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NEVER BUILT: FALCON TOWER, 40F Res, Plot H3 (JLT)

20K views 64 replies 24 participants last post by  ebony007 
#1 · (Edited)
Name: Falcon Tower
Location: Jumeirah Lake Towers
Plot: ?
Floors: 40
Use: Residential
Construction Start: 2004
Construction End: 2006

Developer: Nakheel





Nakheel launches 'Nakheel Falcon Tower' at Jumeirah Lake Towers
Nakheel, the Middle East region's premiere property developer has announced the launch of 'Nakheel Falcon Tower', an exclusive high-rise residential waterfront development at Jumeirah Lake Towers.


The Nakheel Falcon Tower's one, two and three bedroom apartments totalling 208 units will go on sale from tomorrow.

The 40-storey apartment tower, one of the towers owned by Nakheel at Jumeirah Lake Towers development, will be part of a repertoire of 78 high rise buildings being developed by individual investors and construction consortiums. Surrounded by lakes and waterways, and set among breathtaking landscapes the Jumeirah Lake Towers will dramatically alter the cityscape of Dubai, redrawing its skyline and offering a unique high-rise living experience.

Announcing the launch of the construction, Sultan Ahmed Bin Sulayem, Executive Chairman of Nakheel said: 'The Nakheel Falcon Tower will form the hallmark of the development as it bears the quality and creative signature of Nakheel. The tower is constructed to offer the investors and its residents a futuristic lifestyle right at loft of the most desirable district in Dubai, Jumeirah, once again delivering on Nakheel's assurance of creating inspired living spaces that are aesthetically designed with all modern amenities. Nakheel has responded to the high demand for high-rise buildings in Dubai with the creation of a unique waterfront development, Jumeirah Lake Towers. Nakheel Falcon Tower with its convenient location in close proximity to various leisure facilities such the beach, golf course and business addresses including Jebel Ali Free Zone, Dubai Media City and Dubai Internet City, in addition to office buildings in neighbouring towers makes ideal home for Dubai's residents.'

The one and two bedroom apartment in Nakheel Falcon Tower range between 101 square metres and 135 square meters and occupy the first 14 floors with four one-bedroom units and four two-bedroom units on each floor. The three bedroom apartments each having an area of 239 square metres occupy the rest of the floors with four units on each floor. The tower has a three storeyed underground parking facility that will provide parking for up to 400 cars, in addition to extensive retail facilities located at its base and an ultra modern health club situated at its rooftop. The apartment high-rise lies in close proximity to other signature developments by Nakheel, the Jumeirah Islands, Discovery Gardens, Jumeirah Village and the Gardens Shopping Mall.

'In addition to the facilities located in the Jumeirah Lake Tower Development, the residents of Nakheel Falcon Towers are fully complemented with the panoramic views of surrounding lakes and extensive retail, leisure and lifestyle amenities of the projects that lie adjacent to it; said Bin Sulayem.

The residents of the towers can wake up everyday to the beautifully landscaped waterways in the development in addition to the vast open spaces of Jumeirah Lake Towers. They can also enjoy a day of shopping at the adjacent Gardens Shopping Mall or lounge away in one of the many restaurants and cafés in the feature island being developed within the waterways of the Jumeirah Lake Towers.

The Jumeirah Lake Towers is located adjacent to the Sheikh Zayed Road between Interchange 5 and 6, comprises of 26 clusters, with each cluster having three towers. Clusters on the development are completely sold out attracting investments from different nationalities from all over the world. Each investor would then construct a tower on each plot within the cluster, to be used for residential, commercial or retail purposes, under the guidelines of Nakheel. An impressive 55-storey tower will be the centrepiece of the entire community and will house a hotel, a gold and diamond centre, which is managed by DMCC (Dubai Metals and Commodities Centre).
 
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#52 ·
Obviously Nakheel realised it would make more money (way more money) by selling the plot to a private developer then developing it itself.
 
#53 ·
Another story about Nakheel and how the system works

:bash: to Nakheel

6th of September 2006 is a memorable date for me and my family. The day Nakheel launched its new community called Jumeirah Park.

