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

Name: West Avenue
Location: Dubai Marina
Floors: 33
Height: ?
Use: Residential


http://i37.tinypic.com/2u9j240.jpg

http://www.selectproperty.com/eshots/westavenue.html

This tower is going on the plot behind silverene, next to the mall so wont have very good views, will be quite noisy due to proximity of SZ road and mall traffic. I cant remember the height but is only in the region of 20ish floors.
I wont be going after one of these. Also would be nice to see a SP project completed before they start on another. They havt broke the ground at Botanica yet.

:ohno::nuts:

Select going for low class properties now?

The tower is 33 storeys high, podium up to 4th floor and 27 floors of apartments.
Prices start from 2500psf on studios . Just spoke to someone at DS and was told there are only 3 studios left out of the 48 studio apts.

:banana:Location Location Location.

Select going for low class properties now?

More mixed class perhaps........I wouldn't call the islands of France & Spain on The World low class.:nuts:

It's funny whenever SP launch a new development everybody thinks their prices are way too high and out of line. Then 12 months later they look fairly cheap. West Avenue does of course appear expensive at the present time though compared to others...........only time will tell I suppose. :cheers:

... Or more or less in line with what you'd expect being right next to Marina Mall. And if ppl are buying at these prices, then good on 'em. Good for all of us who've bought. Every time the rate goes up, it's better for all. Dubai is still underpriced compared to other cities in the world.

Worst developer in the Marina for me. Their business model appears to be along the lines of banking investors money and using the funds to acquire other development sites. Can wait to see what will become of their WORLD launch. Completion date is suggested to be 2012. We all agreed this is impossible. Do investors in DS see a pattern between their advestised completion date and when it is realistic to see thier developments completed?

Worst developer in the Marina for me. Their business model appears to be along the lines of banking investors money and using the funds to acquire other development sites. Can wait to see what will become of their WORLD launch. Completion date is suggested to be 2012. We all agreed this is impossible. Do investors in DS see a pattern between their advestised completion date and when it is realistic to see thier developments completed?

This could be said of almost any developer in Dubai, though. They all appear to be under-capitalised, using money from customers to acquire additional sites; if you're lucky, they might just get round to building what you signed up for, one day, more or less to the agreed specification.

If you want the worst example, excepting the Light House of course, or Wind Towers, check out Damac's track record...

http://i37.tinypic.com/2u9j240.jpg

http://i36.tinypic.com/qqwu95.jpg

http://i37.tinypic.com/5nw35v.jpg

http://i35.tinypic.com/ofala1.jpg

http://i35.tinypic.com/208ve4y.jpg

Layouts are quite minimalist. 2 beds with 1 wc/shower room.

All kitchens are open plans.

Layouts are quite minimalist. 2 beds with 1 wc/shower room.
TB - honestly I prefer Showers - DUBAI seems generally obsessed with baths as opposed to showers so this is a welsome change IMO

A contemporary, city living residence, West Avenue exudes the marina’s cosmopolitan and invigorating lifestyle.

http://i38.tinypic.com/deo57k.jpg

Taking its inspiration from Manhattan style architecture, West Avenue exemplifies the vibrant waterfront living of the marina whilst capturing the glamour of Dubai by night.

West Avenue offers purchasers a list of five star facilities and services, including:


State of the art temperature-controlled outdoor swimming pool
gymnasium
children’s pool
jacuzzi
coffee shops
small convenience store
dry cleaning facilities
24 hour security and 24 hour
maintenance and supervision

Combining sophisticated architecture with modern living, West Avenue’s luxurious apartments reflect the exclusive setting of the marina, bringing together the glamour, luxury and comfort expected within a premier development.

Studios, One & Two Bedroom Apartments:

The desirable studios, one and two bedroom apartments provide a choice of layouts and are designed with contemporary features, finished to the highest quality. An open-plan living space is complemented by floor-to-ceiling windows, allowing natural light to flood in and the mesmerising views to be fully appreciated.

Maximising on the fantastic setting and vibrant environment, each of West Avenue’s apartments enjoy a spacious balcony from which to admire the views.

Complete with fitted kitchens, contemporary living rooms, stylish bathrooms and built-in wardrobes, all apartments provide the perfect modern living accommodation.

Each apartment is furnished to meet the demands of buy-to let use and to provide a comfortable and relaxed environment.

West Avenue Duplex Penthouses:

The stunning three and four bedroom duplex penthouses of West Avenue set the tone of extreme luxury.

Located on the top four floors of West Avenue, the sleek contemporary architectural planes complement the modern finishes to create an elegant living space and desirable place to live.

Divided over two floors, the lower level is dedicated to an open-plan living, dining and kitchen space, ideal for hosting or simply relaxing. Floor-to-ceiling windows enhance the spacious living area whilst the private balconies allow the views of Dubai to be experienced in luxury.

The upper floor is dedicated to the bedroom accommodation complete with en-suite facilities.

Two Bedroom Courtyard Duplexes:

Located on the first three levels within West Avenue’s private courtyard, the enviable two bedroom duplex apartments present a choice of layouts, all with a private garage.

The location enables residents to take advantage of the superb facilities, with the pool just a matter of steps away from your property.

Carefully planned interiors ensure spacious balconies on each level maximise the Dubai views from both the living area and bedroom accommodation.

Each of the duplexes also benefit from a roof terrace, creating an additional outdoor living area, perfect for entertaining or simply to relax and unwind.

Payment Plan

Recognising the importance of ease of purchase and flexibility of payment in any property purchase - whether for investment or lifestyle. West Avenue is available with two payment plans. These remove the requirement for a mortgage or loan and provide greater accessibility to purchase.

Standard Payment Plan

Take advantage of the standard payment plan; simply pay 15% on exchange of contract, 5 further installments spread approximately 6 months apart, with the final 10% on completion.

Lengthy Payment Plan

After paying 15% on exchange of contract, a 15% installment 6 months after, the balance is spread over 15 years, paid in fixed quarterly installments.
Add to this the option of making an additional payment in each 12 month period, to further reduce your quarterly outgoing, and this makes for a unique payment plan.

:banana:Location Location Location.

This is shit location why you say this?

This is shit location why you say this?

Next to the mall and easy access to SZR motorway and the metro. Behave yourself!!

Remember to use my name when you reserve, thanks:okay:

TB - honestly I prefer Showers - DUBAI seems generally obsessed with baths as opposed to showers so this is a welsome change IMO

My point was only 1 bathroom in a 2 bed apt. My Dorrabay 2 bed has 2.5 bathrooms so no queues in the mornings (I have teenage kids).

best of all ..........Silverene views.:)

They have only two views ( SZR , MARINA ) Plus this plot can handle a huge of towers ... not only West avenue

http://i38.tinypic.com/2utt7jl.jpg

if you look at the image posted by Dubai Steve you can see silverne in front of the tower, then on the same plot as west ave there are 2 towers visable before you see marina mall hotel, as the 3r tower in the background.These would all fit onto that plot

http://i34.tinypic.com/2vc6n13.jpg
http://i37.tinypic.com/2ufg29t.jpg

http://www.nubricks.com/wp-content/uploads/manhattan-residential-development-dubai-marina.jpg

UK based overseas property developer Select Property has today launched West Avenue, a 32 storey luxury Manhattan style complex on one of the last remaining plots on Dubai Marina. West Avenue, a joint development partnership with Dubai based Select Group, is the seventh tower to be launched by the companies – who have already sold out six off-plan developments on Dubai Marina.


