It is time to take action
Dear investors
The situation is now more than clear. Emirates City Launched in 2006. Now we are in 2009. What is achieved till now are promises from various developers to build towers. Before the crisis, they were not doing anything because they claim that the material cost is high, and now they are holding the construction due to the financial crisis.
The fact is some investors insist on being optimistic and they are still paying money to people who are just giving promises to build something.
You know that in the best scenario even if the towers are constructed, there will be no infrastructure in Ajman till 2015. Why, simply because the power station project which the government promised to build is still on hold. Assume that they will start building the station in 2010, based on the estimates it needs at least 4 years to complete it, this means that this bullshit(power station) will only be active in end of 2014.
So my dearest investors, sorry you are fooled. I dont know what is good in the EC investment. The Launch in 2006 and the handover in 2015, one decade after the launch. It was better to put the money in what is called stock market, at least you know that after the crash the market will pick up.
But in Ajman, you dont know what is going to happen, they are changing the regulations everyday. It is not so far that they will put more regulations that will hurt investors. No trust in such place.
Final advice: Stop payments and pray For God to return your money back. Every Dirham that you put more in such project will be a more loss. It is better to save this Dirham in your pocket rather than giving it to unknown people whose intentions are still not clear, and it's up to you to decide.
Dear investors
We need a good plan to get our money out.
ANY IDEAS?????
Regards
stop paying
If all people stop payments, this will make all developers like beggers in the street, kissing our feets to pay for them. By paying you are giving them more chance to trap you and you will be the begger chasing them to getting your money back. So the first step i returning your money is not pay at all and if all people will stop payments the project will be unviable which will oblige the what is called developers to cancel the project and return our stuff. I am just surprised how some people are still paying money and they know that all developers are in trouble and they may announce bankrupcy at any moment like the Baraka Real Estate and many others.
stopping payment
I would like to know if our friend rami has stopped paying and where has he got his flats in which tower.bçoz if we stop payment they can fine us so for the sake of our knowledge we want to know if u have gone ahead and stopped and what r the consequences of this.bçoz if only some ppl stop they r going to lose their hard earned money in fines while the rest might go ahead with payments and earn dividends at the cost of others.everyone is in a fix and each one has worked hard to earn money so we must take action unitedly not leaving behind any member of emirates city.
PANIC PANIC PANIC
Recently we had nervous investors, and now we have the panicking investors. Why do people say everyone has to stop paying? My building is up to the 13th floor other buildings are too. We all have not had our money stolen. If you stop paying you will definetly lose your money. Email /phone your developer and R Holdings get answers to whats happening. If you have lost hope don't give dumb advice and comments on the forum.
Stop Payments Until Further Notice
I agree with you totally, we have been conned and cheated and the money we have paid gone with the wind, no construction and no one tell you what is going on, my frien has been to Dubai and went to see the developer Stargiga in their office in Dubai and has been informed that the Goldcrest Dreams II come to a halt and the project will be delayed at least 1 year if not more, i have witten to the Developer and have got the following email:
Dear Sir,
Thank you for your email.
We acknowledge the halt of construction of GCD2 – the reasons of which, will be
notified to our customers in the coming time. However, as far as payments are
concerned we wish to advice you that Ajman Government has introduced new laws
concerning free hold properties which requires (amongst other things) that all
developments in Ajman have an escrow account and all payments be made in favor
of that account only. This we trust provides more security to both the customers
and developers alike.
We expect the required procedures (which makes us in compliance with existing
laws) to take a month and until such time you have the option to discontinue
paying further installments.
Please do not hot hesitate to contact us for further queries that you may have
concerning your investment in our projects.
Regards,
Shakil Ahemad
The Customer Relation team.
Star Giga Establishment Limited
Hamarain Centre, Office# 131, Gate# 2
PO Box: 29193, Dubai, United Arab Emirates
Phone: +971-4-265-0700, Fax: +971-4-265-9567
Website: www.etastar.com, Email: info@etastar.com
I have decided to stop any further payments until i receive any info from developer, ww should all have to take action and stop the payments.
Husam
Stop Payments Until Further Notice
Yes , I also got the same reply from Stargiga, infact the same draft (for GCD 2). I have decided to stop payment until further notice from them. I am willing to lose out on my guaranteed rental returns if it comes to that.
Listen the dump thing is to
Listen the dump thing is to continue paying for a tower which even it is completed will have no water and electricity till 2015 and by the way you can not prevent me in writing my suggestion, it is an open forum and i can write what ever i want. if you want to hide behind your finger and say that everything is fine it is up to you also.
And for GCD 1
And did anyone get the same reply with regard to GCD 1 advising investors to put instalments on hold??
dont pay
yes dont pay as i do not pay too.
Dont pay
It's not a big issue if they were able to deceive us once, but we will be real fools if we believe them again.
GCD
I recive this email
Thank you for your email
We acknowledge the halt of construction of GCD – the reasons of which, will be notified to our customers in the coming time. However, as far as payments are concerned we wish to advice you that Ajman Government has introduced new laws concerning free hold properties which requires (amongst other things) that all developments in Ajman have an escrow account and all payments be made in favor of that account only. This we trust provides more security to both the customers and developers alike.
We expect the required procedures (which makes us in compliance with existing laws) to take a month and until such time you have the option to discontinue paying further installments.
