Goldcrest Dreams new payment plan
17 February 2009
Dear Sir / Madam:
Sub: Change of Payment Plan of Goldcrest Dreams Unit No. ..... – in Emirates City, Ajman
We take this opportunity to wish you and your family a very happy new year. As you may be aware the construction of your apartment in the above project is in progress, however due to anticipated delay in obtaining the utilities and other infrastructure which is to be provided by the Master Developer, the anticipated completion date of your units has been changed from the current anticipated completion date of 31st July, 2009 to 31st July, 2011.
Consequently, all payments due have also been postponed based on the actual progress of construction and the details are stated at the end of this email.
We deeply regret for the delay in the anticipated completion date, we assure you that we will put in our best efforts to complete and handover the unit as per the anticipated completion date in co-ordination with the Master Developer. The anticipated completion date and payment schedule intimated to you herewith would be considered for all contractual purposes.
We also would like to inform you that we are in the process of registering these projects with Ajman Real Estate Regulatory Authority (ARRA) and opening an Escrow Account. Once the Escrow Account is opened, we will let you know the Escrow Account Number to which the payment has to be made.
In case you have any queries with regards to the contents of this email you can please contact our customer relations team at the details given below.
Sincerely,
Customer Relations
Star Giga Establishment Limited
Other GCD projects ?
That letter was for GCD 1. What about the delay on other offerings (GCD 2,3 and 4 and business tower) ? ANyone knows anything more, please?
Goldcrest dreams
This is totally unacceptable the i think all the investors should gather and hold a meeting with the developer.
Its unacceptable
I think the developer doesnot have such a right to change the anticipated completion date and payment plan by itself & it dependes on the acceptence & admittance of investors too,& if investor doesnot agree with the delay ,then the agreement should be terminated & all of the perivious payments plus interests should give back to him,unless the developer give some advantages(for example discounts in price of apartments) to investor & atract his admittance.
No
No developer can do anything he wants. We are in the jungle where there are no rules
Hi Well at least the
Hi
Well at least the developers are coming direct with you and not giving you a false completion date.
There is nothing you can do the developers are no magician just group of unprofessional wana bees and we went to them they didn’t come to us.
Why investor to accept it.
Dear all,
The estimated life of building will be 35 years.
Since they delay by two years the life of building will reduced to 33 years from your accupency.
So you are in net loss of 4 years.
2 years delay hand over + 2 Year before you have to vaccant.
How these 4 years will be compansated by the Developer / Master Developer.
Please ask to them.
If not justified, be have trusted wrong people.
Goldcrest Dreams new payment plan
This is the new payment plan for me:
01-Apr-09 6,000.00
01-Jul-09 6,000.00
01-Oct-09 6,000.00
01-Jan-10 6,000.00
01-Apr-10 6,000.00
01-Jul-10 6,000.00
01-Oct-10 6,000.00
01-Jan-11 6,000.00
01-Apr-11 6,000.00
01-Jul-11 6,000.00
01-Oct-11 14,000.00
01-Jan-12 14,000.00
01-Apr-12 14,000.00
01-Jul-12 14,000.00
01-Oct-12 14,000.00
01-Jan-13 14,000.00
01-Apr-13 14,000.00
01-Jul-13 41,267.00
If You have opted for a parking, then the balance of parking (20,000.00) is due on completion.
what do you think?
Payment plan
I have noticed that the completion amount 10% they kept at last, you should not accept it since if the completion further delay and extainded till July 2013, than till that time you must have paid 90% of the payment.
You should not agree to pay 14,000 installment before hand over and pay the 10% on completion, rest of installment can go as per schedule if follow the agreed original schedule, if not nothing to agree till completion of the project.
Since you already paid your contribution till handover as per original plan, its not your laibility to fulfill the financial requirement of developer, even you all have to ask the rental compansation as per Ajman rental for delay period.
Goldcrest Dreams new payment plan
they are already blaming the master developer ,I think the rest payments must be paid just on handover and after.
Goldcrest Dreams new payment plan
what can we do? there is any escape? they stuck our money for 4 and more years.without interest.........i was expected 1 year delay not 2 ...2 is too much...really . very very upset .....we trust and they......
somebody else get some other plan from giga???
Solution???
Don't know if it will work, but if you want out what about this... Keep paying as per the original schedule, don't accept their new payment plan. After the project is one year behind, demand a full refund of monies paid plus whatever interest they offered in the contract. There is a clause in the contract to cover the event of the project being more than one year delayed.
