Did a drive by last night (around 4 am).

There were lights on and activity and I saw a great big hole in the ground. I drove off with a smile on my face. :)

Thanks for the info. Good to know that there is work on the site. Now I have a smile on my face.

Thanks for this good news!

I just have red that on an internet site:
"Dubai has issued a Law No. 13 of 2008 making it compulsory for developers to register their properties with the Dubai Lands Department. The Government of Dubai wants real estate developers to register their holdings and stop selling unregistered off-plan properties.

The new law with 15 articles makes it mandatory for property developers to register their sold properties on the registry. It will invalidate any transactions on unregistered properties. While the law gives developers a 60-day grace period to register any transactions carried out before the issuance of law, it also gives buyers a 30-day grace period to register their purchased properties.

The new law aims to help regulate Dubai's booming real estate sector and boost investor confidence in the property market."

DO we (the owner of the eden blue tower) have to register our contract with the land department? Someone already done it and is it possible to do it by mail or e-mail?
thanks!

Another question: what is the difference between the trust account registered on rera (http://rpdubai.ae/rpdubai/jsp/template.jsp?pageID=10014&&lang=0) with emirates bank and the escrow account of our contracts registered with amlak?

I just received an answer from Investments House:
"As per Law no 8 relating to Real Estate development in Dubai Eden Blue is registered with land department and also we had set up an Escrow account. Now as per new RERA law all the developers have to register the apartments with Land Department/RERA. This is called pre registration of the apartments. The developers have to pay AED 370 per apartment to Land department with all necessary details to RERA (Real Estate Regulatory Authority). We have completed the paper work and this pre registration will be done within this week.

After pre registration the investors have to register themselves with RERA and they have to pay certain amount to Land department as transfer fee. At this moment the law is still not clear for the registration of individual apartment from the client and we have to clear certain issues with RERA regarding the same. But as per new law each and every individual client has to register their apartment with RERA. We will be informing all our client once we get clear guidelines from RERA"


MISS WHERESMYCOAT PICS!!!

C/U 31/08/08

http://i36.tinypic.com/2v9air4.jpg

Hi,

I'm a newcomer to Eden Blue, and look forward to swimming in the pool..even though will have to wait until 2001!

I drove by yesterday -- during the day -- and I saw a bunch of workers placing very large cement blocks into the large excavated hole. I presume this is part of the foundation for the tower. It looks busy and active on the site. All very good signs.

construction update:
http://www.edenbluetower.com/developerpic3.html

hi all,
looks like some progress at last.
has the permit been issued yet for commencement to the foundations?

what about clause 8.5 does this mean we cannot rent out ?


merv :)

I'm a newcomer to Eden Blue, and look forward to swimming in the pool..

Is everyone making their payments on time? if not, what has happened?

Before I made the last payment I contacted investments house and asked them if there were any changes in the payment schedule and there answer was no. So I made the payment on time.

I also sent my payments on time

thanks - much appreciated. are you sending in cheques or doing a bank transfer.

bank transfer for me as i am in France

ah, yes....how is france these days?

Temp 18°c, sunny weather in Paris:)
Still miss your pics mr Coat!

Still miss good french wine....

Enjoy the nice weather, Paris.

30th September,

http://img123.imageshack.us/img123/3585/dsc00452ig9.jpg (http://imageshack.us)

http://img77.imageshack.us/img77/7341/dsc00453so6.jpg (http://imageshack.us)

Thank you True Blue for the pictures.

drove by tonight. they put up a nice new sign for eden blue with all the construction details. also, the 2-3 empty plots (between eden blue and KG) are now fenced off. Wonder if something has been launched there?? Oh, and DEC is coming along, too!

It was 20:00 and there was work being done, men were handling big equipment (piling?)....All looks well. :)

Thanks for this update!

Hi,

Saw the launch of the tallest tower. Anyone know the exact location? It is described in the article below as the junction of the Arabian canal and Sheikh Zayed Road.

http://www.arabianbusiness.com/533109-nakheel-unveils-new-worlds-tallest-tower-plan

How far is this from the Marina?

Cheers.

only 5 mins from Eden Blue tower . here the site of tallest tower


" old picture by imre"

http://img413.imageshack.us/img413/4347/imresolt238jn5.jpg

"by nakheel "

http://img135.imageshack.us/img135/11/alfurjanmasterplanrk8.jpg

Construction update of the month

http://edenbluetower.com/developerpic4.html

On the website of edenbluetower.com, it is mentioned that preregistration of units is completed.

Haven't received contact from investments house on how to register with RERA. Has anyone?

U/C 16/10/08

http://i35.tinypic.com/33tmmoi.jpg

Thank you so much Bizzy:)

No news for registration of unit with rera and construction update?
Thanks

I recently emailed them for news, but didn't even get a reply. Hope all is well especially since my next payment is due anyday now.

I will pop into their office in a couple of weeks time when I am in town. Hopefully others can help out with up to date info until then.

Didn't get a reply either when I emailed them

Got the reply.

Registration still in progress. They will inform us as and when they receive clear guidelines of what needs doing.

One thing is for sure is that it will involve us coughing up. Approx 2%. They will take care of paperwork.

regards

thanks

Any one know if they have appointed the main contractor.

Inv Houses is currently negotiate with 3 different main contractors and hope to finalize the negotiations by next month. The good news is that construction costs are going done due to the current market situation.

Any construction progress update or pics?

The bad news is that real estate prices are going down with it!

Just out of interest why should it matter to us if the construction price is going down? Will they pass on the savings?

I'll try to post some recent pics this weekend.

As already posted previously, the price increase was to be able to complete the bldg. If the costs of construction go down, so should our payments.

as i follow the current prices on daily papers and also on the net it is below Dhs1400/SQF and due to situation in dubai property market it may come down more. However there is no customer at all for such plans.

Wanted to know if all the payment plans which you have in yr contracts is like mine below. I heard they (Investment House) changed the completion date to mid 2011 in some new contracts:
period 1 = reservation & booking
period 2 = 25.02.2008
period 3= 25.05.2008
period 4 = 25.08.2008
period 5 = 25.11.2008
period 6 = 25.02.2009
period 7 = 25.05.2009
period 8 = 25.08.2009
period 9 = 25.11.2009
period 10 = 25.02.2010
period 11 = on completion which is expected on 2nd quarter of 2010

I have the same payment plans in my contract. I think they have changed the completion date but not the payment plans.

Construction update 19/Nov/08

http://i33.tinypic.com/9u1xs1.jpghttp://i35.tinypic.com/33mld3o.jpg

thanks for picture. it shows that the Ground work is over but there is nothing on the ground now. Those big cement blocks are used for tower crane stability which they stored them there long back and displaced them two times in the land.

I don’t know why they do need to stop for a month till they award the main contract. The main contracting company should be signed long time back, and would have started the construction immediately after the ground work has over.
Do they need to breath after every stage? There will be no activity on land till they assign the main civil contactor. They just keep delaying the project month after month

found thefollowing offer of eden blue apt on the net. just for ref

Eden Blue For Sale in Dubai Marina
13 Sep, 2008 Sale

Eden Blue For Sale in Dubai Marina
Type: 1 bedroom
Floor Range: 6 to 9th Floor
Size: 1,207
View: Full Marina & Sea View
Price: 1,448,400 AED 1,200 dhs / sqft (includ trsf fees)

NO AGENT PLS

Contact: +971 50 8763223
Email: buali@angel-homes.com

Rgds

Bu ALiEmail buali@angel-homes.com[/COLOR]

Pls let me know if anybody paid the recent instalement for eden blue

I am waiting for the confirmation of the rera pre-registration and for the beginning of the next stage to send the november instalement. What about the others owners?

I am also waiting for the next stage beginning, which will start med of January 2009( as per Investment house feedback) to send them November instalment, by the time the main contractor will be appointed, a testing works is under processing on land...!!!
They said RERA pre-rejestration is completed.

what about this talk of a penalty of 200 dirham a day for late payments?

I haven't made my last payment either.

Thank all for yr feedback. your responces was a relief for me when i did not pay the november instalement either.

The viability of the whole project hinges on us paying up. If enough people decide to hold on to their cash, then it is hardly surprising that they will delay starting construction.

I'm sure they have contingency, however it strikes me as somewhat self defeating that we would encourage others not to pay. Your investment is only at risk if so many people decide not to pay that the project is never completed.

I would have thought in the current climate, where confidence is so low, we would be doing the opposite and encouraging people to cough up on time.

Just my two cents worth.

I do agree with you provided they (Investment House) have the same intention to proceed with the work. We only need to see more progress on land.

I went to see them last week and they were quite candid. They claim to be procrastinating due to the fall in steel prices.

This means they can now begin negotiations at a far better price and any negotiations that may have taken place in the past are defunct and have to be revisited. Apparently, they are currently in talks with Sharaf, the current contractors.

i want to ask how was the investment house responsibility and their transpracy in last 2 yrs. they sold the whole project with a pc of paper of their imaginry map. they never act with responsibility.

besides, Amlak is the fainance company of eden blue which is facing many problem caused them to merg with Tamweel. Do you think if we pay our money to amlak it will be safe?

Hassan41, I agree that we have no reason to trust Investments House, but I fail to see the logic in what you are doing.

What will you achieve by not paying? You are not big enough to take on Inv House alone. We need them to get on with the development for all our sakes. So, regardless of what you think of them, they need our money to continue. As I said before, there is a percentage (I don't know what it is) but lets say 90%, if fewer than this number pay up, we are all screwed.

There is no reason to think Amlak is in trouble as far as we are concerned. The problem they have is lack of liquidity, hence they have stopped lending. In our case they manage an ecrow account specifically for Eden Blue, so liquidity doesn't come in to it. They also cannot divert our funds to other areas of their business to start lending to customers again for example. Moreover, if anything they are more secure now than they were 3 months ago when you made your last payment. The new entity 'Emirates Development' Bank has federal government backing i.e. Abu Dhabi.

Good to see the the Eden Blue Forum on the top of the topics!
To my mind there is no risk for Inv House if we wait for the next stage of the construction to pay as we have already paid almost 53% of the total value of the project (without the november payment); Inv House has now paid maybe 10-15% for the first stage of the construction, and so they can continue without financial issue as they have enough money to pay the beginning of the main contractor costs.
As soon as the next stage will start, i think we all have to pay the nov instalement and the next one in due time.

Did someone already checked that is unit is well pre-registered with rera?

I agree with Paris Dubai and mazdubai. We have paid most of it anyway, and we're in it now. It has been rather slow, but contracts also protect us. Also the merger of Amlak and Tamwheel doesn't affect safety of funds. And now that the construction costs are plumetting, we must avoid adding delays additionally to theirs.

Also was wondering about the rera registration.

