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


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Old June 9th, 2009, 09:55 PM   #81
blackshaw5
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Hello everyone, I have just found this forum and am so glad to see other people with the same problems as myself, not glad to have the problem obviously. I too have been offered overpriced units in other tfg builds but after much contact have just been offered a 1 bed apartment in Yasmin RAK at the same price as beachside, also final payment on completion and only extra being furniture pack at 60,000 drms. Now got the problem of whether to accept or stay with beachside and hope things work out. I really can't work out whether tfg are in trouble and trying to shift monies around or are genuinely trying to sort out a difficult problem for there investors.I do think though that tfg could have handled this a whole lot better by providing more info on their site and by contacting each of us directly, I am not surprised by all the anger and fear as I have felt it myself. Keep blogging and lets all work together to get the best result we can. Cheers.
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Old June 10th, 2009, 01:00 AM   #82
Madgwick
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welcome blackshaw

dont worry as ther isnt anything that we can do so now that you are on tfg roller coaster sit back white knuckled and enjoy the ride as best you can.this is investing.however i do beleive they are not in trouble as they have a number of projects on the go and already completed and should be cash rich.who knows whats really going on with beachside but i think that its a wise move to switch if you want a quicker return on your money,after all i carnt be bothered to sit and enter into a protracted legal contest which could take forever.lifes to short move on everything will be alright and everyone will do well as we are already entering a period of inflation which will see property prices and commodities sky rocket in the coming years,re tfg i do think that they are trying to do ther best given the situation which they may not want to fully disclose to us or not have to .just be thankfull that ther british company with a sense of trying to do the right thing ,i have had experiences in the past with dodgy comp based abroad ie in countrys where you will have to hunt them down before you even can think of taking legal action against them,dont answer tele calls at all etc,ets and etc!i do have to say that at times i have been disapointed with them maybe frustrated but they have tried, they do phone me and keep on doing so, and have found me an alternative,anyway thats enough for now but dont worry everything will be alright i hope? only kidding it will..................
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Old June 10th, 2009, 02:04 AM   #83
EM
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Hello again everyone, I have just had a conversation with a Lady offering me the Orchid SOLO Offices or Yasmin Village.

Unfortuneately I did not sign up for any of these or do I plan in going for one, I was told that 85 to 90% of British buyers have moved on from the Beachside to other First Group buildings that have been offered!

I am in the progress of seeking advice on were I stand with my contract, not sure if any of you have decided to opt out and move on somewhere else, if a high percentage move on will TFG cancel the project and if so are any monies reimbursed?

Last edited by EM; June 10th, 2009 at 02:05 AM. Reason: .
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Old June 10th, 2009, 10:28 PM   #84
biffer
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Beachside Apartments, Dunes, Tides and Waves

Hello Everyone,

It is good to see so many other Beachside investors posting their thoughts!

I had set my heart on this particular development as it appealed to me no end. However, I think you have to be realistic about the situation and consider the reasons you invested in the first place! Capital appreciation in the short term is unlikely to happen, but a return through rental income will hopefully come off and then everything else, enshallah, should pan out in the medium to long term. I think you have to possess an element of optimism in this game to survive!

I have no idea what the problem is with Beachside development but I have, all along, considered that The First Group, have had very little influence to change things, as I said a few posts back the part of the development that they are involved in is very small when compared to the development in its entirety.

I have found The First Group to be very helpful in finding alternative developments to transfer my monies into. I know its not what we set out to do but what are you going to do otherwise, wait around for something that may materialise way down the line and have the constant worry on a daily basis as to whether its going to be built. I understand that the development is not cancelled but even if all differences/problems/master plan changes etc are rectified tomorrow its still going to take ages for the development to take shape. This is of course my own personal opinion and makes sense to me. But as always there are no guarantees in life and you just have to hope that the decision you make is the best one for you!

I didn't think I would ever do this but I have switched into another development with TFG and I'm hoping its going to be a good move for me.

