#TOPPED OUT: LAGUNA TOWER, 40F Hotel + Res, 153m, Plot A2

[Worried2]

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[Worried2]

First, you are right I made my comment based on the top (old) photo. Second, I didn't mean you in particular when I referred to positive messages on IFA. But please face it, we are now 4 years later than the promised date of delivery (multiply that by the yearly rent to see the loss), and all we've been getting is it will be finished soon. I can't tell if the ceilings are painted or not since it is from a farther distance, but the whole thing looks bizarre and we are simply frustrated with no reliable messages. Why wouldn't they mention in their reply what has been completed? Their message is void of that, but full of the promise of "it will be finished".

They could've told us their schedule and we would have sold the apartment and avoid this massive loss (we lost over a million diramhs from the time we could have sold it if they were honest).

I argued with them two years ago that it was impossible to finish the building in 6 months... and they insisted and asked for the last payment (OR ELSE!). These are crooks by all the meaning of the word and I wouldn’t take their word with trust.

I am not after a negative picture either. I will be the first one to be happy that things are positive. after all, I am an owner of this building. I just want the TRUE picture, no smoke screens.

[building1]

I have been pretty negative, too. But the latest update from IFA and the provided pictures make be belive that we can exspect a handover end of Q1'2011 or beginning Q2'2011. I seems to be realistic.

[Kuhl]

ifa is intentionally misleading investors. thats obvious. its a case for the lawyers now. i say the building will maybe be ready in q3 2011. they think they can fool the investors and they dont hesitate lying to peoples faces. its a total disgrace.

[sonakash]

Recently visited Dubai, could only see Laguna from outside, it was 1st day after the holidays, there was not much progress from looking at it compared to Imre's picture taken last month. About 2 to 3 dozen workers were getting on board the bus at about 5.30 pm. I suspect handover in a reasonable period of time may still take 9 to 12 months. I was disappointed to see innumerable projects either on hold or abandoned. Speaking to common people, it seems economy has taken a severe beating and recovery is stagnant so far, rental values have significantly declined, it is probably prudent to wait it out, painfully so, It seems like almost half of the JLT is uninhabited. Lakes are dry and deserted. Metro experience was good though and may be positive for JLT when the station becomes operational. Good luck to investors/owners.

[yedaanna]

I see a lot of investors have different view about the handover of Laguna Tower. I know that everyone here is frustrated with IFA and rightly so. We all invested our money and trust in them and all we got in return was lies and fake promises.
There is something I can tell u and trust me this comes from great source, If Laguna Tower gets electricity and government clearance in time then this tower will be delivered by MARCH MAX! the interiors are at pretty advanced stage. lets say almost all residence units are almost ready. I can't say much about the hotel units cuz the hotel interiors will take some time. Honestly I wont be surprised if they start delivering the residence unit from December itself. The finishing of this tower is nothing out of the world. Its very basic and some unit are pretty disappointing. Looks like IFA went out of money in the end and they just wanted to finish this tower so they really used some very basic stuff. Movenpick says they will start the hotel by December which doesn't sound realistic but I wont be surprised if we have residences ready by then.
We all have been cheated but I seriously think we should stay positive and hope that everything gets done fast.

[sonakash]

If the quality is very basic, it usually means mediocrity and sub standard use of materials in the build out of apartments, this should not be acceptable, if IFA ran out of money it is their problem, we've paid 90% of the price and waited for 4 years and if the product we get is not what was promised, the credibility of IFA would be in jeopardy for all other projects that they have been involved in both currently and in future, including that of Movenpick.

[worried4]

Originally Posted by sonakash

If the quality is very basic, it usually means mediocrity and sub standard use of materials in the build out of apartments, this should not be acceptable, if IFA ran out of money it is their problem, we've paid 90% of the price and waited for 4 years and if the product we get is not what was promised, the credibility of IFA would be in jeopardy for all other projects that they have been involved in both currently and in future, including that of Movenpick.

You can vent your anger: IFA does not care;Movenpick does not care;Dubai does not care; the Sheikh does not care

[jnas]

I'd hate to say it.. 'I told you so' well over a year ago...

[Kuhl]

Originally Posted by worried4

You can vent your anger: IFA does not care;Movenpick does not care;Dubai does not care; the Sheikh does not care

you're right. none of these guys could care less. it's a total disgrace. my advice is: never ever invest here, it's too risky and unpredictable. if you have invested, cut your losses and go to a proper country with laws and regulations that are actually enforced. everything else is a waste of time. people talk about investing in emerging markets these days, forget it, unless you're ready for the uncertainties. europe, canada and the u.s. these are the places to go to.

[worried4]

Originally Posted by Kuhl

you're right. none of these guys could care less. it's a total disgrace. my advice is: never ever invest here, it's too risky and unpredictable. if you have invested, cut your losses and go to a proper country with laws and regulations that are actually enforced. everything else is a waste of time. people talk about investing in emerging markets these days, forget it, unless you're ready for the uncertainties. europe, canada and the u.s. these are the places to go to.

Investing in India, China, Brazil, Hong Kong and many others have worked fine. Dubai specifically has been frustrating and loss making and time wasting

[Kuhl]

From Gulf News:
IFA concedes $67.3 million loss
Dubai: Kuwait-based developer IFA Hotels & Resorts (IFA HR) has reported a loss of 19.5 million Kuwaiti dinars (Dh250 million) for the 2010 financial year.
Earnings per share fell to 45.2 fils this year, while shareholder equity decreased to 50.79 million dinars. The company's total assets, however, increased by 10 per cent to 400.85 million dinars.

