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EMAAR - Lies and Misguidance exposed!

Discussion in 'Dubai property' started by sasherwani2, Nov 5, 2008.

  1. sasherwani2

    sasherwani2 New Member

    Warsan kicks up dust



    02 November 2008
    Investors complain about being 'misguided' over price and location of EmaarEmaar's exclusive residential project
    Investors in the Warsan Estate project, one of the latest projects announced by leading property developer EmaarEmaar, are up in arms against the company for being 'misinformed' about the project.


    Several investors who approached The Business Weekly said they were taken for granted on several counts. "Firstly, we were told that the project was coming up in the Mushrif Park area, but now we have learnt that the project was originally planned in proximity to the sewage treatment plant.


    "Who wants to throw away hard-earned money on a project such as this," fumed Arshad Hussain, business development director, RCI Middle East, who has already booked a unit in the project.


    Though TBW tried to get the EmaarEmaar office to respond to investors' complaints, no comment has been forthcoming. We are still awaiting their response to an e-mail sent both to the company offices as well as to its public relations agency.


    Hussain said he has already approached company officials who acknowledged the fact that several investors were genuinely peeved with the project's features.


    Investors are furious that the price of about Dh2,600 per square foot quoted for the project is far higher than that of any other comparable project.


    "There are properties available in much better locations at less than half the price charged on Warsan Estate by EmaarEmaar, which has built a reputation for itself through years of good work. It is painful to see a company with such a high international standing resorting to ways that do not bring about any goodwill," said James Varghese, another investor who claims to have invested five per cent for the booking advance.


    EmaarEmaar launched Warsan Estate in June or July this year. "Investors, me included, were misled by EmaarEmaar's propaganda and false marketing. Investors were told that Warsan would be a top-class and up-market development and that townhouses would be built to the highest standards. Up to the time of the launch, they did not once mention the price," Hussain added.


    When pointed out that the responsibility of enquiring about the location and price remains with the investors, one of them explained that they had very little time in which to make a decision. "We were given only a few minutes before being told to put up the money and seal the deal," he added.


    There were rumours too that the tokens issued online for the off-plan booking of the project were downloaded and sold at a handsome price as there were ample takers for the project at the time of launch. The bookings were received at the EmaarEmaar sales office and at the office of Hamptons UAE, the official sales agent for the project.


    Warsan Estate is a project of townhouses for which the average price could work out to Dh5 million and above. "This is massively overpriced compared with International City which is located just opposite this project," James added.


    Hussain said hundreds of emails were pouring into EmaarEmaar's office, asking for an extension of the deadline for payment of the second installment, which is fast approaching. Most of those writing in are however demanding that the company scrap the project itself. "None of the investors want to pay the second instalment of 15 per cent, which is due in January 2009," Hussain told TBW.


    However, he is optimistic that EmaarEmaar will take an appropriate decision on the contentious issue and resolve the concerns of hundreds of investors.


    Emaar PropertiesEmaar Properties launched Warsan Estate in Dubai as an exclusive residential community on Al Awir Road. The development claims to offer 500 single family town-homes that would appeal to residents who value the privacy of living in a villa in an immaculately laid-out residential community.

    By CL Jose

    © The Business Weekly 2008
     
  2. nabeelc

    nabeelc New Member

    How the hell can people be misguided about price and location!? There was a map at the sales centre and in the brochure clearly indicating the location of the project.
    As for pricing, didn't people fill in the payment amount when giving in their cheques?
     
  3. sasherwani2

    sasherwani2 New Member

    The pricing was according to the location. The location stated was "wrong". It was told that Warsan is at the border of Awir-Mushrif while it turned out to be in Avir opposite to International City. No location details were pinned in the brochure or on the map at the sales centre. Go to Warsan Estate and the crooks still arent identifying the exact location EVEN after all this mess they have created. If you go for a site visit you will realize that the location is nowhere close to what was promised earlier. Thats called stealing from ya in broad daylight.
     
  4. sasherwani2

    sasherwani2 New Member

    The brochure clearly indicating the location? Can i have that edition of the brochure please?
     