Contemporary in style, West Avenue offers studios, one and two bedroom apartments, along with two bedroom Marina and City Suites and luxury penthouses. All 273 units in the exclusive West Avenue development have been designed specifically for spacious, open plan living.

Acknowledged as the height of Dubai living, Dubai Marina is the largest man-made marina in the world. Situated in the central part of the marina, prices for a studio in West Avenue start from £157,083 and are available with a 15 year non –status payment plan. Purchasers also benefit from the security of an Escrow account, protecting their funds during the build phase.

Prices in Dubai Marina have soared over the last few years with the average price per square foot rising from £120 in 2005 to £342 in 2008, making properties in the area a sound capital investment. A key driver for the continued growth is Dubai Marina’s excellent location.

Mark Stott, CEO of Select Property, explains: “Dubai Marina is undeniably one of the most desirable locations for residential property in the Emirate. Located off the Sheikh Zayed Road and Jumeirah Beach, and in close proximity to the commercial areas of Dubai Media City and Internet City, Dubai Marina appeals to both the business and leisure resident. It is perfect for investors looking to benefit from the ongoing Dubai property boom.”

West Avenue will offer facilities catering for all needs including a swimming pool, sauna and steam room, modern gym, shopping, dining facilities, and 24 hour security.

Dubai attracts a number of markets to its sun kissed shores, not least property investment. In an economy that is defying the credit crunch, Dubai is still hugely popular with the holidaymaker and those looking for a more permanent luxury home. By all accounts, demand for property is set to outstrip supply until the end of the decade.*

http://m.gmgrd.co.uk/res/975.$plit/C_71_article_1063526_image_list_image_list_item_0_image.jpg?20%2F08%2F2008%2017%3A00%3A20%3A781

OVERSEAS developer Select Property today announced a £100m apartments scheme in the Middle East which it said would help achieve its £800m sales target for this year.

Select Property, which is based in Wilmslow, is to develop West Avenue, a 31-storey tower block at Dubai Marina.

It will be developed in a joint venture with Select Group, a property business based in Dubai.

West Avenue will feature 251 studio, one and two-bedroom flats as well as shops and restaurants in the entrance lobby.

Building work is due to begin later this year, and the scheme is earmarked for completion in mid-2011.

Mark Stott, chief executive of Select Property, said: "It is undeniably one of the most desirable locations for residential property in the Emirate, perfect for investors looking to benefit from the ongoing Dubai property boom."

The development is the seventh off-plan scheme at Dubai Marina for the joint venture partners since 2004. The first six towers are sold out. The most recent, Botanica, was launched last November and was 90 per cent sold out within a month.

Mr Stott said he expected similar heavy demand for West Avenue's flats from speculative investors and wealthy people looking for holiday homes.

It is one of the last remaining plots at Dubai Marina.

Select Property, which employs 100 staff, posted revenues of £9.8m for last year but expects to top £22m this year.

Established in 2004, the company has so far sold property to customers in 53 countries.

Its other developments include the £1bn Aquitainia on The World, a Dubai offshore scheme. The World comprises 300 man-made islands four kilometres off Dubai.

Other investors there include movie star Brad Pitt and Angelina Jolie, who bought an island called Ethiopia.

Mr Stott's company has bought the islands of Spain and France, while Virgin tycoon Sir Richard Branson owns the UK.

Select Property is also behind Pacific, a £368m residential project on Al Marjan Island in the neighbouring Emirate of Ras Al Khaimah.

Mr Stott has an 80 per cent stake in the business, which he established after spells as a florist, bar owner and car salesman.

Can the threadopener or a mod change the title to "Avenue"?

Can the threadopener or a mod change the title to "Avenue"?


Or The Mark Stott appreciation society........ Say it with flowers!

fence work has begun:)

I am a bit chocked to learn that the starting price for a studio is 1.77 mill


Select launches residential tower in Marina
Staff Report
Published: August 28, 2008, 23:44


Dubai: The Dubai-based Select Group and the UK based property developer Select Property yesterday said, they have launched West Avenue, a 32-storey luxury Manhattan-style complex on one of the last remaining plots on Dubai Marina.

West Avenue, an Dh678 million joint residential development, is the seventh tower to be launched by the companies - which have already sold out six off-plan developments on Dubai Marina.

Contemporary in style, West Avenue offers studios, one and two bedroom apartments, along with two bedroom Marina and City Suites and luxury penthouses. All 273 units in the exclusive West Avenue development have been designed specifically for spacious, open plan living.

Rahail Eslam, CEO of Select Group, said: "Dubai Marina is undeniably one of the most desirable locations for residential property in the emirate.

"Located off the Shaikh Zayed Road and Jumeirah Beach, and in close proximity to the commercial areas of Dubai Media City and Internet City, Dubai Marina appeals to both the business and leisure resident. It is perfect for investors looking to benefit from the ongoing Dubai property boom."

Acknowledged as the height of Dubai living, Dubai Marina is the largest man-made marina in the world.

Situated in the central part of the marina, prices for a studio in West Avenue start at a pre launch price of Dh1.77 million and are available with a 15-year non -status payment plan. Purchasers also benefit from the security of an Escrow account, protecting their funds during the build phase. Prices in Dubai Marina have soared over the last few years with the average price per square foot rising from approximately Dh800 in 2005 to over Dh2,000 in 2008, making properties in the area a sound capital investment. A key driver for the continued growth is Dubai Marina's excellent location.

West Avenue will offer facilities catering for all needs including a swimming pool, sauna and steam room, modern gym, shopping, dining facilities, and 24-hour security.

Contemporary in style, West Avenue offers studios, one and two bedroom apartments, along with two bedroom Marina and City Suites and luxury penthouses.

Morten, someone said they had sold all the studios as well !
I don't know if that is true ?

Morten, someone said they had sold all the studios as well !
I don't know if that is true ?

I have heard the same - I think there is a typo - it is the 1-bed which starts at 1.77 mill.

http://m.gmgrd.co.uk/res/975.$plit/C_71_article_1063526_image_list_image_list_item_0_image.jpg?20%2F08%2F2008%2017%3A00%3A20%3A781

OVERSEAS developer Select Property today announced a £100m apartments scheme in the Middle East which it said would help achieve its £800m sales target for this year............................................

..................................................
Mr Stott has an 80 per cent stake in the business, which he established after spells as a florist, bar owner and car salesman.

That closing statement is quite scary. Morten, would you seriously get on a 747 where the pilot has no real experience in flying and used to sell beer, cars and arrange flowers as his CV?

Gulf News - 30th August 2008:

Select Airlines has today announced the launch of it's first weekly longhaul service operating out of Wilmslow International Airport to Dubai. Mark Stott MD of Select Group will be taking the controls himself for the maiden flight this afternoon. :banana:

That closing statement is quite scary. Morten, would you seriously get on a 747 where the pilot has no real experience in flying and used to sell beer, cars and arrange flowers as his CV?

Hi True Blue - I am not a buyer in any of "his" projects - but The Point looks promising - and the other projects seem to be nice if they finish. Will be interesting to see The Point finishing. If just he gets hold of the right people I dont care what he did previous. I myself was a bottleboy in a supermarket - and now - Opps - not really come further I think :-) Anyway, I think they should stop launching new projects and focus on the ones they started.

