Investors is it a bright side of AJMAN???
Dear friends;
Just received 10min ago from Sweet Homes
Still unreal completion date.
"We are pleased to inform you, that based on the recommendations of Real Estate Investment Establishment and R Holding (being the owner and master developer of the project), Ajman Real Estate Regulatory Agency (ARRA) has approved the new construction completion date of the project Paradise Lake Towers (B2 to B9) by end of 2011 thus obviously supersedes all the commitments/promises etc.
This long awaited step/commitment and assurance from the developer/ master developer is the successful efforts of Sweet Homes Holdings thereby safeguarding the interests of our valuable customers/ buyers.
By the commitment of the developer, not only the possession is ensured by end of 2011, but also the commitment of registration of the property including Title Deed in favour of the buyers which indeed is the most important aspect. Moreover the completion of all infrastructure works by the developer is another encouraging step.
In view of the above we request you to kindly fulfill your commitments in accordance with the construction mile stone linking the balance installments of your property for timely completion of the tower, as without your co-operation the tower cannot be completed.
Please find enclosed the news clippings for Paradise Lake Towers
Sweet Homes Website :-
http://sweethomesuae.com/Sweet_Content/company_News.aspx?comnews=9
Arabic Online Coverage :-
http://www.ameinfo.com/ar-169201.html
http://www.eyeofdubai.com/v1/arabic/news/newsdetail-35579.htm
http://www.al-watan.com/data/20100501/innercontent.asp?val=ecs6_2
http://www.arabwideweb.com/arabic/Latest_News.asp?id=2836
English Online Coverage :-
http://arabwideweb.com/english/Business_News.asp?id=381
http://www.ameinfo.com/231205.html
http://www.eyeofdubai.com/v1/news/newsdetail-43305.htm
http://www.zawya.com/Story.cfm/sidZAWYA20100430073904
http://www.smartarabs.com/index.php/Real-Estate/home/Paradise-Lakes-Towe...
http://www.emiratesfn.com/news/newsfull.php?newid=363371
http://pressrelease.smartoman.com/?p=1077
paradise lake update
Dear investors in Paradise lake:
I would like to ask all of you to comment on this sereous issue, this is totally unacceptable, for me I think that all of us should send SH an official letter to cancel our contracts, getting immediate refund of our money after discounting the penalty clause (30%) with a CC to R-Holding, ARRA, prime minister, shiekh offices....etc.
who ever want to contineu on this endless game he's free....
I dont know about you, but I
I dont know about you, but I am happy to pay according to construction progress, it is a very fair way for both parties. If construction has reached 50%, you should pay 50%.
i agree with paul any
i agree with paul any one think he will get money from those crooks he is day dreamer , the only way is to continue negotiation according to the new payment plan we must not accept it as it , 1/ SH must put in a new contract fixed completion date ,any delay must pay % of penalty as it put for investor if he delayed in paying .
2/ SH and R-HOLDING must provide infrastructure --- water , electricity , roads amd malls etc....., 3/ developer must provide registration in ajman land department
all this must be included in a new contract certified by master developer , otherwise all this plan is nonsense ,what is the benefit from towers in middle of nowhere without infrastructur?
Payment for Paradise Lakes
Unless buyers as a group demand immediate commencement of at least token penalty payments by R Holding/REIE for delay in delivery, there will be no pressure on them to finish the project. Just saying that investors' money is safe in an escrow account is not enough, especially from the standpoint of investors in Towers B2 and B3, where work has remain stalled for nearly a year now. The huge delay in estimated date of delivery - end 2011 - announced by their PR company may sound convincing; indeed, end 2012 would have sounded probably even more convincing. But the big question remains the same: Does R Holding/REIE have the requisite cash flow to take this project to its logical conclusion, whether by end 2011 or end 2015, when the ARRA website indicates that "new Ajman" is littered with ambitious, unfinished projects?