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Northern Emirates Projects in Ras al-Khaimah, Umm al-Quwain, and Fujairah



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Old May 17th, 2008, 01:38 AM   #241
jobin
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I am surprised it takes that long to activate escrow account. If I rember correctley it should have taken few weeks to activate account. Has anybody know the latest on activation of escrow account.
I bought my studio at the end of march... they set to my " escrow account is gona be open in 2 weeks, and finance just after that" Well now is almost 2 month from that day... i payd allready my 10% and i'm still waiting some news for escrow account... and finance??? would you let me know if some news coming up please???
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Old May 17th, 2008, 02:41 PM   #242
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I bought my studio at the end of march... they set to my " escrow account is gona be open in 2 weeks, and finance just after that" Well now is almost 2 month from that day... i payd allready my 10% and i'm still waiting some news for escrow account... and finance??? would you let me know if some news coming up please???
I agree - it should have been sorted out by now - personally I will not be paying a single penny into the developers account, so if they want my cash they will need to sort this out.
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Old May 17th, 2008, 04:31 PM   #243
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I agree - it should have been sorted out by now - personally I will not be paying a single penny into the developers account, so if they want my cash they will need to sort this out.
good luck with your "full sea view" property!!
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Old May 17th, 2008, 06:05 PM   #244
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good luck with your "full sea view" property!!
Nomad: your comment was Irrelevant , inaccurate, smug, and self serving , thanks for you contribution.

At least you managed to spell a few words correctly this time.

Jasmines Dad, I'm going to have a word with the CFO this weekend and report back.

I talk to one of the sales guys last week and they said it the escrow would be in place in a few weeks. Not good enough obviously.
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Old May 17th, 2008, 10:04 PM   #245
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I dont know what takes this long for setting up the escrow account. The Dubai Sports City (master developer) took 7 months in setting up escrow account for Victory Heights and Canal Residence West (which is just setup now).

May be because every unit has its own account number... this might be the reason? But, anyway, who knows ...
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Old May 17th, 2008, 10:30 PM   #246
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good luck with your "full sea view" property!!
He he - my deal with the agent is no cash until the escrow is set up. So in one way I hope it takes much longer to set up. Thanks for your comment though - really constructive....
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Old May 18th, 2008, 01:16 PM   #247
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I agree - it should have been sorted out by now - personally I will not be paying a single penny into the developers account, so if they want my cash they will need to sort this out.
Make sure you read the agreemennt because if you do not pay as agreed in payment scudle they can charge intrest and fine.
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Old May 18th, 2008, 06:39 PM   #248
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HI
Regarding the escrow account, talked to the person in charge today and she is "literally waiting for the phone call" to get the account number from Standard Chartered.
According to her should be with-in the next day or two.

Yes there are nasty penalties for late payment , pity there isn't some more incentive for the developer to keep people up to date.
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Old May 18th, 2008, 08:37 PM   #249
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HI
Regarding the escrow account, talked to the person in charge today and she is "literally waiting for the phone call" to get the account number from Standard Chartered.
According to her should be with-in the next day or two.

Yes there are nasty penalties for late payment , pity there isn't some more incentive for the developer to keep people up to date.
Thanks Andy_Bondi & Tony55 for the info & advice: appreciated. Pity there also isn't a discount for early payment! Once the SC Escrow is sorted I will be happy to pay on time every time. All I ask in return is that the developer delivers on time every time. The developer has a web site with a section that they could easly use for updates - its been "under construction" for some time. I work in the city (Canary Wharf) & get involved in a number of large property deals: most of my mates think I am completely bonkers when I explain the level of due diligence/contracts/payment schedule etc ]. Personally when you look at it this way I totally agree but I remain really excited about my investment in BluM. I love being part of a fantastic vision that the Al Marjan island is & when I "posted" the recent pictures I thought better to put my money there than invest in Eastbourne!!
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Old May 19th, 2008, 02:16 AM   #250
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Nomad: your comment was Irrelevant , inaccurate, smug, and self serving , thanks for you contribution.

