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Old April 14th, 2011, 11:53 PM   #121
FWIW
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Quote:
Originally Posted by smshah View Post
Dear Fellow investors

i received a summary of account for my torch apartment. i'm on a SP payment plan so i have paid 90%. On the statement it says a late payment charge of approx 2950 DHS. I queried this and select said i was late on my third installment due 1st june 06 by six months!!!!!. I looked at my receipts and found the receipt for my third installment dated 7/06/06!!!!! WATCH YOUR STATEMENTS LADS!!!!
So are you saying that they didn't even check their own systems?

SG are beyond a joke. They should be grovelling for your forgivenes.
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I cdnuolt blveiee taht I cluod aulaclty uesdnatnrd waht I was rdanieg The phaonmneal pweor of the hmuan mnid! Aoccdrnig to a rscheearch at Cmabrigde Uinervtisy, it deosn't mttaer inwaht oredr the ltteers in a wrod are, the olny iprmoatnt tihng is taht the frist and lsat ltteer be in the rghit pclae. The rset can be a taotl mses and you can sitll raed it wouthit a porbelm. Tihs is bcuseae the huamn mnid deos not raed ervey lteter by istlef, but the wrod as a wlohe. Amzanig huh? Yaeh, and I awlyas thought slpeling was ipmorantt.
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Old April 15th, 2011, 12:24 AM   #122
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Maybe they meant late by 6 days instead of months?
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Old April 15th, 2011, 12:54 AM   #123
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The SELECT thread...

Quote:
Originally Posted by Dubai_Steve View Post
Maybe they meant late by 6 days instead of months?
No, i did ask that but the guy at select said transfer received 7/12/06 when the receipt says 7/06/06
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Old April 15th, 2011, 01:02 AM   #124
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Quote:
Originally Posted by Sid View Post
Notification arrived today.
27th floor.
SPP
Goodwill: AED5.5K
I'm on 18th (was 12), SPP , goodwill 5.9k
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Old April 15th, 2011, 01:25 AM   #125
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We got our completion notice via e-mail today - hard copy to follow via courier. We're on floor 23 , on spp and our goodwill amount is AED 8.1k
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Old April 15th, 2011, 01:40 AM   #126
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Quote:
Originally Posted by Anjam View Post
Some of the comments from the Point investors are that it hasn't really made any difference to the rentability (is that a word?) of the property.

We'll see after our AGM on the 18th. If we get tucked up by Select you KNOW what's coming your way. The addendums are ILLEGAL folks - don't let them blackmail you guys as well.

20+AED/sqft service charge is a joke by the way. I would estimate 40% of it is going into the coffers of Select and their useless FM outsourcing buddies. Bet you guys will get 'Cityserve' for your FM provision and 'NEB' for your 'independent' surveyor. If you see these two companies referred to by Select's King of Bullshit - prepare for 12 months of service charge increases with inversely proportional levels of service PLUS the billy bonus.... common area snags which will never be fixed!

Last edited by AltinD; April 15th, 2011 at 09:44 PM.
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Old April 15th, 2011, 01:53 AM   #127
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Quote:
Originally Posted by CAJ View Post
Nov 08 but just paid the 1% fee not the OGOOD fee
The oqood charge is only 295AED
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Old April 15th, 2011, 09:10 AM   #128
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Quote:
Originally Posted by SGrCRAP View Post
We'll see after our AGM on the 18th. If we get tucked up by Select you KNOW what's coming your way. The addendums are ILLEGAL folks - don't let them blackmail you guys as well.

20+AED/sqft service charge is a joke by the way. I would estimate 40% of it is going into the coffers of Select and their useless FM outsourcing buddies. Bet you guys will get 'Cityserve' for your FM provision and 'NEB' for your 'independent' surveyor. If you see these two companies referred to by Select's King of Bullshit - prepare for 12 months of service charge increases with inversely proportional levels of service PLUS the billy bonus.... common area snags which will never be fixed!
If Select have the voting rights of all your LPP owners, how are you going to get rid of them?

I can't believe the authorities allow such practices to go on. Talk about a conflict of interests. They must be about as wanted as a fart in an astronaut's suit.

PS: Many thanks as always Imre, great shots.

Last edited by AltinD; April 15th, 2011 at 09:40 PM.
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Old April 15th, 2011, 09:20 AM   #129
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Thanks 234Sale

I also found this which you posted previously, issued by RERA as current procedure.

http://www.skyscrapercity.com/showthread.php?t=1140383

Looks like the OQOOD transaction charge went from AED 295 to 1000 in a short space of time so a nice 200% mark up for Select with them charging AED 3000. The apartments should have been registered when the OQOOD system first came out, not when the building is complete so it's too late to do it now as far as I'm concerned.

