Emirates City is a graveyard
To all readers in this forum. I drove past Emirates City just last week and decided to park and have a look around. Its very sad. Most of the signs have fallen down. Most of the buildings that have been started have stopped work ages ago...this is evident from the rusting steel reo bars sticking out from the concrete. Maybe a few buildings may be completed at some time...BUT...there is no infrastructure whatsoever. No water, no sewage, no power, no telephone, no district cooling for A/C, no internal roads, no mosque, no shops...just sand for miles around. Basically its a graveyard of buildings and broken dreams and broken promises...and money which has evaporated into the air. No amount of lawyers can get the money back in my view as the developers have either left the country or they have spent the money. The developers have no money to hand back, so even if you won an expensive court case, the developer cannot pay. Its the end of the road for all those who invested their money in this dream. So people should move on with their lives and bury this thing. We all make mistakes, its part of life. So move on and learn from this. Put it down to an expensive lesson and learn from it. That is all you can do. And do not pay any more money out. Whats lost is lost. Do not make it worse for yourself by digging a deeper hole of money lost.
Nonsense!!!
Definitely very very slow progress but some of the towers have started concrete work.thats what i have seen last week.This weekend there was sandstorm so my friend must have mistook it as miles of sand.Yes there is no sign of infrastructure but some towers are making good progress though very very slow.Ajman uptown is almost complete.As far as the information I got R-holdings will start infrastructure work only after few towers are completed.Also at present the shaikh of ajman is said to concentrate on another project(which i am guessing to b Ajman one) after its completion concentration will be on emiratescity insha allah.this is what my developer has told me.
Reality
The Shaik can concenteate until the camels come home.UAE have enough money so in the end if they are not refunding the investors on demand then I call this ROBBING
zp296
and which developer do you represent? I ask anybody to go Emirates City and have a look for themselves. It looks like graveyard of half completed buildings and rusted steel and derelict cranes. ok sweethomes has their uptown villa development...which looks ok and seems to be making good progress...but I am not talking about that. I am talking about the mess of concrete and rusted steel tower buildings up the emirates road. you can see it with your eyes so its not non-sense!!!
Even if someone construct
Even if someone construct something we have not paid for that mess along the emirates city. Ajman and developers there have lost their credibility.
you cannot blame anyone for the mess at emirates city
you should not blame others for the mess at emirates city. Ajman governemnt has acted very professionally. All they did was provide the land and approve the developers plans. the developers started with good intentions BUT what happened then...a global financial crisis in 2008. Nobody saw this coming...like the tsunami in Japan...nobody could predict it. So the developers got caught in the financial crisis. People lost jobs, stopped making payments, so developers had no money to continue construction. It is not their fault. It is not anyone's fault. It just happened...the money dried up. So rather than blame others, just accept what happened and move on. The money is gone. The dream is gone. Move on. No one is to blame. Are the japanese blaming anyone for the tsunami that destroyed their homes...no, of course not. Emirstes City is the same...no one should be blamed for a financial crisis that hit us all.
LEO
You are mad .You dont know what you are talking about.UAE has lots of money.What we have invested is a drop from the ocean.If they want to refund our money they can do it just like that..But no they are cheating and lying.And worst of all I do not know whether you have invested money in Emirates City or not .May be you are a shaik friend or a developer.If you really have invested money then you will not speak like that.Do you really dont care about your money.Then you must be a millionaire.To me it matter because that was my hard earned money.I cannot forget it.I cannot ignore it either.What tsunami,what financial crisis you are talking about.They have money to lavish on women,to attend cabaret and club,casinos ,horses,football club all in Europe.No one to blame .what the hell you are talking again.The first culprit in the person who brag about the project.The Sheik and the promoters and developers.They are the one who have squandered our money and if you are a developer then it is you also to be blamed!!!!!By the way Japan is coping well tsunami after tsunami but look at Ajman the sheik and sons are in LONDON having a nice joly good time...They can refund our money if they are honest with themselves they are not practising what they believe in the word of Allah and his prophet. Read the Koran and look how business should be transacted .REFUND US OUR MONEY AND WE WILL LEAVE YOU ALONE LEO
you cannot blame anyone
you cannot blame the Ajman rulers. You obviously do not understand how the emirates city project was structured. Ajman rulers sold the land to the variuos developers, and Ajman municipality approved the developers plans. The developers then sold on their projects to various people, like youself, in order to start construction. So there are 2 contracts...one between the Ajman Govt and the developers (for the land) and another between the developers and the buyers (you). The issue of non payments and/or non-construction is a commercial/legal matter between developers and the buyers...nothing to do with Ajman governement. Developers are in a pickle because buyers stopped payments, so developers ran out of money to continue construction. Why did buyers stop payment in the first place...because of the global financial crisis which started in 2008. So I go back to my original point, you cannot blame anyone...
