http://www.zawya.com/pr/images/MST_2008_10_04.jpg

Dubai- 4 October 2008- East & West the real estate arm of DAS Holding Launches the Marina Sky Towers project. Situated in the heart of Dubai Marina, Marina Sky Towers offers a mix of apartments, penthouses, and commercial spaces within the first tower, while the second is a business-dedicated hub. The 60-storey twin towers house the ideal living and working spaces, along with a multitude of retail facilities combining specialty boutiques, restaurants and entertainment hubs, all jostling for position.


Promoting an environment that is growing ever more refined, Dubai Marina is one of the largest waterfront developments of its kind in the region, conceptualized as a city within a city, proposing a miscellany of residential, commercial, leisure, hospitality and retail services with a view to enhancing the lifestyle of residents and visitors alike.


Enthused by the spirit of its surrounds, Marina Sky Towers is ready and able to become one of the most significant icons within a dynamic community living at the height of fashion. Offering both residential and commercial options, Marina Sky Towers rises above Dubai Marina, almost hugging the water's edge, amongst busy yachts and open-air cafés bustling with a stream of chattering diners and hurrying waiters; suits, secretaries and skateboarders whisking past the scenery.


The artistic design of Marina Sky Towers features curved lines echoing unison and passion as they smoothly rise into the skies, complementing the neighboring area with breathtaking architecture and spectacular vista of the marina, sea and sky.


Marina Sky Towers stands proudly at the mouth of Dubai Marina, unwrapping into the sapphire waters of the Arabian Gulf. With key access points to Sheikh Zayed Road and other major arteries, Marina Sky Towers provides ease of access to Dubai's central areas, Abu Dhabi, Jumeirah and is within walking distance to Dubai Media City.


The project presents an extravaganza of facilities including infinity swimming pools, day care centers, trendy gymnasiums, business centers for meetings and conferences, 24-hour security, guest parking, spa, sauna, Jacuzzi, and all other up-to-the-minute luxury services. In actual fact, the influx of residents and high-tech companies moving into Marina Sky Towers naturally necessitates play and rest areas, stimulating entertainment, fine restaurants and vibrant pedestrian zones.


Marina Sky Towers' vision is a true mixed-use society, a density hub and an environment that fosters serenity, creativity and prosperity.

look like DEC TOWER on other side lol

Is the tower on the left pushed all the way to the side like the one on the right?

At least one tower has gone and it will not be as tall as the torch so the torch will shine behind it.

Looks like the tower behind that will go between the torch and marina heights will get a marina view.

the right one is block Marina Heights tower view no doubt . I guess The torch tower now will be the 3rd tower of old design of marina sky tower so back to normal view . hope know one get effects.

If you count the number of floors on the new design of marina sky towers, i dont count 60 floors! their is abt 49.

am i right or wrong? maybe the sixty floors includes the parkign, lobby etc.

Thats better !

looks like unfortunately my apartment on 4806 torch tower, will have blocked marina views! maybe not all depends on the heights of the floors in MST.

What do u think guys my views are blocked??????

^^ yes but you will now have a side view between the 2 towers.

I am sure the image is somewhat inaccurate so as not to attract the same level of criticism.

I am still trying to work out of the left tower is at the very side thereby completely blocking the forward view of the torch. I think it must be in order for it to be architecturally balanced. I would prefer it was pushed to the middle a little of course :)

so marina heights will aso be blocked?

yes forward view is blocked but views to both sides are open.

Why all the brown covering over the podium ??

http://i38.tinypic.com/2i7q1b5.jpg

^^ Very dirty green safety nets.

any news on compensation payments? its getting close to december and still DS are saying nothing regarding compensation??????????????

Does compensation take into account the 1% for RERA????

(I know not likely but hey it's our money!) ;-)

Reminder about the marina views from the Torch. Just remove the middle tower to get an idea of the new view for those below floor 60.

http://img179.imageshack.us/img179/580/65201618nf8.jpg

http://img162.imageshack.us/img162/9503/30812914vf3.jpg

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http://img508.imageshack.us/img508/749/66348052ir9.jpg

http://img254.imageshack.us/img254/4066/75850361fl8.jpg

Not a great improvement for marina facing owners, but an improvement for the marina as a whole.

What happens to the plot between Marina Heights and the Torch now?

Same thing, minus the middle tower and reduced floor count (to 60).

I think those owners of aspects 04 & 05 will get a reasonable view in between the two MST towers. I don't see that too much has changed for aspect 06 owners (under 60 floors) unfortunately .

There is still a chance that the 60 floors and podium could be reduced further if the new design hasn't been approved yet. Remember that they launched the design at AD Cityscape without the necessary approvals in place. Same thing could happen again

Yes marina view is not going to be great between the 2 towers for 06 owners, although they will get a grosvenor house view that 05 owners will not. Both 05 and 06 owners will have to face the tower in front head on however, the view will only be when looking to the sides.

04 owners may not get much of a view at all if another tower is to go between MH and TT, which is more likely now that there is a gap between the 2 MST towers in front.

Is there a model of the new design at Cityscape ? The marina view for 05 owners will be pretty decent as there will sufficient gap between the 2 towers.

So, the two plots that were on Sale still remain.Could one of them be the vacant plot between Marina Heights and the Torch?? Cityscape news possibly??

^^ Coould be as one was unlimited height!

The marina view for 05 owners will be pretty decent as there will sufficient gap between the 2 towers.

Need to remember that each MST tower will probably be wider than The Torch.

Next floor is done. Should be back to 5 day floor cycles now!

http://i519.photobucket.com/albums/u359/bipinchhabra/P1010478.jpg

Need to remember that each MST tower will probably be wider than The Torch.

Steve not so certain about that! There still will be plenty of space between the 2 towers. However a picture of the model should clear that up.

The original plan had the centre tower closer to the water's edge and the 2 others closer to TT and MH. With the middle one gone, the other 2 might get pushed more towards the water, improving the view in between.

Excellent that it's on the move up again and it looks as if there's more cladding on it.

Many Thanks to Docc;

http://i33.tinypic.com/2dr849l.jpg[/QUOTE]

Aren't these supposed to be in the Marina Sky Towers thread?

^^ You'd think so. But the two projects seamed to be joined at the hip now.

Yes, by lots of shallow narrow mindedness like this project is going to affect the Torch in any meaninful, measurable way.

^^ You would have a different opinion if you had bought marina facing rather than at the back of the building.

Has the surge in the workforce taken place or have DCE sent all of them to the marina Quays

guys, assuming that the proposed height is confirmed, from what residential floor will marina views be uninterrupted?

guys, assuming that the proposed height is confirmed, from what residential floor will marina views be uninterrupted?

I don't think it's a foregone conclusion that this will get approved. Whilst it is an improvement on before, somebody somewhere still might say No.

Maybe we should carry on the petitions until it's down to 20 floors...

Keep calling it ugly....it will then get changed!

Yes, by lots of shallow narrow mindedness like this project is going to affect the Torch in any meaninful, measurable way.

Maybe one day you will post a picture update or some information of use :dunno: We live in hope

Sorry to drag up last weeks conversations but WTF is going on with this 1% fee for Law 13, one mans interpretation is is totally different to anothers, has anyone managed to get a handle on whats going on with regards to this and select properties.. thanks in advance for help here.

