Nakheel announced today a 20% discount shall apply to Veneto.(there are a few others eligible to the discount e.g. Badrah , Marina etc)
The condition is that the prospective buyer must adhere to the stated payment plan and make all payments on time. Hope this helps.
Unfortunitly I do not think this will help the investors in this project. Since the credit crunch peoples earnings, savings, access to finance have all been affected. Its a nice though from Nakheel but it wont work.
I wholly agree whats the value in continuing to pay for a villa which is valued at 4M AED i.e. minus 45% of OP.
One of the real issues (subject to current LD approval) is whether the original masterplan changes to such an extent that it makes buyers want to take legal action/steps on the basis that the overall plan is different from what was originally marketed.
Clearly there will need to be some further announcements in he next few weeks as the June 2009 payment is imminent and no one in the right minds will continue to pay for a negative cost asset - better of putting that money into an already bottomed-out investment e.g. London residential.
Lets hope Nakheel see sense and reduce the prices to what they are currently actually worth i.e. 4M AED max.
I would be interested to speak to the individual who is filing the lawsuit. It maybe advantagious to file the suit together. Could you personel message me the contact details of this person?
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?
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
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.
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.
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!!!
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, I’ll let you know.
Nakheel has started receiving funds from Dubai Government, confirmed its Chief Executive Officer (CEO) Chris O'Donnell in an exclusive interview with Emirates Business. However when asked if the figure stood at Dh2 billion, the chief executive said: "The actual figure is confidential and so are all the other details. But yes, Nakheel is receiving funds."
The developer is also talking to its contractors and re-negotiating payments plans and contracts. "Yes, we are trying to help them and ourselves through our current situation. We are at the stage of commercial settlements and negotiations. Rather than detail on percentages, it is a true statement to say that construction costs are falling and there is definitely a reduction," said O'Donnell.
"Part of our obligation to our customers is to ensure that we get them the best buildings. Hence, we are talking to our contractors to get cost-effective solutions."
O'Donnell said the developer does not issue credit notes and warned investors against any such fraud. "When the market recovers, the focus will be on people buying serviced land. Hence, the built form in Nakheel's projects is definitely going to be linked to the provisions of infrastructure, which will be on an incremental basis," he added. Speaking about the latest on the status of Nakheel projects, O'Donnel said that work on Palm Jebel Ali has slowed down while the Palm Deira and the Universe projects are on hold.
However, construction on Jumeirah Village and Al Furjan is progressing, he said.
Credit notes were issued in relation to Trump tower being cancelled/postponed (not getting into that argument!), they just don't like it being made public.
Will keep everyone informed of progess or lack of it!
I dont understand how Chris makes these strange decisisons. he and nakheel should learn from Emaar atleast they are helping investors out with the credit notes etc!!
Hi I dont think they are giving credit notes....but the project phase 2 is a definate delay as per the new payment scheme. However they say the delay is allowed but more than 12 months i dont think so!!....:bash:
Ok, try this for size!
Nakheel are not issuing credit notes for Veneto nor will they at any stage. However, they are issuing consolidation notes to transfer to other properties etc.
Plus le change, plus le meme chose!
I know a few people who have filed lawsuits against Nakheel. Do NOT make any further payments and IGNORE all Nakheel letters that come through. They are being very stubborn about this project in particular. They are continuing to build villas in the MIDDLE OF NOWHERE. That is grounds for a FALSE marketing lawsuit. There is no community anymore, therefore more grounds for a lawsuit. Completion dates have been pushed back, therefore interest delays.
If we all work together, Nakheel is in DEEP shit.
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