#PROJECT-Ras Al Khaimah: BLU MIRAGE

[paddystani]

Originally Posted by Lannoun

sorry to hear about your mum, I hope she gets better very soon.

Thanks for kind words & wishes

[paddystani]

Originally Posted by Niteshhh

Sorry to hear the news, I wish your mum a speedy recovery.

Thanks for your support

[beer51]

Hi paddystani

I am sorry to hear about your mum, i hope she gets better soon.

[GanD]

Dear All

Just found the forum.

I am living in London and have invested in this project.

Count me in for the action group

GanD

[sandyb]

To make matters worse, the exchange rate is dreadful. Probably the lowest I have seen against the pound. 5.47 !!!!

[Jasmine's Dad]

Taken from the Rakeen Website - still "livin the dream":

In partnership with Kumho Industrial and Rizzani De Eccher, full infrastructure facilities will be accomplished in due time before completion of the first developments on the island Ras Al Khaimah Investment Authority (RAKIA), a major provider of investment opportunities and one-stop solutions in its Free Zones, Industrial Parks and Offshore facilities as well as in Real Estate developments and other ventures, has announced that the infrastructure work on Al Marjan Island, the first man-made island in Ras Al Khaimah, is progressing at a good pace.
Phase I of the infrastructure, which consists of the Peninsula, Island No. 1 and Island No. 2, was awarded to Kumho Industrial from South Korea, who started working in September 2008. Phase II of the infrastructure, which comprises Islands No. 3 and 4, was awarded to the Italian contractor Rizzani De Eccher, who started mobilisation in November 2009. Their contract foresees completion of all activities within 20 months. By the same time the roads, street lighting and channel crossings for both Phases will be completed as well.
Dr. Fawzi Shadid, Project Director, Rakeen - the appointed Project Management for Al Marjan Island - stated: “We have finalised approx. 80% of infrastructure services such as Potable Water System, Storm Water System, Irrigation System, Risingmain System and Vacuum System. By the time the first developers on the island complete their projects, all the infrastructure facilities will be available for a hook-up with their developments.”
Dr. Khater Massaad, CEO, RAKIA, added: “Al Marjan Island is a unique investment opportunity that offers everything an investor can wish for: An excellent location alongside kilometres of beautiful white sandy beaches and in 5 minutes driving distance to the major industries of RAKIA’s Free Zone, surrounded by 5- and 7-star hotels of international standard, an 18-hole golf course and the completed Al Hamra Village with all its greeneries and amenities, including Al Hamra Mall with comprehensive retail & dining facilities and general services. Developers on Al Marjan Island will enjoy 100% free hold ownership and construction regulations with a maximum of flexibility and service. Be it a commercial, residential or mixed-use property, a hotel, an office tower, a mall or a private villa – all feasible projects are welcome on Al Marjan Island, as long as they will blend in the community we want to bring together. Al Marjan Island was created with a vision to redefine the lifestyle in the beautiful and vibrant emirate of Ras Al Khaimah, where the luxury of living on an island is affordable and within reach. This iconic landmark will provide a work-life-balance unrivalled in the UAE that will combine peaceful island living with all facilities within a self-contained community and abundant employment opportunities only minutes of driving away. Al Marjan Island will truly be a piece of paradise, and we welcome anybody who is interested in becoming a part of it.”

[sandyb]

Originally Posted by Jasmine's Dad

Taken from the Rakeen Website - still "livin the dream":

