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#PROJECT: ESCAPE

57K views 342 replies 47 participants last post by  sue stokes 
#1 · (Edited)
ESCAPE, Ajman

"Equestrian Living With a Difference"

Development details

Developer: Escape LLC (Ajman Royal family)
Development cost: AED 1.8 billion (US$ 490 million)
Development area: 8.3 million square feet.
Start date of construction: March 2008
Completion date (scheduled): December 2010
Project Manager: Hill International (3 year contract announced 03 Jan 08)
Location:close to the Emirates City


The components at Escape include:
10 luxury villas, 500 medium villas, and 220 semi-detached villas in various configurations
16 low-to-medium rise apartments buildings
Equestrian-themed boutique five star hotel
Indoor multi- purpose sport and riding arena
Outdoor multi- purpose show ring / sports arena with seating for 400 spectators
HoofbeatZTM Activities Centre
Equine spa
Barn facilities for 180+ horses
State-of-the-art business, health, sport, and leisure
Indoor sports arena for basketball, badminton, volleyball, and more
International standard restaurants and retail establishments

more details here: www.escapeajman.com
 
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#313 ·
ESCAPE CEO AND CREATIVE DEVELOPER MOVE HOUSE

Well, strange as it may seem as we are all waiting for our Houses to be built in Ajman, Mr Anwer Sher, Eileen Veidiek along with my Adile move house to a stunning ville in the arabian ranches complex.... Right next to their wonderfull Airconditioned arena with over 40 horses,

Life is good for the Escape owners who appeerr to have escaped with not as much as a slap on the wrist...

:cheers:escape !!
 
#315 ·
hey all i spoke to arra and looks like best we gonna get offered is some land .. so sand castle living , has anyone looked at this property swap thing or have the parties concerned just marked up the sq ft to make it totally unviable??? .. for escape our contracts fully run out next month including the grace period so then our legal status changes as the contracts have expired.. good time to turn up the heat.
 
#316 ·
I read somewhere on the internet that ARRA is waiting still till the end of the year and is then going to look into stalled projects including Escape beginning next year. On the other hand I heard that Escape is going to continue with the help of an external investor. Not sure which story I should believe as all signs indicate we are making no progress at all. Does anyone know what the latest is? Just everywhere total silence. If the project continues even at a small and more realistic scale I would be more than happy ... :cheers: :nuts:
 
#317 ·
Hi guys ... I have also spoken to ARRA and the offer of land appears to be the settlement they have up their sleeves. However, they are still waiting for some concrete word/direction on the settlement. Property swapping for some reason appears not to be on the list.

Anyways, contract is worth absolutely nothing and any talk of legal action is sadly just hot air. Escape have truly "Escaped" with a good portion of invested capital invested elsewhere and in land aquisition in Morocco. They started the project with good intentions but have really come across as crooks the way they have simply disappeared from the scene with no communication to people that have put in excess of 30-40million AED to this project.

Lets see how ARRA handle this. I personally cant understand why its taking over a year to decide how to settle this.
 
#319 ·
Personally, I cant imagine why they have considered or are considering proposing "desert-swaps" as a settlement to people who may have invested millions in this and other project in Ajman.

An obvious reason, of course is to keep the funds transferred to the so-called Escrow account which they managed and oversee for their own personal use. Rightly put - Ajman wins.
 
#325 ·
A typical Ajman rip-off. What's the use of a piece of land in Ajman when you live hundred's of miles/kilometers away. I bet there is a law that states only locals (UAE descendents)can build on this plot anyway. Your then be stuck trying to sell it on. You need to swap with property of the same value either in Ajman(god help you) or another emirate, preferably Dubai . That would be worth negotiating over.
 
#326 ·
^^

A rip-off indeed, and a 70% cash refund would have been fair. Like all other investments, accepting a loss is part of the game. All losses should not be directed to the developer - they at least had to pay for all the planning, drafting the contracts, moving sand (ground preparations) etc. Thats assuming they did.

The land offer is stupid and not worth commenting on.

The possibility of swapping with a property in Dubai is attractive and definitely should be on the table. They (ARRA) feel that this would mean or suggest that investors would have to pay more (naturally) and this is not worth considering.

I have accepted the 50% cash refund. I think this is good considering that most investors in Ajman and Dubai in stalled projects are very unlikely to get a refund. When the 50% is likely to be paid is a different story. Wont be surprised if this is some time next year.
 
