GCD 1
Hi everyone I was in Ajman last WK I went to GCD office next to Ossis center on SK Zayed RD
I meet Mr Shabin Khalid and talk to him about the project GCD 1 project
He is saying the Escrow account be set in couple of week and construction be start in month or so I discuss with him about the economy situation in ajman & dubai I demanded very strongly to get refund but they saying is no way you get refund.
He is very confident project gone be complete and he is saying they had a meeting with sheikh of ajman for Electric on Emrite city,
He is very confidently saying Emrite city gone be build he is saying Makorma city and Humaid city all the project gone be transfer to Emriate city its gone take time but emriate city gone built
I also went to see Emriate city to see whats going on no work is in progress
GOLDCREST DREAMS
This message contradicts a previous message which indicates that the Escrow Account has been provided. This is just so weird. Obviously different investors are being given different answers by the Star Giga Authorities......
ETA STAR better deliver what they are promising!
" but they saying is no way you get refund."
Let The LONG Stop Date come ....thats not very far away 2011
Let's all see hpw they dont give us a refund unless they deliver.....
Everybody should go to court THEN to seek a refund if they (ETA STAR) do not deliver......
Let there be a thousand cases against them........if delivery is delayed beyond the LONG STOP DATE!!!!
They better make amends while we ( Investors in GCD) are still patient and receptive....................
Star Giga
The info, that escrow will be established "within a few weeks and construction will resume in spring" was given to me in early december 2009 at the Star Giga office in Dubai ( next to Oasis Center). I just can't believe anything they are saying anymore.
GCD Escrow account
This email i just recived
Dear valued customer:
We are pleased to announce that we’ve opened an escrow account with Ajman Bank for our project Goldcrest Dreams. Please be advised that all future payments for units in this project must be made in favor of this account.
We give here the details of the account:
Note that there is a separate account number for each tower in the project that is, ‘A’, ‘B’, ‘C’, or ‘D’ and therefore you must take specific care when specifying account name and number – it should be according to the tower in which your unit is located.
Account Name:
Tower A:
Escrow Goldcrest Dreams A Star Giga Establishment Limited
Tower B:
Escrow Goldcrest Dreams B Star Giga Establishment Limited
Tower C:
Escrow Goldcrest Dreams C Star Giga Establishment Limited
Tower D:
Escrow Goldcrest Dreams D Star Giga Establishment Limited
Account Number:
Tower A
Tower B
Tower C
Tower D
01 1008403 017
01 1008405 012
01 1008407 016
01 1008408 018
Bank Name:
Ajman Bank
Bank Address:
Ajman Bank PJSC
Khalifa Branch
PO Box No.: 7770
Ajman, United Arab Emirates
Telephone: +971-6-7479999
Swift Code:
AJMNAEAJ
It’s important that all payments must be traceable to their respective owners and units so as to avoid any confusion and therefore based on the mode-of-payment you must follow specific instructions whilst making payments.
A) If you’re making payments through a telegraphic transfer then you must specify ‘the Customer Name’ and ‘the Unit Number’ in remarks or details section.
B) If you’re making payments through cheque then you must specify ‘the Customer Name’ and ‘the Unit Number’ at the reverse of the cheque.
® Additionally, you must also specify the escrow account name and number at the reverse of the cheque.
C) If you’re making cash payments then you must specify ‘the Customer Name’ and ‘the Unit Number’ on the deposit slip.
If there are any queries that still need our notice; you may contact us at the details given above.
Thanking you
Sincerely – the customer support team.
I am actually surprised.
I am actually surprised. Now: only if the construction picks up at top speed is this actually good news.
Which is which?
Tower A......C9
Tower B.......C8
Tower C........C7, and
Tower D.......C 6
Is it like this?
GCD ESCROW ACCOUNT
I have Not recieved any communication from ETA STAR on the escrow account .Scorpiorulez , request you to call up ETA and verify the information in your letter above with them . I'm sure they are no where near escrow account. I just now called ETA and they told me it is still under process and will take few weeks. This they are saying only for GCD 1 for other towers GCD 2 , 3 and 4 it will take much more time .