99% sure the higher amount has to be paid for those on the LPP. Not confirmed yet.

99% sure the higher amount has to be paid for those on the LPP. Not confirmed yet.

Thanks, asked the question today, but got no positive answer..

Sorry to drag up last weeks conversations but WTF is going on with this 1% fee for Law 13, one mans interpretation is is totally different to anothers, has anyone managed to get a handle on whats going on with regards to this and select properties.. thanks in advance for help here.

I have spoken to Select about this and they say they're as mystified as the rest of us as to why other developers have not contacted purchasers about registration. It is nothing to do with 3rd party sales etc. All off-plan properties need to be registered. Seems to me SP are ahead of the pack here. Their administration efficiency has always been excellent.

Contrary to the usual cynicism of SP by True Blue, Select are not out to make money at this. The fees are paid to SP who then register your property with the Land Registry handing over the appropriate fee to them. So Select DO NOT keep the fee it GOES TO THE LAND REGISTRY. The Land Registry will then forward the registration documents to you in due course.

SP have confirmed that there will not be any other registration fees to pay on completion. It is simply that the registration and payment of the fee is being brought forward to now for added security.

For any doubters, Law 13 has NOT been issued by SP but by the Dubai Government.

Anybody on the standard payment plan should be paying their registration fee immediately if they have not already done so. If you have not received the letter from SP contact them to obtain a duplicate.

Investors on the long term payment plan need not pay anything yet as SP are obtaining clarification from the Land Registry as to which purchase price will apply. This of course affects SP as well as they also have to pay 1% .

This good news. There was speculation last year that registration fees (which were originally payable on completion) were going to be based on property value rather then purchase price.........costing investors (and the developer) substantially more. Nice to know we got off lightly with the smaller fee. :banana:

Well I am delighted to see that SP are providing so much information to you Morris.

I dont seem to be able to get a reply from anyone at SP regarding my questions, unless it is to make a reservation on a new property launch that is. In which case a chaeuffer driven limo turns up at my house with a baby oil covered model and a Mont Blanc pen ready to sign a sales contract.

Is there any chance you could ask what the consequences are for LPP investors if 1% of the total cost gets paid and then early repayment is made, thus reducing the true purchase price. Will a refund of overpayment of fees plus interest be due ?

Thanking you very much for your intermediary communication services.

^^ The fees are paid direct to RERA not to SP.

Lots of missinformation on this thread!!

Lots of missinformation on this thread!!

^^Pot, Kettle, Black :ohno:

Just spent a few hours of further research on this issue of law 13 and now even more confused.

Official quote from Dubai lawyer;

"...............As mentioned above, it is likely that a number of clarifications / further regulations will be issued in due course to add greater certainty to the legal position. In the meantime, developers and end users should ensure that they review their position in light of the Law and seek the necessary legal and technical advice where their position is unclear. "

I expect most will wait for the clarifications before action.

Good to know that a law can create greater confusion than no law at all. Kind of ironic it's number 13.

^^

So in essence your lawyer advises you to seek legal advice. :lol:

^^ The above standard statement was provided free, in essence anything else on the matter is chargeable:)

Well I am delighted to see that SP are providing so much information to you Morris.

I dont seem to be able to get a reply from anyone at SP regarding my questions, unless it is to make a reservation on a new property launch that is. In which case a chaeuffer driven limo turns up at my house with a baby oil covered model and a Mont Blanc pen ready to sign a sales contract.

Is there any chance you could ask what the consequences are for LPP investors if 1% of the total cost gets paid and then early repayment is made, thus reducing the true purchase price. Will a refund of overpayment of fees plus interest be due ?

Thanking you very much for your intermediary communication services.

HT

I have had a lettter, and email on this subject stating what Morris has said, for christs sake dont tell Mr Brown and Mr Darling about this, they will be charging stamp duty on the whole mortgage costs over 30 years, I agree HT, you should be charged for purchase price only, nothing else.

ALan

I drove past the Torch on the way to work this morning, and there really is noticable improvements!

If i get the chance tomorrow, i'll try and take some close-up photos.

Thanks Joan,

Any photo's would be greatly appreciated.

When i was last in Dubai i witnessed a 5/6 day floor cycle. Now that they are set up to just replicate floorplates to the top i hope that this can be achieved so it may top out around August 09.

As we all know, progress has fallen a long way behind the last project schedule released to buyers (last April, I believe), which SP has admitted was due to a technical error.

Given that the sale and purchase agreement contains an obligation on the developer to act professionally to deliver the project in a timely manner, I contacted them some while ago to ask whether the delays would impact on their projected completion date of September 2009.

In conversation, they admitted that this 'completion' date was in fact when the structure and internal fit-out would be completed and snagging would be underway, and that handover could take a further 'several months'.

Since then I have been chasing them for a revised construction schedule as I would like to see how they think they can still complete the building in September 2009 and hand over apartments in the following 'several months', given that they had fallen behind by 10-12 floors by August 2008.

I have still to receive this information. If and when I receive it, I'll post it.

I drove past the Torch on the way to work this morning, and there really is noticable improvements!

If i get the chance tomorrow, i'll try and take some close-up photos.

Joannides.. any chance of details of noticible improvements.

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Thanks for the update!

Now on the 3rd floor above the mechanical floor.

Looking good, the Torch now starts to looks like a rocket!

Note the curved floorplate some were worried about might not be there

Good progress on the internal fit out also.

http://i34.tinypic.com/124a5ae.jpg


:wtf: is going on here?

Thanks for the update Jo

oops... forgot 2 pics

http://i36.tinypic.com/124kf8m.jpg

http://i34.tinypic.com/111nsj8.jpg

Can someone please explain to me what the floors are here ?

I mean the double height floor i think is a mechanical one so my question is what is the one above that for as the floor reduction would surely not be suitable for a residential floor as it would not be safe to us as a balcony.

If the building reduces in size then it would make sense to have this change on a mechanical floor as the balcony is not used on a mech floor.

This is how it was originaly and they changed it.

Any ideas anyone ?

http://i38.tinypic.com/bf0v1u.jpg

Adding to High Times Question I was trying to figure out what actual door number floor they were working on, and came up with the following.. 17 floors of the square lounge type, then 6 floor added in to the bottom for fractional ownership, which takes us up to the floor change, so effectively the 1st resi floor above the floor change is actually purchased floor 23, so units purchased prefixed 2301, 2302 etc.. is this correct ?

^^ So units 2301, 2303 etc. get a free slide for their kids on their balcony :banana:

Thanks!Joannides
Looking good!...The Torch is beginning to impose its own authority now in this part of the Marina.

Can somebody please explain to me where the fractional ownership apartments are located? Are they 1-beds or 2-beds or both??

Can't wait to see how it looks with all the aluminium cladding on.

Can someone please explain to me what the floors are here ?

I mean the double height floor i think is a mechanical one so my question is what is the one above that for as the floor reduction would surely not be suitable for a residential floor as it would not be safe to us as a balcony.

If the building reduces in size then it would make sense to have this change on a mechanical floor as the balcony is not used on a mech floor.

This is how it was originaly and they changed it.

Any ideas anyone ?