Car Saleman and Bar Owner - I admit that it is not a flattering CV - but the man seem to be very creative. Now we know why recent tower is called The Botanica

Doesn't Richard Branson run a good airline? He started off with market stall on his CV. That said I am sure all SP owners want more delivery and less selling.

so did alun suger now worve 800m stg stil he butt ugley.:lol:

I have heard the same - I think there is a typo - it is the 1-bed which starts at 1.77 mill.

Why buy here for that price, when you can buy in the Torch on Long Term Plan for AED 1550/sqft? a 904 sqft 1 bedded mid floor would cost you 1.4M, Just a thought :lol:

fence work has begun:)

Imre did SP fence the entire plot or just part (half)?

so did alun suger now worve 800m stg stil he butt ugley.:lol:

Bizzy, have you bought a new car and changed your name? :lol:

Most of the above missed my point so Dubai Steve was right....FAIL!

Imre did SP fence the entire plot or just part (half)?

fence is ready but the Emaar did that:)

fencing the all plots where is still no construction

^^Just wondering, why is Emaar fencing here? Plot belongs to SP??????????

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

From the above picture, which one is West Avenue plot?

WA plot on lateral left side inferiorly Corner ...

From the above picture, which one is West Avenue plot?

Its the one with the big pile of crap kitchens:lol::lol:

Its the one with the big pile of crap kitchens:lol::lol:

Kitchen talk has now poluted this thread aswell..:lol::lol: (think that 1000 units may well be used up in the Torch and Point, but i'm sure they will hit the re-order button) :lol::lol:

Is this project sold out? Does anyone know?

Contact Select Properties for an honest answer, we only hazard guesses on this forum:)

Remember, selling off plan is harder in Dubai now so don't jump in too quickly at anything over 1400aed/ft2

I thought that prices in Dubai were much higher than 1,400 AED? Especially in Dubai Marina... Correct me if I am wrong but I thought SP launched this project with a price of 2,500 AED per sq ft?

^^Maybe they did but SP are not Emaar so the price is not realistic. I would not value this development above 1400aed/ft2 in the current market.

Remember it will be a while before it's ready.

^^ The same could be said for Infinity, Silverene or Atlantic I suppose, but I do not see anything there for 1400. Well maybe add 5% more for their better marina view.

Compare apples with apples, Infinity and Atlantic are front row waterfront developments with expected great views from most of its apartments. West avenue will have a great view of a shopping mall and a motorway.

If RMJM have done a good job with Silverene that could be the prime views :)

Historically a clear marina view is only worth 10% more on all completed marina developments so your argument does not hold up. If you state the value of this is 1400psf then the others should be no more than 1540psf. The location of Silverene and this one are almost the same, close to the mall.

I think we will see soon that 10% will increase to 50 or 100% as the market matures.

It is already a fact that good views make an apartment more marketable and hence much easier to sell. The market is slow at the moment and apartments with no views are being heavily discounted to move them.

^^Maybe they did but SP are not Emaar so the price is not realistic. I would not value this development above 1400aed/ft2 in the current market.

Remember it will be a while before it's ready.

I agree here. The current market suggests its a buyers market with lots of properties on the market that estate agents are now charging 3% agency fees to the seller. Previously, the buyer had to pay 2%. This is a move to help shift the units up for sale.

As more and more units get delivered in and around dubai, the less competitive properties selling above 1800psf would be. So in my opinion, getting into such SP developments launching at 2500psf is very risky business. The price is way too high and the buyer would have to wait at least four year for any reasonable sign of development progress ... maybe more judging on SP track record. In four years, the dubai waterfront would have gained momentum, Ajman would be kicking with affordable rent/purchase options and electricity that I think prices in the marina and other prime locations would certainly drop.

I think we will see soon that 10% will increase to 50 or 100% as the market matures.

Wishful thinking I believe - and highly speculative!

Compare apples with apples, Infinity and Atlantic are front row waterfront developments with expected great views from most of its apartments. West avenue will have a great view of a shopping mall and a motorway.

If RMJM have done a good job with Silverene that could be the prime views :)


Slightly unfair TB. I didnt think it was classed as a motorway once it reached SIX lanes each direction. Nice to have your windows open in this one.

^^ The same could be said for Infinity, Silverene or Atlantic I suppose, but I do not see anything there for 1400. Well maybe add 5% more for their better marina view.

Actualy only AED1350/ft2

http://www.gnads4u.com/doc.html?_a=view&id=4483847

Actualy only AED1350/ft2

http://www.gnads4u.com/doc.html?_a=view&id=4483847

The area they market seem to include common area - which are quite a part of the apartment.

Actualy only AED1350/ft2

http://www.gnads4u.com/doc.html?_a=view&id=4483847

http://www.ameinfo.com/175305.html

Burj Dubai tower sees 50% drop in property prices
United Arab Emirates: 7 hours, 34 minutes ago
Real estate prices in Downtown Burj Dubai, Emaar Properties' flagship development, have fallen at least 22%, while prices in the Burj Dubai tower itself have dropped as much as 50%, reported The National. UK-based property consultants Sherwoods said prices in the development, excluding the tower, had fallen from an average of 3,500 dirhams ($952) per square foot to Dhs2,700. Brokers said Downtown Burj Dubai had seen some of the biggest price drops in Dubai because prices had previously risen so sharply.

dubman, sorry but not ads allowed here.

Sorry if I have breached any forum rules but i have seen several adverts to sell here in a number of threads.

Some resales advertised in property weekly @ AED3000/ft2 complete 2010 :nuts:

Some resales advertised in property weekly @ AED3000/ft2 complete 2010 :nuts:

:lol:

When you can buy Bay Central @1150/sqft and the Torch for just a little above that! Absolute madness :ohno:

This could be on of the first casualties :dunno:

Worth looking into;

....Rera's regulations state that investors who have paid over 20% of a property's total value can halt payments if the developer has yet to begin construction, but this does not apply if construction has already started.

http://www.ameinfo.com/179135.html

out of interest anyone bought here? :nuts:

I can't see this one getting off the ground under the current market conditions. SP should cancel and return deposits then relaunch when things are more stable and at a realistic price like 1000-1200AED/ft2.

If they push on I guess most will default and walk away.

19/February/2009

West Avenue

http://img4.imageshack.us/img4/1684/imresolt45oi3.jpg (http://imageshack.us)

nice sandpit :nuts::nuts:

Has anything been sold here or what

nice sandpit :nuts::nuts:

Well at least they finished the kids play area.

The title of this thread should be West Avenue, right? :)

I just do not see any hope for this project considering that next to nothing is happening at Botanica other that Select playing the waiting game and collecting money for doing next to nothing.

Has soil testing been done? If not why not? Why can they not make any form of progress. It is scandalous that they launch projects without the site investigation or designs done and no approvals.

What happenend to the law about starting within 6 months of sales launch?

What happenend to the law about starting within 6 months of sales launch?

Was it law though or just a RERA ruling/recommendation ??

Maybe they should lock up the Directors of Select group while they debate that issue:okay:

West Avenue was launched in July so only 6 months and a couple of weeks ago. :cheers:

West Avenue was launched in July so only 6 months and a couple of weeks ago. :cheers:

Handcuffs on and straight into jail then:lol:

Was it law though or just a RERA ruling/recommendation ??


Article (17):
A Developer shall be cancelled from the Register in any of the following
events:
a. If he declares bankruptcy.
b. If he does not commence construction within six months of the date
he was granted approval to sell off plan without an acceptable
excuse.
c. If his license is cancelled by the licensing authorities.
d. If he violates any of numbers (2) or (3) or (4) or (5) of article 16 of
this law.

