Alghadeer by Sorouh

[Basmiray]

Hi Ammar,


Let me discuss somethings with you , first of all i'm sure that when you bought that flat you bought for investment not to live in ( as what I did ) so , we are all in the same boat. but the only thing that I can tell you is that you can forget these money now and maybe in the future everything will be OK! we hope,

one other thing, I don't know if you were in Dubai 10 years ago, the way to Dubai was almost only desert before all of this construction , it was all yellow sands before you reach anythings all the area around Hard Rock ' was only desert, But Dubai started before Abu Dhabi in their sonstructions, and all of their projcets, before three years or even less Abu Dhabi just Started , the diffrence between them , is that Abu Dhabi dealing with these matters so carefully , which is at the end good for all of the parts ( residence and investors) what I want to pass it for you , is that don't you think is that the location of Al Ghadeer will be one of the reason to make this projcet a failur , No, All the Emirates, Abu Dhabi,, Dubai, and Ajman were more than desert , but you can see the difference Now,
so my advice for you , is to try to calm down and trust your God, if your money were Halal, so , Inshaa Allah you will never loss anythings,

Well , the offer only "seems" good. I bought a 750 sq.ft 1 bedroom flat @ AED 1600 / Sq.ft , Now I'm offered a 485 sq.ft Studio @ AED 990 / sq.ft ...about 40% reduction in price.

BUT...lets think about it....this project is a failure , Dead , not viable. the whole selling argument about alghadeer location is that it is close to Almaktoom Airport (largest in the world with 30,000 workers.) now this airport is not going to be completed till 2016.

second , think about it , you paid around 120,000 Dirhams . Put this in a bond or a bank deposit from 2008 till end 2012 and you would get a total of 160,000. (calculated @ 6% profit rate , lower than whats offered by banks nowadays) ..and what you get at the end , a Studio that is centred in the yellow desert and very close to Dubai Ring road ....basically good for NOTHING. for God's sake , for 850dirhams per sq.ft you can get something in Silicon Oasis and other areas in Duabi that is READY TO MOVE IN TODAY.

I work in construction , and I bet you that this project is not going to be completed by mid 2013...I paid the site a visit... they've finished the mock-up villas but nothing else started....all yellow sands , heavy trucks roads , and yes, insects and flys the size of a mobile phone !!!!

more important , one might ask How Sorouh is going to survive if all or many buyers decide to default on the promise and not pay the final installment at completion ? you know , because the market might be down on 2012-2013 or over supplied or whatever and you might I want to kiss my first instalment a goodbye......Answer is simple , your studio unit WILL NOT cost them more that what you've already paid...120,000 AED. Final installment is pure profit. Nowadays a sq. foot will cost a developer around 2500-3000 dirhams NET. (consngidering standard finishing)....I bet they're going to impress us with the bad quality of Aljaber Contracting anyway).

You defualt , they assume the property and resell it. You pay , they win. ..... why on earth anyone would choose to rent out in alghadeer if he/she can get a better deal in discovery gardens or even JBR !!! Alghadeer location is a killer...no good.

Buying at this project was one of my life mistakes.I admit

 

[Ammar]

Basmiray ,

I agree with you 100 % . I’ve lived in UAE for the more than 25 years (born in UAE) , and I've seen the rapid and unbelievable change happening in front of my eyes.This could happen again but in a slower pace beau case of the crises. However, what I was referring to is that Sorouh is insisting to go on with this project although they've not even started in the construction yet , moreover , 990 Dirhams/SQFT is just too much.

One more thing, for all of those who didn't take a look yet on the offered contract : first it is 99 years lease and not free hold yet. (I'm ok with that!). second , the contract is one sided and completely biased in favour of Sorouh.

Do you know that they are not bonded to complete the project by end 2012 ? they have a clause referring to LongStop date which is 18 months after the estimated completion date (31 DEC 2012) . this means that you can't even think of terminating the contract and get your money back if they don't handover to you within the said period.

Another thing, Do you know that they can legally sue you and demand for all shortfall if you decided not to pay the final payment upon completion? Say that the buyer is broke or think that the unit and the payment is not worth spending more money and you want to walk out of the contract and let Sorouh take the first payment you paid and the unit. They won't say enough, they would take you to court. Read the contract.

You can't amend the contract nor put notes on it. Take or leave it.

Me thinking that I should ask for my old unit as per specified in the purchasing agreement. They can't deliver it because all the master plan has changed, I better seek a legal advice on this. But I advise all Al ghadeer customers to open up their eyes and unite together. The contract is a killer. Inshallah I'm wrong and the guys will deliver their promises but I really doubt they can.

 

[Basmiray]

Hi Ammar,
Do you mean that you will insist to take your one bed room and not the studio? but as they informed me that in this case we have to pay during the construction!
I tell what i'm thinking and guid me please, I think to accept their offer with the studion, and once it is the date of the last payment , I think I can take a loan , and any way I will rent it not to live in and from this rent what it will be I will pay for the loan

Basmiray ,

I agree with you 100 % . I’ve lived in UAE for the more than 25 years (born in UAE) , and I've seen the rapid and unbelievable change happening in front of my eyes.This could happen again but in a slower pace beau case of the crises. However, what I was referring to is that Sorouh is insisting to go on with this project although they've not even started in the construction yet , moreover , 990 Dirhams/SQFT is just too much.

One more thing, for all of those who didn't take a look yet on the offered contract : first it is 99 years lease and not free hold yet. (I'm ok with that!). second , the contract is one sided and completely biased in favour of Sorouh.

Do you know that they are not bonded to complete the project by end 2012 ? they have a clause referring to LongStop date which is 18 months after the estimated completion date (31 DEC 2012) . this means that you can't even think of terminating the contract and get your money back if they don't handover to you within the said period.

Another thing, Do you know that they can legally sue you and demand for all shortfall if you decided not to pay the final payment upon completion? Say that the buyer is broke or think that the unit and the payment is not worth spending more money and you want to walk out of the contract and let Sorouh take the first payment you paid and the unit. They won't say enough, they would take you to court. Read the contract.

You can't amend the contract nor put notes on it. Take or leave it.

Me thinking that I should ask for my old unit as per specified in the purchasing agreement. They can't deliver it because all the master plan has changed, I better seek a legal advice on this. But I advise all Al ghadeer customers to open up their eyes and unite together. The contract is a killer. Inshallah I'm wrong and the guys will deliver their promises but I really doubt they can.

 

[SaleemUk]

Alghadeer by Sorouh - new website

here is the new Alghadeer website. i was speaking to Sorouh sales and they say the development is progressing well and almost all customers met have accepted the revised offer. agents i've spoken to seem fairly optimistic about this project and the key banks are supportive - Nb Alghadeer is one of the few projects that the banks will lend higher LTVs on. be interested in everyone's thoughts.

http: // www. alghadeer .ae/