The flower box is going to be larger than the balcony :dunno:


Except for the health deck and the floor above it which they call it upper ??? all floors count as residential…………..I think :nuts:

loads of workers there today... Also, a series of concrete mixer trucks starting to build up outside.

http://i36.tinypic.com/ih8hup.jpg

http://i36.tinypic.com/2j437l4.jpg

Thanks for the updates Joan,

Lets hope they get back to a 5/6 day floor cyle now and the tower could top out before the heat of next summer kicks in.

2010 should be possible. 30 or 40 floors this year, topped out end of 2009 and then completed, handed over and snagged in 2010.

A jan 08 prediction by Steve Mystic Meg Dubai.

Thanks Joan, hopefully we'll see fast progress now.

Night activity on the Torch.

http://i33.tinypic.com/34sl4p5.jpg

http://i36.tinypic.com/ilho9d.jpg

Thanks for the pics Joan. Nice to see steady progress after that screw up. Looks like they are pouring the core and the floor slab also appears as if it is also ready to pour. Hopefully they will do both.

http://i33.tinypic.com/2f0djlx.jpg
http://i35.tinypic.com/v4xg85.jpg

nicely organised site

http://i35.tinypic.com/1zyzhom.jpg

Sorry to butt in, but I have just received an e-mail, on behalf of 'Select Group', from 'Star Group Global'/'Global Group Holdings' which requests for me to immediately pay 1% of the purchase price of my apartment at 'Royal Oceanic' for Registration; this is the 1st e-mail I have had from anyone requesting this and note previous info on this thread. The e-mail states that the Law 13 applies retroactively to offplan projects and the payments were supposed to have been made within 60 days from 14th August (!). Has everyone on this thread paid this 1% now ? Should I pay it ? For your info also, 'Select Group' took over SGG/GGH last year.

^^Give SP a call in case it is a spoof email....I still need SP to give me the details of where they want me to pay the 1%!!!! I think deadline is now end of this month (Oct).

Yes I am afraid you need to pay up. The 1% RERA payment has been brought forward to now according to the new law 13. Most of those on the Torch short payment plan have already paid their 1% registration fee. Those on the lengthy payment plan are still waiting to hear back which amount to pay and do not need to pay until 31st Oct 08 I believe.

U/C 16/10/08

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TT is realy starting to move again it actually has quite a good press in DUBAI a lot of people know about the development and it's outstanding design - lets just hope they get on well now and get topped out by this time next year - good news that MST isn't quite the menace it was now

Yes i noticed that when scanning through the pages of google results for the Torch. It is often refered to as being one of the more astheticaly pleasing towers in the marina along with Infinity.

SP have always maintained that it will be their flagship development in Dubai and by far the most iconic of their Marina offerings.

any news regarding the so called compensation payments?

Today

http://i33.tinypic.com/9k8lt5.jpg

what happened to all the pages why were they deleted?
Today

http://i33.tinypic.com/9k8lt5.jpg

^^ http://www.skyscrapercity.com/announcement.php?f=377&a=221

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Many thanks Jo for the photos :cheers:

Thanks to the Moderator for removing all the rubbish.:)

The world's tallest block is finally rising quick :-)

There seems to be great progress now that they've got going.

Anyone care to venture a guess at the present "floor rate?" It seems very fast.

Am I right in thinking that we can see the formwork in for the 34th floor?

Next floor is done. Should be back to 5 day floor cycles now!

http://i519.photobucket.com/albums/u359/bipinchhabra/P1010478.jpg
Steve from today's pictures it think they are doing better than that even !
Really good to see this progress lots to catch up yet butcladdinga and inside works are progresing well

joannides,
thanx 4 d gr8 update.

TT is lookin good.

people,
r mechanical floors numbered?

Jo thanks, your top pic with the guy on the balcony gives a better sense of scale and I am more happy now that I can get my telescope, lazy boy (seat, not a ''lazy'' boy!!) and mini whirlpool out there..

Jo thanks, your top pic with the guy on the balcony gives a better sense of scale and I am more happy now that I can get my telescope, lazy boy (seat, not a ''lazy'' boy!!) and mini whirlpool out there..
The heights in apartments seem very ample indeed, looking forward to this topping out in July 09

Joannides, You are a star!! :cheers: keep 'em coming.
Please take some pictures of the rear next time if you can.
Why is the cladding and glass all over the place instead of being in a nice organised floor by floor job?

Rate of progress is very good again on the structure.

The cladding will be all over the place as it will be fitted the way it comes to site. They probably will deliver a full load of one type of window one day and another type a few days later. That helps with production runs at the factory.

Thanks for the pics Joan

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Thanks Joan,

Back to decent progress now, glass is starting to be fitted at a much quicker rate too.

Does any one know when the show flat is ready on this one or The Point ?
Progress looks good today again

Your pictures are much appreciated Joannides, the MH side cladding is looking good, have you seen how the other sides are progressing? if so does it give a good feel for the curved middle section? :cheers:

24/09/2008
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23/10/2008
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Pretty good progress considering we had Eid holidays in between as well. Alot of work on the cladding has been done as well. Lets hope they keep up at this pace now.

3(.5?) floors in a month, not bad ... should accelerate now!

A couple of people have PM’d me asking whether I could take some photos of the other sides of the building. Here are a few I took today.

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Thanks for the regular Pictures Joaniddes

Does anyone know either where the show flat is soing to be or when it is i going to be ready ?

Thanks for the regular Pictures Joaniddes

Does anyone know either where the show flat is soing to be or when it is i going to be ready ?


i was told that its near ready, although there isnt really a 'user-friendly' way up to it, which they need to get in place prior to opening it up.

Joan, once again thanks for the picture update.

Glazing seems to be going in at a good speed now. If this continues until the end of the year then the core/tower could well be up to floor 45 and the glazing done up to the floorplate change.


Thanks for the regular Pictures Joaniddes

Does anyone know either where the show flat is soing to be or when it is i going to be ready ?

Show flat is going here so i've been told;

http://i35.tinypic.com/9rn7f7.jpg

I believe if these were higher up amongst the 2 bed units this would be the 03 position. There should be decent views looking inland across SZR between MH and Mag218. Without MST there would also be a reasonable part view of the Marina and Phase 1 I think but I don't know how the postioning of the 2 MST towers will affect that. Isn't one of them directly in front of MH? I guess that will block any view of Phase 1 but you might still see a bit of marina between the towers? I'm happy to be corrected on this by those who know better.

Does anyone have any info. on the type of cladding and where it is manufactured? As I understand it the Korean one is the cheaper one whilst the German made is better quality. Which one do we have on the Torch?

The North Korean one. :hilarious

I read that the cladding is manufactured in Dubai by DCE.

has anybody been kept up to date with activities relating to their escrow account, including full visibility of statements which by law the buyer is entitled to see?

Select Property has been giving us the runaround over the last year. Are we correct in assuming they don't wish to uphold the law? they have something to hide?

^^If you have an account with DS/SG, you will have full access to your records.

I have some issues with DS/SG but we have to be fair here and this is not one of them. They have been ahead of the game on this :cheers:

^^If you have an account with DS/SG, you will have full access to your records.

I have some issues with DS/SG but we have to be fair here and this is not one of them. They have been ahead of the game on this :cheers:

Interesting, are you saying you have visibility of the Dubai Islamic Bank statements, you can see withdrawals related to milestones, and you understand what those milestones are?

