shame, out of all the Dubai projects, this one was my favourite

^^still, the claim that most towers are 80% empty is just ridiculous.

there's lots of other factors impacting the pentominium.

Maybe there's a bit of a confusion. It's a fact that there's an oversupply problem in Dubai, nobody is arguing against that (I guess). But it's something else to claim that it's an empty, dead city. It's not fair, and also it's not true as well.. You've got to get your facts straight.

Maybe there's a bit of a confusion. It's a fact that there's an oversupply problem in Dubai, nobody is arguing against that (I guess). But it's something else to claim that it's an empty, dead city. It's not fair, and also it's not true as well.. You've got to get your facts straight.
^^ Absolutely agree on this one.
In regards to the Pentominium: Imho there are too many high end projects in Dubai. In reality very normal, middle class people live in this city. Dubai isn't Monaco, there are some extremely rich people here, yes, but they are still a minority. The size of this project would suggest, that a penthouse here and there on a tower isn't enough, you'd need a tower full of penthouses. Well the very interest of a penthouse is, to sit on top of a tower, to have nobody above you, to have the feeling to be "the king of the world". A "penthouse on the 4th floor is nothing else but a huge flat, even if it is decorated with Swarovsky crystal.
I guess the penthouse tower idea has somewhat worked for "the Reve", but all of the Reve's "penthouses" have fantastic sea views.
I wouldn't be surprised if the Pentominium was totally redesigned if ever built, in order to face the reality of what is. It actually could become an office building, this would make sense given its position.

Kind of hard to change the layout of the apartments now if they never built enough parking spots to support much more units/owners.

Kind of hard to change the layout of the apartments now if they never built enough parking spots to support much more units/owners.

This is the biggest problem if they ever want to redesign but I think nothing will be happening there for a long as many others projects in Dubai Marina.

^^Interesting, where did you get this figure from?

His arse.

His arse.

What, are you denying the fact that there is a oversupply problem in Dubai? Clever guy :ohno:

Why do (or did) so many people try to deny the fact that Dubai was in serious financial trouble?

What, are you denying the fact that there is a oversupply problem in Dubai? Clever guy :ohno:

Why do (or did) so many people try to deny the fact that Dubai was in serious financial trouble?

NOBODY denies the fact that there is an oversupply and nobody denies Dubai is facing financial trouble. We are discussing your claim, that Dubai is an empty place. France is in financial trouble and Spain has oversupply, but neither are empty places.

What, are you denying the fact that there is a oversupply problem in Dubai? Clever guy :ohno:

Why do (or did) so many people try to deny the fact that Dubai was in serious financial trouble?

Because developed rest of the world has much more and much much bigger problems than Dubai. If you compare it so you will see that there is no financial trouble in Dubai.

It's seems to me, that you are from guys who read gloomy british articles about Dubai. Recently i met in Europe few British people from different places - they believe that Dubai is bankrupt, that city overflooded by abandoned cars - that because there is horrible problem with parking, they believe that 80% of property is empty and that it will become ghost town very soon etc.etc.etc.

I see that you are from this kind of people with trash in your head.
Come and check before you telling BS.
Stop stupidity!

By Elizabeth Broomhall | Tuesday, 20 December 2011 9:20 AM

Liquidity woes may push Dubai’s second tallest skyscraper, the Pentominium, past its completion date as developer Trident struggles with financing, the project manager said.

http://www.arabianbusiness.com/cash-flow-problems-delay-dubai-skyscraper-435955.html

Woooooooohhh! PG is back with her twin sister :banana:

Thanks!

Woooooooohhh! PG is back with her twin sister :banana:

Thanks!

Yes , she was busy with them ... :lol:

I was in bed for five weeks and then partying for another five weeks.

Woooooooohhh! PG is back with her twin sister :banana:

Thanks!

Don't get too excited :), that is just a photo of Bia and Branca Feres (synchronized swimming twins).

^^ That's right, I'm a little surprised not many people here have recognized them. Then again, they are mostly only known throughout Brazil. :)

Woooooooohhh! PG is back with her twin sister :banana:

Thanks!

