|Dubai Waterfront and Palm Jebel Ali Developments on Nakheel's second palm and the new surrounding city|
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|March 2nd, 2009, 01:15 AM||#1|
Join Date: Mar 2008
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#APPROVED: PERSHING LUXURY BEACH RESIDENCES, 42F Res (Madinat Al Arab)
RERA Construction Update
|June 29th, 2009, 01:08 AM||#2|
Financial News Services
Join Date: Jun 2009
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Request for CONTACTS
we are the team which has caused the media recognition of ACI's actual shareholder trouble in Germany.
You can find all our three press releases (in German ) on our website.
First of all, I want to thank this forum section and its protagonists for the very detailed information available here.
Thanks especially to all guys spending days over days with posting actual pictures.
All used pictures in our releases were edited with "Copyright Skyscrapercity.com", hope this promotes this woderful site as well.
Meanwhile, due to the media coverage in Germany and Austria (so far approx. 50 different clippings!),
we have been contacted by one of the most serious TV Magazines from Germany who are planning to come this week to Dubai.
In preparation of this report, we are now looking for direct contact to local ACI / Lohmann "victims", means:
Please facts only, no gossip or twitters. Thanks.
Financial Intelligence Service based in USA and Germany
|July 9th, 2009, 04:47 PM||#4|
Join Date: Jan 2005
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Troubled German developer puts Dubai Waterfront towers on hold
Last Updated: July 09. 2009 5:30PM UAE / July 9. 2009 1:30PM GMT Alternative Capital Invest (ACI) Real Estate, the troubled German-owned developer behind projects such as the Boris Becker, Michael Schumacher and Niki Lauda towers, says it will put on hold its developments on the Dubai Waterfront and shift investor holdings to other assets.
Affected projects include the Ferretti and Pershing towers, which have yet to begin construction. The company said it would shift client’s investments in these developments to its towers in Business Bay, which consist mainly of the towers linked to prominent German sport figures. The Becker, Schumacher and Lauda towers are currently under construction but running significantly behind schedule.
In recent weeks a group of German investors in ACI-linked funds, which have financed the developments, complained that the developers have missed payout deadlines. The postponement of the Dubai Waterfront towers comes as ACI is struggling to maintain investor funding that it needs to complete existing projects.
Robin Lohmann, the managing director of ACI Dubai, said in a recent interview slowing payment was having an impact on construction schedules.
“All our sites [in Business Bay] are under construction,” he said. “But since there are delays in people’s payments, we have had to slow down in order to deal with it. If nobody pays, the risk is that construction stops. This is the last thing that we want.”
He added that of the 11 projects the company had underway, at least seven were under construction.
|July 16th, 2009, 12:06 AM||#5|
MONACO _ Côte d'Azur
Join Date: Nov 2007
Location: PARIS - Monte Carlo - London
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Nakheel hits back at ACI Waterfront claims
MEGA PROJECT: Nakheel's Waterfront development in Dubai.
Master developer Nakheel on Monday hit back at claims made by Dubai property group ACI Real Estate - and insisted its Waterfront mega-project was going ahead.
Robin Lohmann, managing director of ACI Real Estate, in an interview with Arabian Business this week, blamed the state-owned developer for a lack of progress on his flagship Ferretti Luxury Beach Residence and Pershing Luxury Beach Residence projects, located in the Madinat Al Arab area of the Nakheel’s Waterfront development in Jebel Ali.
“We have invested in several plots in Dubai Waterfront. We need to know from the master developer of Waterfront, which is Nakheel, if they plan to go ahead with the project now or not. Once we have these answers we can give to answers our purchasers,” Lohmann said.
But in an emailed statement to Arabian Business Nakheel said it had handed over ACI’s two plots and the company was free to start construction.
Related: EXCLUSIVE: 'No chance I will do a hit and run' – ACI boss
“The two plots which ACI own at Madinat Al Arab have already been handed over,” a spokesman for Nakheel said.
"Waterfront has not been cancelled. Our current focus at Waterfront is on Badrah, Veneto, and Madinat Al Arab. Work continues to make good progress at these sites,” the spokesman added.
The Madinat Al Arab phase of the Waterfront is due for completion in 2015. Other sub-developers such as Plus Properties have started construction at Madinat on its Pixel Tower and Wave Residence projects.
“At Madinat Al Arab, we remain committed to providing infrastructure to third party developers as per their Sales and Purchase Agreements. The majority of plots in this phase have been handed over with some third party developers already mobilised on-site,” the Nakheel spokesman added.
Dubai-based property developer and investment company ACI Real Estate, is a division ACI (Alternative Capital Invest) Group, a German firm with interests in asset management and real estate.
The Waterfront is a planned seaside mega project, twice the size of Hong Kong. It is being built over six phases and completion dates range from 2010 to 2018.
Nakheel said in December the Madinat Al Arab, Veneto, Badra and Canal District phases of the Waterfront were pressing ahead, while other sections would be delayed in the wake of the global crisis.
|dubai, luxury, residences, waterfront|