#ON HOLD: TAMEER TOWERS (Shams Abu Dhabi) - Page 17 - SkyscraperCity
 

forums map | news magazine | posting guidelines

Go Back   SkyscraperCity > Continental Forums > دار زايـــد United Arab Emirates > Abu Dhabi Projects > Al Reem Island

Al Reem Island A natural island off the coast of Abu Dhabi island being developed by Sorouh (Shams Abu Dhabi), Reem Investments, and Tamouh


Global Announcement

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


Reply

 
Thread Tools
Old June 10th, 2009, 02:19 PM   #321
lawyerboy
Registered User
 
Join Date: Jun 2009
Posts: 42
Likes (Received): 0

I've paid down 35%
lawyerboy no está en línea   Reply With Quote
Sponsored Links
Advertisement
 
Old June 11th, 2009, 07:28 AM   #322
dubaijag
Registered User
 
Join Date: Mar 2009
Posts: 34
Likes (Received): 0

Lawyerboy, you will appreciate that beyond the words in a contract is the intent, and the intent of our contracts were that the investors paid and the developer built.
While the contract says that the investor has to pay 70% by a certain date, the contract also permits the developer to do absolutely nothing up to this point.
Should the developer maintain this position ie do nothing or next to nothing while claiming up to 70% of the sale price I doubt very much if the courts in Abu Dhabi would stand by the contract terms.
I am surprised Lawyerboy, that given your alleged profession that you would sign up to such conditions without a get out clause
dubaijag no está en línea   Reply With Quote
Old June 11th, 2009, 01:20 PM   #323
lawyerboy
Registered User
 
Join Date: Jun 2009
Posts: 42
Likes (Received): 0

My sole point, dubaijag, is that I don't think Tameer are in breach of what is a pretty balanced and sensible contract. They may be in breach of the contract in the future but the courts would give you short shrift if you submitted a claim now. In short, you are panicking, and prejudging Tameer's actions (or lack thereof).

All your and your ilk's wailing simply smacks of greedy people who erroneously believed they were buying in to a one-way bet and are now desperately looking to apportion blame for the decision to overreach themselves financially.

I am confident that come Q4 2011 TT will prove to have been a pretty solid (albeit not stellar) investment.
lawyerboy no está en línea   Reply With Quote
Sponsored Links
Advertisement
 
Old June 11th, 2009, 01:30 PM   #324
philh1
Registered User
 
Join Date: May 2009
Posts: 18
Likes (Received): 0

I agree lawyerboy.

Less panicking, cool heads and long term views required from the majority of posters. Gone are the days of flipping for quick bucks - look where that has got Dubai. It's a completely unsustainable model.

I too believe TT will be an excellent long term investment, whether I choose to sell, live or rent my unit.

Glad to finally have someone else on board with sensible views.
philh1 no está en línea   Reply With Quote
Old June 11th, 2009, 02:32 PM   #325
lovedubai
Registered User
 
Join Date: Jan 2006
Posts: 472
Likes (Received): 0

The fact that Tameer are having to reduce prices that they jacked up heavily in the first place shows that the "pretty balanced and sensible contract" is not exactly that.

Likewise if the contracts are so balanced, why are they able simply to postpone building Towers C and D? People living in A and B face living on a building site for a long time after the somewhat hopeful completion date of December 2011.

Losing 25% of the price of an apartment is a pretty major loss in the event of a default. The credit crunch has affected a lot of people who are now unable to get the finance that was available when the reservation agreements were first signed. Not everyone who is defaulting is a flipper. Exactly where is the balance? It seems that the balance is tipped heavily towards the developer - especially as they will not respond to emails or phone calls. Customer service is non-existent which does not help with people's perceptions of their actions.
lovedubai no está en línea   Reply With Quote
Old June 11th, 2009, 03:28 PM   #326
lawyerboy
Registered User
 
Join Date: Jun 2009
Posts: 42
Likes (Received): 0

I was referring to the general T&Cs of the contract, not the price paid. It was the professional and reasonable nature of the contract that gave me great confidence. Given the fevered state of the market in 2006/7 many developers could and did foist completely one-sided contracts on punters.

