#PROJECT-Ras Al Khaimah: BLU MIRAGE

[gujji]

Originally Posted by rkbk

We are in October 2012 almost xmas round the corner, has anyone found out anything latest on this project?

No updates and no news from the legal group.

I phoned the Paramount office today and spoke to Elma and she stated the following:

They are in negotiations with financiers regarding starting construction and these negotiations should conclude by the end of the year.

They are not giving refunds at present and are committed to completing this project, hence why they are still open.

They will be moving from Sheikh Zayed Road to Business Bay in November 2012.

This still doesn't instill confidence in the viability of this project but I thought fellow investors should know what is being said by them. Myself, I have 2 apartments (paid 50% on both) and have nothing in return.

Fingers crossed, something does materialise and we come out of this nightmare in a couple of years with something.

[gujji]

I received an email on the 20th Nov 2012 from Paramount, which reads:


Dear Mr xxxx,

We thank you for your call.

We would like to inform you that the Management is currently working on the final stage of negotiation with regards to the construction financing of the Blu Mirage development. Pure Real Estate Consultancy FZE shall release an official communication to all once the negotiations are finalized. We are hopeful that this will be done by the end of the year or early next year. Pure will subsequently respond to the queries and concerns regarding the development in timely manner.

Pure is committed to deliver the Project and will continue to exert its entire endeavour despite the continuous tough market condition.

Thank you for your continuous leniency and support to the Blu Mirage development.

Best Regards,


Pure Real Estate Consultancy FZE
Suite 903 Sheikh Essa Tower
Sheikh Zayed Road
P.O. Box 16111
Dubai
United Arab Emirates
Tel: 009714-327-6601
Fax: 009714-3276602
Email: info@purefze.com


Has anyone else received such an email?

[RickyVelani]

Originally Posted by gujji

I received an email on the 20th Nov 2012 from Paramount, which reads:


Dear Mr xxxx,

We thank you for your call.

We would like to inform you that the Management is currently working on the final stage of negotiation with regards to the construction financing of the Blu Mirage development. Pure Real Estate Consultancy FZE shall release an official communication to all once the negotiations are finalized. We are hopeful that this will be done by the end of the year or early next year. Pure will subsequently respond to the queries and concerns regarding the development in timely manner.

Pure is committed to deliver the Project and will continue to exert its entire endeavour despite the continuous tough market condition.

Thank you for your continuous leniency and support to the Blu Mirage development.

Best Regards,


Pure Real Estate Consultancy FZE
Suite 903 Sheikh Essa Tower
Sheikh Zayed Road
P.O. Box 16111
Dubai
United Arab Emirates
Tel: 009714-327-6601
Fax: 009714-3276602
Email: info@purefze.com


Has anyone else received such an email?

Hi,

I received the same email, as a response to an update on the situation concerning the development. Will have to take it with a pinch of salt

[SayNoToRAK]

No formal communication for well over a year from Pure. Sending out random emails is a measure of just how unprofessional Pure are. Maybe they will pull the plug early next year but I suspect they will continue to draw salaries until the escrow is completely empty. No bank would touch this development with a barge pole and by putting the footings/piles in they have destroyed the plot for any other developer. www.almarjanislandrak.com #1 google search.

[kkq]

i heard that the work for blu mirage will start in 2013 is there any truth to this???

[doomsdayarmy]

It's very true, if you believe in Santa Claus.

Originally Posted by kkq

i heard that the work for blu mirage will start in 2013 is there any truth to this???

[rkbk]

Am sick and tired of this mess, i would want my refund back, this was all approved by HRH of Ras Al Khaimah, with that money i have invested i could of earned more intrest or bought another place... i have not heard anything from peggy

[SayNoToRAK]

Originally Posted by rkbk

Am sick and tired of this mess, i would want my refund back, this was all approved by HRH of Ras Al Khaimah, with that money i have invested i could of earned more intrest or bought another place... i have not heard anything from peggy

I think we are all sick of BluM. It would appear that Peggy's CMS group are happy with progress as a recent email by a member of the Google Investors Group has resulted in little response. So hopefully CMS are planning a big move in 2013, this would help all investors if only to get the project cancelled. Good luck to everyone in 2013, www.almarjanislandrak.com #1 google search

[SayYesToRak]

Yes, good luck to everyone

[flexton]

I think the progress in the construction of infrastructure of hotels will complete the construction of the Blu Mirage. The project may be sold to wealthy investors or government emirate. In March, we should get the message from Pure and after 3 years Blu Mirage to build.
Cancellation of any project will be a disaster for the investment and development of Al Marjan emirate's government will not allow it.
Therefore, the return of the money investors can forget. Selecting only one- to wait.

