The SELECT thread...

[scoobudubai]

Originally Posted by sabrtaqwa

I agree with you we need to stick together as investors.

Would all investors like to meet up and see what we can do re: our position.
Or as im new if you have something setup let me know.
simple_me758@hotmail.co.uk

I have an appointment with a powerful M.P so anyone want to suggest anything just send me a pm or email. Thanks

Very good idea. What about next weekend, Central London.
A new group "Select Action Group".
People willing to act in some way in the U.K. (& Dubai) We have accumulated so much evidence since last year and legal nous.
Preferably investors from 2005/2006.
Even a small group could work.

[scoobudubai]

Can someone intelligent explain this?

http://www.oft.gov.uk/OFTwork/aml/amlsearch/

Also we have been party to a leaked email from Mark Stott to an investor who had been trying to contact him directly for over 5 years. This was the very first time Mark Stott, CEO Select Property wrote, or tried to respond in any way, to this investor. It denies belief. The words were highly insulting and cannot be printed.

[Sid]

Originally Posted by scoobudubai

Can someone intelligent explain this?

http://www.oft.gov.uk/OFTwork/aml/amlsearch/

Also we have been party to a leaked email from Mark Stott to an investor who had been trying to contact him directly for over 5 years. This was the very first time Mark Stott, CEO Select Property wrote, or tried to respond in any way, to this investor. It denies belief. The words were highly insulting and cannot be printed.

whats your point?

[DennyCrane]

Originally Posted by anilm

Nice work, Pro Bono

So Select UK have an investement in Pacific and their entire existance depends on the success of the development.

Yet, Select UK will tell you they are just brokers and dont know what is going on?

Select UK were just brokers in some developments but were/are partners in Aquatania/West Avenue/Pacific

[sabrtaqwa]

Originally Posted by scoobudubai

Can someone intelligent explain this?

http://www.oft.gov.uk/OFTwork/aml/amlsearch/

Also we have been party to a leaked email from Mark Stott to an investor who had been trying to contact him directly for over 5 years. This was the very first time Mark Stott, CEO Select Property wrote, or tried to respond in any way, to this investor. It denies belief. The words were highly insulting and cannot be printed.

Can give me a call or text me your number , would like a copy of that email aswell. I think we planning on meeting in manchester.

[J39]

Originally Posted by sabrtaqwa

Can give me a call or text me your number , would like a copy of that email aswell. I think we planning on meeting in manchester.

Suggest you P.M. me. I am a Select victim with a score to settle and live within 50 miles of Manchester.

[mackie1964]

Not been here for Months but thought I would drop a line of support to those who still fighting those Scumbags. Good Luck

[shakka]

Originally Posted by mackie1964

Not been here for Months but thought I would drop a line of support to those who still fighting those Scumbags. Good Luck

Yep still fighting

[micmonro1]

New law allows investors to void contracts
The law is aimed at protecting investors from delays or unilateral changes
By Zaher Bitar, Staff ReporterPublished: 00:00 June 1, 2012

Dubai: Real estate investors will be given the right to annul their contracts and get all their money back if developers violate the terms and condition, according to the latest draft of Real Estate Investor Protection Law.
Besides getting their funds back, investors will be able to ask for additional compensation, while the developer can be fined, said the director of the Dubai Land Department, Sultan Butti Bin Mujren told Gulf News.
The law, which has been in the works for some time is expected to be issued soon by the department. It is aimed at protecting investors from delays in the handing over of projects or unilateral changes in the size or other specifications of the properties.
Investors can cancel the contract if the property handover is delayed for more than a year. This applies even if there is provision for completion delays in the contract. They will be eligible for compensation if the handover is delayed for more than a month, but less than a year, according to the draft.
The law will also offer investors recourse in case of defects in the property when it is delivered and undocumented claims and charges from developers, among other provisions.
“It is a clear legislative tool to break the contract and guarantee compensation for investors where the developer attempts to breach the contract,” Bin Mujren said. According to the new law, the Land Department will have an observatory, regulatory, technical and executive role to protect investor’s rights. The law will spell out the rights and responsibilities of the developer and the investor during the project development, the sale of units, the completion of the properties and the handover to the investor.......
Majida Ali Rashid, Director of the Center for Investment Management at the department said: “This law is the first of its kind ......... with the real estate sector in the emirate.”
Muhannad Al Wadiya, managing director of Harbor Real Estate said that the new law should be considered a wake-up call for developers to finish their projects ....... by creating “a positive vibe”.............
The new laws are a necessary part of the ongoing efforts to safeguard investors and better regulate the Dubai property market, which experienced unprecedented boom – and bust – since 2007.
The Land Department has flagged the possibility of introducing a standard template for a sales and purchase agreement, which all developers will be required to use.
Al Wadiya said that this would end the practice of each developer using selling contracts to suit themselves. However, he pointed out that: “Investors must now take the time to read, understand and negotiate the terms of their agreements, instead of blindly signing them, which has been the case.”
link-http://gulfnews.com/business/property/uae/new-law-allows-investors-to-void-contracts-1.1030320


