Abyaar Pier 8 Marina

Discussion in 'Dubai property' started by iceton, Feb 13, 2014.

  1. Veronica

    Veronica Administrator

    Personal information such as phone numbers and email addresses should not be put on the open forum. Use private messaging please.
     
  2. chakhal

    chakhal New Member

    pier eight dubai

    Hi i have an apartment in pier eight. I am suing them for the delay. i will be in dubai the 10th of may 2014. if anyone wants to meet about this let me know. thanks
     
  3. iceton

    iceton New Member

    Did you purchase Direct from Abyaar or through an agent?
     
  4. Hasnain

    Hasnain New Member

    pier 8

    Hi, have bought a 2 bed in the building, they haven't put a brick in the last 6 months, all i hear is next month as they are finalizing the layouts.

    It seems they will take another year and a half to finish if they start now. Anyone any update do put it up.
     
  5. iceton

    iceton New Member

    I recommend you make an official written complaint to RERA asap. The simple fact is they have ran out of money and are looking for a new investor. If enough people make an official complaint to RERA then they will source as suitable investor to take over the project.
     
  6. mrbhatia

    mrbhatia New Member

    I spoke to Abyaar today and it was the same conversation as last time. Apparently they are having a meeting (again) on Sunday to discuss the future of the project and potentially re-tender! How long the re-tendering process takes, building contractor appointed and project completed, who knows....

    really surprised about the laws in dubai. there seems to be no recourse for innocent investors who are incurring costs on their investments and the builder simply takes their money and stops the project when they want with no penalties!

    Running out of patience..

    I'm also not sure what logging a complaint with RERA will achieve. Have they actually taken any action against any builder as yet?
     
  7. iceton

    iceton New Member

    Hi Rera are quite active and strong dependent on the circumstances they have taken over quite a few projects. The issue with Pier 8 is that it is more than 40% finished so they cannot take over as such. What they can and will do if they get enough official complaints is force Abyaar to sign up with one of their listed investors to complete the project and Abyaar will have to foot the bill of any loss.

    I strongly advise you to send a written complaint to Rera

    I have now got two other buyers contacted so you make three and there is also an agent ( Flash properties) who have reserved a bunch of apartments
     
  8. Peter69

    Peter69 New Member

    Advancement on Pier 8 ?

    Any news on the project's timing and advancement?
     
  9. iceton

    iceton New Member

    Hi peter, what is your interest in Pier 8?
     
  10. Peter69

    Peter69 New Member

    Units

    Hi Iceton;I am interested to purchase a unit there and would like to know how high the risk is I will be loosing my money.
     
  11. iceton

    iceton New Member

    Construction has still not yet started from being stalled last October although Abyaar have told me it is due to start very soon again ( only verbal info).

    If you are buying through an agent be very very very carefull, there are some agents advertising units for sale and have took deposits apparently on units they are not authorized by Abyaar to sell.

    ____________________________________________________________________

    Lee if you are still following this thread I am trying to contact you.
     
  12. Peter69

    Peter69 New Member

    Agents

    I understood that the rules in place RERA registration etc. of the agents at the RERA license registry was preventing agents from being corrupt, so this is not the case. How can it be checked that they are entitled to sell units from the developer? If the licensed one do not stick to the rules there are consequences or not?
     
  13. iceton

    iceton New Member

    Rera can only enforce the rules if they are informed of an infringement, many people don't make an official complaint to Rera for some unknown reason !!, in the past some agents were taking reservation deposits, issuing their own reservation receipt and then negotiating with the developers. The only way to avoid this is to insist that you see the agreement between the agent and the developer ( in this case Abyaar) authorizing the agent to sell the unit he says he is. And then insisting on a written time limit for the developers reservation receipt to be issued or full money has to be returned.
    The reservation deposit has then to be handed over to the developer and placed in escrow, again insist on knowing the escrow details of the developer. In some cases this has not been done.

    In the case of Pier 8 construction is extremely delayed so insist on a written completion date, imo its going to be early 2017 before handover and that's if they get restarted within the next month which is also questionable.
     
  14. Peter69

    Peter69 New Member

    Hi Iceton, thanks for your help and advise in the matter. It seems to be a beautiful building. As you are an expert in the Marina area would you in case you would not be owner of a to be finished unit in the Pier 8 tower, consider buying one at this point in time or you would consider it to risky and not be finished before 2017 or at all? There are actually loads of agents offering units and one particular one has very big bulk sales available. Regs, Peter
     
  15. stephenshilstone

    stephenshilstone New Member

    Latest completion date is Sept 2015........ watch this space
     
  16. iceton

    iceton New Member

    Hi Stephen, you are new to this thread can I ask

    What is your interest/concern with Pier 8
    Have you invested, if so,direct with Abyaar or thru an agent?
    If you are an agent are you selling Pier Units

    thanks
     
  17. stephenshilstone

    stephenshilstone New Member

    Hi Iceton, I am an agent under instruction from the owner of a unit, the completion date is as given by him.
     
  18. Noureldin

    Noureldin New Member

    Hi all
    I have been to pier 8 many times and let me tell you that the construction works are done 100% you can check it out yourself, but the over all complition ratio is about 70% which includes the painting and all the finishing.
    It should take only 4 to 6 monthes but since so many investors stopped paying due to the financial crisis which affected Abyaar also and made them restrain the funds to save what can be saved, but anyway I closed so many deals with them and they have been very cooperative but scared.

    The unites shall be ready before June 2015 but they must give themeselves some grace period, incase they did mention the aforementioned date.
     
  19. mrbhatia

    mrbhatia New Member

    Update on Progress

    Hi,

    I am an investor in Pier 8 and am trying to get an update from them on the construction / completion of the project.

    I know of a person called Mr Nizar who doesnt seem to be interested in taking calls. Does anyone have any other contacts in Abyaar who knows about Pier 8.

    I have invested since 2009 and 5 years on, not seen a single penny back. When will this project ever be completed?

    Am looking to raise a complain with RERA if anyone can tell me how to do this.

    Vikram
     
  20. fazal1

    fazal1 New Member

    pier 8

    Has actual work started on it? I know until last month no work?
     
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