The completion payment
Hi friends, Im new friend
I have checked with sweethomes today, they stated that we have to pay till december 2008, which means that we have to pay the (big completion installment), is that what we should do, or we should not pay that part
Mazin
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Payment on Completion
Mansoor
Can somebody throw some light on the 'Completion Payment', the big payment. It has to be associated with completion.
Regards
Experience with Sweet Homes
Dear All, I am new to the forum. I would like to share my experience with Sweet Homes related to the December Completion Payment. Please excuse me for a long message below as I did not know whom to say about this.
I have been talking / sending emails/ visiting their Dubai office from October- 2008 about the construction status and handover of the flat. They send an email with a document which mentions that there is delay and we will informed about the completion date and re-scheduling of the rest of the payment. I wrote a letter, which is acknowledged by them, to return the Big Payment cheque and I will re-issue with date of handover. I have been following continously but all the reply was once the cheque comes from the bank they will inform me.
Nothing happened until December first week. I visited on 6th of December to enquire. They assured the cheque will not be deposited and asked me to wait as the accounts person is brining cheques from the bank. Also, at the same time they send me an email which says the cheque is holded and requesting me to come and re-issue the cheque.
I waited for more than 2 hours. Finally the gentleman came and said the cheque will come only after EID holidays. My cheques was dated 10th. As I was suspecting, the cheque was presented yesterday and the amount was cleared from the my account.
When I called the Sweet homes in the afternoon the gentleman casually is asking "do you have the statement for the clearance of cheque?" and when I said yes, he says come to office and make request letter and we will pay it back.
Not really sure what to do next? really worried.
Witholding Payments
In cases where it has been mutually agreed in writing that an investor can stop a payment, then instead of bothering to collect the cheque from the developer, just withdraw the money from your bank account and let the cheque bounce in case they deposit it.........I think no case can be filed as you have a written proof of mutual agreement for witholding the cheque.
If any lawyers are reading this then please comment.
Regards
Payment on completion
Salaams,
In regard to B2-B9 payment, we do not have to pay 'the completion big payment', but have to carry on with rest of the payments. I confirmed this with sweethomes in August this year. The so called 'big payment' will be paid once you receive the key to your apartment, whenever that time would be.
Payment on completion
I contact with sweet homes on 25/10/2008. They said to me no need to pay big ammount which is supposed to pay on completion. Regarding other payments yet to be discussed. My view is all other payment should be after completion.
Payment on Completion
Dear All,
We should impress upon Sweet Homes that 'Completion Payment" should be on real completion. Subsequent payments should be made following the completion. It is fair and logical.
Best Regards.
completion payment
All,
Do you really think we can hold off paying installments until the tower is completed? Ideally & principally this would be the solution but I don't think it will be possible. I wish it was so.
I think payments will have to be made each quarter as per the contract with the so called "big" payment upon handover.
Anypne heard from sweethomes since August? They dind't reply to my email from Sept - not that I thought they would anyway. Very keen to send a chase email re payment but ask them a simple question like - how is progress?, do you have a new timeline? and you never hear back
No
Usually owners have all the right to ignore final payment (the big chunk) until the project is completed or near completion.
We have all the right to do so, do not get pressured by the developers in anyway.
Pay Up email - Completion/handover payment
I sent an email about 2 months ago to Sweethomes asking them for an update on the progress of the construction and askingthem to revist timelines, in the hope they would come back to me with something realistic.
Yesterday I get an email form them entitled 'friendly reminder'. basically it was telling me that my completion and handover payment was due on 1st Dec and to please pay or incur a penalty!
I absolutely flipped! How both comical and annoying I explained that I will NOT be paying this fee as the construction was not completed and there was absolutely no handover taking place.
How they can ask for a large sum like that when my tower has barely risen above the ground is beyond me.
I still haven't heard back.
Emails like this do not warm us investors to them - I for one was quite calm until I got the email. Now I'm extremely annoyed they even considered sending it.
