GBS Group Holding
Matching intent with action in Ajman
Naheed Akram, Features Writer
Published: April 09, 2009, 14:46
In a market that has seen its fair share of hyperbole, GBS Group Holding may not have the most original of slogans going around. But, it is matching intent with action on the ground, and in its case quite literally.
The company recently did the groundbreaking for its 5th Avenue Tower within Ajman’s Emirates Lakes Towers cluster. Company promoters believe it’s marketing slogan for the project — 'A signature tower for those who demand the best in life' — will generate an enthusiastic response even at a time when the property market is roiled with uncertainty.
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"The current world economic situation challenges us all to work smarter and invest more wisely,” insists Max Shaw, CEO. “It drives out the weak, timid, and unconfident and will reward those with vision, strength, courage, and the trust of their clients and partners.”
GBS Group Holding made its mark in the local market through Max Interiors and Automax, a high-end maintenance and repair facility for luxury automobiles in Dubai and Sharjah. A sister company, Unity LSS, is a major supporter of the on-going reconstruction efforts in Iraq and Afghanistan.
While the company’s effort to get the project into construction mode is admirable, doesn’t it still make better sense to have held back until the market situation takes a turn for the better? Shaw, for one, does not quite see it that way. "We had a backup plan and we were prepared for the recession a year ago,” he states. “Our reputation would be at stake if we cannot deliver what we set out to accomplish."
While GBS plans to complete all of their promised developments in Ajman, where they will follow the present market conditions is in not launching new projects if these are not backed up by adequate financing. "Our Savannah Tower in Emirates City continues to rise and is still on its construction schedule,” the CEO adds. “We are also continuing our construction project of the Fujairah Hillside Resort, which will be a one-of-a-kind experience in the UAE."
Dire the situation may be for the wider property market, but the GBS Group is not willing to consider discounting its prices for the 5th Avenue Tower.
"If you compare the property prices with Dubai, Ajman was always more affordable. Ajman is not suffering like Dubai because prices never reached an exaggerated level. We will not be revising our sales strategy — people are buying and the interest is there."
GBS Group Holding's slogan for its fifth development in the Northern Emirates may not be the most original way to allure investors into buying property during a global financial crisis. But in their case, launching a project during the gloomy climate is something that most developers would prefer to put on the back bench.
Great relations
The freehold residential tower is scheduled for completion by the last quarter of 2011, and company officials aver any delay will be due to the infrastructure issues in the master development. That said, GBS officials adds that they are more than happy with the co-operation they have had from the master developers of Emirates Lakes Towers and the Ajman government.
5th Avenue Ajman, located off Emirates Road, will offer a balcony with every apartment and extensive views of the master development. The building’s floors are designed to accommodate eight studios, four one-bedrooms, another four one-bedroom apartments with an additional study and four two-bedroom apartments.
http://www.gulfnews.com/PropertyWeekly/Freehold/10302569.html
GSS Real Estate and 5th Avenue Ajman
Mr Shaw, What planet have you been living on? As an investor in your 5th Avenue project, (which hasn't been registered with ARRA so you are in breach of the Amiri Decree on numerous counts), you are now refusing to refund your ill gotten gains (i.e.our monies which are not held in escrow) but instead are trying to palm us off onto another project. You will of course not be revising your sales strategy because you have nothing to sell - it has not (and we believe will not) be built, although you say it is on hold - until when - 2025??
You say you are going to fulfil your obligations and finish all projects in Lake Towers. As an investor I know nothing about this. The communication has been appauling, You have avoided communicaton with investors whilst continuing to take our money and delivered nothing. In the UK this is called 'theft'
Don't believe a word that Max Shaw says. His linked in profile is laughable. GSS Real Estate have no credibiloity in the minds of hundreds of UK based investors. Organisation and companies in the UAE need to realise that words are not enough and they have to back up their words with action and not communicating with investors and keeping them up to date does nothing to ingender confidence and quite the reverse. This sorry episode has badly affected investor confidence.
“Our reputation would be at stake if we cannot deliver what we set out to accomplish." - Why don't you do the decent thing and then your reputation will remian intact. Break the mould and refund investors.
Mr Shaw - what would you do in my position???? I hope you can sleep at night. My only hope is in the saying 'What goes around comes around'