#327 ·
Are you sure that Arra simply dont want to reimburse the full amount that you have invested? This is what will happen if a property swap is offered (some people might not mind adding more money if they get something at the end of this nightmare). Ajman is a very small emirate and all government departments will be supping up to THE BIG BOSS. Don't be fooled into thinking that Arra is here for us simple folks. GOOD LUCK with receiving your 50% cash refund , keep us all informed .
 
#328 ·
^^
ARRA have mentioned that they would definitely not reimburse the full amount and are cheeky enough to add that you could take them to court if you are not happy.

I certainly wont mind a Dubai property swap, especially with a unit in one of the government run (Emaar/Nakheel) developments. This would be worth considering.

Lets see how things go with the 50% cash refund. I'll believe it when i see it but expect this to drag on for another year.
 
#330 ·
Please add your villa no. to the e-mail subject.

Dear Sirs,

Greetings from ARRA Customer Service Department,

We are sending this e-mail to inform you that ARRA has initiated Escape Settlement and the settlement offered is 50% of the proven paid amount.

Please visit ARRA maximum by 9th of February ,2012 to confirm your name in the settlement list and provide us with
1- Original Escape contract;
2- Original Escape Receipts for Payments made;
3- Original Ajman Bank Receipts (If paid in the ESCROW Account);
4- Original bank clearance for the payments made (if Payments are made by cheque).
5- Make copies of all the above and bring them with you.(for the receipt)

Step 2: You will be requested to submit ALL the original documents and ARRA will stamp your copy showing that we received the originals.

Step 3: You will be requested to visit ARRA again where you will be handed over the settlement cheque and you will sign the indemnification form.

Please be alerted that ARRA shall not process your settlement unless step 1 and 2 are fulfilled and by the due date, otherwise we shall regretfully remove your name from the settlement beneficiary list .

THE SETTLEMENT STEPS SHALL BE DONE EITHER BY THE INVESTORS THEMSELVES OR NOTARIZED POA HOLDER
Thank you,



Deya’aldeen Al Tamimi
Customer Service Officer
Tel: +971 (6) 7038905 (Direct)
Fax:+971 (6) 7038900


Please consider the Environment before printing this email
 
#333 ·
^^

If you are/were an investor in Escape, ARRA should have contacted you by now. If not, then I suggest you should call them asap to state your case.

The 50% refund offer is specifically for the Escape project. I have no idea on whether such a deal would be offered to other projects in Ajman or other projects would actually be considered at all for some kind of settlement. The Escape project was one of the high profile developments in Ajman and hence the need to settle with investors.

I have recently learnt that all Escape investors would be required to pay a 1% "administrative fee", if u like, of the 50% refunded to them. :eek:hno:

Good luck with all this palava. I certainly cant wait to close this chapter with Ajman.
 
#335 ·
Ajman Escape project investors offered 50% cash refund
Arra says settlement details will be revealed soon

By Parag Deulgaonkar
Published Sunday, March 11, 2012

A sketch of the Dh1.8bn equestrian-themed community project - Escape (SUPPLIED)
Investors in the Dh1.8-billion equestrian-themed community project, the Escape, are being offered a refund — which is 50 per cent of the “proven paid amount”, 'Emirates24|7' can reveal.

In an email sent to investors, Ajman Real Estate Regulatory Agency (Arra) said: “We are sending this e-mail to inform you that Arra has initiated Escape settlement and the settlement offered is 50 per cent of the proven paid amount.”

http://www.emirates247.com/property...rs-offered-50-cash-refund-2012-03-11-1.447762
 
#336 ·
Apparently, cheques are to be collected by the end of April. Not sure of the consequences if investor miss this date.

When I asked why this was not officially communicated to investors by email or other, Arra stated that this is mentioned in a newspaper article :eek:hno: :lol:
Me speechless ...
 
#337 ·
I'm flying out to Dubai on the weekend - and will hopefully be picking up my cheque on Sunday/Monday. Ill let you know how I get on.....ive been assured that its ready waiting for me! Fingers crossed!
Think we should count ourselves lucky - many people have had 0% money back!
 
#340 ·
Good day all - same here, came back a few days ago - and received my cheque. You can even get it cashed up the road at Commercial Bank of Dubai. I got the cash and took it to a Western union whereby they transfer it back to the UK...under the coffers!

All in all - very good service by ARRA. We should consider ourselves lucky - I know too many investors who have lost so much.

Best wishes everyone
DJEvans

p.s. Ask for ''Miss Nouf'' or Deya...they seem more helpful.
 
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