In partnership with Kumho Industrial and Rizzani De Eccher, full infrastructure facilities will be accomplished in due time before completion of the first developments on the island Ras Al Khaimah Investment Authority (RAKIA), a major provider of investment opportunities and one-stop solutions in its Free Zones, Industrial Parks and Offshore facilities as well as in Real Estate developments and other ventures, has announced that the infrastructure work on Al Marjan Island, the first man-made island in Ras Al Khaimah, is progressing at a good pace.
Phase I of the infrastructure, which consists of the Peninsula, Island No. 1 and Island No. 2, was awarded to Kumho Industrial from South Korea, who started working in September 2008. Phase II of the infrastructure, which comprises Islands No. 3 and 4, was awarded to the Italian contractor Rizzani De Eccher, who started mobilisation in November 2009. Their contract foresees completion of all activities within 20 months. By the same time the roads, street lighting and channel crossings for both Phases will be completed as well.
Dr. Fawzi Shadid, Project Director, Rakeen - the appointed Project Management for Al Marjan Island - stated: “We have finalised approx. 80% of infrastructure services such as Potable Water System, Storm Water System, Irrigation System, Risingmain System and Vacuum System. By the time the first developers on the island complete their projects, all the infrastructure facilities will be available for a hook-up with their developments.”
Dr. Khater Massaad, CEO, RAKIA, added: “Al Marjan Island is a unique investment opportunity that offers everything an investor can wish for: An excellent location alongside kilometres of beautiful white sandy beaches and in 5 minutes driving distance to the major industries of RAKIA’s Free Zone, surrounded by 5- and 7-star hotels of international standard, an 18-hole golf course and the completed Al Hamra Village with all its greeneries and amenities, including Al Hamra Mall with comprehensive retail & dining facilities and general services. Developers on Al Marjan Island will enjoy 100% free hold ownership and construction regulations with a maximum of flexibility and service. Be it a commercial, residential or mixed-use property, a hotel, an office tower, a mall or a private villa – all feasible projects are welcome on Al Marjan Island, as long as they will blend in the community we want to bring together. Al Marjan Island was created with a vision to redefine the lifestyle in the beautiful and vibrant emirate of Ras Al Khaimah, where the luxury of living on an island is affordable and within reach. This iconic landmark will provide a work-life-balance unrivalled in the UAE that will combine peaceful island living with all facilities within a self-contained community and abundant employment opportunities only minutes of driving away. Al Marjan Island will truly be a piece of paradise, and we welcome anybody who is interested in becoming a part of it.”

Nice words..but thats all they are.

When I have asked Paramount & Rakeen about the plans.. I get nothing back.

[Sue22]

Originally Posted by sandyb

To make matters worse, the exchange rate is dreadful. Probably the lowest I have seen against the pound. 5.47 !!!!

Yes, but although that means any installments will cost more sterling, its worth remembering that any Dirhams you may have bought in the past at a higher rate are now worth more in Sterling than you've paid for them.

[RAKDREAM]

I have ben watching this site for sometime now and have only just logged in, i agree with everything that has been said. I emailed Jin yesterday and had a very long winded reply not really telling me much at the end. I am waiting to hear about changes in development and linking payments to construction.i visited the site 2 years ago when just the pegs were in place. it is in a lovely position and would be great if it every completes. i would like you to add me to the list you are compliling to take to the meeting on 11 th March. Good Luck

[sandyb]

Originally Posted by Sue22

Yes, but although that means any installments will cost more sterling, its worth remembering that any Dirhams you may have bought in the past at a higher rate are now worth more in Sterling than you've paid for them.

Yes very truue... but only if you can sell.. which is hugely unlikely

[paddystani]

Originally Posted by beer51

Hi paddystani

I am sorry to hear about your mum, i hope she gets better soon.

Thanks for your thoughts & wishes beer51! Ok I'm back in form...

Mums doing fine!

[tony55]

Originally Posted by paddystani

Thanks for your thoughts & wishes beer51! Ok I'm back in form...

Mums doing fine!

that is good news hope stays in good health

[LAXEY]

Originally Posted by paddystani

Thanks for your kind words

sorry to hear about your mum,i hope she gets better very soon.

[Jasmine's Dad]

Unless a project is officially cancelled by Dubai’s Real Estate Regulatory Agency, cash kept in an escrow account, in which developers must by law deposit all investors’ money, must be used to fund construction, however long that might take.

