#APPROVED: CAPPADOCIA, 5F Res (JV South)

[Julito-dubai]

Project: Cappadocia
Type: Residential
Floor Count: 5
Location: JV South
Status: Approved
Construction Start: ?
Construction End: ?




Location:



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http://www.gowealthy.com/realestate/...ocia/index.asp

[AltinD]

Are they sure this is not called Cappodocia (shower head in Italian) ...

[Stephan23]

Whaaaaaaaaaaat aaaa huuuuuuuge tooooower!!! Can't believe how high

[RealityDubai]

check out the floor plan...totally out of shape...!!!!!

[maeag]

Do anybody have some news about this project? Work should have started end of february, so for the moment they are 2 months late. Gowealthy informed us that it is still online with the plan.

[bizzybonita]

[Golucky200]

Folks, any news on the construction progress?

[WILLY2010]

yes, there is.... they have not started yet but they said they were gonna start building the superstructure very shortly. they pointed out in their last communication letter that another delay of 6 months is to be expected for the completion of the project which is now set in sept 2010.
they are apparently struggling in finding their way within the dubai administrative jungle.....and get the paper work signed which would allow them to start....i will try to visit the construction site in June to see if there is any progress .

[WILLY2010]

dear Cappadocia investors,

please find here the letter i sent after my visit on the site. I am still waiting for an answer. i do not intend any legal actions at this stage as i still believe that the project will materialize... They committed to deliver the project on september 2010, which is realistic even if they start after summertime. it is a very small project indeed. but may be am i too naive.
i would like to know more about the other investors - how you see the situation and how you cope with the delay.

thanks




Dear Mr. Celiker, Dubai 23 rd May 2009



Following your announcement dated 30 Th March in which you informed us that you intended to exercise your rights to extend the official completion date of the project, I took the liberty on Saturday 16 th may to go on the site and see the progress of the construction.



You mentioned in your notice letter I quote:” that the construction superstructure was expected to commence shortly”. I was then expecting to see some activities on the site but to my great surprise, there were any signs of it. The project has been completely on a standstill for a couple of months now: I visited the site early February- even before you sent us the progress status letter dated 14th February, and I have the regret to say that no progress has been done since then and it looks like that any progress will be made any time soon.



You stated that this situation is the result of Nakheel’s delay in handing over the plot as well as your difficulties in getting official approvals from the different authorities (RTA-DEWA etc…) necessary for the issuance of the building permit delivered by Jafza. Fair enough: Now, the Cappadocia site is surrounded by buildings in construction (some of them in their final stages) and they also have to comply with the same Jafza rules and regulations as you do.



You managed to get a lot of those approvals though (as shown in your information bulletin dated 14 Th February). However, I could not help but notice that all of them have limited time validity: Unfortunately, some of those authorizations are expired now (drainage) or on the verge of being expired (DEWA). This is a very worrying situation as this will undoubtedly delay your obtaining the permit contract and impact the date where you are going to start the work.



You might face some other difficulties which prevent you from moving ahead which I may not be aware of: In any case, it is important to remember that this project has been made possible because some investors have put their trust and money into it –and as far as I remember this project has been sold out in less than a month- You do have an obligation of results. You must be totally transparent and even more so if you are facing difficulties: When you write on an official letter that, I quote “the construction of superstructure is expected to commence shortly”, it has to be the case. And if not, the reasons have to be communicated to all the investors.



Unfortunately in Dubai today, the delivery of a project on time is the exception. Delay appears to be the norm. It does not make them less unacceptable.



As an investor, I do not take lightly the fact –and without any convincing explanation- to be told that a project which was supposed to be completed on the first quarter 2009 may be delivered by the End of September 2010.



I would appreciate if you could 1/ clarify the reasons of such a delay.

2/ When shall you expect to obtain the building permit?

3/ A realistic date of the start of completion of the superstructure.

4/ A time frame for the completion of the different stages of the project (which also impact on our payment schedule)



Regards,



Wilfrid Chaperon

[nomham]

maeg, bizzybonita, Golucky200 and Wilfrid,

Thank you for sharing all this info. I own a unit in Cappadocia and its becoming more and more of a concern now. Its an even greater concern since I'm based abroad. Gowealthy seems to have abandoned the project, since they direct all queries to the developer. And obtaining any responses from the developer is tricky.

Anyone know anything about the current market value of units in Cappadocia?