The 6 month rule is clearly stated in the law No8 (Article 17)
Law No8

http://www.dubailand.gov.ae/ld_websi.../No08_2007.pdf

explanation:

As we have seen by the introduction of new Law No. 14, RERA will be responsible for enforcing the provisions of Law No 8 and may at any time request the Escrow Agent to provide it with any information or data it deems necessary. RERA can determine if a breach of the law has occurred and under the provisions of Law No. 8 may then serve written notice on the Escrow Agent to remedy the breach within a specified period of time.

If it transpires that a developer or any other person involved in the development process knowingly breaches the law, the penalties under Law No. 8 include imprisonment and fines of not less than AED 100,000. A developer’s registration may also be cancelled if it is declared bankrupt, does not start works within six (6) months from the date of approval (without acceptable excuse), its licence is cancelled or it commits any violation of the law or the laws governing the activity of real estate development in Dubai. It will be interesting to see the extent to which these enforcement remedies will be applied going forward, and whether this law has real strength in terms of changing the current market.

http://www.clydeco.com/knowledge/art...plan-units.cfm

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

Taken 19 feb.

07/April/2009

West Avenue, plot

http://i40.tinypic.com/2r3cle9.jpg

West Avenue only using quarter the plot. Wonder what else is coming there?

is west avenue still going to build or is is cancelled?

Anyone in the know with this project?

Anyone in the know with this project?

Its not cancelled. Statement below from http://www.selectproperty.com/grievance/?gclid=CPfA4PDH4ZkCFQpuGgod2EehVA
"Only one of the developments we have launched has been cancelled - 'Royal Gulf' in the UAE. This was our own decision, to protect purchasers being exposed to the risk that the forecast slow-down in sales might prevent us from being able to commence construction. All the buyers quickly moved their funds into alternative properties or received full refunds."

^^
With a launch price of 2500psf, investors would be out-of-touch to go ahead with this investment.

The best thing for me as an investor here would be for the project to be cancelled so that I could get a refund. I am very worried and would really like advise on how to go about getting a refund?

I was amazed at the launch price of 2500psf, even in the hight of the market, it was much to high for me at the time. The real price must be less that half that now and will take years to get back to those levels. Will people really continue to pay installments at that rate??

^^ I suppose many still will do as in the long term prices will go back to that level and higher and they will be able to rent out to pay the payment plan if construction does not take too long. West Avenue was always a long term investment plan. The alternative is to loose everything invested already or for Select to reduce the prices, depending how many sales they have already.

Most people have now paid 30%, so they can't really ask for more payment until construction has started. With only 50% sold then it is very unlikely that it will be starting anytime soon.

07/April/2009

West Avenue, plot

http://i40.tinypic.com/2r3cle9.jpg

The Metro station in the backround, would that be the closest one for Silverene ?

Taken by Imre from JLT

http://i41.tinypic.com/28v8txf.jpg

I was at the Land Department yesterday. i defaulted on my last Bay Central payment to get the Land Department involved to sort out the issues of the hotel and the substantial delays.

they told me (the legal affairs center) that only the Land Department can cancel contracts, and if Select terminates any contract without going through the Land Department, they will give you a letter informing Select, or any developer for that matter, that the termination they did is "illegal".

More good news, if you are on the Standard Payment Plan, they will "force" Select to link payments to construction progress.

They said these are the laws of the land now.

02/May/2009

West Avenue

http://i43.tinypic.com/2v1288m.jpg

http://farm4.static.flickr.com/3641/3491144292_f173d4c54a_b.jpg

Wish they do the right thing n announce the cancellation of this project. What are they waiting for? If Emaar, Nakheel and other much bigger developer can do so to their respective projects, why cant they?

Wish they do the right thing n announce the cancellation of this project. What are they waiting for? If Emaar, Nakheel and other much bigger developer can do so to their respective projects, why cant they?

I don't think they will cancel this project and delay it until it is the right time for them to start.

I don't think so either, their payment plans of 30/70 shows that they have a pretty good way of financing. That's why I would be confiden that they will build it. Still gladthough, that I didn't buy in there.

And as the next payment is due in August they have already started to put equipment on the site to fool RERA.

They will not cancel as long as people keep sending the money.

The object of the exercise is to collect as much money as possible against a piece of land. Construction is an inconvenience to this developer.

And as the next payment is due in August they have already started to put equipment on the site to fool RERA.

This is one company that LOVES to get RERA on side, then when they need help from Rera or help to hide behind RERA they get it, I think the pre registration of units was one of these exercises, "lets be the first developer to collect fees, then we will look good and when we need help to not honour parts of our contract we can go creeping to RERA" Shame for them really as their business model has now been seen by all and that will damage their future. :ohno:

thanks to jeetha

http://i43.tinypic.com/2iurq4y.jpg

^^^^^^Storage for Silverene only @ West Avenue.

http://i41.tinypic.com/fn5x14.jpg

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


http://i39.tinypic.com/ng4it3.jpg

Do anyone know when the construction begins in this site and have anyone purchased in this building?

Has this been cancelled yet?

I thought Rera had put constraints on new projects in that they must start within 6 months of launch or offer refunds.

^^^^
http://i27.tinypic.com/10ddpmt.jpg

^^Bit synical.

I just asked because it has been removed from Select properties' Dubai development list

http://www.selectproperty.com/invest/dubai/

Try the sideway scroll, big space where West Avenue used to be:dunno:

Still there at http://www.selectproperty.com/cms_pages/West_Avenue/about.php

Nice graphics...

Maybe they had an update and forgot to fix the sideways scroller??? Or maybe it has been cancelled and this is their subtle way of announcing it? Or maybe WE just don't know?

Any news on this one?

ON HOLD for a years, do you know anyone who is still paying the installments here?

I doubt thats why they cant build it :)

with 25years payment plan and still on hold now that make **** sense ! who are select property/developer/supermarket/real estate ? anyway people buy an apartment and they didn't know what they are dealing with ?

alot of overvalued prices in this **** for nothing special with this tower if they will make like the point tower (at least they got a wonderful view)

i sugguest a new hospital or park or parking area or mosque much better for this plot specially it so close to office tower/hotel/mall !

Warning to anyone considering buying here or anything from SG directly in the future.

To all SG LPP Victims

We’ve had a response from our lawyer regarding SG’s LPP Addendum. Bearing in mind the legal group have paid for the advice I will not publish the complete report as this would be unfair on those who have stumped up money. I have provided some key points which will hopefully give unsigned LPP owners some comfort and also points for further investigation.

These are the key observations the lawyer made:-

•5A.5 of the Addendum was described as ‘horribly onerous’ and not
consistent with the UAE Civil Code which does not allow developers to treat all monies paid as forfeit in the event of a failure to pay an installment.

•5A.7 Termination would result in a total loss of investment including any rental money received being passed back to SG.

•5.8A – Indemnity has serious implications for an owner in the event SG suffer loss through any action of the owner or owner’s tenants.

•10A.3 – SG retain right to charge ie mortgage the property and in the event that SG default on any loan secured against the property a bank could take possession or sell your unit.

•10A.4 Grants SG “irrevocable authority” to change the agreement for securitisation purposes. This was considered by the lawyer to be undesirable and outside the scope of what this agreement was trying to achieve.

•10.1 Prevents LPP owners from selling the property without SG’s permission. The lawyer could not understand the logic behind this.

•3.1 of the Tenancy agreement is ‘very messy and probably confusing’ as the tenant would be confused who the actual landlord was.

