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i am investor in Lincoln park project. i am getting calls from them that i should switch over to another project, when i refused, they told me it will be delayed. they falsely declared that enabling work is completed in april this year and only yesterday i got mail that its only 60% completed and now they are changing the design so project will be delayed for sure. i wonder if they have to give any compasation for delay because they have lots of fine prints in their contract. i regret to invest with such a lousy developer
 

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ĐЯ ฿฿ שίŧ&#
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Dubai Properties set to deliver projects

Company makes completion of structures a priority

By Nicole Walter, Senior Reporter
Published: 00:00 October 5, 2010


Dubai: Dubai Properties Group (DPG) is focusing on the delivery of existing projects for the remainder of this year and will be set to announce where the rest are heading in 2011.

"We're now in the phase of challenge we must manage carefully. The strategy is to review projects and coordinate closely with all concerned parties to successfully deliver," Khalid Al Malek, group CEO of Dubai Properties Group, told Gulf News.

Less advanced projects are on hold. But Al Malek stressed that none has been cancelled but it is rather about when to bring them back to the market.

"We're reviewing each of them and will have clarity to announce the details next year," he added. The Culture Village, where Damac and Sunland Group have projects, for example, and The Lagoons, Al Malek said are going ahead. Why cancel a beautiful project like The Lagoons, for example, he said.

"We have investors into the project and will support them and are coordinating with the authorities to make sure the infrastructure is there. If developers are serious they can get on with building their projects," he said.

New areas

Dubailand's myriad developments include the cities of Arjan, Liwan and Majan. Malek said that new areas are being defined and new projects will be announced in the first quarter of 2011.

The Mudon development, where the Cairo townhouses have been under construction, is still on hold and under review.

In the meantime the developer continues to focus on the completion and delivery of existing projects. Phase one of Remraam and The Villa phase two, both in Dubailand, are being prepared for delivery in the second quarter of next year.

The leasing portfolio is the developer's other main focus. Mirdif's Shorooq development has a waiting list, Al Malek said.

http://gulfnews.com/business/property/gulf/dubai-properties-set-to-deliver-projects-1.691873
 

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MONACO _ Côte d'Azur
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40 Dubailand units to be sold at cost price

Developer needs to meet expenses related to handover and settle final payments

By Parag Deulgaonkar | Published Thursday, March 24, 2011


La Fontana di Trevi (AGENCIES)

The developer of La Fontana di Trevi, a residential project in Arjan, Dubailand, is willing to sell 40 units at construction cost in order to settle the contractor's final payment and meet expenses related to the handover, Emirates 24|7 can reveal.

“We are ready to sell 40 units, which we have taken back from our defaulters, at construction price as we need to pay our contractors and meet other expenses before handover. We need Dh9 to Dh10 million for the purpose,” said Ashok J. Galgotia, Chief Executive Officer, Triveni Builders and Promoters Limited.

“Although we will receive 20 per cent on handover from our customers, we still need more money to meet all our expenses,” he added.

In February, this website reported that a developer in Business Bay was looking to sell his apartments at construction cost. However, no deal has yet been struck for the project.

And not to make his 60-odd investors "unhappy", Galgotia will give them the first chance to buy the apartments at construction cost.

“I will offload the units in the market only if they [investors] reject my offer.”

Galgotia claimed his project is among the few the “fast track” projects approved in Arjan community by Mizin, the master developer.

“The master developer has told us that our project will get power connection from Dubiotech.”

Triveni will still be holding 20 apartments which it plans to put on the rental market, he added.
http://www.emirates247.com/property/40-dubailand-units-to-be-sold-at-cost-price-2011-03-24-1.372496
 

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Special prices available for Arjan apartments

Dubai-based Triveni Builders and Promoters is offering special prices for 20 apartments at its La Fontana di Trevi project in Arjan

Published: 00:00 June 10, 2011


Dubai: Dubai-based Triveni Builders and Promoters is offering special prices for 20 apartments at its La Fontana di Trevi project in Arjan.

These units were acquired from defaulters and are being offered at below the construction cost and at less than half their original prices.

A studio unit is thus being sold for Dh199,000, a one-bedroom for Dh399,000 and a two-bedroom, which initially cost Dh1.2 million in 2008, is now available for Dh599,000.

"Given the current situation one has to be realistic and try not only to stay in business but also honour all financial obligations," said Ashok Galgotia, CEO of Triveni Builders and Promoters. "With the monies raised from this sale, we will settle final payments of our general main contractors, who in turn will settle other smaller nominated sub-contractors and material suppliers."