Not quite, although we do have an oversupply problem here as well. :D




On topic: I really hope they can sort something out here in 2012 and get things up and running again. It would be fantastic to see this building finished. Well, looking at where we're at now, it could be 2013-2014 for topping out??

^^ I think it will be at least a year before things get going again. Building material costs need to fall further to balance the cash flow.

I read a business magazine put in my hotel room a few weeks ago which gave some surprising facts. The biggest companies in terms of sales in UAE were not Oil related. It was all Telecoms and Cement. We know there is effectively no competition in Telecoms as your buildings are either Du or Etisalat. Also phoning UAE from UK and vise vera, is one of the most expensive countries you can call, around 70p per minute versus 2p per minute to call USA. The governments of UAE are making a fortune out of Telecoms way higher than oil revenues according to the magazine report. So it seems cement as a commodity is similar and prices will be controlled and not be allowed to compete in a free market economy. As demand for cement dries up this might change and developers and contractors can start renegotiating buying again at sensible prices. When this happens we will see stalled projects being reignited.

^^ All very interesting. Hope you're right about Pentominium. I suppose a year to wait for things to get moving here again isn't the end of the world under the circumstances. We just need to sit back and be patient I suppose. It's not like there is much choice in the matter anyway. Thanks TB! :cheers:

TB, i agree with your point about monopoly in the UAE (and in fact the whole Gulf), making the economies very inefficient and damaging to consumers, but when it comes to cement and aluminium, the Gulf has the cheapest prices in the world.

really, where can you buy a 50kg bag of cement for 11.50dhs (US$3.13)!!

if trident cannot build with these materials at such low level, they will never be able to build imo.

^^ I think it will be at least a year before things get going again. Building material costs need to fall further to balance the cash flow.

I read a business magazine put in my hotel room a few weeks ago which gave some surprising facts. The biggest companies in terms of sales in UAE were not Oil related. It was all Telecoms and Cement. We know there is effectively no competition in Telecoms as your buildings are either Du or Etisalat. Also phoning UAE from UK and vise vera, is one of the most expensive countries you can call, around 70p per minute versus 2p per minute to call USA. The governments of UAE are making a fortune out of Telecoms way higher than oil revenues according to the magazine report. So it seems cement as a commodity is similar and prices will be controlled and not be allowed to compete in a free market economy. As demand for cement dries up this might change and developers and contractors can start renegotiating buying again at sensible prices. When this happens we will see stalled projects being reignited.

TB, i agree with your point about monopoly in the UAE (and in fact the whole Gulf), making the economies very inefficient and damaging to consumers, but when it comes to cement and aluminium, the Gulf has the cheapest prices in the world.

really, where can you buy a 50kg bag of cement for 11.50dhs (US$3.13)!!

if trident cannot build with these materials at such low level, they will never be able to build imo.

^^Believe it or not that is quite expensive considering the cost of gas in the UAE compared to the rest of the world. A lot of heat energy is needed in the cement making process, heat is plentyful in the UAE. My local DIY shop charges around $4 for a 25kg bag and that includes massive transportation costs, 100% sales markup, 20% VAT etc. So the real cost is around $1-1.5 a bag. Concrete companies buy in bulk tanker loads so there is no packaging costs and savings on transportation and storage.

Back in 2007-8 cement companies and concrete suppliers were overloaded and could therefore name their price. For many developers it was not the expense that was the issue, it was finding a company that would supply. Prices haven't come down significantly since these days due to the Cartels that have been established. Someone somewhere is making a fortune out of cement in the UAE and my bet is it goes to the top. Change is needed to make some of the projects viable again.

I think Tridents problems go beyond the price of cement, the market needs to start looking attractive to investors again to revive this type of project.

Thursday, Dec 29, 2011

Dubai's Noor Islamic Bk Says Trident Defaults On Overdraft

-- Luxury Pentominium project launched near market peak
-- Trident says contractor still on site, committed to project
-- Trident says facing cashflow issues due to tighter bank finance, customer defaults, collateral demands

By Tahani Karrar-Lewsley

Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Trident International Holdings, the developer of a high-profile residential project in Dubai, has defaulted on a 75 million U.A.E. dirhams ($20 million) overdraft facility extended by Dubai's Noor Islamic Bank to back construction work on the project, according to a bank spokesperson.