[muffin62]

Originally Posted by SayYesToRak

Yes, good luck to everyone

I LOVE YOUR NAME

Why couldnt i think of this myself

[SayYesToRak]

Originally Posted by muffin62

I LOVE YOUR NAME

Why couldnt i think of this myself

Why, thank you kind sir. I am a fellow investor who has grown weary of all the negativity surrounding AMI. Now is the time to think positive thoughts.

[thebizangel]

Message to SayYEStoRak. You state you are a fellow investor. Investor in BLU MIRAGE?
I note you also appear to post comments on multiple RAK sites. Are you a multiple investor?
I ask you are you an Investor in BLU MIRAGE????

Message to Muffin62 another multi forum poster.Are you a Blu Mirage investor????

Unfortunately I AM an investor in Blu Mirage
I cannot imagine how any REAL investor in Blu Mirage could be positive about this failed project.
I have paid 90% of the purchase price. I do not feel positive at all. Its a disaster. The project has collapsed. No correspondence from Pure/Paramount for years. The website not updated for years.
What do you know that makes you appear so positive or confident about Blu Mirage??
I doubt you have anything positive to share with the multitude of investors in the failed BLU MIRAGE development.
There simply is NOTHING positive to say about BLU MIRAGE
So if you do not have anything positive to share. Why bother making any comments at all on the Blu Mirage forum

[rkbk]

Does anyone know anything about this link?
never heard them

http://www.emporis.com/building/blu-...-arab-emirates

[milktrayman]

guys any update on this development?

[MumofFour]

Dear All,

I am the representative for a 150-strong group of investors who have sought the assistance of CMS Cameron McKenna (a leading London law firm) to seek compensation for, or satisfactory completion of, the Blu Mirage project in Ras Al Khaimah. The lawyer representing the Action Group has just recently returned from RAK where he met with representatives from the State including the RAK Investment Authority, the Investment and Development Office and the Construction Company. The information that he obtained from the meetings has revealed a great deal of fresh evidence about what happened, how your money was spent and why the development failed. This vastly improves the position of the Action Group in negotiations and/or any claim that may be brought. We are now in a position to share the findings and a report on progress with all NON-MEMBERS of the current Action Group.

If you are a frustrated investor with little or no information regarding your Blu Mirage investment and seek clarity or closure, we would like to invite you to an Open House at the offices of CMS Cameron McKenna LLP at Mitre House, 160 Aldersgate Street, London, EC1A 4DD between 6pm and 8pm on Monday, 18 March 2013. If you wish to attend, please register your intention with me so that we can provide the numbers attending. Alternatively, if you are keen to learn more but are unable to attend, please contact me on bmraklegal@gmail.com.

This will be the final call for non-members. Our legal team will be conducting further negotiations on our behalf shortly. There is a £1,500 fee to join the group and we welcome all non-members to join us.

[Micky D]

Thank you for the update. I am sure that all of us will be happy to receive a copy of the report. I could be wrong but if the involved parties intend to settle the case with cash return or something similar I am sure that would be to all investors and not just legal group members, Please advise with your comment.

With regards to joining the group with 1,500 pounds fee (increased from 1,000 pounds 6 months ago) Last time I investigated this with Peggy it seemed a reasonable option if you are a British Passport Holder as all action and activity was based around "The rights of the British investor abroad" or "The fair trade agreement between UK and RAK" so I don't see how this is geared up for non british passport holders....pls also advise.

Thanks and Regards MD

[doomsdayarmy]

With all due respect, I think MickyD is absolutely right, why would the laws and or the outcome of the so called "negotiations" apply only to the action group and not the rest.
I understand that the information obtained by the law firm may not have to be shared with the non-action group but the final distribution of funds (if any) will have to be equally shared amongst all investors.

[SayNoToRAK]

If a group of investors takes action against the developer then there is nothing that says the outcome is applied to all. The RAK authorities may think that the vast majority of investors will be "satisfied" with the outcome leaving the remaining few to take individual actions - most likely falling on deaf ears. If you took your own action then I suspect the cost would exceed £1500?

[doomsdayarmy]

Another valid point brought up by MikyD .... what about the non- brit passport holders??
I personally could care less about the action group. If there is no money in the accounts, who is going to recoup the monies due to the investors? RAK Government? Lol, never!!
I will hang in there as long as it takes. Someone or an entity, sooner or later will take over the project. If the project is salvaged, we will all get something out of it, action group or not.