The SELECT thread...

[scoobudubai]

This twisted notion that SP is a victim :

[Rider]

Originally Posted by Sheltie

I'm glad I'm not the only one who is confused here. What will happen if we sign the addendum?
In 2005 I bought 3 apartments in Dubai. One won't be built at all and I paid 50%, which I've probably lost, the second might be ready next year (hopefully) and the 3rd is in The Torch.
I know Select are *** but after 6 years I just feel that I am glad to get the keys for one of them.
Can someone please explain why we shouldn't sign the addendum. I am on SSP.

As an SPP owner this doesn't affect you in the same way as the only addendum you are being asked to sign relates to the change in apartment number. You will as the outright owner of your apartment retain the normal rights e.g. voting in the Torch owner's association (when it's formed) and you could potentially securitise a future loan/debt against your apartment which would be considered an asset of yours.

[Sheltie]

Thanks, Rider, for that info.

[MANUTD]

Originally Posted by scoobudubai

This twisted notion that SP is a victim :

Not a notion its fact - but we will agree to disagree on that I ain't losing sleep
over Dubai any more

[scoobudubai]

Originally Posted by MANUTD

Not a notion its fact - but we will agree to disagree on that I ain't losing sleep
over Dubai any more

So Mark Stott, Giles Beswick, and that other guy Littlewood are victims? !!!!!

[NickBoyC]

Hi All,
Has anyone decided to use Exclusive for the rental of their property utilising their Management Service? I think the fees for Management are 8% of the annual rental and on top of this a 300AED registration fee. Has anyone had a better offer than this?

Also regarding the comment about a meet in London to try and go through all this I would be in support of. I am also on LPP and would like to agree a course of action. I have no idea what I should be signing and what I shouldn't at this point.

Cheers

Nick

[Psofos]

Originally Posted by scoobudubai

We have a lot to say.
Why would Select care about the Mail on Sunday? I have not read it for 20 years. Surely it's The Sunday Times that matters?

I have a lot to say, as I said.

Although, on the other hand, fantastic news torchowner, well done. This is a way forward, and a very good one.

Hi Scoobudubai
As a professional Marketer with PR and some Public Affairs experience, I would advise that you do not underestimate the MoS.
I cannot wait to see SG and their affiliates get the adverse publicity they deserve.
Psofos.

[Psofos]

Originally Posted by scoobudubai

This twisted notion that SP is a victim :

They are not a victim at all. In 2006 they gave me the impression that they were affiliates if not a sister company. It is only in early/mid 2009 when they began to distance themselves from SG in response to customer complaints!
Psofos

[Psofos]

Originally Posted by 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.

They are really making it difficult! I have already sent the proxy form duly signed. It would be exceptionally difficult to send copies of passports and deeds. Who exactly wants to see copies of the passports and title deeds?
Psofos.

[Caribarra]

Hi there

Yes well join the club im as confused as anyone, do we sign don't we sign. What happens in the meantime?

Iam using Louise for my rentals etc. but I havn't got a place to rent yet...............

Select have a lot to answer for this con - fusion.

Thanks again for any advice..................

[NickBoyC]

On another note have we heard anything regarding car parking space allocation? Is this part of the hand over process?

[ab31]

Originally Posted by Sid

Is there an email address for Tony?

No, it can only be done by post there is no e-mail address in paper or on line that I could find.

[Rider]

I can't see how any adverse publicity could affect one and not the other. I agree with Psofos about SP suddenly distancing themselves from the developer in 2009.

In any case, people buying from SP in the future face the same risk in that they will eventually be at the mercy of the developer in whichever country they have bought in, assuming the same model is being used.

[Mistermark]

Originally Posted by Caribarra

Hi there

Yes well join the club im as confused as anyone, do we sign don't we sign. What happens in the meantime?

Iam using Louise for my rentals etc. but I havn't got a place to rent yet...............

Select have a lot to answer for this con - fusion.

Thanks again for any advice..................

Only you can decide, but my advice would be not to sign anything that reduces your rights and entitlements below those given in the Sale and Purchase Agreement.

