#COMPLETED: MARINA 101, 432m, 101F, Hotel (Dubai Marina) - Page 68 - SkyscraperCity
 

forums map | news magazine | posting guidelines

Go Back   SkyscraperCity > Continental Forums > دار زايـــد United Arab Emirates > Completed Projects and Thread Archive > Completed Projects


Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Closed Thread

 
Thread Tools
Old June 8th, 2019, 02:50 PM   #1341
88-777
BANNED
 
Join Date: Mar 2019
Posts: 88
Likes (Received): 45

I think if you are not a citizen of dubai, expect to fully be screwed over and receive nothing.
88-777 no está en línea  
Sponsored Links
Advertisement
 
Old June 8th, 2019, 09:14 PM   #1342
Scion
Registered User
 
Scion's Avatar
 
Join Date: Apr 2008
Location: Hong Kong, Shenzhen
Posts: 4,166
Likes (Received): 8666

Any potential future investors (from outside of UAE) that have done sufficient homework would probably be scared away by things like these.....
Scion está en línea ahora  
Old June 10th, 2019, 12:11 PM   #1343
noir-dresses
bling bling
 
noir-dresses's Avatar
 
Join Date: Apr 2008
Location: Toronto-Zagreb-Zrce-Dubai
Posts: 6,251
Likes (Received): 2808

There are hundreds of projects like this. No one cares. Only investors and banks are crying.

It’s a chicken and egg situation, everyone has run out of money yet no one is wrong

Unless someone pays up the contractor and suppliers at 2007 prices and to the banks and outstanding to the Govt nothing will move ahead.

Money and assets is frozen and unless someone books a multi million USD loss only then will the project move ahead.

The project will keep standing and everyone has sued everyone so no one can move. They will easily have 50 court cases.

Hope this helps, and good luck with in your indeveors.
noir-dresses no está en línea  
Old June 10th, 2019, 06:31 PM   #1344
JohanDXB
Registered User
 
Join Date: Oct 2016
Posts: 72
Likes (Received): 12

This project is finished, it's ridiculous to not hand over just because of an internal dispute between the developer and whoever.
JohanDXB no está en línea  
Old June 11th, 2019, 01:54 AM   #1345
Rustamsalehin
Registered User
 
Join Date: Apr 2008
Posts: 112
Likes (Received): 4

Reason for delay in handover is the failure of the developer to achieve BCC.
No new development can be handed over without having received the BCC for it. While the project is apparently done, the BCC certifies finishing of a project.
Why BCC is not being issued to the project. Nobody has confirmed whether it is due to any technical reason/s or else.
Rustamsalehin no está en línea  
Old June 11th, 2019, 10:03 PM   #1346
Rustamsalehin
Registered User
 
Join Date: Apr 2008
Posts: 112
Likes (Received): 4

Quote:
Originally Posted by noir-dresses View Post
There are hundreds of projects like this. No one cares. Only investors and banks are crying.

It’s a chicken and egg situation, everyone has run out of money yet no one is wrong

Unless someone pays up the contractor and suppliers at 2007 prices and to the banks and outstanding to the Govt nothing will move ahead.

Money and assets is frozen and unless someone books a multi million USD loss only then will the project move ahead.

The project will keep standing and everyone has sued everyone so no one can move. They will easily have 50 court cases.

Hope this helps, and good luck with in your indeveors.
"The project will keep standing and everyone has sued everyone so no one can move. They will easily have 50 court cases."
Is there any authentic information that many people related to this project have sued others?
Rustamsalehin no está en línea  
Old June 12th, 2019, 09:03 AM   #1347
noir-dresses
bling bling
 
noir-dresses's Avatar
 
Join Date: Apr 2008
Location: Toronto-Zagreb-Zrce-Dubai
Posts: 6,251
Likes (Received): 2808

Quote:
Originally Posted by Rustamsalehin View Post
"The project will keep standing and everyone has sued everyone so no one can move. They will easily have 50 court cases."
Is there any authentic information that many people related to this project have sued others?
Getting authentic information there is hard to come by because you'll only get lies lies, and more lies, but you can try.

A project like this I would say has 6 to 12 contractors, and not to mention multiple more sub contractors who have sub contracted them selves, and so on, and so on.

