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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 March 14th, 2009, 11:46 PM   #141
fadi79
 
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Hi,

I have a suggestion, what about of appointing a lawyer, let's take it to the court.
we do have so many reasons, I can state some of them here:
1. At least 6-8 months delay in the project.
2. The work in the site has been completely stoped.
3. No banks will finance TT apartments. When I bought my apartments, I got a commitment from Tameer salemen that 5 banks made agreement with Tameer for financing TT apatments, I visited all of them but no one will do because Tameer is a private developer not master developer. I can say that we have been cheated.
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Old March 16th, 2009, 01:01 PM   #142
Bustet
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Fadi79,

I totally agree, the same was stated to me as well, they even handed out flyer's for the bank. I am in in the lawsuit if someone can suggest a reputable lawyer in ME. If only 7 months delay then we have no cause, now I would say the project will be more like 2-3 year late the speed it is going.
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Old March 16th, 2009, 05:28 PM   #143
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Hi Everyone

We went into Tameer office in Dubai today and spoke to one of the team. He stated the project is on track and 90% of the piling has been completed. However, he couldn't answer all questions. We have asked for a tour of the site and to meet with someone who can answer our questions.

See you on Friday.
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Old March 17th, 2009, 01:42 PM   #144
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Hi, I went to the Sales office on Reem Island today and spoke to a senior sales guy. Don't shoot the messenger (and I'm not making any value judgements here..) but these are the key points:

He said that piling was complete and that the main contractor was due to start 'soon'. He said he anticipated the residential towers to be completed on time although he did say a 6 months delay could happen. He also said the commercial tower would be 6 months behind the residential towers.

He was categoric that there was NO WAY the project would be cancelled as they had already invested 1 billion AED! Finally he said that he would be happy to organise a visit to see the hole...excuse me... site at a days notice.

Oh yes... and I got to park in the Finance Director's parking space as it was empty... don't know if that's a good thing or bad...!
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Old March 17th, 2009, 08:41 PM   #145
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Tameer Tower web site

Hi all,

Not sure if you have visited Tameer Towers web site http://www.tameertowers.com/tameerto...Name=Main.aspx

They have a web cam and a bar chart showing the progress in construction. Piling is almost done but with an 8 months delay. In my opnion, the costruction will proceed at a very low pace until things improve. I think Tameer should reschedule the payment terms and link them with the real progress. If they do that, we will be fine.
see you on Friday, who else is joining ? please try to make it, it is important to think as a team
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Old March 21st, 2009, 07:57 AM   #146
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Hello

A new email account has been created for any information we find out in regard to TT. Please email [email protected].
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Old March 21st, 2009, 02:14 PM   #147
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Hi,

Any update about yesterday's meeting?
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Old March 23rd, 2009, 12:10 PM   #148
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Hello investors,

Any update about meeting?
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Old March 24th, 2009, 05:33 AM   #149
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News,

http://www.meed.com/contractsawarded...cancelled.html

http://www.dubaichronicle.com/busine...ideration-7093


Tameer Holding has informed contractors that it will cancel the contract to build its Tameer Towers project in Abu Dhabi.
The Dubai-based developer awarded the AED6bn ($1.6bn) contract in September last year to the joint venture of the local Al-Habtoor Engineering, South Africa's Murray & Roberts and Saudi Arabia-based Al-Rahji Contracting.

The project is located on Reem island and involves building six towers between the sea and the Central Park area of the Shams Abu Dhabi development. The main buildings are a 74-floor, 300-metre-tall office tower in the commercial area, a 21-floor hotel and apartment tower, two 50-floor residential towers and two 30-floor residential towers.

The total built-up area would have been 915,000 square metres (MEED 1:9:08).

The US' Hill International is the project manager and France's Bureau Veritas is construction manager.

Tameer declined to comment.

The project is not the first to be put on hold by Tameer. In December 2008, the developer put its 125-storey Anara tower project in Dubai on hold. The building was to have been used as Tameer's headquarters, and the developer had intended to use the development's design as a blueprint to build tower developments in all major cities in the Gulf (MEED 21:12:08).

The tower was to be built on the site of the recently demolished Palm Hotel and the still existing Hard Rock Hotel on Sheikh Zayed road. The project involved the construction of a mixed-use tower, with serviced apartments, penthouses and a small retail area, in addition to the Tameer office space.