[jnas]

Originally Posted by Kuhl

From Gulf News:
IFA concedes $67.3 million loss
Dubai: Kuwait-based developer IFA Hotels & Resorts (IFA HR) has reported a loss of 19.5 million Kuwaiti dinars (Dh250 million) for the 2010 financial year.
Earnings per share fell to 45.2 fils this year, while shareholder equity decreased to 50.79 million dinars. The company's total assets, however, increased by 10 per cent to 400.85 million dinars.

Yes, Read this. Major concern.

Lots of projects in Dubai still not completed. If they struggle with funding they will cut corners, drag there feet on completion and hammer the investors.

In the worst case they shelve the developments..

[yedaanna]

Originally Posted by Kuhl

From Gulf News:
IFA concedes $67.3 million loss
Dubai: Kuwait-based developer IFA Hotels & Resorts (IFA HR) has reported a loss of 19.5 million Kuwaiti dinars (Dh250 million) for the 2010 financial year.
Earnings per share fell to 45.2 fils this year, while shareholder equity decreased to 50.79 million dinars. The company's total assets, however, increased by 10 per cent to 400.85 million dinars.

Last year they made a loss of $100M, this year $67.3m. Well this is what happens when a Company is being run by a bunch of idiots. I dont know about the other offices in the world but the IFa crew in Dubai are by far the most stupid people i've met.

The company's losses can easily been seen on the finishing of Laguna Tower. It is not upto movenpick standard at all, NOt even close. LIke I said earlier looks like Ifa ran out of money when it came to finishing this building. They promised to make laguna a luxury product and they made it into a joke.

[jnas]

Originally Posted by yedaanna

Last year they made a loss of $100M, this year $67.3m. Well this is what happens when a Company is being run by a bunch of idiots. I dont know about the other offices in the world but the IFa crew in Dubai are by far the most stupid people i've met.

The company's losses can easily been seen on the finishing of Laguna Tower. It is not upto movenpick standard at all, NOt even close. LIke I said earlier looks like Ifa ran out of money when it came to finishing this building. They promised to make laguna a luxury product and they made it into a joke.

On their other projects. The Fairmont palm residence is not even going to be managed by them. Fairmont removed it from there website and sited troubles with developer obtaining finance. There is no sign of fairmont brand on the development. The investors in this still think they hold a fairomnt branded hotel when they dont. IFA strikes again...

[PaulDubai]

Maybe Ifa needed to diversify the funds they recieved from Laguna Tower to a more important project like finishing the Fairmont Palm Hotel? They did need some extra cash to finish it to a good standard. Congratulation to IFA for finishing the Fairmont Palm residences to a very high standard.

[Nirmam]

Dear all,

Just like me, I have seen from your comments that you guys are unhappy with the IFA.

I have talked with my lawyer, and he has advised that the company has behaved unethical, and they should comply with the terms and conditions signed with RERA(real estate regulatory agency).

RERA payment schedule states:

1st payment- 10% -Down Payment
2nd payment- 20% - piling
3rd payment- 20% - sub structur completion
4th payment- 20% - 50% completion of work
5th payment- 20%- 70% completion of work
6th payment- 10%- on completion

Thus they have to abide by the ESCROW law, and they have to be transparent and show us the construction status, and then only they can charge payments.

As they can charge for the late payment, they have to give the interest on the amount that we have already paid. and if u are charged any interest, we can get that re adjusted and take it back.

We have to unite and thus Please email me your details and we can claim our compensation.

Even we can take help of RERA and media.

nirmamjhaveri@gmail.com

Plzzzzz email me.

[worried4]

Originally Posted by Nirmam

Dear all,

Just like me, I have seen from your comments that you guys are unhappy with the IFA.

I have talked with my lawyer, and he has advised that the company has behaved unethical, and they should comply with the terms and conditions signed with RERA(real estate regulatory agency).

RERA payment schedule states:

1st payment- 10% -Down Payment
2nd payment- 20% - piling
3rd payment- 20% - sub structur completion
4th payment- 20% - 50% completion of work
5th payment- 20%- 70% completion of work
6th payment- 10%- on completion

Thus they have to abide by the ESCROW law, and they have to be transparent and show us the construction status, and then only they can charge payments.

As they can charge for the late payment, they have to give the interest on the amount that we have already paid. and if u are charged any interest, we can get that re adjusted and take it back.

We have to unite and thus Please email me your details and we can claim our compensation.

Even we can take help of RERA and media.

nirmamjhaveri@gmail.com

Plzzzzz email me.

Problem is that there is no law in Dubai. A person will spend money on lawyers and one may even win, but you cannot collect

[Nirmam]

Dear Woried 4,

This was the case 3 years back, and when investors like us were stuck with such unethical developers, it was then that RERA was formed in order to save consumers likes us.

i have paid only 50% till now, and i have waited for the project to progress, and now as they have reached near completion, i am looking forward to pay the balance and get the interest charged waived off.

It is only after consulting the lawyer i have done so, lawyers have showed the right way, that before spending money with them, talk out with IFA, if nothing is solved knock the doors of RERA, they have rights to cancel their license if IFA has miss leaded us.

i am a property developer in INDIA, and being a developer here we know our ways to tackle such kind of people.

I am visiting dubai next week, drop in ur details in my email inbox, and i will get in touch with you.

[sonakash]

cutting corners and breach of trust is not foreign to these corrupt developers and I had predicted this development long time back and had suggested litigation as the way of acquiring what was promised in the contract. I still think this company should be taken to the task through united approach. Hire a reputable law firm and spend rather than settling for mediocrity and losing out.