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CASA DUBAI into LIQUIDATION

Discussion in 'Dubai property' started by tin2080, Jan 10, 2009.

  1. tin2080

    tin2080 New Member

    YES,

    It was bound to happen Casa Dubai has now gone into liquidation and is now another statistic of the credit crunch.
    I do not wish to stir the hornets nest but I would expect numerous other agents to follow.

    I am now really concerned as I have invested a lot of cash into apartments in Dubai. I fortunately have my SPA but I guess this means nothing at the moment it appears that the whole situation is becoming worse by the day..
     
  2. nictt

    nictt New Member

    Hi,
    I found this out a couple of days ago when i called them and heard the auto message on the phone, i have since had an email from them and today a letter advising the same..
    I am trying to find out who the master developer is that they are stating has done a runner with over £500k of their clients money... Do you have any ideas?
    Which develpment/s have you bought into via them?, I purchased in Eden Gardens which is STILL to get off the ground..
    Its a shame about CasaDubai as they had been around for a number of years and the staff there were all very nice, polite and helpful!...
     
  3. pisandre

    pisandre New Member

    From the web site:

    The World Economic Crisis has unfortunately had a serious effect on the Dubai Real Estate market and consequently a terminal effect on Casa Dubai.

    Casa Dubai has been forced by the current economic situation to commence proceedings for compulsory liquidation. All our offices are now closed and our staff have been laid off.

    Casa Dubai generated sales of £21m in the eight months to August and virtually nothing since.
     
  4. tin2080

    tin2080 New Member

    Yes I totally agree Casa were very helpful and professional throughout they sorted our SPA after a lot of hassel from triplanet.
    I have purchased a 1 bed apart in Elite 1 which I am told is still a hole in the ground.
    I also purchased in Stadium point with Profile (agent) who are a waste of time I have no SPA after almost 6 months..
    I expect a legal battle to get my cash back on this one it appears that the whole project in Dubai is a total shambles and I expect a lot of people to lose a lot of money.
     
  5. THEX19MAN

    THEX19MAN New Member


    Yes, they dont seem to mention who the developer is which does not help.

    Agreed that in the past they have been very good.

    I am now very unsure where I stand, my place is in Al Owais Heights in Al Humaid City Ajman but have no idea what the state of play is!
     
  6. Demoniise

    Demoniise New Member

    hi ,
    How much did u buy al owais heights for? 1 bed or studio? what do u think of the devlopement?
     
  7. nictt

    nictt New Member


    As well as the message on the wesite i have since recved an email about it and on Saturday morning all basically saying the same but still no mention of who this developer is...
    I do beleive though that CasaDubai would have contacted the people who would have been affected by this developer running off with their clients money as they must have found out about it at least a couple of weeks before they had to close their offices.
    As they have said we will all just have to contact our developers directly from now on and im sure the developers are already expecting this as im sure they will also know about Casadubai closing if they employed them to sell properties on their behalfs...
     
  8. THEX19MAN

    THEX19MAN New Member

    I am at the small end of investments and just went for a studio.

    The information I can find for the developer is below but I have not contacted them yet but pla to very soon! Getting my facts together this end first. On research they seem to big a big developer which I see as a plus (I hope).

    Al Owais Development Limited
    Suit # 1401 / 14th Floor, Crystal Plaza Building, Al Buhaira Cornish Street - P.O.Box # 262 Sharjah, UAE
    Contact: Tel +971-6- 5733337, Fax +971-6- 5733222
     
  9. Demoniise

    Demoniise New Member

    what made u buy it?
     
  10. THEX19MAN

    THEX19MAN New Member

    It was a good price and with parking. I have used CasaDubai in the past (Ivory Towers) and trusted them. Liked the location.

    Being a studio I had less to lose than a higher price/larger property.
     
  11. Demoniise

    Demoniise New Member

    U got any rental guarantee on it? will it have water and electric from dubai or generator?
     
  12. THEX19MAN

    THEX19MAN New Member

    I have just noticed that on the contract the Exclusive Agent was Sapphire Properties! Looking at their web site they still have Al Owais Heights propertys for sale. So I will also speak to them as well as Al Owais Development Ltd.
     
  13. THEX19MAN

    THEX19MAN New Member

    I just expected it to have water and electricity as being basic ammoniate.

    No, this development did not have a rental price agreement. I am a contractor and was thinking I might base myself their in between contractors.
     
  14. Demoniise

    Demoniise New Member

    The Plot HA10 in Humaid City has been handed over to Al Owais on 21 December 2008Fencing and sign board is in the process. Mobilization will start in a week's time. As soon as the construction is started we will let you know and you can visit the site as well.

    Thats the latest info on this development
     
  15. THEX19MAN

    THEX19MAN New Member

    Hi,
    Can I ask where this information comes from? I am trying to find out who to speak with now CasaDubai have gone?
    Thanks
     
  16. Demoniise

    Demoniise New Member

  17. flat2311

    flat2311 New Member

    Hi,

    I've just found out about the casadubai thing and am googling everything i can and can find nothing but this site on the subject!

    i've also bought a studio in Al Owais Heights - has anyone contacted the developers yet? have they commenced construction yet? i'm supposed to be making another installment soon but now have no idea if i've even already lost what i'd previously put in...

    demoniise- do you have any information on this development?
     
  18. HaveTheAnswers

    HaveTheAnswers New Member

    Casa Dubai - Liquidation

    All,

    Although my login suggest I have the answers - I do not ;)

    Please advise if you have paid directly to the developers, via Mon** Co**, or via Casa Dubai?

    If the latter, will any monies outstanding to the developer be covered if paid by Credit Card, or will any parties owed money have to wait until the Banks have eaten from the trough :( ?
     
  19. flat2311

    flat2311 New Member

    i've always paid through casadubai by debit card - i wish i'd paid by credit card as i'm sure i would have been eligible for a refund then...

    however, i'm hoping it's just casadubai that's been affected and, as they were just the agent, this hasn't had an effect on the development.

    i was on an interest free payment plan before though and have no idea what this now means as i would have thought the developers would have been in touch - if not to let us know, then at least to have sought payment but i haven't received any info nor heard from anybody!

    if everything is ok with the development does anybody know if it would be possible to transfer to another agent? to be honest, i'd prefer to deal with someone in the uk but has anyone any experience dealing with the developers direct?
     
  20. HaveTheAnswers

    HaveTheAnswers New Member

    Hi All,

    Like you I paid through Casa, but inisted that I received a not only their receipt, but also a receipt from the developer. With other things on my mind (personal) I did not chase CAsa fro the receipt for the last payment. This I fear has now ended up in the ether (and I will no doubt have to sing for this). My developer is khuyool; I have managed to contact and they have all the other payments bar October 2008's. Fortunately it was not a huge sum.

    I do not understand all the post's to date - "CASA WAS A GREAT ORGANISATION" - they knew that they were going down, but insisted on payments to the developers, but ionstead of passing this on it when too .... well who knows where :-(
     
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