I suppose they have factored in delays. Completion is set for Q2 2011, with a possiblitity to even be Q3 or Q4. It takes about 18 months to build a tower. Its now Q4 2008. You do the math. Planned delays to push out the construction, hopefully to capture cheaper raw material prices but probably more for cash flow purposes.

I prefer "milestone" payments. Not one single story has been built and some people have already paid more than 50% of the price? Not fair.

Paris, I agree with you, its nice to have a "constructive" conversation about EB/IH once again!

Hello mazdubai;Thanks for explanation.
The logic behind my words is that in current dubai real state market our money is worth more than everything. thats why its difficult for me to continue putting my money easily in a project which is not yet started.

What i am trying to achieve is the peace of mind. we started payment in 2006 After 2 yrs still we have not seen a single physical appearance on the land.

You wrote they need our money to continue. we paid almost 50% & thy hv not started yet. So what they want to continue when they didnt start.

About Amlak you are right there may be no risk but who knows how long it take time for amlak and Tamweel to make a new Bank and what will be the new regulations.

What i am trying to express is we should be more careful about real estate business in dubai. we have to pay them the money once we are sure that the project in on the safe road and free from recent crises.

about RERA i am not sure about reg but i checked RERA website where EdenBlue is listed there along with 934 other uncompleted projects.

^^
Just about to send off payment for september. installment with my payment plan.
My reason for withholding payment is simply because my first contract was changed as we all know because of trouble at invest house and i was reluctant to send good money after bad as we say here in the uk.

We did not receive the new contracts for some and when we did receive them we took our time to check that we were not going to be liable for increased construction costs et etc.

So, we finally sent off the contracts signed by us and awaited from september to receive them back from that crowd in dubai. still awaiting same to date.

After some time we contacted invest hose to see what the problem was THIS time to which thyey stated hat our contracts were on there way.

so that is why we delayed our payments so far without penalty.

However with an escrow acc. our monies are safe.

Lets pray that this latest crisis will blow over and the actual start date will come soon.

It seems that this project is a bit of a farce but with a lot of potential.

Has anyone been phoned to ask if you would sell for the grand total of 100 dirhams extra per square foot?

told them where to get off politely of course.

merv:ohno:

I would like to highlight they need our money but not to continue this project. Per my understanding, this delay is a preplaned. All the money with investment company is at high risk until they complete the project.

Sohail, our money is in the escrow account now and not in Investment House accounts, so no way they can use it for other plan...

I rcvd the following notice from them which shows many people did not pay their recent instalement and waited for some progress in the project
====================================================

Ref: Payment Reminder – Eden Blue Project, Dubai Marina

With reference to Apartment ..........., Eden Blue Tower, Dubai Marina it appears that your account is not yet settled. This notice is a final reminder that your payment (..............) was due on 25 Nov, 2008 according to Sales Contracts.
Failure to make the payments will lead to late fee of AED 200 per day.
In order to avoid late fee kindly make the payments no later than December 10, 2008
Please include your account/unit reference number when submitting your payment to facilitate proper processing. Acceptable payment methods are Cheque or Electronic Transfer.

You may mail the cheque to:
Beneficiary: AMLAK FINANCE
Investments House LLC
Street Address: Al Attar Tower, Office No 504
Sheikh Zayed Road
P. O. Box 9676,
City: Dubai Country: UAE
Tel: +971 4 321 7171
Fax: +971 4 321 7117

If you have already made your payment, please disregard this notice. If your payment has not been received, please submit it promptly to avoid late fees/ cancellation as per the Sales Contract.

Best Regards,
Iqtidar Husain
Sales Coordinator
Phone +971 4 3217171, Fax +971 4 3217117
Dubai - UAE
P O Box 9676
ihusain@investments-house.com
www.investments-house.com

^^^^
we just received our contracts back from inv house. we too received. the late payments notice but only after we reminded them that we had not got our contracts back from them.

what will be the next problem with this project.
have we been deceived?

Is it a case of hudna?

i wonder?

merv

I don't receive the e-mail and i don't have the same contract as per my contract in case of late payment i have a penalty of 5% per annum for the amounts outstanding.... that is 4 AED per day for one late payment...

I have kept in touch with the discussions on this forum, However this is my first post. So Hi everyone.
Now some serious business.
The fact of the matter is that all of us have paid over 40% againt our apartments.
There are some 380 units planned in the building. For simplicity we assume all 380 units to be studios. Assuming all studios to be of the minimum size, they have on average recovered DHS 125,000 plus from each of us. That would mean a grand collection to date of DHS 47,500,000 (Forty Seven Million and Five Hundred Thousand). I would assume the actual figure to be quite higher as we have ignored the one beds and town houses.
That money at todays average construction costs should have bought us 158,500 sqft of construction.
However all we have for it so far is a not so fancy fence and a few holes in the ground.
I strongly suggest we hold back any future payments and negotiate a new payment plan based on actual progress of the project.
We have already paid enough to see the first 10-15 floors through.[/B]

I totally agree. In light of new circumstances and actual milestones achieved to date, we are in a position to ne-negotiate the contract. I do recall them doing the exact same thing a few months ago to delay the completion date and, of course, charge us for extra square footage.

Welcome to the forum 'The Baig'

Good points well made. I agree that a move to milestone payments would be great. The question is how and what can we do together to make Inv. House consider this?

I have to disgree with you on the other points. You assume that 380 units are being paid for regularly for your sums to add up. This forum is the tip of the iceberg and there are plenty who haven't paid up even on here. We can't really rely on the people on this forum as a reliable gauge. Inv. House admitted they have problems with Central Asian investors paying up.

I realise we must take what they say with a pinch of salt and I have absolutely no idea of construction costs etc, but according to them:

groundwork - 18,000000 approx
construction - 165,000000 approx

My point is the real problem are the speculators. It is clear they thought they would make a quick buck in the short term and turn the property over quickly. They probably never had/will have the funds to go all the way. Now they are panicking; that's probably why the forum is so busy at the moment and why there are currently over 22 Eden Blue properties for sale when there were only 3-4 for sale six months ago. They must realise however that there are no takers even at the current prices with 1 beds being repeatedly advertised at 890 and 980 per sqft.

If anyone has any suggestions on how we can persuade Inv. House to change payments please post.

I agree with where's my coat that if we renegotiate the terms, they are going to play on the footage space.

Also, they have a penalty of 2% to pay if they are late, they might want to take that out or change completion date.

The cash is safe in an escrow account and investments house at least cannot lay its hands on it, unless it delivers.

Only the last 2 checks ( payments) were made out to an escrow account. So what happens to all the payments that were made to investments house prior to that?

i suppose a quick call to amlak quoting the escrow account number and our reference numbers would answer that question, no?

Central Asian investors paying up? Good luck with that.

Hello All.
Glad to see all of you actively involve with the issue.
I was one of those oppose to pay the Nov instalment & encouraged others to stop their payment.
Having such idea i went to Inv.House with my mind full of reasons and calculations to defend my idea not to pay till i can see some progress. I met Mr. Sultan who is incharge for corresponding with buyers.
After explaining my idea he started to count his reasons.
Changing in ownership of the land,
The land problem with Emmar,
Finding that the cost of the constraction is higher than Dhs.700/sqf selling price & adjusting the difference with adding 13.50% to contracts as common area & increase the size of balconies to catch up the cost of construction.
Then Escrow account and requirments by gov to creat this ac came up.
Then Land dept registration was required to let them start.
Then Emmar claimed late payment fee of dhs.600,000 and they had to pay.
Then they appointed Sharaf Foundations for Pilling & grounding which they successfully finished it with receiving the full payment.
Then RERA came up and they needed to settle the documentation with them.
Then they did the testing of the land.
He told that they reached to an agreement with SHARAF CONSTRUCTION to do the constraction job which they asked for 19 million down payment.
He said they can go ahead if only 75% of the investors pay us to use their money for constraction.
He repeated many times that Eden Blue project is one of the most transparent project compare with many others stucked in the first stages.
He assured me that prices of property in Dubai no matter how low it comes, would not be the 700/sqf.
Finally he convinced me to pay the due amount which i did.

However i am agree for a proposal to Inv House to change the payment plan. I am ready to help to creat the proposal to them for such amend. I am sure if we unite on this issue we will succeed. we need to prepare the request with at least 15% ( like 50 units) of the owners signatures for such claim. Please write to advaspar@eim.ae if i can help.rgds.Hassan

Thank you HASSAN for all the effort and for the information that you have posted.

By the way when we signed the contract in april of 2008 there was a missing part which includes the details of the finshings of the apartment and the floor plan. Mr Husain told me that this part of the contract will be ready in August of 2008. Has anyone recieved this part of the contract yet?

By the way when we signed the contract in april of 2008 there was a missing part which includes the details of the finshings of the apartment and the floor plan. Mr Husain told me that this part of the contract will be ready in August of 2008. Has anyone recieved this part of the contract yet?

Haven't received it yet.
Also thank you Hassan for all the information.

Thank you Hassan, appreciate your efforts.

This is exactly the same scenario I had with Sultan a couple of days a go, then I recognize that it is better to pay (which I did), anyway this should be the last payment we should pay, by the time the next payment is due (two months later) then the picture will be much clearer, they must would have the main contractor assigned and we should see some progress on land. Accordingly we have to act.

Thanks Hassan. Count me in. I will email you to add my name to the list to try to persuade them to reconsider the payment plan.

It might be an idea to give them the benefit of the doubt for this payment and collectively withhold the next payment if there is still no progress. The difficulty is in organising this. As I understand it we all have different payment dates???

Also I think getting 15% of owners on this forum is a bit optimistic.

Hell all friends
Just write to thank you all for your support and trust. I have received a few confirmation by email and a few others in the forum. soon i will prepare the request to inv house and put in the forum for the first step in hope to get more support.

I hope you don't loose all your money.

http://www.msnbc.msn.com/id/28183375/

Don't trust too much people.

I don’t think this is the right time to drop such email.

We know it is a hard time, we need to keep optimistic.

Dear all, i have also sent my november installment!

NEWS = "We have finished the shoring and piling work and dewatering and testing phase of piling is in progress which will take few more weeks following which the main contractors will be appointed for the main building" from an Inv house e-mail...

Now, we can plan a BBQ party in December 2011:)

i saw only a few worker today morning , nothing new happened .

December update
http://www.edenbluetower.com/developerpic6.html

Dear all, Happy New Year!
I have consulted with RERA and they informed me that as per Dubai real estate law developer can not collect more than 20% until project is on ground (i.e. 1st or 2nd floor). Also they advised me to get in touch with the real estate attorney. After reviewing all documents, my attorney advised me not to pay any further installments. But I’ve already paid four installments. He also advised me that we should be very careful to put hard earned money into such projects.

