Bad news and again in newspaper
Ajman developers hope to trade land for credit
Publish Date: 2009-04-22 18:00:13 Story Code: 13968
Developers who are unable to complete their projects in Marmooka City are hoping to trade their land for credit notes from the Ajman Government.
The credit notes would enable them to buy other properties developed by the Ajman Real Estate Investment Establishment (REIE), the governmental master developer of Marmooka city, or to refund investors.
More than 900 towers have been launched in the last two years in Ajman, although none has been completed.
�There is no doubt that we are going to support the institutions that have suffered,� Sheikh Hamdan bin Zayed, the Deputy Prime Minister of the UAE, said at Cityscape yesterday. �But we are not going to support those who have been reckless in the beginning with their policy of investment.�
Marmooka City is one of a dozen suburban cities that have been launched in Ajman along the Emirates Road. Master developers of these projects sold plots to hundreds of smaller developers, mainly from South Asia, but most have not started construction, although they have already sold off-plan properties to investors from all over the world.
Marmooka City�s developers are clubbing together to try to resolve the situation. Last week a number of them submitted a letter of intent to the Ajman regulatory body ARRA, a copy of which has been obtained by The National.
Not bad at all
This has little or no relevance to EC. The other cities sold in Ajman are likely to fail. EC will be built.
wish upon the well
;) i really hope so that every tower in emirates city will be there soon.............and we can see that they are really trying their best to accomplish something [at least there are some who do]....wish all the LUCK!!!!!!!!!!
I agree, the news is not bad at all
Salaam....
The news cannot be considered bad at all. It certainly shows that the developers and even the government are going to correct their way to be more realistic......surely, this correction in real estate sector is considered good for the whole community although it is a bitter piece of news for investors in Marmooka City. Most of us already knew that it will fail.....the growth of real estate was overestimated, far beyond the growth of the population and economy. ARRA should stick to its My 1st deadline, I think.
Did the newspaper say the
Did the newspaper say the city would be made smaller into a more managable size..More realistic?? This forum is crazy with a lot of negative people jumping to conclusions. The article also said that ARRA and REIE are co operating and working hard to sort out Ajman.
John
You're right. This forum is filled with crazy negative people, but we're not dumb enough to buy into Marmooka City.
I dont know why the admin is
I dont know why the admin is keeping such people like real man in the forum, he is insisting in cursing people.
Listen nonreality-man if u dont accept other people's opinions get out from the forum. u r not that mature for righting in forums
Here's the reason
I'm one of the few people here that posts positive messages.
The forum was one for exchanging information about EC. In the last 5 months it's been taken over by those wishing for EC to fail by posting constant negative messages. This is not the "EC Refund Forum."
You write about accepting other people's opinions then respect mine.
I challenge the Admin manager to check all my postings, He'll see there's no justification for me to be banned.
Ajman Situation
The situation in Ajman is simply too clear at this point, so dont let people like reality-man confuse you. Developers who barely have the cash to buy the land, established companies that have no sound fundementals. Then they started selling using the websites and brokers to investors like us, with the lack of knowledge we had, it might be a promising investment. The problem is, with the first wave of economic turbelance, these developers folded. They cant proceed with building nothing, they can not build a shak without the monthly money comming in from the investors. In any other part of the world, the local government would not allow such companies to sell the promise of building something when everyone knows (but the investors) that these companies do not have the cash. While the government also had vision to build the desert, they turned a blind eye and allowed these developers to scam people operating out of their city. this is ofcourse brining very bad reputation for ajman and its goverment. As a measure of control now, a bit too late, they establish ARRA trying to save the situation.
I have my own information about what will be unfolding in the next two months, but regardless, Lets at least be clear on what happened over the past 12 months and why we got here, and dont let ppl like reality-man who represent some type of developer possibly still lie to you and take you on some immaginary rides. Like the famous saying says, you lie to me once shame on you, you like to me twice shame on me. so lets not be confused on what happened here, pure simple old fashion scam, where immature developers with little money are operating and exchanging attractive drawings for investors money, unfortunetly, the scam continues to take place. ARRA simply should stop any developer who does not have the cash to build the tower today, and return the money plus interest to the investors who are vicitims in this deal. Anything less of this is a collaboration with the theives developers.
