#COMPLETED: ELITE SPORT RESIDENCE 1, 10F Res (DSC)

[komer64]

I just received a one page monthly report from Triplanet for Elite4. it confirms that they will be on programme and will complete the building by 31 of march 2010 i.e. 2 months ahead of schedule (inshalla). but we all know that things will go behind very easily. So let’s keep the pressure on and try to get the dates of the main milestones from their construction programme. e.g. date of completing the piling, Raft, basement, car park levels, level 1-4, level 4 to level 6, MEP installation, Facade etc. and only then we will know if the building progress matches the progress on the pictures or they are falling behind. For a 13 floors building, it is very possible to complete in the remaining 17 months if they go at it full blast from now.

[dr.helme]

Dear all,,,, Please listen to me,,,,,,,,,,,,,,
I received the same paper today for elite III,,,,,,,,,,,,,, our major concern is to reschedule the payment plan,,,,,,,,,, please all keep press on them,,, we paid till now 40% and nothing more than a hole in the ground,,, so keep pressing on them and push them to delay the payment as most of the companies in UAE,,,,,,,,,, be as one hand............... thanks all

[djaan]

i have informed myself about the owner of the triplanet group in pakistan
and i was assured here by many people that the Group is very strong
has many manufacturing mills here in pakistan and has also delievered
here many projects in Karachi and best thing is that they have paid for
all plots in sports city so i am sure that they will build the huts but WHEN that is the question now my suggestions are
1. to keep pressure to change the payment schdule based on construction
or
2.to change the payment plan not quarterly but half yearly and instead
10% on completion but 20% on completion.

best regards
Djaan

[naukhez]

Dear djan,

We are satisfied with the financially standing of the group and thereby we went ahead with the investments. That much is understood. We also understand that there are general delays all across Dubai, UAE and specifically at DSC. This is not to suggest that we do not safeguard our investments. You are talking about millions of Dirhams at stake here. For some of us, this might be there life savings.

We need to ensure that we are on track with the schedules issued by the Developer, with quality of construction and transparency in communication another important objective. We believe inshaAllah we will reach there by a combined effort of both the investors and the developer.

Coming back to your suggestions, we can only take up the first approach which also holds some legal standing, but as per the published payment plan and the contractual one we cannot change the payment milestones based on the time period. If the construction matches the aforementioned time period, then yes we have a point, but in almost all 'properly managed' developments payments are made for the work done, and we feel Elite Towers should not be any different either.

Best Regards,

Naukhez

Originally Posted by djaan

i have informed myself about the owner of the triplanet group in pakistan
and i was assured here by many people that the Group is very strong
has many manufacturing mills here in pakistan and has also delievered
here many projects in Karachi and best thing is that they have paid for
all plots in sports city so i am sure that they will build the huts but WHEN that is the question now my suggestions are
1. to keep pressure to change the payment schdule based on construction
or
2.to change the payment plan not quarterly but half yearly and instead
10% on completion but 20% on completion.

best regards
Djaan

[dr.helme]

Dear Mr. Naukhez
according to the international economical situation and the difficiency of cash money all over the world we need urgently to push on triplanet to rescedule the payment plan very soon,, as you know many of us didnt pay and the others waiting for december's payment......... we need urgent action....... and as you know all our money will go to the bank and not to triplanet........ so no need to pay now as they dont need the cash.... please I need your comments all
Dr. Helme

[naukhez]

Dear Doc,

I will be copying you private email for the update. We are expecting update this week.

Best Regards,

Naukhez

Originally Posted by dr.helme

Dear Mr. Naukhez
according to the international economical situation and the difficiency of cash money all over the world we need urgently to push on triplanet to rescedule the payment plan very soon,, as you know many of us didnt pay and the others waiting for december's payment......... we need urgent action....... and as you know all our money will go to the bank and not to triplanet........ so no need to pay now as they dont need the cash.... please I need your comments all
Dr. Helme

[celticmonkey]

00

[Hacienda]

Dear All,

I am happy to find this forum to see I am not the only one going through this. I have been battling with Triplanet for 6 months now. (I bought in Elite 6). I won't repeat all that has already been said but this also reflects badly on DSC for not enforcing any regulations on developers promoting property on their master develeopment.

I have emailed Naukhez vowing full support.

Regards.

[naukhez]

Dear Hacienda,

I will add your address in our group email. Just for the benefit of the forum, we are progressing slowly on the negotiations and we need to be a little patient. We all understand, as far as the current situation is concerned, but let us stick together as one group.

Patience is a virtue. There is no short-cut to this issue and it is always better to deal firmly but patiently.

Best Regards,

Naukhez

Originally Posted by Hacienda

Dear All,

I am happy to find this forum to see I am not the only one going through this. I have been battling with Triplanet for 6 months now. (I bought in Elite 6). I won't repeat all that has already been said but this also reflects badly on DSC for not enforcing any regulations on developers promoting property on their master develeopment.