  5. georgihh

    georgihh New Member

    By the way there is a luxury villa complex next to the sewage plant already build and everything is full.
    Warsen estate is just next to it.
    Emaar just kill the flippers with this project.
     
  6. sasherwani2

    sasherwani2 New Member

    Whats the name of that luxury villa complex? "everything is full"? Do you mean full of sewerage?
     
  7. georgihh

    georgihh New Member


    I don’t remember something like “desert dream” but is not a freehold.
    I have been inside and this is a 5 star complex.
    Warsen is next to it further way from the sewerage and already has been fenced and the construction will kick anytime.
    Emaar kill the flippers but they will make it nice.
    The project is Overprized , but this is Emaar
     
  8. georgihh

    georgihh New Member

    cost price

    sasherwani2

    What pissing me off is not the location or the sewerage but the price
    Villa costing 1 million is sold for 5 million
    Ridicules
     
  9. sasherwani2

    sasherwani2 New Member

    desert dream is a real estate agency and developer.

    you are mistaken that warsan is the only suffering project. Any investor who bought property in the last yr hoping he'd sell it and couldnt before ramadan is screwed. Even Badrah is selling for 0% premium now. Burj views ppl are selling below premium. I can get u a 3 bedroom apt in palm for less than 4m now. well whatever... just wait n watch ..
     
  10. PropGuy

    PropGuy New Member

    What price for Burj views 1 bed, floor, and view?
     
  11. georgihh

    georgihh New Member

    I am not mistaken but anyway
    Looks like you are having some specials.
    I will be having some cash very soon and might contact you for the prices.
    Any way everything is overprized in Dubai and correction is happening.
    Was just too much to quick
     
  12. sasherwani2

    sasherwani2 New Member

    BURJ VIEWS DOWNTOWN
    podium level
    1 b/r + parking
    855 sq.ft
    0% premium no transfer fee
    *AED 2.1 M (NET)*


    Palm Jumeirah
    Distress Sale! Shoreline Al Khuskar, Type A, 3 BR + Maid's, 2,185 sq. ft., SP: AED 3.9M (Cash Buyer). Ref: OF. Note: Price is net to Owner.
     
  13. Gashead

    Gashead New Member

    Several top men at Emaar were sacked this week. As far as I know all westerners, seems Emaar wants to move backwards.
     
  14. georgihh

    georgihh New Member

    Well price are going down, but I would like see cost less % and the word premium to disappear
    From the Dubai property market.
     
  15. mercury

    mercury New Member

    You can claim 70% of your paid amout from emaar ...!!
    review below thread for more information............

    Law 13 protects investor - Even if you are defaulted!
     
  16. sasherwani2

    sasherwani2 New Member


    Not just Emaar, even Nakheel.. several layoffs will be announced next week. I have a meeting with customer care services manager today at Emaar. I will try to get some inside info from him.
     
  17. Gashead

    Gashead New Member

    Nakheel have sacked 750 staff and are offering voluntary redundancy to others. They are denying both.
     
  18. sasherwani2

    sasherwani2 New Member

    I think its just 400 right now; but I have heard that Nakheel will be sacking upto 1,000 employees in the next week or so. Ofcourse you wont get this news in any newspapers but if you are even remotely acquainted with any of the Nakheel staff, you would know better. Also Wind Properties are about to declare banktupcy, so anyone who has a tower in JLT with Wind should be very very careful. They have already defaulted on their plot payments.
     
  19. Gashead

    Gashead New Member

    The fog of war eh? I got that from someone sat in a Nakheel office. But we all know the vast majority of real estate agents will be sacked before christmas. There is no other option. Interesting times. :(

    I think there will be another slump when the 'Dubai Bubble Bursts' stories hits the European newspapers in a week or so.
     
  20. sasherwani2

    sasherwani2 New Member


    Not in a week. I predict it will burst in Q2 of 2009 most probably in May '09. Before May '09 there will merely be a price correction of 10-15%.
     
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