At least you managed to spell a few words correctly this time.

Jasmines Dad, I'm going to have a word with the CFO this weekend and report back.

I talk to one of the sales guys last week and they said it the escrow would be in place in a few weeks. Not good enough obviously.
Thanks Andy – Before you comment on my spelling maybe you should address your own grammar and spelling issues.

I’d also be interested to understand why you think my comments on the views are inaccurate for BM?

I have spoken to number of investors in the UK, who think otherwise.
Inspection of the plans for each of the towers it is quite clear that apartment sold as full sea view are infact garden view or very limited sea view.

The agent has already admitted the mistake, but not sure if this has been corrected yet. I still have an apartment in this development, but want the investors to be sure they know exactly what they have bought.
Of course this does not really matter for the serviced apartments; I’m more concerned with the residential apartment owners.

I have also invested into Pacific development and I wont mention views! Escrow account was setup and contract sent to me within days. I feel a lot more confident with this approach, than what I am experiencing with BM.

Don't get me wrong, BM, Pacific and Bal are all excellent developments within in RAK with HUGE potentially, and we should pat ourselves on the backs for getting in at this early stage. We just need to iron out a few issues.. escrow account being the first!

Last edited by dubai_nomad; May 19th, 2008 at 03:57 AM.
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Old May 19th, 2008, 09:43 AM   #251
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Thanks Andy – Before you comment on my spelling maybe you should address your own grammar and spelling issues.

I’d also be interested to understand why you think my comments on the views are inaccurate for BM?

I have spoken to number of investors in the UK, who think otherwise.
Inspection of the plans for each of the towers it is quite clear that apartment sold as full sea view are infact garden view or very limited sea view.

The agent has already admitted the mistake, but not sure if this has been corrected yet. I still have an apartment in this development, but want the investors to be sure they know exactly what they have bought.
Of course this does not really matter for the serviced apartments; I’m more concerned with the residential apartment owners.

I have also invested into Pacific development and I wont mention views! Escrow account was setup and contract sent to me within days. I feel a lot more confident with this approach, than what I am experiencing with BM.

Don't get me wrong, BM, Pacific and Bal are all excellent developments within in RAK with HUGE potentially, and we should pat ourselves on the backs for getting in at this early stage. We just need to iron out a few issues.. escrow account being the first!
OK dubai_nomad now I know where you are coming from. The developer really needs to up their game re [and I have said this before] treating the purchasers with respect and providing regular updates. Whilst I understand the payment schedules etc... it is unacceptable for purchasers to continue to pay into the developers account when an escrow was part of the deal. Any future payments should - in my opinion - be withheld until this reasonable part of the deal is in place. I don't have a contract so any talk of late payments etc is unenforceable - unless the developer wants to wag his finger at me in a stern manner. Everyone who has invested in BluM has an interest in seeing things move forward in line with expectations. The great thing about this forum is that we can raise issues and then work collectively to get things done. So if anyone wants me to call/write/email to someone to move things forward let me know and I will do what I can.
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Old May 19th, 2008, 01:51 PM   #252
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Update from Properties Dubai

My agent has advised me of the following:


"We are also waiting patiently for the developer to transfer to escrow. It mainly administrative reasons why there is a delay and one of the partners in Pure real estate were out of the country as to reasons for the delay.

There is no current information about the finance option and this is mainly because the bank is negotiating details with the developer."


If I hear any more I will post up.
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Old May 19th, 2008, 02:54 PM   #253
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Thanks for the information JD.
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Old May 19th, 2008, 04:28 PM   #254
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Hi Guys,

I contacted Paramount and they sent me the details of the Ecsrow account including the Account number. The delay is apparently on the Banks side (not hard to believe if you've dealt with UAE banking before. HSBC Dubai have yet to spell my name correctly after 2 years

Nomad I'm also glad you aren't relishing other's misfortunes , you post did come off that way. I was a little peeved at the time hence the grammar.

