GCD - INCORRECT INFORMATION
Seems like STAR Giga is not telling the truth about the current situation and their future plan of the project. Recently, I got hold of Aslam of Star Giga and after many cross questions, he uttered few words of caution and asked to be careful for future installment payments. It seems like that Star Giga already has a plan to get the last penny out from the investors and there after giving the investors with a surprise.
The correct situation is that Star Giga does not have a plan to complete this project & handover, instead they want the investors payments which they will invest in various other projects / financial instuations as well as their other business. Finally, after delay in time (couple of years) by that time they had already capitalized on investors money and will slowly start refunding in small installments which will last for over 5 years (till 2017)
So trust me, do not pay them any more, even with the escrow account as they have the expertize to get the money out of the escrow account...
The final decision is yours....
buy thesis - what ? Explain about escrow
What are u on about fowler.
Mr Jarkata could you expalin how they are getting money out to the escrow.
I spoke to the bank and they have told me that apart form their fees, the only
other payments are for construction related activities.
Response
I don't think anyone really knows what will happen. We will have to wait and see what happens next. There is not much of an option here for an investor. Not paying after an escrow account is approved will only make situation worse and it will further delay the project. In the market as such bad news is all over the place.
My advice - Stay positive, be patient, have trust, and let us ride through these turbulent times.
GCD - Escrow Account
Dear Callan model 1967,
Just to answer your question of escrow account, the developer can withdraw /claim the amount from escrow account to pay salaries, meet office expenses, indirect construction expences like planning, site visit,site survey without even showing a single inch of construction on the ground. You can check this out with ARRA.
Now if the project gets delayed, the developers indirect cost associated with the project increases and is funded from the investors payments made directly or through escrow account. You can check this out with ARRA and confirm it.
Is it her or am I going
Is it her or am I going insane. What is she on about...
You're NOT insane...it is
You're NOT insane...it is her. :)
Jenifer25
Dear Jenifer, take in easy, do not go insane, we are all stuck with our investments in ajman. May be you need to take time out and relax in the sunny Emirates City in ajman, you need to take your own tent with you as it is a complete desert,construction will start when R.Holding has money to build the infracture expected some time in next centuary. so just hang on and do not go insane.