#GROUND WORK: HARBOUR RESIDENCE, 20F Res

[Imre]

11/March/2011

Harbour Residence

[IMG]http://i53.************/35iu7wh.jpg[/IMG]

[bizzybonita]

[Imre]

NEVER BUILT

[Imre]

31/July/2011

Harbour Residence plot

[IMG]http://i54.************/xo386p.jpg[/IMG]

[Pleth]

What is happening here? - Poor investors!

[Imre]

Originally Posted by Pleth

What is happening here? - Poor investors!

Nothing will be there for a long , as the selling price was around 1700-2000 dhs/sqft ,I doubt the developer is getting any payments .

[jeetha]

As price goes downhill, investors will abandon ship then loose more money. But if their investments were rising, investors will still take a chance even if the project was idle.

[True Blue]

DEC are struggling with Marina Wharf 2 which has been stop start for a while. The shoring contractor would not be "terminated", he simply would not be paid and has had no alternative but to pack up and go.

I think they are upto dirty tricks on the MW1 building, trying to scam investors for more money to pay for the communal areas. MW1 was no where near the quality that was promised either so DEC's reputation will be down the toilet.

Bizzybonita has had plenty of first hand dealings with them, maybe he has bought here also, hope not!

[sgn7200]

Originally Posted by Imre

Nothing will be there for a long , as the selling price was around 1700-2000 dhs/sqft ,I doubt the developer is getting any payments .

It is obvious the developer won't be getting any payments as there is no construction work going on and all apyments are linked to construction. You have confused me when you say "there will be nothing for a long (time)". During my recent telephone conversation with one of the most senior officers of DEC, I was told, construction is going to re-start very soon. You need to spell out on what basis you are making your statement otherwise we shall assume either DEC are lying or you are spreading false rumours.

[True Blue]

Originally Posted by sgn7200

It is obvious the developer won't be getting any payments as there is no construction work going on and all apyments are linked to construction. You have confused me when you say "there will be nothing for a long (time)". During my recent telephone conversation with one of the most senior officers of DEC, I was told, construction is going to re-start very soon. You need to spell out on what basis you are making your statement otherwise we shall assume either DEC are lying or you are spreading false rumours.

DEC are lying! Read my post, they never paid the shoring contractor. Give them a phone they will confirm it!

Dubai is full of chancer developers now who are struggling to survive and do so by making false promises, or have you just returned from Mars?

[Imre]

Originally Posted by sgn7200

It is obvious the developer won't be getting any payments as there is no construction work going on and all apyments are linked to construction. You have confused me when you say "there will be nothing for a long (time)". During my recent telephone conversation with one of the most senior officers of DEC, I was told, construction is going to re-start very soon. You need to spell out on what basis you are making your statement otherwise we shall assume either DEC are lying or you are spreading false rumours.

My statement based my logic only , as you see similar projects with similar launch prices , almost everything ON HOLD or never started , only miracle is the Pentominium , still U/C..

No payment from investors wont be problem if the developer is cash rich but it seems the DEC has some problems as the Marina Wharf 2 ON HOLD again.

[True Blue]

I think the Pentominium is still under construction, not because the developer is cash rich, it's the buyers who are

Casual investors look for maximum returns, the Pentominium investor are likely to be endusers looking for the wow pad!

Like here, I don't see West Avenue going ahead unless Select are offering big price reductions.

[Imre]

Originally Posted by True Blue

I think the Pentominium is still under construction, not because the developer is cash rich, it's the buyers who are

I didnt see a single workers there yesterday from 4 pm-6 pm (as seen from the Torch ) and today around 8-8:30 am...

Maybe just Ramadan time or yesterday was too late and today was too early

[True Blue]

Originally Posted by Imre

I didnt see a single workers there yesterday from 4 pm-6 pm (as seen from the Torch ) and today around 8-8:30 am...

Maybe just Ramadan time or yesterday was too late and today was too early

You do this every holiday

I remember you got Silverene put on hold for making the same comments that there was no one on site, and it was middle of a national holiday

[Imre]

Originally Posted by True Blue

You do this every holiday

I remember you got Silverene put on hold for making the same comments that there was no one on site, and it was middle of a national holiday

I know, thats why I didnt posted anything on the Pentominium thread yet

[sgn7200]

Originally Posted by Imre

I know, thats why I didnt posted anything on the Pentominium thread yet

Hi Imre, You are doing excellent work for the investor community. Please keep it up. Can you post something under Lawns thread, a project by DEC which has also been the victim of "Stop"/"Start". DEC have been at the foundation stage for years and one wonders what their intentions are? Perhaps there again, they don't have the cash and are using the contractor as a scapegoat.

[sgn7200]

Originally Posted by Imre

Nothing will be there for a long , as the selling price was around 1700-2000 dhs/sqft ,I doubt the developer is getting any payments .

I hear the enabling contractor is mobilizing. What do you say to that Mr Imre. Have DEC hit the jack pot and suddenly become cash rich. Shall we assume this is a new development in the continuing "START"/"ON HOLD" saga or is this a new tactic of DEC to collect further funds from investors. I wonder if DEC has any regard for client goodwill. Waiting eagerly to read your comments.

[Josau]

Oh please not another one to be started in this god forsaken section of the Marina. Any project between the Mall and the bridge is either on hold or progressing in snail speed. Except the Atlantic, which is slowly coming to an end and which looks very nice indeed, all other projects in this section should be demolished or buried... ... and investors reimbursed.

[Pleth]

Originally Posted by Josau

Oh please not another one to be started in this god forsaken section of the Marina. Any project between the Mall and the bridge is either on hold or progressing in snail speed. Except the Atlantic, which is slowly coming to an end and which looks very nice indeed, all other projects in this section should be demolished or buried... ... and investors reimbursed.

In Dubai there is no such thing as a reimbursement.
And an Escrow account is not a safe account.
If RERA cancels the project the Land Department will empty your Escrow account.
My guess is that you will see 5% of your money from the Escrow account after a year and 20 visits to RERA. That is if you are lucky.
Been there

[Josau]

Originally Posted by Pleth

In Dubai there is no such thing as a reimbursement.
And an Escrow account is not a safe account.
If RERA cancels the project the Land Department will empty your Escrow account.
My guess is that you will see 5% of your money from the Escrow account after a year and 20 visits to RERA. That is if you are lucky.
Been there

I agree. Fortunately I didn't invest in any of these. My concern now is to make the Marina look livable and get rid of the eternal construction sites like Dolce Vita, Delta 1&2, Al Duaa etc. This is why I wouldn't be happy if they started another one in this already pretty ugly part of the Marina.