#PROJECT-Ras Al Khaimah: BLU MIRAGE

[robsky]

Originally Posted by paddystani

beer51

DXB_Radar

gujji

hasnaingilani

Jasmine's Dad

Lannoun

makka123

Nasser207

paddystani

Tony55

taoufik2

hi paddystani
my name is missing from the YES CAMP: robsky

[paddystani]

Originally Posted by robsky

hi paddystani
my name is missing from the YES CAMP: robsky

Oops..Your name has been added!

beer51

DXB_Radar

gujji

hasnaingilani

Jasmine's Dad

Lannoun

makka123

Nasser207

paddystani

robsky

Tony55

taoufik2

[fazlanm]

Please can you add my name to the yes camp, fazlanm.

I have emailed Jinn advising her that I will not be making anymore payments untill linked to construction. I bought in Tower 3 at the peak and I believe my unit is only worth half of what I paid. I have to date paid 30% and I am prepared to loose that rather than continue paying into a development going nowhere.

[paddystani]

Originally Posted by fazlanm

Please can you add my name to the yes camp, fazlanm.

I have emailed Jinn advising her that I will not be making anymore payments untill linked to construction. I bought in Tower 3 at the peak and I believe my unit is only worth half of what I paid. I have to date paid 30% and I am prepared to loose that rather than continue paying into a development going nowhere.

beer51

DXB_Radar

fazlanm

gujji

hasnaingilani

Jasmine's Dad

Lannoun

makka123

Nasser207

paddystani

Tony55

taoufik2

[paddystani]

Originally Posted by Lannoun

We are in Dubai so we can help with things on the ground here. We will try to keep our ear to the ground regarding information about the whole Marjan Island project as we have people who know people. If we find out anything new we will pass the information on to you all.

Superb! It's fantastic to know that your located in Dubai! We have the A-TEAM This will give rest of the Blu Mirage investors better un-biased intelligence/information on whats going on at ground level.

[Niteshhh]

Originally Posted by paddystani

Can all the above mentioned members of the," yes camp" please confirm if you have written to Paramont Properties requesting your payment to be linked to construction. if you have not done this, I suggest you do it as possible!

hey Guys....count me in!! and yes, I've already written to Jin requesting payment be linked to construction....

[paddystani]

Originally Posted by Niteshhh

hey Guys....count me in!! and yes, I've already written to Jin requesting payment be linked to construction....

beer51

DXB_Radar

fazlanm

gujji

hasnaingilani

Jasmine's Dad

Lannoun

makka123

Nasser207

Niteshhh

paddystani

robsky

stellon

Tony55

taoufik2

[vovik01]

Count me in as well.

[paddystani]

Originally Posted by vovik01

Count me in as well.

beer51

DXB_Radar

fazlanm

gujji

hasnaingilani

Jasmine's Dad

Lannoun

makka123

Nasser207

Niteshhh

paddystani

robsky

stellon

Tony55

taoufik2

vovik01

[beer51]

Only 16 people are worried about BM. Where are the rest??

[Robbo123]

There are others out here, myself included. But I guess my question is 'what do you hope to achieve?'. We formed a group last year under the auspices of Jasmine's Dad and this just seems to be reinventing the wheel. I like you all am very concerned about the lack of progress but I also have to console myself with the fact that if I had had to stick to my original payment plan I would now have paid 90% of the purchase price, most of which would have had to have been paid when the exchange rate was considerably worse that it is now (I have in fact paid 50% to date). This still amounts to, for me, a considerable sum. However, Paramount were willing to issue an amended payment plan then and hardly seem to be chasing people for overdue payments now. I have written to them asking for a revised revised payment plan and am waiting to hear back from them. Yes, I agree that their communication leaves a great deal to be desired and regular updates from them on their website would help, not just pictures which are meaningless to the layperson. People like Lannoun who are in the UAE will be invaluable in the coming months in gauging progress. We all knew there was an element of risk in this investment, and I do not plan to bury my head in the sand and pray it will all work out ok, but we do need to try and keep an element of faith in the project.