The notice will be sent to you as the procedure are complete for registration in Ajman Real Estate Regulatory Agency (ARRA), which will announce the delay, proofs for restart of the project and reshuffled payment plan according to the delay.
Please do not hesitate to contact us for further queries that you may have concerning your investment in our projects.
Regards,
Hamza A K
Dont PAY
Hi investors;
I believe if we just stop paying to them that wont sort it our situation, just cause more problems for our invested funds.
I stopped paying because I have no other option I have lost my well paid job in construction sector.
We need to seek more profesional advice(( advice from solicitor side, create an organisation against this or something similar).
We have to motive our plans an objectives on law and regulations not just on our instincts.
I would be happy to help or support any of this plan.
Any comments.
Regards
UNION OF INVESTORS IN AJMAN
Folks,
I have seen all letters sent by Star Giga which is the same and we now need to get together and complain to the Ajman Govt and at least ensure that our investments are safe.
From: shakil Ahmed (shakil@stargigaest.com)
Sent: 14 February 2009 13:33:59
To: 'Rauf A' (rauf1@hotmail.com)
Cc: shibin@stargigaest.com
Dear sir,
Thank you for your email.
The construction of Gold Creast Dream on hold – the reasons of which, will be notified to our customers in the coming time. However, as far as payments are concerned we wish to advice you that Ajman Government has introduced new laws concerning free hold properties which requires (amongst other things) that all developments in Ajman have an escrow account and all payments be made in favor of that account only. This we trust provides more security to both the customers and developers alike.
We expect the required procedures (which makes us in compliance with existing laws) to take a month and until such time you have the option to discontinue paying further installments.
Please do not hot hesitate to contact us for further queries that you may have concerning your investment in our projects.
Regards,
Shakil Ahemad
The Customer Relation team.
Star Giga Establishment Limited
Hamarain Centre, Office# 131, Gate# 2
PO Box: 29193, Dubai, United Arab Emirates
Phone: +971-4-265-0700, Fax: +971-4-265-9567
Website: www.etastar.com, Email: info@etastar.com
WHAT DO WE DO?
GCD 1 - Delay
Hi All,
This forum is a breath of 'fresh air' - in that I know that we are all in the same boat. I have invested in GCD 1 and have tried on numerous occasions to get updates and information from StarGiga - but have yet to recieve anything.
The main communication that I had was an e-mail advising of the delay of the project. This is still okay in that it has meant lower payments but the comments above are right in that what are we investing in - it seems like a big hole that we are throwing our money in.
I agree with the 'Gintas' above that we should form a group which can act for all of us and get answers from the developers so that we get some gurantees / updates and put pressure on them to respond to us all.
I am considering also to stop paying especially in view of comments above.
My understanding was that the delay has been also due to development of Abu Dhabi - which has now taken some of the resources that we were due to recieve in Ajman!!!
Rgds,
Nadeem.
payment
I woud like to say that not only we will stop payment but also negotiate the developer for the price of the units.
Payment / Not payment
I am an investor in Al Hambra. I just discovered this forum. I would like to know what do,you suggest me?
I payed during 1 year. When reading your mails, I am very in trouble.... !!!
Please let me know your opinion about the payment or not payment.
---- chaabane
Lavander Tower
please adice me all of us. any knows about lavander
i dont have money to paym instalment monthly. I have two flat and i have paid big premium commission and transfer fees etc. now i can get back money . any solution please adivce me
my another email
faisal6345@hotmail.com
How to select a stock for
How to select a stock for trading from these daily up down price?
oil drilling
Arbitraging
Arbitraging stock
urgent!!!
good day, i need an investors who can come and invest in lagos state, nigeria. we want to make lagos state a mega city by 2010. any interested party should pls contact me by email- jdskool2002@yahoo.com or @gawab.com
thanks.
kind regards
mr jamal
+2348033225197.
Investors for Nigeria
Dear,
Mr Jamal
Thank you for informing me about such a rare and fantastic opportunity, it is of great interest. Sadly I am not at liberty to invest at the moment, but I am forwarding details of associates that are very keen on investing, and have plenty of money. Their company names are as follows:
Al Rashid Real Estate, Esskay Real Estate, and Lake View Real Estate (Aman Qurashi). If you do not get through at once, please continue to try and contact them they are very busy people, but will definetely invest in your offer.
Thanks
aman qurashi
Hope soon we will see aman qurashi in the gail, is better for him Gwantanamo prison.
Sweet Homes Rainbow Tower
I just leart about this forum after a really depressing time not knowing what is going on about my investment; i have paid neary half of the cost but not having any clear information from sweet homes. I cannot afford to make anymore payments and wondering what happended to the money paid directly to the sweet home account before the establishment of the escrow account. sweet homes are not contacting me for anymore payments and just dead quite; this gets me worried..hope I have not lost the money I have already paid;
Please fellow investors for your good advise
Same situation
I am in the situation as yours. I really don't know what to do, as said in a previous mail. Should we stop payment, continue payment..... If any developer has an idea, please advise.
--- Chaabane
Go and get help from a lawyer
Let us all stop leaking our wounds in this forum..Go and seek help from a lawyer to represent you. Sweet Homes in particular will not reply to any email except if you tell them you will give them more money. They dont care. Ask a lawyer to represent you and they will email back. The most unprofessional people in UAE. Monsters!!!!!!
current progress rainbow towers
http://rainbowtowersajman.net/construction/