Emirates City Forum

If you are unhappy with the new payment plan offered by Star Giga on the Goldcrest Dreams projects and you have elected to take the 8% rental guarantee, please use the following text to register a complaint with ARRA. Also, cut and past into an e-mail and send to Mr. Suresh of Star Giga at suresh@stargigaest.com and CC to aysha.d@arra.ae. You'll have to change the first paragraph to suit your situation.....

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Dear Mr. Suresh

As a follow up to our meeting with ARRA on Wed May 13th, it is with regret that I can not accept the new payment plan as proposed by ETA Star Giga as it is not inline with the SPA between Star Giga and me.

In the SPA signed by Star Giga and myself the following were promised:

1. For the period of February 2011 to November 2012 the buyer will receive an 8% per annum rental guarantee. This rental guarantee would be received by the buyer in the form of a discount on payments between February 2010 to Nov 2011, and a refund of payments between the periods of Nov 2011 to Nov 2012. In exchange for this guarantee, the buyer will grant the right to Star Giga to rent or lease the unit for the same periods.
2. The buyer would receive an easy payment plan, which the schedule indicated to have the buyer pay approximately 50% of the cost before completion and 50% of the cost post completion.
3. In the event of a delay caused by an event force majeure, Star Giga would adjust the payment obligations of the buyer to account for and reflect the length of the delay.

The new payment plan violates the terms of our SPA as it attempts to force the buyer into changing the period of the rental guarantee with the benefit being to Star Giga and the loss to the buyer. This puts Star Giga in default of the SPA.

I understand the situation that Star Giga finds itself in right now… Your developer has announced a delay that will cause you a loss of rental income! If I could suggest the following:

1. Approach your developer (R-Holding) and ask them for a discount on your purchase price equaling your total loss of rental income.
2. If you can’t reach a settlement with them, then visit the ARRA office in Ajman and register a complaint with them. They will organize a meeting between you and your developer and attempt to help resolve the issue.
3. If a settlement can’t be reached, even with the help of ARRA, then your only option left is to go to the Ajman courts and take the legal route.

But, whatever you do, don’t take your loss and pass it on to the poor investor who gave you their life savings, trust, hopes and dreams! Do the right thing and take responsibility for your actions and keep your promises!

Sincerely

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