After years of having dream of buying a home, reading almost every article about real estate in Dubai in papers, talking to experts, and the most important thing: converting every thing we could in to cash plus collecting all our savings during all these years; me and my wife found ourselves standing in the queue at 5:30 a.m. in front of Nakheel sales center, with a baby in our arms, and a kid in home, missed his day in school.

It was nine o'clock when Nakheel opened the sales office doors. We assigned number 45, while there were hundreds of people standing behind us. When we could step in to the theater room for presentation it was almost 11:30. Six stressful hours with a hungry baby within my arms.

Nakheel had an exciting but dirty innovative way to make more crowds. Good for them as they could shot many photos for their success story.

They started from what they named phase 1, not more than 25 properties were sold that they excused that the phase was sold-out and then they switched to ?phase 2? with 5% more price, and same way to skip to ?phase 3? with 5% more for starting price. Was it rumor or these increases were true? I did not find the truth, but I found many people with their mobile phone who were calling their friends or relatives to manage as much money as they could to get more units. People were pushing each other to find a way in to sale center. I saw that they pushed people who came to buy three bedrooms to get four bedrooms this way and I saw many realtors who were coming out with tens of booking forms toward the queue, asking for 10% premium to sell it to people at the end of the line.

Meanwhile we studied the map very well to find best locations and alternatives.
We were lucky to get in to the sales office around 1 p.m. so we managed to get the best three bedrooms located in a corner plot at the end of the row, close to two parks which was almost a fit to our budget.

To follow the sales regulation we booked the property, I cut a cheque for 10 percent of the value and submitted the cheque to sales executive. He opened a new file for us and assigned a customer file number to us. He attached the cheque to the ?Booking Confirmation? and accompanied us to the ?customer service? desk on the other side of the sales center.

Oh, lord, it was one of the happiest times of our life. I saw people outside who were looking at us like we are Olympic champions.

The cheque was submitted to the ?Customer Service? and we got receipt. DONE!
?Your contract would be ready within two weeks?, said customer relationship manager.
'You can go home and wait for your next payment which is coming after 6 months.' he added.

After almost three months there was still no sales contract for Jumeirah Park like every other promises of Nakheel. Then recently I had to manage a big sum of money for some emergencies, so I managed to sell the villa.

Since this was our first time trying to sell a property, we decided to ask professional services of the ?Better Homes?. They have been collected all documents when I listed the property with them for ?Verification? purpose, and we signed a paper to authorize them to advertise our property.

After a while they found a client. Better Homes made good money out of it: they had added some plus their 2% commission on top of our price. And since there is no contract we transferred our authorities via ?Power Of Attorney? to new buyer.

After receiving the money in to our accounts, I got in to Nakheel sale center to inform them so the new buyer does not experience any hassle in future.

I saw they shocked when they checked our property number in their computers. For 20 minutes I remained sat on the chair waiting for some one to tell me what is going on.

AND

You guess?
It was surprising to find that the same property has been sold more than once!! According to the first time information, on 21st of October, 2006 it was sold to another person without even sales people knew about it, without any notice to us?

First they claimed that it was a computer mistake and they offered us to get a large three bedroom. However, after I refused to accept their new offer, they started to behave aggressively and the ?Customer Relationship manager? removed my papers from the file.

I asked for a higher manger and they guided me to ?Sales Department Manager? (Mr. Waleed), who returned me to ?Customer Relationship manager? once more. He got more aggressive this time and told me that Nakheel is selling nothing, and mentioned he had the ability to terminate my purchase on his discretion even if I had payments for more. Also he told that no longer there is any record of my payment and if I get an attorney he will terminate this sale immediately. He told me that Nakheel is a H.H.Sheikh Mohammed's company, so NO ONE can sue Nakheel.

The day after, a lady (Mrs. Zahra Abdulla) called my home and in clear words told my wife that if we go to go to police, even if we proceed and win the case, they are going to make troubles for my family and they will through us out of the country since Nakheel has this power! They also called ?Better Homes? and told them that we are fraudulent which I believe is issuing a verdict out of court room and this accusation is none of their business.

I got original receipt for the money with Nakheel's seal and sign under it. I got the original ?Booking Confirmation? with the sales person signature on the bottom of it with project name and property code and detail on it, I got the payments cheques copy, I got my bank certification shows that the cheque has been cashed one week after sale.

