D1 tower dubai

[THIERRY06]

I am looking for investors in this building to exchange some informations.

 

[Number49]

D1 Tower

I am an investor in he D1 and will be happy to exchange some information.
What do you want to know?

 

[THIERRY06]

D1 tower

Hello Number 49

I am from France and I invested in D1 at the pick price begining of 2008.

Since this date I pay for this appartment so already 60%.

As you know, this construction go ahead very slowly.

Now they change the share so is it good for investors or not.

Also for my part I try to negociate price with them because now seems drop 40%

I only have the explain from Sunlandd so I don't know if I can beleave.

I am very happy to have your contact and to exchange point of view.

Regrds

Thierry

 

[Number49]

D1 Tower

Some information:

1) Enshaa have now taken over total responsibility for both the D1 and the Palazzo Versace. This is seen as a positive move because Enshaa are a "local" company with a proven track record in development, they have some very wealthy shareholders and they swapped their holding in the Q1 in Queensland, Australia, (which would have been generating revenue) for the D1 & PV which will still be incurring costs. Therefore, they must be confident that both the D1 and PV will be a success.

2) The views from the D1 apartments are spectacular!! It is a fabulous building and the interior finishings are top quality. I understand that several other developments will soon be starting in Culture Village which is also good news. Culture Village is a very good location - near the airport and the business district

3) There is currently no secondary market for apartments in the D1. By that I mean no real estate agents have been successful in selling and only Sunland (now Enshaa) have been able to sell to third parties. This is not a surprise as there is really no market for any "OFF Plan" (not yet Completed) properties in Dubai. Unfortunately, this makes it impossible to know what the D1 apartments will be worth when they are finished as their value now has no relationship to their value when Complete. However, the property market for "good" high end properties in Dubai is picking up and the D1 shoud be a good investment in the long term.

4) Enshaa should issue a statement soon saying when the revised Completion date will be. Currently, they are quoting April 2012, but this is impossible and my guess would be end of 2012 beginning of 2013.

Hope that helps.

 

[THIERRY06]

D1

hi 49

thank you for your answer.

All your answers are same as what Zeina told me.

I ll go to Dubai next week and I'll try to know more and if I get some information I'll tell you.

Do you know other D1 investors ?

Sometimes good to communicate and to have investor point of view not only Enshaa.

I also check on Dubai market for some other investment today and the person I am in contact (French guy) seems he is not so exiteed when I speack D1 with him ?
He tell me now the good invest is in Downtown Dubai near Kalifa tower (for exemple the Adress seems very good)
Do you know something about that ?
Best regards

 

[Number49]

D1 Tower

You can get some more info and maybe contact other D1 investors through the skyscapercity website:

The Address - next to the Khalifa tower - is a good investment and the reason your friend isn't excited about the D1 is because no one has heard of it or Culture Village.

Hopefully, this will change when Enshaa start to do some marketing.

When you go to the D1, take some photos of the views from the apartment balcony.

 

[SHN]

D1 Tower

Hi everyone,

Does anyone have latest update on D1 tower. We don't know the exact status and we have been seing same construction pictures from last 4 months.

 

[THIERRY06]

I just come back from Dubai. Yesterday I sayed with Anne at D1 office during all the day.
What I can tell you.

1/ the construction go ahead quietly they are finishing the top metalique armature. I asked them the situation and they told me that actually there is one worker team day and an other night and the total of workers for all the project including PV is 1000. They will start January firt with 3000 workers (this is the new organise from Enshaa. I learn the chairman of Enshaa is the son of RAK prince and they have enough money so we have not to be worry. They really want to go ahead quickly now.

2/ They told me they think next summer, we'll see very clear for the finishing, they plan to do the outside garden in June or July to permit it to be nice for end of year.

3/ They are not so clear for the finishing but they think normally end of year 2012could be ok.

4/ Seems also the sells are quiet good these last days (Anne told me she sold 6 appartment last week and 2 las monday) and yesterday during my stay I saw she was very busy and she sold 2 appartments.

5/ For the prices of units. She told me that actually they are selling (under level 39th) at 1600 aed/sq ft and she think after completion this price will increase.

Regards

Thierry

 

[harry_v]

I visited the D1 tower in July 2011 and was told it would be complete early 2012, this seems very unlikely from Thierry's report.
What is the legal position regarding the delays ? This project was supposed to be complete in 2010. The buyers are losing money from not being able to live in or rent their apartments but there seems to be no compensation for this.

