#COMPLETED: SILVERENE, 35F+25F Res [Archive] - Page 3

True Blue

January 29th, 2009, 09:43 PM

Wed Jan 7th 2009

DUBAI - Dubai's Meydan LLC said on Monday it cancelled a racecourse construction deal with Malaysian construction firm WCT Engineering Bhd and the local firm Arabtec (ARTC).

A Meydan statement did not give a value for the deal, but WCT said in 2007 that its 50-50 joint venture with Arabtec had won a $1.3 billion contract to build the racecourse in Dubai.

The contract was cancelled "because of non-adherence to the agreed time schedule for construction," Meydan said in the statement.

Arabtec are out of a job, that was worth half of AED 4.7 billion. Which, based on profit margin of about 10% for Arabtec 2008 Q3 results, knocks a AED 260 million hole in their income statement, spread over the 2 years it would have taken to build the racecourse, so AED 130 million per year. For the first nine months of 2008, Arabtec net profit was about AED 750m.

Profits on that level don't spell a company in trouble. The realocation of their resources will lead to current projects being overmanned and as such meet targets faster. Good news for the projects they already have.

Arabtec are taking legal action against WCT of malaysia for loss of profit.

Desert Diver

February 1st, 2009, 11:01 AM

I heard that arabtech is chasing some company for its money, is that true? will this affect the silverene project?

cheers

Silverene is the most industrious site I've seen so far. It is amazing to look at, really. Thought about taking a deck chair next time, relax and watch them build this thing. It's like an anthill!

Took some pictures today, will upload them tonight :)

jeetha

February 1st, 2009, 11:39 AM

Silverene is the most industrious site I've seen so far. It is amazing to look at, really. Thought about taking a deck chair next time, relax and watch them build this thing. It's like an anthill!

Took some pictures today, will upload them tonight :)

Wow! That’s pleasure to know. Look forward to pictures.

bizzybonita

February 1st, 2009, 02:15 PM

Here my picture from my " new camera " hopeful not so old one :D

http://i43.tinypic.com/2reis14.jpg

http://i42.tinypic.com/316w0h5.jpg

jeetha

February 1st, 2009, 08:34 PM

^^Same pictures on cayan’s website. :cheers:

jeetha

February 1st, 2009, 09:08 PM

Second picture..... ramp taking shape.

heatstor

February 1st, 2009, 09:18 PM

The way the progress is going, I feel like paying Cayan extra.
Not that I would :)

Desert Diver

February 1st, 2009, 10:12 PM

Pics from today :)

From the terrace of Marina Mall Food Court:

http://www.quetschluft.de/dubai/300_1194_qa.jpg

http://www.quetschluft.de/dubai/300_1193_qa.jpg

http://www.quetschluft.de/dubai/300_1200_qa.jpg

From street level:

http://www.quetschluft.de/dubai/300_1210_qa.jpg

http://www.quetschluft.de/dubai/300_1211_qa.jpg

http://www.quetschluft.de/dubai/300_1213_qa.jpg

http://www.quetschluft.de/dubai/300_1235_qa.jpg

http://www.quetschluft.de/dubai/300_1231_qa.jpg

Assembly of yet another crane:

http://www.quetschluft.de/dubai/300_1233_qa.jpg

Should anyone be interested in large format versions of specific pics just let me know.

buster007

February 1st, 2009, 10:42 PM

The way the progress is going, I feel like paying Cayan extra.
Not that I would :)

Indeed - sums up investors satisfaction in this development. Viele Danke DesertDiver fur dem bild. Absolut sehr schon

jeetha

February 1st, 2009, 11:28 PM

Excellent picture updates, thanks Desert Diver.:banana:

charlie big potatoes

February 3rd, 2009, 11:14 PM

Fantastic progress and a well run/managed site. Congrats to all who are in here.

dubaiprojects

February 4th, 2009, 12:08 PM

yes indeed, everything seems so perfect that there has to be somethign terribly wrong? what could it be???

In this time of world economic crises and then locally several projects being canceled, no more lending from local banks, negligible real estate transactions happening in the real estate, companies wanting to hold onto their cash reserves... yet this project is going with full force.

I wonder if they continue with the same pace and already had an idea to stop the construction at a certain stage (like half finished, why ?? only they know),
Or what good this project be when completed, and no tenants, or buyers....
I am really skeptical about everythings happening. I am not pessimistic but just trying to understand how come cayan has managed to stay on top in this crises.

Cheers

True Blue

February 4th, 2009, 01:52 PM

^^ Arabtec had a full order book and were unable to take on more work then they hit a big problem with Meydan and I'm sure other areas. They needed alternatives and quick to keep the resources working. They have already signed a contract with Cayan for Infinity so had a line of communication.

Silverene was started by CRC and Arabtec took over. Did they cut their price at the last minute? Only Cayan can answer that.

Cash is king at the moment so if everyone makes their payments ontime then this project will shoot up in no time. Nakheel and Emaar have started starving their contractors of cash and their projects are grinding to a halt.

Cayan have become very agressive on collecting money ontime as they know that this is the secret to surviving in the current climate.

If everyone plays by the rules then you will all reap the benefits. If some don't then everyone will suffer.

jeetha

February 4th, 2009, 02:32 PM

^^Although next payment isn’t due until June, I have my money ready just waiting for better rates.

Dubaiprojects! You go on like this....you’ll have a heart attack, man relax.:)

9714

February 4th, 2009, 06:08 PM

more nice pics here (from a while ago)

http://www.paultucker.co.uk/silverene.html

belgianman

February 6th, 2009, 10:13 AM

Barracuda,that is a cheap price for the apparment i saw on some realeastate sites very high prices on it

Barracuda

February 6th, 2009, 05:29 PM

I know, it's a very good offer!!!

Barracuda

February 12th, 2009, 12:32 PM

Paul Dubai

February 12th, 2009, 07:12 PM

I heared the installments do not hve to be made until a certain stage of construction according to soe law. Does anyone know details?
It would explain why Cayan did not even complain when my friend was 6 weeks late...
^^ I heard about this new law too but would cayen fall into dificulty if we did'nt have to make payments as per our contracts. I am sure that Cayen have budgeted to build this with us making payments as stated in our contracts. Maybe we would be shooting ourselves in the foot if we push cayen to adhere to this new law?????

jeetha

February 12th, 2009, 09:36 PM

I heared the installments do not hve to be made until a certain stage of construction according to soe law. Does anyone know details?
It would explain why Cayan did not even complain when my friend was 6 weeks late...

I’m happy paying 10% every 6 months.
Cayan are keeping to its words,:banana: why shouldn’t we?

2010 June completion should be achievable. Why pay interest on late payments?

I have paid 50% so far.
10% June 1st
10% December 1st
Balance 30% June 2010 on completion.:banana:

Barracuda

February 13th, 2009, 08:16 AM

That's the thing, there is no interest...
I'm also paying on time as the installments are very low compared to what I paid. I paid AED 1.5 million for a one bedroom Apartment, which was only 828k originally

mamoon100

February 14th, 2009, 04:51 PM

http://img22.imageshack.us/img22/2470/cimg1501og1.jpg
By mamoon100 (http://profile.imageshack.us/user/mamoon100), shot with EX-S100 (http://profile.imageshack.us/camerabuy.php?model=EX-S100&make=CASIO+COMPUTER+CO.%2CLTD) at 2009-02-14

http://img21.imageshack.us/img21/3692/cimg1500id5.jpg
By mamoon100 (http://profile.imageshack.us/user/mamoon100), shot with EX-S100 (http://profile.imageshack.us/camerabuy.php?model=EX-S100&make=CASIO+COMPUTER+CO.%2CLTD) at 2009-02-14

http://img22.imageshack.us/img22/6955/cimg1499uk4.jpg
By mamoon100 (http://profile.imageshack.us/user/mamoon100), shot with EX-S100 (http://profile.imageshack.us/camerabuy.php?model=EX-S100&make=CASIO+COMPUTER+CO.%2CLTD) at 2009-02-14

http://img17.imageshack.us/img17/3696/cimg1498ta6.jpg
By mamoon100 (http://profile.imageshack.us/user/mamoon100), shot with EX-S100 (http://profile.imageshack.us/camerabuy.php?model=EX-S100&make=CASIO+COMPUTER+CO.%2CLTD) at 2009-02-14

http://img18.imageshack.us/img18/4168/cimg1502ue9.jpg
By mamoon100 (http://profile.imageshack.us/user/mamoon100), shot with EX-S100 (http://profile.imageshack.us/camerabuy.php?model=EX-S100&make=CASIO+COMPUTER+CO.%2CLTD) at 2009-02-14

True Blue

February 15th, 2009, 01:44 AM

buster007

February 15th, 2009, 09:12 AM

Wow!!!!!!!!!!!!!!

The structure is now at marina level. This is the progress all developers promise but few deliver. Last time I saw this site was 2nd week in January, the difference now is mind blowing.

