Ajman Boulevard - is it worth holding on?
What do you think is the future of Ajman Boulevard? The project is registered with ARRA and the developers seem decent enough, but I had bought this project at the height of the property boom in a fair at Wafi City by gowealthy. I had paid AED 670 /sq ft for a 1 bed apartment of the same size. I have paid 112K todate and have a balance of 371K.
A ready to rent/move in one bed or studio is avaliable in International city these days for around the balance amount due. Please advice if I should forget what I have already paid and buy something thats readily avaliable for the balance amount and think that I had bought this at boom time or do you think its wiser to continue to pay the balance amount? Do you think when the project is complete whenever that is, it will ever command the price I purchased for? Please advise.
The investment in Ajman is
The investment in Ajman is absolutely not safe (even with escrow...)
No water and electricity (may be will provided but not before 5 years .. at least)
670 /sqft is too much for Ajman - you can find in IC or DSO or any other place in Dubai with same or less price.
if i am in your situation i will stop this investment
.
Bechara: Abird in Hand better than 10 birds on the tree
Bechara,
If you get as you stated above: “a ready to rent/move in one bed or studio is available in International city these days for around the balance amount due”, Buy it if you have the amount ready or arrange financing, because if you collect from that apartment (e.g.) rent income of AED 30000 or 25000/yearly you will have total income in 3 years AED 90000-75000 and that recover a considerable amount of the money already paid to Ajman Boulevard which may will not be ready before 3 years, at the same time find a legal way or settlement with Ajman developer to get as much as you can of the amount you already paid after paying penalty for termination of contract.
Be careful these days in every step you will take since real estate market nowadays full of crooks.
STOP YOUR INVEST
Hello,
I would advise you to stop immediately your payments! Forget your 112k paid money, even it's hard! I've must to do the same experience in a other way and have lost all my money! If you want to balance or better said reduce your lost, it's better that you go PERSONALLY to dubai! Look after a project in DUBAI, which is built at least 30-40%. Take it and try to get 20-30% discount (it easy in the current situation)! Be careful, that you get the contract with a real possible compelete day and a delay penalty in high of the usual rent of the bought flat!
My dear friend it's hard to lose 112k AED in this fu**ed country, but you should know:
It's a win the earlier you cut the loss!!
Good luck!
Cheers
hi u are joking if u
hi u are joking if u still think in investing in this country ,i have one flat in rainbow 10 and another in dubai investment park both not completed and i paied arround 1000k dhm but what is the result ? no properties , no rents , no residence visa ! even if u recieve ur flat no inferior structure as others said eariler , my advice dont put any sigle penny in this place go and buy somewhere else , forget about ur 112k bec ur price is very high , i bought in 395 and crying ! i paied 60% that is why i can not take decision to stop paying
R holdings show some
R holdings show some balls and clear this fraud and mess.
Ajman Boulevard
Hope the situation improves soon. AA property has already registered with ARRA and have escrow account. Very soon they are going to ask for payments of installments which are due till date as per contract. (Reminders are already on the way)
Does any one have any update on the construction status (on the ground). I do not live in UAE and would appreciate if some one in Ajman/Dubai could help with the current status on the ground...
Ajman Boulevard
As of today,zero construction.....Not a single sole on sight....
Ajman Boulevard
Thank you Mr. Akhiabani.
Seems like the investment has gone down the drain. From my side, I have made a decision not to pay any more even if the Developer (AA Property) threatens to cancell the contract.
I assume we (buyers) do not have any choice and there are no proper courts to go to / the legal process is very costly (means more investment without guaranteed return).
Ajman Boulevard - project scrapped?
Has anyone received any form of compensation from AA Properties. I spoke to a lady in their office and she said that there is no question of rate revision or refunds as they have spent all the money on marketing. The are also not willing to go ahead with the project, they say that thier studies shows that because investors have stopped paying, their cash flows will not support construction if started. Strange, after selling the property at rates of 670 to 700 plus per sq ft, they claim to have run out of money, especially after constrution costs have fallen. They have probably concluded that what ever they have collected is good enough, so why bother about completing the project, after all what can investors do except vent their frustrations in fourms like these.
Ajman Boulevard - Has the project been scrapped?
Bechara, very distribing news? They have already registered with ARRA and have ESCROW account.
