PROJECT - Ras Al Khaimah: PACIFIC

[gspmma]

Well said MANUTD!! Apologies to those who think I'm negative. I'm not wealthy and what I have invested in Pacific is considered big money to me. I seriously need to consider the 'Opportunity Cost' of persevering with this project. Yes, this Real Madrid thing, how tourism is increasing in RAK, how industries are booming in RAK, etc.... are all positive and worth getting excited about. But it all means Jack S**t to those who like me cannot afford to gamble with more money, as realistically it's going to be 5 - 10 years before Pacific will have any reasonable value. If you are wealthy and can comfortably afford it, then no doubt u will be labeling me as a moany negative d**k! But for those who have a limited amount of disposable income and savings, and feel the pain with each instalment, may appreciate my views.

PS - before anyone call me a bitter investor looking for someone to blame, please stop. I don't blame anyone other than myself for having invested in the wrong place at the wrong time. :-)

Originally Posted by MANUTD

She's not far out but when they fail to deliver on completion date at least al payments can stop until actual completion -there is severe negative equity on this project for al investors (unless you done a deal recently) if anyone is honest enough to admit it that is !!
-- SG/SP will have to change the payment price on existing contracts or this wont be completed in my opinion

[Brain storming]

Zein aldein zidane and pereze (Real Madrid president) arrived ras al Khaimah today to announce regarding real madrid resort



With HH Sheikh Saud bin Saqr and Sheikh mohammed.

congratulation

[milktrayman]

http://www.seattlepi.com/business/ar...rs-3443610.php

Recent article.....gspmma fully understand your position 100%, just trying to bring upbeat news , of course take the news as you wish

[gspmma]

Thanks milktrayman! I have had numerous investors contact me over the past 12 to 18 mths (due to the advertised sale of my plot) who are in a similar position to me whereby each instalment is painful as they are not particularly wealthy - it is a dilema which I too have had, having to constantly battle between my heart and my head. The heart keeps saying persevere with payments for another year as things are improving and one's investment may attain some value, but the head says save yourself the 4 instalments and invest somewhere else.

Originally Posted by milktrayman

http://www.seattlepi.com/business/ar...rs-3443610.php

Recent article.....gspmma fully understand your position 100%, just trying to bring upbeat news , of course take the news as you wish

[MANUTD]

Originally Posted by Brain storming

Zein aldein zidane and pereze (Real Madrid president) arrived ras al Khaimah today to announce regarding real madrid resort



With HH Sheikh Saud bin Saqr and Sheikh mohammed.

congratulation

Sheik Mo also said no one woud lose money in DUBAI ??-- Is he saying the same here now ? It woud be good if these guys put some of their own wealth on the line here then it would give investors confidence perhaps

Qoute in newspaper


The executive in charge of the island's development company told reporters that it is still working to line up investors, raising questions about financing for the 5.4 million square foot (500,000 square meter) project just a week after it was announced in Madrid.

RAK Marjan Island Football, the project's developer, plans to begin seeking out investors in a "road show" next month, Chief Executive Louis-Armand de Rouge said. It is targeting banks and individual financial backers in both the Middle East and Europe.

He declined to say how much Real Madrid and its local business partner, the government-controlled RAK Investment Authority, are putting into the project, but he insisted money won't be a problem.

Read more: http://www.seattlepi.com/business/ar...#ixzz1qXKNO1mR

[profit hunter]

Originally Posted by gspmma

Thanks milktrayman! I have had numerous investors contact me over the past 12 to 18 mths (due to the advertised sale of my plot) who are in a similar position to me whereby each instalment is painful as they are not particularly wealthy - it is a dilema which I too have had, having to constantly battle between my heart and my head. The heart keeps saying persevere with payments for another year as things are improving and one's investment may attain some value, but the head says save yourself the 4 instalments and invest somewhere else.

Most of us are in the same boat but I honestly think that things have been
so bad so far that surely it cannot get any worse. It will be probably at least
5 years before we see some return, sadly. Try not to think about the money,
if you can. It works for me.

[brightonbelle]

Originally Posted by MANUTD

She's not far out but when they fail to deliver on completion date at least al payments can stop until actual completion -there is severe negative equity on this project for al investors (unless you done a deal recently) if anyone is honest enough to admit it that is !!
-- SG/SP will have to change the payment price on existing contracts or this wont be completed in my opinion

Hear Hear!
Absolutely, SG and SP have NO choice but to change payment plan terms in order for there to be any kind of, dare I say it, Win/Win.

They need to stop their glory web postings about the proposed new developments and actually focus on a strategy that reflects the current climate in order to complete our development!

[MANUTD]

Originally Posted by brightonbelle

Hear Hear!
Absolutely, SG and SP have NO choice but to change payment plan terms in order for there to be any kind of, dare I say it, Win/Win.

They need to stop their glory web postings about the proposed new developments and actually focus on a strategy that reflects the current climate in order to complete our development!

The penny will drop soon or everyone is in a "no win" situation

[DUBAI INVESTOR]

A shame the reporter is not pressing him on the issue of the property investors and the loss of funds etc....

HH Sheikh Saud Bin Saqr Al Qasimi interview: Ruler of Ras Al Khaimah

Adorned with Persian rugs and antique weapons showcased in glass cabinets, the palace of Ras Al Khaimah’s ruler is as grand as one would expect. Outside, peacocks are showing off their feathers on the patio. Inside, the Arabic coffee is free-flowing.