I feel that Silverene will be one of the projects that helps to restore confidence in Dubai. Well done Arabtec.

:banana: - Impressive progress and totally agree in it restoring investors confidence in Dubai real estate. No headache whatsoever investing in this development.

Small correction TB - Obama Inauguration Speech was on the 20th of January.

Paul Dubai

February 15th, 2009, 07:59 PM

I heared the installments do not hve to be made until a certain stage of construction according to soe law. Does anyone know details?
It would explain why Cayan did not even complain when my friend was 6 weeks late...

Reply from Cayan.
We’ve heard about the stage payment issue but we have not been approached by any legal authority regarding the subject, it is not a law that has been passed. Clients still need to abide by our payment plan as per their contracts. Although clients may not understand the construction side of things, we have accomplished a lot to date and they should be pleasantly surprised in summer as we expect the structure to be well up there by then.

"Working with Passion"

Cayan Investment & Development

Tel +9714 361 9333

Fax +9714 361 5433

www.cayan.net

True Blue

February 15th, 2009, 08:15 PM

What is the stage payment issue here? Payments have to be linked to progress? The fact is, the final payment of 30% on completion almost relieves Rera of any intervention here.

Forget it, final 30% payment is your security here, if you can't afford that then you are out of you comfort zone and should not have been investing in property or Dubai.

Seems to me that there are 2 problems with dubai off plans now that they are no longer resaleable assets. First is off plans that are not progressing but still expect payments to be made, second is projects which are making good progress but buyers are unable to make the payments. In the former it is the developers who are bringing down the region and in the latter it is the insolvent speculators.

jeetha

February 16th, 2009, 12:05 AM

Reply from Cayan.
Although clients may not understand the construction side of things, we have accomplished a lot to date and they should be pleasantly surprised in summer as we expect the structure to be well up there by then.

www.cayan.net

That’s good enough for me.:banana::banana:

Barracuda

February 16th, 2009, 07:41 AM

I don't think anyone sould have a liquidity problem with that payment plan, jus mentioned it out of interest...

heatstor

February 17th, 2009, 02:42 PM

Even if someone was concerned about stage payments, the buildings could be near top off by June if construction continues at this rate. Remember they are only 35F & 25F.
True Blue, at this rate, when do you think the buildings will be topped off.
I hope all investors are smart and make payments on time.

jeetha

February 17th, 2009, 03:12 PM

Fingers crossed :dance2:we might be paying our final payment before June 2010.

Is it possible? :yes: YES WE CAN!

Barracuda

February 17th, 2009, 04:36 PM

No way, but I'm pretty sure it will be in 2010

bizzybonita

February 17th, 2009, 05:21 PM

http://img23.imageshack.us/img23/6905/imresolt175qd6.jpg

jeetha

February 17th, 2009, 05:41 PM

Thanks bizzy :cool: but it's too far away.

Time to see my optician.

True Blue

February 17th, 2009, 11:32 PM

A realistic target date for topping out is November 2009. Nothing much will happen during August Ramadan as the temperatures will make work dangerous for a fasting workforce.

On that basis I expect completion around Sept 2010.

jeetha

February 18th, 2009, 12:31 AM

Thanks for that True Blue :dance2:5th September 2010 (I’m hoping).

Otherwise 101010 will be excellent as well.

rags

February 19th, 2009, 11:57 AM

Cayan's CEO's words at the Intl Property Show, as reported. Fyi. Please see towards the end of the report.

Quote
Easy payment schedules could spur sales at IPS

Sales will depend on where the development is and at which stage the project is. (EB FILE)

By

Anjana Kumar on Wednesday, February 11, 2009

Off-plan properties could still be difficult to sell at the International Property Show (IPS) despite developers having various lucrative offers for potential buyers, a property expert has said.

"All sales will depend on where the development is and which stage of development the project is," Andrew Chambers, Managing Director, Asteco Property Management, told Emirates Business.

"Offering discounts will not have any impact on the potential buyer but an easy payment schedule could get some positive response from potential buyers.

"Overall, the special offers from developers would be a means to attract potential buyers into the market… the actual sales transaction to take place will depend on how far the project has gotten off the ground and its location," said Chambers.

However, developers participating will be offering schemes to lure buyers. Among them is KM Properties, which will be putting an "open" offer to buyers allowing them to come up with their own specific payment plans during the IPS, which will be held from February 15 to 17.

"We are trying to offer something unique and different to our customers and we believe the event will be a good time to offer this considering the slowdown in the real estate market," said Sanjeet Johar, Group Chief Operating Officer, KM Properties. "The biggest saving buyers will have with this is that their cash flow will be eased."

Johar said the easy payment plan will be offered across its Dh4 billion worth of property portfolio.

Tiger Properties said it will offer up to 33 per cent discount across its projects in Sharjah and Dubai.

"The offer is only during IPS and once the event ends, we will revert to our original prices. The only reason we are offering this discount is because we have faith in IPS," said Taha Mohammed, Chief Executive Officer, Tiger Properties.

"We are taking a realistic approach as IPS is organised by nationals and it is an Emirati venture. The range of discounts that we will offer will be between 15 per cent and 33 per cent across five of our properties in Sharjah and Dubai," said Mohammed.

Khoie Properties' CEO Frank Khoie said it will showcase the La Hoya Bay project in Marjan Island in Ras Al Khaimah.

The project La Hoya Bay comprises five elements, the La Hoya Bay Residences, La Hoya Bay Business Village, La Hoya Bay Regency, La Hoya Bay Hotels and Apartments and La Hoya Bay Marina and Yacht Club.

The company will offer reduced prices on the properties, but said it could not confirm the percentage of discount.

Cayan, a property developer, said it will not be reducing prices on any of its properties that will be showcased at IPS.

"We will not be re-pricing our benchmark prices as we have never kept our prices high in the first place. Also we think it is not fair to our existing investors who have shown faith in our current market prices and then they have to find out that we are offering a discounted price to other buyers in the market," said Cayan Chief Executive Kareem Derbas.

Imre

February 19th, 2009, 02:01 PM

19/February/2009

Silverene

http://img510.imageshack.us/img510/431/imresolt34jj2.jpg (http://imageshack.us)

http://img510.imageshack.us/img510/8528/imresolt35nj2.jpg (http://imageshack.us)

http://img3.imageshack.us/img3/6214/imresolt36pb3.jpg (http://imageshack.us)

http://img3.imageshack.us/img3/8407/imresolt37vw4.jpg (http://imageshack.us)

http://img3.imageshack.us/img3/5954/imresolt38wq2.jpg (http://imageshack.us)

http://img510.imageshack.us/img510/7608/imresolt39jy8.jpg (http://imageshack.us)

belgianman

February 19th, 2009, 03:31 PM

Great progress !

Paul Dubai

February 19th, 2009, 10:21 PM

I heard of a 2 bed 1217sq/ft with full marina views at O.P. Do you think this is a bargain at this price even in this economic downturn?

True Blue

February 19th, 2009, 10:27 PM

I heard of a 2 bed 1217sq/ft with full marina views at O.P. Do you think this is a bargain at this price even in this economic downturn?

If you can afford it and it is not a speculative investment, then it is a bargain.

People spend fortunes on cars that lose 25% the minute they drive them out of the showroom, why? It's because they get the pleasure of owning it and using it. This type of property WILL come back and increase in value as it has Location, Location and Location.

Barracuda

February 19th, 2009, 10:36 PM

At OP? This is incredible, pardon me, but this seller is not the smartest one.
Go for it!!!

Paul Dubai

February 20th, 2009, 10:07 AM

^^At OP? This is incredible, pardon me, but this seller is not the smartest one.
Go for it!!!
Maybe he needs to sell? I will chase it up and see if its real....

charlie big potatoes

February 20th, 2009, 04:55 PM

http://i42.tinypic.com/jr64xc.jpg

All taken 19th Feb

charlie big potatoes

February 20th, 2009, 04:56 PM

http://i44.tinypic.com/9qxnuo.jpg

charlie big potatoes

February 20th, 2009, 04:58 PM

http://i43.tinypic.com/2449xna.jpg

charlie big potatoes

February 20th, 2009, 05:00 PM

http://i42.tinypic.com/256vhoj.jpg

charlie big potatoes

February 20th, 2009, 05:01 PM

http://i40.tinypic.com/27zw683.jpg

charlie big potatoes

February 20th, 2009, 05:04 PM

http://i41.tinypic.com/xlj72t.jpg

charlie big potatoes

February 20th, 2009, 05:06 PM

http://i40.tinypic.com/j668ew.jpg

charlie big potatoes

February 20th, 2009, 05:08 PM

http://i44.tinypic.com/2v1n29j.jpg

charlie big potatoes

February 20th, 2009, 05:10 PM

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

charlie big potatoes

February 20th, 2009, 05:12 PM

http://i42.tinypic.com/23jn9u1.jpg

charlie big potatoes

February 20th, 2009, 05:13 PM

http://i41.tinypic.com/29yeqa.jpg

charlie big potatoes

February 20th, 2009, 05:15 PM

http://i40.tinypic.com/20qbz3l.jpg

charlie big potatoes

February 20th, 2009, 05:17 PM

http://i43.tinypic.com/261gmrb.jpg

charlie big potatoes

February 20th, 2009, 05:19 PM

http://i39.tinypic.com/2lb00ub.jpg

charlie big potatoes

February 20th, 2009, 05:21 PM

http://i42.tinypic.com/2i6oyo9.jpg

charlie big potatoes

February 20th, 2009, 05:22 PM

http://i39.tinypic.com/flvk90.jpg

charlie big potatoes

February 20th, 2009, 05:25 PM

http://i43.tinypic.com/9sazk6.jpg

charlie big potatoes

February 20th, 2009, 05:27 PM

http://i41.tinypic.com/e0pfg9.jpg

jeetha

February 20th, 2009, 06:51 PM

Were all pictures taken yesterday?

