#ON HOLD: TAMEER TOWERS (Shams Abu Dhabi) - Page 6 - SkyscraperCity
 

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


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Old February 9th, 2009, 01:23 PM   #101
Investoman_uae
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Quote:
Originally Posted by Freestyler View Post
whatever, but construction costs are 70% down, so what developers are doing for goodwill now? Will they keep the saving or give buyers some discount just for lip services? They should keep their markup same, and pass the saving to buyers thats the only way to save market.
Developers sign a construction contract at a certain date that wont change with material prices.... maybe some small percentage change is acceptable. .. but usually its a fixed contract.

Secondly, no they wont give you any money when prices go down.... i agree with you they should. .. but its like oil prices have gone down.... do you see cost of living goin down? prices went up for almost anythin due to price of oil goin up. .. . but nothin comes down and the price of oil comes down.... someone must be makin a larger profit than before.

Thirdly, i should have mentioned that cost of construction is dependent on the materials used... luxury apartments are not like international city apartments.... etc... so one may spend 800/sqft and the other may spend 400/sqft.

At the end of the day.... alot of developers have been greedy . . very greedy..... and they are a large part of the problem.

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Old February 9th, 2009, 05:51 PM   #102
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yes, the 500k is in the drain. I have the same case. I stopped my payments. Our only hope is wait for a new law allowing us to get 70% refund from the "paid monies" in case of cancelation. Otherwise, the money is gone
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Old February 9th, 2009, 06:05 PM   #103
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Why is it gone? Tameer did not declare bankrupcy and did not just walk away with the money. I dont think anyone should give up on their monies.

One should try to get in touch with them otherwise go to their office and find out what exactly is goin on. If the project is delayed... by how long? etc.

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Old February 9th, 2009, 10:39 PM   #104
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Has anyone had any joy with Tameer rescently about progress, or lack of it ? According to their web-site they still expect to finish on time.Appears to me they are currently 6-8 months behind programme.They will need to move some to pull this back!
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Old February 10th, 2009, 08:31 AM   #105
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Quote:
Originally Posted by dubaithevilla View Post
they were half thru piling in May 08, reality is, there is slow or no progress. If I were you, I would stop paying them. You are wasting your money
If we would stop paying we must to pay penalty fee?
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Old February 10th, 2009, 10:29 AM   #106
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Quote:
Originally Posted by dubaithevilla View Post
yes, the 500k is in the drain. I have the same case. I stopped my payments. Our only hope is wait for a new law allowing us to get 70% refund from the "paid monies" in case of cancelation. Otherwise, the money is gone
Hold your horses. This project might be delayed (like most given the current dry credit markets) but there is no reason to believe it will be cancelled. If Tameer will keep any project alive, it will be this one (Abu Dhabi being the most promising market currently).

Furthermore, don't forget that this project is a JV between Tameer and Sorouh (a government backed developer). Sorouh can't allow this project to be cancelled either.

Delayed for funding reasons maybe - cancelled, I don't think so.
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Old February 16th, 2009, 01:38 PM   #107
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Hello,

This site has gone very quiet.

Did anyone hear from Therze about the deferments of the Feb 5th pay?

We must stand together do get a rescheduled payment plan in line with the delayed construction.
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Old February 18th, 2009, 05:28 PM   #108
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30% Discount on TT?

I spoke to my salesman today, he could confirm (unofficial) that he was in power to offer 30% discount on new sales. If you take the last offering at 2700 PSQF - 30% the new offer is around 1890 PSQF. I am now wondering if they will make this retroactive? If they did, most of us would all fall within the finance requirements of 65% loan.

Time to put the pressure on the management......
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Old February 20th, 2009, 07:12 PM   #109
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So is it the case that there is a payment extension? Do we need to pay the next March installation coming up in the upcoming weeks? Anyone know who would be making the call - who should I notify/ask...

