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Crown Residencia / Al Batha Real Estate
Sun, 09/13/2009 - 09:47 — arshad
It is heard that the CROWN RESIDENCIA project is DEAD. It will not be constructed (as per the statement of Mr. Abu Baker, Al Batha office, 00971 6 7447778.
Investors, wake up. They may run away with your hard earn money.
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Ajman : Emirates City | Humaid City | Marmooka City
Ajman : Emirates City | Humaid City | Marmooka City
Al Batha
There is a good news for crown residencia investors that the owner of the company has left before 4 months from dubai to yemen. The company is closed now. What to do ?
What is your source for the
What is your source for the information that the owner has run off 4 months in advance? From whom did you get this information?
Mr Abu Bakr said that Al
Mr Abu Bakr said that Al Batha is asking for my agreement to transfer ALL the money that I invested with Crown Residenciato to an appartment in Dubai under Al Masah International Development Company. The money will be put in an Escrow account and registered with RERA. This was too good to be true. After checking with Al Masah, I found that the plan offered by Al Batha steels 70% of my investment and transfers only 30%. In addition, I am asked to to increase my total investment from 450 to more than one million (1125000 dh). Here are the details of the offer:
My appartment is 1225 sqf, at 451000 dh including the parking and floor rise. 50% already paid (= 225000 Dh).
Al Masah refused to sell me less than 1225sqf in any of their project in Dubai.
The price at the Soccer tower in Sport city is 930 dh/sqf if I bring the Crown Residencia money while the true price of that same appartment is 800dh/sqf if I bring the money from my own account.
The difference is 130 dh/sqf
130 dh x 1225 sqf = 159250 dh which will be unfairly stolen from my initial investment of 225000 dh. The amount eaten away by this deal 71% (159250/225000) of my current investment.
I have certainely refused such a "nice" deal.
I also heard the the top management is already in Jale but I cannot confirm the information.
I would like to joined by as many investors as possible to bring the issue to court. Is any one interested to enter in a group and share the cost of the law suit? Please advise
Crown Residencia
Still Al Batha office is opened/operational.
Same employee (2 secretaries and one accountant, Abu Bakr) is running the office.
Crown Reseidencia
I have a 3 bed apt in crown residencia, just wondering if
investors could make a collective effort and sort things out with
al-batha real estate.
Crown Residencia
We have already formed a group to tackle this situation. If you visit Al Batha office, you can meet many of the investors, who are being called by Abu Bakr to explain the new deal (cheating).
Please post your email and tel #, so that we will make a larger group.
In any case let us all meet in Al Batha office on SATURDAY, 19th Sep, at 10:00 am.
Please act fast.
Crown Residencia
I would like to join a group of investors at Crown residencia in order to defend our rights in court. My E-mail is fareschedid@hotmail.com. My phone umber is 0504474661.
what should we do about this situation
Dear crown residencia investors
I am one of those who are based abroad (UK) and have recently come to know that Crown Residencia project is dead.
I am sure you also feel let down and worried about the hundreds of thousands of Dirham that we invested.
I think we need to find out exactly what is going on before we commit to another project with this company
- Why have we not been notified formally yet about what happened to the crown residencia project ? we should not hear through rumours but rather through formal letters and emails
- we need to know when did Al-Batha know that this guy has left with the money, and if indeed this happened sometime ago, why did they continue to take regular payments from us ?
- From the legal view point, can we get our money back through court, and what legal rights do we have!?
I think one way to go about it is join our effort and a get a Legal advisor or Lawyer to represent all of us, and we can share the legal cost ofcourse.
I think we will have a better case to make if we are together to defend our rights or launch a complaint or expose how Al-Batha has played with our hard earnt savings.
Even if we want to invest again with Al-Masah this can have extra risks and we will need assurances that they do not exploit our situation by charging us more dirhams per square foot, selling us more expensive properties, or selling us properties that are hard to sell otherwise. So in this case we also need proper legal representation to guide us in every step from now on.