Thank you very much CBP.

You’re doing a very excellent job :) uploading pictures.

charlie big potatoes

February 20th, 2009, 09:38 PM

All taken thursday, hundreds of guys on site. I knew it was you J.

charlie big potatoes

February 21st, 2009, 03:58 PM

Fantastic progress I think they are ready for the next pour within 2 to 3 days. 5 cranes working continusly here. Best view point, grab a bucket of KFC and sit on the marina mall balcony in the sun and enjoy. This will be short lived as the speed this is going it will be above the Gourmet tower in a couple of months.

Paul Dubai

February 22nd, 2009, 12:04 PM

^^
Maybe he needs to sell? I will chase it up and see if its real....
^^
YES IT IS REAL, The guy had a few 1 & 2 beds all with full marina views! He has sold most now. I got a 2 bed on 15th floor tower A for O.P he has 1 more on the 12th wish I could have bought that too....:banana:

jeetha

February 22nd, 2009, 12:12 PM

Well done!

This person had the whole of 15th floor, but I thought it was tower B.

I was tempted too. Still am.

Paul Dubai

February 22nd, 2009, 12:42 PM

I heard of a 2 bed 1217sq/ft with full marina views at O.P. Do you think this is a bargain at this price even in this economic downturn?

At OP? This is incredible, pardon me, but this seller is not the smartest one.
Go for it!!!

^^
Maybe he needs to sell? I will chase it up and see if its real....

^^
YES IT IS REAL, The guy had a few 1 & 2 beds all with full marina views! He has sold most now. I got a 2 bed on 15th floor tower A for O.P he has 1 more on the 12th wish I could have bought that too....:banana:

Well done!

This person had the whole of 15th floor, but I thought it was tower B.

I was tempted too. Still am.
^^
Tower A 07 unit, 1217 sp/ft. I think he has 1 more at O.P on the 12 floor and a 1 bed on 14floor tower B at O.P....wish I could have had those too...

True Blue

February 22nd, 2009, 12:57 PM

Well done Paul Dubai on picking up a fantastic deal.

I can't help feeling some sympathy for the seller as he/she clearly has a problem elsewhere that needs immediate first aid.

arak

February 22nd, 2009, 01:07 PM

More photos taken between 9:30 and 11 this morning from my 31st floor office JLT of Silverene - fantastic progress ! these guys are building like "in the good old days" of Dubai! well done~

http://www.flickr.com/photos/flixflickr/

Rider

February 22nd, 2009, 09:51 PM

^^
YES IT IS REAL, The guy had a few 1 & 2 beds all with full marina views! He has sold most now. I got a 2 bed on 15th floor tower A for O.P he has 1 more on the 12th wish I could have bought that too....:banana:

Sounds interesting :cheers:

Could any Silverene gurus confirm how good the view would be from the 12th floor Tower A Unit 07? Is it full length marina view? Anything being built nearby that could be a problem in the future?

Thanks

Paul Dubai

February 23rd, 2009, 10:02 AM

Sounds interesting :cheers:

Could any Silverene gurus confirm how good the view would be from the 12th floor Tower A Unit 07? Is it full length marina view? Anything being built nearby that could be a problem in the future?

Thanks
Check out their website for more details, http://www.silverenedubai.com/

Type 07 has uninterupted full marina views looking towards Park Island and the Grosvenor. It looks over the gourmet tower and tower B is to the right (Looking out from the lounge). Fab views from every room! :banana:

jeetha

February 23rd, 2009, 10:23 AM

http://i43.tinypic.com/96w0mx.jpg

charlie big potatoes

February 24th, 2009, 07:10 AM

http://i44.tinypic.com/scvo0x.jpg

Taken yesterday. This shows that you will naad to be above about floor 8 or so to have yatch club views over what i think is Nurjan.

Desert Diver

February 24th, 2009, 01:32 PM

Some more pics from yesterday :)

http://www.quetschluft.de/dubai/300_1955_qa.jpg

http://www.quetschluft.de/dubai/300_1956_qa.jpg

http://www.quetschluft.de/dubai/300_1967_qa.jpg

I am beginning to hate Marina Mall. Every time I go there they don't have anything better to do than telling me that I am not allowed to take pictures. It makes me sick.

belgianman

February 26th, 2009, 10:18 AM

Someone knows what the name is of the building near the bridge of construction silverene?

jeetha

February 26th, 2009, 10:30 AM

^^This one.

http://i43.tinypic.com/29xdmc7.jpg

http://www.cranley.com/output/countries/locales/cities/hotels/hotel/custom135312.html?spa,entertainment,rooms,report,golf,children,amenities,booking,business,sports,summary,restaurants,beaches,specialneeds,location,bars,pools,environment,concierge

belgianman

February 26th, 2009, 11:58 AM

Ok thank you

belgianman

February 28th, 2009, 10:10 AM

Is a on this site a thread of construction nuran building?

Imre

February 28th, 2009, 10:16 AM

Is a on this site a thread of construction nuran building?

Nuran is part of the Al Majara Complex:

http://www.skyscrapercity.com/showthread.php?t=120537

belgianman

February 28th, 2009, 10:58 AM

Thanks you imre

Imre

March 7th, 2009, 04:39 PM

few workers still there but some parts already covered with plastic, going to be ON HOLD ?

07/March/2009

Silverene

http://i42.tinypic.com/fp1qud.jpg

http://i39.tinypic.com/288m976.jpg

http://i41.tinypic.com/2gwe6pe.jpg

http://i40.tinypic.com/m9sk2e.jpg

http://i40.tinypic.com/8zlpn4.jpg

http://i44.tinypic.com/1220ow6.jpg

http://i39.tinypic.com/14jafs0.jpg

http://i42.tinypic.com/b7mnag.jpg

dubaifirst

March 7th, 2009, 04:59 PM

Imre, i heared from a friend in Dubai, that this tower will be definitely on hold, any news please?

Morten_Denmark

March 7th, 2009, 05:10 PM

Really bad news - we need the marina to be finished - also if Cayan can not finish I fear for all developers

Imre

March 7th, 2009, 05:18 PM

Imre, i heared from a friend in Dubai, that this tower will be definitely on hold, any news please?

last week my friend called me and he said Infinity going to be ON HOLD soon, today he said that is alerady On HOLD because the developer has problems.

I saw the Silverene site today, around 10 workers only, and some part already covered with plastic.

bad news.:bash:

dubaifirst

March 7th, 2009, 05:33 PM

If Cayan is having problems ,then how bad things are for other developers?

Morten_Denmark

March 7th, 2009, 05:40 PM

If Cayan is having problems ,then how bad things are for other developers?

Lest see - maybe there is a good explanation.

jeetha

March 7th, 2009, 06:10 PM

Cayan are cash rich. So what could be the problem?

bizzybonita

March 7th, 2009, 06:26 PM

it's only a holiday day not on hold let us see what's next inshallah :)

High Times

March 7th, 2009, 08:14 PM

This is starting to look bad for the Marina if good developers are putting projects on hold.

Could be DUBAI is on hold soon.

jeetha

March 7th, 2009, 08:32 PM

Why is this ON HOLD?

There are still 10 workers here and also today is a holiday in Dubai.

AltinD:nono:

malec

March 7th, 2009, 08:36 PM

^^ Because of the plastic covering which always appears for on hold projects.

jeetha

March 7th, 2009, 08:41 PM

^^ Because of the plastic covering which always appears for on hold projects.

Arabtec always apply plastic lots more then others. See previous pictures.

True Blue

March 7th, 2009, 08:49 PM

Cayan are cash rich. So what could be the problem?

Do we know this for sure?

Cayan are closed until Monday for the holiday, maybe an owner here should phone their sales contact and find out what is happening.

I would hazard a guess that it could be a banking problem. Cayan's payment structure is back loaded, most of the money comes at completion. I think this one is 30% on completion.

As Arabtec have made better than normal progress that could put them ahead of the project funding profile. In other words, they are carrying out more work value than the money supply. Cayan would then fill the funding gap with a bank loan until the final 30% gets paid.

