#UNDER C: KENSINGTON ROYALE, 18F Res (Sports City)

[BEECAREFUL]

Amplesou you got it right in 2006? interesting statement..... with whom??? looks like you still waiting for your keys and its 2010..... you are asking us to spend more money on an imaginary tower... have you got your keys ?? no you havent otherwise you wouldnt be here.... so plz temper your insults.
My suggestion is DO NOT PAY apenny otherwise you have no bargaining power.... insist they finish the project then pay the balance.. thx

[BEECAREFUL]

And your statement lets talk about the buildings.... lol there are no buildings and theres never gonna be any buildings if we the investors pay these people...... we lose more money

[Mokam]

Originally Posted by BEECAREFUL

We were sold the dream in 2006!!!!!!!!!!!!!! we have lost our hard earned cash.......... pleas any one who values thier money and their sanity, dont pay another instalment... stick together and make them build the tower then pay the balance on completion..........

I agree with BEECAREFUL. There is no point paying anymore to MED. Just look at the facts:

- The property has de-valued since the time the sale was agreed in 2006. Do you want to pay anymore for property that is, currently, over-priced?

- The completion date for the project was summer 2008, i.e., before the recession. MED (and their supporters on this forum) therefore cannot use the recession as an excuse for the delay of this project. I still haven’t had a straight answer from them as to why the project wasn't started on time!! At least by the time the recession hit, they should have started the construction.

- MED claim they will pay compensation on completion - when will that be? What guarantee is there that they will ever complete?

- MED repeatedly LIE; look at their track record when it comes to sending out newsletters, returning calls, responding to emails, etc. We've all experienced this in one form or another.

I have been following this forum for a year and cannot believe that there are some people who are living in cloud cuckoo land and still willing to 'invest' further! Guys, wake up and smell the coffee! If you have money to throw away, my advice is you give it to a worthy or charitable cause!

I agree with one of the previous posts - MED, if they were the honorable company that some claim, would agree to compensate investors in the form of not asking for or collecting any further payments until completion.

Paying any more money will not only expose more of your capital to further risk but will jeopardize our collective positions.

Sometimes you just have to accept that some investments will not prove as fruitful as you had initially estimated - sometimes a wise investor will cut his losses.

[BEECAREFUL]

WELL SAID MOKAM!!!!!!!!!!!!! we should stick together and make this MED GROUP PUT THERE MONEY where there mouth is..... they should insist on finishing this project and then ask for final payment that is only way they will be motivated to finish it.... if they start today..... it will take 3 yrs to finish......................

[amplesou]

Yes this is all very well !

but this is not an investment site !

please read the rules !

Or i can have a word with um up stairs if you like !

This is a site for construction of buildings not a meeting of winges !

Its the same old story we,ve heard a thousand times before !

its boring!

can we have some pictures instead ?

now that would be soooo nice mmmmmm !

[BH2559]

I don't believe we are breaking any rules here. All contributors are respecting others views and not being abusive. This blog is monitored by moderators and I'm sure they would have intervened well before now if they felt we were not following the rules. We are talking about construction here albiet a one that we have a vested stake in. i.e. Our hard earned cash. We might be veering off the original intention but nevertheless I'm sure this thread is of interest to those involved in construction. Even if it only teaches them how not to do it and learn from the sheer incompetence of MED in dealing with it's customers in a significant building project. I mean it's two years since I had a word from this CONSTRUCTION company! And then only today to ask for
more money. If it wasn't so serious I could break into a manic laugh!

[amplesou]

only saleen123 has contributed here in recent times with some break thru pics recently !
if the rest of you had been that bothered about your hard earned then i think you would have been out there with your camera by now !
and reported back to here ?

i have many timers !

how many years have you all just stood back and watched and done nothing!

apart from the odd moan on here ?

Really you just can,nt be that bothered !