We got lawyer and he sent Nakheel a demand letter. After two more reminders and 16 days (3 months after the sale) the Nakheel's General Consular replied that the deal was canceled on Sep. 13th, 2006 and said that we can either collect the original money or to use the fund to purchase an alternative property via Customer Services Center again.

When I went into the customer service to see what the alternative could be with the general consular letter in my hand, they started to push us to sign a letter that we want to cancel the previous purchase for a new one, without even informing us of their availabilities.
We refused to sign anything without first be ensured of what they are going to offer, but they replied this is an order from top. I called the general consular to ask him to let them first show us the availability and I will provide whatever letter they want at the same time. To our surprise he said that he didn't ask for such a letter.

The next day, a person from Nakheel called my mobile and told me that they are going to do something very nice in my favor in case I submit the requested letter. I contacted our lawyer and we prepared a letter to ask them show us what they have, without ignoring our previous rights and I submitted the letter.
It took 12 days to get the reply as they were playing with my time, passing me to the next day, every time I walked into the Nakheel.

The answer was a letter thanking me for choosing their prestigious Jumeirah Park project and I only have to get the money back and for further queries I can visit their website or call the call center!

I referred to the general consular's letter with his signature under it and they said there is no value for the letter(!) and pushed me to sign the receipt, which I refused to collect or signed.

According to other people's experiences, the jurisdiction system is slow and it may takes more than a year to get through it and I need to deposit 15% to start a case.
So,
From early morning till evening I am running here and there with a lot of proves in my hand to return our right back in our home?

Every day I am not only loosing my business opportunities, but also I am going to loose my current clients since I am unable to finish their works or answer their calls.

I very well realize Nakheel is a big company, with its big feet over our shoulders, and it is very busy, so they do not feel shame to not answering me properly.
I also very well realized that God is very busy, receiving millions of requests every moment.

I also have no answer for my son: why am I shouting at him to go to his bed all these nights?? I could not write how it would feel when I found he has through away the painting he made on the ?Jumeirah Park Small three bedrooms legacy villa? brochure to tell me how he like his room which his father promised, but even he failed to sell it to fulfill his other requirements?

Behrooz
Dubai
United Arab Emirates
 
#54 ·
Thanks for sharing that, and sorry to hear about your bad experiences with Nakheel. I hope many will come upon your post and wise up to the risks involved in dealing with these so called big, reputable developers. It's rather shocking the way the launch was carried out and then the way you were teated throughout the process.
 
#55 ·
Now not only shame on Nakheel

:bash:
A few of former Investors are still left in this Nakheel Project.

DMCCA has transfered those investors to AL Fajer Properties under the conditions that nothing will change for them. = 100 % will be like before agreed with Nakheel andFalcon Tower Investors. The completion of this 100 % Resedential Tower was given in End 2008 by DMCCA instead of March 2008.

AL Fajer Properties has now broken this agreement. This Tower will now being Full Commercial, Plot H3 Falcon Tower is now named JBC 8 by Al Fajer Properties. They are now going to cancel every right for the former investors .
 
#56 ·
published: www.dubai7stars.blogspot.com
http://dubai7stars.blogspot.com/2008...riah-lake.html


Thursday, August 21, 2008
Whats going on with Projects Al Fajer Properties Jumeriah Lake Towers - Scandal ? - Dynasty Zarooni
posted to 7starsDubai by:

Rohit said...
I have recently bought an office in the ebony tower through dynasty zarooni.

They have been advertising heavily in Gulf News recently.

I want to warn all my fellow investors to beware of the contract that they are signing with DZ. If you check the website of Al fajer Properties, floor plans of their typical floors does not exceed 11,300 square feet, as per the spreadsheet attached to the MOU of sales between Dynasty & Al fajer where clearly sellable area has been mentioned. however Dynasty without any legal grounds and any such permission is adding 30% to the area and are currently selling and advertising even on the web for the floor area to be 14,664 sqft.

So on handover of the property the buyers will be in for a shock and dynasty is no where to take responsibility because they take their premiums out of the contract long before.

I have made enquiries neither the developer Al Fajer Properties nor DZ has an escrow account, please advise what legal action can I take at this stage?