Author: Colin Foreman. Gulf Bureau Chief
Dubai

Last edited by Bustet; March 24th, 2009 at 07:38 AM.
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Old March 24th, 2009, 07:23 AM   #150
Francheska
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Cancelled or delayed?

Hi All,

it is very important to find out if the project will be canceled or delayed!!!!!!!

Similar announcements have been made by the same media outlet about Meydan in Dubai previously.....

It is more likely the project to be on hold for few months until new contractor is appointed. The construction cost is significantly reduced nowadays in comparison to the 2007-2008. Most of the developers are renegotiating/canceling contracts and appointing new, cheaper contractors and suppliers.
For example, Meydan canceled a contract with Arabtec, but signed new one with China State Construction. Now Arabtec is taking Meydan to arbitration, but Maydan racecourse is on track.

However, as delay in Tameer Towers is guaranteed, the investors should approach the developer and ask for rescheduling the payment plans according the construction progress, in my opinion.

Good Luck!
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Old March 24th, 2009, 03:54 PM   #151
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From AME

"Tameer Towers continues to rise high

Tameer is reviewing the construction programmes and associated costs for its iconic Tameer Towers project on Al Reem Island, Abu Dhabi.

Tameer is committed to the delivery of Tameer Towers in a cost-effective manner, to the ultimate benefit of its clients, investors and partners.

Tameer confirms that the Tameer Towers project is moving ahead. The enabling works are complete. Residential sub-structure works will commence upon completion of this assessment.

Tameer will continue to deliver excellent service, maintain its valuable relationships, and provide clear and transparent information to all parties."
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Old March 24th, 2009, 03:58 PM   #152
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And from The National


Tameer ‘reviews’ construction contract

ABU DHABI // Tameer Holding, a Dubai-based property developer, said today it was “reviewing” its construction contracts for the US$1.6bn (Dh5.9bn) Tameer Towers on Reem Island.

Sources close to the company said the developer was planning to cancel the construction contracts with Al-Habtoor Engineering, Murray & Roberts and Al-Rajhi Contracting. However, one option the company was considering was to hire the same contractors at renegotiated prices, the source said.
“Tameer is reviewing the construction programmes and associated costs for its iconic Tameer Towers project on Al Reem Island,” a company spokesperson said.

“Tameer confirms that the Tameer Towers project is moving ahead. The enabling works are complete. Residential sub-structure works will commence upon completion of this assessment.”

Property developers across the country have been renegotiating construction contracts as prices for materials such as steel and concrete decline. In some cases, developers have passed on those savings to buyers through lower home prices to spur more sales.
Tameer, which is majority owned by the Al Rajhi Investment Group in Saudi Arabia, cut more than half its employees, or 180 people, at the end of last year as the property sector entered a downturn.

Since it was founded in 1991, the company has announced more than 30 projects in the region, including buildings in the Dubai Marina and Business Bay.

Tameer Towers is planned to be a central project of the Shams Abu Dhabi development on Reem Island. The project entails six towers, including four residential buildings, one commercial building and a hotel, as well as other facilities.

Sorouh Real Estate is the master developer of the site, but executives could not be reached for comment this afternoon
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Old March 24th, 2009, 05:45 PM   #153
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Just spoke to my salesman, He confirmed the project is now stopped awaiting renegotiated deals with the contractors. He could not elaborate if the cost savings will benefit the investors but did mention there is many different formulas being worked on.
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Old March 25th, 2009, 12:02 AM   #154
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If Tameer decided to change the contractors, then it's a big problem.

A friend of me working in Al Habtoor told me that they need around 4 months to leave the site and take out their equipments, I think the new contractor "If he is already appointed" also needs at least 2 months to start after that, The result is "THE PROJECT WILL BE DELAYED FOR ADDITIONAL 6 MONTHS".

In addition to that, I wonder why the owner of Tameer "Al Rajhi" would cancel the contract with one of his companies which is Al Rajhi contracting!!!
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Old March 26th, 2009, 12:11 AM   #155
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M&R Tameer Towers JV cancelled
Mar 25 2009 14:34

Johannesburg - Construction and engineering group Murray & Roberts said on Wednesday it has received formal notification that the joint venture contract to construct the Tameer Towers project in Abu Dhabi has been terminated, subject to contract.

This means that costs associated with work done to date will be recovered as stipulated, it added.

