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Old April 1st, 2009, 12:20 AM   #21
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Buyers of Aquarius Gate can become shareholders: Cirrus

on Thursday, March 26, 2009

Cirrus Developments, a real estate developer, yesterday said it has presented a restructuring proposal to the purchasers of Aquarius Gate project that will convert their status from "unit purchasers" to "shareholders" in new project company.

The proposal has already been presented to the Real Estate Regulatory Agency (Rera) and was worked on by Wong Partnership, a leading law firm with extensive experience in real estate funds, the company said in a press release.

Behnam Eshragh, Chairman of Cirrus Developments, said: "This proposal is for information only and does not nullify the reservation form, the property purchase and sales agreement and/or any notices which are in place. It provides a way forward for Aquarius Gate and offers a collaborative solution for the purchasers and the developer."

"We have presented the proposal to Rera and they have asked us to discuss it with the purchasers, which we are now actively doing. We are confident this proposal will work. It requires significant sacrifice from us as the developer as it is an erosion of profit."

The offer will be limited to the purchasers who agree to pay (or have paid) the installments up to 30 per cent.

The remaining amount to reach 30 per cent, which is currently overdue, will be collected over a period of 12 months.

The benefits for existing customers will be as follows: they will become part owners [investors] and so have a say how and when the project is developed, the investors will be entitled to a share in the potential profits which will be paid upon completion of the project and future commitments will be based on actual cost as opposed to a selling price.

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Old August 29th, 2009, 04:03 PM   #22
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Old November 10th, 2009, 04:15 AM   #23
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Dubai developers disappear

by Matt Warnock on Nov 9, 2009

The international real estate firms Cirrus Developments and Kaizen Developments, responsible for hundreds of millions of dollars worth of developments in Dubai and across the region, have disappeared without trace.

All websites for the companies behind high profile planned projects, such as Cirrus’ Aquarius Gate in the Waterfront area, and Kaizen’s Equinox Residences at Palm Jebel Ali, are no longer online, while calling listed phone numbers has proven fruitless.

Cirrus Developments had been developing the Celestial Heights mixed-use project of three towers in the Downtown Jebel Ali master development; however, that project is now being looked after by a firm called Catalyst Project Consultants.

“Cirrus was part of phase one of Celestial Heights, then the owners appointed Catalyst,” explained Catalyst Project Consultants’ director Israr Ahmed.

“Cirrus have downsized and moved offices, but they handed over all work related to the project over a two month period.”

Ahmed added that Catalyst Project Consultants was “not at all” related to Cirrus Developments while admitting that they did have links to Kaizen Developments – the other company whose logo featured on early Celestial Heights marketing materials.

The last number he had for Cirrus could not be connected.

Last July, Construction Week reported on a similar story where there was confusion between another developer Casamia Star FZE and Casamia Star Gesamtplanung, one of which was responsible for building the Frankfurt Residence in Ajman’s Marmooka City, but neither owned up to it. Although, Casamia star boss Israr Yousaf went missing and later resurfaced in Pakistan, confusion remains over the status of the development or the location of investors’ money.

Dubai’s Real Estate Regulatory Agency (RERA) confirmed to Construction Week that a developer by the name of Kaizen One Investment Limited was still an approved developer, however the phone number that RERA had registered for Kaizen now belongs to a general trading company, rather than the developer.

Significantly, the registered website that RERA had for Kaizen One Investment Limited was www.cirrusdevelopments.com. That site can no longer be accessed.

Construction Week was eventually able to make contact with Cirrus Developments. A member of staff said: “Due to the [financial] crisis, we have suspended the brokerage”, going on to insist that, in spite of not appearing on RERA’s list of approved developers, the development side of the company was still in operation.

Both the public relations firms that had represented Kaizen and Cirrus in the past confirmed that they were no longer their clients.

Construction Week has been unable to contact Kaizen Developments at all.

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Old November 14th, 2009, 03:42 PM   #24
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The gouvernment must do something to fight fraud , in this case money bye bye
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Old March 1st, 2010, 12:36 PM   #25
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Please check here
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Old June 10th, 2010, 02:19 PM   #26
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Good News for Investors

Have you burnt your fingers investing in the UAE off-plan real estate market, with varying circumstances such as incomplete projects, unresponsive developers, uncertified projects, uncaring brokers or unknown promoters contributing to your ill-fate? Here is some much needed respite for you: We have partnered with various reputed and government-backed developers to offer your ready projects, wherein you can take advantage of unique recovery programs that give due consideration to the investments you have already made and considered lost.

Our Real Estate Recovery Scheme is one such program that takes into account your current investments on a failed or distressed project and adjusts that against payments towards a choice of ready projects. Furthermore, our selection of affordable properties, combined with competitive payment plans through select local banks gives you the opportunity to own your own property at monthly payment outflows that are even comparable to current rental payouts for similarly classified units at other locations. The added benefits of future rental and capital gains potential make this offering an opportunity not to be missed.

Please contact us for Further details.

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