ITs a shame that the developers do not have the cash to build and the government is accepting this model of business. This model of operating should not be allowed, and it is what got us here to beging with.
look to what is real
negative or positive comments ?
i think we should look to what is real
reality is they havent money and material to ctreate 900 towers , it's all story
they just promised us without thinking and we are the only one lost money
i paid 30% of my apartment and 0.5% of GCD2 isnt created and now they want more money , so what
i smile and dont be negative ? i look to what is real
perfectly agree
I have came to that conclusion from sixth month back. 900 towers, so funny and strange, in dubai there is less than this number. But at the end who is bothered. The developers, no they got the money. the government, no she did not pay anything from her pocket, the brokers, no they have already collected enough comissions. the only party who is affected is the investor.
He paid from his hard earnings to discover that the developers are standing on the money just like when the hen lye on the egg. and the funny thing is that they dont feel shy of themselves to ask about more money. And now come the ARRA, in order to complete the scam to the end. they want to get the rest of the investors' money to build Ajman. Dubai is built from investors' money and why not Ajman!!
Involved investors:
900 towers in Emirates road projects
Each tower is 30 floors on average
each floor is 10 flats on average
Assuming one investor per flat
Total=900*30*10= 270,000 investor
So approximately more than a quarter million person are the victims of a ponzi scheme in where more than party is involved directly or non-directly in trapping people in this scheme.
why r ppl fighting
hello evryone.what r we going to benefit by fighting amongst ourselves and calling ppl names and linking them to developers etc.
If anyone is genuinely interested in EC I think we should all join hands and dont jump to conclusions so soon .after all we have our hard earned money in question .we still have the may deadline and also nothing is reported on EC like Marmooka city(god bless us).so why fight for something we r not much concerned .
right now we have to wait and watch which developer is registering with arra or no.also abut GCD they r reputed developers if they dont have money then its really an alarming situation for all small time developers.but we can only wait and watch.and yes ofcourse so many ppl cannt be robbed .thats for sure .if anything wrong happens(god forbid) so many ppl r not going to keep quite.we r actually going to demand money from the govt itself as after registration if the developers fail.it is the govt who has to pay us as they were the ones to give developers clean chit.so lets wait for sometime!!!!!!
what!!!
Ajman government will return money!!! This will never happen in any case.
who says that EC will not be
who says that EC will not be delivered with two years delay? I mean all the towers. None of the developers have defaulted yet and i think with arra reg maybe with a months delay it will intervene for sure. By last qtr of 2009 things will be monitored unlike now.
cant understand krishna's statement
only 1 month ago you were challenging that no developer will go away and now you are saying your developer gone?? i dont understand about it..may i ask the reason?
thanks
Emrites city
Hello Krishna, I fully agree with you, no developer has default, ofcourse there is a bumpy ride and I think in 2010 EC will be in its advance stages of development.
before that
no even before that in mid 2009 it will be in advance stage because a miracle is expected in mid 2009. It is too bad just to put hopes based on perceptions. Developers defaulted and the money is not in a safe hand. and if you think in any thing other than this, simply means either you are so naive or you are a developer.
People are thinking how we can pull back our money and you are thinking of completion in 2010. Sorry cause i interupted your daydreams.
sorry to say but it does not
sorry to say but it does not look like that any refunds will be made, and property is a longterm investment . Ec will be completed in acouple of yrs from now. Investors may not get profits after immediate completion but in some yrs yes property will rise. My main concern is not the price but completion. Property price here will need atleast 5 yrs to rise.
rami plz mention developer
rami plz mention developer in Ec who has defaulted as i am unaware.
rami what did u mean by waking us up from daydreaming?
tell me why r u just making hue and cry on this forum.what r u personally doing to get ur money back and how can u help us out?
if u have certain plans or ideas then try to stop our daydreaming otherwise whats the use by telling ppl in this forum that developers are defaulters and fighting with investors instead fight for ur money??
Keep dreaming
I do fully agree with Igor. Rami, I think your right on the money, as Igor mentioned, ARRA was introduced to complete the story and give people some type of secure feeling, oh , we will open escrow accounts, and will watch over your money, dont worry. As if this will make the EC investment a successful one. As for Krishna, I cant tell yet, is she working for the developer or she has little clue about investing.
Ms. Krishna, if I pay around 600K AED, and my flat is delayed by 2 years, then I wait 5 years for my flat to get back to my purchase price, this is called a failed investment? yea? do you know what I mean? this is actually called a Scam!! this is why igor, rami and myself are not as "positive" as you are. We cant care less about the developer making it and delivring EC in 5 years from now, this is not what we paid for when we got into this. We got lied to!!! you get it? so nothing will make this right. The only thing will make this right is for ARRA to give us our money back plus interest. And as Rami said, very slim chance that ARRA will give us our money back. ARRA is put there to give us the imaginary secure feeling, thats it.
