Property & Investment in Dubai: Your questions about the market

[234sale]

Yep,, looks like we will be culling it all..

Admins of SSC doesn't want legal issue's inside the threads..

So going to be buzy,, got plenty of time on my hands

Was going to take some photos, but this can wait a week.

Also I started today with deleting some legal posts from the main section..

[micmonro1]

If any investors are thinking of investing with Select Property (aka Select Group in Dubai) BE VERY AWARE of this company who have this stitching people up for years.

I invested in the Torch development in Dubai Marina through Select Property who purported to be a direct developer and gave the impression that my investment is safe in their hands as they are UK based. DO NOT FALL FOR THIS.

I am a UK lawyer and I even got drawn into their misleading sales tactics. Select Group (who only disclosed themselves as the developers later) are now refusing to hand over my unit unless I sign very unfair addendums unless I pay up the long payment plan which I am tied up to for another 10 years!

I know people from the Point development in Dubai Marina, many from the Torch who contacted me who are trapped and even Bay Central investors whose project is delayed like ours (which was a 3 year delay).

I and others are now taking LEGAL ACTION against Select Group. Please follow my posts on the Torch Completed thread and Select thread where I have posted legal advice with Dubai law and articles.

For Bay Central investors you are entitled to get your full refund for breach of contract.

Lily

PS I know Select Group (a sub-developer) cronies will be attacking this post and my integrity but I am determined to take SG on until I get justice for myself and others.

[True Blue]

A copy of my post that was deleted from the Ubora Towers thread;

I takes time to compose these informative posts and it is quite infuriating that it can just be deleted at a whim, especially given that the person doing the deleting has a vested interest.

You don't find out the true colour of a person you do business with until things turn bad.

Bando had big problems with this project when they had to sack the original contractor and find someone else to take over. Every buyer had the right to walk away but the developer came up with a price reduction incentive to try and keep everyone onboard. The fact that the market was crashing meant that the price reduction was not much of an incentive and it probably reflected the savings that Bando were making from frustrating the original contract and hiring a cheaper contractor to finish the job.

As the project neared completion and the financial crisis had taken full hold of the Dubai property landscape, it became obvious that many would not now be able to raise the funds to complete the purchase. These were the loyal buyers who stuck with the faltering developer through his dark period. So did the developer stick with his loyal customers and try and find a way to help them overcome their dark period? Maybe by offering consolidation of funds or rent to buy options? No! Instead they used a brand new law that didn't exist when the sales agreements were signed to deprive them of all their money and take back the property, apparently using dirty tricks like supplying the wrong address info to the land department so they would not be able to contact the investors. The official termination notices would then pass unchallenged.

Quite unbelievable way to conduct a business.

Note that since I have had a number of worthwhile posts deleted recently, I started to back them up so they can be easily reinstated. The above post is relevant in this thread and should not be deleted.

[Imre]

Originally Posted by True Blue

A copy of my post that was deleted from the Ubora Towers thread;

I takes time to compose these informative posts and it is quite infuriating that it can just be deleted at a whim, especially given that the person doing the deleting has a vested interest.



Note that since I have had a number of worthwhile posts deleted recently, I started to back them up so they can be easily reinstated. The above post is relevant in this thread and should not be deleted.

Great!

[diku]

Just curious, may be active and experts can answer this question...

If i have appartment with finance (Lease to own). what is the procedure for sub leasing and registering Tenancy contract in RERA?
(Means I own the appartment and want to give on lease)

Any advise will be highly appreciated....
Imre.... any idea?

Thanking all in advance.

[Imre]

Originally Posted by diku

Just curious, may be active and experts can answer this question...

If i have appartment with finance (Lease to own). what is the procedure for sub leasing and registering Tenancy contract in RERA?
(Means I own the appartment and want to give on lease)

Any advise will be highly appreciated....
Imre.... any idea?

Thanking all in advance.

You should check the "Lease to own" agreement first about the sub-leasing, usually its not a problem but maybe you need to ask permission from the developer/bank.

Actually all tenancy contract should be registered with the RERA but the online registration system is still not perfect so better to check with them..

Just got a confirmation today,I will have the Ejari course in August , I will have more info after.

[BC37]

Thank you. I am since 2009 in legal action with BC, however until now without result since jurisdical location is until now not verified. BC constantly issued threats in expropriating my units in BC even though court actions are in progress in UAE and UK likewise. I am happy to reunify both court appeals if possible.

This kind of constructors can be expected in South America or Africa but surely not in a more or less civilized countries. Warning to all investors of this company : If this site will be finalized, be prepared having full scale building and constructor failures on the towers and apartments.

High maintenance charges will only feed BC funds since foreseen bankruptcy is due to within 12 months due to negative investments in UAE, Spain and other locations.

Wl ctc u asap. Thnks

[bister]

Rallyman

How long time did it take from appeal court ruling till ruling in Court of Cassation? And any progress with collecting from ACI?

[anacreon]

Originally Posted by BC37

Thank you. I am since 2009 in legal action with BC, however until now without result since jurisdical location is until now not verified. BC constantly issued threats in expropriating my units in BC even though court actions are in progress in UAE and UK likewise. I am happy to reunify both court appeals if possible.