Dear all, Happy New Year!
I have consulted with RERA and they informed me that as per Dubai real estate law developer can not collect more than 20% until project is on ground (i.e. 1st or 2nd floor). Also they advised me to get in touch with the real estate attorney. After reviewing all documents, my attorney advised me not to pay any further installments. But I’ve already paid four installments. He also advised me that we should be very careful to put hard earned money into such projects.

May I Ask you what is the percentage that you have paid so far?

I've paid 35% of new contract price and 45% of reservation contract price. Actually, I bought in December 2006 and developer had increased the price 30% more in July 2008. So far developer is playing with my 100,000 USD since last two years without any progress on site.

All the best Paris and Where's my coat! Long time no speak.

We have now paid 58% of the cost of our apartment, just sent the december payment through last week.

We are buying another studio in Elite III Dubai Sports City and have paid 60% of this one but they are even further behind than Eden Blue!

I believe this new Rera regulation is effective 1 Jan 09.

Not sure where we will stand now or how it would affect the build if we hold future payments?

Whrs my coat, I have sent you a PM.
Kind Regards

i want to wish all eden blue owners a happy and prosperous new year.

merv:):):)

Happy New Year to everyone. May 2009 be your best year to date!!

I agree, they should do more work on the project before we keep paying in more money. I would like to see those floors popping up this year.

Dubai Banks, thanks for your PM. Finally got it on here:)

Thanks for everyones input.

Happy new year to all and a great 2009

Happy new year, wish to see the first floor in 2009....:)
I imagine there is no specific news?

Rera sets payment rule

Wednesday, December 31, 2008

Starting from January 1, 2009, developers and banks have been ordered to stop taking payments more than 20 per cent of the cost of properties from buyers or investors until construction begins, a Real Estate Regulatory Agency (Rera) official has revealed.

"We have sent out letters to 100 developers – as well as having meetings with them and lending banks and institutions – telling them to take payments from buyers worth only up to 20 per cent of the contract value," Essa Saeed Ahmed Al Mansoori, Head of the Trust Accounts Section at Rera's Real Estate Development Trust Account Department, told Emirates Business.

"With properties that are already being built, developers who have collected more than 20 per cent of the contract value from buyers will immediately have to stop asking for further payments until they correlate the escrow amounts already collected to construction progress."

Rera has set up an 11-member Real Estate Development Trust Account Department that will supervise and monitor the construction process and ensure the escrow amounts are collected in accordance with the agreed schedule.

"We have all the figures in our database and are asking developers to stop collecting money from buyers," said Al Mansoori.

Rera Chief Executive Marwan bin Ghalita said developers could protect their rights by referring disputes to the Property Court where contractual agreements would be enforced. "The message we want to send out to the developers and lending banks is to consider the situation of the investor before they take action," he said. "In this time of crisis, everyone should work together and everybody's rights will be protected."

Meanwhile, Rera has announced that a revision of Law No 8 is being considered by Dubai Land Department.

"For new sales and purchase agreements the booking amount has been set at a fixed amount rather than the previous rate of five to 10 per cent of the contract value," said Al Mansoori . "In January, Rera will set up a technical audit team. The new system will enable stricter auditing of the escrow account, the developer and the trustee."

He added that Rera was introducing regulatory procedures covering Law No 13, which established the Interim Real Estate Register.

A land department spokesman said 100,000 units had already been registered.

http://business24-7.ae/articles/2008...362e9d90d.aspx

Dubaibanks,

Have you approached Inv. House with this info? If so, what was their response?

Thanks.

I have other news from Inv House:"the dewatering of piling is in progress which will be completed in 6 weeks following which the main construction will begin". They also confirm that by March 2009 we "will see significant progress in the construction and we will be more positive for the progress of construction"
They are also tendering the main contractors and are trying to sign the best contract as "the prices of construction and labor are slowing down due to current market situation ".

Thanks paris for this info. at least there is a bit of positive news for a change. a good start to the new year.

Re the payments does that mean that there will be a new payment schedule again for those of us who have paid more than 20% of the price?

Merv

I asked for a new payment plan but the answer is no....

Paris,

So no new payment plan. What if we suggest deferring the next payment by a couple of months at the very least. They are saying we will see real progress by March, but If i'm not mistaken most peoples' payments will be due in Feb???

Opinions?

Thanks

I really don't know, but from my side i have paid the november installment at the end of december and will not pay the next one untill i will see "the real progress" as they said... I have paid more than 50% of my appartment so to my mind they don't need my next payment in the next few months and even if they need, not sure they can take it on the escrow account at this stage of the construction... Could be interesting to check the balance of our escrow account (anyone already done it)?

Regarding the payment plan, i think we need to ask collectively a new payment and if the answer is still no to submit our request to RERA?

I asked for a new payment plan but the answer is no....
The new payment rule is clear. They have ordered developers and banks to stop taking payments from investors until construction begins.
I have paid more than 50% and all we have is a hole in the ground.
My next payment is due in march and if I dont't see any consruction I will not make any payments.
Ofcourse the developer will say that there is no new payment plan, they will argue anything to keep the payments coming.

I arrived to Dubai 2 days ago, visited the construction site today, saw some workers and activities. It looks like the sit is dry althoug I say around 3 hoses and pums and water was being pumped out. I also saw workers operating excavators digging out sand from around the piles. it looks like there is a lot of progress since last pictures were taken. I will take my camera next week, take few pictures and post them.

Thanks for this good news! Hope to see your pics very soon:)

Another good news from Gulfnews


Two draft laws to protect buyers in off-plan market
By Suzanne Fenton, Staff Reporter
Published: January 27, 2009, 23:25


Dubai: Two new laws in the pipeline will bring further protection to investors and end-users in Dubai's off-plan property market.

The first law says developers must own the land and have completed at least 20 per cent of construction before they can request consent from the Real Estate Regulatory Authority (Rera) and are allowed to sell off-plan.

The second law says the payment plan must be linked to construction milestones and a maximum of 20 per cent of the property price can be taken up front.

Both are in draft form at the moment but expected to be implemented soon, according to Lisa Dale, partner in law firm Al Tamimi and Company. A law already in place says that developers will be cancelled from the Real Estate Register if they do not start construction of the project within six months of the date when approval was granted to sell off-plan.


--------------------------------------------------------------------------------


--------------------------------------------------------------------------------


Al Tamimi joined forces with Dubai Land Department (DLD) on Tuesday in order to shed some light on property laws in Dubai. Buying off-plan has always been slightly risky as some developers took money from investors without having started construction. This led to many complaints being taken to Rera and the Property Court by people wanting their contracts cancelled and being given refunds.

While the exact number of cases currently in the property court is unavailable, Dale said they were "very busy".

January 30th 2009, no workers today because it was a friday. The marina was so crowded with people dining and shopping at the marina walk, the atmosphere was amazing.


http://img102.imageshack.us/img102/572/dsc01081te4.jpg (http://imageshack.us)
http://img102.imageshack.us/img102/dsc01081te4.jpg/1/w800.png (http://g.imageshack.us/img102/dsc01081te4.jpg/1/)

http://img136.imageshack.us/img136/9333/dsc01084nt2.jpg (http://imageshack.us)
http://img136.imageshack.us/img136/dsc01084nt2.jpg/1/w800.png (http://g.imageshack.us/img136/dsc01084nt2.jpg/1/)

Great pics! Thanks I Love Dubai!

Yeah seems like progress! But I was there yesterday - Monday, and there was no workers either! Maybe because i was there at 1400 - lunch time or so.
Will check next week again...

dewatering

09/February/2009

Eden Blue Tower

http://img14.imageshack.us/img14/5296/imresolt027om5.jpg (http://imageshack.us)

http://img518.imageshack.us/img518/5025/imresolt028hb3.jpg (http://imageshack.us)

http://img518.imageshack.us/img518/3521/imresolt029wj6.jpg (http://imageshack.us)

http://img12.imageshack.us/img12/825/imresolt030ts8.jpg (http://imageshack.us)

WOW - great pics. Thanks ever so much for posting!!

Dear friends,
does the new rule: " payment plan must be linked to construction milestones and a maximum of 20 per cent of the property price can be taken up front "
works for this project?

Does the developer must change the payament schedule? it didn't do it. Have somebody news?



thank you

Mark

I guess this is for new announcements (not that there are any) and doubt this will be applied retrospectively.

For what it's worth, I have discussed the possibility of a new, revised payment plan with Inv. House and received a firm NO.

Dear all,

Investment House does not accepting to replan the payment schedule, while they are not progressing in the execution schedule, till date they did not sign the main construction contract which should be done a while ago.
Last week I had a long discussion with Sultan, and he clearly mentioned that they will only proceed with the project once it is profitable for them, that means they are waiting till the construction prices fail down so to proceed (and this may take one month or 6 month never know). I don’t think this fair and I really was so disappointed.

I was very astonished of such an answer, because they said at the current construction cost they will run with break even cost if they proceed with the project, so I would have know idea what would they have done if (as in the past) the project cost was much more than selling price and they where running with loses.

I think we should review our payment plan, they keep promissing that we will see a progress on land befor the next payment (which is almost due) without a real development.

Agree to renegociate the payment plan. This not serious now to send a new payment.
If they are waiting till the construction prices fail down so to proceed so we will wait that they start the main building construction to send the next installment...
They can't forced us to send the next payment as they need the agreement of RERA and of course they will not get it because the payment plan must be linked to construction milestones...

Dear Buyers,
I get this answer the the developer to my question to make a new payament plan for the new Dubai rules.

The rule " payment plan must be linked to construction milestones and a maximum of 20 per cent of the property price can be taken up front " is for the properties off plans sales and where the costructions didn’t started; the Eden Blues is started yet the the piling is already finished.

So you have to follow the payaments plan you have and any soft payment terms and delay in payments can lead to delay in starting the basement construction which is not beneficial for either you or us.

What to you think about this answer?

Mark

Payment plan must be linked to construction milestones is for all properties!!!!
End of construction in my contract is June 2009, never received any amendments...

penalties will have to be paid for delays according to the contract. If they are so keen to follow their contract.

Our contract states completion 2nd q 2010,which now looks unrealistic to say the least.2 years from now is more realistic maybe a little optimistic even.
We should try not to be so negative as this will not help anything,at least inv house are getting on with construction.
As for the payment plan it is out of sync with construction and it is unfair but maybe when these new laws are passed things will change for the better

If we see the latest updated photo on the Eden blue web site we will see the old photos which already updated with the latest from Amre, and I love Dubai.

For Inv House they will (after 6 weeks) load these photos (Amre, and I love Dubai) and say look we are progressing, this to give them longer period time without getting the main contract signed.

I think every body from his end should push them to finalize the main contract.

They used to tell me the main contract is in tendering stage since 2 months back. and you can still note they are telling the same in the updated Eden blue web site.