The payment plan above is a step in the right direction, but needs more - like payments linked to progress.
I agree that there should be some form of compensation for the delay, but not from the developer. The compensation should come from who ever authorized the building of these cities without considering the infrastructure to service them. There are some things the developers don't have control over and can not be blamed for. Even if they did have the towers ready this year, they couldn't hand them over as they wouldn't be habital dwellings.
payment plan against progress
The only payment plan that shoild be acceptable is one that is linked to construction progress. This is also in line with regulations by ARRA.
Payment Plan
I agree. There is no guarantee on how the construction will progress going forward. Can it finish early? Will it delay further? It makes a lot of sense to have a payment plan linked with construction progress.
New Payment plan
Folks,
I think the comments on this thread are very useful discussions some are for the new payment plan and some are not for it.
I think we should try both options as I am going to do, obviously I also want to know how much I can sell GCD-1 apartment for as of today
Even if we agree to the new payment plan it should be linked to developmet.
I also do not understand why someone mentioned 35 years above?
regards
GCD
I read all the thread but i am not happy with the investment i prefer to get my money back i be happy
New Payment Plan
i have just signed up today though i was following this blog regularly.
we have made the comments on all the aspects but we have to think this developer is getting better and transparently they have announced the delay.... according to ARRA regulation the payment plan should be construction based but if you look at star gigas payment plan they are taking 50% only till the completion ( i think this is fair enough) and they want some time... other wise we have to pay much more than what we have already paid.
we need to assure that they will deliver in July 2011, how to go about it.
what abt the infrastructure??
I agree that we r paying only 50% upto completion but on handover which they r mentioning in 2011 we have to pay a big amt so does this handover include water and electricity or will it b without electricity thats what i dont understand.if on handover there is no infrastructure then what??
pls clarify from star giga wether they will have the infrastructure ready by 2011 or thats going to b delayed further.
if its getting delayed then we have to think abt getting some interests from developers or atleast rental returns.
some one pls enquire abt infrastructure and confirm the same from ARRA also
Stop payment
It’s not acceptable in my contract there is a clause it says if the project is delayed I am entitle for compensation @ of .5 % per month of total value of my apartment my project is B 13 sapphire lake view I have already given them a letter that I am not going to pay installment as construction is not started and no building permit # they have accepted to stop the payment until they get building permit # in writing I thank them for that at the same time they had told me that construction will start in first week of February so far not started I have decided I will not pay until construction reaches to 5th floor and payment plan is linked with construction also they agree to pay compensation for delay or else refund my money with interest I am not stupid to give my money for nothing
Star-Giga blames
Star-Giga blames R-Holding....Maybe they are right...BUt I think we should make sure who really puts pressure on them? Did mater developer ask them for a 2-year delay? Who is really behind this?...
If Star-Giga decided just on her own to delay the project for two years because they are 100% sure that no adequate infrastructure will be ready in less than two years, then we should resist that they cannot push investors to accept their rules....
If R-holding is behide the scene...then we should go to R-Holding....at the same time pushing Start-Giga to resume construction with the previus pace either the infrastructure will be ready or not.....It is none of their business.
Who is behind the scene?
Star-Giga blames R-Holding....Maybe they are right...But I think we should make sure who really puts pressure on them? Did mater developer ask them for a 2-year delay? Who is really behind this?...
If Star-Giga decided just on her own to delay the project for two years because they are 100% sure that no adequate infrastructure will be ready in less than two years, then we should resist that they cannot push investors to accept their rules....
If R-holding is behide the scene...then we should go to R-Holding....at the same time pushing Start-Giga to resume construction with the previus pace either the infrastructure will be ready or not.....It is none of their business.
New excuse
We have always appreciated the Giga group about their performance, but since they stope the activity in EC, every time we have witness new excuses from them -
1. Labour problem and work will resume soon.
2. Plan not approved, some clearance from Ajman Municipality.
3. Delay due to ESCROW account
4. and now delay in infrastructure.
Its fact that overall infrastructure will play a role for hand over, but let developer keep cont. their construction, why they stopped it, may be they are also looking in coming months to further drop the price of cement, steel and other building material.
Big player playing with poor / middle class families. Its not negativity but looks the fact
G,D 1 payment plan
Can anyone show an old payment plan so as to compare to this new one please
^^
Guys!