So, whether there will ever be towers in the middle of the desert or not, this is the least of my interest to know. What I need to know is how does a civilized government like UAE allow scammers to operate out of their land with no any control measures, and when we "the investors" complain, people like you and others come and say, no no worries, you will get a flat in 2015. Who cares!!! really.
did u ever expect to get ur flat on time in EC
if anyone had expected to get their flats as promised on time or expected to make quick money by selling then they shouldnt have invested in EC as we all had expected a delay of atleast a year.
and in the current situation i think we can never say which developer is a scammer even emaar is not able to complete their projects.
so the thing is we all r scared for our money but what can we do other than wait for sometime and in the meanwhile we would like ppl to help us not just create panic.bçoz panic is not going to give us our money just create more tensions.
if u have some concrete news or evidence of any developer post it else we had all expected delays.
so pls get some concrete news.
investment rules
yes Zp296, just like i agreed to pay the 600K AEd in 2 years, I was expecting to recieve my flat in 2 years. Now that I found out that all developers are lying, I am just educating others like I got educated. The hard way.
on a side note, I would like you to disclouse which developer you work for, your going around the EC forum spreading what you would like to think positive news about developers. I feel bad for you, because there is really no good news about EC, this is as low as it gets for any project. The government is taking over as investors confidence in developers reached record low.
sorry to bust your party, but maybe you should tell your developer friend or in this case yourself, if you stole people money, and now asking them to be patient and wait "Sometime", to be a man enough and retrun the stolen money. Life is not only about money, one day you will pay for your sins.
One more thing, dont you compare your developer to emaar, emaar has devlivered 100's of projects in the past, while your developer cant even deliver a tower yet. Not a valid analogy.
EC scam
Dear Ajmanflat,
I perfectly agree with what you are saying. What you've said i have told people about it from 6 months back and they accused me of being a real estate and being pessemistic and that i am creating panic in the forum.
Actually i know that one should be optimistic in his life and should always be ready to the consequences of a risky investments, but at the same time it is unacceptable that one should continue to fool himself and believe in fake things. The problem is that some people still did not accept the fact that they were cheated. I just want to list some factors that make the EC project an unviable and economically failure project:
1) All developers are liars, they promised to give residence visa, but they cancelled this. Only marketing to get money from people
2)All developers are not serious in construction. 3 years has gone and 5 percent of the project is completed
3) No finance is available
4) No infrastructure is available
5) No economic value. Who will rent there in the desert. people are leaving the country and prices are dropping dramatically in uae.
6)Most investors are defaulting either because they lost the trust in this desert land or because they lost their money due to financial crisis
Finally, i will say congradulation to all developers, you are the winners in this ponzi scam in ajman. you were successful in your marketing strategies. Enjoy our money, you are so smart
Shami Twin Tower
Gents,
I have an apartment in Shami Twin Tower I and until now i have absolutely no problem with the developer. In fact Broukes Real Estate is registered with ARRA and also has and Escrow Account. My over all impression is that the project for EC will be completed on schedule. A lot of people over here are just speculating, wake up! its recession period. I really do not see a need to demoralize other people. Moreover, a lot of people commenting over here have no investment in EC and they are just trying to stir up the whole situation.
Its testing times but hopefully we will have return of our hard earned money in two years time..
This is not the end of it!
Nader
I would like to highlight few points. My view is a bit different than yours, I have no doubt that there will be EC city in 2015. What infrastructure, what lakes, what will it look like, yet to be seen. Some towers will emerge, how viable will the city be, thats a big question mark.
In any situation, this does not show success of EC, the vision of ajman will never be met, not the way it was sold to us investors, and that is the source of my furstration. 900 towers!! give me a break.
Now, what I was trying to explain to others is, whethere some towers in EC get build or not, what we were promised will not be achieved, and therefore the scam! The power plant by malaysian company, the lakes, the 9 different cities along Emarites road, all are dreames that are gone.
Some people still have hope to get some towers going in EC, so what, anyone can build few towers in the desert, but what happens to rental market, resale...etc......this is why I believe that we go lied to. Risky investments is defined differently, this was a systematic scam, supported by formal entities.
Now, Although your 6 points are valid, I havent given up yet, we will wait until May 1st and see what ARRA will say, if I dont like what I hear, I am going to court, many I know are, we found lawyers, they charge somewhere between 5-10% of your money your going after, and they will get you back your money, you can also add your interest on top of that. If the court do not get us anywhere, then we can approach the media for sure.
Let alarabya, aljazeera and CNN have fun with the unbelievable story of Ajman scam. This is my plan for now.
