[Dave1596]

Good to see some trucks on site I suppose!

 

[ilmzomz]

hey, Thanks very much Imre.

hope you'll be regulary updating us on Marmooka

 

[Imre]

Good to see some trucks on site I suppose!

use it for the soil test.

Still nothing construction has started but I think now everybody waiting for the ARRA.

 

[Dave1596]

It looks although the size of Marmooka may be reduced.

In my opinion it's the best news I've heard on the City to date.

Regards,

Dave

 

[MANUTD]

It looks although the size of Marmooka may be reduced.

In my opinion it's the best news I've heard on the City to date.

Regards,

Dave

Dave -hope the same happens to Humaid City ? does anyone know about Humaid ?

 

[uaeprop]

Here's an article on Marmooka City from the National.

http://www.thenational.ae/article/20090503/BUSINESS/705039990/1133

Marmooka City’s fate in the balance
Nathalie Gillet
Last Updated: May 03. 2009 7:03PM UAE / May 3. 2009 3:03PM GMT
Among the other projects owned by REIE in which developers could shift their money is Aqua City, a 21 plot development, and Awali City along the Emirates road, both of which have not started building. Randi Sokoloff / The National

The fate of Marmooka City, a 200-tower project along the Emirates Road in Ajman, will be decided in the next couple of weeks, according to the Real Estate Investment Establishment (REIE), the master developer.

One of the largest planned communities in Ajman, the project will either be scaled back or cancelled altogether, the latter making it the first development to be abandoned in the emirate. Developers may lose up to Dh300 million (US$81.6m) if they agree to cancel their contracts or consolidate, subject to the REIE’s conditions.
“We need to see how many developers will accept,” said Ghaleb Jaber, the general manager of the REIE. “If we find only 50 customers willing to continue, we will still build Marmooka City, but it will be smaller. We will wait until next week.”

Developers unwilling or unable to build in Marmooka City will be given the option of cancelling their contracts and buying properties owned by the REIE elsewhere. They will receive credit notes for what they have already paid for the land, minus 30 per cent. Mr Jaber said this was a fair deduction because “the value of land has gone down by 50 per cent in the whole country; this burden must be carried by developers too, not just REIE”.

Marmooka City is one of a dozen suburban cities launched in Ajman along the Emirates Road in the past two years.
The majority of developers who bought land in Ajman have sold off-plan properties, but not yet started construction.

It is not clear how the off-plan buyers will be affected, although it is thought that they in turn will be offered apartments in whatever deal their developer accepts.
The developers are clubbing together to try to persuade the master developer to renegotiate the terms of their initial contract, according to Omar Bissar, their legal adviser.

Mr Bissar said his clients had paid more than Dh1 billion (US$272 million) for land in Marmooka City. They now wanted to be given new properties elsewhere in Ajman, and were unhappy with the options from the REIE, and the 30 per cent cancellation fee.

“How can developers pay back end-users if they are charged 30 per cent?” said Brian Pepper, an Irish developer in Marmooka City. “Also, plots were meant to be handed over in July last year. But none of them has. And since REIE took over the entire project in February, even the entrance gate is closed.”

Mr Bissar, who represents about 40 other developers, sent a counter proposal last week. “We want an independent institution, like Colliers for instance, or somebody else to do the pricing of the properties that developers could buy with the credit notes.”
He said his clients would accept a 10 per cent deduction of what had been paid. “According to Sharia law, any penalty has to reflect the damage. But they sat on their money for one year. Nothing in the contracts is mentioned about any penalty. They just want to cancel the developers’ contracts one by one.”

Mr Pepper said he wanted a fixed rate per square foot for properties that developers would be able to purchase from the REIE. “If they charge a 30 per cent penalty and sell their properties at a higher price than the current lower market prices, we will lose twice,” he said. “And since REIE, as a government entity, was granted their land by the Government at a very low price, they won’t be losing any money.”

The developers who were willing to build said they could not do so because they had not been given the land. Some were even uncertain about the ownership of some of their plots because they were still occupied by farms, according to Mr Bissar.

Among the REIE-owned projects to which developers can shift their money are Aqua City, a 21-plot development, and Awali City along the Emirates Road – both of which have not started building. Developers can also go for ready properties in Al Khor, according to Mr Jaber.

He said that the REIE had been very generous. “The first thing we did when we took over all of Marmooka City was to give developers six months’ delay [of instalments] in December. Whenever a cheque was bounced we did not go to the police or the court.”

 

[Imre]

Marmooka City cut down to size

Nathalie Gillet

Last Updated: July 19. 2009 7:49PM UAE / July 19. 2009 3:49PM GMT

Ajman’s largest residential property project will go ahead at just a fraction of its original size, after the developer cancelled more than 180 towers in response to a downturn in investor demand.

Marmooka City, the largest planned community along Emirates Road in Ajman, has been scaled back from 206 towers to just 20 buildings

http://www.thenational.ae/apps/pbcs.dll/article?AID=/20090719/BUSINESS/707199916/1133

 

[Imre]

Marmooka City project in Ajman scaled back

Staff Report
Last updated: July 20, 2009, 08:17


Ajman: Marmooka City, the largest planned community along Emirates Road in Ajman, has been scaled back from 206 towers to just 20 buildings as a result of downturn in investor demand, according to a senior official at Real Estate Investment Establishment (REIE), the master developer.

The initial project plan of the luxury suburban development was to have a 206 residential and commercial buildings and feature Manara Ajman the tallest tower in the emirate with a school, clinics, a large shopping mall and five-star hotels.

The project was scheduled to be completed next year as originally due for completion next year.

More than Dh1 billion (US$272 million) have been paid so far by developers to buy a land within the planned Marmooka project.

They will be partially refunded but not in cash for projects that have been shelved or cancelled.

http://www.gulfnews.com/business/Real_Estate_Property/10333020.html

 

[The-King]

so far, nearly 60 towers have been approved, so about 40 of them will be cancelled hno:

 

[kevin_GT]

Marmooka City Phase 1 Masterplan

Click to view:

http://www.thekingsofmarmooka.com/marmoo3large.jpg