6 months back it was seller's market - today its buyer's market. Also, Its no more developer's market - It's investor's market. In the past developers used to do anything they wanted, they played tricks, rumors, speculations and now its our turn to hit back!
Nothing wrong to demand things we thought we would never be able to several months back!!
Way to go guys~~^^
Its an absolute shame!
Nevertheless, before I make any further comment, we should compare the old and the new (proposed) payment plans. Imre could you post the original and the new plans together for us to see and analyse as to how much one will have paid at the time of the estimated handover under the two plans.
The new plan is simply an eyewash to further dupe the investors into continuing to pay. Ideal would be that we all pay the April instalment and then let there be a moratorium in any further payments for the delay period (two years in this case). Then we all will pay the big instalment at the time of the actual handover, whenever it is (July 2011) or earlier / or later. In any case the contractual obligation for the buyers was to pay quarterly instalments till April 2009, and then the Big Instalment at HANDOVER in July, 2009. I still wonder what the exact contents of the communication are through which the developers have communicated the new plan, since I have not received any such mail. And one is also left wondering as to whether the new plan is being imposed on the buyers through an arbitrary unilateral action on part of the developer or are they seeking consent of the buyers. If it is the former case, then there is no sanctity of the original contract in particular and the legal system in general.
There is but still a silver lining that the developers have come out with it in this case, unlike many other delopers in EC who continue to collect regular instalments with absolutely nothing to show on the ground in the name of construction. Keep the debate going guys, it will help us all in sharing views and information in these critical times. Thanks.
Goldcrest Dreams old and new payment plan
01-Apr-09 6.000 ------ 6,000.00
01-Jul-09 50.000+20.000 (parking)------ 6,000.00
01-Oct-09 14.000 ------ 6,000.00
01-Jan-10 14.000 ------ 6,000.00
01-Apr-10 14.000------ 6,000.00
01-Jul-10 14.000 ------ 6,000.00
01-Oct-10 14.000 ------ 6,000.00
01-Jan-11 14.000 ------ 6,000.00
01-Apr-11 14.000 ------ 6,000.00
01-Jul-11 39.267 ------ 6,000.00
01-Oct-11 ----------- 14,000.00
01-Jan-12 ------ ----- 14,000.00
01-Apr-12 ----------- 14,000.00
01-Jul-12 ----------- 14,000.00
01-Oct-12 ----------- 14,000.00
01-Jan-13 ----------- 14,000.00
01-Apr-13 ----------- 14,000.00
01-Jul-13 ----------- 41,267.00 +20.000 (parking)
Goldcrest Dreams old and new payment plan
Just for clarification:
It is 1 B/r , 823 sqft
Original price:288.267.- +25.000 (parking)
already paid: 94.000.- ( 89.000.-+5000 parking)
Next payment is in April.
Thanks Imre
It easy to compare, on first look its looks very resonable, and relex payment plan for the investor, but if think without pouring our emotion into it, its very much clear that what will happen if even on the completion date not being achived in future which is two & half years from now.
Till then we must have paid almost 60 - 70% of amount, and they will lounch similar kind of new payment plan, Today we are looking for that we have not to pay any big installment, but calculation say they are going to collect more than it within the delay time.
I prefer that our mamber simply stick on that no payment till completion, and ask for the delay compansation.... till the date we all were faithful towards our financial comitment now they have to show the same.
If we agree to day I am sure that we all will move to the property with paid 90% ( Since delay in uncontrolable) and last payment before hand over.
Comparison!
Thanks Imre!
Two - Three things come out of the comparison of the old and new payment plans.
1. In the new plan one ends up paying 6000 AED more. Or is there something I am overlooking?
2. While the seven instalments of 14000 each to be paid post handover are actually deferred by two years, and rightly so, the lump-sum payment of 50000 which was originally to be collected only at handover in the original plan, has been spread over two years into 9 instalments of 6000 each amount to AED 54000. Now this is a BIT of a high-handedness. Ideally they should collect 50K + 20K in July 2011(at Handover), and stop any further payments till then, and thereafter the 14K instalments can resume. But still, the new plan, in totality, is NOT VERY UNREASONABLE, I think. And if it does come to actually changing the completion date to July 2011, there MUST be a penalty clause, if the completion shifts beyond that date.
