Dubai Sports City: parkings instead of Towers

[Enakouzi]

Memon ( my developer) woke up suddenly from a deep coma; they just sent me pictures of an unfinished basement....hooray! I should have been in my apartment in Champion towers 4 in 2010, but instead, I got a picture of a deserted parking that, with a little help from my wife, I could have built myself really...

Of course, when the developer updates you with pictures, it only means that they are asking for more installments. furthermore, you are supposed to trust the same developer, who took around five years to build a parking, to build an entire tower; it could be a very profitable investment for your grandchildren perhaps -considering the fact that it takes 4 years to build one floor, you might get your keys in eighty years from now.

In my case for example, I purchased three units in champion tower 4 in Dubai sports city in 2008, for approximately one million aed each. So far, I paid around 40% of the total price and all I received was more emails asking for more money, otherwise, "lose your investment, we are taking them back," they threaten you...

The real question is, what is the point of paying an extra 600 thousand aed on a unit that is priced for less than 500 thousand aed in the market right now? But then again, would you throw 1.2 mil that you worked very hard for?

I,d really appreciate any advice from experts or from someone who is living the same dilemma.
Thanks
Eli

 

[Sportsman]

Tough call.... I have similar situation. Walked on it... Two apartments, slightly less of a potential loss but still huge and paid down 50% to a developer in India and Pakistan. No contact, no recourse. Be throwing good money after bad....Sad and infuriating ending, but you have to make a decision and move on.

If it was another development, there might be some chance of recuperation. DSC is not that development IMO. Parking lots full of half build, partially constructed. Finished buildings will receive horrible rental income, due to the lack of pretty much anything other than views of exposed steel and concrete. No canal, no shops, no retail, no stadiums, nothing of what was envisioned. You might recoup your losses in 10+ years, and that's a very big if...

Unless your minted and you can afford the risk, I would walk...

 

[Enakouzi]

Thank you

Thanks Sportsman,

I appreciate your reply and your advice; I guess sometimes one has to stop fighting and admit his loss with a smile

Cheers