We certainly don't, we only have visibility of Select Property payment history on their website (nothing to do with escrow), clearly not the same thing at all. Read Law 8, article 12.

^^ all my payment history on Select site is wrong i have too call them and ask for all my payment reciepts, plus they take a while before they send them out...

^^ all my payment history on Select site is wrong i have too call them and ask for all my payment reciepts, plus they take a while before they send them out...

You could also ask them for a Dubai Islamic Bank statement for your escrow account as by law you are entitled to that.

has anybody been kept up to date with activities relating to their escrow account, including full visibility of statements which by law the buyer is entitled to see?

Select Property has been giving us the runaround over the last year. Are we correct in assuming they don't wish to uphold the law? they have something to hide?

With statements like that, it sounds like you have another agenda, my friend.

ALan

With statements like that, it sounds like you have another agenda, my friend.

ALan

agreed. Too much unjustified scare mongering. You see this on other threads also. SP are stressing me out re slow progress on Bay Central but I don't think for one minute they are dishonest. My records re purchases in JBR and BC are fine.

agreed. Too much unjustified scare mongering. You see this on other threads also. SP are stressing me out re slow progress on Bay Central but I don't think for one minute they are dishonest. My records re purchases in JBR and BC are fine.

No intention to cause scaremongering. Law 8 article 12 says the buyer is entitled to see statements of the escrow account plus the milestones associated with withdrawals. We've been asking SP for this for the best part of a year now, and, despite the written law in Dubai, they have not been forthcoming and send us ridiculous responses.

We are simply trying to exercise our legal rights and monitor the escrow account. Surely anyone who bought is interested in the status of their escrow account. Am I missing something?

So, why don't ypu take it up with RERA?

You are wasting your time trying get R.E.R.A. to do anything. They are basically run by the developers.
I have contacted R.E.R.A. so many times, and not once have they answered.
They are deluged with complaints and just cannot keep up. It's a free for all in Dubai.

http://i359.photobucket.com/albums/oo34/melkor_gds/IMG_0655.jpg?t=1225075384

Melkor: This is not a actual pic - or?

^^ Why? To me it is.

If not then malec has made a very nice 3D render! :lol:

It is an actual photo taken from his ultra luxurious yacht berthed up in the Marina.!!!!!!

from today. will upload more later...

http://i33.tinypic.com/312y1sg.jpg

Joannides, when you have your camera out any chance you could take a few pictures of the other towers in your vicinity such as princess tower, 23 marina, infinity tower, damac heights plot, etc.
Only if you have the time to do so of course. I think everyone would be greatful :)

Also, one close up picture of the floor no for each tower would be very useful, now that all of them are rising at the same time! :)

Joannides, when you have your camera out any chance you could take a few pictures of the other towers in your vicinity such as princess tower, 23 marina, infinity tower, damac heights plot, etc.
Only if you have the time to do so of course. I think everyone would be greatful :)

^^

Elite Residence, too!:master:

^^ I think elite residence is difficult simply because there's no easy way to view the site. The only way is to get onto the podium of marina crown and take a picture from there.

With statements like that, it sounds like you have another agenda, my friend.

ALan

alan, i think u r right.
infact, from the similarity in avatar'name and the tone in condemning DS, i am pretty sure scooby is back on the forum.
banned once, and soon to be again.

from today. will upload more later...

http://i33.tinypic.com/312y1sg.jpg


Looks like they are pouring.

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Joannides, when you have your camera out any chance you could take a few pictures of the other towers in your vicinity such as princess tower, 23 marina, infinity tower, damac heights plot, etc.
Only if you have the time to do so of course. I think everyone would be greatful :)

will try!

Joannides how much work force is on site and are they operating 24 hr shift work ? I hope SP can send us pics of the showroom apt end of this month.

Joannides how much work force is on site and are they operating 24 hr shift work ? I hope SP can send us pics of the showroom apt end of this month.


dont know about the 24 hour shift work, but it does seem that there is continuous activity each time i pass (day or evening). As for workers, there seems to be a large number on site, although difficult to estimate how many.

Many thanks Jo, we love you more than Scooot/hatetorch and Tractor :):cheers:

^^ Divide and conquer, aren't we Mackie :ohno: ... why did you "bundled" scoot together with HT? :D

More like spreading his love round.. with the most love going to him/her that pleases him the most. :banana:

Run Jo Run

http://i359.photobucket.com/albums/oo34/melkor_gds/IMG_0678.jpg?t=1225150758

http://i34.tinypic.com/20h83mt.jpg

^^ Divide and conquer, aren't we Mackie :ohno: ... why did you "bundled" scoot together with HT? :D

You know that I love you Altin :hug:

Jo is right on the top of my favourites list......Imre who :lol::cheers:

And yes I am Fickle :banana:

Jo is the new Imre :cheers:

Jo for president!

If only they knew.

Al.

^^Who? Where? What?

Go on Al, tell all :cheers:

^^Who? Where? What?

Go on Al, tell all :cheers:

Joannides (a.k.a Ioannides) is a Greek Cypriot SURNAME:lol:

sorry to shatter the illusion!

I am part Greek too :cheers::banana::banana:

^^

Which part ?

http://i37.tinypic.com/sg3jts.jpg

.......

http://i37.tinypic.com/sg3jts.jpg

Do you think the pink tower in front will fall over on the Torch before, or after the Torch is completed????

^^Who? Where? What?

Go on Al, tell all :cheers:

No, I am sworn to secrecy, by the "Widows Son" besides she promied me i could borrow that nice blue dress of hers.

Mackie, u like Keebab and chipps plesss, Stavros.

Al.

Do you think the pink tower in front will fall over on the Torch before, or after the Torch is completed????

If you tell me on which floor you are I would be able to give you a more precise response.

http://i35.tinypic.com/2888bp1.jpg

External elevation showing aluminium framing, composite panel and glazing works continue at the lower levels of the building

Work continues with the mock-up apartment on the 7th floor as follows:
 2nd fix MEP work is on – going
 Wall and floor tiling has been completed (flooring has protective cover over)
 Kitchen wall and floor cabinets are in place and awaiting cabinet doors
 Glazing has been completed
 Painting and decorating works on – going

i have some more of this part of the marina, which i'll upload over the weekend.

http://i34.tinypic.com/5esndd.jpg




http://i36.tinypic.com/2zgccg8.jpg




http://i38.tinypic.com/soy2iq.jpg




http://i38.tinypic.com/9gkkf5.jpg





http://i34.tinypic.com/2igj52b.jpg

This is really going up fast now.

They really need to hire some more labour so that they can build both this and 23 marina at the same speed. :ohno:

Forget both Obama amd McCain...............Vote "Jo" for President.We have only two days left for our campaign . :cheer:

http://i34.tinypic.com/6f1ocj.jpg

Torch is the furthest tower on the left.

On the "point" thread "torch" is being slagged off again as 2*.surely it can't be or can it?

^^ I wouldn't worry too much about that Tosh. Don't know how anyone can compare the two at this stage of consutrction.

Any updates from Site? Did they pour yesterday ?

^^

http://i34.tinypic.com/2dtahb6.jpg


http://i35.tinypic.com/2a6ulw0.jpg

^^ Thanks Joannides. Looking good.