3. The most important part is that the delay on part of the developer which is (2 years) of a TOO long a duration, and infact goes far beyond the long-stop date as per the contract, is unacceptable. This delay is most certainly going to cause a tremendous loss to the investors by way of rental income that they will be deprived of in these two years. By most conservative estimates, even in todays market, the rental loss for a one bed unit for two years will be in excess of 50000 to 60000 AED. Who will make good this loss. The developers must consider offering a discount in the new plan to compensate, even if partly, for this, particularly when the cost of construction has already gone down.
All this is for GCD 1. What about the GCDs 2,3,4,5......and Vistas!
Any comments.
realistic
Hello friends
Its disappointing to know that completion date of Goldcrest Dreams-1 has been
Pushed back for two years,
But look at the fact that the developer Star Giga is at least taken a bold and transparent step by pushing the completion date for year 2011, rather then giving us a false completion date of may be around 2009 end and then keep pushing it further by every six months.
They are partly blaming it on the master developer also, imagine if they complete the towers in next few months and then they are lying empty without electricity, water, sewage, district cooling, proper access road etc. which has to be provided by the Master Developer R Holding.
Along with our own developer we should also push R Holding to develop the overall infrastructure of the Emirates City.
Realistic
Guys,
u dont uderstand the point here... what we can do at this point.. as said all laws are favoring the developers... but we have to be greatfull that this developer has come our and gave us some light and kept us out of dark.
as per the contract they can collect money till Ultimate Longstop date which after 9 months after comletion date and we were oblige to pay very big amount in July 2009... that to without electricity and water and all the stuff... but this developer has some guts to tell its customer the part truth.
if we all cancel the apartments and the developer goes bankrupt then forget all the money which we have already paid and the law cannot do anything.
we have to be realistic guys all here we are suffering in the rececion in one way or another and R holding blames which the developer does might be right for that we have to keep on making some researches and find out the truth.
New Paymentplan,
Hello Neigbours,
I just signed in and was following the discussion. Im going to check my contract carefully and will search for a clausule for delays.
What i know they could delay untill 2010. But i will double check.
Delays you cant avoid. I think they wel complete earlier, only they set the deadline further away to avoid more dissapointments.
I know for sure that if they deliver now everyone would be happy and nobody would sent email with Good Jobs guys for the quick delivery etc etc... So we cant do that much than check the contracts and search for point what we can use against the developer.
cheers
agree
yes i am also agree, delay is offcourse their, all projects are delayed its our badluck and offcourse developers are responsible but at this moment they have our money so we can not just exit. so its better to accept the truth
atleaset now we have to deposit money in escrow account which is safe for us.
is the Government doing something?
I am hoping that the Ajman government is doing something as they were the ones enticing customers like us with residency visas for long term investment
I heard that Imre or someone is getting all folks together and will hire a lawyer to check with eta star
regards
is the Government doing something?
"I heard that Imre or someone is getting all folks together and will hire a lawyer to check with eta star"
I am not hiring lawyer.
Sit back and do nothing??
:( We all invested here "hoping" and "expecting" that everything is rosy, companies honour there commitment and "somebody" from govt will be watching for our interests. In summary it is called "trust" on which we built our dreams which were closed to our hearts...and than what.... one peace of paper from developers and here it goes, delivery date got postponed for two years. Again people are "expecting", "hoping"... some are praising developer for openly telling about violation of contract made with us.
Suggest to all investors meet and form a strategy which can protect our rights now and future?
Awaiting your response
ACTION REQUIRED -- LETS GATHER
All STAR GIGA INVESTORS
Again
http://www.emiratescity.org/content/investors-meet-2-years-delay-goldcre...
http://www.emiratescity.org/content/investors-meet-2-years-delay-goldcre...
PLEase see these posts
I am forming a group of Invsetors I have already got a few names . We will be trying to meet and negotaite with STAR GIGA if you wnat to be included mail me
REALLY_TRUE at HOTMAIL DOT COM with the SUBJECT LINE GCD or GOLD CREST DREAMS
dont let your dream become a night mare
GoldCrest Dreams 4
Well its happened! As we all expected We are now officially being shafted! Using the clause that the government has not supplied the infrastructure neatly sidesteps Star Gigas responsibility. We will now all pay for the delay. If like me you have not received or signed your contract which was due last June/July you may have legal recourse if not you dont have a leg to stand on.