We need a frame for the main contract and construction awarding date......when....when...when?

Did anybody get an email today with a letter from Inv House about how we need to keep up with the payments to make the project economically viable?

Hmm...

yes, i received the letter, i understand that they need the next payment for the main construction contract and then they will revised the payment plan in april 2009. Did you understand the same?
thanks

I also received the letter. Smells of panic to me. I suspect a sizeable number of people are withholding payment or are unable to pay.

Looks like we are heading for stalemate; investors unwilling to pay and Inv. House unwilling to move on until enough people pay.

Recipe for disaster with the project potentially ending up 'on hold'.

I hope i'm wrong.

I think the best we can hope for is that they are sincere about the new payment plan and finalizing the contract and with that in mind everyone pays up.

I didn’t received the letter you are mentioning, can somebody post it on line??

As I said, what all they where waiting for is the next due payment, which they recognize that is a counted number of Eden blue owners will not release since there is no considerable progressing, they have 2 plans earlier how to proceed with the project,...

1-Amlak bank to finance the project, which is no longer an option since this bank still, has some problems and trying to merge with Tamweel Bank.
2-To have the main contractor him self funding the project which also no longer a valid option because I know they where trying with him since couple of months, but it seems that the contractor is looking for a down payment and will not finance the project from his own pocket.

and here the third plan rised up,
3- To start convinsing Eden Blue owners to pay the next payment which they where not expecting, to use this money as down payment to the main contractor, and then they can guarantee the money fluid from the next scheduled payment plan since people will start to see the contractor on land, and will have more trust.

What still I am not sure about that if we accept to pay this time, what sort of guarantee we will have for immediate proceeding with this project without further delay..??

yes you are all true but i am with this project from the start and i know all the stories which are associated with this project. i mean from where it started like reinstat.... the project and establish Escrow a/c and land dept Registration...... and if we see from when project was realistically started may 2008 they have done significant progress
We all should see that land does not come for free ???? the developers have to pay the land in full and pay the consytruction
We all know what rate this project open and to be honest you CANNOT get an apartment at this rate in MArina (which we all will agree except few cronic ones) we should all hope that this project work out
I put my hard earned money and i want to be optimistic (cross my fingures)
Guys come on we cannot compare the developer with Emaar or big fishs and at what rate they open the project AED 1,800 psf (huge margin,,,, free land) in this case you can ask for 20% payments and make construction (margin high). In case of Eden Blue case is very different lets take it like this way and let us join hands to make our obligations and hope for the best...........

sounds good r u working for this company?

merv

i am quite serious not in joking mood merv
i reserved quite number of apartments for me and my family and to be honest i make money by selling and resell the apartments
all of you remember May 08 till Nov 2008 (period when all were getting Sales Contracts ) and Construction started and market was really really good with lots of money in secondary market ,,, i make money my family make money Goodd so i can never forget that time as welll
you are all absolutely correct that they should strech the payment plan and rescschedule it otherwise we cannot pay more just to see project on grounds i agree but i was just expressing my opinion and i say what i feel is true i see both ascpetss..... but if i say more then merv will say that i am working for this company

guys no one wwants to loose her money and i am one of them but i dont want to vbe negative at this hard time of recession let be positivee plZZZZZZZZZZZZZZ

With all respect to your feelings toward Inv H. We are here not dealing with emotion, it is our money, and if we have to pay it we should have a return!!!

You may be had made money out of this apartments but we did not, and we respect your expressing as it is true for a certain extend, but the point where we are all stuck at this moment is what should make us pay the next payment...???

Again we need a sort of commitment from Inv.H, which they are not ready to do at this stage.

Guys, i have received a new payment plan from Inv House. No change in the fabruary installement than installment of lesser amount untill 2011. They insist that we pay the February installment to sign the main construction contract. I think, based on the new payment plan that we all have requested i will send soon my february installment... and of course will not send the others without a sign of main construction...
Isn't the commitment requested by all of us?

Any one else has received the same??
Did Inv.H committed to award the main construction contract and start the project if they receive Feb. payment??

Yes, all of us want that but again and again what is there commitment, to be frank I have no further trust in this people, they have told us the same for Nov. payment and nothing happened. We don’t want to sink more and more in the payment procedure...!! What do you think?

Some body has to call them and make sure of their stories.

Yes it is a kind of commitment to award main contractor. I don't know what to do but if we don't move forward then we will stop the construction progess. We can't say that there were no progress during last year and now Inv house is very honest with us explaining clearly the situation... They are answering very quickly to our request and i think it is better than to stop contact with the owners. The new payment plan is fair and Inv House are answering positively to our request to change this payment plan...
But maybe i am wrong, i just feel better if the construction continues to move forward as during the last 8 months...

Paris,

I have not received anything new. Of course I will post if and when I do.

I paid February on time. We need each other (inv House and owners) and the only way this will get finished is if both sides cooperate.

I asked it by e-mail and received an amendment of my contract in the same day

I think we need to see more of Eden blow owners reacting with this issue, and to post their ideas, we all need to know the status very transparently, and we also need to know what Emaar (The Marina Developer) has on hand if the project will go for further delay. I think Inv.H also cannot keep going the same way. I think there is time frame from Emaar towered any project to be handed over to the owners other wise they might take an action which is I am not aware about. but we need to know...!!!

This is what I got from investments house
Currently we are negotiating with 7-9 potential Contractors which we hope to be finalized by early march 2009. As the cost of labor, construction material is going down we want to get the best deal out of the main contractors therefore it is taking little time to finalize and sign the main contractor.
They forgot to mention that they added the common area to the square footage of the unit last year because construction went up, now that construction is down again , shouldnt they subtract the common area that they have added?
I will make my next payment when I see a copy of the contract. As long as they are taking their time negotiating, I will take my time too.

100% agree with you.

Hello every one... I am new to this forum. It took me quite a while to register my name. But I have been following your posts with great interest .I just want to tell every body to be very careful. The law is behind us. Remember those days when the market was booming, we used to beg Mr. Hussein of Inv. House to give us some leverage? His reply was dead silence.They have enough money to build at least the first 5 floors. They want to extract as much money from us as they can. Lets join hands and not make any payments until we see something. They are negotiating with the contractors to get the cheapest deals. At the same time they are negotiating with the buyers to extract the maximum amount from us: ALL FOR THEIR INTEREST. Wheather we make any payments or not, they have enough to go ahead with the project at least for the next one year. SO DONT BE FOOLED INTO PAYING.

However, as i love Dubai said they are hopping to finalize the deal with the contractor early march which is almost 2-3 weeks time, and then we will pay the feb. payment.

Being couple of weeks delaying the payment should not be a problem for Inv. H. There is nothing to stop them signing the main contract if they are seriously insists to do. All of us will also have no objection to pay the next payment as far as the contract is awarded.

In this case even if they need our money to be paid to the main contractor then they should be sure that we will not delay the payment, and we will pay them to accelerate things progressing.

I beleive Inv. H should not bond the contract signing with our due payment.

From my side I am going to wait and see... This is the biggest scam of the century and MZDUBAI insists that we pay. I respect your opinion, but I trully think you are making a wrong judgment. Please mark my words: YOU ARE NOT OBLIGED TO PAY.

It seems you have misunderstood me; I’m leading a campaign to stop the next payment. I am 100% agree with you. I'm not happy (and I think most of E.B owners also) at all from the way that Inv.H dealing with us.

We should all wait till they sign the contract what so ever it takes.

Sorry MZDUBAI I didnt mean to be rude.

Dear friends, I would like to inform you of the latest trend in the UAE market. A few Developers have begun to reduce their original price by upto 40% in order to attract new customers and also to keep their old customers continue paying. Many of these developers have already started issuing new S&P agreements. This has helped the market tremendously. Now compare this to what we are getting from INV House ? All we are being told is that they may relax the payment plan for a few who have paid their last installment.

Dear friends, I would like to inform you of the latest trend in the UAE market. A few Developers have begun to reduce their original price by upto 40% in order to attract new customers and also to keep their old customers continue paying. Many of these developers have already started issuing new S&P agreements. This has helped the market tremendously. Now compare this to what we are getting from INV House ? All we are being told is that they may relax the payment plan for a few who have paid their last installment.

Not only that, when construction went up, prices were increased by adding the common area to the sq footage of the unit. In my case my unit went up by almost 100k AED, it made my angry but ther was nothing I could do about it then.
And also, since there are no specefications in the contract, we dont know what we are going to get? who knows if kitchens will have cabinets? or if bathrooms will be tiled?
I expect anything from Investments House.

Dear friends, This article may be of interest to you :

Mada'in Properties slashes property prices by 30%
Sunday, March 08, 2009
Mada'in Properties, the Dubai-based developer, has slashed prices of its properties by 30 percent, due to drop in property prices across the UAE.

All existing customers of Mada'in Properties will receive modified contracts with purchase price of properties being discounted by up-to 30 percent, the developer said on Wednesday.

The CEO of Mada'in Properties, Abdul Aziz Al Awar, said that the market conditions have been studied and a strategy has been formulated that deals with the past, present and future.

With a desire to assist the customers in their investments, not only during good times, but, also in the current market conditions, the company has taken such a decision, he added.

The construction costs have considerably reduced now, and this has enabled the company to pass on the savings to current customers, he said.

Dubai real estate has dropped by 25% from its peak in September, due to speculations, global downturn and reduced lending by banks.

Last month, another Dubai-based developer, Deyaar, also announced that it plans to reduce property prices under the current market conditions.
Labels: Property Prices

Social Bookmarking

Dear investors,
are we going to get a new payament plan in line with works? Any news from Developer?

regards

Marcopedroso

Everyone seems to be getting afraid.

I have emailed investments house about "common area" and repricing in these challenging times (with the article pasted from "Dubai family").

Let's see how they can help us.

regards

Dear investors,
I asked to Investment House for a new payament plan in line with works ( works advance ), Investment House sent me a new payament plan but not works advance but with data.

Do we have the right to have a payment plan work advance?

regards

Marcopedroso

Dear Marcopedroso....Can you ellaborate what you mean ? Did investment House send you a revised payment plan? Can you give more details?

Dear Dubai Family,
I'm talking about to have a new payments plans connect to costruction milestones.

Rera say that payment plans will have to be connected to construction milestones, there's write everywhere like:

http://www.thenational.ae/article/20090226/BUSINESS/548839481/0/GLOBALBRIEFING

Are you agree with me?

regards

Marcopedroso

Construction Update 05/March/09


1.Contract fro Pile Trimming, Rebar Straightening & Final Excavation awarded to Sharaf.

2.Pile Trimming Commenced.

3.Final Excavation Commenced.

4.Pile Testing Completed.

