Emirates City Forum

Dear all Crown Residencia investors, especially who r outside the UAE:
First of all, as a MUSLIM I have to show u the full picture honestly and then u have the right to choose, ignoring my opinion or my choice. To do so, here it is the full story:

Mr. Abu Bakr phoned me today and we had a meeting with him but not in albatha real estate’s office, it was in the R-Holding office !!!!!!!!!
R-Holding is the Master Developer of the emirates city and owned by his highness the governor of Ajman, but …
He also has a private real estate office called Charlestates (The Representative of R Holding), and they offered us a new swapping NOT WITH ALMASA GROUP, but now to one of 3 or 4 towers that’s have active construction progress, but again …
I bought my unit at 332 dhs/sq ft, and they will consider my old payments in the new contract deducting this amount from the NEW unit price that they want us to swap for with a new price of 450 dhs / sq ft
That’s mean to pay an extra amount of about 100,000 dhs !!! Then u will complete the amount by paying from 5 to 10 % in the first and the left in 4 years.
Or u have the choice to stay as u r and maybe they will solve the problem with the owner of C R (the Iraqi person) who is in the Jail right now in few weeks, but nothing promised.
I had found the below message from them in the emirates city forum and there is also some replies u can read them:

THE MESSAGE LINK: http://www.emiratescity.org/content/solution-offers-r-holding-through-ch...

Solution offers by R Holding through Charlestates (The Representative of R Holding)
Mon, 06/08/2009 - 16:03 — Charlestates
Dear Investors,

We, Charlestates / R Holding have already started processing some replacement cases for investors that have bought in defaulting / unavailable developers projects in the Emirate of Ajman.

As the Master Developers of “The Emirates City”, we are providing a solution ONLY for people that are serious about owning a property which they were once promised.

We are currently studying / and have already processed the cases of many Developers as well as individual investors whom are serious and are willing to continue the journey with us, and replacing them with Land / Construction / and Individual units in towers under progress.

Our main aim is to deliver our promise and complete "The Emirates City" project.

We are currently replacing investors with units in D01 (Lavender Tower) and D02 (Lilies Tower) [Availability is limited] and we shall start Building other towers within the city on the remaining available plots in our possession in order to accommodate those people that are serious about ownership in Ajman, and were deceived into dealing with other developers.

We are H.H. Shk. Rashid's Company, and we are committed to continue and deliver, since we do care about our reputation, and the Reputation of the Emirate of Ajman as a whole.

We believe that as an investor, you have committed towards a payment plan in return for a unit. This day has come where you have paid your hard earned money, and there is nothing you have in return so far. Therefore, we will commit to delivering a unit for you in The Emirates City, and you will commit to continue your remaining payment plan with us.

We do NOT ensure getting your money back from other developers, nor do we give you something in return for the money paid to other developers. We only solve the issue by giving you a unit in replacement for the pending balance of the payment plan, and instead of being on the hope of a promise of something that most probably will end up cancelled.

The choice is yours and all the options are available. Today where things are much clearer than they used to be in terms of Developers reputation and who is still existing and surviving this crisis, who will continue their projects, who started their construction, and who is determined, etc...

The Solutions are also available:
1. ARRA
2. Courts / Lawyers

In the mean time, (IF YOU ARE STILL INTERESTED IN OWNERSHIP IN AJMAN) we can help you do that.

We basically study your cases, and reply to you with what we can offer. In the case where we are not able to offer anything, we shall advise you on what to do.

We do take into consideration that you have paid to other developers, there is no written code on the replacement process that we follow, and it’s on a case by case scenario and negotiable where both of us come to an agreement which is in the best benefit of all.

We are doing this in order to have at least 1 city completed (Which is already the only visibly existing one) rather than loose all the once announced projects on that stretch of road on the Emirates Road highway in Ajman.

as mentined earlier, we are offering solutions to Developers in other projects, as well as investors. We try to offer the best win - win situation for all and revive the trust back to the Ajman Real-estate Market.

This replacement process was discussed with ARRA and we have the go ahead since it will help solve the many problems existing today in the Ajman Real Estate Market, and ARRA has already started forwarding investors that are interested in ownership to us for replacements.

The choice remains yours, please visit us / contact us / discuss with us on this forum if you require any further information.

Our Offices are located in Ajman, Shk. Khalifa Bin Zayed Road, Opposite Ajman Bank.

We, Charlestates are the representatives of R Holding, and we are located on the 1st floor above the R Holding Office.

+971 6 7455555
+971 6 7478177
info@rholding.com
info@charlestates.ae
www.rholding.com
www.charlestates.com

In the end, please remember that we are a private company, and not the Government. We are offering a third kind of solutions to those that are willing to continue in the Ajman investment opportunity they have once started. We are not offering anything for free; it’s just an opportunity to get out of the situation you are in and into owning a unit in a tower under construction by R Holding.
We are doing our part and duty as a player in the Ajman Real Estate market, and trying to assist in solving the many problems that exist today. Our project and control as a private company is over “The Emirates City”, and we will be doing our greatest efforts in order to make it happen.

P.S. If your intention is to return your money from a developer; then we cannot help you.

The property contracts which we will use are the ones provided to us by ARRA, and will include the previously paid amount to other developers (Shown as Paid), in order to help you have some proof of the amounts paid, and can help you in the future when selling.

For those critics, and negative people, your comments are also welcomed since this is a forum, but please know that we are trying to help and provide solutions.

We hope that we have been clear on this initiative, and are as transparent as possible in our communication.

Looking forward to your comments

Best Regards