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Northern Emirates Projects in Ras al-Khaimah, Umm al-Quwain, and Fujairah



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Old November 25th, 2009, 02:52 PM   #41
gujji
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This maybe lies dude, but what I did was phone EMConceptsUK today, who are the registered agents for EmyProperty based in the UK. They told me exactly what I was already told from my contact in EmyProperty. That is: a consortuim from Korea will be financing the project and negotiations between the parties have nearly concluded. EMConcepts will then update all investors in the next couple of weeks. He also stated that he has been in regular contact with the directors of EmyProperty (Mudasser Rafiq and a Mr. Khan) and construction will start (he could not tell me when).

I do understand your point also Zeb1 but we're both in the same situation and maybe we should try to seek out information from all parties concerned so we can plan our next step. I also tried phoning Rakeen today but their rep was of no help.

Surely if this project got off the ground we can atleast try to sell it off.

If anyone has any suggestions, please contact me.



Quote:
Originally Posted by zeb1 View Post
this is pack of lies. they do not have money to construct the project. you need to contact to rakeen master developer for correct information.

Last edited by gujji; November 25th, 2009 at 02:55 PM. Reason: to add
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Old November 25th, 2009, 07:14 PM   #42
zeb1
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CONSTRUCTION

DO YOU THINK AGENT WOULD TELL YOU ANY DIFFERENT STORY AS AGENT HAS HAD HIS COMMISSION. IF SOMETHING DRASTICALLY GO WRONG THEN INVESTORS CAN PROBABLY SUE THE AGENT. FORGET ABOUT SELLING ANYTHING IN RAK. GOOD LUCK.
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Old July 20th, 2010, 05:20 PM   #43
gujji
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Yousaf Maqbul Hussain

I am unfortunately an investor in this project which is not going anywhere.
Does anyone have the owner of emypropertys home address as I want to ask him what is going on and will this project ever be built. If not what does he intend to do with our money.

Please assist someone. Any info given will be private and I will not publish or mention their name.
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Old July 21st, 2010, 10:12 AM   #44
Jasmine's Dad
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Quote:
Originally Posted by gujji View Post
I am unfortunately an investor in this project which is not going anywhere.
Does anyone have the owner of emypropertys home address as I want to ask him what is going on and will this project ever be built. If not what does he intend to do with our money.

Please assist someone. Any info given will be private and I will not publish or mention their name.
Have any of you spoken to RAKIA about yet another project failing on AlMajan? Contact there is:
Karam S. Al Sadeq
General Counsel

RAKIA
PO. Box: 31291, Jazeera Al Hamra, RAKIA Office, 3rd Floor
Ras Al Khaimah, United Arab Emirates
E-mail: karam@rakinvestmentauthority.com, Website: www.rak-ia.com

It would appear that you only had to come up with a nice model of your development and have a party to convince RAK that you had the substance to develop on this bloody island. Shocking, absolutely shocking. The developer can then start to rake in payments without any need to build anything and little recourse from RAKIA the tootless turtle.
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Old July 21st, 2010, 03:28 PM   #45
gujji
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Thanks for the details, I have just emailed Mr. Karam.

It has become abundently clear that the all projects on Al Marjan are in difficulties and until RAKIA doesn't intervene and take more a prudent approach to sort out this mess, no progress will be achieved.

That's two bad investments for me now (also BluMirage). I wish I could just turn back the clock 2 years.

I just hope that we all just get through this bad storm and but I believe that until Dubai and Abu Dhabi doesn't sort itself out first economically, things will not get better in RAK.





Quote:
Originally Posted by Jasmine's Dad View Post
Have any of you spoken to RAKIA about yet another project failing on AlMajan? Contact there is:
Karam S. Al Sadeq
General Counsel

RAKIA
PO. Box: 31291, Jazeera Al Hamra, RAKIA Office, 3rd Floor
Ras Al Khaimah, United Arab Emirates
E-mail: karam@rakinvestmentauthority.com, Website: www.rak-ia.com

It would appear that you only had to come up with a nice model of your development and have a party to convince RAK that you had the substance to develop on this bloody island. Shocking, absolutely shocking. The developer can then start to rake in payments without any need to build anything and little recourse from RAKIA the tootless turtle.
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Old July 21st, 2010, 07:32 PM   #46
shammy
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HI gujji,
dont consider yourself alone, i am also one of the unfortunate investor in BAB.
emy property sent me an email and then an official letter via DHL to ireland(my residing place) saying that this project is not going ahead, and they have arranged some other developers in dubai and our investment will be shifted to their project.at the end of letter they have mentioned three names with phone numbers.i rang and spoke to one of those idiots. he belongs to MEMON DEVELOPERS and was asking me about the exact amount of my investment so he can arrange some property for me in dubai sports city.this is complete bullshit and doesnt make any sense to me.
i am very obliged and thankful to JASMINES DAD that he has given the name of appropriate person in RAKIA.probably i will mail him as well, but i would love to ask more senior members what should be the appropriate way of approaching this scenerio keeping in mind the project has been cancelled by the developer.SUGGESTIONS WILL BE HIGHLY APPRECIATED
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Old July 21st, 2010, 08:29 PM   #47
Jasmine's Dad
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Quote:
Originally Posted by shammy View Post
HI gujji,
dont consider yourself alone, i am also one of the unfortunate investor in BAB.
emy property sent me an email and then an official letter via DHL to ireland(my residing place) saying that this project is not going ahead, and they have arranged some other developers in dubai and our investment will be shifted to their project.at the end of letter they have mentioned three names with phone numbers.i rang and spoke to one of those idiots. he belongs to MEMON DEVELOPERS and was asking me about the exact amount of my investment so he can arrange some property for me in dubai sports city.this is complete bullshit and doesnt make any sense to me.
i am very obliged and thankful to JASMINES DAD that he has given the name of appropriate person in RAKIA.probably i will mail him as well, but i would love to ask more senior members what should be the appropriate way of approaching this scenerio keeping in mind the project has been cancelled by the developer.SUGGESTIONS WILL BE HIGHLY APPRECIATED
Was there an Escrow account for your payments? If so you should demand a refund. If they have formally cancelled this project you should have a case. Good luck - you will need it.
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Old July 22nd, 2010, 10:50 AM   #48
gujji
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I tried calling Memon Investments and they don't know anything about this deal.