5.Main Building Permit Approval obtained from Dubai Municipality.


http://www.edenbluetower.com/ednwrokfoto/overalsiteimprssion1.jpg

http://www.edenbluetower.com/ednwrokfoto/big_piletrimmingongoing1.jpg


http://www.edenbluetower.com/developerpic8.html

Dear bizzybonita,
thank you for the new photos.

Marcopedroso

thanks bizzybonita!

The Developer ask me other money. I've read about the lew Dubai laws and one of them say that constructions must be linked payment plan. Is it right? For all projects?

The Developer doesn't want to give us ( investors ) a costruction linked payment plan, it give us only a payment plan with data, these means that if works doesn't go on we have to pay equally.

Have we ( investors ) the right to get a costruction linked payment plan?

Of course they will not give us a construction -payment linked plan. They already have got from most of the investors more than 50-60% and they did only 10-15% of the work. They are far behind the project schedule plan.

They will receive the tender bid document from the contractors by this month end, and you can imagine how long it will take to review the offers and to take a decision. This will not be before June.

So at least till June-July there will be no progress on site, and by this time 2 payments will be due so if we pay accordingly they will end up with approximately 66-70% of the total flats value covered, while we will be still at the 15% progress on land and see the deference.

I think every one should stop paying at this stage. They have to understand that we will only pay according to the project construction progress.

I dont know if any body has more information about our rights. Can somebody inform us with assured answer from authentic source, RERA, EMAAR, ..etc.

the new law hasnt been placed yet too link construction with payment plan.. everyone is waiting for that too come into action..

Dear investors?
so do we have to pay or not?

Are you going to pay or not?

I don't know what to do.

I think we have to take the same decision to have a contract power.

regards

Marcopedroso

What is your source???

My payment was due 3 weeks ago and I didnt pay, and will not.

It is your decision.

I dont know if others has paid or not.

Same decision as MZDUBAI for me....

Payment Plan:
I believe we have to remain united in these hard times. Nothing is certain and I believe it is foolish to pay at this stage. I guess most of us have at least defaulted on the last payment. This has sent a clear signal to Inv. House that they have to start doing some thing. Since then we have seen some activity but not enough to warrant another payment. I hope we can build a united front in this respect. We need eachother. I have done a little research of my own and I believe we have approximately 25 % of the buyers of eden blue in this forum. This is a good force but we need to build on our momentum. SO THE BOTTOM LINE IS : LET US ALL WAIT UNTIL WE SEE REAL PROGRESS ON THE GROUND.

Dear Dubai Family,
I'm totaly agree you.

Marcopedroso

I did not make my payment this month and do not intend do do so until I hear from RERA, see I went to RERA and showed them the contract and they told me DO NOT MAKE ANY MORE PAYMENTS and they even gave me a letter to back their words in writing. The letter states that RERA gave instustion to all developers not to collect anything above 30% if major construction of the building has not begun.
RERA told me that soon they will give details of progress on each individual building being built and a payment link.
If anyone wants a copy of the letter please pm me an I will be glad to email it to them.
You can also get it from my posting
http://www.skyscrapercity.com/showthread.php?t=490764&page=761

This is great news. This is what we all looking for.

Thanks.

Thats real good news. I saw your post and I should say.... I LOVE YOU " I LOVE DUBAI "

This might help
http://rpdubai.ae/rpdubai/jsp/template.jsp?pageID=10014&&lang=0
It is a list of the progress of projects in Dubai. It is not yet complete and they have not got to Eden blue yet but looking at som projects and there progress report, Eden blue will defenetily be under DElAYED category.
http://rpdubai.ae/rpdubai/jsp/ProjectIndicator.jsp?imageLoc=../SharedFolder/ProgressIndicator/guide.jpg&projectName=Guide

Hello everyone. I received a new payment plan from invest house in which they extend the payments to end of 2010. Did you receive it as well?
I did not pay my last two payments and nothing changed for the due payments in new plan.

Payment Plan:
I have received my payment plan and it is even worse than the old one. The only concession from them has been that they have spread out my last 10% into monthly payments. They have compensated this last 10% by asking me to pay the final 25% which I had to pay at the time of completion, on a monthly payment plan. I certainly think that the new payment plan is more to their advantage than our. This is a mockery and I have refused to pay them.

Did anyone sign the new payment plan and sent the february payment (not me)? Any news if the construction, is there still works on the site?
Thanks

I did not sign the new payment plan, did not make the last payment and do not intend to make any further payments until I see the building rising. RERA's legal dept on the 4th floor told me not to.

The Dubai Land Department will release an amended Article 11 of Law No13 that regulates the Interim Real Estate Register in the next two weeks, introducing new provisions for cancellation of contracts, a top government official said. "We will release an amendment to Article 11 in the coming two weeks. It is something good for the market as it is more comprehensive and detailed," said Dubai Land Department's Director-General Sultan Butti bin Mejren.

In November last year, the department issued an internal administrative circular whereby it gave the interpretation of the meaning and practical application of Article 11. According to the department circular, in case of a termination of an off-plan contract, the developer may retain 30 per cent of the contract value with the rule (30 to 70 per cent of the amounts paid) and shall be applicable to the amounts exceeding 30 per cent.

Moreover, in case of the contract termination, the developer of a property is entitled to retain the amounts paid by the buyer until the real estate unit is sold.

According to Law No13, Article 11, a developer should inform the Land Department if a buyer breaches the sales contract. The department will then notify the purchaser in person or by registered mail or e-mail and give him 30 days to fulfill his contractual obligations. At the end of the term the developer will have the right to cancel the contract and refund the sum paid by the buyer after deducting an amount not exceeding 30 per cent of the total value of the unit.

Although Mejren declined to give details of the amendment, he said: "The revised article will set new grades for properties and developers. It will be more than 30-70 rule, which is now applicable."

Axel Jacob, a legal consultant with Fichte & Co, said: "It's no surprise that the government is now preparing an amendment to Law No13, which assumingly will bring the law closer to Real Estate Regulatory Agency's position as expressed in its circular."

He added: "Hopefully the amendment will not only take developer's interests into account, but also the interests of investors, whose confidence is what requires a boost in order to help the real estate market to pick up again.

"The amendment has been tipped to be more sophisticated than the circular, and it would be helpful if it took into account different stages of construction progress and possible defaults on behalf of the developer in evaluating the applicable penalty amount."

the developer may retain 30 per cent of the contract value with the rule (30 to 70 per cent of the amounts paid) and shall be applicable to the amounts exceeding 30 per cent.



Anybody know what this really means ?? I must be honest whenever I see an explanation of Law 13 it's fully of ambiguity and as clear as mud.

It says here the developer may retain 30% of the contract value, which I take to be the purchase price. Then it seems to state that the developer can only retain 30% of the actual mount paid so far by the purchaser. So is it 30% paid to date or 30% of the price which are two totally different calculations ??

Any new pics of the site? it seems that there is no more progress and we are all waiting for the next step: signature of the main contract... the answer of Eden Blue is now the signtature of the main contract "is under process as we are negotiating the terms and conditions with potential main contractors". The situation is not very clear...

Any new pics of the site? it seems that there is no more progress and we are all waiting for the next step: signature of the main contract... the answer of Eden Blue is now the signtature of the main contract "is under process as we are negotiating the terms and conditions with potential main contractors". The situation is not very clear...

negotiation has been going on for 4 months, so do not expect a contact anytime soon.

Should we assume Eden is 'on hold' for the forseeable future?

Last I heard from them was that people are not paying and therefore they do not have the funds to sign a contract. Although, as many have pointed out, some people have paid up to 40%. I guess it's possible that others have paid very little indeed.

I'm sure it doesn't take this long to negotiate the terms at any rate.

This conclusion was expected, they keep create stories and excuses, money paid for land, money is not collected form owners, wait till the construction prices fail down so to make some profit, negotiating with potential contractor....and so on. Endless excuses.

I suggest a delegation of Eden blue owners how are located in Dubai try to accommodate and to meet with Investment House management to put the dots on alphabets, to rectify the actual problem, and try to solve it out if possible. One hand never clamp. What do you all think? I am the first one in this volunteer.

Great idea. Unfortunatly i am not in dubai but in Paris so can't be part of this delagation. But i am ready to participate if i could help.

MZDUBAI,

Very well summarized. These are the same lame excuses we have been hearing for months - including calculations on how all the money they have collected has been spent on ground work.

I can make it on Thursday the 14th of May. It is a while away, but I think it's best to give us time to get more people on board.

Let me know what you think.

Unfortunately this looks like another "on hold" project..

mazdubai

It seems quite far, but I have no objection if we can get more people on board.

Let us hear from the others, we need you all gents to react and support, at least we want 10 people and hope to have them as soon as possible.:)

Please note that project is not on hold and the Final negotiations are on closing stage for the main contractor. The terms and conditions are being negotiated, therefore the delay is beyond our control.

In the mean time the contract for Dewatering, rebar straightening, and final excavation was awarded to Sharaf Foundations as the preparatory job for main contractor to take over. This job is normally done by main contractor, but was awarded to the foundation contractor to avoid further delay in the work.


We request you to have patience as phase II will commence very shortly.

Leading Dubai-based property developer, Hydra Properties, has issued fresh contracts to its buyers offering easy payment options. The initiative follows complaints lodged by buyers about delays in construction and the unfair price hikes on their purchases. The firm also plans to double its customer services staff strength.

Last month, a group of 50 investors, who joined together to form an action group, put forward their grievance to the company, claiming that prices have risen by 15 percent, despite the drop in construction costs and softening of housing prices.

Hydra argued that it was operating within the law and emphasized on the fact that the investors had been kept aware about the progress of the project ever-since the signing of contracts.

The Clause 12.8 of the contract states that the Landlord has the ability to make adjustments to the sale price of the property with respect to the rise in costs such as exchange rates of foreign currencies, inflation, accrued interest (if any), materials etc., or any other matters affecting the cost of the property.

It has now been learnt that Hydra is preparing contracts which would require purchasers at Hydra Village to pay 2.5 percent every two months till the completion of project in 2011, as against the earlier plan which requires them to pay 10 percent every three months until completion during the course of this year.

Hydra is also modifying a penalty clause which levies Dh.500 per day for late payers. This is now Dh.100 for 15 days and Dh.500 per day after that. Hydra will also pay buyers Dh.1000 a month, if it is more than six months overdue in delivering a project.

The Sales and Services Manager at Hydra, Ahmed Khalil, said "We are revising our contract to create a fair balance of the rights of Hydra and the investor."

The company is also planning monthly construction progress reports and a quarterly publication that would focus about the happening within the company.
Labels: Real Estate Company

Social Bookmarking

posted by Exclusive Dubai, 4/27/2009 08:08:00 AM
0 Comments:
Add a comment

I will be in Dubai on the 23rd of May. I suggest that a few of those who can make a representation with Eden Blue management present our griviences. We need better terms than what has been offered. We have so many developers who have come up with better payment plans, costs and other amenities to satisfy their clients. Investment House should realise that in these difficult times, they cannot dictate their terms as they used to do before but rather negotiate with their clients . After all, it is cash that they are looking for and that lies with us investors. As long as they remain stubborn on their terms, none of us will pay.