FOR THOSE WHO ARE STILL HOLDING BACK, HANG IN THERE, MORE TO COME SOON...
Lily

[micmonro1]

Originally Posted by mackie1964

Not been here for Months but thought I would drop a line of support to those who still fighting those Scumbags. Good Luck

Property investors in Dubai can seek refund and damages
Draft Investor Protection Law released for feedback from public
By Parag Deulgaonkar
Published Thursday, June 21, 2012

Developer’s failure to complete or handover a property within a certain timeframe from date specified in the sales contract, deliberate intention of defrauding an investor or altering the specifications of the unit without obtaining requisite permission will soon allow investors to recover all the amount by them.

The draft law regarding the protection of the real estate investor in Dubai was released on Wednesday (June 20) to get feedback, for the first time, from people involved and concerned with real estate investment in the emirate. The department will be receiving feedback until June 29.

However, it is not known when the law will be actually implemented. But in April, Sultan Bin Mejren Director General of Dubai Land Department, said the law was expected to be implemented by end of June.

Emirates 24l7 broke the news in April that property investors will be eligible for cancellation of their contracts and may seek full refunds if the real estate developer fails to deliver the unit or services within a specific timeframe.

According to Article (36) of the draft law, the following circumstances shall entitle intending investor to terminate the contract for sale and recover all amounts paid by it:

1. If the developer fails to complete the real estate unit or fails to hand over possession to the Intending Investor within [ • ] months after the date specified in the contract for sale as the estimated or agreed date for handover whether or not the contract for sale includes a provision allowing the developer to delay completion and handover in any circumstances;

2. If the real estate unit as built is materially different from the real estate unit’s specification as specified under the contract for Sale including a decrease of 30 per cent or more in the net area.

3. If the developer deliberately and with the intention of defrauding the intending investor fails to comply with the real estate unit’s specification or the specifications of the common areas and facilities under the contract for sale with the result that some are missing at the time of handover.

4. If the developer alters the specifications of the real estate unit without obtaining the required permit from the competent authority to such change in violation of the applicable rules and regulations as a result of which the intending investor is likely to suffer material loss or harm.

In any such case the intending investor shall be entitled to repayment of all amounts paid by it to the developer.

As per the proposed law, an intending investor is any person who enters into a transaction involving the sale of a real property or real estate unit or real estate right to him. This expression includes an intending tenant [under a long term lease] and any person who shall take a mortgage or provide [Islamic] finance in relation to a real property.

If Article (36) shall not apply, the draft law states that under Article (37) the following circumstances shall entitle an intending investor to payment of compensation:

1. Breach of any warranty or undertaking contained in the contract for sale by the seller and the broker.

2. Misrepresentation by the developer or investor or broker.

3. Specifications in violation of the contract for sale after obtaining an expert’s report to that effect.

4. Delay for a period more than one month and less than one year.

The intending investor, the draft law proposes, shall be entitled to recover compensation from whoever of the developer, investor or broker shall have caused the loss. If more than one is responsible every such person shall be [jointly and severally] liable for and bound by the information and data provided to the intending investor prior to the sale, whether such information was provided by means of a letter in writing, announcement or email.