I bought into the project in an early stage but would appreciate a relaxed payment schedule.
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Old February 20th, 2009, 07:16 PM   #110
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Please post if you find out. I've been trying to get a response on this issue for the past 2 months.
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Old February 21st, 2009, 11:23 AM   #111
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missed my payment

Hi all, I see a lot of Tameer towers Investors here, so i need some advice.

I paid 20% of unit so far, but i missed my last 1 or 2 payments. No one from Tameer has followed up with me so far to ask for new payments. I asked one of there sales reps and he told me that as long as i paid 20% i should be fine and don't need to pay as long as they don't ask...I'm just getting a bit worried as my payment is almost 5 months overdue....but at the same time why the hell should we pay them if there is no progress being made on the project...from what i see on this blog the project is not even 5 or 10% completed and construction is on hold.....

Can any of the experts here give a bit of advice...honestly, i don't mind selling it at the OP (I got it for 1510/sqf) as i got bored from this market..but who will buy at any price these days :-)))))))
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Old February 23rd, 2009, 09:04 AM   #112
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They aren't asking because they are charging penalties of AED 5000 per month for every missed payment. You are therefore looking at a penalty of over AED25000! Nice little surprise from Tameer there. If you've been as much as a day late, you are also hammered for 5000.
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Old February 23rd, 2009, 10:02 AM   #113
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Quote:
Originally Posted by lovedubai View Post
They aren't asking because they are charging penalties of AED 5000 per month for every missed payment. You are therefore looking at a penalty of over AED25000! Nice little surprise from Tameer there. If you've been as much as a day late, you are also hammered for 5000.
This ISN'T the case - I just checked with Tameer and was told that "as of current policy, we are not charging for late payments".
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Old February 23rd, 2009, 01:08 PM   #114
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That's really good news. My apologies to Tameer Towers. I've sent you a pm Play-Doh
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Old February 23rd, 2009, 07:33 PM   #115
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Has anyone had any joy with Tameer rescently about progress, or lack of it ? According to their web-site they still expect to finish on time.Appears to me they are currently 6-8 months behind programme.They will need to move some to pull this back!
Tameer still have not advised status of progress. From site photo, the project does not seem to be making much progress. How can they expect people to keep to the payment schedule when the project is ??? months in delay. The Superstructure has not started yet they still expect to finish in 2 years! More like 10 the way they are going! Any updates?

Regards
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Old March 4th, 2009, 10:02 AM   #116
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Very quiet on this tread, did anyone hear from Tameer regarding the outstanding payment? I have tried to get in touch, no news so far.
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Old March 4th, 2009, 10:31 AM   #117
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Tameer Towers

Hello!

I'm new to this forum and would appreciate some help!! We have 2 apartments in TT and are very concerned!!!! We have emailed Tameer but had no reply about the state of the project. Has anyone any up to date info??

Thanks
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Old March 7th, 2009, 01:29 AM   #118
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Like most developers in the region Tameer have waited for construction costs to nosedive I guess..
But they have been active in other places, in Jordan they are handing over 480 "units" to buyers this very month.

We can expect developments to proceed at a more sedate pace all over the MENA region as developers are unwilling to commit themselves fully before they know that the financial markets have stabilized.
As for Tameer in itself itīs controled by the Saudi Al-Rajhi Investment Group who basically is a banking&finance company and Sorouh is the master developer handling the project.


Will it be cancelled or on hold?..Hardly, delayed perhaps but then 1-2 year delays are rather normal in the gulf.

Will the company default?..It would surprise me as it means that the Saudis are running out of money.


You are lucky that it was an Abu Dhabi project, had it been in somewhere else in the UAE it might have just been cancelled.
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Old March 7th, 2009, 03:18 PM   #119
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they dont cancel anything in Dubai.... its just delayed or on hold... and hold... and still on hold....
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Old March 7th, 2009, 03:22 PM   #120
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The first developer in the UAE who actually cancels a project gets a gold star for honesty....
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