•8.7 Tenancy renewal after 12 months is at the discretion of the developer – This is not consistent with general law, which says that a tenant does have the right to renew except in certain circumstances. It also arguably denies a tenant the benefit of the rent-cap law

Summary

•SG cannot force LPP owners to sign the Addendum. Where they state “you are required to sign” they are being "completely dishonest" – we are not required to sign at all!

•The agreement was considered not fit for purpose, poorly written and full of contradictions. It was suggested a judge would probably give up trying to find any sense in the SPA and Addendum and look to enforce the spirit of the contract.

•We have a legally arguable case for possession if we are not inclined to sign the Addendum.

i sugguest a new hospital or park or parking area or mosque much better for this plot specially it so close to office tower/hotel/mall !

& metro.

& metro.

Or a prison to lock up rogue developers !!!

http://www.rpdubai.ae/rpdubai/jsp/ProjectIndicator.jsp?imageLoc=../SharedFolder/ProgressIndicator/913_211.jpg&projectName=Progress%20Indicator%20of%20West%20Avenue

Inspection Notes:

Works has not started and the developer confirmed that the project is on hold.

^^ from Rera website.

9/August/2009

http://i32.tinypic.com/nc1uoo.jpg

http://i32.tinypic.com/nd653d.jpg

Some change on the right hand side, not sure what??.

West Avenue is the same (no change).

SP should cancel West Avenue and transfer like Damac did.

^^From this distance it just looks like ballast blocks for the cranes.

I expect SP will start contacting investors soon offering them the option of transferring to one of there other Cayan view properties.

Anyone knows: what happens to investors in this buliding regarding new regulations approved by RERA?
will payments be refunded?!
http://www.rpdubai.ae/rpdubai/jsp/ProjectIndicator.jsp?imageLoc=../SharedFolder/ProgressIndicator/913_211.jpg&projectName=Progress%20Indicator%20of%20West%20Avenue

Inspection Notes:

Works has not started and the developer confirmed that the project is on hold.

^^ from Rera website.

.............

http://i38.tinypic.com/2utt7jl.jpg

This was west avenue plot, not on the other side.

04/September/2009

West Avenue fence

http://i25.tinypic.com/b84751.jpg

^^That's arabtec work force.

yes, Silverene workers keeping the fence:)

The most workers I've ever seen on a Select site:lol:

03/October/2009

West Avenue , still nothing

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

http://i35.tinypic.com/21entk9.jpg

Thanks Imre for pictures. If you look closely there is a new sign here, I have circled it. I can’t remember seeing it before.

green one is Assembly Point , blue one is the Dubai Marina logo, so nothing important , this project still dead.

Plot showing what must be Silverene materials. Doesn't seem to be any movement on this project:

http://lh6.ggpht.com/_hVJ_uqlnBOs/Su9MoB0ShXI/AAAAAAAAAE0/6lDq1AYCl5Q/s576/005.JPG

What is select saying about this project? Are they saying it is on hold or "progressing well"?

I hope they dont have the cheek to ask investors for payments "as per schedule"!!

What they should be doing is scraping this development and consolidate this with other select projects.

I'm sure one of the new laws protects investors from projects that are launched but do not start within 6 months. A law specifically designed to protect investors from this exact situation.

I can only assume that Select are keeping everyone involved up to date with the situation.

so thats how Silverene are keeping a tidy site putting all there mess in west avenue


Plot showing what must be Silverene materials. Doesn't seem to be any movement on this project:

http://lh6.ggpht.com/_hVJ_uqlnBOs/Su9MoB0ShXI/AAAAAAAAAE0/6lDq1AYCl5Q/s576/005.JPG

Rera inspection Notes:

Works have not started and the developer confirmed that the project is on hold.



http://rpdubai.ae/rpdubai/jsp/ProjectIndicator.jsp?imageLoc=../SharedFolder/ProgressIndicator/913_211.jpg&projectName=Progress Indicator of West%20Avenue

Any idea what this means?

http://lh6.ggpht.com/_hVJ_uqlnBOs/SwB_bjTjNxI/AAAAAAAAAJY/lxti-LI66Yw/s512/DSC00132.JPG

http://lh5.ggpht.com/_hVJ_uqlnBOs/SwB_c5CtXUI/AAAAAAAAAJc/PSuL9a5-mXA/s512/DSC00133.JPG

http://lh5.ggpht.com/_hVJ_uqlnBOs/SwB_ftvqkiI/AAAAAAAAAJo/8_59wVUb9bU/s512/DSC00139.JPG

http://lh5.ggpht.com/_hVJ_uqlnBOs/SwB_gRNzp5I/AAAAAAAAAJs/EpY1ipK0H6c/s512/DSC00140.JPG

http://lh4.ggpht.com/_hVJ_uqlnBOs/SwB_g_TI2uI/AAAAAAAAAJw/9W6HDWGe54E/s512/DSC00141.JPG

Looks like soil testing. Maybe they will go ahead and build now and sell the units when complete instead :dunno:

Any idea what this means?


soil testing but I cant see which company working there.

I saw some ground works also , maybe cabeling works between the plot and the road.

Honestly, I would be surprised if they start anything here , selling price was more than 2000 dhs/sqft , no point to put more money on this project for the investors.

Looks like soil testing. Maybe they will go ahead and build now and sell the units when complete instead :dunno:

Probably another payment due...:bash:

Very strange :nuts: I don't think it's West Avenue plot. Jsmith6 could you take another zoom out picture?

Thanks in advance.

I checked today, the piling test inside the plot but very close to the road, so sould be something else because its strange position testing just at the edge of the plot.

Maybe a road piling test which will be joined from the JLT (opposite the Mall).


Jsmith6 could you take a pics of the whole area, I mean the West Avenue plot and the JLT together ?

Thanks:)

Maybe this +the West Avenue plot without zoom would be nice!

Today
http://lh4.ggpht.com/_hVJ_uqlnBOs/SwB_kyGMMaI/AAAAAAAAAKE/PeEyyf7zRRI/s512/DSC00146.JPG

http://lh4.ggpht.com/_hVJ_uqlnBOs/SwB_lQ3ijjI/AAAAAAAAAKI/HTFF-McRafU/s512/DSC00147.JPG

I checked today, the piling test inside the plot but very close to the road, so sould be something else because its strange position testing just at the edge of the plot.

Maybe a road piling test which will be joined from the JLT (opposite the Mall).


Jsmith6 could you take a pics of the whole area, I mean the West Avenue plot and the JLT together ?

Thanks:)

Maybe this +the West Avenue plot without zoom would be nice!

Imre, will do. Will try to get done before the sun goes down today, but it might have to be tomorrow. We'll see.

Thanks , maybe after we will have some idea whats going on ( at the JLT as well) :)

Thanks , maybe after we will have some idea whats going on ( at the JLT as well) :)

Imre, here was the widest angle I could get from the location of our building:
http://lh3.ggpht.com/_hVJ_uqlnBOs/SwJRQyplSNI/AAAAAAAAANE/6-9a3cylRZg/s1280/DSC00151.JPG

Here are a few more shots of the work they were doing today. One of the workers working on the piping along the side of the road said that the guys drilling were not related to the piping work. He said they were from Arabtec and their work was related to Silverene. No idea.

http://lh6.ggpht.com/_hVJ_uqlnBOs/SwJROE6rhQI/AAAAAAAAALs/-mlkw4s9AuY/s1280/DSC00149.JPG


http://lh3.ggpht.com/_hVJ_uqlnBOs/SwJRSH5sO8I/AAAAAAAAAL8/NUnKyZ5vw5U/s1280/DSC00152.JPG


http://lh3.ggpht.com/_hVJ_uqlnBOs/SwJRTfO33mI/AAAAAAAAAMA/NmkOYb5PYik/s1280/DSC00153.JPG


http://lh4.ggpht.com/_hVJ_uqlnBOs/SwJRMd9MffI/AAAAAAAAALo/vYK2R99hCIs/s1280/DSC00148.JPG


http://lh5.ggpht.com/_hVJ_uqlnBOs/SwJRO8JfdDI/AAAAAAAAAL0/IPtvO7oTWEQ/s1280/DSC00150.JPG

Soil testing seems to be all over this large plot

Maybe Select have sold this plot?