No one will drop a case until payed in full including banks which are owned by the government. Most fees are also due to government which keep accumulating interest by the day which also needs to be paid in full.

The building itself has a large proportion dedicated to hotel which as of now has no revenue. Also need to mention hotels in Dubai are saturated with lower demand.

Try to find out what the percentage of sales are of the residential units which I also find was not sufficient enough or else cash reserves would not be a problem.

Just because a building visually looks complete doesn't necessarily mean the finances are in order. Like I said someone needs to book a huge loss to get this mammoth up and running and the developer is short.
noir-dresses no está en línea  
Old June 12th, 2019, 09:41 AM   #1348
John123456
Registered User
 
Join Date: Mar 2019
Posts: 1
Likes (Received): 0

Quick Suggestion - if there are at least 10-15 owners in Dubai can we go to RERA together and lodge a joint complaint
John123456 no está en línea  
Old June 12th, 2019, 10:00 AM   #1349
noir-dresses
bling bling
 
noir-dresses's Avatar
 
Join Date: Apr 2008
Location: Toronto-Zagreb-Zrce-Dubai
Posts: 6,251
Likes (Received): 2808

Quote:
Originally Posted by John123456 View Post
Quick Suggestion - if there are at least 10-15 owners in Dubai can we go to RERA together and lodge a joint complaint
You can try but everything is so unregulated there that its like pulling teeth out at the dentist.

I feel for you investors because the news of the day should be the opening of the next highest building in the Marina. All the bells and whistles with new hotel, and a roof top Hard Rock Cafe with exterior glass elevator.

I have to tell you about my incounter with the director of the building back in 2014 when I was at the Cityscape real estate convention. If I remember he was a dark haired slim looking gentlemen, but I forgot his name. Basically we were chatting about the building, and one of my questions were when are you going to start working on the crown. To my surprise he didnt seem very interested in doing the original crown design, and kept hinting he would do something much more simpler. My reply to him was dont even think about a simple crown design because that is the highlight of your building, and its exactly what will make the building stand out. After chatting for a while he seemed surprised some one even mentioned in detail how important the crown was, and I can tell you all his focus was really on sales, and mathematics. He was also surprised I knew quite a bit regarding his tower, and I basically let him know that the original crown must stay.
noir-dresses no está en línea  
Old June 12th, 2019, 04:59 PM   #1350
JohanDXB
Registered User
 
Join Date: Oct 2016
Posts: 72
Likes (Received): 12

I would appreciate if you guys don't speculate on this or that, unless you have a link or proof that anyone sued anyone don't come here telling us that 50 lawsuits are ongoing when in fact the number could be just zero.

We all know for a fact that the son of the chairman is in Dubai trying to get the handover done, we don't know what is the exact problem with the delay of the handover.

What I'm sure is that a solution will be found, some very important people from UAE bought units in the tower. Best case scenario Sheffield will do the handover soon, worst case scenario if they have unpaid bills the tower could go to auction, as long as you have your oqood documents you should be fine (consult with a specialist just in case).
__________________

walker501, jimbo5 liked this post
JohanDXB no está en línea  
Old June 12th, 2019, 10:18 PM   #1351
88-777
BANNED
 
Join Date: Mar 2019
Posts: 88
Likes (Received): 45

Quote:
Originally Posted by noir-dresses View Post
Getting authentic information there is hard to come by because you'll only get lies lies, and more lies, but you can try.

A project like this I would say has 6 to 12 contractors, and not to mention multiple more sub contractors who have sub contracted them selves, and so on, and so on.

No one will drop a case until payed in full including banks which are owned by the government. Most fees are also due to government which keep accumulating interest by the day which also needs to be paid in full.

The building itself has a large proportion dedicated to hotel which as of now has no revenue. Also need to mention hotels in Dubai are saturated with lower demand.

Try to find out what the percentage of sales are of the residential units which I also find was not sufficient enough or else cash reserves would not be a problem.

