Yes, I purchased a 1 BDR, Type C in Unique Tower in March 2008. I am on the payment schedule which will conclude in March 2011. I have periodic communication with Mohammed Patel, the Project Manager with Unique Homes, who gives me updates. He is very professional and answers all of my questions including the following:
1. Delays in construction due to the issues with Dubai, et al: No, Unique Tower is on schedule.
2. Power: As the Ajman Emirate will not have a government managed power facility until after the December 2010 completion date, Emirates City will be powered from generators with access to the Abu Dhabi power grid. There should not be a significant difference in the utility bills as such.
3. Residence Visa: I recall Mohammed telling me that once the building is completed, they will submit the residence visa on behalf of the owners.
That is about all I can contribute to this forum to date. If you have any new information, please pass it on.
Nice to know that there is some one other than me who has brought this project :).
Please keep in touch..my number is 0558331864. I would post my updates as and when i get it..infact i am planning for a visit to the construction site very soon
Hi my friend
I am muhammad siddique investor in unique tower.Whatever u searched and writing it is ok but as per my knowledge, from last three months,the construction work is stopped because of non compliance of Ajman Muncipalty orders that is why Developer is still unable to renew muncipalty license.
I visited the site myself & observed the work has been stopped.I approached & asked developer about
the matter, they told problem will be solved very soon & work start again.
Because we are paying installment on monthly bases therefore we should check every month site construction work & ask / compel to continue work , otherwise tell to stop payment.
I will definitely try to keep up on the construction. It is difficult for me to drive out to the site as I do not have a car and I live in Al Ain. I guess the silver lining is that the construction has stopped due to compliance and not financing...as is pretty standard with most off-plan projects. I am going to take the optimistic approach on my investment...remember that there are many, many units in the tower and Unique is one of many in the entire project...also, the Ajman Sheikh owns 50% of Emirates City so I doubt he will let the whole (or part) of the project tank. Also, many Emiratees have invested in the project and they will most definitely not want to see it go by the wayside.
Purchaser Contract:
5. Possession and Risk
5.1 It is recorded that the Completion Date represents the date upon which it is presently expected that the Unit will be ready for occupation. The Seller reserves the right to extend the Completion Date (December 10, 2010) by a period of up to one (1) year, provided that the Seller shall advise the Purchaser of such extension at least three (3) months beforehand. (So in essence, they have the right to extend up to December 9, 2011 with written notice to the Purchaser.)
We must be patient and optimistic. Stopping payment is not going to help anyone as the contract stipulates that any failure on the Purchaser's part to fulfull the contract, the Seller can take action.
I am not sure if it is a wise decision to continue paying when we are not sure on how it is all going to be. I am desperately looking out for buyers even at the actual cost.
Purchasers of unique tower, Could u pls list down ur email id and contact number so we have that list for contact at any point of time. My details are ccmohan@rediffmail.com/0558331864
Hi for all,
I personally visited ARRA office they gave me a letter { copy attached }.As per this letter we should pay all installments in ESCROW A/C if Developer/RealEstat registered themselves & opened account in ARRA.So first we should confirm,send e-mail to developer & ask to give escrow A/C No. then start to pay otherwise immediately stop payment & wait till open escrow A/C.
Moreover we all should ask/compel to developer to reduce prices because more than 50% prices came down.I have also stopped the payment from this month,sent ARRA copy & ask to give Escrow A/C No.
Thanks for letting us know. Can u please forward that copy to my id ccmohan@rediffmail.com
did you get any response from developer on escrow account ? Last i asked him , he told me the following
"Hi we are under the process of the registration of the Escrow, this will take some time as this law was introduce recently all the developers are doing it therefore there is big waiting lists n we are under the process "
Do you think the developers would be re negotiate on the amount ? I dont think so as the contract is signed..secondly i have already given all the post dated cheques not sure about urself...pls advice
hi
in Regards to the Above remarks from all investors in Unique Tower.
I am sure that many are worried and the main reason is the Global Situation,
In Regards to Unique Tower Construction, appx for the last 2 months the construction has been Paused, this is because, once not only in Unique Tower but in every tower, the piling, immobilizing, digging, footing work has been completed in order for the next stage to progress The Ajman Muncipility needs to issue a Building Permit, authorized personal from different departments were visiting the site, this has been completed, and now we await the permit, this has taken some time as many developers are on the same stage so they are busy.
Also at the beginning of the Project we already took out a few months for all planning and approval stages as of today there is no delay, if there was all investors will be compensated as per the terms/conditions on the contract.
If there will be a big delay in the completion we will inform all clients so that the payment plan can be rescheduled.
We are hoping the permit should be with us in the next week (max two weeks) so that construction resumes, once it does i will update this forum and new photos will be posted on the unique homes website.
Hi, Have invested in Unique towers and its of prime importance for me to see that the overall Ajman and Emirates City grows and prospers and Unique towers is constructed and becomes the prime property sought after for living in year to come.
I agree with the E.C. McAfee that the response received from the builder is promt and to the point; further as somone mentioned the crisis are not Financial but due to Municipal compliances which is good thing.
The way i see the project especially for long term investors that probably by Early 2011 property possesion will be given and the timing should be just right - by this time the world and emirates would have get out off crisis situation and life would be returning to normal.
We should all remain positve and maintain an active dialogue with the construction company to achieve our common goals; construction co. is also advised to do the same as it goes a long way to have and maintain the investors confidence.
This is all for the moment; please keep the postings coming
I am also a fellow investor who has been in constant communique with Mohammed Patel at UniqueHomes in the Al Noor Tower, Dubai office. Here is what he has told me regarding the Escrow Account:
1. The escrow account will take approximately 45 days to create per M. Patel.
2. The delay in creating the account is due to the governing entity to conduct an internal audit of the current account.
3. There are 72 towers and many of them are in the process of creating an escrow account, etc. so you can imagine a small emirate like Ajman does not have the infrastructure to speed this process up.
4. Investors are instructed to suspend (per M. Patel) their monthly payments to UniqueHomes until the escrow account is created, however, once it is created and all past and current investments have been transferred over, any payments to date must be made to keep the payment schedule current.
5. Many people are nervous, anxious, etc. about the current economic crisis and many unsubstantiated rumours are flying on these postings. Let us deal in fact only. Everyone is invited to visit M. Patel in the Al Noor Tower in Dubai to discuss any concerns they have about this project.
6. The completion date is on schedule and everyone is invited to visit the construction site to see the project and how it is coming along.
7. M. Patel is going to keep up on postings on this forum in order to have more transparency for worried investors.
That is all I have to contribute at this time. Please feel free to make any comments about this posting.
there is still a question of who is the developer. IF the developer is Unique Lakeview Ltd, why does our contract has Unique real estate broker seal. They should originially give us the lakeview Ltd signature.
the construction of this particular tower might b as per schedule but we r not paying only for walls in the midst of desert nearly 40% of the payment shuld b held till the infrastructure is ready and it is in condition to live there.
The following explanation regarding the question of who the developer is for UniqueTower was emailed to me by Mohammed Patel today:
[Unique Lake View Ltd is the free zone company that owns the land on which Unique Tower is being built. Unique Lake View LTD has given full authority to Unique Homes Real Estate to act on there behalf to manage the project regarding all aspects. This agreement between the two companies however cannot be mailed as it is a confidential agreement between UniqueHomes and Unique Lake View LTD. There are other documents between UniqueHomes and the Ajman Municipality, which also cannot be distributed to the clients / investors. However, all investors are more than welcome to view these documents in our office but cannot take copies as it is not related to them since it is between us and the authorities. Any and all documents that relate to the client will be issued to the client however if they wish to view these we are more than happy to show them in our office.]
Unique Tower
Yes, I purchased a 1 BDR, Type C in Unique Tower in March 2008. I am on the payment schedule which will conclude in March 2011. I have periodic communication with Mohammed Patel, the Project Manager with Unique Homes, who gives me updates. He is very professional and answers all of my questions including the following:
1. Delays in construction due to the issues with Dubai, et al: No, Unique Tower is on schedule.
2. Power: As the Ajman Emirate will not have a government managed power facility until after the December 2010 completion date, Emirates City will be powered from generators with access to the Abu Dhabi power grid. There should not be a significant difference in the utility bills as such.
3. Residence Visa: I recall Mohammed telling me that once the building is completed, they will submit the residence visa on behalf of the owners.
That is about all I can contribute to this forum to date. If you have any new information, please pass it on.
Regards,
E.C. McAfee
Good progress
Nice to know that there is some one other than me who has brought this project :).
Please keep in touch..my number is 0558331864. I would post my updates as and when i get it..infact i am planning for a visit to the construction site very soon
unique tower
Hi my friend
I am muhammad siddique investor in unique tower.Whatever u searched and writing it is ok but as per my knowledge, from last three months,the construction work is stopped because of non compliance of Ajman Muncipalty orders that is why Developer is still unable to renew muncipalty license.
I visited the site myself & observed the work has been stopped.I approached & asked developer about
the matter, they told problem will be solved very soon & work start again.
Because we are paying installment on monthly bases therefore we should check every month site construction work & ask / compel to continue work , otherwise tell to stop payment.
Reply to All
CC Mohan and Muhammad -
I will definitely try to keep up on the construction. It is difficult for me to drive out to the site as I do not have a car and I live in Al Ain. I guess the silver lining is that the construction has stopped due to compliance and not financing...as is pretty standard with most off-plan projects. I am going to take the optimistic approach on my investment...remember that there are many, many units in the tower and Unique is one of many in the entire project...also, the Ajman Sheikh owns 50% of Emirates City so I doubt he will let the whole (or part) of the project tank. Also, many Emiratees have invested in the project and they will most definitely not want to see it go by the wayside.
Purchaser Contract:
5. Possession and Risk
5.1 It is recorded that the Completion Date represents the date upon which it is presently expected that the Unit will be ready for occupation. The Seller reserves the right to extend the Completion Date (December 10, 2010) by a period of up to one (1) year, provided that the Seller shall advise the Purchaser of such extension at least three (3) months beforehand. (So in essence, they have the right to extend up to December 9, 2011 with written notice to the Purchaser.)
We must be patient and optimistic. Stopping payment is not going to help anyone as the contract stipulates that any failure on the Purchaser's part to fulfull the contract, the Seller can take action.
Reply with comments...
Regards,
E.C. McAfee
I am not sure if it is a
I am not sure if it is a wise decision to continue paying when we are not sure on how it is all going to be. I am desperately looking out for buyers even at the actual cost.
me too
i'm going to resell unit so anyone is interesting jut send me a pm
i want go out of biz
Unique tower
Purchasers of unique tower, Could u pls list down ur email id and contact number so we have that list for contact at any point of time. My details are ccmohan@rediffmail.com/0558331864
unique tower
Hi for all,
I personally visited ARRA office they gave me a letter { copy attached }.As per this letter we should pay all installments in ESCROW A/C if Developer/RealEstat registered themselves & opened account in ARRA.So first we should confirm,send e-mail to developer & ask to give escrow A/C No. then start to pay otherwise immediately stop payment & wait till open escrow A/C.
Moreover we all should ask/compel to developer to reduce prices because more than 50% prices came down.I have also stopped the payment from this month,sent ARRA copy & ask to give Escrow A/C No.
Thanks for letting us know.
Thanks for letting us know. Can u please forward that copy to my id ccmohan@rediffmail.com
did you get any response from developer on escrow account ? Last i asked him , he told me the following
"Hi we are under the process of the registration of the Escrow, this will take some time as this law was introduce recently all the developers are doing it therefore there is big waiting lists n we are under the process "
Do you think the developers would be re negotiate on the amount ? I dont think so as the contract is signed..secondly i have already given all the post dated cheques not sure about urself...pls advice
Unique Tower
hi
in Regards to the Above remarks from all investors in Unique Tower.
I am sure that many are worried and the main reason is the Global Situation,
In Regards to Unique Tower Construction, appx for the last 2 months the construction has been Paused, this is because, once not only in Unique Tower but in every tower, the piling, immobilizing, digging, footing work has been completed in order for the next stage to progress The Ajman Muncipility needs to issue a Building Permit, authorized personal from different departments were visiting the site, this has been completed, and now we await the permit, this has taken some time as many developers are on the same stage so they are busy.
Also at the beginning of the Project we already took out a few months for all planning and approval stages as of today there is no delay, if there was all investors will be compensated as per the terms/conditions on the contract.
If there will be a big delay in the completion we will inform all clients so that the payment plan can be rescheduled.
We are hoping the permit should be with us in the next week (max two weeks) so that construction resumes, once it does i will update this forum and new photos will be posted on the unique homes website.
Muhammed Patel.
Unique Tower
Thanks Muhammed, You have been very transaparent on all the regards. Could you also give an update as to when the ESCOW account will be setup ?
Unique Tower
Hi, Have invested in Unique towers and its of prime importance for me to see that the overall Ajman and Emirates City grows and prospers and Unique towers is constructed and becomes the prime property sought after for living in year to come.
I agree with the E.C. McAfee that the response received from the builder is promt and to the point; further as somone mentioned the crisis are not Financial but due to Municipal compliances which is good thing.
The way i see the project especially for long term investors that probably by Early 2011 property possesion will be given and the timing should be just right - by this time the world and emirates would have get out off crisis situation and life would be returning to normal.
We should all remain positve and maintain an active dialogue with the construction company to achieve our common goals; construction co. is also advised to do the same as it goes a long way to have and maintain the investors confidence.
This is all for the moment; please keep the postings coming
Escrow Account
Hello Unique Tower Investors:
I am also a fellow investor who has been in constant communique with Mohammed Patel at UniqueHomes in the Al Noor Tower, Dubai office. Here is what he has told me regarding the Escrow Account:
1. The escrow account will take approximately 45 days to create per M. Patel.
2. The delay in creating the account is due to the governing entity to conduct an internal audit of the current account.
3. There are 72 towers and many of them are in the process of creating an escrow account, etc. so you can imagine a small emirate like Ajman does not have the infrastructure to speed this process up.
4. Investors are instructed to suspend (per M. Patel) their monthly payments to UniqueHomes until the escrow account is created, however, once it is created and all past and current investments have been transferred over, any payments to date must be made to keep the payment schedule current.
5. Many people are nervous, anxious, etc. about the current economic crisis and many unsubstantiated rumours are flying on these postings. Let us deal in fact only. Everyone is invited to visit M. Patel in the Al Noor Tower in Dubai to discuss any concerns they have about this project.
6. The completion date is on schedule and everyone is invited to visit the construction site to see the project and how it is coming along.
7. M. Patel is going to keep up on postings on this forum in order to have more transparency for worried investors.
That is all I have to contribute at this time. Please feel free to make any comments about this posting.
Regards,
E.C. McAfee
UniqueTower Investor
Unique homes
there is still a question of who is the developer. IF the developer is Unique Lakeview Ltd, why does our contract has Unique real estate broker seal. They should originially give us the lakeview Ltd signature.
what abt the infrastructure
the construction of this particular tower might b as per schedule but we r not paying only for walls in the midst of desert nearly 40% of the payment shuld b held till the infrastructure is ready and it is in condition to live there.
Follow-up on question of who the developer is...
Hello UniqueTower Investors:
The following explanation regarding the question of who the developer is for UniqueTower was emailed to me by Mohammed Patel today:
[Unique Lake View Ltd is the free zone company that owns the land on which Unique Tower is being built. Unique Lake View LTD has given full authority to Unique Homes Real Estate to act on there behalf to manage the project regarding all aspects. This agreement between the two companies however cannot be mailed as it is a confidential agreement between UniqueHomes and Unique Lake View LTD. There are other documents between UniqueHomes and the Ajman Municipality, which also cannot be distributed to the clients / investors. However, all investors are more than welcome to view these documents in our office but cannot take copies as it is not related to them since it is between us and the authorities. Any and all documents that relate to the client will be issued to the client however if they wish to view these we are more than happy to show them in our office.]
Regards,
E.C. McAfee