Someone that have bought here please enlighten us.

West Avenue is not mention on their new website (click on Location.)

http://www.selectproperty.com/invest/dubai-marina/bay-central/

Here are a few more shots of the work they were doing today. One of the workers working on the piping along the side of the road said that the guys drilling were not related to the piping work. He said they were from Arabtec and their work was related to Silverene. No idea.


Thanks for the photos, still no idea whats going on :)

Its going to be a kebab shop.

Why are they only soil testing now?

Is this their standard format;


Locate a potential development site and sign a letter of intention to purchase the site.
Get an Architect to knock up a quick design and get the sales literature printed up.
Launch the sales and get money in, pat on the back and big bonuses all round.
Use some of the money to pay initial scheme fees and deposit on land.
Sit back for 12 months scratching their arses wondering how they move forward with the tricky stuff.
Keep collecting stage payments while not much else happens.
Letter received from Rera regarding poor progress and mounting complaints. Better get the soil testing done then, shouldn't cost too much.
Everyone now pressing for progress and land owner wants paid.


How much longer can they keep these plates spinning???

Thanks to Chakazoolu on the JLT thread, I think we know what the works are on the JLT side. Here's a pic of the JLT plan:

http://lh5.ggpht.com/_hVJ_uqlnBOs/SwiL63RtAGI/AAAAAAAAAP0/xwXYfy5WRv8/s720/map.jpg

So it seems the road works at the temporary roundabout in JLT have nothing to do with the soil testing going on at the West lot ....

How much longer can they keep these plates spinning???

Some companies have been playing the same game since 2004/2005 , investors paid 70-90% and still nothing.

Any news on this one? I'm travelling for several weeks and haven't been able to check the site. Curious if anyone else has seen something.

18/December/2009

West Avenue

http://i48.tinypic.com/1r4qv5.jpg

http://i48.tinypic.com/2nbbzv5.jpg

Thanks, Imre. Looks like nothing happening there again.

Any owners here been given any notice of what is happening? I know SP send out updates on their other projects.

according to Select, this project has been canceled and all investors have been taken care of!! Any owners can verify that!

West Avenue has definately been cancelled as it is not on their database I recently received from them. Just for everyones info, Select have kept back around 30-odd units from each of their developments (not sold to customers) they were probably hoping to sell at a higher price at a later stage - now thats gone out of the window!

The few people who would have bought here probably have been swapped into other select developments.

So can we now move this to On Hold or Never Built?

[
The few people who would have bought here probably have been swapped into other select developments.[/QUOTE]

Wonder if they will try to move them to Aquatania... Glad I didn't buy France and Spain on the World at the peak of the market, oooouuucchhh

according to Select, this project has been canceled and all investors have been taken care of!! Any owners can verify that!

Any ex owners please verify.

12/March/2010

West Avenue

http://i40.tinypic.com/s1i33l.jpg

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

Work is not on West Avenue.

Anyone knows what’s happening here.

Jeetha 1000 up well done. Im in town thursday for a week will get you some pics.

Thanks. 640 more to catch up.

Look forward to pictures.

Work is not on West Avenue.

Anyone knows what’s happening here.

mafi flus = no money LOL

mafi flus = no money LOL

Bizzy are things over there (Dubai) getting from bad to worst?

Bizzy are things over there (Dubai) getting from bad to worst?

I can answer that and in my opinion no. They are getting better in line with every other country.
Don't believe everything you read in the news papapers

Bizzy are things over there (Dubai) getting from bad to worst?

In intensive care at the mercy of debt repayment ...on other hand , i see they will be a big relief by visa issue n how can investors trust on market again by stop lies them at least for handover date .

Big surprise here, mobilisation has begun , site board u/c.

Still question whats going to be here and who is still investing any money in this one? :)

So there will be 1 year of piling and shoring followed by 1 year of waiting for the contractor followed by 1 year of pedestrian progress, by which time Select will have collected 70-90% of 2000AED/ft.

Good bit of business for Select, where can I get my hands on some shares:lol:

18/March/2010

West Avenue

http://i41.tinypic.com/168j03k.jpg

http://i44.tinypic.com/k0qcee.jpg

http://i44.tinypic.com/rjh8ir.jpg

http://i40.tinypic.com/f26ans.jpg

Work is not on West Avenue.

Anyone knows what’s happening here.

I still think this has nothing to do with Select.
This plot is for something else.

[QUOTE=Imre;53639871]18/March/2010

http://i44.tinypic.com/rjh8ir.jpg

I can see the sign board being prepared.

Imre thanks for pictures.

legally speaking, the only way Select can cancel contracts is by starting construction. without construction, they will have to refund all monies paid.

this project was about 30% sold out when the crisis hit. most have paid only 15%, but at very high prices psqf. so i would say the number of defaulters here is very high (if prime developments like Selverene and Infinity have together 120 defaulters, imagine the rate here). with construction, now they can cancel defaulters, maybe 70-80% of all contracts, and retain the money.

they can build, very slowly, 20% or so from the money they have already collected. then depending on the financial markets in few years time, maybe they can get a stop-gap loan and finish the project.

for now, this is a win-win solution for Select. most of the money in the escrow account will be theirs, and they will have a development under construction that might finish in, say, 4-6 years.

giving Select's track record of deception, this scenario is highly likely.

I was there today and spoke with the security, he said around 30 floors will be there and CRC mobilisation just begun.

I asked the name of the tower, developer etc.. but he didnt know.

Board will be ready soon!

So it seems the CRC will be the contractor there.

The office units are certainly CRC colours.

I think Glover is right, but only that I expect them to do the bare minimum to meet RERA requirements for repossesing defaulters apartments. Once this process has been completed then the project will be suspended in a Nakheel sense(cancelled). I think Rera milestone for full confiscation is raft slab, so don't expect to see much more than this happening.

^^

If what you are saying is true and developers can manipulate the rules put in place to protect investors in this way then this is a disgrace.

If this scenario transpires and I was an investor here I would be initiating direct action french style.

Those particular rules were put in place to protect developers also by agreeing a termination policy that was deemed to be fair.

I'm sure their is also a rule which states that if the developer does not commence works within a certain period of launch(6 months) then the purchaser can cancel. I bet Select have been resisting these cancelation requests on the ground that the delays have been as a consequence of Force Majeure.

With only 30% sales they have no way of completing, so it is reasonable to assume they are making a token start to strengthen their case an minimise their losses at the expense of others.

I think Glover is right, but only that I expect them to do the bare minimum to meet RERA requirements for repossesing defaulters apartments.

I agree with you, no other point to start anything here.

I doubt that someone would pay even 500-600 dhs/sqft here now and I dont think so that the original buyers will pay anything more .