Sitting in his chair in the main hall, His Highness Sheikh Saud Bin Saqr Al Qasimi says he is confident about the growth of the UAE’s northernmost emirate. Not only has Ras Al Khaimah (RAK) recently signed a deal with the world-famous Spanish football team, Real Madrid, but in 2011, the emirate has shown positive rates of growth despite the ongoing politcial unrest in the region.

http://www.arabianbusiness.com/hh-sh...ah-452799.html

[SayNoToRAK]

Originally Posted by DUBAI INVESTOR

A shame the reporter is not pressing him on the issue of the property investors and the loss of funds etc....

HH Sheikh Saud Bin Saqr Al Qasimi interview: Ruler of Ras Al Khaimah

Adorned with Persian rugs and antique weapons showcased in glass cabinets, the palace of Ras Al Khaimah’s ruler is as grand as one would expect. Outside, peacocks are showing off their feathers on the patio. Inside, the Arabic coffee is free-flowing.

Sitting in his chair in the main hall, His Highness Sheikh Saud Bin Saqr Al Qasimi says he is confident about the growth of the UAE’s northernmost emirate. Not only has Ras Al Khaimah (RAK) recently signed a deal with the world-famous Spanish football team, Real Madrid, but in 2011, the emirate has shown positive rates of growth despite the ongoing politcial unrest in the region.

http://www.arabianbusiness.com/hh-sh...ah-452799.html

Well worth a read this article. Some of the things he is saying "... it will encourage more investors to come and join in with the tourism development, giving us more hotels and other projects. Each investor will define what is feasible, and we will be there to assist them in being successful.” "...The development, which is a joint venture between Spanish football team Real Madrid, the government of RAK and Luxembourg-based RAK Marjan Island Football Investment Fund, will begin building work following a worldwide roadshow planned to lure investors, and each party will be contracted for a period of 20 years.".

But on infrastructure it is only "..as and when..".

Where is our support when we need it? Surely investors will look at Al Marjan in the round and wonder if they want to risk their premium spend on such a high risk island with a shockingly bad track record.

www.almarjanislandrak.com

[MANUTD]

Originally Posted by DUBAI INVESTOR

A shame the reporter is not pressing him on the issue of the property investors and the loss of funds etc....

HH Sheikh Saud Bin Saqr Al Qasimi interview: Ruler of Ras Al Khaimah

Adorned with Persian rugs and antique weapons showcased in glass cabinets, the palace of Ras Al Khaimah’s ruler is as grand as one would expect. Outside, peacocks are showing off their feathers on the patio. Inside, the Arabic coffee is free-flowing.

Sitting in his chair in the main hall, His Highness Sheikh Saud Bin Saqr Al Qasimi says he is confident about the growth of the UAE’s northernmost emirate. Not only has Ras Al Khaimah (RAK) recently signed a deal with the world-famous Spanish football team, Real Madrid, but in 2011, the emirate has shown positive rates of growth despite the ongoing politcial unrest in the region.

http://www.arabianbusiness.com/hh-sh...ah-452799.html

But it would be "off with his head" then

Wish i'd realised the way this country worked 5 years ago though !!

Rulers and Govt will not support investors ful stop and wont crack down on dodgy developers here

[AleksandraPS]

Since yesterday SP's website has a new design with only few information

[anilm]

A good article raising some doubts about the RM park and also mentions Al Marjan...

http://www.bloomberg.com/news/2012-0...ger-woods.html

[wahie]

Where are the construction updates
I emailed select uk

No reply

[profit hunter]

Originally Posted by wahie

Where are the construction updates
I emailed select uk

No reply

There's no construction update so you don't see that Pacific is nowhere near comletion. Simple as that.

[richardthegreek]

I spoke to SP this afternoon. They informed me that they would be sending out an update by email on Tuesday.

[MANUTD]

Originally Posted by richardthegreek

I spoke to SP this afternoon. They informed me that they would be sending out an update by email on Tuesday.

Which Tuesday ? 5 years time Tuesday ?

[richardthegreek]

Tue 8th May - we shall see

[masmith2000]

How can they claim FM as other projects on the Island http://www.manazil-uae.com/progress/have completed or are near complete?

[masmith2000]

I believe that this new lawwill apply to the whole UAE?

New Dubai law to give buyers full refund if developer fails to deliver on time
TUESDAY, 01 MAY 2012


Dubai property investors are set to get a full refund if developers default on handover under a proposed new Investor Protection Law that could be in force by the end of June 2012.

The proposal also makes it mandatory for developers to provide all promised common facilities. It means that if there are delays and failures investors will be eligible for cancellation of their contracts and get a full refund.

It also means that swimming pools, gyms or any other promised facilities will have to be ready before officially handing over the keys to the new owners.

This comes as a growing number of developers have failed to provide the facilities mentioned in their sales purchase agreements (SPAs) or marketing material. Until now, buyers did not have much recourse and could only hope that the facilities would get completed at some point in time.

Developers will also face fines if the units they promise are not delivered on time, or to agreed specifications.

A proposed provision of the draft law also says that if a unit turns out to be 30% smaller than the actual net area in the contract, the investor will have the right to cancel the contract and obtain a full refund.
In case of off plan sales, the draft proposes to make it mandatory for a developer to get all approvals from the Real Estate Regulatory Agency (RERA) and to register all saleable units with the Dubai Land Department’s online registration system.

The developer is also obliged to register all contracts with RERA and to provide all information regarding the project’s handover, escrow account, etc.

According to Sultan Bin Mejren, director general of the Dubai Land Department, the new law could be implemented by the end of June.

Following the global economic slowdown of 2008, there are still hundreds of property projects on hold in Dubai. According to the latest figures from 165 projects have been completed since the beginning of 2009, 291 projects are on hold, 291 projects are likely to be completed in due course, and 29 projects have not yet been started.