I am new to this forums, I have registered just now. We are two investors,resident in UAE having 2 units with Khuyool ("Muhra" - later "Faras" project")
I have attended the "SWAP" meeting yesterday. Khuyool has done partnership with Al Masah International to offer their project to khuyool investors.
Below are the details.
1. Our muhra purchase price with Khuyool was 575AED/sq.feet. I have contract for 1-Bed in Muhra I with anticipated completion date June 2009
2. We have already paid 55% of the total price for each unit.
3. Yesterday, 2 years later after the contract, Al Masah representative trying to offer me and AGAIN off-plan units with price @40% increase @800AED/sq.feet in Silicon Oasis, and similiar
Well, as I see it, it is not really "swap" meeting, it is a "throw away 55% invested so far and pay again" meeting. In our case, we have paid around 300,000 AED for the 600,000 AED 1-Bed in Muhra. In the meeting, the price for offered apartment was 900,000AED minus existing payments against the MUHRA, which came again to new 600,000AED.
800AED/sq.feet are not even prices of ready made developments in Marina today, and Khuyool is offering 2 years promised off-plan development with Almasah in JVC for this price!
This is a clear message for me, there is no end to it, unless there is a clear message to khuyool from the Dubai Courts, or group meeting of all Muhra Investors against Khuyool to force them to better deals.
I am therefore looking for following in this forums.
1. Are you the Khuyool Investor, would you like to join and create the group to spread the legal fees and search the legal advise and file a case against the Khuyool, we are already 2 investors.
2. Do you wish to participate in the group meeting with Khuyool to discuss the swaps and force same prices as offered ny Khuyool initially.
3. Do you know any other khuyool investors, and how can we discovere their contacts.
3. What is your experience with Khuyool?
I believe there is a good chance to win a legal case in case of Muhra, since Khuyool will not build it. They claim Nakheel didn't handover fully the plot, but khuyool already change the plot name, change the project name, change the project plan - they call it now "faras" and I have not sign any contract for this, also if some people will swap, there will be no demand for Khuyool to build anything. So if they are not delivering Muhra units, they have to refund the clients at the end...
Please contact me on my pm or [email protected]