[paddystani]

Originally Posted by paddystani

Hi mushy199,

There's a group of investors from 5th avenue that are trying to get together to get their refund.These are people who invested in scam developments and are now going to Dubai to seek their refunds...Just look at the shit with LHB, I mean honestly RAKIA is a toothless tiger...C'mon Khoie scammed people, and yet RAKIA have to get this fraudsters permission before they can take over the project? So I guess this will take years & years to complete......
there will be more and more Dubai scandals being exposed in British media
and that will have a negative impact on the property market.
I mean just take the example with Damac's Lincoln Park Development..The poor Investors know that this project is going down the crapper, they have been told unintelligible bullsh#t by DAMAC'S customer relations team of poppycock-peddlers, dispite Channel 4's exposing DAMAC'S lies in a documentary on TV (CHANNEL4)...Hmmm..So..DAMAC reassures the investors and keeps telling them relax your funds are safe in the Escrow account, however unless DAMAC states that the project has been cancelled the investors will not be able to get their money back! It's a Catch 22 situation!If brains were dynamite, DAMAC wouldn't have enough to blow the kneecap off a flea!

Just read this following thread from a disgruntled DAMAC investor:
November 12th, 2009, 12:48 AM #22
azadforty
Registered User

Join Date: Nov 2009
Posts: 3

We secured a unit on the Westside Lincoln Park building in Nov 2007. We are aware that there has been a long delay in construction and it should have been completed in mid-2010. I have checked my contract and there is no mention of the anticpated completion date. Has anyone been given a date? I think it will be at least 2012, five yaers after the launch. But I think that Damac are trying to get out of compensation by not commiting to a completion date. Should they not be paying for lost rental income because of delay? Plus, I hope that any design changes does not mean that I have to pay more for the unit. Plus, I think the delay is strategic between master developer , mizin and the RERA and Government to slowdown development and re-dress the supply-demand equation. Would welcome any opiions on this. Plus, I dont know the true market value of my unit given the recent price changes. I secured for 447,300 AED, 375 sq ft studio in Nov 2007. All replies answered.

Regards
azadforty@yahoo.co.uk

I mean Frankie boy wouldn't know a clue if it walked up to him, bit him on the ass in his jail cell, and announced 'I AM A CLUE.
Please check the 2 relevant threads at the following website. Viva RAKIA! Lets hope they kick start the LHB project soon.

http://www.propertycommunity.com/forum/uae-property/

Hi JD! Yeah, escrow accounts are dubious in the UAE, as you can see from my previous post. Damac are refusing to officailly cancel their Dubailand project FOR ALL THE ABOVE MENTIONED REASONS!

[Jasmine's Dad]

Originally Posted by paddystani

Hi JD! Yeah, escrow accounts are dubious in the UAE, as you can see from my previous post. Damac are refusing to officailly cancel their Dubailand project FOR ALL THE ABOVE MENTIONED REASONS!

We should all be really nervous about putting any more into the Escrow until payments are linked to construction & we see the build developing. This applies to all RAK developments - not just BluM. In my previous post on escrow a Dubai investor won his legal case against the developer but the developer doesn't have to pay as the project [years late] has not formally been cancelled - so funds just sit in escrow.....

[LAXEY]

Count me in the group!
I will PM my details to JD.

[Jasmine's Dad]

In know there are those of you out there that expressed and interest in saying "yes" to no more payments unless linked to construction. We want to present a list of investors to Paramount in line with the above action and to do this we need actual details - names of investors, tower & unit number(s) & an external email so that we can communicate.

CAN YOU PM [Private Message*] ME WITH THESE DETAILS ASAP & I CAN ADD TO THE EXISTING LIST. So if you said "Yes" to Paddystani's call for action now is the time to act.

*To send a Private Message - click on my username on the left and select "send a PM to JD"].

Remember - United we can make a real difference.

[tony55]

Originally Posted by Jasmine's Dad

In know there are those of you out there that expressed and interest in saying "yes" to no more payments unless linked to construction. We want to present a list of investors to Paramount in line with the above action and to do this we need actual details - names of investors, tower & unit number(s) & an external email so that we can communicate.