I hope that those who are in UAE can all meet on Saturday; and one thing you can think about is to get a proper lawyer and we can all share the costs. Otherwise if we stay fragmented and take individual and rushed decisions, then our money may be in more even danger.
Also those who are from Abroad, we can arrange to contact our embassies in UAE to expose Al-Batha and seek more advice.
Any other ideas ? please suggest on this forum or email me directly
This is the time to act together
Crown residencia
I agree we have to act together.
I also live outside U.A.E but I am definitely willing
to contribute in all possible ways if you guys wants to
go after al-batha.
Make our LEADER ...I Suggest AJMAN FLAT
Ajman Flat has the courage to speak against anyone and everyone, so I suggest we should make a leader and I suggest name of Ajman Flat. I am sure being so concerned he will not let us down and will join hands of all cheated people like us and will spare some time from his busy shcedule for us.
Crown Residencia info
I am also an investor in this project and urgently need more information as to whats going on at the moment. If you could please email me any information you have or post it on this forum it would be appreciated. My email address is damienhanley1982@yahoo.com
Any updates????????????
Any updates on Crown residencia tower?
Crown Residencia
Dear Arshad, I will not be able to come to Ajman on Saturday. Please post a contact number of your group. My phone is 0504474661, e-mail fareschedid@hotmail.com
Take AL-Batha to court
I sent an email to ARRA and this is their reply
Sir,
I would like to tell you that this project is not register with ARRA and they don’t have escrow account .
You should take a legal action to refund your money agents this developer in the court .Actually ARRA can't help you if the developer is not register and it don’t have escrow account . From our said we can provide you with a letter to explain the situation for this developer and you can take the legal action in the court .
Kind regards,
Customer Services Officer
If they cheat us The best is to take al-batha to court they can
easily get defeated as they are at fault. It is just a matter of
going to the court.
What is the extent of
What is the extent of AlBatha Real Estate's investments in the Emirates? How deeply is the owner involved here in the UAE? If we do take legal action against him in the UAE courts, then what recourse and what payback can we get. If the owner himself has ran away to Yemen as rumors say, then what jurisdiction do UAE courts have over him? Even if he has run away, there is still his remaining property and investments, and the land itself Crown Residencia was allotted to be built on.
Let me get this straight: are these the possible assets of AlBatha we can gain from or not: The actual money we paid AlBatha (assuming UAE has jurisdiction/authority over banks, etc) , the money obtained from the reclaiming and dissolution of the land at current market prices (obviously lower than 2008 prices), other investments of AlBatha (is this even a possibility? to cannibalize on AlBatha's other assets in order to compensate).
Out of all those assets AlBatha has, and any possible judicial solution in the courts, I believe, will not end up with 100% of our investments. This is a new process for Ajman, a new problem. Only if we get together, amass our voice and object united, then we can hope for the best. Good luck to all of us
Also, please keep us
Also, please keep us informed about the Saturday meeting, for those of us who cannot make it there, with Abu Bakr at AlBatha, the conversation, and results. Thank you
Also, please check the letter which I uploaded that AlBatha sent on Sep 10 asking "all valued clients" to arrange a meeting and have this settled within a month.
http://www.emiratescity.org/content/crown-residencias-letter
Hi friends!
Hi friends!
I was talking to Abu Bakar few days back. He offered to me the same option to transfer my invested amount from Crown Residencia to one of the projects of Al Masah International Development Company. I didn't accept and he sad: "I suggest to do this, because you will not find this office and this people after couple of month" I was in shock!
Absolutely agree we have to join hands and unite closely to one strong group. There are my coordinates as following:
050-9828010
vitaliy@mis.ae
Vitaliy
Dear ARSHAD call me please. I can be in Al Batha office on Sat,19 or any other day and any time!
We need an official legal representation and advice urgently
Dear all
I really think we need to appoint an official legal representation very urgently, before we loose our rights. We need of you guys who is based in UAE to take initiative and speak to a very good lawyer.
The legal advisor or lawyer can then recommend (at this critical stage) if we stand achance going to court or whether we have to find a compromise.