Unless you have just returned from the moon we all know how little money is available at banks for lending right now. Can Arabtec afford to fund this through and charge interest on certified amounts until completion? I think Arabtec are being stretched by Nakheel and Emaar right now so hold little hope for that option.

A statement from Cayan is badly needed soon to stop speculation.

True Blue

March 7th, 2009, 08:55 PM

^^ Because of the plastic covering which always appears for on hold projects.

That is rubbish from you! There are people working on the site.

You should wait until the facts are established before putting on hold.

jeetha

March 7th, 2009, 09:03 PM

(copyied & Paste)
I had a private message saying
-----------------
Just rang Cayan Agent

Said its National Holiday that’s why no workers.
Agent said no defaults etc everything fine.:):):)
---------------

malec

March 8th, 2009, 12:16 AM

OK I'll change it back but we'll see after a few days. If they cover everything in plastic we will know for sure even if there are still workers there covering everything in plastic. ;)

malec

March 8th, 2009, 12:58 AM

I think Arabtec are being stretched by Nakheel and Emaar right now so hold little hope for that option.

I think this would be the last reason this would go on hold. Arabtec are having a lot of their projects cancelled by ones like Emaar so they'd be trying to take on as many new (and reliable) jobs as possible.
:cheers:

Pleth

March 8th, 2009, 08:07 AM

I saw the Silverene site today, around 10 workers only, and some part already covered with plastic.

bad news.:bash:
But it was holiday Saturday because of some Prophets birthday.

I just don't get it, why would they work on Silverene 24/7 like they have done, just to stop up now?

I wonder if the Marina will ever get finished, Bay Central, Al Dua'a Marina Tower, Harbour Residence etc.... A lot of noise and mess in the years to come. :ohno:

True Blue

March 8th, 2009, 01:55 PM

But it was holiday Saturday because of some Prophets birthday.

I just don't get it, why would they work on Silverene 24/7 like they have done, just to stop up now?

I wonder if the Marina will ever get finished, Bay Central, Al Dua'a Marina Tower, Harbour Residence etc.... A lot of noise and mess in the years to come. :ohno:

The following statement is speculation.:)

Cayan are a Saudi Company. Saudi is a hard line Muslim country, maybe Cayan are insisting Arabtec stop and take the break in full recognition of their devout beliefs.:dunno:

Imre

March 8th, 2009, 02:11 PM

I saw the site today from the bridge, workers there but seems less than before.

Paul Dubai

March 8th, 2009, 05:16 PM

The following statement is speculation.:)

Cayan are a Saudi Company. Saudi is a hard line Muslim country, maybe Cayan are insisting Arabtec stop and take the break in full recognition of their devout beliefs.:dunno:
^^:yes:

A friend of mine went to the site and counted how many workers there today, He lost count at +300....Cant believe that this thread was marked as "On Hold" because of a public holiday. Malec please take your finger of the trigger....:lol:

charlie big potatoes

March 8th, 2009, 06:05 PM

Just goes to show the mentality or lack of it the people who do this have. 300 and on hold, there have never been 300 on site at BC but no change to status there. Seems many out there trying to pull you down TB. They are kidding themselves, Infinity and Silverene will be premier developments. I for one will be buying into them when they have progressed a little further.

True Blue

March 8th, 2009, 07:05 PM

I saw the site today from the bridge, workers there but seems less than before.

Plenty of hiding places for them on the site now!

I can't believe I got caught up in the "On Hold" rumour when I was already aware Cayan was on holiday this weekend:ohno:

malec

March 8th, 2009, 10:08 PM

OK I'm sorry, I was wrong. :)

jeetha

March 9th, 2009, 10:45 AM

Had a respond off Cayan 1st thing, when they open offices, as it was a public holiday in Dubai over the weekend.

Silverene is going full steam ahead with no reduction of workers on site.:banana::banana::banana:

belgianman

March 9th, 2009, 11:52 AM

i will be in dubai from 22 until 1 april,i will be staying at harbour residence hotel marina.
i will be taking a look at many places,,if someone wants to meet me there let me known

johnnyinspain

March 9th, 2009, 01:37 PM

Official response from Cayan:

"Actually I haven’t heard of this rumour. Anyhow, work at Silverene is moving ahead at a great pace, there have been no changes to our plans and we are moving ahead as scheduled.
The site is proof enough of the construction progress , in fact the work force has increased from 500 to 900 employees on site. Last week we sent out a construction update with pictures of all our projects, did you receive it?
Are you in Dubai or have you left?
Regards"

Now let's all take this as a lesson and stop trying to talk Dubai down, ESPECIALLY a development and developer which probably represent the BEST location from the BEST developer being built by the BEST contractor as a, "off plan" Dubai Marina Project.
In my mind this is clearly a TOP QUALITY investment and these guys are really making an effort to deliver.
Please everyone, get your facts right before posting on here.
Thanks

belgianman

March 9th, 2009, 02:10 PM

Can you visit the office of cayan? is it near the marina mall?

mamoon100

March 9th, 2009, 03:48 PM

Cayan office is based in the Emaar Building No.1 3rd flr, Suite 300 between Sheikh Zayed Road and The Greens, opposite and a fair distance from Dubai Marina

mamoon100

March 9th, 2009, 04:15 PM

Just received a 4 page pdf construction update for Feb 2009 from Cayan on Silverene as well as their other successes to date. I have no idea how to post a pdf file here but wrt Silverene they state:

Silverene
Location: Dubai Marina
Arabtec have over 850+ employees on site.

Current Status:
- Enabling works are complete
- Core wall of Tower A has reached floor 3
- Core wall of tower B has reached floor 1
- Casting of the slab for basement 1 for Tower A is taking place
- Decking under progress for basement 1 slab in Tower B
- MEP contractor is EFECO
- Typical floors will be rising one floor every 7 days
- Total no. of cranes on site - 5
- Suppliers for elevators, post tension and cut and bend steel have been assigned

Amount of steel used to date: 2782 tonnes
Amount of concrete used to date: 16999m3

30% of steel and concrete work needed for the project is (sic) complete

-End-

Great customer service - beat that!

jeetha

March 9th, 2009, 04:16 PM

Great Minds Think Alike.:banana::banana::banana:

mamoon100

March 9th, 2009, 04:17 PM

Snap!

Paul Dubai

March 9th, 2009, 05:11 PM

Imre, i heared from a friend in Dubai, that this tower will be definitely on hold, any news please?

Where does your friend get his info from?????:bash:

True Blue

March 9th, 2009, 08:07 PM

^^ The bar, I think..:cheers::drunk:

Had an email from Cayan today re Dorrabay, asking if I want to change the sink in my cloakroom wc for a different style. Hardly the action of a developer in trouble:ohno:

mamoon100

March 10th, 2009, 07:29 AM

I've also been informed that the 'First Provisional Service Charge for Silverene is AED 10.00/sqft' I can't remember if that was on the contract.

MVT was AED7/sqft in the first year. They have raised that to an astonishing AED22/sqft for the second year. I hope Silverene don't follow suit.

Pleth

March 10th, 2009, 08:11 AM

900 Workers on site?? Waow.

It just goes to show you all the rumours going around about Dubai from people who don't live here, even somebody in JV thread wrote the Marina was a ghost town!!! http://www.skyscrapercity.com/showthread.php?t=139059&page=27
I am glad that 2 more restaurants in The Walk are opening today, because it can be difficult to find a table anywhere there! :|

Please note Dubai is only suffering in the construction sector, bank sector, property sales and tourism sector. The industry has never had it so good, the Jebel Ali Free Zone is completely full up and they are increasing the area here in July. The fastest growing free zone in the world.

mlane

March 10th, 2009, 11:23 PM

in dubai marina from the 18th to the 26th

Belgiumman,sent u a PM

silverene has no issues for the moment anyway and have loads of money i think

Desert Diver

March 12th, 2009, 09:10 PM

Today:

http://www.quetschluft.de/dubai/300_2715_qa.jpg

http://www.quetschluft.de/dubai/300_2716_qa.jpg

jeetha

March 12th, 2009, 09:39 PM

Thank you DD!
1st picture no blues there (workers), my heart miss a beat. It’s more like Imre’s picture from last Sunday.

2nd picture lots of blues….. Love ‘n it! :banana::banana::banana::banana::banana::banana::banana:

Thanks my friend.

Desert Diver

March 12th, 2009, 10:04 PM

Yep, it was strange. I came from Marina Mall where I had parked the car and was just as shocked... on that side of the site not much was going on and I kept thinking "werent there postings on SSC about 900 workers..."
Then I walked past that central concrete core and there it was, my beloved anthill Silverene :)

I still doubt the 900 though...

AAA portfolio

March 13th, 2009, 12:54 PM

This is a great project and Cayan will finishit...I hope..