[cmos]

I am not a MED suporter nor do I care about their reputation. What I do care however
Is the investment made on this project. Like most of us I purchase the unit in 2006
And eversince have been waiting and waiting for any progress. Only as far back as
Last August when I visited the site there was nothing at all bar a whole in the ground

I returned home with a heavy heart and was very worried that this is a lost cause.
At that point I seriously thought that I am set to loose my money. Every time I came to this forum
Since I discovered it no one said anything of legal action or anything of that nature

Now that they have completed car park basements and on to the slabing of the podium
We have people raging out and saying not to pay. It is individual choice wether to pay
Or not to pay. My question is what will happen if we did not pay. After all this payment
Is progress related ie this payment is due because they have constructed the podium

My opinion is that we need to think very carefully and logically on the issue. I also think that based on
The progress so far majority of investers will pay up and those of us who don't will seem
To have defaulted.

[BH2559]

If we had been out there over the last FOUR years we would have the same picture to post. A plot of Sand.. In fact I could pop to my nearest beach and take a picture of some sand and post it here 48 times if you like?

Let's say I will call them monthly progress report from the dynamic construction project that is KR..

I would have posted the same picture 48 times..

"idiot investors..." funny that.. that seems to be the attitude of MED too. Now it's clear. You must have some connection with them. would the MED employees on this blog please declare themselves?

It feels good to be insulted after 4 years of parting with cash. I like that.. Idiot investor.. Hmm, I think I'll use that in future as my signature when dealing with MED. Not having so much cash to spare.. I just wish I had your insight and obviously vastly superior foresight and knowledge when deciding upon my investment.. please forgive me for my stupidity.

But.. of course I'm and idiot.. sorry.. I forgot.. It's my simple mind at work..

Anyone interested in setting up an idiot investors forum?

[amplesou]

Originally Posted by BH2559

If we had been out there over the last FOUR years we would have the same picture to post. A plot of Sand.. In fact I could pop to my nearest beach and take a picture of some sand and post it here 48 times if you like?

Let's say I will call them monthly progress report from the dynamic construction project that is KR..

I would have posted the same picture 48 times..

"idiot investors..." funny that.. that seems to be the attitude of MED too. Now it's clear. You must have some connection with them. would the MED employees on this blog please declare themselves?

It feels good to be insulted after 4 years of parting with cash. I like that.. Idiot investor.. Hmm, I think I'll use that in future as my signature when dealing with MED. Not having so much cash to spare.. I just wish I had your insight and obviously vastly superior foresight and knowledge when deciding upon my investment.. please forgive me for my stupidity.

But.. of course I'm and idiot.. sorry.. I forgot.. It's my simple mind at work..

Anyone interested in setting up an idiot investors forum?

AT last some one who admits there failings of poor judgement way back in 2006 !( i know you don,t really)

And that is the reason for the pain now !

Any one interested in a idiots forum , {quote}
yes count me in

[BEECAREFUL]

Please guys just stick together,,, my view is lets stay strong and insisit we pay on completion.......... that will be ample compensation... we have waited along time thx

[mool]

This my first time writing on this forum, however i do regularily check for any updates or information as we do not get any from MED. I am thrilled to see construction begin and move forward this has given me possitive hope. CMOS is right while there was no progress no one had any concrete solutions for us to protect or get back or money paid this far and now that there is progress there is some insisting that we not pay. I for one do not wish to be default, and want to see this project completed. I know that some investments are worse than others and those that want out should opt to cut their losses but that is their personal decission and we should be weiry of them causing the rest of us additional damages that we would have to suffer if we find ourselfs in default of our contracts. Stick to gether or not we do not have the option of not paying as per progress. If we do not pay we are subject to default.

[BEECAREFUL]

MOOL., YOUR RIGHT WE DEFAULT.... default you willing to pay more money even though there is NO GUARENTEE OF THEM BUILDING IT......... think I would reather save my money and bargaing about paying on completion than pay more money to a acompany that has no CUSTOMER SERVICE, NO DEADLINES. NO FOCUS ONLY DESPERATE HOPE....
I UNDERSTANSD the menatllaty that you risk the loss of your initial out lay... but hey what if you keep paying and it doesnt come through?
as I say your choice... if you good lawyer or just common sense you should be able to delay paymnets till completion. wait for MED TO SHOW MORE COMMITTENT THAN YOU!!!

