#UNDER C: DUBAI STAR, 45F Res, Plot L2

[Ahmed N]

Dear Investors

I have just returned from Dubai so sorry for the delay in my comments.

I was present at the first meeting with RERA and about 30 investors (not 50!)

I was also present at the 1st Comittee meeting on Sunday.

I personally am very happy with what I have seen and heard at the meeting. Mr Marwan was very helpful, and listened to investors - and is 100% behind this project.

What Rakesh has posted on the forum is a clear account of what's been discussed at the 1st meeting.

Please there is no need to get annoyed, angry and take things the wrong way - BUT we have to try and make better the situation we are all in.

This is only my view..................and i DONT want anyone getting personal. You are all able to make up your minds.


The outcome of the meeting was i think very postitive. The situation is this..............

option 1, the project is cancelled - the land and the project is sold at a reduced price and we may or may not get anything.
We will have to take ACI to court, and as you all know ACI and Bankrupt!

option 2, the building is demolished , the land made flat, and the land sold off! again we get nothing.

option 3, we all co-operate with RERA and Mr Marwan and we get the project finished.


What has been established is that the land has no mortgage - no finance it is completely freehold.

Mr Mawan has been given the task to look at the project as see if its viable to complete with the monies available. He has done this and the money available from investors will cover the full completion cost of the whole project. The actual amounts will be shared with investors in the next few weeks - by the comittee, not upto me. The committee is made up of investors who have a vested interest in the completion of this project. Some of these investors have a lot at stake.

At the 1st Commitee meeting on Sunday 15th, i was present with 8 other investors, and we have put a new group together that will be working closely with RERA, DMCC, ACI, DEVELOPER and who ever is involved with the project. Looking at aspects of Finance, Communication, and Engineering and the teams will work hard to make sure investors are kept upto date with the project. it was agreed that the people in the comittee should live in Dubai.

It is very clear that till now we have ALL lost trust in the project, including RERA, ACI, DEVELOPERS etc, but hopefully now with the new comittee, and Mr Marwan supporting the project completing we can have our investments, the keys to our property.

The comittee is again meeting Wednesday to put together a detailed proposal of how the project will move forward, and the best method of communicating to investors.

What i do know, is that the first step in this will be RERA sending out notices to investors who have not paid their installments - and asking them for payment, this will in itself generate 11million Dirhams.

Sorry thats all i can share with you at the moment, but i am really happy that there is now a comittee involved with the support of Mr Marwan.

I will send an e-mail to the committe on Thursday to find out what has been agreed.
/ discussed.

Thank you

[Ahmed N]

sorry, there was no discussion with regards any other ACI project. Mr Marwan was only dealing with the ACI Dubai Star project.

[cayman1]

Originally Posted by W40arx

No one but Rakesh has anything to report? Interesting! I thought that there was more than one investor who views this site and was to attend the investors meeting with RERA. If it were me, then I would be informing all investors of any outcome!

I live this nightmere since 5 year i live in europe and my only way to know is this forum i hope Aci chief to go in jail for life time

[Imre]

Finally some new block works, but still no cladding...

20/July/2012

Dubai Star

[cayman1]

seems 37 floor, still 5 floor to end
Imre do you know about other aci tower in bus. bay ?

[Imre]

Originally Posted by cayman1

seems 37 floor, still 5 floor to end
Imre do you know about other aci tower in bus. bay ?

YEs, only this ACI will be built ,their projects in Business Bay on hold and they wont ever finish, at least not the ACI.

[974agk]

Imre

Do you know what type of building that is on right hand side at entrance to Icon Tower 1, Not much been happening here for years? The shape/construction look's like offices etc only seems to be 6 floors high?

Cheers
Eck

[Imre]

Originally Posted by 974agk

Imre

Do you know what type of building that is on right hand side at entrance to Icon Tower 1, Not much been happening here for years? The shape/construction look's like offices etc only seems to be 6 floors high?

Cheers
Eck

Yes, that one is one of the JBC ( Jumeirah Business Centre) , they have 4 towers on hold now.

Originally office towers but what I have heard , they are redesigning so probably will be office-residential or similar. Once they restart it can be very fast construction.

[Jshaikh]

Hi Rakesh,
I was on my annual leave and hence could not attend the meeting with RERA on 12th July. Is there anyone who had raised the question for the Mortgage customers who are heavily charged with Interest by the Banks due to delay in the construction. I have mentioned this earlier also and hence Instructed my bank for not to release any further payments to the developer unless this interest part is waived off or get paid by the developer. The delay in construction is not the Investor responsibility and hence he/she should not be charged for that. I got the notice from RERA earlier and I filed the complaint to them for the reason of non payement. Can you pls raise this issue with RERA or let me know if I can also be the part of working committee. I am working in Dubai only and my office is near to Dubai Land department office in Deira.

[Prodigy11UK]

Some good news for you guys below!
PM me if you want the Project Engineer's mobile number or call Concordia.