Far from over.
mr ajman flat
if u go thru my profile u will come to know how long i had been in this forum and which tower i invested in.but u and ur so called friends(nader and igor) are comparitively new and trying to spread negativity by logging in different names.
just tell me why u have to hide ur tower names and where were u so many yrs if u had already invested 600k.
look as a genuine investor i never wrote in this forum before but recently from few months i started writing bcoz of the situation.previously all was well and use to just read the progress.
i think u ppl are scamsters more than the developers if u had ever though it would b developed in 2 yrs .i had say u might have been sleeping if u had not seen the desert before today it is still better.for 1 yr i had just been visiting EC just to make my investment safe.u ppl were daydreaming to think it will b over in 2 yrs and u will get ur money doubled.well have to say ur dreams r surely shattered as it was never possible so soon.
but we have invested for a long time investment purpose.our needs r different.yes u r saying EMAAR has developed so many units being such a big developer today they dont have money to complete their started projects what have u to say.
so called big companies r all dying.so dont under estimate small or big.i just wanted to point that all r having problems and we need to patiently solve.
who r nader igor and ajman flat(r u ppl here to scare)
pls furnish ur tower details!!
looks like u ppl r playing on this forum with investor sentiments
mr nader
did u not know that visas r not given for whole UAE whether it is big or small developer.so y blame ajman alone.
secondly did u not know there was no finance before in vesting .
who cares what you think
Zp296
the fact that you have been on the forum for a year or whatever doesnt prove anything. I have discloused which tower I invested in on different messages, so go read if you are that nosy.
The reason I havent written here before, becuase just now I realized that EC is an organized scam, and i am going public with it :)
I bet that pisses you off, when you see the story on alarabya and cnn, you should know rami, igor and me are behind it, Igurantee you, another few thousands robbed investors would like to say a word or two as well.
The reason why you look very suspecious is your continous defense on behalf of small time develpers and it will all be huky dory ok. While the yogurt hit the fan already, and your still trying to lie to people and set their expectations. Oh, you guys are wrong, you shouldnt have expected it to be delivered soon, your expectations were wrong, you were day dreaming......etc
your argument is not valid my friend, we paid for 2011, we should recieve in 2011, the delays are not acceptable, anyways, I dont have to explain to you, the court will explain it to developers, whether your associated with them or not, irrelevant.
go ahead i would like to see what u can achieve
i am waiting to see ur news go ahead .just tell me when it is published.inform all of us with links if u ever happen to.as i know u will not as u have never spent a dime on aything and y would u do now.
whatever u think of me
doesnt matter i am telling u the same instead of shouting here do something and prove ur selves .what r u ppl doing for past 4-5 months.u should have done this before.
you bet
the news will be all over, wait and see.
use your brain man, ARRA is trying to save the situation, May 1st will decide. The developers are turning in the millions they collected, and now ARRA will manage it on their behalf. This is the first bummer for ppl like you, you dont get to keep the millions anymore!!
Now, we will also wait and see what ARRA will do, if they dont, watch your back buddy, it is the court. The courts will get our money from people like you. But dont worry, I will make sure to request my 12% interest and get it out of you :)
the ball is in ur court(waiting for ur complains to flash on cnn
i would b more than happy if i can get my money out too along with you.either ways if u ppl happen to complain and get money we all will benefit and if u dont and r just making noises we will b sure we will get our property.the ball is in u r court now.either ways i am just interested in my money or property.so if u complain i will b there to support u.if u genuinely do so but i am not interested in just taking tensions as the situation world wide is same and i never expected anything fast to happen in Ajman.before investin i always had the delay in mind.i aldo never thought that developers have majic lamp and infrastructure will b ready in 2 yrs.bring an engineer myself had expected the delay.
inquire about your developer
you sure do not sound like an investor with money sitting with the developer and your hanging high dry like the rest of us. at any rate, watch the few comming months and you will see.
why wait for coming months
why r u waiting for coming months now?when i was telling the same lets waittill may 1st we will come to know genuine developers and see u ppl were trying to wake us from day dreaming .for the past 4-5 months i am just hearing shouts nothing actually happening.if u look around i have been asking ppl who have invested in my tower.no one has come forward .i dont even know who this new contrator snds is ?whom my developer has given contract cancelling from mehwal.but still like u i have my money and i really want to see my flat built.just by calling ppl name what r u doing to get ur money.thats what i was questioning y r u calling ppl names what r u doing for ur money.
look around
people like me got the noise so loud the government of ajman formed ARRA!
not bad for a starter.
bottom line, no more free rides for developers like you :)
Really but u yourself were telling not to trust ARRA
you just said above ARRA is put there to give us the imaginary secure feeling, .if it was becoz of ur noise u wouldnt have said that
very good
good, you understand perfect english.