DEMAND COMMITTENT FROM THEM. DONT JUST BE BLINDLY LOYAL TO SOMEONE WHO HAS TAKEN YOUR MONEY FOR 4 YRS, THX

[robby_one_2000]

Hi all,
Yes they are a lot overdue for completion, but we should all be glad it wasn't completed on time. Because nothing around was ready it would just have cost us a lot for buiding ready in a city that is not yet ready...I am going there on a regular basis, and I have seen for a long time no progress, but lately they have been building efficiently, I have even been impressed on the progress for RR...tehn same progress for KR...I thought this project was a total lost, now I am beliving in it again. I can tell you that there are a lot of worst project (I am involved in one of those..that will never be build). this company has a lot of customer service issues for sure..but they have improved. I think if we all don't pay..then the construction will stop and all investors will lose their investment in full... BEECAREFUL(I dont know where you are from), I understand your angryness, I have been mad for so long with MED !! But seriously, I know this city very well and they will build this project, If they weren't to build it, they would have default before reaching podium. We can't ask for compensation yet...first step first, in this atmosphere of crisis having the building finished in about the same time of all other projects of Dubai sport city will be a very good first step..then we will negociate the compensation.
I BEECAREFUL you could come on site and understand that if the building was finished it wouldn't be rented out...all has to be synchronized.
I am not a MED employee, I am just an investor that has been stuck with this investment doing 0% for 4 years...but this project will be completed.

To all of us, Reaching the podium is already something we all thought at some point wouldnt happen, I see it as good sign...

[mtn]

I agree with robby_one_2000. Though MED customer service is not upto the mark, they seem to be better than most others. I received a news letter from Monalisa when I said I am going to hold back payment until I get an update. Based on that I am going to make the payment. (It is a PDF, so I don't know how I can post it here) I have invested in other developments in Dubai, and I can tell you they are in much worse position than this one.

[Yeldar]

Completely agree with robby_one_2000. BEECAREFUL should understand simple thing. If you won't pay according to sale agreement you will get default. It's mean that MED has right to cancel the agreement and you will lose your previous investments. Now it's take place with Burj Khalifa's apartment owners.
I also bought my apartment in 2006. Four years already past but I'm sure that MED will finish this project because they are alive and didn't disappear as many other developers. Just look at updated newsletter. Huge progress for RR and some progress for KR. When MED will finish RR building they direct one's energies to KR.
That's why I have paid my installment.

[BEECAREFUL]

You cannot ask for compensation at the end will not work, you will be in 2 deep.....
insist on it now guys wake up........ remember MADOFF!!!!!

[BH2559]

In response to BECAREFUL..
Hi, I'm not advocating one course or the other at the moment as I haven't decided what to do. I haven't paid my 3rd installment. However, I recall from reading the contract some time back, (I don't have it to hand now so I'm going from memory), that there is a compensation clause in there for delayed "completion'. It mentions I think 0.5% per month for construction delay attributed to the developer, apart from Force Majuere.. However, I also recall that it also stated that one is not liable for compensation if one has not fully paid all installments!! So I think legally they have covered their rear end on this one until the building is completed. By my quick calculation I don't see them completing the project until well into 2011. I think they mention 3-5 months for handover after completion. By my reckoning I would say there's a margin to claim a minimum of 18-20% or thereabouts.... since the building should have been handed over July 08.
Now, assuming they complete the building, and they can't wriggle out of their obligations by blaming force majuere I think a legal opinion would be welcome! has anyone on this forum run this particular aspect by a lawyer??? Cheers, Brendan... (BH2559)

[BH2559]

And I think Force Majeure is defined in there specifically as such events as Acts of God, such as an earthquake, War, terrorism etc.. So my opinion would be that "the global financial crisis" could not be considered as such.. although I now have memory stirrings of some insurance companies in the UK and Ireland recently trying to use the global financial crisis as a reason for not paying out on some claims... worried now! Back to Google!

[BEECAREFUL]

Remember Bernie Madoff , the ponzi scheme, well what if they are taking money form ken roy to fund building of red res? No force Maeujre, my views are we all take a firm stance and make sure MED outline any compensation b4 we make anotha payment... my view, my opinion, no whingeing but saying smell the coffee