"The Group has previously cautioned on volatility in the Middle East market as a result of the global financial crisis and in particular, the alliance nature of the contracting arrangement on the Tameer Towers project.

"The Group's 33% share of this contract is about R5.0bn, of which about R90m relates to the remainder of the current financial year," Murray & Roberts said.

"This event, while disappointing, will not have a material impact on the Group's performance for the financial year to 30 June 2009. Current and future opportunities already identified in the region hold the potential to replace the forward order book," the group added.
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Old March 26th, 2009, 01:26 AM   #156
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I dont think a delay is such a problem. Who would wants to live on a huge construction site anyway, if Tameer Tower was delivered on time ? ;-)
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Old March 26th, 2009, 01:52 AM   #157
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Tameer 'reviewing' towers project on Reem Island

[IMG]http://i39.************/rrpgdt.jpg[/IMG]
PROJECT REVIEW: Tameer Towers on Reem Island will go ahead but developer wants to renegotiate current construction contracts. (Artist Impression)

by Joanna Hartley on Wednesday, 25 March 2009

The developer behind Tameer Towers on Reem Island has announced that it is “reviewing” the construction contracts for the project, it has been reported.

Dubai-based Tameer Holding plans to renegotiate $1.6bn (AED5.87bn) worth of building contracts with Al Habtoor Engineering, Murray & Roberts and Al Rajhi Contracting, said a company insider, according to UAE daily The National.

“Tameer is reviewing the construction programmes and associated costs for its iconic Tameer Towers project on Al Reem Island,” a company official said.

“Tameer confirms that the Tameer Towers project is moving ahead. The enabling works are complete. Residential sub-structure works will commence upon completion of this assessment,” the source added.

Declines in the cost of building raw materials, such as steel and cement, have led to the renegotiation of contracts by several developers in the region.

The move allows companies to pass on savings to buyers in a bid to boost the slowing real estate sector.

The contract review is the latest move by Tameer, which is majority owned by the Al Rajhi Investment Group in Saudi Arabia, to survive the region’s property crisis

Late last year it made more than half of its staff redundant, affecting 180 people.

Tameer Towers, the central project of the Shams Abu Dhabi development on Reem Island, will have six towers, including four residential buildings, one commercial building and a hotel.

Sorouh Real Estate is the master developer of the site.

However, Gurjit Singh, Sorouh’s chief property development officer, refused to comment on the Tameer project specifically.

But added: “In the current global economic climate, it will not be surprising if some developers choose to delay some projects."

“But such delays will not impact Sorouh or its projects. A development such as Reem Island is a long-term project and short-term delays will not be significant issues,” he said.

http://www.arabianbusiness.com/55058...on-reem-island
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Old March 26th, 2009, 10:06 AM   #158
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Quote:
Originally Posted by BenjiDXB View Post
I dont think a delay is such a problem. Who would wants to live on a huge construction site anyway, if Tameer Tower was delivered on time ? ;-)
Couldn't agree more. Overall I think good news for Tameer investors. Lower construction costs could give Tameer more flexibility to revise payment plans and (perhaps more unlikely) prices. These revisions would help collections and, in theory therefore, speed of construction.
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Old March 26th, 2009, 11:05 AM   #159
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So ..what is next ...!!

I would Agree with fadi 100% ,I do suggest to prepare of a list of every one likes to participate in assigning a lawyer,this could be done by leaving the e-mail of each one interested so that we communicate and interact in more effective speed .

I just wonder !! is changing the contractors is just a one of the steps to cancel the whole project .

For how long we are going to stand this fluctuating news and rumors!!!!!!we are suffering a lot as we had hundreds of Tameer's sales force/project consultants and agents to finance these apartments and great assurance of being able to re sell these units , nothing happened ,,no body is willing to finance and no body to purchase ..!!!

where is Our money !!! why we should suffer the delay !!!

do any one has a copy of the contracts issued during the may cityscape of june 2008??? is there is any area where we can cancel the contracts for delays !!!!!
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Old March 26th, 2009, 11:18 AM   #160
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From MEED 26 March 2009:

Murray & Roberts confirms cancellation of Tameer Towers deal

South Africa’s Murray & Roberts Holdings has confirmed that*its construction contract for the AED6bn ($1.6bn) Tameer Towers project in Abu Dhabi has been terminated.
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