Construction Updates
Today I spoke with the sales person at GSS (the developer of Savannah Tower) and gathered certain interesting informaion as follows:
1. If an investor is unable to pay any further instalments, the developer will forfeit the unit and will withhold 25% of 100% price of the unit.
2. Investor can resale the unit to another person, however, in today's economic situation, it is very difficult to resale.
3. They refused to buy-back the unit, as according to them, if they do so, then there would be a huge number of sellers. However, once the economic situation is back to normal, then they may consider this option, as they did last year.
4. On the consutrcution update, I was informed that so far goround + 3 floors are completed and work is in progress for 4th and last parking floor.
5. Regarding completion date, they informed that they are stick to their original construction schedule with the margin of 90 days delay. This implies that the project will be completed maximum by March 2010.
6. It is R Holding's responsibility to provide infrastructure i.e. water, power etc.
6. It is the contractor, not developer, who is taking advantage of current low cost of construction.
Another point
In my above comments, I forgot to add that the speed of construction has been advised to be 15 days per floor. With this speed (assuming no interruption) all 4+25 floors should be completed by February 2010.
Lets hope it goes like this.
good information
its good to communicate all our talk with developers with other users.
reg. construction, its hard to believe that they can maintain this speed ( 15 days per floor )
even at this superfast speed, how about time to finish inside?
reg. infrastructure its a million dollar question, that even if buiding is built on time and there is no electricity and water, who will be responsible for it? if master developer, then who can ask damages from him?? no contract can say anything about master developer.
at this time , we should keep pressure on developers for fast progress in construction, GCD 1 is due in july this year for handover which is impossible.
later we all can talk to master developers about infrastructure , unfortunately we dont have anything in writing from them but its a public intrest and its natural right of investors so we can file a public intrest peition in Ajman court about it.