I completely agree with what "I2 Ajman " has written above ,if the developer doesn't deliver by ULTIMATE LONGSTOP DATE which is Nov 2011 ,then we should take them to court and demand our money back along with interest as mentioned in the contract .
Information Correct
Hi All,
I have received the same email from ETA and a few days ago.
Dear valued customer:
We are pleased to announce that we’ve opened an escrow account with Ajman Bank for our project Goldcrest Dreams. Please be advised that all future payments for units in this project must be made in favor of this account.
We give here the details of the account:
Note that there is a separate account number for each tower in the project that is, ‘A’, ‘B’, ‘C’, or ‘D’ and therefore you must take specific care when specifying account name and number – it should be according to the tower in which your unit is located.
Account Name:
Tower A:
Escrow Goldcrest Dreams A Star Giga Establishment Limited
Tower B:
Escrow Goldcrest Dreams B Star Giga Establishment Limited
Tower C:
Escrow Goldcrest Dreams C Star Giga Establishment Limited
Tower D:
Escrow Goldcrest Dreams D Star Giga Establishment Limited
Account Number:
Tower A
Tower B
Tower C
Tower D
01 1008403 017
01 1008405 012
01 1008407 016
01 1008408 018
Bank Name:
Ajman Bank
Bank Address:
Ajman Bank PJSC
Khalifa Branch
PO Box No.: 7770
Ajman, United Arab Emirates
Telephone: +971-6-7479999
Swift Code:
AJMNAEAJ
It’s important that all payments must be traceable to their respective owners and units so as to avoid any confusion and therefore based on the mode-of-payment you must follow specific instructions whilst making payments.
A) If you’re making payments through a telegraphic transfer then you must specify ‘the Customer Name’ and ‘the Unit Number’ in remarks or details section.
B) If you’re making payments through cheque then you must specify ‘the Customer Name’ and ‘the Unit Number’ at the reverse of the cheque.
® Additionally, you must also specify the escrow account name and number at the reverse of the cheque.
C) If you’re making cash payments then you must specify ‘the Customer Name’ and ‘the Unit Number’ on the deposit slip.
If there are any queries that still need our notice; you may contact us at the details given above.
Thanking you
Sincerely – the customer support team.
GCD
I would not pay them even a single cent even if they have an esrow account which I doubt they have in place as mentioned in their email.
The escrow account does not gauarantee handover in time or refund of the investors amount,does it?
dead money in ajman desert
The escrow accountssssssssssss does not gauarantee handover in time or refund of the investors hardearned money,does it ?????????
never !!!!!!!!!!!!!!!!!!!!!!!`
what i don't understand why ajman govrmnt do not come out and say any thing to investors????????????
GCD - Escrow Account
I agree with you Tellisi, I assume the ESCROW account is set by the Ajman Government to grab what ever amount it can get from the investors. It is more tailored towards getting the investment in to Ajman - directly in developers account or through bank ESCROW account does not make a difference as long as the money flows in to ajman and does not make much of a difference to the investor as the escrow account does not garantee handover of the unit as per contract else 100% refund of investors amount.
They know that the legal process in ajman is very costly and the laws are very weak,so the investor would not prefer to go to the court.
WHY CANT WE DO THIS...
Friends...Why cant we take such action as the Investors of RAK have done...Please read below:
La Hoya Bay investors slam Khoie Group reps
by Ed Attwood on Saturday, 06 March 2010
Over 50 investors and representatives crowded into the Khoie Group headquarters in Al Quoz on Friday to hear company representatives explain their claim to restart construction on the La Hoya Bay site in Ras Al Khaimah within 90 days.
Attendeees at the meeting heard brief statements from new administrative representative Rick Sailors and effective chief financial officer Abdul Karim Mohammed before the floor was thrown open for some angry questioning.
The new CFO claimed that “everything [in terms of financing for the project] would be achieved.”
“If I was not sure [about the financing], I would not be here,” Mohammed explained.
But investors poured scorn on the possibility of winning financing for what they see as a woefully mismanaged project – especially in the current climate.