The office number for EmyProperty does not work either. I have Yousaf Maqbul Hussains number but he will not answer my call. Do you know his address?

Can you give me the number and the names that were on your letter so that I can call them too (I didn't receive this letter).

If may be better that we get our funds transferred to another project no matter how bad that project is? What do you say? Atleast it will finish and we can try to sell it off.

Thanks.

Quote:
Originally Posted by gujji View Post
Thanks for the details, I have just emailed Mr. Karam.

It has become abundently clear that the all projects on Al Marjan are in difficulties and until RAKIA doesn't intervene and take more a prudent approach to sort out this mess, no progress will be achieved.

That's two bad investments for me now (also BluMirage). I wish I could just turn back the clock 2 years.

I just hope that we all just get through this bad storm and but I believe that until Dubai and Abu Dhabi doesn't sort itself out first economically, things will not get better in RAK.


Last edited by gujji; July 22nd, 2010 at 10:52 AM. Reason: adding
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Old July 22nd, 2010, 11:10 AM   #49
Jasmine's Dad
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Options?

I came across this on another post and may be worth looking at?

"They call it Real Estate Recovery Scheme. Basically you can swap your off plan property with a ready property. They will discount the S.P. of this ready property by the amount you have paid in the off plan project.
I am sure there must be more to this scheme...but worth checking out. You can get more details on http://www.smithandken.com/dubai-rea...ecovery-scheme"

Also I have had an offer from Select to consider transfers to Pacific from the Blu Mirage scheme - the deposit you have paid could be deducted from the sale price [depending on how much you have paid etc..]. PM me if you are interested in this - I should say it had little take up by the BluM investors.

I suspect that as prices have fallen so significantly across the UAE that developers can take a hit and still get an above market price for a unit?
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Old July 22nd, 2010, 05:25 PM   #50
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That is interesting.
I guess developers dont want to drop their prices. So discounting for a trade-in lets them do that because they can write-off the value of your trade-in.

BTW, Pacific is now expected to complete Dec 2011
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Old July 22nd, 2010, 07:18 PM   #51
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Quote:
Originally Posted by anilm View Post
That is interesting.
I guess developers dont want to drop their prices. So discounting for a trade-in lets them do that because they can write-off the value of your trade-in.

BTW, Pacific is now expected to complete Dec 2011
Yes, clever way of getting around having to drop prices directly, but surely there should be a limit to it, e.g. if you have paid 50%-60% elsewhere already, would they be able to absorb that?!

Jasmines Dad, did you go into much details with Select re their offer?
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Old July 27th, 2010, 12:27 AM   #52
shammy
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GUJJI,
sorry for the delay,u asked the names and numbers.
1:MR.YOUSUF VICEROY...050-5021155
2:MR.SHAH ASSAD......050-3452149
3:MR.ABDUL MAJEED:.....055-2837383

I spoke to the last bugger,sounds completely non-professional/illeterate person and my feeling about this whole issue is its another bloody scam,which i am not going to fall in it and i would rather try to pursuit the legal way/writing to authorities/informing media.
if u have the feeling that we can get advantage by talking to these new so called experts....talk to them ,we can discuss these issues later on.by the way if u are intrested in the copy of that official letter,give me your fax no and i would be more than happy to send u .
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Old July 27th, 2010, 12:32 AM   #53
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absolutely agreed with muffin62/anilm regarding the inflated prices and giving discount, another way of trapping you to get more money out of your pocket
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Old July 27th, 2010, 10:40 AM   #54
gujji
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Many thanks Shammy. I'll speak to them and let you know what they say.
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Old January 16th, 2011, 06:13 PM   #55
shammy
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hi every one,
i am planning to file a lawsuit against the developers (EMY PROPERTY),for officialy cancelling the project and not returning the money..........any thoughts or advise would be highly appreciated
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Old February 13th, 2011, 12:29 AM   #56
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law suit

hi,

that is a good idea. but why do you want to go alone? we all go together making our case more stronger. anyone else interested?
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Old February 15th, 2011, 06:18 PM   #57
shammy
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hi ZEB,
i would be more than happy to combine our strength. do get back to me if u r intrested in taking things further.i dont know what happened to GUJJI he was supposed to get back to me......if u see previous posts
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Old February 16th, 2011, 01:08 PM   #58
gujji
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My apologies for not getting back to you Shammy. I have been in contact with the owner of EmyPropery and I'm flying out to Dubai in April 2011 to resolve this by getting my money back. Will keep you guys informed.


Quote:
Originally Posted by shammy View Post
hi ZEB,
i would be more than happy to combine our strength. do get back to me if u r intrested in taking things further.i dont know what happened to GUJJI he was supposed to get back to me......if u see previous posts
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Old April 8th, 2011, 10:30 PM   #59
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hi, i am in the process to contact a lawyer in dubai to file a case to recover money. i will keep you inform. if needed we will combine our strength shammy and gujjy. to shammy, let's see if gujji can get his money back without involving court.
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