SHOCKING STATEMENT - Lake View Tower
:O :O :(
I had a quick discussion with someone at Lake View Real Estate (developers of Lake View Towers 1, 2 , 3 , 4 and 5) about the status of the project.
Initially, I was told that the LVT1 is under construction. When I mentioned that there has been no change since July, I was told that they have appointed a contractor and the work is on.
I had been to the site on Saturday and am 150% sure there was no activity. They have also put the names of Mehwal Building Co (06 - 745 7205) on their boards. These are the same guys who have their names on atleast half of the C row.
I asked for the worst case scenario and was shocked to hear that and I quote..
" Sir, If we (lake View Tower) are unable to build the tower due to present market conditions, your deed will be transferred to R holdings and your tower will be built by the Ajman Government."
This means:
1. They have started to look for an exit route.. they are aware that there could be a chance that they will deafult....
2. How on earth, R holding will become the owner and build while I have paid no money directly to R holding at all. and why would R holding take the bad assets of a default contractor.
3. When I asked why should I pay you anymore, the answer was: we will build it, dont worry...
then why was i told that r holdings will take it over..
confused and lost... i have put my hard earned money into this and now have no idea of what to do next...
Lake View has more than 1 tower and if they are waiting or getting ready to default, what will happen to others with only 1 or 2 towers...
Shocked......
Don't read too much into statements...
This means:
1. They have started to look for an exit route.. they are aware that there could be a chance that they will default....
One of the first rules of any business is to know your exit strategy, weather you ever need to use it or not. This provides security and peace of mind. +1 to the developer for having a strategy, shows they aren't stupid!
2. How on earth, R holding will become the owner and build while I have paid no money directly to R holding at all. and why would R holding take the bad assets of a default contractor.
See what has happened in the US with the Govt bailing out the banks and taking over some ownership? The Ajman govt has too much to loose reputation wise if the project fails, especially being their first. I am sure they will dump and loose some cash before their reputation.
3. When I asked why should I pay you anymore, the answer was: we will build it, don't worry...
Of course you should keep paying, don't assume the worst case scenario. See # 1 & 2 above!
Don't worry, the path is not always clear but the destination is and I am sure we will all get their together.... albeit at different times!!! :-) When I purchased in GCD 2, the handover date in my contract was November 2009, but knowing a bit about how the industry works, in my own head I knew it wouldn't be until Nov 2010. This is still 2 years away, lots of time to sort everything out!
Statements
Hi Smitty
I can only pray that you are right and my assessment is wrong. But let us see:
An exit route is a good strategy at the start of the project design, however you can not plan and discuss an exit strategy with one of your customer, who is till paying.
American government did not bail out a single developer. they only bailed out banks (who were holding billions in savings of general public) and never bought any bad performing assets.
What is the level of Ajman Government in front of Nakheel or Emmar. I am aware that Dubai's waterfront project has been put on hold partially and just today Nakheel has asked over 20% of its waterfront team to go home...
Limitless has put a hold on Arabian canal...
if these dubai government companies (bigger than ajman governments R holding) can cancel or delay projects, what about Ajman??
Again, I just want to believe that your assumptions are better than mine since i have more than 1 apartment and has paid nearly 400k so far. ...
R-Holdings!
Firstly, this may only be an, off the cuff, remark by a representative of the company who does not not know the full pcture!
Secondly, if at all, (I don't think this is likely) they handover the project to R Holding to complete, just relax!! Rholding certainily are a better option having government backing. In any case, I think, that was the way of the representative of the company to reassure the customer that the project would be completed (by saying if we can't do it Rholding will).
There are delays all over, and thats for all to see, but things will tide over. Emirates City is the first and pioneer developments on Emirates Road in Ajman, and there is no way the govt. of Ajman can let it go half way. Well, I am not sure of the more recent developments which have not only not started but in the name of progress have tracts of sand and desert. These might be affected.