Noor Islamic Bank also said that work on the project, the Pentominium Tower in Dubai Marina, has been halted since March, though Dubai-based Trident said the contractor for the project is still on site "operational, not demobilized and in amicable dialogue with us for a viable long term solution along with other parties."

Residential property prices have more than halved since the Dubai real estate market peaked in 2008, leaving many developers and apartment owners facing large losses. A total of $958 billion of construction projects in the United Arab Emirates were delayed or cancelled in the 12 months to October 2011, according to a recent analysis by Citigroup.

http://www.zawya.com/story.cfm/sidZW20111229000005/ZDJ_EXCLUSIVE__Dubais_Noor_Islamic_Bank_says_Trident_defaults_on_overdraft#ZW20111229000005

^^Wow!!

Defaulted on their bank credit and clearly not paying the contractor. In any developed country that means they are bust! Are Trident now going to lie low and seek solace in the fact that UAE is a country with no bankrupcy or insolvency laws.

Looks like the only hope for this project is to find a buyer solvent enough to take over the project and complete it in conjunction with the owners/creditors. On a project this size, that will be a mamoth task.

^^Wow!!

Defaulted on their bank credit and clearly not paying the contractor. In any developed country that means they are bust! Are Trident now going to lie low and seek solace in the fact that UAE is a country with no bankrupcy or insolvency laws.

Looks like the only hope for this project is to find a buyer solvent enough to take over the project and complete it in conjunction with the owners/creditors. On a project this size, that will be a mamoth task.

Will be a shame if this doesnt complete because although its a sh*te plot
I love the design !

^^Wow!!

Defaulted on their bank credit and clearly not paying the contractor. In any developed country that means they are bust! Are Trident now going to lie low and seek solace in the fact that UAE is a country with no bankrupcy or insolvency laws.

Looks like the only hope for this project is to find a buyer solvent enough to take over the project and complete it in conjunction with the owners/creditors. On a project this size, that will be a mamoth task.

Love the design of this project but given the current market now and in the foreseeable future I just dont see a market for penthouse only apartments, especially in this location. Maybe some huge scaling back will be necessary and some internal re-design as well

probably make a lovely Car Park, or a Bungee Jumping Platform.

A.

Trident CEO denies he has fled Dubai; says he is abroad to seek loans

Staff

January 04, 2012

http://cdn-wac.emirates247.com/polopoly_fs/1.435832.1325662674!/image/1933534009.jpg
Wazir Ali Daredia (SUPPLIED)

The head of a Dubai-based real estate firm carrying out the world’s tallest all-residential building denied he had fled the emirate and said he was abroad to seek loans and come back to complete the skyscraper.

The Dubai-based Arabic language daily Al-Bayan said Wazir Ali Daredia, Executive Director and CEO of Trident international Holding, contacted it from Switzerland to reassure creditors about their funds and pledge to return to Dubai and finish the Pentominium.“He said that some creditors are seeking to destroy him by damaging his reputation….he also said that he has not used investors’ funds, which he affirmed are deposited in accounts managed by official parties,” it said.“He affirmed that he is sticking to the Pentominium and will come back after he obtains guarantees from some Asian and European banks to finance the construction of the project, which he said had been frozen because of demands by contractors to pay their outstanding dues….he pledged not to abandon this project as he has put all his profits and savings into it.”

The Pentominium was a super tall skyscraper under construction in Dubai before it was halted in August 2011. When completed, the residential tower will be around 516 m (1,693 ft) tall, with 122 floors above ground. It was designed by architects Aedas and funded by Trident International Holdings.

The Dh1.46 billion construction contract was awarded to Arabian Construction Company (ACC).The Pentominium has one of the deepest excavations done in the world, performed by Swissboring Overseas Piling Corp.Construction commenced on 26 July 2009 and, before construction stopped, the building was expected to be completed in 2013. As of May 2011, 22 floors had been completed. When completed, Pentominium may become the second tallest building in Dubai after Burj Khalifa, and one of the tallest buildings in the world.Al-Bayan said it had received information that some creditors would resort to court and demand the freezing of Daredia’s assets.

