I have bought a flat in Eye tower and i want to know when this project is going to get over?
if they have not started yet wit the eye tower project i would like to get my money back coz there in no details regarding this project and i dont know if they have even started wit it..
Below is the latest message from R holding, they finally responded.......... what do you make of this can they be trusted ??? it's all about trust now..... Is the escrow account safe or is similar to the contracts changed at their whim ?
R Holding extends its regards and its appreciation for your patience.
It was decided by the Higher Management of R Holding along with ARRA, to downsize the above mentioned tower; as a financial solution towards the situations we are currently facing due the Global Financial Crisis. This specific tower is 80% owned by 10 individuals whom are bulk buyers with an average of 50 units for each investor. They got largely affected in the Crisis and are now unable to pay their installments due.
The resolution process took some time due to the consultants redesigning / re-structuring / and re-tendering the tower to new contractors with the new specifications and BOQ’s. Finally, we have assigned the contractor, and the construction work has commenced since September 2009 and the piling work has already been executed earlier.
By abiding with the ARRA Rules imposed to all developers earlier, we had stopped collections for this tower since November 2008.
We now have the ARRA Registration, as well as the project Escrow Account with Ajman Bank.
Ajman Bank
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The downsizing of The Eye Tower did not affect the areas / orientation / views / facilities of the offices within the tower, since the parking floors / restaurants / health club facilities all remained untouched. We reduced the number of the typical floors only.
We now assure the investors along with this decision of downsizing, that this project is confirmed, ongoing and now requires less time in execution. Therefore, we now request you to continue with your payments against the revised “Payment Schedule Details” attached, where the gap has been automatically adjusted towards your monthly installments.
Please note that all payments will be deposited into the Escrow account. However, if you wish to deposit the payments straight into the bank account, please arrange to forward a copy of the deposit receipts, in order to issue your original receipts from our Property Management Software, and to update your payment towards your schedule.
Hi
I have bought a flat in Eye tower and i want to know when this project is going to get over?
if they have not started yet wit the eye tower project i would like to get my money back coz there in no details regarding this project and i dont know if they have even started wit it..
latest missive on eye tower from r holding
Below is the latest message from R holding, they finally responded.......... what do you make of this can they be trusted ??? it's all about trust now..... Is the escrow account safe or is similar to the contracts changed at their whim ?
R Holding extends its regards and its appreciation for your patience.
It was decided by the Higher Management of R Holding along with ARRA, to downsize the above mentioned tower; as a financial solution towards the situations we are currently facing due the Global Financial Crisis. This specific tower is 80% owned by 10 individuals whom are bulk buyers with an average of 50 units for each investor. They got largely affected in the Crisis and are now unable to pay their installments due.
The resolution process took some time due to the consultants redesigning / re-structuring / and re-tendering the tower to new contractors with the new specifications and BOQ’s. Finally, we have assigned the contractor, and the construction work has commenced since September 2009 and the piling work has already been executed earlier.
By abiding with the ARRA Rules imposed to all developers earlier, we had stopped collections for this tower since November 2008.
We now have the ARRA Registration, as well as the project Escrow Account with Ajman Bank.
Ajman Bank
dfdfsdf
The downsizing of The Eye Tower did not affect the areas / orientation / views / facilities of the offices within the tower, since the parking floors / restaurants / health club facilities all remained untouched. We reduced the number of the typical floors only.
We now assure the investors along with this decision of downsizing, that this project is confirmed, ongoing and now requires less time in execution. Therefore, we now request you to continue with your payments against the revised “Payment Schedule Details” attached, where the gap has been automatically adjusted towards your monthly installments.
Please note that all payments will be deposited into the Escrow account. However, if you wish to deposit the payments straight into the bank account, please arrange to forward a copy of the deposit receipts, in order to issue your original receipts from our Property Management Software, and to update your payment towards your schedule.