If they have money in the escrow account they should start something otherwise cant reach the account.

This happening now at The Opus site (Business Bay) , everything ON HOLD for them but they started something in that project to get some money from the escrow account:)

19/March/2010

West Avenue

http://i43.tinypic.com/33esl21.jpg

http://i42.tinypic.com/35hmg6e.jpg

http://i44.tinypic.com/2h7jd6e.jpg

i am afraid the land department and the courts will deem these defaulters as speculators, not investors, and as such, it is a fair game in their eyes.

so far, the laws are in favor of developers in Dubai. maybe that will change this year if the authorities enact the laws they promised.

^^

If what you are saying is true and developers can manipulate the rules put in place to protect investors in this way then this is a disgrace.

If this scenario transpires and I was an investor here I would be initiating direct action french style.

Is the sign board up for this one?

Imre can you see it from your window?

Is the sign board up for this one?

Imre can you see it from your window?

I cant see because I am in Hungary now:)

http://i39.tinypic.com/2ik49xw.jpg

http://i44.tinypic.com/155jfxv.jpg

Sorry wrong thread, can someone move please, im unable.

http://i40.tinypic.com/2rwlyy8.jpg

Orange plot is West Avenue.

The yellow plot is something else.

Someone somewhere must know something.

http://i44.tinypic.com/155jfxv.jpg

Sorry wrong thread, can someone move please, im unable.

just press edit and delete it !

i,ll do the same when yiu,ve done ?

http://i40.tinypic.com/2rwlyy8.jpg

Orange plot is West Avenue.

The yellow plot is something else.

Someone somewhere must know something.

Don,t be sily!:ohno:

^^I wasn’t

16/April/2010

West Avenue plot

http://i42.tinypic.com/1447nv5.jpg

http://i43.tinypic.com/21m6sl3.jpg

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

30/April/2010

West Avenue

http://i43.tinypic.com/ih38ns.jpg

http://i41.tinypic.com/14xfps1.jpg

http://i42.tinypic.com/2danmn5.jpg

Surely they are not going ahead with this project already are they?

Surely they are not going ahead with this project already are they?

Certainly looks like

No!

I keep saying and no one will listen. These machineries are not on West Avenue plot.

Looks to me that Select have sold this plot to someone else.

I’m 99.95 percent sure.

No!

I keep saying and no one will listen. These machineries are not on West Avenue plot.

Looks to me that Select have sold this plot to someone else.

I’m 99.95 percent sure.

SG are deveoping not SP Jeetha

Jeetha, Select has it on their website now. it disappeared for a while, but its back in there.

Jeetha, Select has it on their website now. it disappeared for a while, but its back in there.

I can see it now. Why they are playing games?:bash:

The hotel is on it also.

^^^ go back few pages and you will see a discussion about that!

Good idea to change the drillers position, if the RERA coming they will see progress here:)

07/May/2010

West Avenue

http://i43.tinypic.com/20u293q.jpg

http://i41.tinypic.com/219408z.jpg

I'm with Jeetha here. Nothing is actually on the West avenue plot which makes me think this mobilisation may have something to the neighbouring plot and nothing to do with West Avenue.:dunno:

I'm with Jeetha here. Nothing is actually on the West avenue plot which makes me think this mobilisation may have something to the neighbouring plot and nothing to do with West Avenue.:dunno:

I can't believe Select would resurrect this project in the current market. I'm sure it has nothing to do with West Avenue

It's been nearly 2 years since the launch and still no start of construction. Surely it's GAME OVER!

I'm with Jeetha here. Nothing is actually on the West avenue plot which makes me think this mobilisation may have something to the neighbouring plot and nothing to do with West Avenue.:dunno:

After seeing Imre’s pictures today. I said to myself, now I’m 99.9% sure it’s not West Avenue plot.

I’m happy that you are seeing that too.

Now the board is done , it says West Avenue and developer is the Select.

One driller visible from outside ,still no idea how serious this project...

Select needs 2 years for the board and 20 years to finish the building.:)

What was the price per square foot that people reserved at, and what percentage has been paid to date?

Launch price was around 2000.- AED/sqft.

No Imre....it was 2,500 AED per sq ft.

Could this now be a "Tayseer" government backed development - or are they using the Torch payments to build it! I think they only sold a few units.

Could this now be a "Tayseer" government backed development - or are they using the Torch payments to build it! I think they only sold a few units.

Yes, government can guarantee that this one will be finish by 2050 :)

09/July/2010

West Avenue

http://img189.imageshack.us/img189/3872/dubai297.jpg (http://img189.imageshack.us/i/dubai297.jpg/)

Uploaded with ImageShack.us (http://imageshack.us)

http://img534.imageshack.us/img534/831/dubai299.jpg (http://img534.imageshack.us/i/dubai299.jpg/)

Uploaded with ImageShack.us (http://imageshack.us)

http://img202.imageshack.us/img202/3640/dubai305.jpg (http://img202.imageshack.us/i/dubai305.jpg/)

Uploaded with ImageShack.us (http://imageshack.us)

http://img707.imageshack.us/img707/4258/dubai307.jpg (http://img707.imageshack.us/i/dubai307.jpg/)

Uploaded with ImageShack.us (http://imageshack.us)

Piling in full progress, 4 drillers and many workers there so it seems this going on now.

Piling in full progress, 4 drillers and many workers there so it seems this going on now.

I'm sure there are more then a few people scratching their heads about this one!

Perhaps developer got finance to build it without sales upfront and hopes to sell units at completion after 2012 when things might be better.

Although looking at the board it says mixed use, commercial + residential.

Probably they reduced the selling price otherwise no one will pay the installments..

I'm sure there are more then a few people scratching their heads about this one!

I am........:weird:

Probably they reduced the selling price otherwise no one will pay the installments..

Knowing the way Select do business, I doubt that.

Something in the rules that if construction has started and you default, they get to keep around 40% of the price, or am I just being synical? Memories of the Indian woman in Botanica who lost all her money after they started construction and she refused to pay the next instalment!

We need to hear from people who invested here to get the truth.

^^ Dont think they made any decent number of pre-sales to make it worth doing that.

My guess it that Select have done a deal with a buyer/company to make office space in the marina for them as this is now commercial + residential with remaining residential units to be sold after completion. Select are not selling this on their website.

Something in the rules that if construction has started and you default, they get to keep around 40% of the price, or am I just being synical? Memories of the Indian woman in Botanica who lost all her money after they started construction and she refused to pay the next instalment!

We need to hear from people who invested here to get the truth.

Doesnt mind if they keep the money or not , investors already lost here.

What was the OP , 2000 AED/sqft?

Off plan market price now = zero (ok maybe 3-400 dhs/sqft if you are lucky)

Maybe on completion they can get around 800 dhs if not less.. so without huge price reduction whats the point to pay the payments?

^^ Dont think they made any decent number of pre-sales to make it worth doing that.

My guess it that Select have done a deal with a buyer/company to make office space in the marina for them as this is now commercial + residential with remaining residential units to be sold after completion. Select are not selling this on their website.

Maybe they are making the hotel here, which they promised Bay investors.:lol:

I saw this plot it easily can fit a three towers , how it can be like this ?

very wasting AVENUE money !

Doesnt mind if they keep the money or not , investors already lost here.

What was the OP , 2000 AED/sqft?

Off plan market price now = zero (ok maybe 3-400 dhs/sqft if you are lucky)

Maybe on completion they can get around 800 dhs if not less.. so without huge price reduction whats the point to pay the payments?

