my recent visit...
Hi All
i have been to visit Fortune Residency (C01), and have been advised that the project is standstill. it may take another 2-3 years at least.
They also told me that they are handing the project over to a company called Al Masah International Real Estate - http://www.almasahint.com as Al Masah is a larger company with more power to negotiate with R Holding to get the ball rolling again.
Im trying to arrange a meeting with Al Masah and the director of Fortune Residency.
whilst at Fortunes office, I also requested a refund of 75% but they refused, claiming all the money from investors so far has been put in to constructing the 25 floor superstructure! I have stopped payment untill i see construction start again.
ill be visiting Emirates City to see if there is any activity on any towers, and report back as soon as i can.
thank u fk2007
plz try get info as much as u can so all investors can binifit from ur visit
and we will pray 4 u
Fortune
I thought Rholding was the developer of this tower.
no, for this tower its
no, for this tower its fortune homes.
update
Hi again..
well, i had a meeting with the director of Fortune homes. Basically, the company is closing - and Al Masah will be taking over :S and all investors will receive this information via email at some point soon.
Anyway, they also said that they are trying to negotiate a deal for a swap in Silicon Oasis - Dubai. This will be a like for like apartment, and whatever you have paid so far, will be carried over, with the balance to be paid within 3 years - interest free! However, this deal could take months to go through.
I did visit the site - i saw only one active crane...which looked like it was on B02, unfortunately i couldnt gain access to the path outside the tower to make sure.
If i do hear anything more regarding swaps, il be sure to update on here.
Regards
Hi everybody. I have just
Hi everybody. I have just returned from Dubai. Went to see the progress of Fortune Residency. There was no work going on, only some workers who said that the work has been stopped 10 months ago.
Then we visited the office. Yes, the company is closing soon and as they said, will be notifying all investors in 1-2 months time. I also heard about the options of swapping in Dubai. We agreed to stop the payments until the completion.
Bankrupt Residency
Hello, I've read the bad news about the failure of Fortune Homes to complete construction and the transfer to Almasah. Those of you that visited the Fortune office did you ask questions regarding the transfer? Will Almasah fully honour our contracts as owners? It is completely wrong for Fortune Homes to enter this negotiation without informing it's customers. Our contracts are with Fortune Homes, Almasah may buy the building and can do whatever they wish with it. Look at their web site and the constructions they are developing, everyone is a hole in the ground.
I have emailed Arra to get them to look into this situation, (1 week no reply!) I suggest all other owners email Arra about this. Has Almasah got the capital to finish the building? Are they properly registered in Ajman? We are better off, if R Holdings directly takes control of the building. We are close to having a finished apartment. If the wrong company takes control now, it will be a legal mess or many more years until this is finished.
Fortune Residency status
Dear FK,
Thanks a lot for all the information you provided. I have stopped paying since last year. Closure of Fortune Homes is a big worry as you may not have anybody to go back to regarding your investment. The company is not returning any emails I sent to them.
Please stay in touch with the company and keep us informed about who takes over etc.
Kind regards,
Dr.Iqbal