It is really strange email from Investment House at this timing. Is there any one else have received the same email, I haven’t..!!!

Why they decide to make their next step clear now??

However, this will not prevent us to go and meet with their management, and to try to have a firm picture, and a better payment plan as Dubai family said, I do agree with you.

If you need our signature and unit reference/other details to support your action for the meeting with Inv House we can send?

Thanks for the support, what about the others, I haven’t got enough positive responds yet. Any one else would be interested to join us???

There should be at least 10 people. I doubt all Eden Blue owners are out of UAE!!!

You have my support but I am not in the UAE

mvdubai,
your delagation is a good prospect. I agree that something needs to be done but i feel useless in regards to this endeavour as i an in the uk and unable to travel to the UAE to support in person this meeting.
If it will be of assistance to the team going to investments house i will gladly give you permission to include our names to the disgruntled owners list for the meeting as well as our appartment number.
I think most people investing in eden blue are looking for an open and transparent correspondence as to where we are at regarding the projects future and what stage is it at and where it is going. Some straight and to the point facts would maybe give some atom of hope to all who have entered this hopeless project.
merv

MZDUBAI,

Thursday the 14th is no longer that far away and we still only have the two of us.

Are we still on? Where have all the UAE based worried investors dissapeared to?

I suppose it may be worth either one of us collecting PMs/emails from those who are not in the UAE stating:

1) Name
2) Apartment number
3) Main concerns

This will at least feel more like a united front.

Once we have confirmed, I think we wil have to email Inv. House to confirm a date and time for the meeting.

Yes, still we are on.
Yes, where is the others disappeared?!!

At least we need two more.

For all the owners out of the UAE, thanks for your support and would appreciate to receive your

1) Name
2) Apartment number
3) Main concerns

to listed in our disgruntled owners list.

You can send this to my personal email : medhatah@hotmail.com

mazdubai, can you please confirm the meeting with Inv.House on the said date, at any time.

Wish to have more people on board.

Thursday the 14th is no longer that far
-------------------------------------------------------------------------------------
I would like to thank you for the initiative. I will send you what you asked for. I dont live in Dubai but will be there on the 23rd of May and will try to meet them again. I think all of us have more or less the same concerns:
(1) In view of the current market situation and a reduction in the cost of building materials we need a discount of about 20 - 30 % on the original price
(2) Penalties that were incurred in the last 6-9 months for non payments or due payments should be cancelled
(3) Payment plan should be relaxed to allow for a steady flow of funds.
(4) They should mention date of completion in the new sale and purchase agreement and there should be a penalty for both parties in case of delays in payments or construction.

Thank you once again for your efforts.

Also the new payment plan should be tied to how much is being accomplished on the ground.
What is the advantage of having a new relaxed payment plan and keep on paying while all we here from investments house is that they are still negotiating with the builder?
isn't that RERA's new rule anyway?

This is the las email I receive from the Developer 5th May 2009:

We have finished the phase I that is final excavations, shoring, piling, rebar straightening and dewatering and the foundation (phase I) contractors are in process of hand over of the plot for main contractors to start the work (phase II). There is not much progress because of this reason, the terms and conditions with the main contractors being negotiated and its in final phase therefore the delay in start is beyond our control. You will see the work starting very shortly.

the terms and conditions with the main contractors being negotiated and its in final phase therefore the delay in start is beyond our control. You will see the work starting very shortly.

Yeah right very shortly meaning next year, and I am being optimistic.

Perfect!!:okay:

As mentioned earlier the terms and conditions with the main contractors being negotiated and its in final phase therefore the delay in start is beyond our control. You will see the work starting very shortly.



Sharaf were only contracted to do Excavation, Shoring & Piling (with their contract ending by last Jan, 2009). We have additionally appointed them to do Pile Trimming, dewatering, rebar straightening and final excavation – works that were originally to form a part of the Main contract package. These works have now been awarded to Sharaf and this new contract duration was due to complete by end of April. The main contractor will therefore not perform these works and has definitely save our time. And Sharaf had already finished the work (phase I) We will inform all clients once we have the contractors on board.


We thank you for your patience and cooperation.

Yes, still we are on.
Yes, where is the others disappeared?!!

At least we need two more.

For all the owners out of the UAE, thanks for your support and would appreciate to receive your

1) Name
2) Apartment number
3) Main concerns

to listed in our disgruntled owners list.

You can send this to my personal email : medhatah@hotmail.com

mazdubai, can you please confirm the meeting with Inv.House on the said date, at any time.

Wish to have more people on board.

We will be in Dubai from 20-25 May inclusive if we can be of any help please let us know - we do intend to go into see Investment House to discuss our payment plan etc etc whilst we are there. We have a studio in Eden Blue on the 21st floor.

Kind Regards
Lynn and Paul Calderbank

Who is the best person to meet with?

Has anyone heard from Sultan recently? I am unable to get hold of him, but thought he would be the best person to speak to.

I think the best to meet is the Inv. House Director. Mr. Al Qasimi or Mr. Ramiz, or Shah.

mazdubai,

I would suggest that to postpone this visit to 21-24th May, since few Eden blue owners will be in Dubai, like dubai banks, and dubai familly, so to have more people on board what do you think..??

I'm happy to go with the majority. I may not be able to make it on the 21st. However, it appears you have 3 owners for the 21st and there are only two of us for the 14th. Therefore it makes sense to postpone.

MZDUBAI - If you do not make alternative arrangements for the 21st, just let me know and we can still go to their offices on the 14th.

mazdubai,

Keep things as is, May 14th. After 1:00 pm please.

Can we know how many have sent their concerns by email to you ? I sent mine about a week ago. It would be nice to know how many we have on board.

I will send my e-mail today!

MZDUBAI,

I received an email from Sultan asking us to meet him to meet us at 10.00. He will not be available in the afternoon. Others may be available, so if you can't make it at 10.00, I will go along at that time, but then also meet you there at 13.00 to hopefully meet with one of the Emirati gents you mentioned.

PM me your contact details and I will do likewise.

Dear mazdubai and mzdubai,

I have just arrived in Dubai... Can you confirm your meeting time so that I can also be there ? 10 am or 1 pm are both fine with me.

mazdubai, Dubai family,

Sorry for the delay, I have just opend my pc, I will be there at 13:00 pm

Hope to meet you both at thier office.

Regards,

I have visited Inv. House this after noon as scheduled @ 13:00 pm Unfortunately I missed mazdubai.

However, I've met Mr. Shah, the G.M, and Hussain together.
He told me that they are almost done with the negotiation and 99% are going to sign the main contract by this month end.

He said as the market situation now a day they where able to call about 14contractors to bid for the project, and to get the best offer with a qualified contractors, and this has consumed a lot of technical evaluation time.

As the payment is concerned, they said they didn't ask any of Eden Blue owners to pay the last few payment, and didn't apply any penalties on those who didn't, and even they regreted to take any payment from those who where going to pay.

They said they will relax the payment schedule, but initially they need us to pay the due one to enable them to proceed with the contractor dawn payment (when it is required).

They accept the fact that they will only get our money paid the moment we will see the copy of the contract signed and edited on the website.

They still claming that the extra cost been asked 10 months ago was to cover the changes required by Dubai municipality to get the project design approved as the preliminary design was rejected; they were forced to add another car park basement.

They still committed that the project delivery date is the Q1 of 2011.

They also committed to their obligations from day one as the take over the project responsibility from the X developer even though they were only intermediate broker, and our money is totally protected in the escrow account.

It was fruitful meeting and I felt relaxed. I just want to convey this to you all, and let us have some more patience. We have waited for a long time, let us give it some more, because it worth. However end of this month is not so far.

Regards,

Thank you very much.
I will not sign any new payment schedule if it is not linked to how much work is being accomplished. It is the new rule.
Also I will not make any payments if there is no new payment schedule.

Inv. House meeting

I just missed you MZDUBAI. I am happy I could talk to you on the phone. I will visit INV HOUSE on sunday to carry forward what you already have begun. Good job and thanx

Mzdubai, Dubai family,


Sorry to have missed you both. My meeting went well and much like MZDUBAI, I left feeling optimistic. I discussed the specifics asked of us on the forum and received the following replies:

Discount on original price - They maintain that they are unable to offer any reduction because the margins are too tight. I think the suggestion was that if prices remain as they are, the project will still be viable with only 70% of investors paying up. According to them, other developers have only been able to reduce prices because they started with highly inflated prices. This probably has some truth to it.

Next payment - I don't think they will be asking for anymore payments until the contractor is on board. This is primarily what I wanted and I for one will be happy to resume paying once tangible progress is being made.

Late fees - As I understood it, no late fees will be charged for the time being. I assume this will change if they get their act together and construction gets 'on target'.

Milestone Payments - Naturally my preference would be to move to milestone payments, but I neglected to bring this up. If either of you discussed this, could you let us know the outcome?

Progress - I know we have heard it all before, but strong reassurances were given that they are on the verge of signing up the contractor. The timeline that I was given was a couple of weeks for them to sign and a further month to mobilize. I am willing to give them the benefit of the doubt over this one. Achieving the best possible price is an absolute must for us as much as for them. Nothing would be worse then a half finished tower being put on hold because they hadn't agreed the most favourable terms at the outset and ran out of money. As I stated earlier, they believe the best chance of completing the tower is to keep negotiating to bring the costing down to a level where even only 70% paying would see the project through.

Mzdubai, Dubai family,


Discount on original price - They maintain that they are unable to offer any reduction because the margins are too tight. I think the suggestion was that if prices remain as they are, the project will still be viable with only 70% of investors paying up. According to them, other developers have only been able to reduce prices because they started with highly inflated prices. This probably has some truth to it.

Next payment - I don't think they will be asking for anymore payments until the contractor is on board. This is primarily what I wanted and I for one will be happy to resume paying once tangible progress is being made.

Late fees - As I understood it, no late fees will be charged for the time being. I assume this will change if they get their act together and construction gets 'on target'.

Milestone Payments - Naturally my preference would be to move to milestone payments, but I neglected to bring this up. If either of you discussed this, could you let us know the outcome?

.

Remember we are not asking for a discount, We are asking for the original price which we signed the reservation forms according to.
Investments House blackmailed us, took advantage of the fact that we don't have contracts, jacked up the price (in my case 100k AED), I had no choice but to sign because I had no contract, and already paid more than 30%. Their ecxuse was building material cost went up. Now that building material cost came down again what is their execuse? Other developers have started with inflated prices? Well other developers contracts give details on what they will get in return, like marble floors granite counter top stainless steel appliances, built in closets, Do our cotracts give any details on what our flats will have or look like? they promised that they will do that last August and they didn't.
Since finshing qualities are not in our cotracts I propmise you that Investment House is negotiating the lowest price with the lowest quality possible.