Rohit said...
I recently booked an office with Dynasty Zarouni in the highly advertised Ebony Tower.

I have been baffled ever since I bought it because my office space as per my contract is 14,664 sq ft and I came across a shocking document of MoU signed between DZ and Al Fajer Properties along with the spreadsheet of sales and floor plans which clearly states the floor size to be 11,300 sq ft. This difference roughly amounts to be 30% and is an indigestible difference.

Transparent calculations have shown that DZ has already or in some cases is currently receiving premiums from the contract.

The part that sends a shiver down my spine is that DZ does not have an escrow account

With the kind of scams going around these days, I have a series of questions starting....1)

What happens if Al Fajer is telling the truth about the floor space and DZ isn’t2)

How do we get re imbursed... blah blah... especially if there is no escrow3)

Who is Hilal Zarouni and Kabir Moolchandani4)

Why is Gulf News mis representing the facts. Isnt it a very credible news source? 5)

What is the procedure for taking legal action! Alot of things don’t make sense here and I hope I can find some answersThere is a big “IF” attached to my presumably new office set up i.e if DZ is not a total hoaxIn one case, I m losing quite alot and in the second one I stand to lose everything.

Confusion!


13 August, 2008 10:38

read more:
http://dynastyzarooni.blogspot.com/

Another Post to 7starsDubai 21.August 2008

Comment:
Please check dynasty zarroni for me....I booked a masive office with them and all they do is make me run around...

I have paid my agent to get the story straight.
They published fake pictures in gulf news.

Please check my company's blog listed below:

www.dynastyzarooniscam.wordpress.com

I need help.







send 8/21/2008 0 comments

Labels: Al Fajer Properties, Jumeirah Lake Towers, Property scandals Dubai, Rera property laws Dubai


Tuesday, August 19, 2008
Having an invested interest - Banking & Finance - ArabianBusiness.com
Having an invested interest - Banking & Finance - ArabianBusiness.com:

"Jones Lang LaSalle Hotels chief executive Arthur de Haast looks at the region's hotel investment opportunities and explains why greater transparency is essential for the sector to progress.

Who is investing in the Middle East hotel sector at the moment, and where?

The main players are from within the region, and within the region the UAE remains a significant source of capital, so not only are they investing significantly within the UAE but also right across the region - they are the major players. We don't see much change in that in the hotel sector for the foreseeable future."

I think at the moment it's very much a developer's market, so it's the developers who are investing to develop the product.

Now some of those developers are going to reach a point over the next 12 to 24 months where they're going to think, ‘I've done my development, I want to sell out now and move onto my next project rather than be a long-term holder', although there will obviously also be developers who will hold assets for quite some time.
But at the moment one of the challenges regarding the investment market here is that there's actually very little investment market product; there's lots of development activity but very little investment product - i.e. completed hotels - on the market that investors could buy.
So in a sense it's hard to know where the market's going, because without the availability of investment opportunities it's hard to know who is going to be a future investor.

But looking as we do at the global market and the trends in the market, I expect it will continue to be dominated by the region, so if investment product does come up for sale I think it will still be acquired by Gulf investors or North African investors.

I think the ripple will go out over time - I think the next wave of investment is likely to be drawn from markets such as Turkey, Russia, the CIS, and the Indian subcontinent.

So do I see a lot of US investment coming in here?
No, not in the near future.

Do I see Australians investing here? No, not in the near future.

I think that the market will have to develop and evolve further, so the first wave of investment is likely to be from countries that are relatively close.How do you see Africa's investment situation progressing?

I don't see Africa being a major player in terms of outbound investment; I think you're already seeing quite a presence in the market here from South Africa, from an operational perspective: you've got Southern Sun, Protea and so on operating here.

So from an operational perspective they're definitely active - from an investment perspective, not so.There's not a lot of capital in the sub-Saharan African continent that's likely to [come into the Middle East]; they've got a lot of opportunities in their own market, so I think they'll focus more on that for the time being.

North Africa I think is a little different; you've got some different dynamics there.
Libya for example, has a strongly oil-based economy and therefore has investment capital available and indeed has been an investor in hotels in the past.
So there are pockets of investment activity in the Northern African market.But no, there won't be any major surge of investment from them in the near future, not in the way we're seeing coming out of the Gulf.

