Emirates City Forum

Dear All,

I am new on this forum, i am planning to invest in rainbow tower apartment. Please can anybody give me an update on Sweet Homes credibility and also if anyone has an update on Savannah Towers. Are the builders are reliable and money we are investing will not go into the waste.

I will appreciate if someone can take their precious time and reply me back

Thanks

I have received the contract now but was wondering, does anyone have any sort of compensation for any delay in handing over? when i bought the flat the due date was June 2010 but the contract says December 2010. On the contract it does not say anything about compensation for any further delay.

Have any of you had to sign a Letter of Understanding from Sweet Homes, committing to the payment schedule and agreeing to pay a penalty in case of any delays in the transfer of funds? I have just received such a LOU (apparently, I have to sign this first, before getting a contract) and am feeling concerned about its implications, eg:
- how long is considered a delay? One day, one month?
- what if the delay is out of my control, e.g. if the money gets stuck in a correspondent bank.
- what if the developer does not deliver on time? Would I still have to pay the completion/handover amount on the scheduled date, or be penalized?

Your thoughts/suggestions/experience appreciated.

I got my contract within 3 days after giving a 20 % deposit towards my apt in B 10 Rainbow Towers.
As i dont live in the UAE, but was only in Dubai for a few days specifically to give the deposit and sign the paperwork, i told sweethomes that im going back to my home country in 3 days and would like to take the contract with me. It was that simple.

I am so fed up of all the delays. I want more information from the company. I pay on time yet they delay everything from the construction to the contract. Does anybody have any pics of the latest construction or even some news on the development????
Thanks

After visiting the offices of R Holding regarding my investments with Sweethomes in Emirates City Rainbow Towers this February the following news was relayed to me as an update.

1. There is no set start or ending date of the main infrastructure e.g. roads, shopping Malls, Mosque, Office Blocks etc
2. There is no set start or ending date for the main utilities e.g. Electricity, sewage, waters etc
3. There will be NO Lake in Emirates City anymore due to problems with water becoming Toxic in Dubai projects. (although I paid so much extra money for a Lake View apartment.)
4. It is possible that Emirates City may be finished in Phase's in the next decade so shall remain a building site for many years to come.
5. There is no possibility for a price adjustment from 500-600 Dhs to today's market rate of 200 Dhs per sq ft.
6. His Highness Sheikh Rashid bin Humaid Al Nuaimi, Head of Ajman's Municipality. is the Sole person behind this project and is the Sole Owner of R Holdings which guaranteed investors to come to Ajman and invest money and it is R Holdings that are solely responsible for all the main infrastructure in Ajman.
7. The developers are now collecting money as per the New Amiri Decree passed last year on construction linked payments by ARRA ( His Highness Sheikh Rashid bin Humaid Al Nuaimi, Head of Ajman's Municipality) and shall be paid out as per completion of building but this does not take into account that there shall be no roads, lights, shopping mall etc there, so we shall be left with a completed project in the middle of the desert!

I was given an email address to write to His Highness Sheikh Rashid bin Humaid Al Nuaimi with my concerns and I urge you all to write to His Highness Sheikh Rashid bin Humaid Al Nuaimi with your concerns and put pressure on the developers to re adjust the prices in Ajman, to stop threatening demand for money, to pay compensation for delays, and to cancel those affected by the changes in the master plan if they wish to exit and link the Escrow accounts payments to the overall master plan project completion rather then individual buildings as we were sold a Building in Emirates City and not the Desert with no power, water and sewage.

In my view most developers shall complete the buildings to 90% and receive 90% of the funds from escrow accounts then take of with our money leaving us with incomplete buildings with no utilities and infrastructure as there shall only then be 10% balance left to pay on completion. In this way the developers are in 50% profit and have no interest in our investment. The Government need to take a guarantee from developers and hold on to there passports or a big financial deposit to make sure they are still around until the full main project is completed including the main infrastructure.

It was the sole duty of R Holdings to check the compatability of the Lake and feasibility of the overall project before selling and launching the project, any change in the master plan shall void all contracts under the trade and descriptions act.

Please note the below email address is to Shk Rashid personal office, please refrain from any bad language and only write if you have something of value to say. The better the statement on your email the more serious it shall be taken to the Shk himself,if abuse is received I am sure they shall close down this email address and we shall all loose out this channel of communication.

The email address you should all write to is: aoa@rholding.com