A low-rise development, the Dh80 million La Fontana di Trevi comprises 126 apartments. Each of the six floors has three studios, 12 one-beds and six two-bedroom apartments ranging from 410 to 1,440 square feet.


http://gulfnews.com/business/property/uae/special-prices-available-for-arjan-apartments-1.819592
 

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MONACO _ Côte d'Azur
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La Fontana in Dubai is finally done

Kevin Brass | Jan 2, 2012


The La Fontana project in Arjan in Dubai. Satish Kumar / The National

After a lengthy dispute over electrical hook-ups, the first project is ready for handover in Arjan, the Dh20 billion (US$5.44bn) development planned to include Dubai's version of the London Eye.

Construction on La Fontana di Trevi, an Dh80 million residential development with 122 apartments, was started in 2008.
http://www.thenational.ae/thenationalconversation/industry-insights/property/la-fontana-in-dubai-is-finally-done
 

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Indian mum, 81, sells ancestral land to save son's Dubai building

When Galgotia ran up millions in bills and banks slammed the door in his face, he had no one to turn to except his mother in India

* By Jay B. Hilotin, Chief Reporter
* Published: 00:00 February 23, 2012




* Image Credit: © XPRESS / Oliver Clarke
* Sudha helped with Dh9 million to settle her son Ashok’s debt in Dubai by selling off ancestral land in India




DUBAI An 81-year-old mother's timely intervention saved a small-time Dubai developer from doom after banks refused to lend him money to complete his maiden project.

When Ashok J. Galgotia, 56-year-old chief executive of first-time developer Triveni Builders and Promoters Ltd, faced a Dh10 million bill from about a dozen contractors in late 2009 for his dream six-storey project La Fontana di Trevi — an Italian-inspired building in Arjan, off Dubai's Umm Suqeim Road — he felt there was nowhere to turn.

"The banks — 11 of them — slammed their doors in my face. There was a real possibility of the building not going up, of power not being available indefinitely. I had several sleepless nights," he said.


Mum to the rescue

When his mother Sudha heard about Galgotia's woes, she agreed to sell their ancestral land in India's Haryana state to pay the Dubai contractors. "When my son told me he was facing a big problem," Sudha told XPRESS (in Hindi), "I immediately consented to the idea [of selling the ancestral property]. It was out of a mother's concern. What else would it be?"

The Dh9 million proceeds from the sale of half of the 20-acre Haryana plot of land allowed Galgotia to keep construction activity going. "I had zero knowledge of the real estate industry. Friends and family told me: ‘Don't bring money from India to Dubai … people do it the other way around'. But I had no choice."

Galgotia, a mechanical engineer, first came to Dubai in 1986 to work as a manager with a car dealership. Triveni Builders is a subsidiary of Triveni Trading Group, a UAE-based cable management manufacturer he founded in 1993 and employs about 100 people today.

Galgotia made a foray into real estate when he brought a plot in Arjan in 2006 from developer Mizin. La Fontana had a smooth start in February 2008.

"In 17 days, all our units were sold off plan. Investors from China, Iran and Dubai were buying like crazy. The building was supposed to be completed in 17 months," said Galgotia, whose family is from Haryana's Sohna district.

When he started building the 120-unit low-rise in December 2008, the US sub-prime mess was already unravelling with the collapse of Lehman Brothers. That's when things turned sour. As the credit crunch unleashed its full might, 30 out of the 90 investors in the property were never heard from again. Galgotia said they tried selling units during 2009-2010 at cost or even below cost in order to close La Fontana's books, but even that did not work due to the community's deserted look, with no street lights and greenery. "At that time, we had already spent Dh3 million to lay the foundation. By law, the big hole on the ground must be refilled within six months if construction is stalled."

Clouds lifted

But the clouds slowly started to clear: The master developer, Dubai Properties Group, helped Galgotia by allowing a delay in final payment for the land. "The project director assured me when I was at my lowest that our building will be connected to the next-door Dubiotec's power substation." Power was finally connected on December 9, 2011.

By the end of January 2012 — 37 months after ground-breaking — the Dh80 million building was ready for occupancy.

"I lost a lot of my hair but I also learnt that when all else fails, my mother came to my rescue," he said, while citing Dubai's marking of 2012 as the year of felicitating mothers.

Today, La Fontana is the only completed project in the sprawling 60-hectare Arjan development and investors are getting the keys to their apartments.

Maxine, from the UK, was one of the first residents who moved into a one-bedroom unit rented for Dh28,000 on February 16. "We like the building and the unit. It's fabulous, affordable and not far from my son Craig's garage in Al Quoz," said Maxine.


http://gulfnews.com/news/gulf/uae/general/indian-mum-81-sells-ancestral-land-to-save-son-s-dubai-building-1.985070
 

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