I have emailed Naukhez vowing full support.

Regards.

[majnoundubai]

HI EVERYONE,
THERE ARE NEW PHOTOS ON THE NEW WEBSITE OF TRIPLANET:
WWW.TRIPLANET-GROUP.COM

[shiraj_hoque]

Elite people

if you look at the pics for Elite 1, the 2 towers seem to be the Falak Towers (as per DSC plot map). we know we received pics from the CUBE developers as at Nov and the Falak Towers, in those pictures, were much more progressed. Here, they seem to be older so i'm guessing these pictures are older but with Nov dates!!!!!

[N95]

hi u all, this is great, many investors in the same elite projets. wow.

[N95]

i made a lot of money in the first 3 elite projects and am happy so far with my investments in elite 6 and 7.

[smehmood]

Dear naukhez,

Any update from triplanet regarding new payment plan,do you've any idea regarding current status of the market especially for re-sale.

[jagmp]

i have now received the contract for Elite 5.i have yet to go through it.

[naukhez]

Dear Mehmood,

I will be speaking to Nasir Bhadelia tommorrow again. Will update the group once through.

Market for re-sale as you are aware is quite slow, especially for developments having extensive time for deliveries. Things are expected to revive in the second quarter of 2009. We keep our fingers crossed. Nakheel has also laid off 500 workers and RERA is expecting a number of small developers to merge, thereby joining hands.

Whosoever can hold on, the suggestion is to hold on. Things hopefully should pick up nicely by the end of 2009 - early 2010, barring any untoward security situation developing in the ME.

Best Regards,

Naukhez

Originally Posted by smehmood

Dear naukhez,

Any update from triplanet regarding new payment plan,do you've any idea regarding current status of the market especially for re-sale.

[kaku67]

i think if we could settle things with the owners and get some better options for payment plan as the resale market is really down . a few friends of mine ar tring to sell there elite 2 and 3 apartments even on OP price there is no buyer .

[npawan]

There must be known standards in the construction industry, of correlation between completion percentage-work done and running cost/payment, to be observd for fairness sake in this economic situation. If fairness is not visible/is lost sight of, the loosers may most surely include the developer as well.

[chrisbob]

James has just had a tour of the whole site with a representative of Triplanet. Elite III is still a hole in the ground but the guy told James that they have been waiting for a permission to enable them to work 24 hours a day and they now have that permission so 24 hour work will start any day. Everything else on site looks like it is moving to a normal schedule and James came away very reassured that all was fine and everything was going to be done to work to the current set deadlines. Another buyer was with James who had travelled from London for the meeting and James had the impression that he was very satisfied with what they were shown too.

[jagmp]

i have posted this in the other forum and doing so here as well.

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there is lot of panick in the market. people are losing money.they are worried about safety of their investments. but we must not lose the sight of reality.well i don't want to be branded as one of the insider of Triplanet. because my money is at a stake.perhapes more than anyone else's in this project.

from my previous experiences in Dubai real estate i know that initial money is always used in buying land. at that time there were no escrow accounts. project didn't take off for 12 to 18 months after the launch. yet most of them are completed today or near completion. the reasons for todays situation is too many projects and small regional developers from abroad are allowed without checking their credential.in our case though i don't now much about Triplanet, i am for sure they haven't taken finance from any bank.so i believe they must be pretty confident at the start that they will complete this project. they bought land with their own money (50% acoording to memo 123). why would they do that?all the developers are allowed to withdrow money for the purchase of the land.which they must have done. now they need money for the construction.by not paying them we are pushing them in to the corner.if there are too many defaults situation will not improve.they can not build simple as that.by going to court you will not get your money back which are already spent.if they are forced to leave the project for lake of finance we will all lose money.our aim is to see the project is completed. by spreading negative sentiments , scaring other investors or spoiling relation with the developer is the receipe for disaster. no developer will lose money when goes bankrupt.they have their safety net. it is us lot who will lose money.

please i request all the investors in this project to take concrete steps to get the project started rather than spreading panick.this will not lead anywhere. we all will be drowned together.

in my couple of conversations with the management i have found them extreamely polite, civil, humble and patient. mutual understanding and co-operation will only bring about something positive.

look at the City Of Arabia the jumeirah village south. after 2-3 years it is still desert.lot of people have made lot of money. and it is time to lose. our greed which is human nature has brought the downfall.there was no rationalism and logic in the massive mega constructions all at the same time. we as investor ,developers and the governmnt were all in the game to make money. but overlooked the pitfalls. the whole world is falling apart. Dubai can not escape.time will only heal the wounds.lessons have to be learnt.those who have stretched their finances will pay the price.this was bound to happen. credit crunch has accelarated it. now we must find a way that Elites see the daylight.