Looks like we're all good

Regarding the inaccuracies , If you're apartment is on the right hand side , the rest of the Islands essentially behind you , what else can you see other then the ocean?

Your point, I believe, is that if your apartment is too far back in the development then you wont have full sea views. I think that's different to the development having no sea views at all.

Having said that , the development should be splayed out further to give more fullsea views, but I dont think it is from the drawings I saw in the office a few months ago.

Andy
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Old May 22nd, 2008, 08:47 PM   #255
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Originally Posted by andy_bondi View Post
Hi Guys,

I contacted Paramount and they sent me the details of the Ecsrow account including the Account number. The delay is apparently on the Banks side (not hard to believe if you've dealt with UAE banking before. HSBC Dubai have yet to spell my name correctly after 2 years

Nomad I'm also glad you aren't relishing other's misfortunes , you post did come off that way. I was a little peeved at the time hence the grammar.

Looks like we're all good

Regarding the inaccuracies , If you're apartment is on the right hand side , the rest of the Islands essentially behind you , what else can you see other then the ocean?

Your point, I believe, is that if your apartment is too far back in the development then you wont have full sea views. I think that's different to the development having no sea views at all.

Having said that , the development should be splayed out further to give more fullsea views, but I dont think it is from the drawings I saw in the office a few months ago.

Andy
This is lates info I reieved from PARAMOUNT


We are just in process of getting the model for the account to run
smoothley and at final stages.

We will update you as soon as we have completed all the last minute
details rest assure we are in more of a hurry to get this operating
then our buyers but everything has to be right from the banks side
before we go live on the account.
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Old May 23rd, 2008, 02:32 AM   #256
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hi
I have been to Properties Dubai office in London, Oxford street. They told me that Escrow account will be set up by the end of this week. They even show me email from Standard Chartered Bank.
They also assured me that the first rent money will be paid to investors 6 month after completion
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Old May 26th, 2008, 07:04 PM   #257
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Escrow account has been activated. Received the email late today.

The email also has the added bonus of listing (all?) the buyers email addresses by using an open "CC" type email. Privacy is over-rated anyway .

On the upside, It will be easy to contact all interested parties should there be any problems in the future.

Now when do they start building?
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Old May 27th, 2008, 11:38 AM   #258
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Escrow account has been activated. Received the email late today.

The email also has the added bonus of listing (all?) the buyers email addresses by using an open "CC" type email. Privacy is over-rated anyway .

On the upside, It will be easy to contact all interested parties should there be any problems in the future.

Now when do they start building?
Has anybody else recieved mail regarding activation of escrow account.
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Old May 27th, 2008, 12:43 PM   #259
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dear all,

Escrow account has been activated, you will get the email with all information about bank account number and ... very soon.

Mohammad Bayat
Senior Sales Officer
Paramount Properties
9th floor, 910, Burjuman
Business tower, Dubai, UAE
p.o box: 91515, Dubai, UAE.
mobile:+971 50 8767007
mobile:+971 55 8767007
Email:Mohammad@Paramount4me.com
Web:www.paramount4me.com
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Old May 28th, 2008, 01:47 AM   #260
Jasmine's Dad
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dear all,

Escrow account has been activated, you will get the email with all information about bank account number and ... very soon.

Mohammad Bayat
Senior Sales Officer
Paramount Properties
9th floor, 910, Burjuman
Business tower, Dubai, UAE
p.o box: 91515, Dubai, UAE.
mobile:+971 50 8767007
mobile:+971 55 8767007
Email:Mohammad@Paramount4me.com
Web:www.paramount4me.com
Hi Kiarash - good news re the escrow - look forward to getting my email shortly. BTW what's happened to your web site - the paramount4me URL simply diverts to http://www.blu-mirage.com/? Thanks.
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