[stellon]

Originally Posted by Robbo123

There are others out here, myself included. But I guess my question is 'what do you hope to achieve?'. We formed a group last year under the auspices of Jasmine's Dad and this just seems to be reinventing the wheel. I like you all am very concerned about the lack of progress but I also have to console myself with the fact that if I had had to stick to my original payment plan I would now have paid 90% of the purchase price, most of which would have had to have been paid when the exchange rate was considerably worse that it is now (I have in fact paid 50% to date). This still amounts to, for me, a considerable sum. However, Paramount were willing to issue an amended payment plan then and hardly seem to be chasing people for overdue payments now. I have written to them asking for a revised revised payment plan and am waiting to hear back from them. Yes, I agree that their communication leaves a great deal to be desired and regular updates from them on their website would help, not just pictures which are meaningless to the layperson. People like Lannoun who are in the UAE will be invaluable in the coming months in gauging progress. We all knew there was an element of risk in this investment, and I do not plan to bury my head in the sand and pray it will all work out ok, but we do need to try and keep an element of faith in the project.

Hi Robbo123, I agree with you , I have just kept paying,and because of the exchange rate , i am about £10,000 worse off, so everyone who has been refusing to pay is better off so you all should start paying and have faith as I keep saying if everyone stops paying it is not going to be built, and they will say its because of that and we will defiantly not get our money back.

[paddystani]

Originally Posted by Robbo123

There are others out here, myself included. But I guess my question is 'what do you hope to achieve?'. We formed a group last year under the auspices of Jasmine's Dad and this just seems to be reinventing the wheel. I like you all am very concerned about the lack of progress but I also have to console myself with the fact that if I had had to stick to my original payment plan I would now have paid 90% of the purchase price, most of which would have had to have been paid when the exchange rate was considerably worse that it is now (I have in fact paid 50% to date). This still amounts to, for me, a considerable sum. However, Paramount were willing to issue an amended payment plan then and hardly seem to be chasing people for overdue payments now. I have written to them asking for a revised revised payment plan and am waiting to hear back from them. Yes, I agree that their communication leaves a great deal to be desired and regular updates from them on their website would help, not just pictures which are meaningless to the layperson. People like Lannoun who are in the UAE will be invaluable in the coming months in gauging progress. We all knew there was an element of risk in this investment, and I do not plan to bury my head in the sand and pray it will all work out ok, but we do need to try and keep an element of faith in the project.

I spoke with Asif yesterday (from Properties Dubai), and he's in total agreement about linking the payments to construction. Investors in the Remraan project voiced concerns that they continue to pay instalments despite slow progress in construction.
The Al Marjan project will take a best part of a decade to complete, thats the reason why it's very important to link the payments to construction.
The impression I’m getting is from Paramount Properties is that they think that the Blu Mirage investors are snail-skulled little twits, that if a hawk was to pick us up, drive its beak into our brains, and upon finding it rancid set us loose to fly briefly before spattering the ocean rocks with the frothy pink shame of our ignoble brains.