Anyone else had the same communication?
sweet homes
Hello, I am here today to share with you the meeting I had with sweet homes managers, I was dubai last week, and I had discussion with three senior managers of sweet homes. they told me they are very sad about whats hapenning EC projects and the delay, they told me they are doing everything what they can and pushing harder the developer, and god willing they said the handover or completion of pradise lake will be decembar 2009. I also discussed with them the big payment of handover time wich is due to decembar 2008, they told me not to pay that payment, because there is no handover at this time, but to continou the coming installments until decembar 2009, if there is no completion on that time (decembar 2009) to stop the remaining instalments decembar 2009.
after the meeting we went together the site, although I didn't had chance to take some pictures but the view of the construction wasn't bad comparing the last 4 month when i was there, floors are rising, there was so many activities was going on, things are moving but slowly. are they gone comlete dec. 2009? I think so, but again I dont think EC will be ready everything dec. 2009 because electricity and power is onother issue which still needs to be solved, although sweet homes seniors they told me evrything will be ready on dec. 2009 including electricity and water, also they added their words by law they cannot give me the keys, units without electricity and water, so they prommising everything wil be ready dec. 2009.
let see, and lets pray dec. 2009, wish you al the best all of you.
Thanks Willi
Thanks Willi,
for sharing this important meeting with Sweet Homes at this very difficult time. By the way, was any discussion on Ajman Uptown?
Regards
Lee
Hi Willi
Hi Wili
You are very lucky that management took you to the site. Your observations are also differnt. I visited Sweet home site on 25/11/08. Progress is very slow. To fix a crane they took more than 45 days. Still they are fixing the crane. I saw one Chainese guy was doing the work of fixing a Crane. No body can estimate when the construction will finsh. They are saying they will speed up but when? We started visiting the site. so information regarding construction will be updated and true things will come out.
installment after Dec.2008 , possition
Dear sir ;
Thanks for your information but finally we could not understand whether we should pay installment on time or not ?
As we should pay 40% of payment after completion within 2 years.
Best Regards,
Farzad
Handover payment
Thanks Willi, for sharing your conversations with Sweethomes.
I too had called them in Dubai office just to make sure they received my reply back regarding the demand in payment. I was told that the mattrr had been passed on the managment and that they will come back to me. I explained that I was happy (ish) to continue my regular installments but not the 'big one'. The girl I spoke to said she understood but it was out of her hands.
That was 2 days ago and I am yet to receive any communication back from her peers. Funny that - it's not like sweet homes not to reply back - can you sense my sarcasm ?
Well, I have put my issue in writing so they can't argue they did not hear from me. Just sit & wait I guess.
PS - I think Dec 09 is pushing it though! I don't expect to see this finished until mid - late 2010 at best, and even then only a few towers.
Salaams & regards to all
I will stop payment
Thanks Willi for the info. I want stop payments to Sweethomes altogether because I cannot trust them any more. The original handover was Dec 2008, then they said June 2009, and now they saying Dec 2009. I think they have already planned to delay us every six months till 2012. Therefore I want stop payment, as my scheduled payment was to pay 50% before completion, which I did. I am also willing to take them to court for taking my money for nothing, and deliberate concealment of construction information from us.
Paradise Lakes Completion
Having spoke to Sweet Homes regarding the latest completion dates for Paradise Lakes, they gave me this info:
B2-B6: Completion End 2009
B7-B8: Completion Mid 2009
B9: Completion End 2009
The point is, most the towers is expected to be ready end of 2009, but you wont be able to use them as the infrastructure still wont be ready by the Master Developers!
I would simply carry on paying the installments, and just hold back the final one until you get the keys in your hands and you are entirely satisfied. Not paying the other installments will just cause problems both for you and for Sweet Homes (financially), which will delay the buildings even further!
regards,
Paul
Surprising comments
Dear
What you are saying exactly sweet homes want that. You are writing what sweet homes try to convince the investors. You are talking like sweet home management. Construction progress is very slow. In two months they are unable to add single slab from B2- B4 block in Paradise lake. How many years they needed to complete.
