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

[Worried2]

On the compnesation, our contract is not by milestone (as is required now) but on to time scale. So the contract forces you to pay even if they are late. I understand that this has been changed for new projects, but I am not sure it applies for old ones... and also in our case we've paid 90% like many so there is no interest to waive. It would be great if we get compensation for them being late, due to lost income..... but here I find the law not cooperating in an unregulated region.

On the quality, I haven't seen it yet to judge, but the contract does not give detailed specifications. If they change the type or faucets, how can we show that they chnaged it? If there is something obvious, then that could be argued. I am afraid this is yet another loss we will face. I received a property in Bahrain where this was done, and I kept changing fixtures as I went along, as they were cheap... but not spelled out in the contract!

On the completion date, my judgement is that they reached the point of no return. That is, it is now in their own advantage to speed up the completion and delivery as it costs them more to delay. However, their dishonest disclosure still looms. They say it will be ready for inspection October/November, yet some reports from the site still show a lot of internal work to be done. Expectation from some is that completion is around Q1 2011 and handover by mid year. Any one with insight on this? Any body from Dubai with internal pictures, detailed project status?

[sonakash]

In the absence of transparency from IFA, you can only deduce from the delays and their blatant lies and misguidance. We can't rely on IFA to provide us with unbiased pictures. Just have a high index of suspicion with every development that takes place over next 6 to 9 months. We do need to unite and form a forum and freely communicate and if possible meet, when the time is ripe. Snagging should be done by professionals and don't accept what is thrown at you by IFA without thorough review, scrutiny and resistance.

[Nirmam]

Dear Sonakash,

I have emailed you on ur msn.net id (the one provided to ifa)..!!! regarding 1903 unit.

kindly have a look, and i will talk in detail via mail's.

We have formed a group to owners and are ready to take actions very soon.

Regards,
Nirmam

[PaulDubai]

DUBAI — On a sultry June evening in 2007, more than 100 people camped out at the offices of Emaar,
a prestigious Dubai property developer, to ensure that they would land a coveted spot in a gleaming new skyscraper
scheduled to open this year near the Burj Khalifa, the world’s tallest building.

Building is continuing in Dubai, however, even though potential corporate tenants are showing little interest in developments
like the Dubai Silicon Oasis or the Jumeirah Lake Towers,a complex of more than 85 buildings that looks like a Las Vegas version
of Lower Manhattan planted on the fringes of the desert. Jones Lang LaSalle recently proposed that some buildings
should simply be sealed for the next five years, until buyers return.

http://www.nytimes.com/2010/10/07/bu...ubaibuild.html

[jnas]

Originally Posted by PaulDubai

DUBAI — On a sultry June evening in 2007, more than 100 people camped out at the offices of Emaar,
a prestigious Dubai property developer, to ensure that they would land a coveted spot in a gleaming new skyscraper
scheduled to open this year near the Burj Khalifa, the world’s tallest building.

Building is continuing in Dubai, however, even though potential corporate tenants are showing little interest in developments
like the Dubai Silicon Oasis or the Jumeirah Lake Towers,a complex of more than 85 buildings that looks like a Las Vegas version
of Lower Manhattan planted on the fringes of the desert. Jones Lang LaSalle recently proposed that some buildings
should simply be sealed for the next five years, until buyers return.

http://www.nytimes.com/2010/10/07/bu...ubaibuild.html

Already written the money off.

[worried4]

The Movenpick website does not call this Laguna Tower anymore. Also they do not have an opening date set for this and the "Details" section which had details earlier has gone blank.

No good news here

[yedaanna]

Originally Posted by worried4

The Movenpick website does not call this Laguna Tower anymore. Also they do not have an opening date set for this and the "Details" section which had details earlier has gone blank.

No good news here

The detail section was always blank (even when the site mentioned Laguna Tower).

Looks like Movenpick is pulling out of Laguna Tower due to poor finishing products and is under negotiation with another JLT tower thats why they have removed the Laguna Name and left it as Jumeirah Lake Towers. Movenpick will reveal the new towers name once its confirmed.

(I dont confirm the above news as this is something thats being heard around in the market. ONly IFA can confirm this but who will trust them)

[worried4]

Originally Posted by yedaanna

The detail section was always blank (even when the site mentioned Laguna Tower).

Looks like Movenpick is pulling out of Laguna Tower due to poor finishing products and is under negotiation with another JLT tower thats why they have removed the Laguna Name and left it as Jumeirah Lake Towers. Movenpick will reveal the new towers name once its confirmed.

(I dont confirm the above news as this is something thats being heard around in the market. ONly IFA can confirm this but who will trust them)

There used to be a details section, including plans and photgraphs.

IFA owns a large percentage stake in Movenpick, so it might be difficult to pull out. Perhaps the hotel part will operate

[yedaanna]

"The Moevenpick Hotel & Residence Laguna Tower Dubai has been renamed as the Moevenpick Hotel & Residence Jumeirah Lakes Towers in order to send a clearer message to guests."


http://www.hoteliermiddleeast.com/95...g-dubai-hotel/

[sonakash]

“Our name sends a clear message to our guests about where our property is positioned, highlighting our privileged location within one of Dubai’s newest and more dynamic areas, Jumeirah Lakes Towers.”