Robbo123,you've stated,"There are others out here, myself included. But I guess my question is 'what do you hope to achieve?'. We formed a group last year under the auspices of Jasmine's Dad and this just seems to be reinventing the wheel."
Click on my profile and please read my posts regarding DAMAC properties, if it was not for a group of 20 people, DAMAC would have charged me an extra 118,000 AED for excess area billing fee. Luckily for me the Lakeview investors thread was continuously updated by a group of enthusiastic novice investors and real estate professionals.
Once again it was through networking and joint co-ordination that we were able to achieve so much with so few people.
Is it not the purpose of this forum to network & communicate?
One more important point and I cannot stress the importance of this point, any delay in handover with regards to the Blu Mirage, may come under the 'Force Majure' provision in your contract - 'Act of God' - in the sense that it was beyond the developers control and as such, will not be held liable. In addition, as we all know from previous cases, going to court in that jurisdiction - the chances of you prevailing based on the 'completion date / cancellation' clause in your contract - will be slim and none - AND - it will probably cost you a hefty sum to take to take it court, as many of the attys in that part of the woods seem to share the Lost Kray genes... You'll fork over the money, months will drag and then you will lose, totally forked
Should I really expect Paramount Properties delusional and incoherent ramblings to be accepted?
Lannoun did write the following:
"We informed Paramount of our decision concerning the link of payments to construction about a month ago after they had sent us a demand for our next payment. They said that they would get back to us but we have yet to hear anything. If we all stick together on this they are not going to default us all as there are no other buyers out there. It is possible to buy a 1 bedroom luxury apartment now in the best part of Dubai for far less than the price we bought for at BM. If anybody is buying in the UAE they are bargain hunting in Dubai and Abu Dhabi not looking at RAK which is still very much a backwater. Our units are worth at least 50% less than we paid for them.
Also, one of the main incentives for people to buy in the UAE was the promise of a residence visa. However, the governmant finally decided that owners of property of 1 million AED and over would be allowed a visa for 6 months! So most property in the Northern Emirates suddenly became even less attractive.
We haven't been to RAKIA as these organisations favour the developers. They are desperate for these developments to get off the ground. We have had dealings with RERA the Dubai equivalent about property we have in Dubai and they have been totally unhelpful and useless.
For those of you who are not familiar with this part of the world. It is not Europe or the USA. The rules made here are reactive, loosely put together and rarely enforced. The glossy magazines and the pretty pictures were very seductive and they persuaded buyers that this was a secure market. It is not. The truth is that the UAE is in turmoil as far as the property market is concerned. Don't take anything at face value and don't believe anything you are told. People here are very friendly and smile and come across as very genuine but hiding the truth, if it is their interests, is very much the norm.
The guy from Paramount told me that the constructor would be appointed within a few weeks which is what they told my wife months ago. At that point I looked to the sky to see several pigs flying by, ironically a very common sight in the UAE these days."

I agree with Lannon....After all Lannon is based in Dubai and can smell the UAE'S property bulls@'t everyday.

[Jasmine's Dad]

This is a difficult situation and people must make their own choices. I agree that a small, vocal & local group can make a difference - I suspect that is why most of us have had our payments delayed - we joined together and made a reasonable noise. Those that said nothing continued to pay & they may well be happy with that. In a way I will be happier when I have paid my 90% and I can switch off and diarise on a couple of years.

Payments against construction should be a reasonable request - after all they don't need the money as payments against the escrow are against development stages. So I support those that want to hold out for this.

People who have paid should also be ok as funds should be "safe" in the escrow - but difficult to get back should things go pearshaped. If people do get agreement to pay against construction then everyone else should also be fine as long as they keep paying.

Those who can't pay or won't pay because, for example, they think they will lose their money or the value of the property is now so low, should simply advise Paramount that they want out & wait for refunds for any payments above 25-30%. I get the feeling that there are a few of those out there but just don't want to bite the bullet.

Investing off-plan is always a risk something that we are all now experiencing. However remember we are yet to lose anything - construction is progressing [albeit like a snail with a broken leg] - delivery of this project was never going to be before 2011 - RAK need to show that Al Marjan can be sucessful otherwise they will never sell another plot & we will all have plenty of beach to play in.

So I fully support those that want payment against construction - I am thankful for those that have paid up to 90% as this should give Paramount the flexibility to agree to slower payments for the rest - I am happy to engage with those investors that are looking to support the development to completion. We are all in this "doggy-do" together and we should support each others decisions if this ultimately leads to a sucessful development.

[paddystani]

We all know that global financial crisis has caused a slowdown in construction in the UAE, and many developers have either cancelled or put their project on hold.