Seems like they have scraped the project but do not want to declare it openly. They are not going to build that is obious but not returning the investors money is troublesum news. What does the contract say? But who cares in ajman, lawless place full of cheaters....
Ajman Boulevard - Investors Money Status
Seems like the investors money is all fu*f*d off my AA property as they do not have any money left to return it to the investors or to start with the construction..
Ajman Boulevard
Hi, The project is not going ahead. I signed up when Gowealthy.com hosted the launch in the Raffles Hotel, Wafi City in May 2008. I was told that completion would be mid 2009. When I finally got the contract after I had paid 15%, i noticed that completion date was mid 2011 (2 years later!) so i refused to sign it and asked for my money back when I visited AA property office and met the GM.
GM told me, it was impossible that comp date would be mid 2009, so i showed him the web pages from AAproperty and Gowealthy which I still have in soft copy clearly confirming what I had stated. Then the GM said, we will see..and I never heard from them. I spoke to some tart Saba who was the GMs secretary and she gave me so many lies each time i spoke to her on the phone.
No I have AED 130K sitting with AAProperty and no contract.
Gowealthy.com also are a bunch crooks especially their english guy at the top "Penhall" These guys have taken our heard earned money and we seem to be powerless as we are in a country that does not give the investors and support just clowns like ARRA who will do nothing for you!
There is a group of 30 or so Boulevard investors who have met..please contact them at fabrice3kv@gmail.com.
There is also a website ajmaninvestors.com which is collecting other investors in Ajman projects which have lost money, so far they have 350 investors in total property value of AED 700M plus. Please join it and see the list of poor investors from all over the world and see their comments.
What we need now is the involvement of international media to air reports on the Ajman scam and hopefully that will galvanise the UAE authorities to actually get their fingers out and do the right thing!
ARRA wake up and do what you were created to do!!
Ajman Boulevard
Is there any update on this project. AA property are not replying to my emails and even telephone is not being answered. Any update will be appreciated.
Has the construction started or is it still on hold?
Ajman Boulevard
Ajman Boulevard is unoffically cancelled and is not going to be built. They are trying to play with the investors by not telling the truth. They do not have any money left and have pretty much spend what ever the investors have paid them in advertising and high salaries for their bosses and staff runing the show.
Ajman Boulevard
Please ,,,,,
Can any one update on the latest status, has the construction started? If they are not going to build, will they refund the investors money?
I am very very distribued, I have over AED 482,500 with AA Property, which I was foolish enough to invest what ever I had saved all my live. I have already retired and do not have any source of income, was hoping to invest and rent it out.,, What a luck?
Ajman Boulevard
AS per ARRA website, the construction of Ajman Boulevard (for all buildings) is ZERO percent.
Can any one on the ground (Dubai/Ajman) confirm this? So far I have paid 25% (15% - 10 % (2 installments) - Construction based before feb'2009).
I have also recently received ESCROW account details and reminder to pay more or the booking will be cancelled.
Please advise what to do now...
Ajman Boulevard
ARRA's website still shows construction of Ajman Boulevard (for all buildings) as ZERO percent.
Can any one on the ground (Dubai/Ajman) confirm this? So far I have paid 25% upto feb'2009 and stopped payment thereafter (15% + 10 % which are 2 installments based on Construction as shown in the booking form).
I have received reminder to pay more or the booking will be cancelled. Please advise what to do now...
Bolevard - daylight robbery
I've not received any reminders to date. The project is owned by the ruling family of Ajman, I think their only motive of registering with ARRA is to blackmail investors into paying the balance amount with or without construction. This way they have a legitimate (according to them) reason to forefiet our payments to date if we stop payment. This is one project that will not go ahead, they will also not refund a single fil of our money and there's also no way that they can be taken to court as they are the law. It's a sad story of daylight robbery. I wonder where the other investors of bolevard are?
Bolevard - Ajman rulers & daylight robbery
Thanks Bechara for the update.
It sounds so sad that the rulers if a state are alos stealing the hard earn money of the poor investors. Normally, most of the investors in ajman coming from the middle or lower middle class looking for a decent place to pass on their life.
The rulers of ajman have not only robbed the investors of their life savings but also of their dreams to have decent life.
Shame on them...