The PR process I have in mind will result in the developer being put on an exceptionally short leash by the Dubai government, which will preclude them refusing to hand over apartments that are legitimately owned and paid for by customers.

[Impy]

hi all,

Plse excuse my ignorance, but I am working abroad, and will not return to the UK till the end of next week, hence I have not recieved any paperwork from SP.

In simple terms,please could someone precis for me the problems of signing the Apenndum(s) if one is on the LLP plan at The Torch ?

Many thanks

[ab31]

Originally Posted by Impy

hi all,

Plse excuse my ignorance, but I am working abroad, and will not return to the UK till the end of next week, hence I have not recieved any paperwork from SP.

In simple terms,please could someone precis for me the problems of signing the Apenndum(s) if one is on the LLP plan at The Torch ?

Many thanks

I thought I'd just done that!!!!!

[scoobudubai]

Originally Posted by scoobudubai

Adam Price, Sales Director of Secect Property, told us this in 2006:
"The advantage to purchasing with Dubai Select being that as we are a UK company this increases the security of your investment in terms of a UK legally binding contract and both pre and post sales support."

"The Torch development is being developed by Dubai Select LLC. Dubai Select are working in association with architects Khatib and Alami on the development period. www.khatibalami.com

In the contract I send across to you points 15.1- 15.4 will explain the procedure should the development be delayed. However Khatib and Alami are responsible for a number of Dubai governments backed developments and it is very unlikely that any delay will occur."

[scoobudubai]

Originally Posted by Mistermark

Giles,

I accept I'm at a disadvantage as I've been without postal deliveries for the past two days and expect to be for a couple more, so I haven't seen the letter, albeit that someone on this forum has kindly offered to fax me his tomorrow.

That said, I am shocked that the developer is now claiming Force Majeure. As I'm sure you know, in the three and a half years or thereabouts since the project was released, no such claim has previously been made and I am not aware of any wars, earthquakes, civil insurrection or other extreme and unanticipated events that have affected construction that would meet any normal definition of Force Majeure.

I will call you tomorrow because my own position on this is quite clear: unless the developer waives the LPP instalments until completion and provides a fair settlement on top of that, I would like to cancel my purchases and receive refunds of the sums paid to date, and I will be very disappointed if a fraudulent claim of Force Majeure is used to prevent me from receiving those refunds until after 31/06/09.

As to the argument that there is no common ownership between Torch Select Limited and Select Property/Stott Group, like someone else said, I'd be interested to see proof of this. Who are the registered directors and shareholders, and if the UK or Dubai companies have any nominee directors and shareholders, who are the beneficial owners or shadow directors? I appreciate that Dubai Free Zone companies don't have to publish such details, but that doesn't mean that a company can't choose to put them in the public domain.

I'm sure I also saw a press release or other media coverage stating that the developer was a JV between an Emirati and Mark Stott. If it emerges that he's one of the beneficial owners behind the Dubai-registered company then I wonder what sums he has drawn from that business and whether they have been declared to the Inland Revenue here in the UK, assuming he's UK domiciled.

Any progress on this front?

[Dubai_Steve]

Originally Posted by ab31

b)There are serious potential problems if the owner of an apartment dies before completing payments.

c)If Select go bust,or decide to sell your share of your building this could lead to serious problems with regard to ownership.

Could you expand and clarify on these 2 points that you bring to the table please? People need to know why not to sign as at present there does not seem to be much reason apart from that select will get voting rights and control maintenance charges (currently set at 15.2 + 5 chiller fees). As you know people here want to start getting rental income now after 3 years delay so 15.2 + 5 does not seems bad really, the 5 will be paid for by the tenant.

[Dubai_Steve]

Originally Posted by CULWULLA

Torch is now tallest resi tower in world but NOT offically until its opened. its surpassed 322.5m Q1 by 15.5m.
Q1 was completed in 2005, so i guess sometime this year 2011 will handover the title to Torch. then i think 2012 will be 414m Princess towers turn. then 2015 its 516m pentominuim!!

The Torch will be the tallest residential tower in the World.