 

[Number49]

D1 Completion

You need to look at your agreement to see what has been defined as the "Anticipated Completion Date". In mine it's between 31 March 2011 and 30 June 2011 but this can be extended by a maximum of 12 months - i.e. to 30 June 2012.
After that date, the only way the Developer can further extend is by invoking the Force Majeure clause which I'm sure they will do.
At that point you (and any other buyer) can contest whether the conditions of Force Majeure exist and if you don't believe they do, then you can take legal action to claim compensation.
In the event that they Complete the D1 late 2012 or early 2013, you will have to make a choice of paying the final instalment or holding back until your legal action has concluded (which may take another year). In the event you hold back on your final payment, Enshaa may take action for breach of contract and you may have to defend this (more legal fees!!)
I assume each buyer will make a decision once the Force Majeure clause is invoked by 30 June 2012 at the latest.
I am not a lawyer but think the above is correct

 

[harry_v]

Pros and Cons

Thanks Number49 for that clear explanation.

Once the apartment is complete and handed over to the owner, does anyone know what charges will be levied. I believe to register the property in Dubai there is a 2% charge.

Has anybody managed to sell their apartment ?

These are the Pros and Cons I can see regarding D1 Tower

Pros
- High quality development
- shared with Palazzo Versace
- Looks like it will get built unlike some other Dubai developments
- I believe a metro station will be nearby

Cons
- There is no 'culture village', when will work start on the other projects ?
- No clear end-date
- Service Charges could be very high
- Nobody supporting/representing the buyers

Let me know your thoughts.

 

[Number49]

Harry

Here are some more "Pros"

1) Spectacular views and it is not possible to build in front, behind or at the side of the D1 therefore they will never be ruined as many in the marina have been
2) Very good location - near airport and business district.
3) Both the PV and D1 are classey and will be "iconic" and that is worth a premium.


With regard to the "Cons"

1) Hopefully, Enshaa will update investors with regard to other develpments in Culture Village. Without more developments it will be difficult for Enshaa to get DEWA (electricity and water utilities) to connect the D1 and PV so we have to assume that they have looked at this prior to the swap with Sunland.
I expect Enshaa to send out a newsletter/update in the New Year which will cover this point.
2) According to Thierry, Enshaa will have a clear idea of the Completion date in June/July 2012. The good news is that it is in their interest to get it done as fast as possible so they can start earning money from the PV hotel. My guess is handover (worst case) Q1 2013.
3) I expect the service charges will also be covered in Enshaa's New Year newsletter. When I last spoke to Zeina I got the impression that they wouldn't be very high relative to charges in comparable developments.
4) I expect a buyers group to form in 2012 when we all have a clear picture and a realistic timetable. I'm not sure what a buyers group would actually achieve at this stage?

All in all, it looks as if Enshaa taking over from Sunland is a positive move for the investors and let's hope we are not disappointed.

We'll see........

Thanks Number49 for that clear explanation.

Once the apartment is complete and handed over to the owner, does anyone know what charges will be levied. I believe to register the property in Dubai there is a 2% charge.

Has anybody managed to sell their apartment ?

These are the Pros and Cons I can see regarding D1 Tower

Pros
- High quality development
- shared with Palazzo Versace
- Looks like it will get built unlike some other Dubai developments
- I believe a metro station will be nearby

Cons
- There is no 'culture village', when will work start on the other projects ?
- No clear end-date
- Service Charges could be very high
- Nobody supporting/representing the buyers

Let me know your thoughts.

 

[THIERRY06]

D1 tower

Do somebody have news for d1 tower construction situaton ?

 

[harry_v]

No news, it's all very quiet. ArbianBusiness reported
'Dubai announced plans on Wednesday to follow neighbour Abu Dhabi in establishing a cultural district which will include a museum, two art hotels and an opera house.' This will be in Downtown Dubai.

D1 was supposed to be part of a Culture Village with Museums, galleries etc but these seem to have been abandoned in favour of Downtown Dubai.

When I invested in D1 it was sold as being part of a culture village but this doesn't look like it's going to happen any time soon.

I will be looking to sell my property and get out of Dubai as soon as possible !!!!

 

[harry_v]

bad news from ArabianBusiness.com

More bad news from ArabianBusiness re Palazzo Versace.

If this development is suffering than D1 must be even further delayed. No wonder Enshaa have been so quiet about informing investors.

I'm not sure what date compensation (if any !!!) would kick in if there are more delays. This is not looking hopeful even for 2013.

Developers of Dubai’s AED2.3bn (US$626m) Palazzo Versace have promised to deliver the project by the end of next year, despite construction having slowed considerably.

Enshaa Services Group refused to comment on whether the project was being affected by liquidity woes, but said it was being partly hindered by a lack of water and electricity on site.

