Does anybody own a property on aquitainia?

Hi does anyone know if this project is on time???

Hi Mick have they told u the payment will be due in June

No, but I also own couple of other properties in Dubai and in the last six months they have halved in value. Consequently the one bedroom apartment on Aquatania is therefore only worth half of the agreed purchase price. Have contacted SP and told them that they will have to reduce the purchase price otherwise no one will complete their contracts. Also all of the other SP developments next payments are due in June.

hi mick,
i think they are waiting to see who will pay before they make a Decision,
when i asked then how many people payed the jan payment they said about 40%

Invester i went to dubai 2 weeks ago and no sign of any work started on the islands thought you my be interested, i think this project will be years before completion, i think we will have to push for money back or swop to different project

SP say 40% have payed jan payment but I doubt it!!
I'm with you on swop project or money back which maybe difficult!!
Hopefully more people that have purchased will come on here!!

We are probably the only two purchasers :lol:

Hopefully!! We may just get our money back then!!!

Did speak to my lawyer whilst in dubai and he said if construction has not started within 6 months of launch we have good chance of getting money back, i think we need as many people as poss to force sp into cancelling project as it is a non starter in this current climate. By the way are you a uk invester

yes i live in the U.K.
thats good to know i think you are right if they do not start construction soon they shouldn`t ask for anymore payments and should think about cancelling this project.
I have also heard they have only sold about 30% of the whole project and i can not see them selling anymore units for some years to come in the current climate unless they bring there prices down considerably and still i doubt they will sell any.
even if the few people that have purchased units pay i dont think sp can continue with this project because no one will purchase anymore for a long time!!

Invester i will keep you updated , but one thing for sure i am not parting with any more money :ohno:

Hi Mick,
well it looks like we are the only two that have purchased on this development as 600 + have view this thread so I think they should give our money back and cancel this project and concentrate on their other ones:bash:

Hi Invester
That would be nice but i won't hold by breath, i see you are unlucky enough to own a property on jebel ali as well , good long term bet.

Hi Mick any news from sp??

Hi Invester spoke to sp about a week ago, they said will be up date on project before 1st june. Not convinced:ohno::ohno:

Hi Mick have you Been issued with a default notice from sp

Hi Invester, no my payment is not due until 1st june

Hi Mick did you pay your jan payment or did they extend it to June for you?... I see you are going to talk with Rera let me know how you get on!

Hi Invester, I bought pre-launch back in August. After discussions with them in November, they extended the payment schedule for me from Jan to June 09. A long story plus more to tell. If you would like to send me your personal email or phone number I will contact you with further details personally rather than posting a reply here.

Hi Mick I have sent you a private message with my details

About friggin' time with the PM. This is not an investment forum.

About friggin' time with the PM. This is not an investment forum.
Don't think The WORLD is an investment these days anyway is it ?

Blizzy - If you don't find the information of interest, don't read the thread and go and look at another one - dead simple.

As I find it quite interesting to see how other investors are getting on with their investments and how they are getting round problems.

I take it you haven't bought on Aquitainia because if you had then you would be very interested in what they have to say. I also take it you have no intention of buying on Aquitainia as again you would be very interested in what they have to say. So unless you have some other interest such as a new hobby based on or around Aquitainia, I suggest you go find another thread !!!

Unless of course you are linked to the developer which is why you may not want this information being discussed on the forum.

I'M RATHER CONFUSED!!... SP say they do not own any projects but the quote from the article that was posted on 10/6/09, Mart Stott quotes the following:

"Three years later, while other players in the market were exercising caution, Stott’s appetite for risk forced him to make the high-stakes acquisition of Aquitania that could have sunk the firm without a trace – instead, it made Select Property one of the largest players on the Dubai investment property market. "

A quick response back from SP saying they do not own any projects in Dubai and are just 'selling agents' seems to prove that they are not completely telling the truth!.. COMPLETE LIARS. Wouldn't trust them as far as I could I throw them!

Also payment was due on Aquitania by 1st June 2009. Have not received a default notice. Has anyone else receive default notices for this or any other SP projects from Dubai Select who are supposed to be the sole owners?

Any further news on the Aquitainia development ! Is the development on hold or cancelled.

they offered 30 to 40 % discount to some buyers but i'm not sure they will complete the project before 2030.

do you have any news from your side ?