The next few months will tell us about the fact of why ARRA was formed. For the past 4 months its just been enforcing the security feeling. Now, I am anxiously waiting for May 1st :)
I really hope they take your liscense away and you can no longer rob people and operate out of Ajman. :)
i was also telling the same
waiting for may 1st and then i will take my actions and would like to see loud ppl like u taking actions.
what action u take.
whatever it is u r loud enough to post it her i believe
so see u after may 1st
Sure is hot in here! Not Banned yet!
Hello Krishna and zp296
Good to know there are other people who can think logical and positive ideas. Be careful as you too will be accused of being a developer.
The constant negative unfounded messages from these few people sought only to erode confidence in EC. Some of them have admitted they don't have an apartment in EC, they defaulted on their payments. It never makes sense to talk bad about something you have your money invested in.
They talk about having their money stolen but have they gone to the police? They say companies are bankrupt but can't provide the names.
My viewpoint has always been to see EC built, as this is the only way to get a return on money invested.
Here's a business lesson Nader, Rami, Ajmanflat and Igor. Bankrupt companies don't give full refunds plus interest. Your contracts don't allow for full refunds. Dubai and Ajman property law as it is doesn't give full refunds.
We can all look forward to May 1st, you will find EC will be confirmed as viable. 70 towers not 900.
right on reality man
thats the point i wanted to prove lets wait till may 1st now.
best of luck to all of us!!!!!!!!
ARRA is a waste of time and
ARRA is a waste of time and money. Now because investors are not paying to developers, they created ARRA in order to complete the scam. Why i should take my flat in 2015 if i was promised to take it in 2009.
I always laugh when i remember how they marketed the EC project. Ponzi scheme. launched in 2006 and expected delivery in 2015. Oh shit what a great investment.
there is only two ways to return our money: media or court
ARRA doesnt answer
I sent emails to them but i didnt hear from them
Lets list the facts and ignore the opinions
As there is a lot of misinformation being passed around, it is advisable to list all the real facts affecting Emirate City. This will enable all of us to have a truthfull assessment of our investment and the future. It is ofcourse the right thing to highlight the EC investment to the media. After all who wants to hide? If there was some scam then that scam needs to be exposed, and necessary action needs to be taken, and the hardworking investors money should be returned with interest. If this EC project proves itself to be what it had promised to the investors, then too, the media would help to publicize this news all over the world.
Yippee...
Hold on guys... I'm goin' to make some popcorn, this is a good one! :)
What exactly is Arra
What exactly is Arra role????????????????
to pump more money from
to pump more money from investors' pockets.
Yipiee!!!
Hi smitty, where were you when all this bull shit was going on, I was waiting to hear some positive note from you andwhen your turn came,you went to make some popcorn!. Come on come out with your positivepoints , its that what we want to hear
Sorry man...
Sorry man, I actually missed this thread and didn't see the debate until it was mostly over. Maybe the humor of my comment was lost in translation, but it was made to be funny, to break the tension and make some people laugh... even if for only a second.
Second, what could I say??? Nader, Rami and their possy maybe totally right in what they believe; only time will tell. They have obviously lost faith in their futures and are hopeless and desperate, we are not.
Keep the faith, walk with your eyes open and on the ground, fight for what is right and most importantly - don't lose hope!
define the problem first
Dear smitty
I did laugh when I saw the pop-corn comment, so that didnt go in vein. However, I dont know nader or rami and the others, I just stumbled across this forum recently, I doubt their conclusions on the ajman matter came about because they lost hope. I believe its beyond that, its the disbeliefe that we feel, we are in 2009, and the ajman local government is allowing a large scale scam to take place in broad day light. In a nut shell, developers do not have money to build, there is no city, the plans for infrastructure being talked about for years and nothing materialized yet, all we have so far is skelatons for buildings scattered here and there. UAE is a country that has law, meanwhile, an investor can not pay a penalty and get his money back, the developers sit on the money, if they dont like your letter, phone call or email, they simply ignore you!!
The lack of laws is the problem, the lack of law enforcement is the problem, allowing hand full of south east asian developers with no money to florish and rob people selling them pictures and dreams in board day light.
This is whats causing the loss in trust, ajman government realizes it, and now they scramble to put ARRA in place.
The actions of ARRA will either make it or break it.