This sucks!!!!!
are U GUYS JUST FOR SPEAKING OR FOR ACTION ??
i VE been trying to get some response no one really is intrested or am i the only one who has an interest .
GUYS wake up u r being taken for a RIDE .................
Utilities no utilities
NEW payment old payment
infratsructure no infrrasteucture
WHAT is the assuarnce now that u have paid almost half of ur project value and u r not getting ur unit
what is the gaurantee that u will get it when they state in july 2012
will you take the same crap again .
IS not once enough??
or you people are just plain dejected
LETS get together ..lets speak for our own cause
LETS ask for faster completion
lets ask for assurance of completion
LETS ask for what we BOUGHT
lets ask for what we paid for
LET THEM TAKE THE LOSSES
LET THEM OAY THE PRICE FOR DELAYING
LET THEM COMPENSATE US FOR NOT DOING THE JOB AS PROMISED :jawdrop:
I really cannot imagine people being so complacent
WAKE UP GUYS
ask for ur rights ................
payment
I like ur comment the best, actually the developers have been playing with all of the investers I have 1 bed unit in goldcrest dreams 2 and they only write to me after i write and ring them t olet me know that there is a delay , they only offerred me that i can skip one of the next payment without any apology for the delay . I write them that i dont intend to pay until the construction starts and also they have to pay for the compensation otherwise i ll send them legal notice through my solicitor, and thats what i ll advice every investor bc in the contratc there is a clause that if the fail to complete om time we can demand our monry back, so all of the investors pls pls for good sake do legal action now other wise they will keep playing with our hard earned money and we can do anything.
thanks kmtariq
goldcrest dreams 2
Actually the developers have been playing with all of the investers I have 1 bed unit in goldcrest dreams 2 and they only write to me after i write and ring them t olet me know that there is a delay , they only offerred me that i can skip one of the next payment without any apology for the delay . I write them that i dont intend to pay until the construction starts and also they have to pay for the compensation otherwise i ll send them legal notice through my solicitor, and thats what i ll advice every investor bc in the contratc there is a clause that if the fail to complete om time we can demand our monry back, so all of the investors pls pls for good sake do legal action now other wise they will keep playing with our hard earned money and we can do anything.
thanks kmtariq
GCD2
Anyone any update on GCD 2?
they do everything they
they do everything they want
i'm not agree with new plan at all
they did default so they can not hold our money for few years more
Same here, I do not agree
Same here, I do not agree with the new payment plan for GCD2. I will pay them and ARRA a personal visit. In GCD 2 we have paid more than 30 % of our price yet we only have a foundation so far. Also: construction costs are dropping drastically. Like some developers in Dubai Stra Giga should actually drop there prices especially for developments GCD 2 to 4 , in order to avoid payment dfaults by investors, which will most certainly happen.
Also in my opinion 2011 for a completion date might be realistic for GCD 1 and actually even GCD 2 ( if they start building again TODAY), but in order to do what with the property then. Rent it out? I don't think so, as infrastructure especially electricity and water won't be resolved by then. Have you noticed: the new payment plans do not mention the 8% rental guarantee.
yes , it's hasnt 8% rental
yes , it's hasnt 8% rental guarantee
So we should pay more money than ago for units
everything has just profit for themselves not us
if you have any news about GCD 2 ,
HI DEAR NEIGHBORS ,
im not in uae so i cant see what is new in this project ,if you have any news about this building process pls send me email , im worry .
i had this new payment Schedule too , i told them i have agreement with you , you must not change it .and i cant pay this new payment . i wanted it become ready and rent it and pay other payments . but they told me we need help all investors to can build it , i didny pay yet again for about 5 monthes , but i think after openning Escrow Account i must pay again .
Dear All, What is the latest
Dear All,
What is the latest news on construction and payment who ever knows pls update.
Thanks.
Philip
for resale contact 00923000
for resale contact 00923000 8219727
STOP
This is a forum for investors and not for selling of anything else. What is wrong with you? You dont even have any interest in this forums.
Goldcrest Apartement
Dear friends.
I had a meeting at stargiga office last week, beleive me they are buying time and absolutely no immediate plans for construction to start. I think the emirates city project will be delayed indifinitely. Can all investors living in UAE meet and decide for further course of action. Atleast we can ask for refunds or transfer to other properties in Dubai.
Goldcrest Dreams
Any update on GCD1 project. What is your opinion, will it ever be built or we will get refund or we have lost our investment.