Unfortunatley i am in the UK and cannot do that easily, but I can provide a list of legal contacts if required; and we should find a quick way to ensure that we can share the legal cost which i hope will not be a problem for now.
Can also we start with compiling a list of all our names, contacts in case we need to act on a short notice ? can we identify one or two people of us to coordinate this effort and we should all help with information and ideas
please let us know if you agree
Dear all. I have been to
Dear all.
I have been to office 2day with 3 other men and we've been told the same. And we've been told that after transfer of all money we invested we will have to pay 5% of the remaining cost (balance) of new property in Dubai in cash and only after that we will get a contract with Al Masah.
What I think: any other action will lead to farwell with money. No one has responsibility. One owner is in jail another ran away. I don't think ARRA might help. But there is another project (I don't remember its name - Blue Lake or Lakes view or something else) wich is under constraction and has escrow account. So if it's still belong to anyone of owners we have some chance. And please consider me in for any action any group will take. My Mobile: 050 7701975.
Thanx to everyone who is doing already something and good luck to all of us.
P.S. If we find good lawer or adviser so we can offer him some percentage of the money we'll get bck. That's good money I think. Let's see if we can find anyone to help us...
Ajman's Crown Residencia
Ajman's Crown Residencia stalled
By Suzanne Fenton, Staff Reporter
Published: September 24, 2009, 22:41
Dubai: Investors in the Crown Residencia project in Emirates City, Ajman will have to wait at least a year and a half before they can move in.
Abu Bakr Abuzeid, finance manager of the project's developer, Al Batha Real Estate, said that many people have not paid installments and so the project has stalled.
"We are waiting for many people to pay us. They are delaying payments. We need to swap our clients to Dubai and we have offered them projects in Dubai," Abuzeid said.
Crown Residencia does not have an escrow account, according to the Ajman Real Estate Regulatory Agency (Arra). One of the partners of Al Batha Real Estate is in jail for bounced cheques, Abuzeid said.
Worried investors went to meet Abuzeid last week where they were told that their investments could be shifted to projects in Dubai under a new partnership with Al Masah International Development Company.
Under this potential solution, investors' money would be put into an escrow account and registered with Dubai's Real Estate Regulatory Authority.
Abuzeid is adamant that Crown Residencia is not cancelled. "It is not cancelled. If investors don't accept this offer, then we will try another solution. We just need to pay the balance of the land and some other fees, around Dh1.5 million. Plus we need maybe Dh1 million to pay for construction in advance," Abuzeid said.
However, when investors spoke to Al Masah International they found that under this plan, they would lose 70 per cent of their investment with only 30 per cent being transferred.
"Soccer Tower in Sports City is Dh930 per square foot if I use the Crown Residencia money. The true price of that apartment is Dh800 per square foot if I pay from my account. The difference is Dh130 per square foot," said one investor.
A source at Al Masah International confirmed to Gulf News that clients from Al Batha will be able to move investments to their projects in Dubai.
The cheapest of Al Masah's projects is around Dh750 per square foot, so investors will likely have to pay more as units in Ajman are generally cheaper.
Al Batha Real Estate has no links with Al Batha Group in Sharjah.
http://www.gulfnews.com/business/Rea.../10351964.html
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Dear Investors,Im one of
Dear Investors,
Im one of you here who invested in CR. Now was informed that this project is not going to contiued.
IM sorry to join you all as Im in Singapore. If you all form a group for taking action against Albhatha pls include me in.
My email is ntsin@hotmail.com
hoping for some positive action.
reagrds
Any updates????????????
Any updates ??????????????
Any Outcome to get back our money?
Lets do something about this
I am visiting Mr Abu Bakar on Monday 12th October to discuss what options i have. I have spoken to him on the phone and he says it is best to transfer my investment into another development.
However, i will beware of this as i can see in this forum that only 30% will be transferred.
I think we all need to work together in trying to obtain our money back through whatever means possible. I am not from UAE and therefore do not know how to go about getiing our money back.
Please, someone should take a lead role in this issue and should start the process of getting our money back. I will try my best to help in any way possible. Please let us know if there is anything we need to do
What's the outcome
Dear Ajman ripoff,
What's the outcome of the meeting with Mr. Abu Baker? Please let us know.............
