The SELECT thread...

[FWIW]

Originally Posted by smshah

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.

[Dubai_Steve]

Maybe they meant late by 6 days instead of months?

[smshah]

Originally Posted by Dubai_Steve

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

[ramzy]

Originally Posted by Sid

Notification arrived today.
27th floor.
SPP
Goodwill: AED5.5K

I'm on 18th (was 12), SPP , goodwill 5.9k

[markev]

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

[SGrCRAP]

Originally Posted by Anjam

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!

[234sale]

Originally Posted by CAJ

Nov 08 but just paid the 1% fee not the OGOOD fee

The oqood charge is only 295AED

[Rider]

Originally Posted by SGrCRAP

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.

[Rider]

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.

[Joannides]

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???

[Anjam]

Originally Posted by Joannides

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.

[mskhan]

Received handover documents by email. Originals to follow by courier.
I am on floor 31 (previously 24) - 2 bedroom. Goodwill amount 8.6K

[SGrCRAP]

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

saradryflyfisher@hotmail.com

Every one counts. Apparently they need to see your passport and a copy of the title deeds too.

[torchowner]

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

[torchowner]

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

[NEMISIS]

Originally Posted by torchowner

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.

[ramzy]

Originally Posted by Anjam

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?

[ramzy]

Originally Posted by NEMISIS

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??

[Dubai_Steve]

Originally Posted by NEMISIS

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.

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

[Rider]

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.