“Some of them are believed to have prepared a list of charges against him as they are convinced that he had fled Dubai so he can negotiate with them from a strong position to force them to write off a large part of the debt.”

http://www.emirates247.com/business/corporate/pentominium-owner-i-ll-be-back-to-finish-skyscraper-2012-01-04-1.435830

Bad Man, Bad Company, Bad Reputation he now has, after letting down many clients, companies, and contractor's, not sure he will get the loans he seeks.

A.

quite a fall for Trident. they had the best reputation for quality and location before the crisis. everything went up in smoke now.

he is going to the wrong places to get finance for The Pentominium, if that is really why he is in Switzerland!! his only hope is here in the UAE, with some government backing. Otherwise, no one anywhere in the world, let alone europe, will give him loans to finish up the The Pentominium under the current economic conditions.

I beleive he has tried many other place's as well, he has a Watch Company in Switzerland, and probably a big home to, dont think you will see him back here anytime soon, Ive heard there is a Trident Dubai Opportunities Fund, somewhere in the BVI loaded with cash, who knows, let Interpol track him down.

I just know he lost his reputation years ago, but everyone kept on beleiving his Lies.

I better not say anymore, as I upset the Pento Owners.

A.

Are you sure that he is in Switzerland? Its a small country and probably not the best if you want to hide :) I wouldnt give too much credibility for any newspapers in Dubai..

quite a fall for Trident. they had the best reputation for quality and location before the crisis. everything went up in smoke now.

he is going to the wrong places to get finance for The Pentominium, if that is really why he is in Switzerland!! his only hope is here in the UAE, with some government backing. Otherwise, no one anywhere in the world, let alone europe, will give him loans to finish up the The Pentominium under the current economic conditions.

I dissagree about the best locations. Pentominium location has always bamboozled me for one of the most expensive builds in Dubai. There are so many other plots where it could have been a show piece structure in the marina. Why did they not go for the empty plot between Torch and Marina Heights for example, or the waterfront plot directly infront of The Torch and near Infinity.

Waterfront is a beautiful building finished to a high standard, but again the location is nonsense and I always wondered why it was not on one of the free waterfront plots in the same area. They could not have been that expensive if it was viable to build an 8 floor building on them and still make profit.

Are you sure that he is in Switzerland? Its a small country and probably not the best if you want to hide :) I wouldnt give too much credibility for any newspapers in Dubai..
best location to "hide" as it has no extradition treaties with anyone. safe banking where you can hide your ill gotten gains and lots of cheese

best location to "hide" as it has no extradition treaties with anyone. safe banking where you can hide your ill gotten gains and lots of cheese

Switzerland is a full member of the Interpol , also they are member of the FATF ( money laundering organisation) so banks are freezing assets very fast now...and not only for dictators and terrorist.

Just see the law about the extradation, its exist:

http://www.bj.admin.ch/bj/en/home/themen/sicherheit/internationale_rechthilfe/rechtshilfe_in_strafsache/auslieferung.html

Anyway , nothing will be happening with him just remember Emad Ayoub who was cheating millions from the Lighthouse Dubai Marina owners , nothing nas happened and he never came back to Dubai :)

http://www.skyscrapercity.com/showthread.php?t=128359&page=33

This will be the same story..

i meant by best location the marina overall as opposed to other locations in dubai!! i think all their developments are in the marina, i could be wrong on this though!

I dissagree about the best locations. Pentominium location has always bamboozled me for one of the most expensive builds in Dubai. There are so many other plots where it could have been a show piece structure in the marina. Why did they not go for the empty plot between Torch and Marina Heights for example, or the waterfront plot directly infront of The Torch and near Infinity.

Waterfront is a beautiful building finished to a high standard, but again the location is nonsense and I always wondered why it was not on one of the free waterfront plots in the same area. They could not have been that expensive if it was viable to build an 8 floor building on them and still make profit.

He has upset many Heavy Russians, now they know what he looks like.

He has upset many Heavy Russians, now they know what he looks like.