REFUND OR DELIVER !
Yes, the developers should either refund the investors money or complete the Emiratescity buildings which have been half-built already and connect the buildings with electricity and water supplies. I am willing to wait for a few years to take delivery and make full balance payment of my 2 apartments in Goldcrest Dreams 2, as long as the building is completed and connected to water and electricity. I could not afford to move on and throw away my hard-earned cash. Therefore, I am willing to wait, because, I believe that in 5 to 10 years from today, the price of properties in Ajman and UAE would increase in value.
leo you pillock
leo it was suppose to have been completed by 2008 - that includes roads, infrastructure the lot. The financial crisis which occurred in 2008 came after the promised delivery date. i.e. they should be able to complete construction with the money already invested as this was what was originally intended. Therefore no completion = no more money from me.
Tsunami !!!
the developers should either refund the investors money or complete the Emiratescity buildings. ITS NOT tsunami. LEO if you are so rich and can donate your money to uae, so leave this room and enjoy your life.
B16 CRYSTAL RESIDENCY
What are we doing to get our monies back? Is there anything or is there anybody we could join or contact to get the proccess ongoing? Or how do we make it clear to the developpers we are not making any more payment until they deliver the building? Anyone kindly advise.
look for swap option,
look for swap option, suggested by ARRA at market price, approach ARRA
EC sellers and buyers in stalemate
The sellers (developer) have constructed as much as they can with the money in the escrow accounts from the buyers payments. The buyers, quite rightly, want their money back as property not finished, and buyers refuse to make more payments...so no further construction can be carried out by the developer as they have run out of construction funds. The banks will not lend against half finished building. So there is no finance to finish the buildings and no money left to pay back buyers. So there is a stalemate. How to fix it...that is the million dirham question which nobody has an answer to.
according to my contract,
according to my contract, they supposed to hand over the appartment with my 40% payment! so, they had source of money/plan,etc.. to build the whole building with that much of payment received from everyone invested, right? then, how come now (or 3 years back) they dont have fund?? whole bunch of liars and crooks!!
FR in EC
Leo you said buyers refuse to make more payments because some buyers like us(paid 85%) already paid more than what built. atleast to those who paid on time and paid more than the project progress ARRA should give ready appartment. ARRA and RH making us fool, they have no response so many time we went to their office it was useless. the person who planned this EC project was an idiot and didn't know how to build all these projects. they should refund our money if they can't deliver it's already late they promise us to deliver by 2009!!!!
Leo
You are crazy zealot.If you are so concerned about taking side of these robbers involved in EC then you must be involved in that too.Tell me one thing who are you.Are you an investor,which tower have you invested and how much money have you lost.Have you paid over 350,000.UAE dirhams.Tell me the truth.I do not think that somebody after losing money will talk like you are doing.You must be an EC representative working for these crook sand thieves .Come on let us have the secrets out in the open.
yes abdool u r right! leo
yes abdool u r right! leo might b a spy for this project.
EC sellers and buyers in stalemate
I am not taking sides with developers or investors. At the end I simply ask the question: How to fix it...that is the million dirham question which nobody has an answer to. Read what I said: The sellers (developer) have constructed as much as they can with the money in the escrow accounts from the buyers payments. The buyers, quite rightly, want their money back as property not finished, and buyers refuse to make more payments...so no further construction can be carried out by the developer as they have run out of construction funds. The banks will not lend against half finished building. So there is no finance to finish the buildings and no money left to pay back buyers. So there is a stalemate. How to fix it...that is the million dirham question which nobody has an answer to.
I think leo, you know nothing
I think leo, you know nothing about this project !! you might have read something somewhere and started writing ?? I live here in uae and very much in picture of what is going on.
Do you know when ARRA and Escrow a/c was established? it was end of 2009 and begning of 2010; many of the construction started by the end of 2007 and almost all have stopped by end of 2008! so, the money whatever in escrow is still in escrow..
please do not post nonsense comments here, if you are not sure !
Leo
You have not answered my questions.Come on Leo don't you understand simple English language.Answer me those above questions then I will consider your comments.
Please !
Paying a single Penny in Emirates City Project means waste of good money, Please visit the Emirates City before paying a any money.
Save your money dont through without any reason.