Last year when building materials were at its highest I met with Mr. Husain, he told me that the profit margin was narrow. Now that they will build it for half the price, their propfit have increased tremendously, still they refuse to go back to the ORIGINAL price.

Milestone payment is the law in Dubai now. The new payment plan has to be approved by RERA before it can be legal and binding, thats what I was told by the Legal Affairs Advisors when I visited RERA.

Oh and late fees? I think it should ne paid by Investments House to the investors because they are so damn late delivering this project.

I had a chance to visit Dubai last week and talk to a Mr. Shah on the phone. I think our conversation lasted about 20 minutes. He was very convincing in his remarks ( probably that is why they hired him ). There isnt much I can add to what mzdubai and mazdubai have said. However I asked him to give us a written statement assuring us that they will not ask for penalties or overdue payments . He refused saying that this was against his company policies but he will reflect this in the new sale and purchase agreement. I could feel that they have softened their tone probably because as I love Dubai mentioned, the new law is on our side. So lets remain firm but practical. I also suggest that those of you who didnt have the chance to go to them, to at least call them or send them an email. They have to feel that this is the general concern and not a few individuals.

I had a word with Inv. House, as of today there is no progress and only God know when this proplem is going to be solved.

We all have to find one united way to deal with them.

WHEN I BOUGHT MY APARTMENT I HAD HOPED IT WILL YIELD HIGH RETURNS IN TERMS OF RENT. NOW THAT THE RENTS HAVE BEEN REDUCED BY RERA BY UP TO 40% I WONDER IF MY APARTMENT IS WORTH THE PRICE. WHILE MANY DEVELOPERS ARE REDUCING THEIR PRICES TO BOOST INVESTOR CONFIDENCE, WE ARE STILL JUGGLING WITH INV. HOUSE ABOUT START OF CONSTRUCTION AND SO ON. THIS NEWS ARTICLE WILL SHOW WHAT I MEAN:


Dubai developers announce price reduction, payment-break options
Saturday, June 06, 2009
Leading property developer Deyaar is expected to announce a reduction in prices on four of its projects, for the comfort of investors.

Deyaar also announced that about 470 units out of its four projects in the Dubai Silicon Oasis will be handed over this month, which includes Coral, Ruby, Jade and Sapphire Residences.

The officials at the company is hoped to announce a reduction in price schedule for the four projects soon. The buyers will be offered an easy payment plan, which offers five-year payment tenure.

Deyaar plans to deliver a total of 1300 units this year, despite the bad economic situation, said Markus Giebel, Chief Executive of Deyaar. Recently Deyaar delivered about 312 units at its Madison Residency at Tecom Free Zone. Two other projects - Citadel, a commercial tower, and Hamilton Residency, a residential tower are on track for completion towards end of this year.
Deyaar is also focusing on under-served markets, such as middle-income housing. Deyaar is considering five markets in the MENA region as untapped sources of business.

In the meanwhile, Hydra Properties said that it is taking a series of measures to boost investor confidence at its Dh.2bn Hydra Village development at Abu Dhabi.

Among the measures taken by Hydra are plans to offer a payment-break facility to its customers, who make payments on time. The customers of Hydra Village Abu Dhabi need not make payments until beginning of 2010.

However, the CEO of Hydra Properties, Dr. Sulaiman Al Fahim, has ruled out any possibility of buying back units from customers, as the prices offered by Hydra are already 10 percent below original market rates.

Currently a detailed construction progress plan for Hydra Village is in-place, as a part of company's commitment towards investors. The Hydra Village Abu Dhabi project is due for completion by 2011. The Hydra Village Abu Dhabi project, which includes residential villas, is being financed by Reem Finance.

Not only that, don't forget we got a price increase when they added the common area to the sq. ft. of the flats. Bunch of crooks.

Not only that, don't forget we got a price increase when they added the common area to the sq. ft. of the flats. Bunch of crooks.


Yes, anticipating further hike in raw material costs, Investment House has made a phenominal increase in the contract prices, which is now contrary to what has been done. The hard earned money of ours is blocked, with no
sign of construction in sight. I have also booked this apartment in view of high returns by way of rent and appreciation in Dubai Marina , which however turned out to be worthless, following the significant drop in real estate prices and the RERA announcement to reduce the rent drastically say 40% and above.

The Investment House is obliged to revoke the price increase announced in the contract in view of the above and also taking into account the steep decrease in the labour / raw material costs which gives them a greater advantage. In all fairness and honesty, they should share this with the buyers of this project .

No one has ever has responded to my advertisement for sale of my studio even at reduced prices for the simple reason that they do not have trust in the Developer and also for this project none of the financial institutions offer any mortgage loan. My efforts to sell this property only proved to be futile.

A need of the hour is that we should all stand unitedly to press our rights and demands to get the price reduction and also urge them to commence the construction without any further delay . Looking at the current situation with no clarity on the revival of construction work, I don't think that this tower will be completed by Quarter 2011, as envisaged and promised by the Developer.

I just called Inv House. They said they have speed the process and they are sure to sign the contract in the next 2 weeks... don't know if we can really beleive them....

This what they used to say since long time, nothing new, this is a negative sign for me. What make us trust them.???
They are nothing but......................

PLEASE... I APPEAL TO ALL OF YOU TO SEND YOUR OBJECTIONS AND CONCERNS TO INVESTMENT HOUSE. WE NEED TO KEEP THE PRESSURE ON THEM. I ESPECIALLY APPEAL TO THOSE OF YOU IN DUBAI TO VISIT THEIR OFFICE OR AT LEAST CALL THEM ON A REGULAR BASIS.IT IS NOT ENOUGH TO JUST RAISE CONCERNS IN THIS FORUM. THOUGHTS SHOULD BE TRANSLATED INTO ACTION. SO PLEASE LET US STAND TOGETHER AND VOICE OUR CONCERNS AND OBJECTIONS IN THE STRONGEST LANGUAGE. THIS IS THE LEAST EXPECTED OF ALL OF US.

If the contract is not signed within the next 2 weeks as Inv House said i will call them everyday to keep the pressure....

PLEASE... I APPEAL TO ALL OF YOU TO SEND YOUR OBJECTIONS AND CONCERNS TO INVESTMENT HOUSE. WE NEED TO KEEP THE PRESSURE ON THEM. I ESPECIALLY APPEAL TO THOSE OF YOU IN DUBAI TO VISIT THEIR OFFICE OR AT LEAST CALL THEM ON A REGULAR BASIS.IT IS NOT ENOUGH TO JUST RAISE CONCERNS IN THIS FORUM. THOUGHTS SHOULD BE TRANSLATED INTO ACTION. SO PLEASE LET US STAND TOGETHER AND VOICE OUR CONCERNS AND OBJECTIONS IN THE STRONGEST LANGUAGE. THIS IS THE LEAST EXPECTED OF ALL OF US.


I fully endorse your views and like you I am also one of the investors in this project, staying outside UAE. The collective action and follow up with Investment House is possible from only those who are staying in UAE . A mere insertion of any article in this forum alone by local residents will not help.

When other developers in UAE have unilaterally reduced the prices to boost investors confidence and gain momentum in sales, I fail to understand as to why Investment House cannot follow suite in this economic recession , affecting our interest badly. All that we need from Investment House is to repeal the price increase announced in the contract last year , considering the fact that the cost of labour and raw materials have scaled down considerably.

With RERA now taking a tough stand on the fixation of rent and property prices, the investors will be deprived of anticipated rents and property appreciation. Therefore, I feel that Investment House is fully obliged to consider reduction in the prices or withdraw the price increase announced in the contract, as stated above.

It is thus hoped that those who have invested in this project and staying in Dubai should jointly make a representation, which only will bringforth desired result.

I totally agree. The investment has now totally lost value but it doesn't mean they can't deliver. Unfortunately, I too am outside of Dubai and it is difficult to act other than legally. I think the Land Authority should be checking developer practices rather than intrinsic value repricing if they want to attract the investor.

I have emailed investments house (Mr Hussain's email is now blocked): His colleagues' email are still working. I believe that to have a say which is documented, suggest that you also CC messages sent to them to:
customercare@emaar.ae: the master developer
marwan@dubailand.gov.ae: the CEO of RERA

I recommend all of you to call them frequently for the coming 2 weeks, and then if no progress, we need to report to RERA and then to make a legal case against them.
They need either to start the project or to refund our full money back with no further delay.

We had enough from them, and we are running with no much patient.

I recommend all of you to call them frequently for the coming 2 weeks, and then if no progress, we need to report to RERA and then to make a legal case against them.
They need either to start the project or to refund our full money back with no further delay.

We had enough from them, and we are running with no much patient.

I'll email them every few days with CCs as mentioned.
Enough time has been wasted...believe me from my previous postings that I was quite defensive, but by being realistic I think that if we do not act, we are idle fools deserving to lose our money.

I just resend an e-mail with CCs as you mentioned napnap... Will call again next week... I agree we all have to make presure on Inv House now everyday... Can you give me the e-mails of Mr Husain colleagues? (just have Mr Sultan's one)
thanks

I just resend an e-mail with CCs as you mentioned napnap... Will call again next week... I agree we all have to make presure on Inv House now everyday... Can you give me the e-mails of Mr Husain colleagues? (just have Mr Sultan's one)
thanks


Mr Iqbal Memon: iqbal@investments-house.com
General: info@investments-house.com

12/June/2009

Eden Blue

http://i41.tinypic.com/n1qz3n.jpg

http://i41.tinypic.com/2m6pu07.jpg

Thanks IMRE for your great pics!
I just called again Mr Husain, he said that the contract will be signed this week... I sent e-mails too asking for more details about main contract signature problem and price. I will call again at the end of the week if no news. Hope all of you do the same to make pressure now on Inv. house...
Thanks

I think it is time to move this project to ON HOLD status.

Thanks IMRE for your great pics!
I just called again Mr Husain, he said that the contract will be signed this week... I sent e-mails too asking for more details about main contract signature problem and price. I will call again at the end of the week if no news. Hope all of you do the same to make pressure now on Inv. house...
Thanks

Thanks for the news. On my side didn't get answers to my emails but as said before, I am sending an email with CCs every three days until we get a firm confirmation the project is not "on hold".