Last edited by biffer; June 10th, 2009 at 10:59 PM.
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Old June 10th, 2009, 10:41 PM   #85
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Beachside Apartments, Dunes, Tides and Waves

Here I go again - must really get the hang of this - posted it twice - AGAIN!!! Its been a long day!

Last edited by biffer; June 10th, 2009 at 10:48 PM.
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Old June 10th, 2009, 11:17 PM   #86
blackshaw5
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Hello again to everyone. I know I've arrived late to the party but I wonder if the following may be of interest.
I have a contact who is buying on Beachside but not through tfg. He is definately staying with the project for two reasons. Firstly he has a contact within Sunland who is advising project will be moving soon and secondly he also knows and has spoken to the project manager who has confirmed the same. Apparently also he has just received an update from sunland by courier today and advises me to check sunland website and also contact tfg. I'll let you know how I get on but I am also being pushed by tfg for an answer on Yasmin.
Another thought, for buyers based in uk has anyone been to tfg london offices to discuss the position and if not how about a group of us arrange this, providing we can meet someone with the proper authority and seniority.We can then pass on our findings to everyone else. I look forward to your comments. Its all good fun is'nt it!!
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Old June 11th, 2009, 07:36 PM   #87
chriskearney1
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Beachside

for anyone who has purchased in yasmin can we talk asap? my email address is [email protected]
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Old June 12th, 2009, 02:06 PM   #88
chriskearney1
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Beachside

Quote:
Originally Posted by chriskearney1 View Post
for anyone who has purchased in yasmin can we talk asap? my email address is [email protected]
BLACKSHAW5 please send me an email. we should talk.
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Old June 14th, 2009, 01:53 AM   #89
EM
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blackshaw5

How are you doing blackshaw5, what info do you have that the Beachside may progress?
I am up for getting together and having a talk with TFG in London, however I think it's past the stage of listening to any sales pitch!
I am in the process of chasing up a contracts lawyer to identify what is right/wrong.

I think it's all dependant on whether the project gets cancelled or not, something is telling me TFG are trying to maintain as many of their clients as possible by telling them take an alternative project or wait an eternity for the Beachside to progress, by carrying out the swap the majority of people will get some returns from their potential rentals and TFG don't have to return peoples money for a failed project, there is the loss of face and bad publicity TFG would have to put up with as well!
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Old June 18th, 2009, 04:25 PM   #90
blackshaw5
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White Bay

Hello again, glad were back up and running ok. To update I am expecting a call this afternoon from TFG wanting an answer on there alternative unit in Yasmin, and I still don't know what to do for the best. I have spoken to my contact in Dubai who is buying a villa on wb and it seems he is having problems also with emirates offering him a self build option which I find very strange. I know that all of Dubai is now suffering from cancelled projects and empty rooms so what do we believe. Perhaps TFG are just trying to make the best of a bad job. The main problem as I see it is the way that business is done out there ie no one will admit to there being a problem never mind how to solve them.
I know, I think I'll flip a coin!!
I will keep you all posted. Good Luck.
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Old June 21st, 2009, 08:07 AM   #91
EM
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Hello everyone, not too sure if you have all given up hope with TFG, Beachside apartments or investing in general during this unsettled time.

I have been given the old sales pitch of "you need to commit to exchange for a unit in Yasmin by such a date", we at TFG don't have to do anything but we are morally good people, that's why we are offering this transfer!!

To be honest reading reports on the site both TFG and Sunland look as if they have bit off more than they can chew, the infrastructure doesn't look as if it was ever going ahead.

I think our options are simple now...Swap for Tasmin or take TFG to court to have your money returned.

Anyone any other thoughts?
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Old July 4th, 2009, 01:17 PM   #92
biffer
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Beachside Apartments Dunes, Tides and Waves

Well everything seems to have gone quiet on the Western Front so's to speak LOL.

I take it that everyone who posted on this forum has switched to another development of The First Group's. If this is the case it would be good to hear from you all and find out where you went to.

