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This magnificent project is located on the coast in the front line of the D district of Madinat Al Arab, the first phase of Dubai Waterfront. This is the tallest beachfront residential development as all others are zoned inferior. The hotel will share luxury beach resort amenities with the residences such as beach club, fitness and business centres, swimming pools, restaurants, bars and retail. The project is designed by a very prestigious USA based architectural firm Architectonica and the developer, Omniyat Properties, is the most credible private, Dubai based, development company with 5 projects under construction and many prestigious accolades in achievements by the CEO and also the project consultants and project designs themselves. Omniyat is the developer of the “World’s Best” & “World’s most technologically advanced apartment tower” THE PAD in Business Bay and is also responsible for THE OPUS which is so far the only class AAA rated office tower coming to Business Bay. Construction on the Waterfront site is scheduled to begin in Sept 2008 for completion in 2011.

SOURCE
http://www.alineah.com/apartment/9351/detail.htm
 

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you know, I keep looking at this project and I wonder. I'm not sure if its because the rendering is kind of cartoony, but something just isn't sitting right with it. I like the basic shapes of the structure but overall, I guess it looks busy...
It might be one of those deals too where it looks great once completed where it can actually be seen in context.
 

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the design is good but colours are dim.
rework colour combinations with architect.
some rounded restaurant at top must be interesting.
 

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you know, I keep looking at this project and I wonder. I'm not sure if its because the rendering is kind of cartoony, but something just isn't sitting right with it. I like the basic shapes of the structure but overall, I guess it looks busy...
It might be one of those deals too where it looks great once completed where it can actually be seen in context.
This project can never be completed. This is all a big fraud to fool public and to rob investor and embezzle funds with the connivance of the concerned persons
 

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Discussion Starter · #13 ·
Omniyat refutes claims it can't proceed with Beachfront

on Sunday, May 31, 2009


Omniyat Properties, the real estate arm of Omniyat Holdings, yesterday refuted investors' accusations, saying it has enough funding to go ahead with the Dh3 billion Beachfront Living project in Waterfront and is in full compliance with the regulations of the Real Estate Regulatory Agency (Rera).

"The project is going ahead and enabling work has already commenced on site by Al Habtoor. We have fulfilled all Rera regulations, such as escrow accounts, and have even taken Rera's permission to offer investors the option of switching over to any of our eight projects at 50 per cent reduction in their overall commitment value," Omniyat Chief Executive Mehdi Amjad told Emirates Business in an interview.

Rera has approved the switchover of investors to Omniyat's exiting portfolio, Amjad said, adding that the move was aimed to allow "over-committed" investors an exit option.

Amjad said the company signed with a hotel operator in November for a seven-star hotel, which is part of the project. Although the final date for opening of the hotel has not yet been decided, the first phase will concentrate on completing the residential tower.

The completion date of the project, 2012, remains unchanged, Amjad said.

His response came after an investors group met with Rera Chief Executive Marwan bin Ghalita on Thursday seeking cancellation of the project and the refund of the money. Ali Al Shamsi of Al Shamsi and Partners, Camille Paldi of Global Advocates and Antony Davies of MAC Davidson also attended the meeting.

At the meeting, 30 investors, who claimed to represent the majority of investors in Beachfront Living, requested Rera to cancel the project as "the developer had succeeded in losing the trust of investors after very serious irregularities pertaining to misuse of investors' money, which was not placed into escrow accounts, and no commencement of construction at site at plot D5C at the Nakheel Waterfront despite having collected money from investors a year ago in April 2009".

The group said it accounted for more than Dh955 million worth of the investors in the Beachfront project and have together paid Dh200m cash upfront to Omniyat so far, which amounts to more than 20 per cent of their contractual amounts.

"With the project only having been sold 40 per cent so far as per Omniyat's own admission, the Dh955m investors represent virtually all 100 per cent of the investors in the Beachfront Living project," an investors' statement said.

According to the statement, Ghalita told the group to sign a letter regarding cancellation and approach the legal department. The letter should state that "we are the majority of the investors in the project and we request you to cancel the project as per Law Number 9 of 2009", and the reservation contracts should be attached with the letter.

Paldi said the request should be based on the fact that the project has been "secretly cancelled" by Omniyat and based upon the "irregularities, financial and otherwise, committed by them" rather than being based on Law Number 9 as that would stand them a better chance of getting a full refund.

"There are a few investors that are looking to get out of the contracts. They do not want to honour their commitments and so they are seeking cancellation. We are going ahead with the project and it will not be cancelled," Amjad said.

The group said Ghalita had promised to give them information about the total sales made by Omniyat in the Beachfront Living project so that they could determine what percentage of the project's investors they represent. Patrick Keating, an investor, told Ghalita that Omniyat had not fully paid for the land on which Beachfront Living is being developed before selling units to investors.

He alleged the developer had paid only Dh60m so far for the land. In response, Amjad said his company has paid Dh237m for the land, according to the Rera auditor's report.

The developer said all reservation contracts had been handed over to the investors and the units registered under Rera's "Oqood" system, denying the investor group's claim that all units were still in the name of the developer and not registered with Oqood even a year after the money was taken from investors.

Oqood is regulator Rera's online system for registering the off-plan sales of property.
 

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Beachfront Living

The above picture was only done to make people think they have started construction after Law 9 came into effect, so that they can keep investors money without refunding when the project is cancelled.

This project was never officially launched and all the sales todate are pre-launch only.

If they are going ahead with this project why are they offering consolidation and transfers to their other projects which have still not got off the ground.

Lets be honest. This project is not going ahead but they are refusing to be honest with the investors and trying every trick in the book to keep investors money without returning.
 

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no it hasn't. They are updating the link, that means you can see August updates at a post from February. You only need to quote an old post so see the latest pics.
 
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