People holding apartments in Towers C and D will have contractual recourse under for the delay.

And I do sympathise with those people (of whom I am most definitely one) suffering as a result of the credit crunch. But the credit crunch is not Tameer's fault is it?

Finally, I would agree that Tameer's customer service is appalling.
lawyerboy no está en línea   Reply With Quote
Old June 12th, 2009, 12:23 AM   #327
kinanb
Registered User
 
Join Date: Mar 2009
Posts: 13
Likes (Received): 0

?????????????????????? this is waste of time !!

Guys ,,,isnt it enough for talk ,,cant we just group as we planned before ,,its very obvious that tameer people are already in here to divid us ,,,,where is mr.harry who i sent my documnet too ,,,,lets assign a lawyer ,,it will cost nothing if divided on eachof us !!!
kinanb no está en línea   Reply With Quote
Old June 12th, 2009, 12:33 PM   #328
Nathan Barley
Registered User
 
Join Date: Mar 2009
Posts: 29
Likes (Received): 0

propaganda

Kinan,

It is obvious we have Tameer moles on this blog, whose intentions are to create confusion and divide opinion. It is encouraging to see Tameer have a few staff left, it's just a shame they're not in the construction industry.

Please do not let this worry you, and rest assured [email protected] is making significant progress. All members of the group who have been cleared will be updated on this progress tomorrow.
Nathan Barley no está en línea   Reply With Quote
Old June 14th, 2009, 10:56 AM   #329
dubaijag
Registered User
 
Join Date: Mar 2009
Posts: 34
Likes (Received): 0

Lawyerboy do you and and your alter ego Philh1 do stand up in your spare time?
dubaijag no está en línea   Reply With Quote
Old June 15th, 2009, 12:40 PM   #330
lawyerboy
Registered User
 
Join Date: Jun 2009
Posts: 42
Likes (Received): 0

I am not here to entertain. I am here to impart wisdom and provide a cool head, while those around me are losing theirs. You are very lucky to have me.
The Mole
lawyerboy no está en línea   Reply With Quote
Old June 15th, 2009, 01:36 PM   #331
kinanb
Registered User
 
Join Date: Mar 2009
Posts: 13
Likes (Received): 0

???

Quote:
Originally Posted by lawyerboy View Post
I am not here to entertain. I am here to impart wisdom and provide a cool head, while those around me are losing theirs. You are very lucky to have me.
The Mole

Wow ,,,I like playing when all cards open ,wish tameer will not terminate you as the 180 employees who got terminated recently ,,,I would like to hear your comments by then ,,anyhow u still didn't reply my question on page 16 ,,???is your wisdom cant find any WISE reply >>>
kinanb no está en línea   Reply With Quote
Old June 17th, 2009, 12:34 AM   #332
Al Amerah tower
Registered User
 
Join Date: Jun 2009
Posts: 4
Likes (Received): 0

Khaleej Times Online Dated 09.06.2009

The other big losers were property companies led by Aldar Properties which fell by 2.2 per cent toDh4.60. Sorouh Real Estate lost 2.6 per cent at Dh3.39. Abu Dhabi’s second-biggest property company said it scrapped a joint venture with property company Tameer Holding. The two companies dissolved joint venture projects on Reem Island.

“Consequently, Tameer will continue to have a 100 per cent ownership of the Rise Above Prpoject, and Sorouh will now have 100 per cent of the Gate Towers Project” Sorouh disclosed to the Abu Dhabi bourse.

ORGANISE OR BE IGNORED
Al Amerah tower no está en línea   Reply With Quote
Old June 17th, 2009, 11:28 PM   #333
Bustet
Registered User
 
Join Date: Feb 2009
Posts: 39
Likes (Received): 0

http://www.arabianbusiness.com/55919...to-stop-paying


Well done Towers33 and thank you for your effort. Time to stand "UNITED"


And in response to David M e-mail, yes I am a member of Tower33 group. I will post updates as and when I have new pictures of the site, I say it will be every few weeks or so.