What's the outcome
Dear Ajman ripoff,
What's the outcome of the meeting with Mr. Abu Baker? Please let us know.............
ANY UPDATES ON CROWN RESIDENCIA????????
Hello All Freinds,
Like yourself i am an investor in Crown Residencia development and like many of you i am very concerned after hearing that this project is pretty much dead & buried.
Our best chance of recovering any money is for all of us to Unite & Fight for our right! It has already been suggested that we appoint a specialist lawyer to persue our case and i'm totally in favour of this.
Like many of you i am not from UAE and therefore i urge our friend investors who are based in Dubai to play a more active roll in this matter to help us all and we shall all do our utmost best to support these representatives.
Also i am requesting Ajman Ripoff to give us an update/outcome of his recent meeting with Abu Bakar so we know where we stand with our investment.
Hoping for some positive responses.
Regards
Collect Contacts for Crown Residencia
We bought a 3 Bedroom (1600+sft.) flat at 355/sft. for which we have paid more than 225,000/- AED till date, We have paid our installments on time and we were asked not to pay as Al Batha Real Estate was not having an escrow account nor was registered with the AREA, and they said that they were processing the papers for the same. We were waiting for the for the formalities to complete and we were willing to pay but in the mean time get a letter from Al Batha Real Estate that they have certain challenges and we need to contact them immediately which we did and when contacted we heard that one of the partners Mr. Abu Hamza siphoned all the money that was in the and left the country to his home (Yemen) with the family. Now he is not willing to come back to UAE secondly the other partner is in jail for bounced cheques.
We were offered an alternative to buy a flat in Dubai with Al Massa, the current rate if you have to buy a flat directly is 700 but for Crown RESIDENCIA buyers it is 770/sft. along with the payment plan. In this plan if we lose all the money what we have paid for Crown RESIDENCIA and it is as if we are buying a new flat in these times. We as Crown RESIDENCIA flat owners are stuck in between all of this not knowing where to go or whom to approach for our refund. I met Abu Baker and he says nothing much can be done at this time and they cannot refund the money as they don't have and not only that they need to pay R Holding money for the plot around 1.7 million AED ARERA money around 600,000 AED.
As we have all gone through this we need to work together to do something - can we all have our contact details collected and sent to one place to coordinate an action collectively.
here are few contact details along with mine, people add in your contacts as well
1.ey4m@yahoo.com.
2.050-9828010 vitaliy@mis.ae
3.Elshan 050 7701975
3.ntsin@hotmail.com
4. damienhanley1982@yahoo.com
5. fareschedid@hotmail.com
6. dubaieye7@gmail.com
I also met Abu Baker Abu
I also met Abu Baker Abu Zayed this week, but only after HOURS of waiting for him to arrive at the Ajman office in Escape/Sheikh Tower and not coming. Finally he met me at AlMassa's office on Shaikh Zayed Rd. The same deal was given to us. To me, the deal with Al Massa International to get an available apartment in their many projects is a COMPLETELY NEW INVESTMENT. This is because, they ask you how much you have given to Al Batha (for me 160k), then they tell you the price of one of their AlMassa apartments + your money you gave away to AlBatha and then tell you are being discounted 160k... In the end, Al Massa is giving a price of an apartment as it existed a while ago, ABOVE the market price right now with the cheap trick of acting like the money you sent to AlBatha is being utilized, which is not true at all.
Abu Baker Abu Zayed said to us to wait until Thursday, when he can get a special deal approved by Ajman, that will take all of us unhappy clients with the AlMassa deal, to gather us all into a NEW 2 tower project where they will give you the exact floorplan with the exact same balance left over to pay. This is some good news but I remain doubtful, many questions remain. If anyone visits, please gather more information about this NEW 2 tower project and post here
Any further developments on
Any further developments on Crown Residencia?
If anyone has met with Al Batha Real Estate, please update.
Any further developments on
Any further developments on Crown Residencia?
If anyone has met with Al Batha Real Estate, please update.