Paul Dubai

March 13th, 2009, 08:45 PM

This is a great project and Cayan will finishit...I hope..
^^
No problems here..:banana:

arak

March 14th, 2009, 10:07 AM

http://www.flickr.com/photos/flixflickr/3352588715/

not sure how to post image but took photo couple of minutes ago from my apartment overlooking site ~ they are busy and on topform. I wish the rest of Dubai projects looked like this::bash:
Image at http://www.flickr.com/photos/flixflickr/3352588715/

Beppe786

March 14th, 2009, 01:57 PM

^^

http://i41.tinypic.com/v6hq1x.jpg

arak

March 14th, 2009, 03:13 PM

viola!!
Thanks Beppe786 ~ that makes more sense!

V.ALEX.

March 15th, 2009, 09:00 AM

Hi.

Does anyone know about the registration of the sales contracts at the Land Department. I have read on a newsaper that it should be done even for of-plan sales until, I think, the end of Oct. 08, however, I have received an e mail from Cayan, saying that they have not done it yet.

jeetha

March 15th, 2009, 09:50 AM

^^I’m not entirely sure too:dunno: but as far as I understand only Select Group had intended registering their units.

And they have already collected 1% from investors.

But Select have not passed funds on to the registry office. So what was the point of that?:ohno:

Also I think it had something to do with buying from 3rd party.

V.ALEX.

March 16th, 2009, 06:53 AM

Thanks JEETHA. I also believe that if something should have been done, CAYAN would have done it properly.

jeetha

March 19th, 2009, 09:48 AM

http://i39.tinypic.com/2dad1cg.jpg

http://i39.tinypic.com/o10e2a.jpg

http://i41.tinypic.com/1jwak0.jpg

http://i42.tinypic.com/13ztjb.jpg

Anjam

March 19th, 2009, 03:48 PM

jeetha

March 19th, 2009, 04:04 PM

Anjam have you now got your certificates of registration?

Anjam

March 19th, 2009, 04:49 PM

^^ They are still registering TP because it will finish earlier. TT will be next followed by Bay Central. As for Botanica and WA who knows :dunno:

belgianman

March 21st, 2009, 12:48 PM

i leave for dubai tommorrow i will take some pics at few places

bizzybonita

March 23rd, 2009, 07:13 PM

Press Release Content

Arabtec Construction L.L.C. a subsidiary of Arabtec Holding has announced an acceleration in the pace of construction works on the Silverene Twin Towers Residential Development in Dubai Marina.

Under a contract with Cayan Property Investment and Development, construction on this luxury development project, worth AED 638 million, is ahead of schedule.

Raft-casting work has already been completed with a quantity of 16,300 cubic metres of reinforced concrete, and the core walls of both towers are progressing using Arabtec slip-form and are already above ground level. The slab is already on the third level.

As a repeat client, Cayan is confident Arabtec will deliver a high-quality and satisfactory finished product on time. “Our alliance with Arabtec has formulated a new perspective into building construction. We are excited by the pace of the work that we have observed, which highlights Arabtec’s project execution skills. Construction work is progressing and Cayan is looking forward to seeing the rest of the project take shape,” stated Mr Omar Derbas, Cayan Project Manager.

“Due to Arabtec’s organisational set-up and well-controlled labour force, they are already well ahead of schedule after only three (3) months of construction. As the project Engineer, we are observing proper Quality control and high standard of workmanship, as per the guidelines,” added the Resident Engineer of M/s RMJM, the Consultant and the Project Manager.

Built by Arabtec, the project consists of two towers which extend over a total area of 108,174 square metres, located at the water’s edge of Dubai Marina, in the vicinity of the Marina Mall, the Yacht Club and Al Majarra Community. The 34-storey Tower A comprises a selection of distinguished one-, two- and three-bedroom apartments and penthouses, while Tower B, which stands at 26 storeys, provides an elegant mix of studio and one- two- and three-bedroom apartments, and duplexes. The towers will each include a four-storey basement, with one Mechanical Floor and three Car Park Levels.

Linking the two towers will be a four-storey Podium with two floors of exclusive retail outlets, and a spacious sun-deck with a swimming pool for residents. Each tower will feature its own fully equipped gymnasium.

The Silverene Twin Towers are slated to be one of the highest quality construction buildings in the region. This will add to Arabtec’s diversified portfolio of projects, backed by the company’s commitment to quality construction to the highest of standards.

V.ALEX.

March 24th, 2009, 06:14 AM

Yes, that's god news. I' ve also read it in Gulfnews this morning. Such press releases help create fame arund the roject, which increases the anticipated return on investment.

Stephan23

March 24th, 2009, 12:24 PM

Arabtec speeds up work on Silverene towers

Link:
http://www.gulfnews.com/business/Construction/10297744.html

THEPOINT

March 25th, 2009, 11:39 PM

Arabtec speeds up work on Silverene towers

Link:
http://www.gulfnews.com/business/Construction/10297744.html
Fairplay ARABTEC rock !! - always lots of workers on site - SP/DCE are you watching !!
Always a Busy site (as is Infinity) and from non construction based point of view I am very impressed

mlane

March 26th, 2009, 10:50 PM

was coming back to my apartment in Nuran apartments last night,which are across the road from the silverene

there was a bad storm for a while,very heavy rain and winds especially coming from the walk over the bridge towards the silverene site

anyway,the sign blew down,the one showing the picture of the towers

the sign fell down on the side road,luckily no one was injured or killed,very lucky indeed,arabtec had a big work force out on the road slowing down traffic etc

they had the sign cut up and removed in 40 minutes,just goes to show u have to be careful

jeetha

March 27th, 2009, 10:27 AM

^^Heard about the bad weather conditions.

Hope your serviced apartment @ Nuran is Silverene facing.

The last pictures here were on 17th, that’s 10days ago, I am getting withdrawal symptoms.

Could somebody please take a pictures of Silverene as soon as possible.

DXBGO

March 27th, 2009, 11:37 AM

i leave for dubai tommorrow i will take some pics at few places

could you take some of bay central as well it is just around the corner from bridge.
if you manage some please pm me and you can send them to me .
dxbgo:cheers:

mlane

March 28th, 2009, 10:15 AM

yes my room was silverene facing,too close in fact as i didnt get much sleep but such is life.

i had my head stuck out the window,day and night,having coffee in the morning watching the lemmings at work,i call the little workers the lemmings.when we were walking back from the marina mall the other day,we decided to take a short cut down by the main site entrance just to have a look at it from that view.

My poor old wife thought she was being sacrificed as every lemming was just staring at her chest,the poor guys dont get out much,it was so funny...well for me anyway,my wife wasnt impressed but she calmed after a bit of shopping later ..

anyway,my impressions of the site are very positive and i believe we have all made a great investment,the proximity of the gourmet towers and the marina mall,we just cant lose...

they were building at such a rate,it was amazing,i wish i could bring some of them back to ireland and show our lazy asses how its done

i was hoping to get to Cayan but the girl i wanted to see up there was on holidays.

the question is ,will the towers be ready for next year,i think most defo,it could even be ready sooner but i reckon it will be august next year

during the week,belgianman also called in for coffee so it was good to meet a fellow owner and bounce some questions of each other

also,the real marina yacht club is literally across the road from silverene,belgianman and myself took a walk down there to the end but there are some towers in bad spots

belgianman came up with a good question "when its finished,will cayan have an official opening night for the owners"?,i think that would be a great idea,i will speak to people in cayan and see what they say

mlane

March 28th, 2009, 10:24 AM

Bay Central Question

was back before i saw ur comment in regard to bay central,i will check my pics and see if i have any pics

i did walk past the site for bay central and didnt see much work to be honest,i would keep an eye on this project if u have invested in it

jeetha

March 28th, 2009, 12:44 PM

Sounds like my kind of holidays.:banana:

Best updates after a very long time, I have read it twice already.
Thanks mlane :cheers: It’s very assuring to know that you are happy with progress.

Now we wait for pictures.

audir8

March 30th, 2009, 08:54 PM

You can see Silverene in the background of the recent posts by spurs on The Point thread.

mamoon100

March 31st, 2009, 06:48 AM

I passed by the Silverene site yesterday evening at around 8:30pm amid the thunder, lightning and intermittent torrential rain (it'd been raining most of the afternoon) and there were at least 150 construction personnel on site!

jeetha

March 31st, 2009, 08:55 AM

http://i40.tinypic.com/24pvyj5.jpg

http://i40.tinypic.com/w6rwnc.jpg

V.ALEX.

March 31st, 2009, 02:44 PM

How great to sit at my office in Greece, watching updates on the project.

Many thanks to anyone who is kind enough to post photos.

I was in Dubai last month and, as I see in these photos, the progress is obvious, even in such a short time.

By the way, does anyone has any idea how many of Silveren buyers are end users or investors ? I myself am an investor but I surely wish I could stay at my appartment at least for a short period.