The 42-story property, which is being developed by IFA Hotels & Resorts, will feature 168 rooms and 307 fully-equipped apartments.

The top floors will feature penthouses, loft/duplex apartments and a Private Residence Club.

There is no pullout, this measure has been taken to dissociate from the name of IFA, to avoid being driven into litigation because of IFA's breach of promises and contractual obligations.

[yedaanna]

On one of the Kitchen features on the Laguna Tower Ifa says they have Twin Bowl Stainless steel Sink with Quality Mixer tap but from what I hear the kitchens in the residence have only Single bowl Sinks. I cant imagine what kinda Apartment are they gonna deliver us cuz from my personal experience even the weirdest house in Dubai has twin sink in the kitchen.

[makin]

yedaanna, Thanks for spreading all this talk that will only decrease the value of our investment.
I have been reading the discussion & what i see we are doing is only helping our investment lose value.
I guess we should start spreading positive news otherwise when our apartments finish we may be in a situation where no one will accept to buy our property for it's real value.
I know that we all have our concerns, however i prefer to try to look at all and say my apartment is getting finished. I would have been much happier if i would get 100% profit, however knowing that won't happen any time soon, i want to try and hold on to the 90% value i still have in it, with a hope to recover my money with some profit or at least rent it and get a decent return.
I agree with you sonakash.. please stop the rumors that won't do except more harm. I actually like the change of name. It gives it a better feel being a hotel & residence.
All are free to say their opinions however let's try at least to decrease our losses.

[yedaanna]

Originally Posted by makin

yedaanna, Thanks for spreading all this talk that will only decrease the value of our investment.
I have been reading the discussion & what i see we are doing is only helping our investment lose value.
I guess we should start spreading positive news otherwise when our apartments finish we may be in a situation where no one will accept to buy our property for it's real value.
I know that we all have our concerns, however i prefer to try to look at all and say my apartment is getting finished. I would have been much happier if i would get 100% profit, however knowing that won't happen any time soon, i want to try and hold on to the 90% value i still have in it, with a hope to recover my money with some profit or at least rent it and get a decent return.
I agree with you sonakash.. please stop the rumors that won't do except more harm. I actually like the change of name. It gives it a better feel being a hotel & residence.
All are free to say their opinions however let's try at least to decrease our losses.

I was just trying to tell everyone about all the defects so that when we go to take possession we should be able to point out all this to Ifa and get it fixed to whatever extend possible.

Secondly bro your property value will not increase or decrease due to some discussion in a forum. Today Dubai has become a buyers market where anyone who wants to buy a property get crazy options and goes trough crazy details like finishing, views, society, building, security etc. Its not like before where properties were being sold on word of mouth or on paper.

If your property is worth your asking price it will get sold no mater what we talk here.

If you are really concerned about your investment then I guess its better u get after IFA to finish this property fast cuz the more they delay the more u and all of us r gonna loose money.

Looks like IFA is really taking its time on this property. It should have been finished months back if they really wanted to. On their article which they mentioned their name change they said the residence delivery is Q1 2011 that means it doesnt look like this will be ready even by mid 2011.

GOOD LUCK WITH YOUR INVESTMENT !

[jnas]

IFA are selling 1 Beds on Fairmont Palm for AED 1M. Thats a crazy price considering I paid slightly less for Laguna..

[yedaanna]

This is something which i guess will be usefull to all of us while we take delivery of the units.

http://www.emirates247.com/property/...10-20-1.306485

[jonny.rotten13]

Originally Posted by jnas

IFA are selling 1 Beds on Fairmont Palm for AED 1M. Thats a crazy price considering I paid slightly less for Laguna..

I DO NOT BELIEVE THIS IS TRUE. SHOW HERE WHERE YOU HAVE SEEN 1 BEDS BEING SOLD BY IFA AT THE FAIRMONT FOR AED 1M.

[yedaanna]

Originally Posted by jonny.rotten13

I DO NOT BELIEVE THIS IS TRUE. SHOW HERE WHERE YOU HAVE SEEN 1 BEDS BEING SOLD BY IFA AT THE FAIRMONT FOR AED 1M.

JNAS might be right when he says IFA is selling 1 Bed for 1M but it doesn't means anyone is buying. IFA can ask for anything but no one will pay for it. 1M for 1 Bed is a joke in todays market.

[jnas]

Originally Posted by jonny.rotten13

I DO NOT BELIEVE THIS IS TRUE. SHOW HERE WHERE YOU HAVE SEEN 1 BEDS BEING SOLD BY IFA AT THE FAIRMONT FOR AED 1M.

Fairmont is a premier development on the palm this was going for well over AED 2.5M 2 years ago. See below many for sale from 1.2M onwards.

http://www.bayut.com/dubai_the_palm_...le-5468-1.html

BTW you can negotiate a price...

[Worried2]

Still, I am not seeing updates on the project. A lot of speculations, other news, but our main focus is, how do see things going on the ground? Any body passed by? Any objective assessment of how many workers there? We hear IFA say 1000, while some say they are dragging their feet. Any body went inside and saw how work progressed there? I presume there isn't much to talk about from the outside?

[yedaanna]

As per the last IFA update the furniture package and rental details were to be given to us in October. i guess they didn't mention any year so they meant maybe next October.