I would like to see this community grow, So anyone reading this "IF YOU ARE AN INVESTOR AND READING THIS - PLEASE JOIN IN" we all would like to see you here.

Wilfrid, thanks once again for sharing your experience. I think all points you raised are very valid, I hope you get a response from the developer.

Anyone, contact me directly at contactnoman - - @ - - gmail.com (please remove spaces and hyphens / dashes)

Thanks guys,
Noman Hameed.

[WILLY2010]

Dear Noman,

1/It is normal that Go Wealthy send you to the developper for further information as they were initially here to sell and market the products. They can be used also if buyers/ sellers wish to resell/ purchase a unit...
Now, they do not have any control over the start or the advancement of the construction of the building. That information is to be collected from the developper " GG-Beney investment" if i remember well and more specifically from their representative- Mr Osman Celiker.
(osmanceliker@gg-partners.com).

2/The market value is down: In Dubai, the value of the "already built" flats are down 40% compared with what it was one year ago.
The "offplan" market is dead in dubai-and flipping properties overnight is definitely something of the past. So, basically, regardless the amount of money you have already invested in that project, the value of your unit is equal to the value of the piece of paper and ink used to write your contract....Nobody in Dubai is buying a property unless it is already built.
This is the reason why it is important to see this project starting and being completed asap.

3/ I got a response of Mr Celiker to my letter which i posted here. He did not bring anything which i have already known and expressed in my letter to him. He offered to meet me if i wished more information though.
If nothing has started by September, i will definitely meet him.

At this stage, they are not in breach with the agreement we signed. and they seem to comply with RERA regulations.
Besides, their new timeframes and deadlines for completion (sept 2010) are realistic, considering the fact that it is a low rise building.


Anyway, though the failure of the developpers to deliver a project on time and communicate with the investors is very frustrating, we have no alternative than be patient

it is true that the more we wait, the more it costs us:however, we cannot ignore the fact that the real estate market in Dubai is going through a very difficult phase. We should also always remember that investment in realestate is a long term one.


feel free to contact me if u need any information.

thanks

[69er]

I dont know if this is right place to ask, but what do u consider to be off plan and what do you consider to be on plan... I am confused as I am also having a problem with a developer

[WILLY2010]

The offplan market refers to the selling and purchase of a property whose construction has not started yet.

[alanuk]

Hi,
i have an apartment in the Cappadocia project also. i`m very concerned about the money i have invested so far. All the other projects G & G partners were developing seem to have stalled or have been scrapped. Does anyone know what happened to the investments people made in these projects?

First gulf bank had stopped lending when i phoned them in January, have they started lending again?

We paid our 2nd 10% because they said construction had started when really very little has happened, i feel we were conned into handing over that payment. I dont know if i would trust them to complete the project. if some people cant make or wont make their next payment then G&G can cancel their contract but who are they going to sell that unit on to if no one is buying off plan? i`m starting to think this is not going to work out in favour of the investors.

i`m hoping they will cancel the project and give us back what is left of our investments, but if this is their only project left in Dubai that would mean that Mr Celiker and his staff would be out of a job. if enough investors came forward and wanted to cancel and get back their money maybe RERA could force them to cancel the project.

Sorry if i`m sounding negative about the situation, what does anyone else think?

[WILLY2010]

Alan,

It is a good summary of the situation.... Now,even if they don't communicate very well, they basically told us that we needed to know: they expect the completion of the project by September 2010,which is as far as they can go while being compliant with their contractual obligations. They seem to be better at protecting themselves legally and complying with the regulations than delivering a project on time that s for sure... we have no choice than give them the benefits of the doubts though as we have no evidence that they will not be able to complete the project on the new schedule they announced. the fact that you do not trust them is a personal feeling. As for me, i am totally neutral.
Now, they will not be able to hide behind the law and contracts for ever....i think that we should start taking legal action only after we do have the proof that they cannot meet their new deadlines...( work not started yet etc...)

[jamhourj]

i think the best thing would be to demand our money back and ask rera to cancel the project

[alanuk]

Good to know there are others out there watching the forum. We should hear somethng from them soon. Has anyone any more info on the situation since the last update? Has anyone contacted RERA yet?

[bizzybonita]

[WILLY2010]

cappadocia- any news?

[porshe911]

Originally Posted by WILLY2010

cappadocia- any news?

CAPATCHINO