The Dubai Creek development has so far missed its original completion date by four years, and is still not being constructed at full speed.

Sources close to the project, which asked not to be named, told Arabian Business it needs to find $60m to complete by the given target.

 

[harry_v]

Do somebody have news for d1 tower construction situaton ?

The latest from ENSHAA representative is that the new expected completion date is now March to June 2013. However I have never seen an offical expected completion date published. This is actually one more year than the previous date of March to June 2012. It seems they just add a year without any serious or accurate planning. Why are they not explaining why we are suffering such huge delays time and time again ?

 

[harry_v]

Force Majeure issued

I have now received a letter from Enshaa that they have issued a Force Majeure basically extending the Completion date for "at least another 15 months" because of "delays in provision of utilities to the Plot by local and/or government authorities and any other circumstances beyond the control of the Seller".

What is to stop them issuing another 'Force Majeure' again in 15 months time ?
Going on past promises, I'm not confident D1 will be ready in 15 months time. Looking at the pictures there is very little around PV and D1, no 'culture village'.

We really need Legal advise. Anybody know any lawyers in Dubai who deal with these type of issues ?

Did you know there is a another forum here called 'D1 Tower Dubai Creek' You might want to subscribe to this as well.

 

[SHN]

Force Majeure

I have now received a letter from Enshaa that they have issued a Force Majeure basically extending the Completion date for "at least another 15 months" because of "delays in provision of utilities to the Plot by local and/or government authorities and any other circumstances beyond the control of the Seller".

What is to stop them issuing another 'Force Majeure' again in 15 months time ?
Going on past promises, I'm not confident D1 will be ready in 15 months time. Looking at the pictures there is very little around PV and D1, no 'culture village'.

We really need Legal advise. Anybody know any lawyers in Dubai who deal with these type of issues ?

Did you know there is a another forum here called 'D1 Tower Dubai Creek' You might want to subscribe to this as well.

Harry, I also received a letter before 2 days and didn't understand what to do, I approached my lawyer and forwarded the documents related to my SPA to him. We can take collective measures to tackle this problem but for that purpose all the buyers need to meet at an agreed location. If you know any other buyer just post your reply.

 

[Datum1m]

Force Majeure

I have now received a letter from Enshaa that they have issued a Force Majeure basically extending the Completion date for "at least another 15 months" because of "delays in provision of utilities to the Plot by local and/or government authorities and any other circumstances beyond the control of the Seller".

What is to stop them issuing another 'Force Majeure' again in 15 months time ?
Going on past promises, I'm not confident D1 will be ready in 15 months time. Looking at the pictures there is very little around PV and D1, no 'culture village'.

We really need Legal advise. Anybody know any lawyers in Dubai who deal with these type of issues ?

Did you know there is a another forum here called 'D1 Tower Dubai Creek' You might want to subscribe to this as well.

Hi Harry, I have not received any Force Majeure notice, can you please tell me on what grounds they claim FM, if it is due to Master Developer not supplying the development with utilities to allow the Apartments to be livable, then this claim would only be valid if the D1 Tower was totally complete and ready for handover.

We are now in July 2014 and the construction works are still not finished, so the question is are the utilities in place by the Master Developer? If not it still does not entitle the developer to claim FM because they are still not ready to handover our Apartments.

If the Master Developer gets the utilities to the Development at anytime before the D1 Tower is complete then how will the D1 developer be able to claim FM beyond this time?

Are the Master Developer and D1 Developer working together to keep the utilities away from the D1 Tower until such a time has the D1 Developer is ready to handover our Apartments. If the Master Developer was to put the utilities (if they have not done so already) in place this week, what financial problems would this cause the D1 Developer, how many of their customers would want to claim their money back because they could no longer claim FM.

Also there must be a performance clause in the D1 Developers contract with the Master Developer regarding the supply of utilities any Lawyer drawing up a contract would have a few clauses covering this very important requirement. So there must be some sort of collusion between these two parties which looks to limit their financial loss at the cost of us investors.

They got RERA to say the construction was over 70% complete in 2009 so that they could get their customers to pay the maximum amount under the terms of the payment schedule, so this means 2007 to 2009 we see 70% complete, but get 2009 to 2014 they can not achieve 30%. The hardest part of the development was reclaiming the land and putting in the foundations and once they topped out the building it should have been plain sailing, it only required manpower and money. They had plenty of manpower, but not enough money and it is the latter and only the latter which caused the delay, everything else is just a smokescreen.

 

[btlynn]

D1 delay again!

hello, I have been again refused access to view my apartment in the D1 Tower. I have also been told to expect another letter with another delay extension. Is there a forum or a contact group I can join please?
many thanks