Kenter

March 31st, 2009, 03:03 PM

Paul Dubai

March 31st, 2009, 04:25 PM

Hope you are planing to be a long term investor. Cannot see a significant return on the investment for the next 5 years... That is my view anyway..
^^
LOL,

I just sold one and made a profit, fly back to europe tomorrow, :banana:

hey kenter check the TGR pics...Looking great and full steam ahead...

charlie big potatoes

March 31st, 2009, 04:57 PM

Hope you are planing to be a long term investor. Cannot see a significant return on the investment for the next 5 years... That is my view anyway..

Who do you think is one bit interested in "your view" anyway. One day you will right something that aint attempting to drive prices down. Yes check the TGR thread, thats looking great.

Barracuda

March 31st, 2009, 05:03 PM

Damn

Barracuda

March 31st, 2009, 05:04 PM

Hope you are planing to be a long term investor. Cannot see a significant return on the investment for the next 5 years... That is my view anyway..

That's really by far the most pessimistic view I have ever heared. So all experts are wrong and you know the formula? Oh Please!!!
Paul, how much did you sell which unit for?

Kenter

March 31st, 2009, 06:26 PM

That's really by far the most pessimistic view I have ever heared. So all experts are wrong and you know the formula? Oh Please!!!
Paul, how much did you sell which unit for?

..."The paradigm has changed. One should not expect overnight returns. It was a dream run when many made millions. It is time to change perspectives and invest with a long term vision. The ones who understand this and act upon it will do well again. ... I believe the premium time for holding a property investment will probably now be five to seven years upwards and generally the longer one holds, the more he will make. Long term investment in property will not only generate capital growth but also generate ongoing rental income.
The writer is chairman of DAMAC Properties"

Is the Chairman of DAMAC good enough expert for you?

Kenter

March 31st, 2009, 06:31 PM

Who do you think is one bit interested in "your view" anyway. One day you will right something that aint attempting to drive prices down. Yes check the TGR thread, thats looking great.

Property market will not change to worse or better on the basis what we write here...

Barracuda

March 31st, 2009, 07:18 PM

..."The paradigm has changed. One should not expect overnight returns. It was a dream run when many made millions. It is time to change perspectives and invest with a long term vision. The ones who understand this and act upon it will do well again. ... I believe the premium time for holding a property investment will probably now be five to seven years upwards and generally the longer one holds, the more he will make. Long term investment in property will not only generate capital growth but also generate ongoing rental income.
The writer is chairman of DAMAC Properties"

Is the Chairman of DAMAC good enough expert for you?

Obviously you do not know the Dubai Market very well. Otherwise you would know that there is no worse company than Damac with prices always 50% above everyone else. I hope you don't do your investments based on this kind of research...

jeetha

March 31st, 2009, 07:18 PM

Kenter which tower have you invested in A or B?

Kenter

March 31st, 2009, 07:32 PM

Obviously you do not know the Dubai Market very well. Otherwise you would know that there is no worse company than Damac with prices always 50% above everyone else. I hope you don't do your investments based on this kind of research...

Yah, I suppose Chairman of DAMAC knows nothing.....OK.. You judge the company as to how much they charge for their project, nice one.. And anyway what is that has to do with integrity of the Chairman of one of the largest contsruction companies in Dubai? Anyone who believes that Dubai market will soon go back as before or anywhere close to it, must be absolataly crazy... As I said in my previous msg, property in Dubai should be considered as a long term investment.. Who ever wants to dream can do so...Its their choice..

Kenter

March 31st, 2009, 07:39 PM

Kenter which tower have you invested in A or B?

Tower B

mlane

March 31st, 2009, 08:58 PM

kenter

as barracuda said,you must know nothing about dubai or its property if you think that Damac have a great name and just because the chairman gave a speech,you listen.

Here are the words of one investor that bought with Damac
"HAVING BOUGHT AN APPARTMENT MARCH 2007 I'M NOW TOLD THE LAND IS NOT READY UNTIL LATE 2009 TO START BUILDING,WHICH AS THEY ARE BUILDING 4 TOWERS WITHIN LOTUS WILL NOT BE READY UNTIL 2011 2012.
HOW CAN THEY TAKE ARE MONEY 40% WHEN THEY DONT HAVE THE LAND READY TO BUILD ON. "

that is one happy Damac client.

here is a reference from Nakeel:

Nakheel Distances Itself From DAMAC
4 April 2008 at 12:44 am | In Damac, Real Estate, lack of government regulation | No Comments

“….the revised masterplan [of Palm Jebel Ali] allowed for significant improvements in the design. It was now the responsibility of Damac to ensure the delivery of any units it has sold within these plots to customers. We are extremely disappointed by this recent development [Damac debacle]”, Al Qamzi, Nakheel"

"Damac’s action tantamount to FRAUD"

"Damac threatened with lawsuit after project axed"

http://damaconcovered.wordpress.com/

of course Damac is a great company...wake up and smell the grass my friend,that is only a few things i found about our friends Damac,i wouldnt buy with DAMAC if they gave me a property for half nothing

ask any clients of DAMAC and they will tell you the same

For the people that bought in Silverene,i think we made a great decision and we will make money from it,after being there last week,the progress was just unreal

mlane

March 31st, 2009, 09:02 PM

As you can see,Damac has half the world upset over their great developments

Buyer Beware

Media
Land Department resolves dispute over Palm Springs Gulfnews, 17 April 2008

Damac will continue Palm Springs project ArabianBusiness.com, 17 April 2008

Pressure pays as Damac u-turns on Palm Springs Kippreport, 10 April 2008

Damac u-turn on Palm Springs project ArabianBusiness.com, 10 April 2008

Damac hints at backtrack on Palm Springs axe ArabianBusiness.com, 6 April 2008

Palm Spring collapse shakes investor confidence ArabianBusiness.com, 5 April 2008

Dubai developer faces investors’ legal threat Sala@m News, 4 April 2008

Damac move surprises Nakheel zawya, 4 April 2008

Damac move surprises Nakheel Gulf News, 4 April 2008

Damac woes threaten to wobble Dubai real estate Kippreport, 3 April 2008

Reason for axing Palm Springs questioned ArabianBuiness.com, 31 March 2008

Palm Springs investors face millions in losses ArabianBuiness.com, 1 April 2008

Dh300m Palm Springs project unveiled by Damac Properties Khaleej Times, 9 November 2003

Damac buyers consider legal action Gulf News, 27 March 2008

Damac buyers consider legal action AME info, 27 March 2008

Damac buyers consider legal action Islam Online, 27 March 2008

Damac buyers consider legal action Easybuy Real Estate News, 27 March 2008

Damac’s buyback plan angers investors zawya, 27 March 2008

Damac threatened with lawsuit after project axed ArabianBuiness.com, 30 March 2008

Damac changed design, cut aprtm size, says former buyer Khaleej Times, 9 June 2006

Damac executive says delays due to ‘tight’ construction industry Khaleej Times, 3 July 2006

Damac’s first project ready, yet not ready Khaleej Times, 24 April 2006

Damac investors lash out over construction delays Khaleej Times, 2 June 2006

KT and the Damac case Khaleej Times, 2 May 2005

charlie big potatoes

March 31st, 2009, 09:23 PM

Good reading Biz, not looking so good now Ketner is it?

Kenter

March 31st, 2009, 09:36 PM

Good reading Biz, not looking so good now Ketner is it?

Not looking so good now for me?? Unlike yourself, I am not dreaming of doubling my money in a near future... Those days are gone for ever...

bizzybonita

March 31st, 2009, 10:13 PM

Excuse me Doubling money! nobody there wanna A double kick move ... Most of us looking at doubling the short term investment to long one ...and yea iam one with those peoples saying Dubai still a ghost city ...

V.ALEX.

April 1st, 2009, 07:51 AM

Hey guys,

it is two separate things when you make a guess a) about the future of Dubai in total and b) about the future of a single project like Silverene.

I believe that none of us is an expert in such kind of analysis. Therefore, we are all judging from what we hear, see and feel. As far as what I hear, see and feel, the outcome is

Dubai is already and still evolving as a very interesting and appealing international hub.
It attracts many foreing businesses to make it their regional or even world headquarters.
It has no or minimum taxes.
The local market lacks experienced staff, therefore expats are coming in from all over the world.
It offers a sense of security, in an area where generally it doesen't feel this way. Therefore, for the millions iof people in the MENA region, it could be considered as a second, or even first home, eventually.
It is open to all cultures and, personally, before Dubai, only in the states and in the UK I have felt this kind of freedom and social security (that is if you are not crazy for drinking out in the open or having sex on the beach).
It seems that the people who are planning the future of this place really have a vision, in comparison to the leaders of many other places in the West, where the feeling is that leaders just care for their own interests.
There is political and administrative stability. When the rulers have an idea they have the power to make it real (In Greece, where I leave and even though I love my country, if 20 people oppose to a government decision, they feel free to go out and break a dozen shop windows or block a highway for 2 days, just to show their opposition).
The emirate (as UAE in total) is investing in education, which in the future may attract many more people. I am sure you all know how many go to the UK or to the USA from all over the world just to study. I am not sure that in some years, my children maybe, would also have Dubai as one more option for their studies abroad.