Anyone want to predict a floor level (according to the number on the side) for 31st Dec m)) Maybe our last years champ will want to fight to keep his title!

Which floor are they on now?

I think they are on level 32 at the moment, I'm going to say level 38 for 31st dec ! anyone, any advance on that ?

Joannides, thanks for all of your pics, you are keeping us all up to date and your pics are greatly appreciated. :cheers:

I Think they are working on Floor 38 in this picture.

http://i38.tinypic.com/2vj8piw.jpg

I think they will have poured the 44th floor by 31st Dec 2008.

This will mean we are more than half way up. :)

They will probably have got all 84 floors completed by end of September 2009 along with most of the external cladding as they are doing that whilst the tower is going up. A year or so to do all the internal work once tower all poured. So handover likely Sep 2010 ??

^^ Perhaps we should have a diagram similar to above with timeline tags such as Barack Obama elected for president at the top and Bush re-elected at the bottom. Then we can all know which historical event each of our floors represents. :dunno:

Anyone have any news on the compensation which is due to be paid out now in only 54 days time. Will it be paid monthly, quarterly or only at completion?

I have decided to take up residence on the front/left of the MST plot until they convert the plot into a park :banana:

http://i38.tinypic.com/2rwu8he.jpg

I Think they are working on Floor 38 in this picture.

I think they will have poured the 44th floor by 31st Dec 2008

That looks right High Times, my mind always works on actual purchased floor number i.e layout change on purchase level 23 onwards... erm, perhaps Im confusing myself now !! :bash:

Steve, I tried to get an answer from SP yesterday about the compensation again and was told they were still working on it, but not to expect much as its not designed really to offset any losses in expected rent, however I guess we just need to know what LIBOR rate they are going to use, (UK still high at 5.68% yesterday and falling very slightly day by day, but they won't use that i'm sure)

I just want to know that they will pay it quarterly so it can be used to offset/reduce lengthy payment plan payments for the next 2 years. If they state it will only be paid at the end of completion there will be hell to pay as that is not legal according to the contracts.

I just want to know that they will pay it quarterly so it can be used to offset/reduce lengthy payment plan payments for the next 2 years. If they state it will only be paid at the end of completion there will be hell to pay as that is not legal according to the contracts.

I was told that it would be applied quarterly, and we would all be told what the balance of monthly payments would be needed to make up the contract amount, but as everyones purchases are different this is what they are working on. Hope that helps and is true.

They will probably have got all 84 floors completed by end of September 2009 along with most of the external cladding as they are doing that whilst the tower is going up. A year or so to do all the internal work once tower all poured. So handover likely Sep 2010 ??

Never in a million years. The Point is now poured to the top and we will not get in for a year and thats with only 27 floors and 188 appts to fit out. The Torch is 3.5 times the size and must be close to 400 appts, much more common parts etc.

^^ but fit out is already more advanced that the point as they are doing it as they go along in the Torch.

****

I was told that it would be applied quarterly, and we would all be told what the balance of monthly payments would be needed to make up the contract amount, but as everyones purchases are different this is what they are working on. Hope that helps and is true.

Thanks jeffers, that is what I hoped for and expect :banana::banana::banana:

Never in a million years. The Point is now poured to the top and we will not get in for a year and thats with only 27 floors and 188 appts to fit out. The Torch is 3.5 times the size and must be close to 400 appts, much more common parts etc.

Charlie they have already started internal work on the Torch so I do believe end of 2010 is possible.

^^ 9 floors in 7 weeks? I don't think so ... wait till the workforce is transfered to 23 Marina and hope for anything above 40. :D

^^How can this be??

It's 9:18 PM at the 06.11.2008

Your Post is from the 07.11.2008 at 12:42 PM

:nuts: :hm: :doh: Crazy !!!! :lol:

the forum servers are going crazy againb :ohno:

^^How can this be??

It's 9:18 PM at the 06.11.2008

Your Post is from the 07.11.2008 at 12:42 PM

:nuts: :hm: :doh: Crazy !!!! :lol:

Back to the future, I am too hot for this forum :banana::banana:

^^ 9 floors in 7 weeks? I don't think so ... wait till the workforce is transfered to 23 Marina and hope for anything above 40

the forum servers are going crazy againb :ohno:

Altin;

Is there anything wrong with the forum ? :lol::banana:

I thought your Math was coming on ! :lol:

6/11/2008 37th Floor
31/12/2008 46th Floor
22/10/2009 toped up
19/11/2009 4 weeks contingency
19/11/2010 18 months Internals with one year laps fitting & Commissioning
14/1/2011 8 Weeks permits
11/3/2011 8 Weeks Snagging and Handover

I'm still hoping for end 2010 - remember they have 2 and a bit years from now for internals because that is ongoing - at least the credit crunch will be over by the time it is finished or will it ?

the forum servers are going crazy againb :ohno:Agreed, times are all over the place

Altin;

Is there anything wrong with the forum ? :lol::banana:

I thought your Math was coming on ! :lol:

If they indeed transfer the workforce to 23 Marina, it might not be my math problem, rather reality on the ground. :lol:

6/11/2008 37th Floor
31/12/2008 46th Floor
22/10/2009 toped up
19/11/2009 4 weeks contingency
19/11/2010 18 months Internals with one year laps fitting & Commissioning
14/1/2011 8 Weeks permits
11/3/2011 8 Weeks Snagging and Handover

6/11/2008 37th Floor
31/12/2008 46th Floor
22/10/2009 toped up
19/11/2009 4 weeks contingency
19/11/2010 18 months Internals with one year laps fitting & Commissioning
14/1/2011 8 Weeks permits
11/3/2011 8 Weeks Snagging and Handover

Personally, I do believe Mackie's version is far more realistic and is what I am now budgeting against and expecting.

Thank God for the 1.5% interest rate drop, that's all I say (assume you're not on fixed rate of course)! At least borrowing rate reductions are immediate, whereas LIBOR compensation may not happen straight away. I would prefer borrowing rate reductions immediate effect, even if this reduces LIBOR compensation rates.

At least we will be well ahead of MST and should command good prices once completed, dragged up by MST pricing :)

I just want to know that they will pay it quarterly so it can be used to offset/reduce lengthy payment plan payments for the next 2 years. If they state it will only be paid at the end of completion there will be hell to pay as that is not legal according to the contracts.

Steve, I would re-read your contract carefully :ohno:

There is nothing in there that states they legally need to pay compensation on a specific time line and can elect to pay at the end if they so desire. I equally cannot get a comment or decision from them on this, even though I am on their doorstep, 5 miles away!

6/11/2008 37th Floor
31/12/2008 46th Floor
22/10/2009 toped up
19/11/2009 4 weeks contingency
19/11/2010 18 months Internals with one year laps fitting & Commissioning
14/1/2011 8 Weeks permits
11/3/2011 8 Weeks Snagging and Handover

19/11/2010 18 months Internals with one year laps fitting & Commissioning

I think this part will only take 14 months not 18, so Dec 2010 :banana: :cheers: £100

Steve, I would re-read your contract carefully :ohno:

There is nothing in there that states they legally need to pay compensation on a specific time line and can elect to pay at the end if they so desire. I equally cannot get a comment or decision from them on this, even though I am on their doorstep, 5 miles away!