OMG poor guy !! :lol:

They don't quite work the way the west does -- he could be under a SWISS SKI CHALET soon :lol::lol:

I upset a big Russian once, she's still not speaking to me :lol:

I upset a big Russian once, she's still not speaking to me :lol:

Should have gone Thai :lol::lol:

Should have gone Thai :lol::lol:

I upset a big Thai once, she's still not speaking to me :lol:

13/January/2012

Pentominium

http://i44.tinypic.com/1zfswwm.jpg

http://i44.tinypic.com/11kkvwj.jpg

http://i40.tinypic.com/do8mxe.jpg

I upset a big Thai once, she's still not speaking to me :lol:

No big Thai's !! :lol:

http://i.dailymail.co.uk/i/pix/2011/04/12/article-1376073-0B97820600000578-265_634x466.jpg

No big Thai's !! :lol:

:)

http://i.dailymail.co.uk/i/pix/2011/04/12/article-1376073-0B97820600000578-265_634x466.jpg


:)

SOLOMAN ISLANDS mate DEFOE NOT thai :cheers:

No big Thai's !! :lol:

Big in ego and self-centering :lol:

3/February/2012

Pentominium

http://i41.tinypic.com/vxyg3s.jpg

10/February/2012

Pentominium

http://i41.tinypic.com/4vimps.jpg

:)............

^^You're teasing us! Good news?

^^You're teasing us! Good news?

Hello T.B.

I have news and added three quotes on the other Pentomionium thread. The first one, of course being the smiley :)..... but i received less than polite comments from others. All related quotes have subsequently been deleted, presumably by the Moderator.
So let the other users speculate...i will now stay quiet and remain :)

:) :) :)

Hello T.B.

I have news and added three quotes on the other Pentomionium thread. The first one, of course being the smiley :)..... but i received less than polite comments from others. All related quotes have subsequently been deleted, presumably by the Moderator.
So let the other users speculate...i will now stay quiet and remain :)

I saw your post and the comments there , if you have a news better to post , just posting smiles and dots means nothing and moderators will think you are just spamming the thread ... and finally you will get banned as Daniel Loves London :)

24/February/2012

Pentominium

http://i42.tinypic.com/pt27l.jpg

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

http://i40.tinypic.com/15z5p4y.jpg

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

What's with the ACC buildings? Are these new?

Site office of Pentominium , few cars always there, thats all.

I know it is the site office, just wondering if you were documenting a new one, or is this the one that stood there all this time.

P.S. Here is hoping to a new page - that huge girl in the first pic creeps me out o_O

when start?

When start .. what?

when start?

Without money they wont start :)

Big Thai not gone yet? Request to Dubai_Steve: Edit that irrelevant pic out. You guys were having fun going off topic with that silly Thai talk while other folks--who have spent thousands of bucks on the property in focus--get jumped on for investment or management talk.

^^ Did you buy here too? :hilarious

Last couple days I seen few workers there but not sure whats going on, maybe just a maintenance team?

Also one day the car park front of the ACC site office was busy :)

08/March/2012

Pentominium

http://i40.tinypic.com/2u3y3ip.jpg

http://i43.tinypic.com/2q18c4x.jpg

Bright lights are on the cranes atop the Pentominium tonight. Not sure if this is something new, but I don't think I've seen these lights on recently.

^^I noticed extra generator noise on the site the last few days, and a few more workers walking around there.

also, there is a new site office being built next to it, I presume for Marina 106. Inshallah.

30/March/2012

Pentominium

http://i41.tinypic.com/2r3a5io.jpg

http://i39.tinypic.com/nd9av9.jpg

http://i44.tinypic.com/35lssjk.jpg

Bright lights are on the cranes atop the Pentominium tonight. Not sure if this is something new, but I don't think I've seen these lights on recently.


Still on hold. Nothing new :cripes:

I actually sit here looking at them through my windows, and tonight, only one Crane is alight

13/April/2012

Pentominium

http://i44.tinypic.com/33p8289.jpg

11/May/2012

Pentominium

http://i48.tinypic.com/2cqxv7q.jpg

25/May/2012

Pentominium

http://i49.tinypic.com/24w80vk.jpg

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