What future impact will the US ‘credit crunch' have on regional investment in hotels in the Middle East?

I don't think it's going to have an impact on the pace of development and the level of investment going into new developments in the region; most of that is being funded within the region, those investors are not dependent on a high-leverage model.

I think a much bigger challenge for the region is the cost inflation, particularly with things like steel and construction materials, and the issue of labour, which is a challenge for both the hospitality and the construction industry.

I think that another area the region could suffer from is if there is a significant slow-down in demand.

Although a high proportion of demand is from the region, this is still a market that is heavily dependent on the inbound traveller, particularly from Europe.

And if there is a significant slow-down from the UK, Germany and so on, that could impact the demand side.
 
#60 ·
....ask M hasher A. M...from Al Fajer Properties....he is walking around the construction side every day..... because its so silent there...no construction ...nothing. Maybe a tent for a rest will be there soon.


And another surprise: In the list of RERA (official Website of RERA Dubai) "Projects" you will now find not longer as location Jumeirah Lake Towers Plot H3 ( Falcon Towers - now Jumeirah Business Centre or Ebony Tower) for Jumeirah Business Centre , you will find Location: Emirates Hills First. Thats no joke from me, its a k´joke from RERA. Also the plots have a veryyyyyyyyy long number now - not longer H3.
But what remains the same: noooooo Escrow account at all.:cheers:
 
#61 ·
08.Jan. 2008 Its confirmed Business Partner of Al Fajer Properties - Chairman Dynasty Zarooni arrested in Dubai

Its confirmed again: Business Partner of Al Fajer Properties Dubai - Dynasty Zarooni Chairman arrested !!!!!!!!!!

08.Jan. 2009

Zawya

http://zawya.com/Story.cfm/sidZW20090108000104/Dynasty%20Zarooni%20Chmn%20Arrested,%20Police%20Says%20-%20Report/


Dubai Police has arrested Kabir Mulchandani for fraud and bouncing checks' accusations, and he is currently under investigation," Al Bayan cites Colonel Khalil Al Mansouri, head of criminal investigations unit at Dubai Police, as saying

read also:

http://www.7starsdubai.wordpress.com
 
#62 ·
Its now double confirmed

It`S now double cinfirmed: Business Partner of Al Fajer Properties.... ( JBC Tower Plot H3 , G3 , H1 - sold for a Flip Flop deal to Dynasty Zarooni by Al Fajer Properties)
.............. Dynasty Zarooni Chairman and CEO arrested


http://www.khaleejtimes.com/DisplayA...section=theuae


DUBAI - 10, January 2009

Dubai Police have arrested a syndicate of tricksters of India origin, who have been operating in pretext of being real estate developers.

The Indian national arrested are Kabir Mulcandani, a UAE national Hilal Al Zarouni and two other employees of ‘Dynasty Zarouni’ a company located in Jebel Ali for issuing bouncing cheques to different nationalities mainly Indians.

Colonel Khalil Al Mansouri, Director of General Department of Criminal Investigation confirmed the arrest to Khaleej Times on Thursday. The officer said the fraudsters are in police custody and assisting in investigations, adding that they will then be referred to the Dubai Public prosecution for further action.

Police sources said that they had received more than forty complains of different fraud cases against the suspects at various police stations and all cases were then referred to the General Department of Criminal investigation. Rajish and Alkopatra used to work as Finance Managers for the company.

While Mulchandani and his accomplice used to convince ‘potential’ investors that they were licensed to invest money and were a real estate developers. They called on people to invest Dh 300, 000 every month and after paying 6 installments, the investor would get Dh1 million in return.

However, after the investors paid all the installments, Kabir did not show up but went into hiding, until police smashed the racket upon their arrest.

Salim Al Sha’ali, a lawyer for the suspects, told Khaleej Times that in order to convince their victims, the company announced massive media advertisements and introduced websites stating that they had successfully invested in development of real estate projects in the UAE.