It says that the payment rate is to be set and calculated quarterly. It also states payments are to be made UNTIL occupation, implying continuous payments.

19/11/2010 18 months Internals with one year laps fitting & Commissioning

Are we all getting lap tops then ?

Wow this SP crowd realy know how to party.

they might just minus your compansation amount from your final payment.. :nuts:

When I recently got in touch with SP by email regarding compensation the reply I received is as below:


Thank you for your email which Claire Lloyd has forwarded to me.

1) The torch is due for completion September 2009

2) As from the 31st December 2008 you will entitled to payment penalties on all money paid to date until the property is certified complete. This will be calculated at 1% above the London Inter Bank Offer Rate. As how to these penalties will be paid, I am not sure, the developer will give us more information closer to the date the penalties are due.

Kind Regards

Lois

They could also deduct them from the maint. and chiller charges.these are usually payable on completion and a year in advance.you do not get your keys until these are all paid up.

I have always been of the opinion that you will not see any compensation. Soon we will find out how wrong I might be.

They are still quoting Sept 2009 as completion and we know that is not true so why should you count on them paying up.

Possible loop hole for SP is in the wording above "you will entitled to payment penalties on all money paid to date until the property is certified complete" This completion certificate is something the Architect or CA issues to the developer to conclude the contractors obligations.

In effect the architect could sign off each apartment individualy as certified complete without the rest of the building being complete or utilities connected. Each apartment being considered a seperate property covered by an individual and seperate agreement.

I just wonder if this is the Joker card they are going to play.

Is it possible to have the utilities etc be connected for the bottom "half" of the building whilst they finish the top half?

As we all know, each buyer is entitled by law (law 8 article 12) to see the escrow account bank statements.

We have been chasing Select and the Dubai Islamic Bank (who also happen to be the escrow agents and give Select permission to take money from the account based on secret milestones) for some time now however it seems the are not prepared to uphold the law and show us the statements, obviously they have something to be afraid of. We seem to receive the same ridiculous emails from DIB and Select, some form of collaboration it would appear.

Does anyone know if the law is enforceable in Dubai?

Has anyone paid the land registration fee into a strange account? We have had legal advise that we should pay it into the escrow account, where RERA can see it, not into a strange account.

I paid mine to Select Developments. Select will then add their 1% and pay for the registration with the total 2%.

I have always been of the opinion that you will not see any compensation. Soon we will find out how wrong I might be.

They are still quoting Sept 2009 as completion and we know that is not true so why should you count on them paying up.

Possible loop hole for SP is in the wording above "you will entitled to payment penalties on all money paid to date until the property is certified complete" This completion certificate is something the Architect or CA issues to the developer to conclude the contractors obligations.

In effect the architect could sign off each apartment individualy as certified complete without the rest of the building being complete or utilities connected. Each apartment being considered a seperate property covered by an individual and seperate agreement.

I just wonder if this is the Joker card they are going to play.

The contract states payments will be made until the date that occupation is offered to the buyer.

they might just minus your compansation amount from your final payment.. :nuts:

I hope not since my final payment is not until 2021!

^^^^ only for people on the standard plan :banana:

I paid mine to Select Developments. Select will then add their 1% and pay for the registration with the total 2%.

How long will 'Select Developments' (whoever they are) keep your money before registering you? I'm sure you don't have any contractual relationship with this strange company "Select Developments". Bear in mind that you were probably instructed by another company called Select Property (again your contract is not with this company). The developer with whom you have the contract is Torch Select. It would seem naive to post your money there rather than directly into the escrow account where Select can't get at it, where it is safe for the land dept. Wouldn't you agree Steve?

Is it possible to have the utilities etc be connected for the bottom "half" of the building whilst they finish the top half?

Not in Dubai.

It seems to me there are three big unanswered questions regarding The Torch:

1. When will it be completed and apartments handed over?

2. How will the compensation be paid?

3. What will be built on the vacant plot in front (potentially robbing some of us of our promised 'unrivalled marina views'

For the past six weeks or so I've been trying to get answers to these questions from Russell Hayes at Select Property, without success. Tomorrow, I'm writing to Mark Stott. I'll post his reply, if he deigns to send one.

How long will 'Select Developments' (whoever they are) keep your money before registering you? I'm sure you don't have any contractual relationship with this strange company "Select Developments". Bear in mind that you were probably instructed by another company called Select Property (again your contract is not with this company). The developer with whom you have the contract is Torch Select. It would seem naive to post your money there rather than directly into the escrow account where Select can't get at it, where it is safe for the land dept. Wouldn't you agree Steve?

So dont send them any money then.

Look, scoobu dooby, looby loo, dooby doo,

If your that convinced this is the work of some Nigerian Bank account fleecing con men then dont send any cash, simple as that, but give it a rest because your doing my F**kin head in.

Personaly i have it in writing from Select Property what they are instructing me to do in order to comply with law No. 13.

They are a UK company registered with the OFT and Companies House.

The MD lives in the UK and i can get his personal address from the SOCA computer with 1 phone call.

I'm real handy with a pair of nanchukas and a baseball bat and he's a florist.

I will sleep just fine.

Not sure if you have seen this!

http://www.alineah.com/news/251/detail.htm

If he does not answer you Mark, I will let the tyres down on his Black Ferrari in my way back from the Pub. :lol::cheers:

In effect the architect could sign off each apartment individualy as certified complete without the rest of the building being complete or utilities connected. Each apartment being considered a seperate property covered by an individual and seperate agreement.

I just wonder if this is the Joker card they are going to play.

TB;

You know better and you also know how it works in Dubai and what exactly you have to do to get a completion certificate :bash::bash:

And what happened to your team............:lol::lol::banana: The paper boys team will beat you next :banana:

Not sure if you have seen this!

http://www.alineah.com/news/251/detail.htm



"In case of home mortgages, banks will have to register the deals and not the mortgagee, said Thani."

:ohno: Mr Thani doesn't understand who is the mortgagee and who is the mortgagor.

Mortgagee is the Bank
Mortgagor is the Borrower

BACK TO TOPIC:

http://i35.tinypic.com/17ack3.jpg

Thursday night from Barasti (picture not mine)

It says that the payment rate is to be set and calculated quarterly. It also states payments are to be made UNTIL occupation, implying continuous payments.

Implying is not a legal entity. Within your contract, tell me where it says they will pay each month, quarter or other wise, UNITIL completion. The fact is, it doesn't.

The fact that compensation will be paid is not under debate. I agree compensation will be paid.

WHEN it will be paid is not contractual according to my reading of the contract and is at the discretion of SP. During my converations of the subject with SP, they suggested to me that they would deduct the compensation from the final payment. After swearing down the phone at them, I got no where, suggesting they are prepared to go to lengths to avoid paying before this compensation period.

Maybe I approached the situation wrongly with them, but to be quite honest, I don't give a flying fck. They have a build way behind schedule, are taking the stance with me that my investment are of no concern to them, that the additional interest payments and loss of rental revenue is at our risk, that they will bend every contractual interpretation to their greedy benefit (in order to support the black Ferraris etc..) and fck the rest of the investors and genuine people who have, without precidence, put their faith in SP, their sales pitch and the dream of The Torch.