One investor also called for Khoie Group to release the details of the planned project manager and main contractor for La Hoya Bay. Neither official was able to clarify these details.
An informal show of hands at the meeting revealed that investors overwhelmingly intended to accept the Khoie Group’s offer of a refund immediately, although one investor told Arabian Business that he had no choice to accept the 90-day suggestion, while at the same time pursuing his right to legal action.
We have had our hopes raised and dashed for over a year now, and therefore I believe many of us will request a refund, but ensure our contractual legal rights remain firmly in place,” Ashley Merry, a British investor in La Hoya Bay, told Arabian Business.
Another meeting with investors and RAK government officals will be held on 17 March in Ras Al Khaimah.
“It is obviously prudent to keep all our options open until we have evidence that the recent promises made by Khoie Properties have real substance. Actions speak far louder than words after all.”
Set on Al Marjan Island, the La Hoya Bay project was suspended following Khoie’s arrest in January last year.
The CEO, who had bought six plots of land worth AED302m ($82.2m) from Ras Al Khaimah Investment Authority (Rakia), is currently serving a three-year jail term for bouncing an AED57.5m ($15.6m) cheque written to the state-backed agency.
In October last year a court appointed Rakeen, the development arm of Rakia, as judicial custodian of the project in a bid to allow work to continue.
http://www.arabianbusiness.com/58303...public-meeting
I think its time we pull our socks and do something about this...
Prashant Kapoor
UK
07834350470
for att. nazir of saudi arabia
I am waiting for your email as per your tel conversation.Same offers I got in my hand for review.
It may be some settlements possible which will be benifited for both parties.
srs_786@hotmail.com
07919997167
GCD 1 Escrow Account NOT registered with ARRA
I have written to Arra to confirm the information sent by Star Giga is correct regarding the escrow account, as the ARRA website has not been updated with regards to the Projects that are registered since the 3rd of March 2010, which is before many of these letters/emails were sent out to investors. I recieved this response from Arra yesterday the 8th of April 2010.
رداعلى استفساراتكم
ان المطور العقاري ستار جيجا ستابلشمنت ليمتد غير مسجل كمطور وليس لدية حساب ضمان حتي تاريخة
I have had this translated into english and it says this;
"In response to your question, the real estate developer Star Giga Establishment Limited is not registered as a developer and does not have an insurance account until today"
I would request Star Giga send a confirmation letter from Arra before you commence making any payments into their so called 'Escrow Account"
Thank you mkhazenirad for
Thank you mkhazenirad for the sharing the details. I got the same details from ARRA. STAR GIGA is misleading the investors with incorrect details given in their emails about ARRA registeration and escrow account. Please do not trust them, get them verified by ARRA before you decide to pay.
I would not pay them even a single cent unless they produce ARRAs registeration, confirmed ESCROW account details including the amount already paid to them before escrow account, Revised payment schedule - approved by ARRA, based on construction rather then dates, Internation or Bank Guarantee that they will handover the unit before July 31,2011 which is the ultimate long stop delivery date as per contract or 100% refund of investors money.
We just need to be more carefull with this developer who keeps on making false statements, now correspondence as well.
GOLDCREST DREAMS ACTION GROUP
Hi All,
As you may be aware I am part of a group of around 20 investors who formed at the start of the year in order to look at ways in which we could safeguard our investments in Goldcrest Dreams.
We are looking at numerous ways and if you recall this also included potential legal action. Our concern is that the developer is doing very little to allay our fears. They rarely respond to our correspondence (I probably speak for all investors on this point). Furthermore, we feel that the setting up of the escrow account is scant consolation when no construction has taken place. We need answers from the developer now. They do not listen to us individually. Maybe they will listen to us collectively. Lets bear in mind that potentially we have a thousand intelligent minds at work. I am sure that if we all work together we can all get ourselves out of this mess.
Our relationship with Star Giga has been soured. Communication is lacking. Respect is fast disappearing.
Contact me at gcdgroup@fsmail.net if you are interested in joining the group. We need you to succeed as 100 or more people taking action together can reap dividends. Contact me with your details including investment info as we only want legit investors and lets take things a huge step forward.