The company claimed that their total investments reached Dh40 million realizing a revenue of Dh2.8 billion.

amira@khaleejtimes.com

all related stories , including, "RERA is giving Dynasty Zarooni clean chit"
on:
www.7starsdubai.wordpress.com
 
#64 ·
Game over for Al Fajer Properties ?

source

Dubai court began a hearing against three members of the emirate’s ruling family after businessman sought $1.9 billion in compensation for the alleged seizure of his firm.

The claimant, Shahram Abdullah Zadeh, a Dubai-based Iranian businessman and property owner, filed the civil suit, alleging that his business had been taken over by Sheikh Hasher Maktoum Al Maktoum, according to case documents obtained by Reuters.

The court handling the case against Al Fajer Real Estate and members of the Dubai ruling family began the trial but adjourned to April 8 after defendants did not attend.

‘We attended the session but the defendant did not attend and the session was adjourned to April 8,’ Salem Al Shaali, Zadeh’s lawyer from Al Shaali & Co, told Reuters by telephone.

Sheikh Hasher had sponsored Zadeh in line with the United Arab Emirates law which requires foreigners to have a UAE national as a partner or sponsor to carry out business activities, the documents showed.

Sheikh Hasher declined to comment by telephone or respond through email. His son and daughter could not be reached by telephone.

The suit is likely to draw wide attention as a test case for Dubai, home to many Western banks and a regional business hub.

Dubai has fashioned itself as a tourist destination and business-friendly centre for many international firms, and captured global attention by building palm-shaped islands in the sea and the world’s tallest building.

Last year, as Dubai’s booming real estate market reached dizzying heights, the emirate launched a high-profile anti-corruption campaign that saw the arrest of several well-known business figures.

But the prolonged detention of several Dubai property executives as part of the probe has been criticised by groups such as Amnesty International.

Zadeh accuses Al Fajer company, Sheikh Hasher, his son and his daughter, of involvement in the case, according to case documents. The case names the daughter, Sheikha Meryam, as a partner of the firm, and the son, Sheikh Maktoum, as a manager.

Zadeh alleged that Sheikh Hasher and Sheikha Meryam have ’seized all the company has from cash monies, movables, properties, and others’ in March last year, according to case documentation.

The seizure of the company occurred while Zadeh was held in custody of Dubai police, according to Zadeh.

‘I was arrested for 60 days on February 21, 2008 and until this day I don’t know what law I have broken, and I have not been charged with anything. I still don’t know why they have kept my passport for over one year,’ Zadeh told Reuters.

The chief of Dubai police, major general Dahi Khalfan Tamim, confirmed the arrest to Reuters by telephone and said that Zadeh was held on charges of bribery on order of the public prosecutor, charges that Zadeh denies. The public prosecutor could not be reached for comment.

Abdullah Zadeh’s lawyer, Salem Al Shaali, said he expected the case to be decided on its merits.

‘We haven’t yet seen anyone, whether from the ruling family or other, escaping the rule of law,’ he told Reuters.

Essam Al Tamimi, lawyer at Al Tamimi & Co. told Reuters by telephone that the judicial system in the UAE ‘is very independent from the government and the ruling family’.

‘Anyone can sue anyone, whether they are from the ruling family or not,’ Tamimi said.

more around this case over this link
 
#65 ·
source GulfNews 16 March 2009

An arrest warrant has been issued against the senior executive of a well known real estate company, a senior public prosecutor told Gulf News on Monday.

Hilal Al Zarooni of Dynasty Zarooni Real Estate is "wanted and it's a matter of time before the law enforcement officers bring him in for questioning," the public prosecution official said. He didn't say when exactly the warrant was processed.

Ayman Merdas, of Al Sharif Advocates and Legal Consultants, the law firm representing Hilal Al Zarooni and the company's chairman, Kabir Mulchandani, said the investigation is ongoing but declined to comment whether Hilal Al Zarooni has been detained upon the arrest warrant or not.

Salem Al Sha'ali, the legal representative of a number of investors, said "My clients have lodged nearly 30 complaints worth around Dh300 million against the suspects& we have officially requested the public prosecution to arrest and question H.A.Z."

"We also asked the public prosecution to question a number of developers to testify to the fact whether Kabri Mulchandani was authorised to sell their properties... ."

Earlier, both executives told Gulf News they were both "in the clear" and blamed the case of "nervous investors."
 
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