Facebook page fpr Boulevard Ajman
Please join the group if you are a investor in the boulevard project in Ajman. 33 members so far to keep you up with any new developments.
http://www.facebook.com/home.php?#!/group.php?gid=213628432276
Bolevard - Ajman rulers & daylight robbery
Nothing is happening for the boulevard, no construction, no news or updates, ZERO % on ARRA website, the deveoper does not reply emails and when you call them they give you a swap offer to other R-holding projects like lavinder, etc.
I ma totally sick of AA property and my foolish stupid act of investing in Ajman, to be honest I do not know what are the possibilities or even what to do as I have invested all my savings...
May Allah burn them in hell and also punish them in this world
There is still hope
I dont know if you have already taken a step about stopping your investment or not, but I have advice for all the investors who are stuck with property put on hold or have been cancelled...
I was a victum of a project put on hold with no time frame of the project being completed.
During a recent research, I found the following:
http://www.ameinfo.com/238636.html
A real estate recovery scheme, you can swap your undeveloped property for a completed one from their properties. The agency is very reliable since I have personally dealt with them in the past and the information given provides that they even pay the investor his lost funds which is great. For example, I not only get a completed apartment in Marina but also my money back on the previous investment.
So in this case 'Bechara', you dont have to forget about the investment you have made. You should be able to get your money back along with a chance to finally invest in something real.
Hope this helps :D
mprez Seems like yo have
mprez
Seems like yo have copied and pasted the above article at multipl places on this site which is very confusing.
Question: Are you an investor or a real estate broker?
Boulevard - Ajman rulers & daylight robbery
No hope that Ajman boulevard will ever be built. I taked to Saba and she could not give any update if the construction will start or not. Infact she recommended to swap with one of other r-holding projects which are also in total mess and might never be completed.
The owner of AA property and R-holding is the son of the ajman king and regarded as one of the persons who is having a nice time with the investors funds.
Let us make dua and inshallah Allah will help us
Ajman Boulevard
No hope at all for this project. It has been scraped but the developer AA property is keeping silent to avoid refund claims from the investors.
Ajman Boulevard
AA Properties To Build Villas On World's Taiwan Island
* Print
* Mail
Search News
RSS
RSS
Desktop News
03-Aug-2010
Author : Nithya
Reports that were issued on Tuesday mention that a Dubai-based property developer will soon be entitled with the responsibility of constructing luxury homes worth a minimum of $54m on Nakheel’s The World project.
Dubai-based AA Properties will be constructing luxury residences and villas on Taiwan Island, which cater to the residential requirements of affluent foreign purchasers.
According to AA Properties partner Jeroen van der Geer, the property developer and real estate firm will be handing over the deal worth AED200-300m to Arabtec Holding.
Source : Arabian business.com
Ajman Boulevard
Is there any update on this project. The developer does not acknowledge or reply any emails, etc. Would appreciate, if some one can update the latest status.
Ajman Boulevard
Absolutely nothing..... It is a very smelly dead project which Arra needs to hold funeral for it.
Ajman Boulevard
Is there any update on Ajman Boulevard project? Seems like the project has been cancelled.
Ajman Boulevard
The developer AA property does not reply to any of my emails. I am not sure if they are still there or have vanished. Can any one check and confirm.
Boulevard Investors get together
I suggest that all of you Boulevard investors get together and approach the developer together. The ones which are overseas should request any local contacts to represent them. Ofcourse, none of you should pay any further & as per ARRA regulations, AA cannot request for more payment if the construction is zero. Neither can AA cancel your contract without ARRA's approval. Only hope is that if you get together, you might be able to find some solution.
Ajman Boulevard
Did any one get any reply from AA property? I have sent them so many emails but not a single reply has been received. I have already paid more the 25% of the contract price on two units. No one also answers the phone as well.
Any update would be appreciated.
stop investment
I agree that you should stop paying anymore money and cut your losses now. I think that this deal will just be a money pit and continue draining your funds. I know it is hard to cut your losses; maybe consider taking on another investment that is not so risky. Maybe you could try stock trading a small amount of money, possibly on the Forex market. You could even get the advice of a forex broker to help you with the investment. Better luck next time!
Ajman Boulevard fraud
I want my money refunded for Ajman Boulevard which I paid to AA Property. I know that this project is a fraud & will never be built
ARRA
Hi all. could someone pls write complete address of ARRA office and also how to get there. i live abroad and may visit uae soon. the telephone no would also help as the number given dont seem to work. will be grateful for any help pls.