Swapping - from Ajman to Dubai
I am seriously considering the property swapping option proposed by Dubai-based groups like Al Masah International whereby one signs over his existing apartment in Ajman (mine is with Chapal) to the Dubai group and they use the funds you already paid on the Ajman flat as a down payment on one of their existing or planned projects in Dubai. The cost of a new apartment in Dubai is of course much higher and it means I would have to invest more in the long term but in order not to lose the nearly 80% I already have invested in our Chapal project, I'm thinking it might be worth it... Is any one else contemplating a similar plan? How many other groups out there (like Al Masah) offer such an exchange option? I read some dated info on this exchange process but would like to hear from this forum - especially from folks who have gone ahead and done this swap or those who have seriously looked into the possibility of doing so. Thanks in advance for any input. :)
swapping
Nothing is guaranteed.In the beginning it is full of big welcome bid smile big promises.Who will be the loser or winner.Its us investor like you who will have to pay the extra cost plus other hidden agenda.
Have you heard of that saying" ONCE BITTEN TWICE SHY " FROM FIRE TO FRYING PAN"
I have inquired about it,seen their web site,communicated with them but NOT CONVINCE.
Dear brother you have planted a tree in Ajman you want to uproot it to plant it in Dubai.By the time you do this fruit would have grown in Ajamn.Think about it.
interesting related post by
interesting related post by josau from another page, but relevant here
seems al masah had a project due for completion in 2010, although due for completion in 2010 they havent even begun foundations !!! and this in a prestige development in dubai MARINA !!!!
seems crazy they complain of progress of developement of emirates city and try to woo people from there where at least some construction has started.
heres josau's post - the link has lots of info on al masah and their tower in dubai
Thu, 01/07/2010 - 16:38 — Josau GCD 2
Not to defend Gold Crest or ETA Star, but GCD 1 is well being registered with RERA. GCD 2 is NOT.
Someone is sending out PMs referring to project swapping with Al Masah. Look at KPM tower thread on skyscraper city to find out what their so called "started" projects are worth. http://www.skyscrapercity.com/showthread.php?t=479695
As of GCD I can only recommend to visit Star Giga office next to Oasis Center on SZR in the Star Giga building.
When Ivisited ARRA a few weeks ago they seemed pretty confident with Star Giga and said, "that they were among the reliable developers in EC" even though they were well behind in escrow accounts AND ARRA registration.
Musafir Moderator
swapping
Friends... what ever you decide to do, be careful because somebody out there might take advantage of your panick to put you through another nightmare. Swapping might be a solution, but take into account the following points:
1- ask about the price of the suggested project and make sure that it isn't higher than market price, otherwise you would be given your Ajman investment as a free present for somebody you don't know, and In addition, you will be entering a new investment in Dubai where you have to pay more money. THERFORE, MAKE SURE OF THE NEW OFFER PRICE!!
2- Many of these developers will subtract your Ajman investment from the total price of the new unit, so they can ask you for 15 or 20% downpayment!! You should bargin to make your Ajman payment as a downpayment for the new Dubai unit. THERFORE, ASK FOR AJMAN PAYMENT TO BE YOUR DOWNPAYMENT IN DUBAI.
3- They will propably want you to pay to ESCROW account regardless of construction stages because they want to finance unsold units with your money. You should insist on a payment plan linked to construction level and make sure that you leave 10 to 20% for hand over of your property. THERFORE, PAYMENT PLAN LINKED TO CONSTRUCTION WITH HAND_OVER INSTALMENT!!
4-Finally, read your new agreement carefuly and make sure that you have enough protction and not like old agreements where everything was for the benifit of the developer. THEREFORE, ASK FOR PROTECTION IN NEW AGREEMENT.
swapping
I got a PM on here where someone proposes to me a swap to Al Masah, a company which has many unfinished/not started projects in Dubai.
Yes, one has to be very careful, not to end up in an even bigger mess.
Almasa
Dear sir ;
Swapping to Almasahint is as falling to a big hell after falling to a hole.
I considered all of offered projects by them.None of them is in a good situation.
I decided to be with Ajman developers instead of swapping.
Be carefull.
Best Regards,
farzad
for reay units , they offer
for reay units , they offer big unit and it is more than even 800,000Dhs.
Would you please inform us what was ur unit and how much did you pay it and also what is the rate&price of swapping unit?
I am wonder that you swap ur unit with ready unit in dubai without their tricks?
Best Regards,
Farzad
Couple of my friends
Couple of my friends have invested in mag218 in 2005 now after five years they will probably get thier apartment by the end of this year after a delay of about three years this project has nothing to do with al-masah . Mag 218 is selling at knock down prices as they have some appartments unsold so u might be able to get it cheap even with out swapping .I read in a article that they were selling at 2006 prices.
Do not waste your time with Al masah
There is no good in "the swapping" If you do not believe me go to al masah and see what they offer you
SWAP
ANOTHER BIG LIAR.NOTHING IS RELIABLE IN UAE THIS DAY AND AGE, I DO NOT TRUST YOU AT ALL.
Don`t trust them,they just
Don`t trust them,they just want more money.Do they think we were born yesterday.