For all these reasons and many more, I believe that Dubai really has a sustainable future. The current situation which is actual all over the world, even more than in the Middle East and especially in the UAE, does not eliminate the prospect of this city of becoming one of the few very important cities in the world.

Now, if we agree to all that, we can make our guesses for this single project.

As Mlane correctly puts it, Silverene is in a very appealing location. If I now wanted to buy in Dubai, I am not sure that I would pick up something other than Silverene. Cayan seems to be a trust-worthy developer. The progress seems good. I think that they sold most of the project, as in their site I see only 17 units still on sale. The construction cost has fallen (especially steel and concrete and all their by-products), so if they have such a clause in their contract with Arabtec, Cayan will also have some interest in the extra profit, which is in all aspects positive, as we all want the developer to have big interest in finishing the project. It also urges them to accelerate construction while the cost remains as low as possible.
I agree with Kenter on the general point that an investor in real estate should be a long term one. However, this is not always the rule. I bought my Silverene one-bedroom unit (613B) at a pre-launch price of 765.000 AED, which is a very low price for such an apartment. I think that back then in 2007 there would be no chance to find any kind of apartment, even off-plan, in any other well sustained city of the world (i.e. London, Paris, Singapore, Hong Kong etc.). Before the crises was well spread, sometime in September 2008, I saw at agencies' web sites that similar apartments like mine were offered for prices higher than 1,5 milion. So this was double my money, in a period less than 2 years, before I even paid off my investment. This is definately short term KENTER. I did not sell my apartment, because I did not want to and did not need to. Now, no one knows if in 5 years the prices will be that high, higher or lower. In September, happy with the doubling of my investment's value, I was talking to a pesron I know, who is a well experienced investor and has significant property in many places in the world. He asked if, at such prices (1,5 milion AED or higher) I would still be interested to buy a second unit, similar to mine. When I said "no, because at such prices I could also consider other options" he told me that it was good time to sell. If I had 2 or 3 apartments, I would have definately sold 1 or even 2. Now that I only have 1 I am not selling and am not interested in the daily or monthly price fluctuation. However, for an investor, sometimes short temr investing also works well or even better.

Anyway, let us all be happy with our investment as Dubai has all the chances to remain a high desirable place to live or invest and, among all projects in Dubai, we are lucky enough (or clever enough) to have chosen the best possible.

Barracuda

April 1st, 2009, 08:28 AM

Hope you are planing to be a long term investor. Cannot see a significant return on the investment for the next 5 years... That is my view anyway..

Fact is that this statement is just a believe or a feeling. Unqulified and without any grounds other than a statement of a companie's chairman which has it's background in Electronics and had nothing to do with real estate when most of us started investing in it... Like I said no research on that one. That we will not see the desired return before completion seems obvious, but that's in 1.5 years not in 5.

Kenter

April 1st, 2009, 09:31 AM

Fact is that this statement is just a believe or a feeling. Unqulified and without any grounds other than a statement of a companie's chairman which has it's background in Electronics and had nothing to do with real estate when most of us started investing in it... Like I said no research on that one. That we will not see the desired return before completion seems obvious, but that's in 1.5 years not in 5.

Hey Barraicuda what a hell are on about? It was you who brought in question of so called experts .... Of course this is just an opinion... This is the purpose of forums like this one, right? And anyway, what makes you an expert? You may not like what I just said but that is just tough...
There are many, many problems with Dubai property market.. To think that this can all be resolved in 1.5 is close to insanity...absolute madness..Firstly we all have to be lucky to get Silverene completed... Cayan is a good solid company but who ever knows what kind of problems they may be facing in next couple of years..Still a long way to go.... If you think you will get return in 1.5 year, that is great and good luck to you... Again it all depends on what kind of return will make you happy. Personally, I think that the prices of most of the properties will go further down and, in many cases, below OP prices.. First test for Silverene will be in June when 10% will need to be paid..and the real test will be final payment of 30% on completion..You may find that a number of people will try to sell before that... A number of properties have already been offered at OP prices...
Rental market will continue to struggle as new properties come on the market, jobs loses will continue and ex patriets leaving Dubai will also continue... That will push investors further to reduce their risk and offload some of their stock.. Prices will go further down as a result.. Who ever buys at that time will be a possible winner, but again only in 5 years from now...

Kenter

April 1st, 2009, 09:44 AM

V.ALEX.

April 1st, 2009, 09:57 AM

Kenter

April 1st, 2009, 10:08 AM

OK, if you see it just from the money point of view, maybe it will take long before we reach again the prices of September or before that.

However, speaking just for myself, I am not a cold blooded investor, just going for as much as I can get, as fast as possible. And I feel OK still having this apartment in my possesion (of course when it is completed). As long as it stills feels right, I am happy I did not sell.

Again, as it is in stock market investments, even in real estate, you should not count gain or loss until you actually sell. Before selling all evaluations are just for accounting purposes and do not really have any effect.

For all the rest, like what might happen to CAYAN or to Dubai in general, I prefer to stay in the optimistic side and I think there is good reason and arguments for more positive thinking.

I undesrtand, Alex. Your earlier posting said that you are investor, not an end user.. So that is why my coments are as such..

Just to show you the sales list from Cayan which is a couple of weeks old now:

Unit # Building Type Size View Original price Selling Price Price/sqft
1505 SILVERENE B 1 Bed Type A 931 Panoramic Marina 1,008,000 1,173,312 1,260
1504 SILVERENE B 1 Bed Type B 637 Panoramic Marina 774,000 900,936 1,414
1510 SILVERENE B 1 Bed Type A 931 Pool/Marina 846,000 896,760 963
1512 SILVERENE B 1 Bed Type B 637 Pool 666,000 705,960 1,108
1513 SILVERENE B 1 Bed Type A 931 Pool 801,000 849,060 912

As you can see nothing here is nowhere near 1.5 million... In fact I know that most of those would sell now at OP price if they have a buyer....

jeetha

April 1st, 2009, 10:33 AM

Barracuda

April 1st, 2009, 11:32 AM

I agree, October seems realistic.
After 50% already being paid, I don't think the next installments will be a problem as they are pretty low. The 30% at the end might be a problem, but as soon as it's paid and the keys are in our hands it will be solved. It is a very small project and can be compard with something like Marinascape. A 2 bedroom was in the market for AED 1.65 million, now I can't find anything below 2.1 million. The same for 3 bedrooms, there was one for 2.2 million, now Ican't find anything below 2.8 million. Small good projects are pretty resistant to the market situation from this experience, same happened also with Iris Blue. I'm talking out of experience, that is the difference ad that is why I'm defending my position. This does not make me an expert in real estate investments, but sure shows the facts in this tiny segment...

V.ALEX.

April 2nd, 2009, 06:43 AM

:banana:Thanks V.Alex for placing your general outlook of your investment here. Good to have another person here who thinks positively.

I’m an end user so who cares about what price psf market is @. My concern is more where the AED rates are today more then world recession, which went down overnight and hopefully will return in the same manner.

The day will come when we will have estate agents putting leaflets through our doors, saying something like “we have cash buyers”. And if anyone here says I dreaming, so be it. As I have said “I’m end user” and very happy with progress.

Progress is good and we should get keys by Sep/Oct 2010.

Of course, positive thinking is the only way when you buy something.

After all, as I see it, when this project is complete (and of course it will be and ON time), I will have an apartment in one of the best locations in a city that certainly has a long way ahead.

With the price I got it for, I could never find something as appealing as this in any other city of interest for any investor, except maybe in Cairo or Mumbai, where prices can be really low but so are the returns, not to mention security and sustainability issues.

So, let's keep up the strong faith.

V.ALEX.

April 2nd, 2009, 06:49 AM

I undesrtand, Alex. Your earlier posting said that you are investor, not an end user.. So that is why my coments are as such..

Just to show you the sales list from Cayan which is a couple of weeks old now:

Unit # Building Type Size View Original price Selling Price Price/sqft
1505 SILVERENE B 1 Bed Type A 931 Panoramic Marina 1,008,000 1,173,312 1,260
1504 SILVERENE B 1 Bed Type B 637 Panoramic Marina 774,000 900,936 1,414
1510 SILVERENE B 1 Bed Type A 931 Pool/Marina 846,000 896,760 963
1512 SILVERENE B 1 Bed Type B 637 Pool 666,000 705,960 1,108
1513 SILVERENE B 1 Bed Type A 931 Pool 801,000 849,060 912

As you can see nothing here is nowhere near 1.5 million... In fact I know that most of those would sell now at OP price if they have a buyer....

Yes, I am an investor, but not in a sense that I will every day check the possible current price of my investment and try to catch the best possible price. After all, this would be against your idea for long term investing.