I switched to Yasmin in RAK, hoping this will be completed sometime next year. Quite a different emirate from Umm Al Quwain more industrial but none the less quite an attractive place.

Perhaps we should start another thread to chart our progress.

Good Luck to everyone!

Biffer
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Old July 5th, 2009, 06:14 PM   #93
EM
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Biffer

Biffer, I have also moved to the Yasmin site, I haven't visited the area yet, but I am told it's a good place to invest!!!

I have already seen progress on Phase 2 of this project and hopefuly it will deliver everything it says on the can.

Hoping to visit the area at some point later in the year, if anyone has any good news on this project I would love to hear it, especially for reassurance purposes.

Good luck to you all in your future investments.
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Old July 6th, 2009, 05:21 PM   #94
chriskearney1
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Yasmin

I also moved to Yasmin. if you want details on unit and price let me know. email is [email protected]
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Old September 1st, 2009, 08:49 AM   #95
ExNEworker
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Latest AB News

No mention of White Bay in this article, I had dealings with the UAQ Gov and Sunland back in 2007 when they first launched this project and was very interested in investing, I wouldn't trust a thing what the First Group or Sunland people say about building this project, I would say get your money out now, if you can

http://www.arabianbusiness.com/56603...t-dubai-market

Sunland announces plan to exit Dubai market
by Andy Sambidge
Thursday, 27 August 2009

Australian real estate company Sunland Group has said it will leave the Dubai market after the completion of its two current projects in the emirate after posting a full-year net loss of $145 million.

The loss for 2008-09 reported by the Queensland-based firm compared with a net profit of $99m in the previous year, The Australian reported.

The company first made headlines in Dubai when it proposed a refrigerated beach as part of its $626 million Palazzo Versace project.

The group said it would concentrate on southeast Queensland and Victoria, and had no intention to inject further capital in Dubai, as it reported an impairment cost of $209.3m for the portfolio there, compared with $61.3m for its Australian assets.

Sunland managing director Sahba Abedian told the paper instalment payments for its two Dubai apartment projects - Palazzo Versace and D1 - doubled to $434.4m at June 30, 2009. Sunland has a 50 percent stake in both the projects. He told the paper that there had been no formal defaults.

"There are definitely some entities that are having difficulties and we are working through the process of making sure that the purchasers meet their obligations wherever possible," he told the Australian on Wednesday.

In July, the company said work on the Palazzo Versace was "well under way". However, plans for a refrigerated beach had been scrapped after concerns over its environmental effects.

The developer said last month that 80 percent of the 169 private residences, which start from AED17.7 million, were sold before the global economic crisis impacted.

Under its agreement, Sunland's joint venture partners could be required to put in additional capital.

He said the projects had existing funding facilities.

This month, Sunland lodged claims (for $35m) in Brisbane's Federal Court alleging that two property executives - one of whom is now in jail in Dubai awaiting trial - deceitfully sold the company the Waterfront block in the Gulf state.

Abedian said he did not know when the case would be resolved.
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Old September 23rd, 2009, 04:03 PM   #96
Mickymac70
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Does anyone know what is happening with White Bay now and the main developer Sunland and Enseo,

