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Dubai Waterfront and Palm Jebel Ali Developments on Nakheel's second palm and the new surrounding city


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Old May 10th, 2009, 09:47 AM   #101
ragga
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The original concept with prices at around 50% of OP is reasonable. I think investors would be happy with that.
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Old May 10th, 2009, 03:19 PM   #102
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Veneto price reduction

Does anyone know if this price reduction was applicable to all Veneto villas - i.e. are some units still likely to be cancelled or delayed with deferred payments?
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Old May 10th, 2009, 09:39 PM   #103
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Quote:
Originally Posted by Spurs View Post
In my opinion I would say "NO" I would not consider this to be a good enough incentive to continue with this investment. As per the comments above the value of this unit are well below the OP. 40 to 50% discount would make the investment more appealing but I would still say that I personally have lost confidence in the whole concept. I can only see these would be 700 villa's on there own in the middle of no where for a great period of time. This was supposed to be part of a thriving community (the waterfront) which is no longer happening for a very long time.
Thanks for the advice Spurs.
are there any sub developers who own plots in Veneto area? if so, are they offering discount on OP as well?
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Old May 11th, 2009, 07:44 AM   #104
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Quote:
Originally Posted by mike_rux View Post
Thanks for the advice Spurs.
are there any sub developers who own plots in Veneto area? if so, are they offering discount on OP as well?
Veneto is solely developed by Nakheel. On the other side of the canal you have all the sub developers (Madinate district) . You will need to speak directly to the sub developer to know if they are offering discounts, it has nothing to do with Nakheel.
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Old May 11th, 2009, 06:35 PM   #105
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Veneto minus 20% OP

I personally think it makes no sense whatsoever to invest in villas which shall be in the middle of nothing.

If the discount was 50% then yes maybe worth a longer term investment punt.

Spurs - I also would be interested n anyone taking up legal action on this project as owning a villa in the middle of nothing isnt really what I originlly bought into. Please make contact with tel nos. etc and I will make contact as collectively we may be stronger versus nakheel
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Old May 11th, 2009, 06:37 PM   #106
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dear sfloodie - the veneto minue 20% applies to all veneto villas
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Old May 11th, 2009, 06:38 PM   #107
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I do know someone who is filing a lawsuit. I suggest no one make anymore payments as this "redesign" is false marketing.
hi ragga - i would be very interested in speaking to the individual who is filing the lawsuit - any contact details would be greatly appreciated
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Old May 14th, 2009, 10:50 AM   #108
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Just heard that next payment, ie the one due in June 2009 has been delayed until January 2011.
Effectively a 2 year delay from original payment plan.
Will post more complete details when I get them.
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Old May 14th, 2009, 03:17 PM   #109
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Iain, please keep us informed.
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Old May 14th, 2009, 07:50 PM   #110
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Isn't there a clause in the contract stating that the contract can be ended should the original completion date be delayed by more than 12 months?
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Old May 15th, 2009, 05:05 PM   #111
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Veneto Revised Payment Schedule

The next payment 15% (11%) originally due in June 2009 is now to be paid 1st Jan 2011

The payments thereafter are detailed as follows;

15% (11%) - 1st April 2011
15% (11%) - 1st July 2011
15% (11%) - 1st October 2011
15% (11%) - On handover

The percentage in brackets denotes the 20% propt payment reduction.
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Old May 16th, 2009, 08:30 AM   #112
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They need to do better than this. People simply can not afford these properties anymore especially when they are paying for something that is not worth theprice tag any longer.
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Old May 17th, 2009, 09:27 PM   #113
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Quote:
Originally Posted by vasam View Post
The next payment 15% (11%) originally due in June 2009 is now to be paid 1st Jan 2011

The payments thereafter are detailed as follows;

15% (11%) - 1st April 2011
15% (11%) - 1st July 2011
15% (11%) - 1st October 2011
15% (11%) - On handover

The percentage in brackets denotes the 20% propt payment reduction.
so that's 4 % off of every installment?
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Old May 18th, 2009, 07:55 AM   #114
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so that's 4 % off of every installment?
Basically 20% divided over the next five payments so 4% off each.

I would suggest that no one signs up to the new deal until the situation regarding the delay clause issue in the original contract has been clarified. If you sign up to the new terms you waive your rights to the 12 month delay cancellation option.
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Old May 18th, 2009, 02:38 PM   #115
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Veneto 12 month delay clause

I notice within the contract it dos not explicitly state that the contract can be cancelled should the property timings be delayed in excess of 12 months
- If someone has infomation/interpretations to the contrary then please let me know.

Does anyone know a lawyer who could offer some guidance?

It just now seems a complete fragmented mess... with buyers now unsure as to sign up to the discount as it could preclude them from cancelling should the project be delayed by more than the 12 months

The other concern I personally have is more on a more practical level in that whether Nakheel would actually pay up the full amounts paid or best offer only a property swap come 2012.

What a complete mess...or should I say what a complete gamble!!!

Any advice/thoughts would be really welcomed
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Old May 19th, 2009, 12:38 PM   #116
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This definitely gets more and more complicated!

One very important point that has been raised is that there will be no cash refunds whatever happens, they will only offer credit notes or property swap, definitely no cash. Also credit notes are being bought at around 30-40% discount in the market so selling the credit note is not a great option unless getting your hands on ready funds is the prime motivator.

Also you will be waiving your rights to any refunds etc if you sign up to the new deal.

The 20% discount and the extended delay is a very poor option and we have decided that we are going to pull out of the project and take the credit notes for the 25% already paid. We are putting together a group of investors to use the credit notes to recoup the losses on premiums paid. We are just waiting on approval to put this venture into place, it is a much better option than taking the penalty of a discount credit note sale.

As soon as I hear any more from Nakheel, Iíll let you know.
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Old May 19th, 2009, 12:44 PM   #117
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Quote:
Originally Posted by Iain View Post
This definitely gets more and more complicated!

One very important point that has been raised is that there will be no cash refunds whatever happens, they will only offer credit notes or property swap, definitely no cash. Also credit notes are being bought at around 30-40% discount in the market so selling the credit note is not a great option unless getting your hands on ready funds is the prime motivator.

Also you will be waiving your rights to any refunds etc if you sign up to the new deal.

The 20% discount and the extended delay is a very poor option and we have decided that we are going to pull out of the project and take the credit notes for the 25% already paid. We are putting together a group of investors to use the credit notes to recoup the losses on premiums paid. We are just waiting on approval to put this venture into place, it is a much better option than taking the penalty of a discount credit note sale.

As soon as I hear any more from Nakheel, Iíll let you know.
Are they offering you credit notes? If so what sector are you in?
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Old May 19th, 2009, 12:46 PM   #118
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Quote:
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Are they offering you credit notes? If so what sector are you in?
A variety of different sectors!!!
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Old May 19th, 2009, 01:50 PM   #119
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A variety of different sectors!!!
Have they offered you credit notes for these?
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Old May 19th, 2009, 01:52 PM   #120
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Quote:
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Have they offered you credit notes for these?
Yes, verbally, not in writing, waiting for that to come through
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