Best Regards
Ossy
GCD
Ossy,
Could you share the agenda which you have communicated with STAR GIGA.
As for me I would not pay them even a single cent unless they produce ARRAs registeration, confirmed ESCROW account details including the amount already paid to them before the escrow account, Revised payment schedule - approved by ARRA, based on construction rather then dates, International or Bank Guarantee that they will handover the unit before July 31,2011 which is the ultimate date as per contract or 100% refund of investors money.
Since they are not responding, would it help if all the investors (or as many as possible) specially the ones who live in UAE or close by countries make a visit in person at STAR GIGA's office on a scheduled date/time. In this way, they will have many investors at the same time in their office and they will have to respond.
GDD
Please send me an email and I will include you on the mailing list. Kindly provide me with your investor details as we do not wish to entertain no legit persons. The email address is gcdgroup@fsmail.net.
You will be included in all group email correspondence. We have some good people on board and the potential knowledge to seek relevant remedial action in this matter.
GCD
why ajman government doesnt do anything , why they dont force the developers to give our money back and if they open escrow account then they sell to other customers , why we must again pay to them if they have escrow account ? they are not trustable more , even their government , cos in first they promised they ll give residence permit with buying property , now they changed it , they always change their words .
GOLD CREST DREAMS TOWERS (DEVELOPER STAR GIGA )
Dear Highly Respected Authority (RESPECTED & HONOURABLE GOVERNMENT OFFICIALS)
It surprises me to find developers trying to get 50 and 60% of developers when they haven't really achived much. It surprises me even more to notice that the prices of those off-plan properties are at least twice as much as the prices of ready properties.
Last week, I spent two days looking at ready properties in free hold projects in Ajman and found out that the actual prices( after bargining) of ready properties are between AED200 to AED250 per s.f.
Now, asking myself how much the developer is charging us. Propably between Aed 350 to 500, OK, unfortunatly, we signed contracts and we have to pay this price, However, we should insist on conditions which guarentte our investments. We should ask for 50% of the price after the hand over of the property and we should insist on new contracts with new payment plans.
Please, I write to your far sighted Authority and let you know how you feel. It is just an email to make my voice heard. Tell you how I feel about being in risk in Ajman and what I expect from Ajman's governement to do to protect my investment.
I am telling ARRA that I want the development projects of Ajman to succede but I don't want to lose my money. Telling ARRA that my demand rules and regulations to protect me because I am an investor who believed in Ajman and trusted that its governement will enforce the power of law.I am with Everybody requesting this from your good office that they should know that there are thousands of people who expect the government to do something.Best wisher.. of Gove of Ajman
Best regards,
ayesha siddiqui (based UK 00447919997167)
invester gold crest dreams tower (developer STAR GIGA)
GCD
Dear Ayesha,
i was wondering if you could let me know the details of the apartments you saw for 200-250 AED per sq ft and which company deals with it.
hope to hear form you soon
NO RESPONSES RECEIVED FROM DEVELOPERS
Just to let you know that Star Gigga and ARRA still avoiding answering any correspondence.
Is there anyone out there who has received a response?
NEWS about GCD 3
First don't trust the promises they give. They have been told to answer this way. I played a trick with them . Me and my friend we bought a property in GDC Dreams 3 2 yrs back. When I spoke to the operations manager he told me that they have spoken to high officasl a couple of days back and things would be up and running for GDC. This happened in march . My friend called up a couple of weeks back and he was told the same things. Even if I call them after a month they will say we spoke a couple of days back and things are going to start off very soon. At the end its all bull shit.
These people have invested the money in Abu dhabi for sure or in other business . At the end they would pay back without building anything.
This is what happened. If they would take loan they would have had to pay interest. So they fooled people and took it from them. Who is going to stop them now. Developer are over an law or religion at the moment.
As per the contract if the completion date is delayed by 1 year the a force cancelled can be done by the investor with 100% refund.
GDC 2 already delayed by 2 year plus they can claim a full refund plus interest.
Read your contract carefully.
best regards
Faisal
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