If anyone wishes to prove me wrong on the above, please do, cause I'm damned if I can now see it any other way. Why, for example, would they avoid the question "when will compensation be paid". They must know that compensation is due next month, yet no word, no direction to representatives of their after sales department, pre sales staff are told nothing. Why, because they wish to avoid such compensations being paid, it's clear to me.

But there again, I might be totally wrong and totally surprised when a cheque arrives in the post next month, in which case I will post an apology and paragraph of satisfaction on this message board :)

IMO compensation will be deducted from the final payment. This way SP keep the monies in their bank account earning interest for themselves. Come on guys..... if you were in business you'd do it this was as well......... so here's your answer.

IMO compensation will be deducted from the final payment. This way SP keep the monies in their bank account earning interest for themselves. Come on guys..... if you were in business you'd do it this was as well......... so here's your answer.
You should be washing Marks Maserati now MORRIS according to the POINT thread -- LOL

IMO compensation will be deducted from the final payment. This way SP keep the monies in their bank account earning interest for themselves. Come on guys..... if you were in business you'd do it this was as well......... so here's your answer.

And what about those on the payment plan who do not have a 'final payment'? I think they will add a running total of compensation amount due for each person to their excellent website, updated quarterly. You can then elect to use that amount towards the payments at any time or towards your 'final payment' if not on a payment plan.

And what about those on the payment plan who do not have a 'final payment'? I think they will add a running total of compensation amount due for each person to their excellent website, updated quarterly. You can then elect to use that amount towards the payments at any time or towards your 'final payment' if not on a payment plan.


Good point Steve, I always forget about the long term payment plan investors.....sorry.

This makes it interesting.........IMO SP will probably make a lump sum payment at completion (ie. handover) to long term plan investors as this means again that they'll keep the accrued interest and will also be on same terms as std plan buyers.

Don't get me wrong I'd rather they'd pay out quarterly but I really can't see them doing this when they can make more money holding onto the cash. (Hope I'm wrong at the end of the day though).

Yesterday I wrote to Mr Stott, as discussed. In doing so I spent some time studying the sale and purchase agreements for my three Torch apartments.

While it's true that they state that there will be LIBOR-based compensation for delivery stretching beyond 31/12/08, which it has been pointed out hasn't been explained with any clarity, there's another route that may give us a better compensation package.

There's a clause - it could be 9.3, I don't have the agreement in front of me now - that obliges the seller to use its reasonable endeavours to complete the development works on time.

As at the anticipated completion date, barely a third of the structure had been built. By the end-stop date of the end of this year, they'll be about half-way there. I'm sure we can all recall posts on this forum about there being week upon week of no work being undertaken on site, especially in the early days, workers being moved to other projects, changes to the design and contractors adding delays and the error that caused progress to halt (at the 30th floor, I believe) this summer.

For these reasons I think we're in a strong position to prove they're in breach of that clause. And as far as I can tell, there's no contractual limit on their liability if they breach that clause.

I've been told that two-bed, two-bath apartments with marina and/or sea views on high floors in Marina towers should rent for AED 230k/yr. I've therefore asked the developer to pay me AED 690,000 by the end of the year and notified them I'll offset my LPP instalments against their debt to me until it's paid.

How will he respond? Time will tell...

I might well compromise with them if they were able to deliver rentable apartments by the end of 2009 and could back this up with a revised construction schedule and some jeopardy for themselves if they failed.

Yesterday I wrote to Mr Stott, as discussed. In doing so I spent some time studying the sale and purchase agreements for my three Torch apartments.

While it's true that they state that there will be LIBOR-based compensation for delivery stretching beyond 31/12/08, which it has been pointed out hasn't been explained with any clarity, there's another route that may give us a better compensation package.


There's a clause - it could be 9.3, I don't have the agreement in front of me now - that obliges the seller to use its reasonable endeavours to complete the development works on time.

As at the anticipated completion date, barely a third of the structure had been built. By the end-stop date of the end of this year, they'll be about half-way there. I'm sure we can all recall posts on this forum about there being week upon week of no work being undertaken on site, especially in the early days, workers being moved to other projects, changes to the design and contractors adding delays and the error that caused progress to halt (at the 30th floor, I believe) this summer.

For these reasons I think we're in a strong position to prove they're in breach of that clause. And as far as I can tell, there's no contractual limit on their liability if they breach that clause.

I've been told that two-bed, two-bath apartments with marina and/or sea views on high floors in Marina towers should rent for AED 230k/yr. I've therefore asked the developer to pay me AED 690,000 by the end of the year and notified them I'll offset my LPP instalments against their debt to me until it's paid.

How will he respond? Time will tell...

I might well compromise with them if they were able to deliver rentable apartments by the end of 2009 and could back this up with a revised construction schedule and some jeopardy for themselves if they failed.
I think they may respond by telling you to "go forth and multiply" but if you don't ask in this life you dont get !
Rentable apartments in the TORCH by end of 09 not a chance,unfortunately we are all in same predicament

You may well be right. In the end I might need to go to law to get my missing rental income.

http://i34.tinypic.com/2e1dp2o.jpg


http://i34.tinypic.com/vg4fgz.jpg

Your argument wouldn't have a leg to stand on legally, Miss High Times. Anyone who bought an apartment has a written contract with Torch Select in the UAE, not with anyone else. The only way the money should be paid to Torch Select is through the escrow account where the land dept has control, otherwise direct to the land dept.

Try to explain again, who are "Select Developments", and the contractual relationship you feel you have with them in the UAE.....did you mention something about a baseball bat and a u.k. company?

So dont send them any money then.

Look, scoobu dooby, looby loo, dooby doo,

If your that convinced this is the work of some Nigerian Bank account fleecing con men then dont send any cash, simple as that, but give it a rest because your doing my F**kin head in.

Personaly i have it in writing from Select Property what they are instructing me to do in order to comply with law No. 13.

They are a UK company registered with the OFT and Companies House.

The MD lives in the UK and i can get his personal address from the SOCA computer with 1 phone call.

I'm real handy with a pair of nanchukas and a baseball bat and he's a florist.

I will sleep just fine.

Thanks for the update Joannides.

Check out the nutter holding on to the balcony wall formwork on the left hand side of the last pic. Insane behavior.

If only more posters had a genuine contribution to make to this thread. :ohno:

Dollar libor is down to 2.2%, don't expect much in the way of compensation in 09! :toilet:

Hi Steve

The contract is in Dirhams - today's 3 month Dirham LIBOR is 4.42. :banana:

Hi Steve

The contract is in Dirhams - today's 3 month Dirham LIBOR is 4.42. :banana:

That's exactly the same as Sterling LIBOR at close last night !

Hi Steve

The contract is in Dirhams - today's 3 month Dirham LIBOR is 4.42. :banana:

Regardless on whatever is stated in the contract, I look forward to the day someone confirms they have received a single penny in compensation from SP.

Regardless on whatever is stated in the contract, I look forward to the day someone confirms they have received a single penny in compensation from SP.

Yes, I can't help feeling that the vagueness in the responses coming out of SP's offices on this subject at present is the pre-cursor so some cleverly worded announcement which is still being finalised - (and confirmed as being legal) - to say "Sorry we got it all wrong when we said we would pay - and your attention is drawn to clause etc etc which clearly relieves the Developer of any obligation etc etc!!"

