UK office of sweethomes Paradise lakes emirates city
Dear all,
I would like to say that I have been following this website for quite a few months now and have benefited from your thoughts but had not signed up. There are probably quite a few like me and I would encourage them to sign up as well.
I am a UK investor who bought an apartment in paradise lakes in emirates city. I have been dealing with the UK office of sweethomes and thought it right to share what little I know about the total shambles of construction that has been going on or not mores the point.
Recently sweethomes have taken over construction of towers B2,...,B9. They brought their own construction team down from the sub continent and this is perhaps why construction has been going at a better pace recently. I'm also told that they are trying to seek a contract to construct the shopping mall because they know that investors don't want to live in a barron desert. We will have to wait and see about that.
They have now set up the escrow accounts and supposedly all previous payments have already been deposited in these accounts minus the deductions for costs already incurred through construction. This perhaps sheds light on why so many developers have not signed up with the ARRA as its not just a matter of setting up an escrow account for future payments - but they also need to deposit all previous payments investors have made. Most worryingly, according to my contact at sweethomes they are in fact the only developer...thats right the ONLY developer to have actually registered with ARRA. Perhaps this is why the ARRA are keeping silent about their list of signatories. If somebody has information to the contrary I would really like to know.
Anyway friends lets hope the situation improves. It will take time but in the end i'm sure it will :)
Lost Patience
I am tired of waiting for actions from ARRA or any responsible authority.I believe it is not only going to take time but decades for EC to be completed.
Only thing we hear from ARRA is dates and plans like construction linked plan (notr yet published).how much is the dispute panel going to charge(not known yet).
Looks like castles are being built in air.
And our master developer himself is confused.cann't tell us proper dates or details on anything.
How did they plan this EC ?
Didn't they think ppl were abt to live there so there should be basic infrastructure.
They are just dodging our questions and now they don't even seem to hear us(where is charlesstates)
he should atleast hear us.
we have been left on nomans land with no one to complain or to take responsibility.
I cann't see how things are going to improve when no one wants tot ake responsibility of EC.
Bsel
Thanx ukbuyer for the info bsel has also registered with arra and oppened an escrow account ive have duoble checked it with arra and DIB for escrow account so sweet homes arnt the only ones registered but they were the first. I think there should be a few developeres registerd by now but untill there is a large number registered with them they wont publish a list.If arra werent strict enough everyone would have been registered which would be worse
City to Bounce Back
Dear all,
I am new in this forum, but I have been reading comments from all of you on EC, some of them positive, some negative, some are hopeful , some are scared and pessimistic. Certainly based on individual experience with Developers, Agents, ARRA, etc and I am glad that the forum is moving and active fighting for the cause of investors and implicitly forcing authorities to react.
Most of the investors, who dealt with realty from 2001 to 2007 had enjoyed the fruits of their investment but started getting jilt only after Oct 2008 onwards. May be we are unlucky who enterd bit late in business at time when things started turning from bad to worse.
All downturns acted together and added misery to realty boom, the Recession, Global Economic Crises, Visa rules , 99 yrs Lease promises, changing rules and Traffic fees, loss of many jobs, lack of regulatory bodies, check on Developers.
The country like UAE with their Cosmopolitan and Vibrant cities like Abu Dhabi and Dubai with World Class infrastructure , such as Airports connecting World, Aviation boom, Roads and now Metro networks, IT & Telephone communication and Media, Regional Head offices of Multinationals, Availability of unrestricted Expat work forces ( Unlike in other European , Australasian countries), Tax free regulations, declining cost of living mainly on Rentals etc. provide great opportunity to Multinational investors to conduct businesses in UAE. UAE has also solved issues related to Health and education, one may not send their children to other countries or Expatriate back home for higher education, may be for Masters or otherwise. Many of the GCC expatriate workers are opting Dubai as edcuation centre for their children , which proves faith and trust in country's support to Education system.
Having said that , I do not see any reason why UAE Cities would not bounce back when Economic downturn to recoveries . To bring back Realty boom and faith of investors , the authorities may need to work bit on Property related Rules ' Particularly on granting Visa' to free hold buyers regardless of Value and perhaps reduction on visit and other visa fees to attract more tourist , given the size of Hotels Properties across UAE that has created huge capacity in last five years ( Many Five Star Hotels and Service Apartments ) have come into supply.
I am very positive and hopeful of resuming the UAE back on Economic Growth Track. And once this happens, the other cities like Sharjah and Ajman would ultimately benefits, the way now it is. Still about 25% or may be more working class in Dubai are residing in Ajman and Sharjah. Imagine once EC or other projects completed, may after 3 years from now , the returns on investment will surpass more than expectation. Hnce worth waiting under current crises, but certainly very sorry for those buyers of units where Developers are either absconding or not responding to transparency. I am sure authorities in Ajman have plan to tackle the issues to save Coumtry's image in all perspective.