Last edited by Rider; April 15th, 2011 at 09:26 AM.
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Old April 15th, 2011, 11:48 AM   #130
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why do i fear this oqood fee is going to be a problem. its clear that we're being fleeced, altough these cowboys are out to get what they can and i'd be surprised if they back down.

do we have any recource? there seems to be nothing stating that a developer can't charge an overhead :-(

also, i am not sure why we would have been asked to pay 1% fee if it wasnt registered then???
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Old April 15th, 2011, 12:14 PM   #131
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Quote:
Originally Posted by Joannides View Post
why do i fear this oqood fee is going to be a problem. its clear that we're being fleeced, altough these cowboys are out to get what they can and i'd be surprised if they back down.

do we have any recource? there seems to be nothing stating that a developer can't charge an overhead :-(

also, i am not sure why we would have been asked to pay 1% fee if it wasnt registered then???
I have received my OQOOD registration so properties must have been registered over 2 years ago.
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Old April 15th, 2011, 12:46 PM   #132
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Received handover documents by email. Originals to follow by courier.
I am on floor 31 (previously 24) - 2 bedroom. Goodwill amount 8.6K
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Old April 15th, 2011, 02:42 PM   #133
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PROXY VOTES

Don't forget folks - if you're not on the LPP please send your proxy votes into Sara.

[email protected]

Every one counts. Apparently they need to see your passport and a copy of the title deeds too.
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Old April 15th, 2011, 03:04 PM   #134
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Following the expose' in the March 20th edition of the Mail On Sunday regarding the dealings of Select Property in the UK, journalist Tony Hetherington is now looking into the dealings of both Select Property and the Select Group in the UAE.
If you have bought a property through either, or both of these companies , and feel that you have been misled, lied to or simply not received what you paid for thenTony would like to hear from you.
In the first instance please write to;
Tony Hetherington,
Financial Mail,
2, Derby Street,
London, W8 5TS
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Old April 15th, 2011, 03:09 PM   #135
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Following the expose' in the March 20th edition of the Mail On Sunday regarding the dealings of Select Property in the UK, journalist Tony Hetherington is now looking into the dealings of both Select Property and the Select Group in the UAE.
If you have bought a property through either, or both of these companies , and feel that you have been misled, lied to or simply not received what you paid for thenTony would like to hear from you.
In the first instance please write to;
Tony Hetherington,
Financial Mail,
2, Derby Street,
London, W8 5TS
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Old April 15th, 2011, 05:16 PM   #136
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Quote:
Originally Posted by torchowner View Post
Following the expose' in the March 20th edition of the Mail On Sunday regarding the dealings of Select Property in the UK, journalist Tony Hetherington is now looking into the dealings of both Select Property and the Select Group in the UAE.
If you have bought a property through either, or both of these companies , and feel that you have been misled, lied to or simply not received what you paid for thenTony would like to hear from you.
In the first instance please write to;
Tony Hetherington,
Financial Mail,
2, Derby Street,
London, W8 5TS
I too would urge you all to speak to the Mail. They have legal teams looking at the practices of Sp and SG as we speak.

Anyone who signs the addendum is potentialy giving up the rights of their propoerty to an unknown 3rd party who may further securitise their interests in it. What if this 3rd party were to go bankrupt with their share of your appartment used as security.
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Old April 15th, 2011, 05:22 PM   #137
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Quote:
Originally Posted by Anjam View Post
I have received my OQOOD registration so properties must have been registered over 2 years ago.
In the account sheet SG sent to me, it shows the receipt of the 1% Registration fee (law 13). I also have a document which shows the Contract was registered in OQOOD, but does that mean it's only the sale that was registered and not the Title.

Isn't the 3000AED for Title registration with land department then?
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Old April 15th, 2011, 05:23 PM   #138
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Quote:
Originally Posted by NEMISIS View Post
I too would urge you all to speak to the Mail. They have legal teams looking at the practices of Sp and SG as we speak.

Anyone who signs the addendum is potentialy giving up the rights of their propoerty to an unknown 3rd party who may further securitise their interests in it. What if this 3rd party were to go bankrupt with their share of your appartment used as security.
Is this the Addendum for the LPP owners you are reffering to??
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Old April 15th, 2011, 06:10 PM   #139
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Quote:
Originally Posted by NEMISIS View Post
Anyone who signs the addendum is potentialy giving up the rights of their propoerty to an unknown 3rd party who may further securitise their interests in it. What if this 3rd party were to go bankrupt with their share of your appartment used as security.
[IMG]http://i54.************/1124bk3.jpg[/IMG]

Doesn't the highlighted section stop your worst case scenario above?

Last edited by Dubai_Steve; June 16th, 2011 at 08:48 PM.
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Old April 15th, 2011, 06:21 PM   #140
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OQOOD
OQOOD is something which came along after our SPAs were signed. The grey area is who pays for the registration - the developer (seller) or the buyer. Why should all the owners have to pay for it when the SPA doesn't cover it. Surely a fair comprimise is 50/50 split or worst case the charge is billed to the owner AT COST. To hell with this 200% mark-up - I'm not having it - it's fleecing at it's worst. Not only that, it's too late to charge it now when the building is complete, as stated in the email from RERA.

LPP ADDENDUM
Agree 100% (or 200%) with everyone who says DON'T SIGN THE ADDENDUM LPP OWNERS. My fear is that many LPP owners don't read this forum and are not aware of what they are signing away and the level of service they'll get in the future, giving Select a majority of voting rights which will allow them to do what they like for years to come.

Imagine there's another banking crisis and all the UK the banks are struggling to make money. Barclays bank (hypothetically speaking) then decide to walk into an apartment block in London full of residents who have mortgages with them. They insist on each mortgage holder signing an addendum to the mortgage agreement which allows Barclays to take over the building maintenance contract having gained all voting rights before charging residents what they like - it's unthinkable.
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