Please let me know thanks,

Are there any more people on sit that what were there 6 months ago.
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Old October 12th, 2009, 07:46 PM   #97
Ramil2009
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Dear investors of Beach Side Project by “The First Group”!!!! I do kindly asking you for the ATTENTION! I am one of the investors into that particular project. I have invested into 3 units in Beachside Project. The construction is not going anywhere. Official representatives of TFG are still collecting the payments from me and there is simply no point of investment!!!! The construction has not been started for 2 years!!!!!! And “The First Group» has been drowning in its lies!!!! Please kindly asking all the respectful investors to share their experience with TFG.It is EXTREMELY important!!!!!
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Old October 17th, 2009, 04:43 PM   #98
Ramil2009
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I have posted my message almost 1 week ago. Nobody replies. I DO KINDLY ASK INVESTORS OF Beachside Project TFG to share there experience of negontiations with them. I am not satisfied with the current situation at all. The Firs Group's method of business dealing contradicts with ethic rules and respect toward investors
I permanently getting convinced of relationship with TFG based on lie:
1.I have bought property in Metro Central Project during the pre-launch which was 30% overpriced according to the real price!
That information has been received from TFG company’s representatives when TFG released Metro Central project officially on the market with the much cheaper price per SQ.FT. And I have been offered to buy similar unit with 30% lower price just few months later after per-launch!
I was the first sign to doubt about TFG.
2.Then the story with my units in Beach Side project started. I have invested there huge amount of my assets in 2007-2008 and it was presented as an “exclusive offer”!!!!!!!Nothing has been built yet and TFG have been using my money for one and half year absolutely free!!!!
3.Later TFG offered me to transfer my assets paid for Beach Side units toward Orchid Project units the price of which twice higher than the real one!!!!
4.At the end when I disagreed to accept transfer to Orchid TFG offered me 2 cheaper units in Orchids Project that don’t meet my requirements properly living me without any other choices.
Kashwani Law Firm is the company that represents my interests in UAE. They conducted legal expertise of Orchid’s purchase contracts and has sent its independent representative on the construction site. Report and legal inference I have received stated:
1.Absence of construction activity (it even did not start yet).There are even no official borders of the plot and your representatives have no idea about that issue at all.
2.Official authority regulating real estate activity in Ras Al Khaima has no information about mentioned project.
3.There is no Escrow Account.
4.Conditions of contract are enslaving reflecting no responsibilities of Seller.

Conclusion of Kashwani Law Firm:
REFUSAL OF TRANSACTION ACCEPTANCE.


However it is necessary to admit total unprofessionalism TFG. I am forced to contact different representatives of TFG every time receiving from them different information I have to analyze and make a decision on!Each time they lie!!!! And even don’t care that each one of them communicates different from each other story.

Thus, having the opportunity as an investor of Metro Central Project I asked TFG organize my visit to Dubai in October in order to see all the constructions of TFG. In particular to:
1. visit the construction sites of The Orchid, Metro Central and Beach Side Projects.
2. meet with RERA Dubai representatives to specify Escrow Account details of Metro Central Project and update of Metro Central contracts’ registration in RERA.
3. to discuss healthy possibility of transfer my assets paid for Beach Side units. But only in case the alternative options reflect the current market price.
NO ANSWER FOLLOWED!!!!!!
Please pay attention to my decency not asking TFG of interest payment to be paid to me for free illegal usage of my assets paid for non-existent project.
DID ANYONE HAS SOLVED THEIR ISSUES WITH TFG POSITEVLY?
KINDLY ASKING TO SHARE THE EXPERIENCE!!!!!!!
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Old December 6th, 2009, 05:11 PM   #99
andymarshall
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Quote:
Originally Posted by Ramil2009 View Post
I have posted my message almost 1 week ago. Nobody replies. I DO KINDLY ASK INVESTORS OF Beachside Project TFG to share there experience of negontiations with them. I am not satisfied with the current situation at all. The Firs Group's method of business dealing contradicts with ethic rules and respect toward investors
I permanently getting convinced of relationship with TFG based on lie:
1.I have bought property in Metro Central Project during the pre-launch which was 30% overpriced according to the real price!
That information has been received from TFG company’s representatives when TFG released Metro Central project officially on the market with the much cheaper price per SQ.FT. And I have been offered to buy similar unit with 30% lower price just few months later after per-launch!
I was the first sign to doubt about TFG.
2.Then the story with my units in Beach Side project started. I have invested there huge amount of my assets in 2007-2008 and it was presented as an “exclusive offer”!!!!!!!Nothing has been built yet and TFG have been using my money for one and half year absolutely free!!!!
3.Later TFG offered me to transfer my assets paid for Beach Side units toward Orchid Project units the price of which twice higher than the real one!!!!
4.At the end when I disagreed to accept transfer to Orchid TFG offered me 2 cheaper units in Orchids Project that don’t meet my requirements properly living me without any other choices.
Kashwani Law Firm is the company that represents my interests in UAE. They conducted legal expertise of Orchid’s purchase contracts and has sent its independent representative on the construction site. Report and legal inference I have received stated:
1.Absence of construction activity (it even did not start yet).There are even no official borders of the plot and your representatives have no idea about that issue at all.
2.Official authority regulating real estate activity in Ras Al Khaima has no information about mentioned project.
3.There is no Escrow Account.
4.Conditions of contract are enslaving reflecting no responsibilities of Seller.

Conclusion of Kashwani Law Firm:
REFUSAL OF TRANSACTION ACCEPTANCE.


However it is necessary to admit total unprofessionalism TFG. I am forced to contact different representatives of TFG every time receiving from them different information I have to analyze and make a decision on!Each time they lie!!!! And even don’t care that each one of them communicates different from each other story.

Thus, having the opportunity as an investor of Metro Central Project I asked TFG organize my visit to Dubai in October in order to see all the constructions of TFG. In particular to:
1. visit the construction sites of The Orchid, Metro Central and Beach Side Projects.
2. meet with RERA Dubai representatives to specify Escrow Account details of Metro Central Project and update of Metro Central contracts’ registration in RERA.
3. to discuss healthy possibility of transfer my assets paid for Beach Side units. But only in case the alternative options reflect the current market price.
NO ANSWER FOLLOWED!!!!!!
Please pay attention to my decency not asking TFG of interest payment to be paid to me for free illegal usage of my assets paid for non-existent project.
DID ANYONE HAS SOLVED THEIR ISSUES WITH TFG POSITEVLY?
KINDLY ASKING TO SHARE THE EXPERIENCE!!!!!!!
Hi Ramil

I have purchased several units in Yasmin Village and i too feel your frustration. The problem with the whole thing is that not all the developments TFG are selling are theres. Some of the projects they are simply marketing for a master developer. This is not to say they are right, but the problem then becomes one of arguing with TFG who in turn then have too complain to the master developer who really does not care. With regards to Metro central this is different. TFG are the developer there and as such are then totally answerable to the current development stage which like everything in UAE is so far behind its a joke. All companies in the UAE developing need to restructure their payment schedules to make realistic times and payments for when developments are going to be completed. This will help bring some kind of consumer convidence to a ravaged market.

Positive side to working with TFG is at least you can talk with these people and work with them rather than agaisnt them. Trust me i have been dealing with Ballymore in the uk and these are a ruthless company that has no concerns at taking you to court and trying to screw you for every penny you own. They where actually trying to stop me completing on a unit i purchased from them so they could charge me extra interest, and they would not even speak to me, a disgusting company, so trust TFG are at least approchable.
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Old February 9th, 2010, 11:12 PM   #100
MATEMAN
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Any further up-date on this project, I did receive some photo's by courier from the Sunland group in December.



Quote:
Originally Posted by andymarshall View Post
Hi Ramil

I have purchased several units in Yasmin Village and i too feel your frustration. The problem with the whole thing is that not all the developments TFG are selling are theres. Some of the projects they are simply marketing for a master developer. This is not to say they are right, but the problem then becomes one of arguing with TFG who in turn then have too complain to the master developer who really does not care. With regards to Metro central this is different. TFG are the developer there and as such are then totally answerable to the current development stage which like everything in UAE is so far behind its a joke. All companies in the UAE developing need to restructure their payment schedules to make realistic times and payments for when developments are going to be completed. This will help bring some kind of consumer convidence to a ravaged market.

Positive side to working with TFG is at least you can talk with these people and work with them rather than agaisnt them. Trust me i have been dealing with Ballymore in the uk and these are a ruthless company that has no concerns at taking you to court and trying to screw you for every penny you own. They where actually trying to stop me completing on a unit i purchased from them so they could charge me extra interest, and they would not even speak to me, a disgusting company, so trust TFG are at least approchable.
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