Last edited by Bustet; June 18th, 2009 at 10:43 AM.
Bustet no está en línea   Reply With Quote
Old June 18th, 2009, 09:24 AM   #334
lovedubai
Registered User
 
Join Date: Jan 2006
Posts: 472
Likes (Received): 0

yes, thanks Towers33. Great work!
lovedubai no está en línea   Reply With Quote
Old June 18th, 2009, 11:04 AM   #335
am444
Registered User
 
Join Date: Apr 2009
Posts: 13
Likes (Received): 0

Towers C & D are Postponed to 2013 as per Tameer, but no official release.
I paid for an apartment in tower C and I want my money back.

Tameer representative said that the contract termination section says I have to pay until the completion date, and then i can discus any delays. and if I didn’t continue to pay then my money is gone.

That really sounds like fraud since the project is already delayed to 2013, then why should I freeze more money in the project.

Tameer33 count me in. lets sue them.


[email protected]
am444 no está en línea   Reply With Quote
Old June 18th, 2009, 03:02 PM   #336
salam21
 
Join Date: Jun 2009
Posts: 1
Likes (Received): 0

I agree with you am444, I also purchased a flat in tower d, and I want my money back too. I already sent to [email protected] to join efforts, but did not hear from them, as I want to have an update if possible.
salam21 no está en línea   Reply With Quote
Old June 19th, 2009, 02:33 AM   #337
Parisian Girl
MONACO _ Côte d'Azur
 
Parisian Girl's Avatar
 
Join Date: Nov 2007
Location: PARIS - Monte Carlo - London
Posts: 16,662
Likes (Received): 2834

Tameer Towers investors set to stop payments

by Tom Arnold on Wednesday, 17 June 2009

Disgruntled investors in Tameer Towers are planning to withhold payments for the Abu Dhabi project in protest at, what they claim is, a lack of progress on the AED6bn ($1.64bn) development.

The Tameer Towers Group, which represents around 50 investors with a combined investment of AED 100m in the project, have accused developer Tameer Holding Investment of becoming increasingly aggressive in payment demands for its flagship scheme.

They claim the Dubai-based company has issued threats of cancellations to investors as part of new payment schedules issued without warning.

Related: Tameer Towers chief offers to meet worried investors

In a strongly-worded letter the group plans to send to Tameer president Federico Tauber, it says it will “not tolerate the lack of transparency, lack of communication, lack of progress and unreasonable demands of Tameer.”

The new payment schedules, the group says, propose different completion dates of units, with those investors opting to stay on the existing plan facing a delay to completion exceeding that allowed in their contract.

“We believe Tameer is operating in a wholly unfair manner, bullying investors into submission on the basis of the contractual terms and conditions but without acknowledgement of the fact that they've made no progress on site,” one angry investor told Arabian Business.

The letter informs Tauber the group plans to suspend further payment of installments for the project until its concerns were allayed.

In a statement to Arabian Business, Tameer confirmed it was committed to the project, with contractors now working on the development’s sub-structure following completion of the enabling works and foundations.

It said in recent weeks it had issued “lean” payment plans “stretching over the project timeframe” in response to customer requests to pay according to the development of the scheme.

In addition, it said it had decided to waive the penalty clause incurred so far by investors for late payments.

Tameer said it had assigned a dedicated company representative to communicate with each of its clients.

Tameer Towers Group, which includes doctors, architects, engineers, pilots, directors, lawyers and construction managers, said it was receiving guidance from legal advisors and could take legal action if its anxieties were not addressed.

Uncertainty had surrounded the development of Tameer Towers, which will form the focal point of The Shams district of Reem Island.

It followed comments from a Tameer official in March stating the development was moving ahead but the developer was reviewing the construction programmes and associated costs of its iconic development.