Don't get me wrong, I think it should be paid, - but it seems very odd to me that just a few weeks before they should be starting to pay out, Head Office is playing the "we have to ask the Developer - because we don't know" card!

I remain hopeful - but doubtful!

I can't wait until Sept 09 to ask them when the completion date will be..:lol:

When are they going to come clean on the extent of the delays:dunno:

That's exactly the same as Sterling LIBOR at close last night !

Oh.......either that's an amazing coincidence or my source has given me the wrong rate, I'll check it out again tomorrow.

I can't wait until Sept 09 to ask them when the completion date will be..:lol:

When are they going to come clean on the extent of the delays:dunno:

To be fair to them - despite the "company line" - they do answer the phone and they do reply to e-mails. They do have proper offices which are properly staffed by people who can answer me in my Mother tongue. That in itself can be quite reassuring. There are plenty of liars out there, and plenty of Developers who don't answer the phone or e-mails; - in fact name me a Developer which does not regularly and repeatedly lie to it's investors. SP are no worse than the others. It's only investors who don't follow SSC who will be surprised and dismayed when the project isn't delivered in Sept 2009. The rest of us have a range of possible dates in mind which are somewhat later. You have to admit though that after the glitch on the mechanical floor - they are back up to speed now. It's probably the fastest rate of rise in the marina just now!

Yes I was given the sterling rate in error.

I look forward to the day someone confirms they have received a single penny in compensation from SP.

No you don't...........it would be one less reason for you to slag off SP. :ohno:

No you don't...........it would be one less reason for you to slag off SP. :ohno:

Please ... as if i need to try. There would be no need to slag them off if they simply do what they have promised to their investors. Maybe then, dudes like you would have better things to do than to promote their interest with deceitful statements.

Compensation payment would never happen. I bet my last weak pound on it.

There's a 2 bedder for sale at 1.5m AED on GNads. It would be interesting to know if this is genuine and how quickly it sells.

There's a 2 bedder for sale at 1.5m AED on GNads. It would be interesting to know if this is genuine and how quickly it sells.

what floor and what size is the apt ?

There's a 2 bedder for sale at 1.5m AED on GNads. It would be interesting to know if this is genuine and how quickly it sells.

Yep, it’s genuine. The seller still making over AED500K (these units were just over a million OP). There was one on the 36th floor Sea View for 1.6 also (I am actually thinking about it, yes I am that silly :cry:)

It's not only the Torch, I had a few on offer to me today all over the Marina. Let us not mention BC Prices, some people will get upset.......They may even :cry: :cry:

It will turn around but not until this building is completed. 2011:cheers:

DS/SG Naivety and in-experience has cost a lot of people lots of money and will continue to do so for years to come. I can see some serious consequences IMOHO coming on the horizon :cheers:

Hopefully Steve has kept that Diary going :nuts:

what floor and what size is the apt ?

30th floor 1278 sq.ft. Hope it sells quickly.

30th floor 1278 sq.ft. Hope it sells quickly.

The problem is 90% is paid, you will find it difficult to find a brave guy with AED1.35M to part with in the current climate :)

30th floor 1278 sq.ft. Hope it sells quickly.

That is a steal at 1.5 mil

It's not yours by any chance guys, is it?

@Foxy; When do I get my £100? No, I will not take 548 AEDs :lol:

There's a 2 bedder for sale at 1.5m AED on GNads. It would be interesting to know if this is genuine and how quickly it sells.

That's just Dumb pricing, on the same advert page they have a smaller 2 bed in The Pinnacle for nearly twice this price! :bash:

The problem is 90% is paid, you will find it difficult to find a brave guy with AED1.35M to part with in the current climate :)

Thats why the LPP was/is a no brainer. This seller obviously has no brain as he is selling it now in a buyers market with 10% to pay on completion.

Why cant i have clients that dumb.

This type of panic selling will be happening all over Dubai for the next year or so. Time to dig in and hold tight.

Whoever weathers this storm is in for a real treat at the end.

High Times, Im starting to notice a postive change in your post's, keep it up

It's not yours by any chance guys, is it?

@Foxy; When do I get my £100? No, I will not take 548 AEDs :lol:

No pasa nada hombre. 25 months is a long time. Not even cocerned.

disclaimer its not me.

here is the point of view of the seller.

assumption: seller is UK based.

bought off plan late 2005 for 1mill AED.
Paid to date .9mill AED so approx £130k.

Return 1.4mill AED £256k.

Thats a small brain for you!!

The correct observation is. Can he sell at this price right now?

High Times, Im starting to notice a postive change in your post's, keep it up

I am very positive about the long term future of Dubai my friend. It's short term that the shit is going to hit the fan and that's all I have been saying for a long while now.

When I first pointed the cracks beginning to appear I was told it was "just the summer lull" and "it's only new launches" oh yeah and the best one "wait till cityscape then it will pick up".

All of a sudden everyone agrees with me.

I don’t suffer fools, so let them all live in denial I say. Bunch of amateurs.

Like I say, anyone in it for the long term 5 years + and can fund their purchases until they can rent out the unit has nothing to worry about.

The dollar gaining in value is just the icing on the cake as far as I’m concerned. that’s just increased my Dubai portfolio by 25% since the summer.

Happy days.:)

I tend to agree with High Times. Right now, just about everything is against Dubai: much of the world is entering a recession, oil revenues are down, its currency is expensive to anyone outside of the US of A (which also means sellers can repatriate cash at attractive rates), liquidity has gone from being kept artificially low (a negative real rate, in fact) to crunched, like much of the world's, and regulations have been introduced to reduce flipping. Small wonder no sane developer expects to sell new projects off-plan in the current environment.

For those of us who own completed units, as long as the domestic economy does reasonably well, our rents should continue to hold up or grow - we're more protected than before from a flood of newly delivered properties increasing supply. Likewise, once the global liquidity problems ease and economies pick up, if it turns out that fewer properties are built in Dubai, over a longer timeframe, that could work well for all of us.

Admittedly, I'm also an investor in a non-completed project (three units in The Torch). The risk with projects in build is that cashflow difficulties might result in even more delays than are all too common with Dubai projects, or schemes halting entirely. The Torch should be more secure than most, because many buyers (most, I'm guessing) are on the LPP, so the developer ought to be getting regular instalments. That said, the costs of buying themselves out of the infamous clause 9.3 could be considerable...

Where is Jo and his updates?

Let us have some photos please :cheers:

What floor are we on now?

i forgot my camera, so here is one via my blackberry (soory about the quality!)

http://i34.tinypic.com/27wuekn.jpg

What floor are we on now?

Working on the formwork for 40th floor now.

Still averaging about a floor a week.

Is it possible to do much faster than this anyone ??

02-Nov-2007, 1700hrs, GMT+4

http://i17.tinypic.com/33vzvxd.jpg
Just over a year ago - Handover Sept 2010 ?

i forgot my camera, so here is one via my blackberry (soory about the quality!)

Good enough to see the progress, many thanks

Is it possible to do much faster than this anyone ??

Others in Dubai have achieved a 3 days cycle.....Not DCE....Not in a million years:ohno:

Just over a year ago - Handover Sept 2010 ?

Best case, March/April 2011 :) I hope I am wrong. :cheers: