R Holding Fooled us
We as investors in Emirates City should accept the fact that we were fooled by the master developer of Emirates City (R-holding). They took money from us in a promise to bulid something; but the facts say that their intentions are not clear.
Emirates City launched in 2006. Now we are in 2009. Three years passed with nothing done. There is no vision, no plans, no infrastructure, no electricity, no water. Moreover they cancelled the residence visa promise. People who have paid more than 50 percent of the price are really stuck in the middle.
Even if you go to R-holding they will tell u everything is going as per shcedule whereas there are no schedules. They dont care about investors. their major aim is to collect money from us.
The worst case may happen, they will announce their bankrupcy and we will loose all our money. I am not crazy, but this scenario is possible and it happened in many parts in the world.
If we dont take actions now, they will continue to fool us. What do u think??
FACTS
FACTS and FIGURE ( LILIES TOWER- D02 )
For example R- Holding is paid by the investor every month from the investor -
Advance Received -
( Approx avarage rate AED 360 per sqft ) = Total built up area = 18500 sqft per floor x 40 floor x AED 36 (10%)
Collection as advance = AED 26,640,000
1st Year-
PER MONTH-
1 Bed room = 14 units x 40 floors x AED 2300 = AED 1,288,000
2 Bed room = 04 units x 40 floors x AED 3500 = AED 0,560,000
Total collection 1st Year = AED 22,176,000
2nd Year-
PER MONTH-
1 Bed room = 14 units x 40 floors x AED 2750 = AED 1,540,000
2 Bed room = 04 units x 40 floors x AED 3800 = AED 0,608,000
Total collection 2nd Year = AED 25,776,000
Total money paid by Investor / end user till December 2008 = AED 74,592,000
Total Building cost estimated = 250,000,000
% Payment received = 30% (Approximate)
Construction completed - Less than 7 %
How a company like R - Holding go away from the responsibility, can we see the construction worth of 74.59 Million dirhams at site ? forget the contribution / investment of developer which they have to do to maximise their profit after handover the properties in term of balance 3 years of installments and earning from the maintenance charges.
So how they can announce their bankrupcy and we will loose all our money.
Above figures are assumed as per announce payment plan by R- Holding.
Confused!!
Dear Dwarish
What is your comment that there are towers in which R-holding have been collecting money for from around two years but still there is sand. Listen we should be more cautious and not assume that they have a good intention unless otherwise proven.
Dont tell that em pessimistic but EC project is proving with time that is a failure for R-holding and for Ajman. Only time will prove this.
The only Security we have
Hi everyone,
The security and guarantee we have in regard to the completion of the project is installment finance. If they stop constructing we supposed to stop paying them, if they slow it, we supposed to slow payment, if they walk away, we are supposed to be left part of the construction and part of the payment. So, how can we keep paying in full and without delay, and they do the opposite. Why they need our continious money if they are not using it for the building? And what happens when they take all the money for only few floors constructed, and declare bankcrapcy? I think we need to be serious about actions now before it is too late.
Correct
Nuraldin you are perfectly right. I have also heard that they invested a big pool of the money that we've invested in the Dubai stock market which collapsed completely. That's why they are launching new projects every day in order to get more money to finance the old projects cause they need more money to substitute the money they lost. So in conclusion they are playing around. some people have already discovered this game, but unfortunately some people are still optimistic but as soon as they discover the reality everything will collapse on the head of R-holding.
I dont know why some people are not accepting the fact. They just want to close their eyes and ears and live in another world.
Dear investors, we are around 25000 investors in the EC project, together we can do alot and we can press them to tell us what is going on. Instead of just discussing things we can arrange a plan of work.
Sue R-Holding
I totally accept what you said & surely we have to do somethings in response to our big investment, before they R-Holding left away!! See Ajman One & Ajman Marina had assigned the infrastruture & enabling contracts to designated contracts within 6 months of projects launch, so how come there is no progress / or stupid excuses "pending related authorities of ajman".
So right now I suggest everyone of us to contribuate ourselves including fundings to sue R-Holding to the UAE Gov't, even for sulre they are closed related to the Skeith family of Ajman, or even more!!! At least we can do something to wake up all people & potential investment as well as withdraw $$ back, like the Lagoon Projects in Dubai.
Can anyone of us organize to do so!?
Suing R-holding
Dear Comicsc and all investors
Please believe me and you will not regret it that we should take actions immediately. Yes we should sue R-holding before its too late. The court of Ajman is the only resort to us. we should not even negotiate with R-holding because for them there is no problem, they are just collecting money and playing in the stock market. For R-holding is taking advantage of being in close relation with the Governor of Ajman, but this will not prohibit them in the General court, because they don't have right to continue taking money from us and doing nothing, sorry playing in the stock market.
See its the best time to take action, and I'm ready to take action to sue them, but I need other investors to support me. The least right which an investor should know is wheter his money is with safe hands or not.
Finally we should not be scared from R-holding beacause we are the right and they know that if we want to make this issue in public we will do alot and bekieve me we can do alot cause it will be the end of Ajman dreams to be like mini Dubai or what so ever..
What do you think??
Totally agreed!! Really
Totally agreed!! Really believe what you suspect & such suing action will wake up the developers their for other projects!
Plan of Work
Can somebody propose how can we arrange a plan of work to start suing R-holding?
Itsa bit drastic!!!
Can understand some of your concerns but to sue them sounds a bit drastic, to be able to hold off on some payments sounds more realistic to me.
revise payment schedules
Let us demand R-holding to link the payment schedule to construction progress. This I think is a great thing we can do. What do u think?
splended idea - im a uk
splended idea - im a uk lawyer let me know if i can help
we need a lawyer
Dear dawood
We need your help in this issue: In all the contracts that are holding was giving to investors there is a point which says:
The project shall be handed over on (day/month/year) and the title deed shall be issued once the second party receives his flat.
Does this point obliges r-holding to deliver on the assigned date or not binding, taking into consideration there is no force majeures. Based on this point can we oblige R-holding to pay installment based on construction progress. you know some people already paid 50% of the total price and the construction have not yet started and the delivery date is due next month. what do u think??
lillies tower
regards
we as a group of friends hold 5 units of 1br in lillies tower and were hoping we could meet to discuss the future of this project and how we can take steps collectively to force r holding to honour its contract my name is mustafa and i can be contacted on
hoping to hear from lillies and emirates city investors
R Holding Fooled us
Dear All,
I fully agree that we should be firm in demanding that any further payments to the developer 'must' be linked with the progress of construction.
Regards
Hi, I'm also interested in
Hi, I'm also interested in joining in for a court. I think it will at least have the effect to wake them up.
Imagine a press' release about investors sueing R Holding in fear of bankrupt! The word would spread so fast to other investors, who will as well stop payments, if not sue them too.
seems this site has been
seems this site has been hackerred by cheeters and mother f....... what are these stupid advertisements every where in this blog ? where are the people responsible on the blog to stop this BS ,stupid things in irani or urdu language in a specific site for EC