CAN YOU PM [Private Message*] ME WITH THESE DETAILS ASAP & I CAN ADD TO THE EXISTING LIST. So if you said "Yes" to Paddystani's call for action now is the time to act.

*To send a Private Message - click on my username on the left and select "send a PM to JD"].

Remember - United we can make a real difference.

Hi All
Found the artical below no mention of BM



04 March 2010
RAS AL KHAIMAH -- The Ras Al Khaimah Investment Authority (RAKIA)The Ras Al Khaimah Investment Authority (RAKIA), a major provider of investment opportunities and one-stop solutions in its Free Zones, Industrial Parks and Offshore facilities as well as in Real Estate developments, has announced that the construction progress of many active developments on Al Marjan Island, the first man-made island in Ras Al Khaimah, is impressive and reflects the trust of investors in the sustainability and prospect of success of this iconic landmark.

The first development to be completed on the island is Rakeen's mixed-use project Bab Al Bahr, located on the peninsula of the island, therefore called 'The Gateway to Island Living'. The six residential buildings, uniquely shaped in the form of pyramids, are scheduled for handover in August 2010 and have reached the top level of construction. Further phases of Bab Al Bahr will feature a hotel, a shopping mall and an office tower.

In 2011, Marbella Bay is expected for completion. This luxury resort development by Manazil Real EstateManazil Real Estate Sharjah, located on Island Number 2, is inspired by the architectural style of the historic Spanish region of Andalusia and will comprise of waterfront apartments and a range of leisure facilities set in a lavishly landscaped community.


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is scheduled for completion in 2011 as well. Located on Island Number 4 with luxurious private beaches, Pacific will feature a wide variety of contemporary residences within a verdantly landscaped beachfront community, offering panoramic views of the Arabian Gulf and the natural surroundings of Ras Al Khaimah.

Further developments are currently mobilising or have started construction already, with many more investors to follow and make their projects a reality.

Dr Khater Massaad, CEO, RAKIARAKIA said: "We are very happy about the quality of developments we have been able to attract to Al Marjan Island and about their steady construction progress. Our vision is to create a self-contained community and comforting neighbourhood, providing convenient services and amenities, on a luxurious island with a wide variety of unique residential properties providing high standards of living, with stunning surroundings, lush greeneries, white sandy beaches and romantic views over the sea."

He noted that with all the special developments proposed by their investors, Al Marjan Island will be an outstanding place to live. 




© Khaleej Times 2010


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[Jasmine's Dad]

So far, however, no projects have been officially scrapped, according to Marwan bin Ghalita, the RERA chief executive. “The only ones that have been cancelled are ones the developers have cancelled themselves because they didn’t want to proceed,” he said.
Of the 1,110 construction projects in the emirate, 243 have been cancelled or are indefinitely on hold, according to Proleads, a Dubai-based industry auditing firm. Unless a project is scrapped by the RERA, the Dubai Land Department or the developer, the only way investors can get refunds of money invested in stalled projects is through the Dubai Courts. Many investors have avoided this option because of the time and cost involved.
Meanwhile, any funds kept in escrow – an account in which developers must by law deposit all investors’ money – must be used to fund construction unless the project is cancelled by the authorities.

Under new regulations expected to be published soon, if the authorities cancel a project and the balance in the escrow account does not cover investors’ rebates, then the developer has 60 days to repay its clients, unless it is granted an extension. If the developer still fails to repay, then the authorities can refer the matter to the courts. Yet even if an investor is awarded a refund by the courts, there is no guarantee the ruling can be enforced.


With no mention of the BluM Project in any communications - see post above - extreme caution should be placed against paying any additional funds into the BluM Escrow. You may never see your money again. A link against construction is the ONLY way forward. It is clear that a) the developer will never cancel their project & b) the Authorities are toothless to order cancellation.