Sweet Homes/Rainbow Towers/Ajman Uptown
I visited the London office of Sweet Homes today to make my quarterly installment. Whilst there I took the opportunity to enquire about many of the topics that are discussed on this forum. What I received was some very informative and honest answers.
What was made clear was that Sweet Homes are 100% involved/invested with the projects Rainbow Towers and Ajman Uptown and Al Khor (ready for handover in two months) and a few others. Other projects purchased from Sweet Homes they are more like the estate agents (Paradise Lakes is government owned?). As always, the London office were very efficient and didnt dodge any questions. They recognised the problems and were honest in their answers. I'd say if you invested with Sweet Homes you are in much safer hands.
Good News:
1)The Rainbow Towers and Ajman Uptown construction will be making very good progress in the coming months and completion will is scheduled for the last quarter of 2010. Both projects are between 75% and 90% sold.
2)Regarding electricity and utilities - As with the Sweet Homes Al Khor development electricity will intially be via industrial generators. Ajman government are at fault here as they are dealying the installment of the required infrastructure. I was also informed a seperate mini-power station was being installed for the Ajman Uptown project with a dedicated site already proposed. This will be arranged through a Malaysian company.
3)Both Rainbow Towers and Ajman Uptown are going ahead fully and there is no way these will be withdrawn.
4) Should construction not be completed by the fourth quarter of 2010 then as the contract indicates payments/installments will be halted. If construction is completed within the year (Q4 2011) then the payment plan resumes up to this point. Otherwise you receive 6% interest for each year.
Bad News:
1)I was informed that B11 & B12 defaulted or is very near to defaulting. I believe these are the Lake View Projects. From what I remember of the discussions Sweet Homes sold the land to the developers of Lake View 4&5 and will now perhaps repurchase to develop as the remaining towers of Rainbow Towers. How accurate this is I'm not sure.
2) I was told that over 50% of projects in Dubai has been stopped and around the same in Ajman. I was shown some informative illustrations of all the proposed projects by different developers and was told half or so had now been cancelled. I was not given the names of these projects.
el_mundo London
Update
El Mundo, Thanks for your update.
I also have an interest in B14 with SHUAE arranged from the London Office - Do you have a private email - keep in touch.
Regards,
Ebrahim.
Lake View Tower 4
Dear El Mundo,
Please explain your conversation with details about B12 . I have purchased a two bedroom apartment there.(Lake View Real Estate).Do you mean by defaulting that the lake view has not paid for the plots B12 and B11.Please reply as soon as possible since I am meeting the developer tomorrow.
Regards
enzo
Dear Enzo, I cannot be sure
Dear Enzo,
I cannot be sure about the status of B12/B11 and I don't want to say something that could be inaccurate and create uncertainty. From what I remember hearing earlier I believe they have paid for the plots but there are not enough investors in the project currently. I was not paying full attention to this part of the conversation as I was too involved in getting information about my project. You would be best to ask your developer. In hindsight I actually shouldnt have mentioned this in my original post.
el_mundo London
Lake View Tower 4
Dear Enzo
Hi. I too live in the Uk and have purchased in LVT 4. Am very frustrated with Lake View R.E as they dont give straight forward answers. May be you have better luck with them as you are meeting them today. I would very much appreciate it if you could give some feedback to what is going on !( i.e about plots B12 and about the construction situation for LVT 4).
Many thanks
Ham007
Dear El Mundo,
Dear El Mundo,
It might be right because there is no construction activity what-so-ever on these plots.Whenever I call them they have a different starting date for construction.Its going on since July last year. So don't worry you didn't cause any uncertainty, I have my doubts because of many other reasons.Thanks for your reply.
Regards
enzo
Dear ham007,
Dear ham007,
There was no outcome from the meeting .All the top people in Lake View R.E are avoiding any direct confrontation and lower staff have no clue whats going on.I finally lost my cool today highly frustating.I live in Abu Dhabi so its difficult to visit their office more often, but tomorrow I am going to ARRA to complain and find some answers.
Regards
enzo
Lake View R.E
Dear enzo
Thankyou so much for getting back to me and sharing the information. Dont blame you for getting frustrated at them, I know the feeling !. Look forward to hearing from you after your meeting with ARRA and once again thankyou for your kind help. Lets hope for the best.
Regards
Ham007
Enzo: I had someone go to
Enzo:
I had someone go to ARRA today - very positive experience. Their stand is that no further payments are due to any developer who has not set up an escrow account. I have paid 35% to Sweethomes for Ajman Uptown, and they are just getting started. Matter of fact, I only bought from them because all their ads/press conferences clearly stated - pay 50% till completion.
Anyway, I have informed Sweethomes that based on our meetings with ARRA - I won't be paying anymore till the escrow account has been set up. Waiting for sweethomes to respond. I'd urge you to take a visit to ARRA, and document stuff as much as you can... emails etc.
In addition, once the escrow account is set up - withdrawals by the developer are supposed to be tied into construction progress.
Their website (not functional yet) is www.arra.ae
Phone number is shown there.
Office is physically located - where the old Ajman Immigration office used to be.
Rainbow Towers
Hi Any investors of rainbow tower b-14, pls contact me , i want to share information with you
hiii........... guys.
my email: salami05@hotmail.com
B13
HI any information regarding B13 Thank you
B10 status
Dear
Thanks for the very informative piece; i learnt about this forum today and has been reading the comments; I have been worried and thinking I have lost my money. To be honest , I have stopped making payments some months ago after 50% payment. Do you have any idea about B10 and their currtent status
I
progress rainbow towers
http://rainbowtowersajman.net/construction/
Rainbow Towers/Ajman Uptown photos
Lots of up to date photos can be found at http://rainbowtowersajman.net/construction/index.php
Good progress in my opinion
el_mundo London
Yes friends Ajman Uptown ,
Yes friends Ajman Uptown , Rainbow Towers and all the projects of Sweet Homes are progressing really very well and in these photos you can see they are working on Ajman uptown site at night time as well that shows they are fully committed towards timely possession.
Good Luck guys and hope all goes well
Regards