LAKE VIEW 3
CAN ANY ONE UPDATE ME THE CONSTRUCTION STAGE FOR LV3? IF YOU CAN GIVE ME A NAME AND NUMBER/EMAIL TO SPEAK OR WRITE WITH AS SITUATION SEEMS TO BE BLEAK AND DEPRESSING. I DON'T KNOW WHETHER TO CONTINUE THE PAYMENTS IN THIS FORM AS NO ONE RETURNS MY CALL OR EMAIL FROM LAKEVIEW???PLEASE HELP .....THANKS :(
Lake View Tower 3
Dear All,
This is Ramender, a new forum member, I have a 2BR unit in LVT3 and have paid till December 2008. On Dec 21, 2008 we met the Admin Manager of LVRE personally and discussed the situation. He has assured that the project would be completed as millions of Dirhams have been invested by the builder itself. He has agreed to stop payment for now and to link the payment plan with construction progress. They are working on a new payment plan which would be intimated in due course of time. The new payment plan may start sometime in April 2008. With regards to progress of LVT3, he has informed that approval application has been put-up to Ajman town planning for starting piling work, once the approval is received in 2 - 3 weeks time, piling work would start.
For those who want to change their payment plan, you need to personally write to the Admin Manager requesting him to stop payment and propose a new payment plan linked to construction progress. The application should be signed, scanned and sent to his email address. Particulars of Admin Manager are given below:
Sohail Ghani
Admin Manager
cell: +971 50 5015350
email: sohail@lakeviewuae.com
Lake View Real Estate
701,702 The Business Centre
Bank Street, Bur Dubai
P.O.Box # 117466
Dubai - UAE
Tel : +971 4 3978987
Fax : +971 4 3978979
Hope this would help.
Regards
Dear ramender,
Thank you for your detailed post.
LV4
I spoke to Mr Sohail today and he claimed the construction of LV4 will start mid Feb.It means that there will be the delay of only 1-2 month compare to the original plan and as a result he refused to offer me a new payment plan linked to the construction progress.He said it will only apply, if there is a delay of more than 6months .the same thing that happened in LV1 & 2 apparently.I was wondering if anybody else have got the same answer.
Lakeviewuae.com website down
Lakeviewuae.com website down for several days...where have they gone?
LV4
The situation is very bad ( as per insider info.), I have sent mails which no one answers. Website went down for a couple of hours when I checked last week , but then was up and now it is down again. Can anyone suggest a way of getting out of this and to get our payments back, I do not want to continue where it is very much evident that everyone has lost confidence in this project . Has anyone demanded
payments back ? Please let me know.
Thanks,
J.DAYANI.
Website
I checked with the lake view office and they said there is small problem with host of this website.Basically a technical error and its with all the site which comes under this HOST site (Server Problem).Can be rectified in couple of days.
And for getting money back i also asked with the management but they refused as they are working on all the Towers.
In UAE none of the developer's are giving money back on the projects may they can restructure the payment plan.
and for Tower 4 and 5 i already mentioned my discussion wid them.
Thats all from my side.
Website sold???
What's happend to the website again? www.lakeviewuae.com Is it for sale?
is any spelling mistake
its sure that lakeviewuae.com is no more a property site it might be for sale.
but is there any spelling mistake? lakeview investors can confirm.
LVT2
I have tried to contact Lake View but no reply,I live in Toronto Canada can any one please update about the current situation of LV. Will they complete this project and is there any construction activity on site? :?
Hey man, I also live in
Hey man, I also live in Toronto...
Where did you purchase your apartment from ?
I own in LVT 5...they keep saying that it will finish on time, and not to worry...
I think at this point, we are stuck as customers ...just keep paying if you can ....and pray it finishes on time....
hopefully they delay payments to be more inline with construction progress ...like in Dubai
LTV4
I am also from toronto and I have booked in LTV4. The website is down and no one responds from their Dubai office. May be we should start exploring legal options to
get our money back. Does anyone know the realestate lawyers/laws in UAE. Does this builder have an ESCROW account. Can anyone please update us.
^^
How you paid for your unit?
Also, They didnt run away just yet! They are still operating in Dubai Office.
I wonder if its easy for them to run away just like that. Since their ownership involves fewer or more than 3 investors.
They are watched by Ajman R-Holding because they got to pay their installments for purchasing their land to the government and also plenty of bulk buyers in their projects are watching them with their eyes open!.
I doubt if they will go anywhere really. Things are confusing in the market lately, but let's hope things will get better and that there are buyers in the market which can drive up confidence.
For now, the best you could do is hold your payments until confidence improves.
Cheers~
i dont understand what they
i dont understand what they are playing at.. i constantly email and phone, however the fools dont have the decency to reply back, This is not a joke, it serious money we are talking about, and we cannot sit back and be taken for a ride. myself and 2 other owners believe we should get a few people together and go to ajman to discuss this problem face to face.