2030? Ouch.

http://rpdubai.ae/rpdubai/SharedFolder/ProgressIndicator/909_27.jpg

Any updates on this development yet..

MOAF

The World ON HOLD now and the main problem is noone knows how long.

Nakheel said the completion date is 2020 for the World so maybe 2030 :)

The World ON HOLD now and the main problem is noone knows how long.

Nakheel said the completion date is 2020 for the World so maybe 2030 :)

Do you think that they mean all projects inside the world are expected at 2020? :dunno:

The World ON HOLD now and the main problem is noone knows how long.

Nakheel said the completion date is 2020 for the World so maybe 2030 :)

Do you think that they mean all projects inside the world are expected at 2020? :dunno:

we still dont know what about the infrastructure there , at the moment that is ON HOLD.

Mark Scott, Chief Executive Officer, Select Property, said his company would begin construction on Aquitainia – a fusion of "France" and "Spain" – by the second quarter of 2010.

http://www.business24-7.ae/Articles/2009/10/Pages/18102009/10192009_20d3a2f23c204356ba736dd1a19265fc.aspx

I highly doubt that :) never the less the fact that this development might be completed in 3 years would be mind-boggling.

hope this means they have committed buyers now.
--------------------------------
by Shane McGinley
arabian business
Thursday, 04 February 2010

Select Group, the developer of the France and Spain islands on The World, has confirmed that it is amending the design of its project and that the number of residential units is likely to be reduced by around 40 percent.

“We are in the middle of changing the design to suit the market conditions,” Rahail Aslan, CEO of Select Group, told Arabian Business.

“We have reduced the density and made it more attractive. It previously had quite a number of units on the project but we have probably reduced it by I would say 40 percent, which means there is much more landscaped area, the buildings are not as dense, apartments are getting better views and it has even made it easier on the utilities,” he added.

Aslan said the decision to reduce the number of units was due to a downturn in demand from buyers.


http://www.arabianbusiness.com/580770-40-less-units-on-france-and-spain-islands

First showhouse on The World ready within 14 months

LAND AHOY: The World is a manmade archipelago of 300 islands located 4km off the coast of Dubai.Potential buyers on ‘The World’ will be able to visit an onsite showhouse within fourteen months, a major developer, who is planning to start construction on the islands this year, told Arabian Business.

“To attract buyers nowadays you need to have some relatively good progress onsite,” Rahail Aslan, CEO of Select Group, the developers behind the France and Spain islands, said in an interview.

“Within I’d say twelve to fourteen months from now we will have a showhome and apartment ready onsite,” he added.

Aslan confirmed that he is currently talking to four major contractors about the project.

“We are aiming to award the main contractor mid this year… and then in Q3 they will mobilise and we will start,” he said.

While the company is not actively chasing sales at the moment, Aslan said they are starting construction in order to take advantage of the steep drop in construction costs.

“We are not trying to make any sales at the minute. I think the market and environment is not the right time, there is no confidence really there. Therefore we are not even attempting to make any sales. However, construction costs are very attractive at the moment and we will be taking full advantage of that and hence talking to all the contractors this early on.”

He estimates that construction costs in Dubai have fallen by as much as 50 percent in the last year.

France and Spain, which are collectively known as Aquitainia, are part of The World, a manmade archipelago of 300 islands located 4km off the coast of Dubai.

Aquitania was a AED5.5bn ($1.49bn) development consisting of 816 residential properties and a 75-room boutique hotel when it was launched in 2008, however Aslan told Arabian Business last week that the company was amending the design and that the number of residential units is likely to be reduced by around 40 percent.

“We have reduced the density and made it more attractive. It previously had quite a number of units on the project but we have probably reduced it by I would say 40 percent, which means there is much more landscaped area, the buildings are not as dense, apartments are getting better views and it has even made it easier on the utilities,” he said.

Construction of Aquitainia is likely to take three and half years, Aslan estimated.

http://www.arabianbusiness.com/580925-first-showhouse-onsite-on-the-world-within-14-months

Any news on this project, anyone know if the have started on site with the show home?

No need for a show home here, just go inside the Point or Torch or Bay Central. It will be the same.