Below you will find the list sorted by the estimated cost:

Nakheel Harbour & Tower ($38 billion) - Nakheel Corporation - On hold
Al Salam City ($8.2bn) - Al Rajhi Group/Tameer Holding - On hold
Asia-Asia Hotel ($3.27bn) - Tatweer - On hold
Al Salam City (Phase 1) ($2.70bn) - Al Rajhi Group/Tameer Holding - On hold
Dolphin City - $1.70bn - Emirates German Group - On hold
Western Region Aluminium Smelter Power Plant ($1.5bn) -Abu Dhabi Water & Electricity Authority - On hold
Nad El Sheba Race Course ($1.3bn) - Meydan LLC - Cancelled
Mina Rashid Redevelopment ($1bn) - Nakheel Corporation - On hold
Aqua Dunya (Dubailand) Phase 2 ($950 million) -Aqua Dunya - On hold
Aqua Dunya (Dubailand) Phase1 ($950 million) - Aqua Dunya - On hold
Investment Corp of Dubai ($817 million) - Investment Corp of Dubai - On hold
High Rise Boulevard ($817 million) - High Rise Real Estate - On hold
Anara - ($800 million) - Tameer Holding - On hold
Plaza Major (Jumeirah Village) ($800 million) -Tasees, Makaseb Holding, Ishraqah - On hold
Falcon City of Wonders (Dubailand) ($680 million)- ETA Star - Cancelled
Atrium Project ($654 million) - Sunland Group - On hold for redesign
Palm Deira: mixed-use building project ($600 million) - Nakheel Corporation - On hold
Palm Trump Hotel & Tower ($600 million) -Nakheel Hotel & Resorts and The Trump Organisation - On hold
The Vantage ($545 million) -Cirrus Developments LLC - On hold
Light Rail & Tramway (Dubai Waterfront) ($500 million) -Nakheel Corporation - On hold
Rotating Tower (Jebel Ali) ($500 million) - Merjen Group - On hold

SOURCE GOOGLE


This also explains the huge numbers of people whose visas have been cancelled and who have been flown home.

All the projects the have been put on hold, under Force Majure and will make the escrow account system look like a joke, because until the projects have been officially cancelled, the investors will have to wait to get their money back. Does anyone have any information about what's going with La Hoya bay? Coz the La Hoya Bay thread is dead as a dodo! Is Frankie boy gonna do the decent thing and sign the paperwork to let RAKIA take over his project? Or will this fraudster continue to do battle from his prison cell for years to to come?

[Jasmine's Dad]

Interesting development in Dubai including: "The laws would also establish the grounds on which a purchaser can demand cancellation of the contract if, for instance, the developer refuses to link payment plans with construction milestones." Full article at: http://www.thenational.ae/apps/pbcs....701249867/1051

[paddystani]

Originally Posted by Jasmine's Dad

Interesting development in Dubai including: "The laws would also establish the grounds on which a purchaser can demand cancellation of the contract if, for instance, the developer refuses to link payment plans with construction milestones." Full article at: http://www.thenational.ae/apps/pbcs....701249867/1051

Excellent news

[fazlanm]

Good news, let's forward this article to paramount. They have to link construction to payment plan otherwise we have the right to cancell our contract.

[Jasmine's Dad]

More bad news for Dubai:

Dubai’s standing in financial markets was dealt a further blow on Monday after Standard & Poor’s withdrew its credit rating on an investment vehicle owned by the emirate’s ruler.

S&P said it had withdrawn the rating because of a “lack of market transparency, reliable market data and the [low] level of available financial information”.

http://www.ft.com/cms/s/0/5fa34b3c-0...44feabdc0.html

Lack of transparency & info - surely not!

[muffin62]

Originally Posted by fazlanm

Good news, let's forward this article to paramount. They have to link construction to payment plan otherwise we have the right to cancell our contract.

Sadly Dubai laws do not apply in RAK. Whilst we might have a forceful argument, it will not be legally binding until it becomes law in RAK.

"i am from next door (pacific) by the way, but suffering from the same issue"