This kind of constructors can be expected in South America or Africa but surely not in a more or less civilized countries. Warning to all investors of this company : If this site will be finalized, be prepared having full scale building and constructor failures on the towers and apartments.

High maintenance charges will only feed BC funds since foreseen bankruptcy is due to within 12 months due to negative investments in UAE, Spain and other locations.

Wl ctc u asap. Thnks

This post puzzles me. What investments would BC (the legally separate entity developing Bay Central) have mede in Spain and eleswhere?

[FWIW]

Why has Lily been banned?

[AndyH]

Originally Posted by FWIW

Why has Lily been banned?

As 234sale just said, legal issues are not welcome to be posted here now, and directly after that a legal post was made. Thats my guess

[Morten_Denmark]

I also had my post deleted from the Ubora Tower thread - below is one of my warnings. So think twice when buying into this project.


When I bought into this project I was told - and the SPA reflected it - that I could cancel anytime and would only loose 10% of total price. When the project was delayed a certain time I could get all back with a dividend. It was all a lie. I tried to cancel but was rejected. I lost it all. I have dealt with many developers in Dubai but this is the worst by many levels. Select are angles compared to these guys. I only got the cancellation letter because the courier knew my company and called me.

Maybe renters have no risks here and I still think it is a lovely development and the developer did a good job finishing the towers - but being an owner here and you ask for trouble.

[Imre]

Thats joke.

[Imre]

Originally Posted by Morten_Denmark

I only got the cancellation letter because the courier knew my company and called me.

I got the cancellation letter from the Land Department, they used the Google and found my email because the Bando provided fake address and phone number them..

[True Blue]

Originally Posted by Morten_Denmark

I also had my post deleted from the Ubora Tower thread - below is one of my warnings. So think twice when buying into this project.


When I bought into this project I was told - and the SPA reflected it - that I could cancel anytime and would only loose 10% of total price. When the project was delayed a certain time I could get all back with a dividend. It was all a lie. I tried to cancel but was rejected. I lost it all. I have dealt with many developers in Dubai but this is the worst by many levels. Select are angles compared to these guys. I only got the cancellation letter because the courier knew my company and called me.

Maybe renters have no risks here and I still think it is a lovely development and the developer did a good job finishing the towers - but being an owner here and you ask for trouble.

Can you imagine being stranded in a life boat with Bando executives? They would feed you to the fish before sharing the emergency supplies with you. It was all champagne and caviar when the ship was afloat but when push comes to shove, you get shoved!

[Morten_Denmark]

Originally Posted by True Blue

Can you imagine being stranded in a life boat with Bando executives? They would feed you to the fish before sharing the emergency supplies with you. It was all champagne and caviar when the ship was afloat but when push comes to shove, you get shoved!

I hope it will never be the case.

I have never had the pleasure meeting one of them and communication are done via persons with hotmail addresses. I should have known already then that I would have problems. I just hope my experiences can help others to not get into the same situation.

[MarkWass]

The situation will never change, and from a longer term viewpoint (10, 20, 30 years etc) the true full potential for what really could be the opportunity to be the greatest (and fastest expanding) city on the planet, will never be able to be realised until the very day that those in power decide to restore confidence, by implementing some very basic regulation and consumer protection mechanisms that actually works?

Ok, Dubai took a knock from the global economic recession and the huge influx of dodgy dealers exploiting a relatively immature marketplace, that was perhaps not equipped to deal with that exploitation of the system. But in the grand scheme of things, surely it’s not too late to actually start regulating?

[MarkWass]

Originally Posted by MarkWass

The situation will never change, and from a longer term viewpoint (10, 20, 30 years etc) the true full potential for what really could be the opportunity to be the greatest (and fastest expanding) city on the planet, will never be able to be realised until the very day that those in power decide to restore confidence, by implementing some very basic regulation and consumer protection mechanisms that actually works?

Ok, Dubai took a knock from the global economic recession and the huge influx of dodgy dealers exploiting a relatively immature marketplace, that was perhaps not equipped to deal with that exploitation of the system. But in the grand scheme of things, surely it’s not too late to actually start regulating?

Btw, glad the copy pastes of meaningless media articles have gone quiet here recently. For real actual facts on the situation, ignore media and either read SSC or read the comments sections below those incessant media articles. Unfortunately many journalists have no morals and simply cannot be trusted, as we are finding out very ckearly at the moment in the UK!

[234sale]

NO LEGAL STUFF IN PROJECT THREADS>>>>

Use the select thread to discuss the developer,, thats why we opened it..


IN THE DEVELOPMENT THREADS
PLEASE FOCUS ON
Infrastructure
Development
Photography
Architecture
Urbanity

[234sale]

Originally Posted by Zengana

Simple she speaks the truth and she is being silenced but I already have her email and contacted her.

I urge you to join me in asking the moderator to lift the ban.

It's not ok to discuss legal in development threads,, Select don't own the building.. Individuals do,, attacking the Torch is an attack on the physical building and its community...