Meeting with Lake View Real state
Further to my meeting with Mr Ali Saif, the outcome was disappointing.During the meeting he asked me to transfer my investment from LVT4 to LVT1,2 OR 3( according to him many apartments are available in these towers)I immediately refused to take this offer since I invested in this tower because of its location and close proximity to shopping mall. But he further insisted saying that these three towers have the same view and location.I found his insistance very strange and refused him again.I would like to warn all the investors of LVT4 to not to take any such offer and assess the situation very carefully.
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your idea
as you met them allready, do you feel that they want to exit from LVT4? may be the reason is, they have several unsold apartment in LVT1,2 AND 3. so instead of 4 buildings they want to build 3 buildings first. are they ready to stop taking installment till they open escrow account? what do you feel after talking to them? they are serius about completing their projects now after a long delay or trying to play some more games? what is your opinion.
i am asking because my friend who have 2 apartments in LVT4 is in u.s.a. and he is not in position to come to dubai to talk to them personally and they are dodging him on phone..
Dear newera, I
Dear newera,
I am confused myself and they didn't give any straight answers.I have heard that many investors have stopped paying and I decided to do the same so I asked Mr Ali to give me in writing that they will stop taking payments until they open escrow acount .so after a little persuasion now I have that letter signed by him. But the most worrysome thing is zero construction and no set date for that as wel Ask your friend to fly in and meet them personally because they clearly have no concept of customer service.Only time will tell how serious r they about LVT4 OR even 5.
Lake View Real Estate
Dear enzo,
I have heard (I cannot authenticate this info) that LVT 1,2 & 3 are backed by RHolding i.e. if LVRE decides to quit, RHolding would take over the construction of the towers. However, LVT 4 & 5 are purely LVRE's own initiative and is not backed by RHolding. May be the developer is thinking of not constructing LVT4 & 5 (due to financial crunch) and wants investors to move to LVT 1,2 & 3. It may be the reason for their offer to you to move to 1,2 or 3 tower. This is just my guess and needs to be further explored to understand the real motive behind the move.
As regards to deferment of payment, they have not encashed my Feb cheque as per the agreement we had with Admin Manager in December 2008. May be they have stopped realization of payments until they have an escrow account.
Regards,
I am sick and tired of this
I am sick and tired of this developer. Clearly they are stupid and ignorant. What is this, a game to them?. One minute its " yes , everything ok", next is "dont know ". They are playing with peoples emotions. They advertised LVT 4 and LVT 5 last year so they damn well have to build it. We shouldnt be in a position where we are constantly on our nerves and having to do the chasing after them everyday. :O :jawdrop: :(
I can understand your
I can understand your frustation because I feel the same. The investors of LVT4& 5 are in difficult position because nothing has started yet. I would not pay a penny more even after escrow account until they start construction which is in line with ARRA guideline.
Dear ramender ,
Dear ramender ,
Thank u for the info.I just don't trust them because instead of many promises they did take my feb installment.
What to do about LVT 4 and
What to do about LVT 4 and 5?. Do we just sit and wait and watch all other projects taking off apart from ours?. Does anyone have an idea what the worst scenario that could happen (i.e if LVT 4 was not going to get constructed- what happens to us the investors and our money we already paid) ?.
LVT4
I feel u will b allowed to purchase in other project of ur developers like LVT1 etc at the same price or else they will refund ur money.Thats what had happened with Tameers Al Ameera village.so see which option is good for u with ur developer and get the thing going.BEST OF LUCK!!!
LTV IV
I bought a flat in LTV IV in August (see how unlucky I am). Fortunately I've paid only 16% of the actual price ( which was quite high).
I didn't make my payments from December on ( I usually transfer money from my account to their).
This is a copy of email I sent to LVRE 0n 12/02/09 :
**This is to inform you that upon the recommendation of ARRA ,I have stopped making payments towards the purchase plan.I shall start paying immediately after LVRE managed to open an ESCROW ACCOUNT with ARRA.
Please consider this as a formal notification.**
and This is the answer I received on 16/02/09 from Solail himself (pretty quick):
**Dear Sir,
We are into the process for opening an Escrow Account soon and we would be very glad to let you know about the same.**
Personally as long as I am sure that my money isn't gone ,I Would be happy so I don't care if they refund my money or offer me a flat in other towers.
I toke a big risk buying this flat because the market was so hot and everything looked so bright.But like any other businesses when you take a big risk you will end up either with a high profit or high lost.
Forget about the profit in this global down turn, I would be very glad if I don't loose all the invested money.
hmmm. when its question of their money they are quick !!!!
Well! its good to hear about their fast response, my friend wrote several mails to them about construction progress but they never replied... here i can understand its question of THEIR money so they are quick.
reg. appriciation , yes its right , for those who invested money for profit must take it as any other business and due to market conditions they can loose some portion of it or if market is good they can earn some money too its not a big thing
only those who wanted to settle in Emirates city ( like me ) for retirement or for other reasons, they feel very bad because A. visa was taken back and B. project is going on very very long delayed schedule.
still, if our money is safe, we are not so tense, so escrow account is good for us. in case of developer's exit, we are safe.. so i wont mind to pay them after escrow account is operational otherwise i wont suggest anyone to pay even 1 aed to them.. because we have seen some developers gone allready and their investors are stuck, zyrooni, al barkah etc. here also i am hearing bad news about Saphire
yes newera you are spot on.I
yes newera you are spot on.I have also sent many emails but admin never acknowledgement them .I would like to point out another fact that many investors have signed PDC'S(POST DATED CHEQUES) including me.They are worst off in this situation than those investors who have other arrangements in place.They can stop their payment anytime they want but for us we are relying on developers promises and assurances which are poved to be false till now since they took my Jan and Feb installment inspite of agreeing otherwise.
its unfortunate
yes its unfortunate that they are in position to take undue advantage of your trust. anyways now let us hope that further funds will go to escrow accounts so we will feel bit better.
Newera and Enzo thanks guys
Newera and Enzo thanks guys for keeping us updated.
I'm in Canada and these forums is all I have since nobody in EC or LV will ever reply back to you.
I own in LVT5 now I'm confused as to what will happend...
We haven't received anything as to new payment plan, or new ESCROW account info....or offers to buy in LVT 1 or refund.
All I know is I've payed 50% in 2 units, only to see nothing happend.
Atleast we have everyone here collectivley putting pressure on them.
The last thing I want is to get my flat in 2012, I rather take my money back.
What has happened to this project
I have bought 2 appartments in Lakeview Tower4 and have heard nothing they have dissapeared from the radar. Any ideas who we can contact to know what is happening and what is our right ?