Why Pay
Hi Paul66,
I do not understand why we should pay more. The original payment plan that Sweethomes gave me shows that I need to pay about 50% before the hanover. Well, if they planned to construct only 50% of the payment, then why on the earth they need to have more than these even when they have not completed half of the construction - this does not make any sense. THIS IS THE REASON WHY I AM NOT GOING TO PAY MORE, BECUASE I SENSE SOMETHING NASTY WRONG.
The completion payment
Dear All,
I have spoken to Sweet Homes many times and was told that the Completion Payment indeed will be on Completion. However other quarterly instalments have to be made on time. One lady even told me that their management is also considering some sort of relaxation of quarterly instalments and the decision will be known by December (mid or late).
I also subscribe to the idea that we should try to pay the remaining instalments but keep on pushing Sweet Homes to expedite the matters.
Good luck to all of us.
Regards.
completion payment
today sweet homes cashed my cheques of the two apartments that i have at paradise lakes. i was furious.one person who i spoke to today said that i had to request a delayed payment for my completion payment. but noone told me this. am i a mind reader? how am i suppose to know that i have to request that they dont take my money (completion payment) for something that is not completed. they should have told us.
the funny thing is there was no money in my account!!!!!!!!!!!!!!!!
im sure those who did have money, there cheques have been cashed. my heart goes out to you in the struggle to get this back.
completion payment
I think all the investors must file a complain against sweet homes for the delay and forcing the buyers to continue to pay the remaining balanace of installments which were due for after completion. it's funny the way the treat the incestors!!!!!
Savannah tower C13
Very poor construction progress from GSS in Savannah tower C13 from last July till Dec 2008
http://www.gssrealestate.ae/savannah_construction.html
salams, new to this
Salam, basically i bought a 2 bed flat in P lakes about yr ago of Sweet Homes. All ok but just worried about my contract. Basically what I have received is a 3 page stapled together document!....is that right? It's by Real Estate Investment (website doesn't exist!) and signed and stamped by Sweet Homes.
Also Sweet homes from london told me i do not need to pay the big lump sum until completion. Should i get that in writing?
By the way, anyone interested in buying my flat, i'll give you a v good price!!
Thanks all
sk1
post dated cheques or wire transfere?
Dear all
I would like to know how you are transfering your money to sweathomes. for me Im doning this by wire transfere (No cheques at all), this is important to know, so we can decide whats next step
No more Payments to Sweet Homes
Hi All,
I suggest that we hold all payments to Sweet Homes. Let your cheques bounce back.
They have taken enough of our money without any completion. What shall we pay for?
New rules are supposed to be out soon by Ajman for the property, i hope they are in our favours. Till these rules are out I guess we shall all wait.
regards,
No more Payments to Sweet Homes
Hi All,
I suggest that we hold all payments to Sweet Homes. Let your cheques bounce back.
They have taken enough of our money without any completion. What shall we pay for?
New rules are supposed to be out soon by Ajman for the property, i hope they are in our favours. Till these rules are out I guess we shall all wait.
regards,
I had one instalment since
I had one instalment since last October to Sweet homes but till now I didn't pay to them because of unreasonable delay of construction. They told us when we purchased our Flat on 2007 the completion date will be Dec 2008.
Any news on new payment plan?
All,
Has anyone heard news regarding the 'new relaxed payment plan'?
I have heard and read comments with range dates from Dec 08 - Feb 09.
Dwarish, I read on the skyscraper site your comments regarding a 3 month relaxation of payments taking you up until Apr 09. What is your payment structure for your apartments? Is it per quarter like Paradise Lakes? Were you required to pay in Jan and if so did you ?
People who didn't pay in Jan - have you had any communication from Sweethomes regarding this 'missed payment' ?