Just because a building visually looks complete doesn't necessarily mean the finances are in order. Like I said someone needs to book a huge loss to get this mammoth up and running and the developer is short.
I said the same months ago here. They do not want to book the loss. They probably will be at negative wealth if that happens. I'm sure many of these towers were built on margin.
88-777 no está en línea  
Old June 13th, 2019, 05:44 AM   #1352
noir-dresses
bling bling
 
noir-dresses's Avatar
 
Join Date: Apr 2008
Location: Toronto-Zagreb-Zrce-Dubai
Posts: 6,251
Likes (Received): 2808

Quote:
Originally Posted by 88-777 View Post
I said the same months ago here. They do not want to book the loss. They probably will be at negative wealth if that happens. I'm sure many of these towers were built on margin.
Good morning, I actually did some research, and asked a few good questions regarding this project last night with some reliable people in the know.

What I found out kind of did, and didn't shock me, and these are the insider types of information that don't hit the local news.
noir-dresses no está en línea  
Old June 13th, 2019, 07:38 PM   #1353
JohanDXB
Registered User
 
Join Date: Oct 2016
Posts: 72
Likes (Received): 12

Quote:
Originally Posted by noir-dresses View Post
Good morning, I actually did some research, and asked a few good questions regarding this project last night with some reliable people in the know.

What I found out kind of did, and didn't shock me, and these are the insider types of information that don't hit the local news.
So you are telling us that you have "insider news" but you are not sharing anything with us. Why are you even telling us that then ? Just to make some more people anxious ?

Everybody I speak to seems to think he has some kind of insider news, the truth is a lot of rumors are out but nobody knows what is the truth. One agent told me something that was completely untrue, and he said that what he told me was common knowledge among agents... so clearly he had no clue about anything.
__________________

walker501 liked this post
JohanDXB no está en línea  
Old June 13th, 2019, 08:06 PM   #1354
walker501
Registered User
 
Join Date: Sep 2015
Posts: 50
Likes (Received): 3

It seems that some people just spreading around negative rumors in order to create a pani among owners... probably they are motivated to push prices down just before real handover and take margin on price increase after handover...
__________________

jimbo5 liked this post
walker501 no está en línea  
Old June 14th, 2019, 10:42 AM   #1355
jimbo5
Registered User
 
Join Date: Jul 2007
Posts: 154
Likes (Received): 41

Quote:
Originally Posted by JohanDXB View Post
I would appreciate if you guys don't speculate on this or that, unless you have a link or proof that anyone sued anyone don't come here telling us that 50 lawsuits are ongoing when in fact the number could be just zero.

We all know for a fact that the son of the chairman is in Dubai trying to get the handover done, we don't know what is the exact problem with the delay of the handover.

What I'm sure is that a solution will be found, some very important people from UAE bought units in the tower. Best case scenario Sheffield will do the handover soon, worst case scenario if they have unpaid bills the tower could go to auction, as long as you have your oqood documents you should be fine (consult with a specialist just in case).

I'm not sure why people are spreading FUD about this development. I pretty much posted the same being slightly more blunt and my post was deleted!

If anyone wants to share constructive information then post otherwise refrain from spreading false news!
jimbo5 no está en línea  
Old June 14th, 2019, 03:49 PM   #1356
Dubai Skyscraper
Moderator
 
Dubai Skyscraper's Avatar
 
Join Date: Jul 2009
Location: Speyer, Germany
Posts: 12,115
Likes (Received): 2737

Seeing as there is no qualitative discussion going on anymore, I will close this thread until there is actual news to be shared. PM me or another moderator if you have such information and wish for the thread to be reopened.
__________________
View thousands of 2D and 3D designs in our creative corner
Dubai Skyscraper no está en línea  
Sponsored Links
Advertisement
 


Closed Thread

Tags
dubai, dubai marina

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
250-299m BUILDING LIST - ALL POLLS LINKED HERE RafflesCity Rate Our Talls: 250-299 meters 51 June 13th, 2019 11:17 PM
City Centre - Hotel Developments snup Sheffield Metro Area 383 June 6th, 2019 05:32 PM
Emirates Marina Hotel & Residence l DUBAI l 256m l 60fl Krazy Rate Our Talls: 250-299 meters 136 May 18th, 2019 11:21 AM
MANCHESTER - Completed Projects andysimo123 Completed Projects 20 March 12th, 2013 04:59 PM


All times are GMT +2. The time now is 02:08 PM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2019, vBulletin Solutions Inc.
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2019 DragonByte Technologies Ltd.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2019 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us