Anyhow, the prices you indicate are still higher than the price I got for my unit. And since I am not selling at the time, it doesn't fear me that it would be difficult to find a buyer at any price. After all, this difficulty is not just for Silverene but for any property all over the world. So, I guess your arguements are general and do not address only Silverene investors-buyers.

belgianman

April 2nd, 2009, 02:14 PM

Hi mark nice to meet you in dubai like you told construction is in good way last days ,only the weather was last weekend not good rain and thunderstorms. i made also a visit to cayan office in emaar building, i visited also projects under construction oceana on palm jumeirah and maded visit to a villa on palm
pictures will follow

Kenter

April 3rd, 2009, 08:53 AM

V.ALEX.

April 3rd, 2009, 01:05 PM

[QUOTE=V.ALEX.;34538212]Of course, positive thinking is the only way when you buy something.

Hey Alex, don't take this wrongly, but my wife says same thing when she comes back from shopping at Emirates Malls!!?

Ha Ha!! I hope you don't see your wife's clothing as an investment asset.

By the way, my wife also says the same thing, but, at least, she is financing her shopping on her own, so I save my money for the next SILVERENE installment.

Kenter

April 3rd, 2009, 07:03 PM

[QUOTE=Kenter;34592650]

Ha Ha!! I hope you don't see your wife's clothing as an investment asset.

By the way, my wife also says the same thing, but, at least, she is financing her shopping on her own, so I save my money for the next SILVERENE installment.

Joke aside, Silverene is an excellent project and I have no doubt, once finished, it will be a good long term investment... Good luck!

V.ALEX.

April 4th, 2009, 06:02 AM

[QUOTE=V.ALEX.;34600290]

Joke aside, Silverene is an excellent project and I have no doubt, once finished, it will be a good long term investment... Good luck!

Thanks, good luck to all.

belgianman

April 6th, 2009, 01:00 PM

a question i have taken some pics,how can i put them here on the site ?

buster007

April 6th, 2009, 01:35 PM

^^

Upload your photos unto http://imageshack.us/ .. chose option from dropdown menu to "resize image for message board". Copy and paste resultant URL into your mesage/forum posting.

Alternatively, repeat same using http://www.tinypic.com/
Looking forward to ur photos.

Cheers

belgianman

April 6th, 2009, 02:16 PM

http://img227.imageshack.us/my.php?image=silverene3.jpg
http://nl.tinypic.com/view.php?pic=16rskp&s=5
http://img227.imageshack.us/my.php?image=silverene5.jpg
http://nl.tinypic.com/view.php?pic=zn3ig3&s=5

Pics weren taken during my holiday in dubai pics dated from tuesday last week

Beppe786

April 6th, 2009, 02:18 PM

From Belgianman

http://img227.imageshack.us/img227/7154/silverene3.jpg

http://i43.tinypic.com/16rskp.jpg

http://img227.imageshack.us/img227/222/silverene5.jpg

http://i42.tinypic.com/zn3ig3.jpg

Imre

April 7th, 2009, 12:59 PM

07/April/2009

Silverene

http://i44.tinypic.com/25u7b51.jpg

http://i39.tinypic.com/5zh4cz.jpg

http://i44.tinypic.com/5cimmv.jpg

http://i44.tinypic.com/25arrc7.jpg

http://i43.tinypic.com/102k20l.jpg

jeetha

April 7th, 2009, 01:50 PM

Thank you Imre.

http://i42.tinypic.com/59ya0w.jpg

Imre

April 7th, 2009, 02:06 PM

more pics

http://i41.tinypic.com/9zrqmu.jpg

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

jeetha

April 7th, 2009, 02:15 PM

Wow! Thanks:banana:

dubaiprojects

April 9th, 2009, 10:38 AM

I cant believe my eyes when I saw the updated pictures. I mean its too good to be true, isnt it??? In these crises times, a project stands alone among others in terms of construction progress? I only fear that the progress will not stop after reaching a certain milestone and I wish arabtec and cyan will take it to the end with the current speed.......

I invested in silverene for a 3 bed and I hope i would be able to rent it out atleast 180K.

Cheers

V.ALEX.

April 10th, 2009, 08:16 AM

Of course this will all depend on the market by the time of completion. I too hope that until then things will settle down smoothly and the more or less expected dive of the rents will bring them at a reasonable level, instead of following the unreasonable increase.

Dubai_Star

April 13th, 2009, 09:37 AM

Beppe786

April 14th, 2009, 11:30 AM

http://farm4.static.flickr.com/3349/3437720558_f0a4187820_b.jpg

Beppe786

April 14th, 2009, 11:48 AM

few days old

http://i41.tinypic.com/2lnfs55.jpg

V.ALEX.

April 18th, 2009, 06:17 AM

I just came back from a short visit in Dubai.

Of course, I was passing from he site every day, more often late at night. The activity was really amazing. Large groups of workers were in all parts f the project, tower A, tower B, the podium.

It was even more amazing to see the progress from the last time I was there, that was in February. Just a month and a half and the changes were so big.

I hope it goes on like this till the end. Since I will not be in Dubai again till next year, I am depending on the photos many of you guys kindly post here, to follow the progress.

Barracuda

April 18th, 2009, 12:50 PM

Hey Guys,

does ayone know ifthe A/C charges are included in the service charges or are there extra costs on top of the AED 10 per sqft.???

9714

April 18th, 2009, 12:52 PM

with cayan a/c is extra

True Blue

April 20th, 2009, 01:14 AM

Hey Guys,

does ayone know ifthe A/C charges are included in the service charges or are there extra costs on top of the AED 10 per sqft.???

A/C is normally charged at 4000AED/bedroom/annum. Cayan have started fitting meters into completed units so charges reflect useage. A small portion of A/C charge is then added to maintenance charge to cover A/C costs for common areas.

Remember that maintenance charge is provisional and may be different at time of handover depending on the cost of providing utilities for the building and costs of setting up security and building services contracts. Dorrabay had AED8/ft in the contract but was increased to AED10/ft due to heafty cost increases at handover.

Barracuda

April 20th, 2009, 07:27 AM

Thanks for the explanation, as long as they don't charge the fixed charges of 999 quaterly like in JBR, all is good

Gheorghe348

April 20th, 2009, 09:45 AM

At the end of the day developers will charge what they can get away with - and if the government ones (JBR) are overcharging others will follow the example.

Having said that, considering the maintenance costs of big buildings, one could say that most developers aren't totally unreasonable, and the government is also trying to regulate how much can be charged which hopefully means you won't be overcharged by the time this one completes.

jeetha

April 21st, 2009, 11:07 AM

http://i39.tinypic.com/2d0xh0l.jpg

http://i39.tinypic.com/2vwwi7s.jpg

http://i40.tinypic.com/20l1r4n.jpg

jeetha

April 21st, 2009, 11:15 AM

http://i39.tinypic.com/kby7wm.jpg

http://i43.tinypic.com/35j9qow.jpg

jeetha

April 21st, 2009, 07:04 PM

Every now and then when I pass the Silverene site opposite MQs I see loads of workers there - their progress is amazing....

:banana::banana:

jeetha

April 21st, 2009, 07:09 PM

Having just returned from dubai. I still find lack of amount of workers on site at BC and Torch Sites.look at Silverene and you find huge number of workers at that site.

:banana::banana:

charlie big potatoes

April 21st, 2009, 07:16 PM

Very naughty Jeetha, you must not wind them up.

jeetha

April 21st, 2009, 08:00 PM

I wasn’t….. just showing that Silverene is…..

“Talk of the Town”.

V.ALEX.

April 22nd, 2009, 07:38 AM

Drove past site earlier in the week
Cayan/Arabtec are doing a fantastic job on both Infinity and Silverene,these two sites are without doubt the busiest projects in the whole of the Marina (& dubai in fact). huge amount of workers starting early daily and working past midnight on many days.

This project is unique in its location - Completed Marina Mall & Yatch Club on either sides and the busy JBR Walk with many Hotels and Restaurants up and running now just over the bridge..

Sure to see good progress in the coming months ....

The location is really great. Of all my previous visits in Dubai, during my last visit I stayed with my family for the first time at a Marina apartment (Marina Hotel Apartments). The feeling was great and it somehow gave me an idea of how it is going to be when Silverene is complete. It was so great to step out of my building and seat for a drink at any of the many dock side coffee shops. At nights, nothing better than a meal or even just a stroll along JBR Walk. Big super markets (Spineys and Waitrose) were just steps away. I also saw the metro station very close to Silverene. And if The Address hotel under construction next to Dubai Marina Mall is equal to The Address at the Old Town, then another attraction is going to be just next door to Silverene residents. All these made me even more positive for my investment. I almost felt envy for anyone who will rent my apartment (wish I could afford not to rent it). Then, all this real estate crises and the increasing number or apartments did not made me anxious at all. Because as I read, the drop in rental prices just helps people relocate from lower to higher quality districts and marina is definately a district of the highest quality, so any unit at a reasonable rental price should not remain empty for long.