Dear Icon 1 & Icon 2 representatives,
Kindly be advised that the contractor of Dubai Star tower is planning to pour the concrete for the 37th floor slab on Monday 30th July at 3:00pm until 7:00am of the following day’s morning (all night activity only once) but the contractor will try to finish earlier.
The Contractor will ensure that noise will be controlled within acceptable range and that the site arrangements don’t disturb the residents.
Kindly inform your respective tower residents to avoid any inconveniences and please do not hesitate to contact the Project Engineer Mr. Samah on xxxxxxxx / the Safety Advisor Mr. Yaseen on xxxxxxxx or alternatively Concordia’s Service Desk on (04) 36 8888 3 should you have any concerns.

[W40arx]

Thanks for the update
Regards
Waqar

[Rakeshdxb]

Hi JShaikh

I'm not part of the working committee either. RERA is not really concerned with our problems with banks. Even I have a mortgage loan.

If your bank doesn't pay the installment, you will be treated as defaulter.

It is a sad situation but thats the way it is. I know, we have paid huge amount as interest already on the loan but similarly those people who paid their own funds also have a cost to those funds which they have lost.

[Jshaikh]

Hi Rakesh,
I have seen the cases where the developers have paid the interest part to the banks due to the delay in construction at there end. If ACI is not paying any attention and RERA seems to be taken over then it is the responsibility of RERA to sort this out. In our case it is not the small figure. The inetrest has gone to more then 60% of the original sale price. If the Mortage customers will surrender without any voice then nothing is going to happen.

[Androider]

Originally Posted by Ahmed N

Dear Investors

I have just returned from Dubai so sorry for the delay in my comments.

I was present at the first meeting with RERA and about 30 investors (not 50!)

I was also present at the 1st Comittee meeting on Sunday.

I personally am very happy with what I have seen and heard at the meeting. Mr Marwan was very helpful, and listened to investors - and is 100% behind this project.

What Rakesh has posted on the forum is a clear account of what's been discussed at the 1st meeting.

Please there is no need to get annoyed, angry and take things the wrong way - BUT we have to try and make better the situation we are all in.

This is only my view..................and i DONT want anyone getting personal. You are all able to make up your minds.


The outcome of the meeting was i think very postitive. The situation is this..............

option 1, the project is cancelled - the land and the project is sold at a reduced price and we may or may not get anything.
We will have to take ACI to court, and as you all know ACI and Bankrupt!

option 2, the building is demolished , the land made flat, and the land sold off! again we get nothing.

option 3, we all co-operate with RERA and Mr Marwan and we get the project finished.


What has been established is that the land has no mortgage - no finance it is completely freehold.

Mr Mawan has been given the task to look at the project as see if its viable to complete with the monies available. He has done this and the money available from investors will cover the full completion cost of the whole project. The actual amounts will be shared with investors in the next few weeks - by the comittee, not upto me. The committee is made up of investors who have a vested interest in the completion of this project. Some of these investors have a lot at stake.

At the 1st Commitee meeting on Sunday 15th, i was present with 8 other investors, and we have put a new group together that will be working closely with RERA, DMCC, ACI, DEVELOPER and who ever is involved with the project. Looking at aspects of Finance, Communication, and Engineering and the teams will work hard to make sure investors are kept upto date with the project. it was agreed that the people in the comittee should live in Dubai.

It is very clear that till now we have ALL lost trust in the project, including RERA, ACI, DEVELOPERS etc, but hopefully now with the new comittee, and Mr Marwan supporting the project completing we can have our investments, the keys to our property.

The comittee is again meeting Wednesday to put together a detailed proposal of how the project will move forward, and the best method of communicating to investors.

What i do know, is that the first step in this will be RERA sending out notices to investors who have not paid their installments - and asking them for payment, this will in itself generate 11million Dirhams.

Sorry thats all i can share with you at the moment, but i am really happy that there is now a comittee involved with the support of Mr Marwan.

I will send an e-mail to the committe on Thursday to find out what has been agreed.
/ discussed.

Thank you

I wander, why was there no option 4??? Sell existing Land and almost finished building and pay w/e is there???

[Jshaikh]

Guys,
Pls check the below article from the GULF NEWS today
http://gulfnews.com/business/propert...acts-1.1030320

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.

[Berliner01]

This law was supposed to be in force since June. Soon can mean anything from a month to three years up to never.

[Rakeshdxb]

JShaikh

Honestly, I'll tell you what I think.

All the laws and everything are fine if you can implement them against anyone.

In our case, there is no ACI anymore. Whatever of ACI is left, they do not have any money to either pay any compensation to us because of the delay.

If RERA has taken this over, that is only to lead the project to completion. Even RERA is smart and will not take any liability over from ACI.

I would be willing to fight but the problem is there is nobody to beat.

It is in our best interest to see this through to completion and then hope that there is sufficient appreciation in value in a few years so we can cover our principal + interest.

Cheers
Rakesh.

[cayman1]

28 august 37 floor completed 1 floor in 2 months better than nothing

[W40arx]

Is anyone attending the next meeting on the 10th September?

[cayman1]

Originally Posted by W40arx

Is anyone attending the next meeting on the 10th September?

Which meeting ?