Is anyone interested in selling their apartment in Eden Blue Tower. If so please can you e-mail me what price you want for your apartment, and full details of your apartment.
moshinkhan@gmail.com

Any news? We must keep pressure!!! I will call again today

When the revised contract was signed in the year 2008, the construction of tower was expected to be completed by 2nd quarter of 2011, which however seems unlikely due to stoppage of work now and then . With more and more delay from Investment House in finalizing the agreement with the contractors to commence the work, it looks almost certain that we are not going to get the possession of the apartments before 2012.

The Investment House wants to take the entire benefits arising out of this economic recession under which the construction costs have come down drastically. In contrast, they have increased the prices in 2008 by 20-25% in anticipation of increase in the construction costs. .

Therefore, in all fairness and as a matter of principle, The Investment House should reconsider their price, which should reflect in the new contracts they propose to issue, once the agreement is finalized with the contractor.

This will in turn give confidence to the buyers/investors and also help them fulfil their payment obligation to the Developer.

As I am staying outside UAE, it will not be possible for me to pursue this matter personally. Hence, a request is being made to those investors staying in UAE to take up this matter strongly with Investment House.

Inv Houses e-mail answer: "As mentioned in the previous email we will inform you as soon as the contractor is on board. "

My offer now is to create a kind of list of owners with all necessary details (Unit number, name, area, Price, current adress, e-mail and phone contact, date of completion in the contract...). I have created an e-mail adress: edenbluetower@gmail.com. If you agree, you can send the details on this adress, i will start filling the details in an excel files. Of course if you want, i will send you the password to log on the e-mail adress.
We can also use this e-mail adress to send the pictures or to forward investments house e-mail answers...
This is a start of the possibility of a legal action against Invenstments Houses!

Agree with this proposal?

Well i thought about it. Don't you think that there will be too much information of investors exposed? especially if any one can pretend that they are Eden Blue investors and get the pass word then access information of all other investors?

I ENDORSE THE VIEWS EXPRESSED BY JEWELS DUBAI WHICH TOUCHES THE HEART OF THE ISSUE.
REGARDING PARIS DUBAIS SUGGESTION, I DID NOT QUITE UNDERSTAND. CAN YOU EXPLAIN FURTHER ?

Well i thought about it. Don't you think that there will be too much information of investors exposed? especially if any one can pretend that they are Eden Blue investors and get the pass word then access information of all other investors?

Well even I thought of the same thing and hence, did not provide my details.
Any employee of Investment House or its owner can become a member of
this forum and with the help of PW collected from Paris Dubai, they can extract complete information of the members, making a joint campaign. Hence, the proposal mooted by Paris Dubai may please be dropped.

Inv Houses e-mail answer: "As mentioned in the previous email we will inform you as soon as the contractor is on board. "

My offer now is to create a kind of list of owners with all necessary details (Unit number, name, area, Price, current adress, e-mail and phone contact, date of completion in the contract...). I have created an e-mail adress: edenbluetower@gmail.com. If you agree, you can send the details on this adress, i will start filling the details in an excel files. Of course if you want, i will send you the password to log on the e-mail adress.
We can also use this e-mail adress to send the pictures or to forward investments house e-mail answers...
This is a start of the possibility of a legal action against Invenstments Houses!

Agree with this proposal?


I also think this should not be done as there are serious infringements of privacy if anyone can get a password for the email address.

Ok, no problem if you think it is a bad idea... Less work for me...

I spoke to Mr Sultan from Investments House last sunday. He told me that they have choosen the main contractor (a well known contractor in Dubai), they agree with the total price, but they are currently negotiated the down payment amount to finalize the signature... Hope this is thrue...

Ok, no problem if you think it is a bad idea... Less work for me...

I spoke to Mr Sultan from Investments House last sunday. He told me that they have choosen the main contractor (a well known contractor in Dubai), they agree with the total price, but they are currently negotiated the down payment amount to finalize the signature... Hope this is thrue...


Thank you for your frantic efforts to ascertain the project development from Investment House, which we cannot do staying outside UAE. Though your idea of setting up a joint members' profile is very good, it will however,expose
our information, as sharing PW with others is not advisable.

On the price reduction front, is there any hope? When other Developers have shown their gesture in this demanding situation by reducing the prices to the extent they can, thus lessening the burden of buyers, why Investment House is not ready to do this. My money is blocked with them for over 2 years now (48% of the original price) and if I have this, it will command a great value in the current situation.

I have paid about 50%. So even if construction begins I will not make any further payments until Investments House comes up with a new milstone payment plan approved by RERA. This is RERA'S rule and thats what I was told by their legal department. The begining of construction ( if it does begin) does not mean that we are safe and the project will be finished, it could stall at any stage for any reason. Do not be intimidated or pressured by the devloper to make any payments. Demand a new payment plan approved by RERA. This is the best way to minimise your loss if the project is cancelled for any reason in the future.

I have paid about 50%. So even if construction begins I will not make any further payments until Investments House comes up with a new milstone payment plan approved by RERA. This is RERA'S rule and thats what I was told by their legal department. The begining of construction ( if it does begin) does not mean that we are safe and the project will be finished, it could stall at any stage for any reason. Do not be intimidated or pressured by the devloper to make any payments. Demand a new payment plan approved by RERA. This is the best way to minimise your loss if the project is cancelled for any reason in the future.

IT CAN BE SEEN FROM THE FOLLOWING THAT NAKHEEL HAS CONSIDERED REDUCTION IN THE PRICES TO HELP THE INVESTORS IN THIS DIFFICULT
TIMES. THIS HAS BEEN DONE , IN CO-ORDINATION WITH RERA.

I AM AT A LOSS TO UNDERSTAND WHY OUR DEVELOPER TURN A BLIIND EYE
ON SUCH MATTERS. THIS IS A VERY IMPORTANT ISSUE AND , THEREFORE, THEY NEED TO GIVE A SERIOUS THOUGHT TO IT.







Nakheel presents revised budget for Discovery Gardens community

Posted: 23 Jun 2009 09:07 PM PDT

Leading Dubai-based property developer, Nakheel, has established a revised budget for its Discovery Gardens community following detailed review of suppliers and scope.The new price has been arrived upon, together with Dubai's RERA (Real Estate Regulatory Authority), and gives a reduction of Dh.5 per square foot in service charges for homeowners.The Managing Director of Nakheel Asset Management

We visited Inv Hse a couple of wks ago and was told not to expect to see much during the next qtr - they are in the final stages of negotiations with the main contractor - this should be awarded any time now. Basically we were told that nothing will happen during Ramadan but then we can expect to see work commence/pick up. Prior to Ramadan the most we can expect to see is delivery of equipment/materials to site.

Dubai's RERA plans open days to meet with customers
by Soren BillingThis email address is being protected from spam bots, you need Javascript enabled to view it on Tuesday, 16 June 2009
OPEN DOORS: RERA will hold weekly open days to improve communication with its customers. (Getty Images)
OPEN DOORS: RERA will hold weekly open days to improve communication with its customers. (Getty Images)

Dubai’s Real Estate Regulatory Agency (RERA) is to hold a series of open days to improve communication with its customers.

Each Tuesday one of the departments within the agency will open its doors to investors, developers and banks, RERA said.

"In [its] efforts to apply transparency in customer relations, RERA is widening the arena of communication between our staff and customers. These ‘open days’ will be an entirely new form of communication,” chief executive Marwan bin Ghalita said.

I am willing to sell my 1 bedroom unit below original price. anyone interseted, please PM me.

According to Dubai Propoerty News trends released yesterday, the real estate prices particularly places like Dubai Marina, JLT etc is expected to rise with the inaguration of metro rail link in Sep 09. Also at this stage , we do not require to pay Eden Blue any instalments. Having waited for nearly 1 year, my request to you is not to go for a distressed sale at a time when there is a sign of recovery. This is only my suggestion to you, but the final decision always lies with you .

According to Dubai Propoerty News trends released yesterday, the real estate prices particularly places like Dubai Marina, JLT etc is expected to rise with the inaguration of metro rail link in Sep 09. Also at this stage , we do not require to pay Eden Blue any instalments. Having waited for nearly 1 year, my request to you is not to go for a distressed sale at a time when there is a sign of recovery. This is only my suggestion to you, but the final decision always lies with you .

You are right, Thanks for the advise Jewels.

You are right, Thanks for the advise Jewels.

I think it is not the time to sell when everything is starting to remerge. The ulitmate decision is yours but what I am doing, and what I suggest to do is to keep the pressure to get what we are paying for.

Did someone already register his unit with the land department? My understanding is that we have to pay 2% of the unit price? Can we proceed by internet for registration?
Thanks for your help

Did someone already register his unit with the land department? My understanding is that we have to pay 2% of the unit price? Can we proceed by internet for registration?
Thanks for your help

My understanding is that the regietration of the unit has to be done by the developer after collecting the 2% fee from the investor.
The developer will avoid this process if he has issues or problems with RERA.

Did someone already register his unit with the land department? My understanding is that we have to pay 2% of the unit price? Can we proceed by internet for registration?
Thanks for your help


As far as I know, 2% is payable to RERA prior to handing over the keys by the Developer only. Also, it is quite unsafe to pay this amount to RERA
at this juncture, as still there is no positive news from Investment House, as to when they will be able to commence the construction. Suppose, you decide to sell this unit at a later date, I don't think that you will be able to get this amount from the buyer (s) who are now having an upper hand.
It is also quite possible that RERA may change the rules or modify the sum payable to lessen the burden of the Investors under the current situation. Therefore,it would be prudent to wait till completion of the Tower in this regard.

My understanding is that the regietration of the unit has to be done by the developer after collecting the 2% fee from the investor.
The developer will avoid this process if he has issues or problems with RERA.


I would like to know if any one had visited Investment House to find out the
outcome of their negotiation with the contractor and the schedule of commencing the construction which was discontinued a couple of months back. We can expect some value and importance to this project from the Investors ,only if they commence the construction without any further delay.

I called Inv Houses last sunday and no news, the answer was the same... there is no schedule of commencing the construction, they just expect to finalize the signature of the contract very soon (the press release is almost ready..??)... To summarize NO NEWS....

I called Inv Houses last sunday and no news, the answer was the same... there is no schedule of commencing the construction, they just expect to finalize the signature of the contract very soon (the press release is almost ready..??)... To summarize NO NEWS....

Thank you for the update . We need to exert more pressure on Investment House to start construction . As I am staying outside UAE, I shall send a
mail to them to this effect. Meanwhile, I hope that they will keep up their
words by commencing construction soonest possible. Looking at the current
situation, I don't think that they will be able to complete the Tower by 1st
quarter of 2011, as originally committed to us.

10/July/2009

Eden Blue

http://i26.tinypic.com/25833om.jpg

http://i28.tinypic.com/qyxop4.jpg

10/July/2009

Eden Blue

http://i26.tinypic.com/25833om.jpg

http://i28.tinypic.com/qyxop4.jpg


THANK YOU FOR THE PHOTOS.