Original prices on the studios was 2500psf. The 2 beds only have 1 wc room and it has a shower! Could be difficult to rent unless you are asking prices a maid could afford.

Quote from Select Property;

Situated in the central part of the marina, prices for a studio in West Avenue start at a pre launch price of Dh1.77 million and are available with a 15-year non -status payment plan. Purchasers also benefit from the security of an Escrow account, protecting their funds during the build phase. Prices in Dubai Marina have soared over the last few years with the average price per square foot rising from approximately Dh800 in 2005 to over Dh2,000 in 2008, making properties in the area a sound capital investment. A key driver for the continued growth is Dubai Marina's excellent location.

Maybe they are making the hotel here, which they promised Bay investors.:lol:

Yes crossed my mind also. This is BC tower 3. :lol:

I saw this plot it easily can fit a three towers , how it can be like this ?

very wasting AVENUE money !


I keep repeating (I know). I still do not believe West Avenue is going to happen.

Bizzy can you do some investigation for us.

Go there and ask them…. “what the hell are there building here”?.:cheers:

^^ Dont think they made any decent number of pre-sales to make it worth doing that.

My guess it that Select have done a deal with a buyer/company to make office space in the marina for them as this is now commercial + residential with remaining residential units to be sold after completion. Select are not selling this on their website.

I suspect the reason that thety are not selling it now is because the new rules forbid off-plan sales until the project is at least 30 pc completed. My guess is that they will get on with construction for a while and then relaunch it at some point next year (or even the year after!).

http://i34.tinypic.com/2ldkn6o.jpg

I keep repeating (I know). I still do not believe West Avenue is going to happen.


2 boards there with the West Avenue sign,CRC also at the site and piling has begun.

I agree with you , something fishy here.

I really can't believe that today, I was woken by the piling machine at West Ave and it's still going strong now at 12 noon! Could there be a miracle here? or is it just a ploy?

Developer isn't Select ... WEST AVENUE LIMITED.

http://www.rpdubai.ae/rpdubai/SharedFolder/ProgressIndicator/913_211.jpg

^^ Now that this report is done, will they stop working?

They got no bars filled in on their report. Must have forgot the brown envelope. :lol::runaway:

Some of these reports are rubbish, I mean "The building is formed in a concrete structure with its external and internal finishes". What relevance is that at this stage, it's just total padding used in every report. They haven't even got the tense correct:bash:

Developer isn't Select ... WEST AVENUE LIMITED.

http://www.rpdubai.ae/rpdubai/SharedFolder/ProgressIndicator/913_211.jpg

It's a compnay controlled by SG not SP == despites rumours tghose two are quite separate entities

as predicted here on this board, here are the true reasons why Select started construction on this project. Unbelievable how the authorities here allow such practices. a real shame!
----------------------------------------

Friday, Aug 27, 2010

Gulf News

Default notices to buyers expected to follow

Dubai A sharp upswing in construction activity in Dubai is playing into the hands of developers who are putting buyers in an awkward position only to demand payments.

Some developers have hit on a plan to reach the 40 per cent mark in their projects in the shortest possible time, which would allow them to issue default notices to buyers who have missed instalments.

If the investors are not in a position to renegotiate the instalment terms, developers will then be able to repossess the property and get it on to their books. Such property could then be sold when market conditions are deemed proper or placed in the rental market by the concerned developers. In effect, this is a win-win situation for developers.

“What this does is tilt the balance decisively in favour of developers from the present legal perspective,” said Samir Munshi, managing director at Silver Heights, which is into real estate services including investment. “As things stand now, the moment developers reach the 40 per cent mark, they are home and dry. This is irrespective of whether their projects have been delayed for years.”

The fresh impetus on the construction side should move up a gear or two in the post-Ramadan period. “Developers are using whatever means they possess now to get their projects back on track ahead of any deadline imposed by the authorities,” Munshi added. “Rather than get their projects named as cancelled, they are restarting construction and hope to extract better deals from investors. Only the investors stand to lose if they fail to renegotiate.”

Rather than get their projects named as cancelled, they are restarting construction and hope to extract better deals from investors. Only the investors stand to lose if they fail to renegotiate.”

Samir Munshi

Managing Director, Silver Heights

By Manoj Nair?Associate Editor

© Gulf News 2010. All rights reserved.

I think they only sold 2 units here though? :dunno:

................
It's funny whenever SP launch a new development everybody thinks their prices are way too high and out of line. Then 12 months later they look fairly cheap. West Avenue does of course appear expensive at the present time though compared to others...........only time will tell I suppose. :cheers:

..........

Remember, selling off plan is harder in Dubai now so don't jump in too quickly at anything over 1400aed/ft2

Had a speed read at the first few pages of this thread, seems Select were launching just as the market had turned. They must have sold units as there is a post recording resales at 3000AED/ft. The posts above are in reference to the launch prices at 2,500/ft. If only 2 units were sold then hopefully people followed my advice and not a certain other promoter:)

Anyone notice that it launched fully residential and now rera report describes it as freehold commercial and residential?

So their plan is to reposess all units after using the deposit money they received to do a 40% build, then sell on as commercial to raise cash for the rest and try and sell residential units when completed? :dunno:

http://i38.tinypic.com/5uk854.jpg

[QUOTE=Imre;60028287]09/July/2010


http://img202.imageshack.us/img202/3640/dubai305.jpg (http://img202.imageshack.us/i/dubai305.jpg/)

Uploaded with ImageShack.us (http://imageshack.us)


Anyone else noticed, that is not the same sign as picture posted by CBP.

They now have two sign post.

It's the same old web. Scheme sign states developer is Select Group, the press launches say its a jv with Select properties and Rera have been told it is West Avenue limited:dunno:

Maybe HMRC know who the real owners are:lol:

http://i52.tinypic.com/124aeyb.jpg

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

http://i53.tinypic.com/9s54lw.jpg

http://i54.tinypic.com/2i0ybdg.jpg

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

http://i55.tinypic.com/300baer.jpg

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

http://i52.tinypic.com/2m5ib1x.jpg

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

Please move this thread to Never Built

^^Not so quick. It's in the ground works phase, title just needs changed.

Above it says storage.. Can we have someone take some pics and see if its under construction or should be changed to never built?

we need to clean up the Marina Threads

The above pic is not the West Ave plot, it is just a nearby plot being used as storage.

See post #241 which shows the West Ave plot with the piling rigs and cranes all working away installing the bored piles.

I agree with your sentiments that general maintenance of the forum has been a bit lax.

that picture is over a month old, deep down I hope every project in Dubai goes ahead but we also need to keep these threads current and updated and I feel this has not been done at all in the past 1.5- 2 years. Thread titles need to be changed and some threads need to be completly removed or moved to never built.

If anyone has pictures of West Avenue this month which shows continued work please post it so we have a clear idea of whats happening in Dubai Marina


P.S Select Website has not been updated since 2008

http://www.select-group.ae/westAvenue.html

, Select Property website does not even list West Avenue as one of their projects.

http://www.selectproperty.com/?gclid=COK_nOr81qYCFYa7KgodtnQVHw

I am surprised since most of their projects are under construction ( all be it very slowly)

^^ Picture from 10/1/11 By 234sale

This one is going full steam ahead.

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

Steady girl, it's just at the groundworks stage and it was launched in the stone age.

Everything in perspective:)

If they keep it up then we won't see this finished until mid 2013 earliest, more likely 2014. By that time the design will be dated:lol: