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Old May 18th, 2019, 08:35 AM   #1321
JohanDXB
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Does anyone has any information ? I sent them an email 6 days ago but no answer.
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Old May 22nd, 2019, 12:00 PM   #1322
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Just talked to new broker and I have been told that they have resigned from project and now Developer is responsible again himself.
Also there is a rumor that developer leaved a country or escaped.
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Old May 22nd, 2019, 02:16 PM   #1323
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I called the broker and they confirmed that they are out... but they didn't confirm the exit scam. Where is that rumor coming from ? I called them this week and the developer answered the phone saying the handover would still be this month.
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Old May 22nd, 2019, 04:53 PM   #1324
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Quote:
Originally Posted by walker501 View Post
Just talked to new broker and I have been told that they have resigned from project and now Developer is responsible again himself.
Also there is a rumor that developer leaved a country or escaped.
I would have thought that the developer would have left the country long ago if that is what they wanted to do, probably wouldn't make sense at this stage when it is almost complete ?
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Old May 23rd, 2019, 06:43 AM   #1325
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It feels like the issues with this particular tower wont be resolved anytime soon.
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Old May 29th, 2019, 04:34 PM   #1326
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Quote:
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I called the broker and they confirmed that they are out... but they didn't confirm the exit scam. Where is that rumor coming from ? I called them this week and the developer answered the phone saying the handover would still be this month.
Have you had any contact with the developer this week. Considering it's the last week of May 2019, I can't see why the developer would still think handover is possible this month ??
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Old May 30th, 2019, 06:46 AM   #1327
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Can someone tell me what the real height of this tower is? Some sources say 425m , others 432m.
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Old May 31st, 2019, 05:07 AM   #1328
Rustamsalehin
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We are already in June 2019.
There is neither any sign of handover nor that of achieving BCC, as of yet.
We do not see lights or guards at the site.
It seems that no entity wish to work with this developer.
Handover Agent that was appointed recently has dissociated itself, so soon.
The Main Contractor and two internationally reputed Hotel Operators had abandoned the developer, earlier.
In these circumstance what is future of this development?
Has anybody got any positives that provide hope for completion of this project, soon?
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Old June 5th, 2019, 05:41 PM   #1329
jimbo5
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Quote:
Originally Posted by JohanDXB View Post
I called the broker and they confirmed that they are out... but they didn't confirm the exit scam. Where is that rumor coming from ? I called them this week and the developer answered the phone saying the handover would still be this month.

Do we know if the developers are still around ? Are they still answering the phone ?
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Old June 5th, 2019, 06:41 PM   #1330
walker501
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As far as I know Developer is out of country and his son trying to finalize the handover. There was also an email from Developer that new broker agent will be assigned for handover.
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Old June 6th, 2019, 11:32 AM   #1331
Rustamsalehin
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Developer (the counterparty to SPA) is an organization and not an individual. Therefore, it does not matter who responds to the queries – father, son or any executive.
We already know that all the written communications received from the developer are from its Customer Care Department.
Therefore, as per my understanding, the presence or absence of any relevant individual in the organization of the developer does not matter, legally.
Secondly, as we know that the building is an immovable property, the investment of the unit owners is not sunk totally.
However, the concern of the unit owners is the unexplained delay in achieving the Building Completion Certificate.
Therefore, our focus should be on the possible measures that unit owners can take to have an explicit explanation of the reason/s for the said delay.
Please write if anybody got any suggestion for measures, for obtaining an explanation of the reason for the delay, as the developer is not coming up with it.
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Old June 6th, 2019, 12:05 PM   #1332
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By the way, at Sheffield Holdings (the developer), there used to be Mr. Patrick El Khoury, as its Chief Operating Officer. I note that he is missing from the scene, in these days of crisis of the firm.
Has anybody got any idea whether he is still associated with the firm or has left?
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Old June 6th, 2019, 08:07 PM   #1333
walker501
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Patrick left company 6-8 month ago
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Old June 6th, 2019, 11:32 PM   #1334
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Quote:
Originally Posted by Rustamsalehin View Post
Developer (the counterparty to SPA) is an organization and not an individual. Therefore, it does not matter who responds to the queries – father, son or any executive.
We already know that all the written communications received from the developer are from its Customer Care Department.
Therefore, as per my understanding, the presence or absence of any relevant individual in the organization of the developer does not matter, legally.
Secondly, as we know that the building is an immovable property, the investment of the unit owners is not sunk totally.
However, the concern of the unit owners is the unexplained delay in achieving the Building Completion Certificate.
Therefore, our focus should be on the possible measures that unit owners can take to have an explicit explanation of the reason/s for the said delay.
Please write if anybody got any suggestion for measures, for obtaining an explanation of the reason for the delay, as the developer is not coming up with it.
Would it be worth going to the Dubailand dept. to find out what is going on ?
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Old June 6th, 2019, 11:34 PM   #1335
jimbo5
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Quote:
Originally Posted by walker501 View Post
As far as I know Developer is out of country and his son trying to finalize the handover. There was also an email from Developer that new broker agent will be assigned for handover.
Thanks for your update, you probably know more than most investors, how did you find out that the son is trying to finalize the handover. And if so, did he give some kind of indicative date ?
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Old June 6th, 2019, 11:44 PM   #1336
Rustamsalehin
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Quote:
Originally Posted by walker501 View Post
Patrick left company 6-8 month ago
Looks whoever has option does not wish to be in 'an apparently drowning ship'.
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Old June 6th, 2019, 11:50 PM   #1337
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Quote:
Originally Posted by jimbo5 View Post
Would it be worth going to the Dubailand dept. to find out what is going on ?
I understand that RERA in Dubai Land Department is an appropriate entity to lodge complaints with. A complaint could be on the count of non-transparency with respect to the progress.
Any other count?
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Old June 7th, 2019, 02:38 PM   #1338
JohanDXB
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Indeed the son is trying to finalize the handover by himself... if he can't the tower might be auctioned. To obtain the BCC they need a bunch of NOCs, some of them can be obtained only after the payment of all the fees and service charges to the master developer who is Emaar. Considering an 8 years delay the fee for the NOC must be quite high.
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Old June 7th, 2019, 05:58 PM   #1339
jimbo5
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Quote:
Originally Posted by JohanDXB View Post
Indeed the son is trying to finalize the handover by himself... if he can't the tower might be auctioned. To obtain the BCC they need a bunch of NOCs, some of them can be obtained only after the payment of all the fees and service charges to the master developer who is Emaar. Considering an 8 years delay the fee for the NOC must be quite high.
It looks like the best case scenario is for them to do a deal with Emaar and get the apartments let and then pay them back over a period of time. This means that we will probably receive close to nothing from our investments if they are in the pool until all the debts are paid off.
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Old June 8th, 2019, 11:23 AM   #1340
Rustamsalehin
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I am not sure whether NOC from the developer is also a precondition for the issuance of the BCC, except the relevant clause in the process of the issuance is referred to, for establishing it. In addition, I doubt that service charges are applicable during the period of development. The development period ends upon the issuance of BCC.
Secondly, there might be some technical reason/s too, that may be impeding the issue of BCC. If it is so, then it is a more serious matter than the financial factors.
Financial vulnerability of the developer has remained all along with the development. If this is the main cause of the delay in issue of RCC, disposal of the enterprise by sale or an arrangement for deferment of applicable payments can be possible alternative solutions. However, I do not understand that it might have any impact on the interest of the unit owners.
Service charges, if applicable during the development period, it has nothing to do with the unit owners and no deduction can be made from income related to unit owners on this account. SPA prevails in all circumstances.
It is also noteworthy that if the acquirer is a strong party like Emmar, it may benefit the unit owners. They can get rid of this mismanaged and financially weak developer.
Relevant to the subject, I also doubt that the decision of the sale of enterprise can be made without the consent of the unit owners.
While the guesswork like this may help unit owners, the main problem with this development is secrecy and hiding of the facts from the major stakeholders - the unit owners. I wonder whether RERA can help on this count, too.
There is also hearsay that the developer has started its process for forming Owners’ Association. If it is true, it may help unit owners to have a better insight into the current circumstances of this development.
Therefore, even if the rumor is not correct, unit owners may seek the help of RERA to get the Association established ASAP. The association will provide say to the unit owners in managing the solutions being worked out and provide first-hand insight into the circumstances.
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