Under Article (15), the proposed law puts the onus on the developer to provide to the buyer will correct information in relation to the common areas within the Jointly Owned Property.

The article states: “The developer to provide to an Intending Investor all accurate and correct information in relation to the common areas within the Jointly Owned Property and the provision of the infrastructure and utilities required to serve it and the stage of completion of each. Moreover, the developer may not without the approval of the department, after announcing a project to public, make any major changes to the infrastructure or the common areas and facilities which have been specified on the plans for the project approved by the department upon sale or in the [declaration of sale] [contract for sale] which would harm the interests of the intending investor.”

N. Naidu, an Indian, who has bought three properties in Dubai, welcomed the move by the department to seek feedback from the public.

“It is good that the land department is seeking feedback from investors. I have gone through the draft… I think it is quite a detailed one, but am certain that the department will incorporate more suggestions from investors.

“But it has to seen how well and effectively is the law, when issued, implemented and whether projects, that have never gone ahead or stalled for years, are included within the ambit of the new law,” he added.

F Harris, a British citizen, who has invested money in Sports City project, hopes the new law will allow him to get a refund from his developer.

“There was not a ray of hope left… I had given up on my investment. Now that the investor protection law is on the verge of being finalized, I hope I can recover my money which is still left in the escrow account,” he stated.

MUST READ:

Dubai investors to get full refund if developers default on handover

http://www.emirates247.com/property/...06-21-1.463886

[fightback]

Sabrtaqwa - good advice. I will contact you on your email. I am new but on this forum but was one of the first purchasers in 2005. The Torch.

[AZ_1st]

Is there anyone out there taking legal action against Select?

(You can IM me if you don't want to say in Public)

[fightback]

Reply to AZ -1st

What is IM? New to this. I am interested in taking legal action in Dubai and UK.
I saw previously that Select Group lost case in Dubai where Force Majeure was not accepted. Anyone know more about this. Was it 'Pro Bono' message?

[AZ_1st]

Originally Posted by fightback

Reply to AZ -1st

What is IM? New to this. I am interested in taking legal action in Dubai and UK.
I saw previously that Select Group lost case in Dubai where Force Majeure was not accepted. Anyone know more about this. Was it 'Pro Bono' message?

i meant to say PM (private message)

[Why Dubai]

There are plenty of actions taking place against Select Group. These are at various stages.

With regards to force majeure - No developer has ever had a FM claim upheld by the DIAC yet.

[NickBoyC]

Has anyone employed the services of DLD to carry out a survey of your apartment? Looks like the cost is 3000aed.

If anyone has had this and the area of your apartment has been less than quoted by select what happened about it. Pm me please.

[Dubai_Steve]

Select have now transferred the Torch LPP finance and assigned all their rights, title and interest in LPP payments to Standard Chartered Bank. LPP buyers now need to pay their instalments to a newly setup collection account at Standard Chartered Bank.

[RedWayne28thfloor]

Originally Posted by Dubai_Steve

Select have now transferred the Torch LPP finance and assigned all their rights, title and interest in LPP payments to Standard Chartered Bank. LPP buyers now need to pay their instalments to a newly setup collection account at Standard Chartered Bank.

Would this mean that its now working more like a traditional mortgage type agreement and perhaps there's no more issues concerning voting rights with the owners association for those on LPP? If so, surely this is a much better scenario now?

[Psofos]

Originally Posted by Dubai_Steve

Select have now transferred the Torch LPP finance and assigned all their rights, title and interest in LPP payments to Standard Chartered Bank. LPP buyers now need to pay their instalments to a newly setup collection account at Standard Chartered Bank.

Steve,
Would you transfer finance, rights and interests to a bank that has just been 'done' for money laundering (alledgedly)! I would have thought that Select need to try and improve their image not screw it up completely! Another own goal!
Psofos.

[Dubai_Steve]

I don't think there is such a thing as a moral bank.

My understanding is that select have sold the buyers debt to the bank for a lump sum. Terms to remain as per the SPA. LPP payments and receipts to be managed by Select still.