Further confusion about the status of the project arose the same month when Murrary & Roberts Holdings, part of a joint venture in the first phase of the construction of the development, announced to shareholders its contract had been terminated.

However, when contacted, Al Habtoor Engineering Enterprises, also part of the venture, said its contract had not been cancelled.

However, following Tauber’s appointment as president, Tameer announced in May it had signed a construction agreement with a joint venture of Al Rajhi Projects and Construction and Al Habtoor Engineering Enterprises for completion of the project, which is scheduled for delivery from December 2011 onwards.

The nine-million square-feet complex features four residential towers, a commercial office tower and a hotel.

Tameer Towers Group can be contacted on [email protected]s email address is being protected from spam bots, you need Javascript enabled to view it

Tameer said its customers should call 04-407 5500, 02-499 8888 or email [email protected]

http://www.arabianbusiness.com/55919...to-stop-paying
Parisian Girl no está en línea   Reply With Quote
Old June 24th, 2009, 09:10 AM   #338
Nathan Barley
Registered User
 
Join Date: Mar 2009
Posts: 29
Likes (Received): 0

UK PRESS. Property Week - Tameer Towers investors set to withhold payments

http://www.propertyweek.com/story.as...de=3143008&c=1

Tameer Towers investors set to withhold payments

08:32 | 18.06.09

Disgruntled investors in Tameer Towers are planning to withhold payments for the Abu Dhabi project in protest at, what they claim is, a lack of progress on the AED6bn ($1.64bn) development.

The Tameer Towers Group, which represents around 50 investors with a combined investment of AED 100m in the project, have accused developer Tameer Holding Investment of becoming increasingly aggressive in payment demands for its flagship scheme.

They claim the Dubai-based company has issued threats of cancellations to investors as part of new payment schedules issued without warning.
Nathan Barley no está en línea   Reply With Quote
Old June 25th, 2009, 05:18 PM   #339
desieye
Registered User
 
Join Date: Aug 2008
Posts: 94
Likes (Received): 0

Quote:
Originally Posted by Nathan Barley View Post
http://www.propertyweek.com/story.as...de=3143008&c=1

Tameer Towers investors set to withhold payments

08:32 | 18.06.09

Disgruntled investors in Tameer Towers are planning to withhold payments for the Abu Dhabi project in protest at, what they claim is, a lack of progress on the AED6bn ($1.64bn) development.

The Tameer Towers Group, which represents around 50 investors with a combined investment of AED 100m in the project, have accused developer Tameer Holding Investment of becoming increasingly aggressive in payment demands for its flagship scheme.

They claim the Dubai-based company has issued threats of cancellations to investors as part of new payment schedules issued without warning.
Just received the revised construction linked payment plan and restated completion date for end 2011
desieye no está en línea   Reply With Quote
Old June 28th, 2009, 06:42 AM   #340
am444
Registered User
 
Join Date: Apr 2009
Posts: 13
Likes (Received): 0

Did anyone from towers C or D recive a revised construction/payment plan??
am444 no está en línea   Reply With Quote
Sponsored Links
Advertisement
 


Reply

Tags
abu dhabi, al reem island

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 Off
[IMG] code is On
HTML code is Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
#ON HOLD: EMPIRE TOWER, 230m, 60F, Res (Shams Abu Dhabi) Krazy Al Reem Island 33 March 23rd, 2018 11:35 AM
#PROJECT: THE GATE, 4 X 60F Res + Com, 250m 75F Res + Comm (Shams Abu Dhabi) Krazy Al Reem Island 200 April 15th, 2017 07:46 PM
#COMPLETED: MANGROVE PLACE, ?F Res (Shams Abu Dhabi) Krazy Completed Projects 34 April 8th, 2013 05:23 PM
#PROJECT: CENTRAL PARK aka ABU DHABI PARK(Shams Abu Dhabi) Krazy Al Reem Island 6 June 7th, 2008 11:17 PM


All times are GMT +2. The time now is 02:35 AM.


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