Good News for City of Arabia - Wadi Tower

[DAYFox]

Hi Roshan,

I am interested in buying some office space and retail but am having problems finding a good agent to buy from. How much did your investment in Gemini cost?

D

As far as I know construction @Gemini has not started yet, am i right?
I would be interested in your buying rate as well and about buying time/year?

 

[Demoniise]

Dayfox, I need help!!!!!!! to find a decent property in retail/office!!!!

How much did u pay for ur investment in Business bay?

 

[Roshan]

Hi Roshan,

I am interested in buying some office space and retail but am having problems finding a good agent to buy from. How much did your investment in Gemini cost?

D

Gemini for 1054 sq ft, It costed me Dhs 1,365,000.

You could get Business Bay office deals for Dhs 1,600,000 for a 1000 sq ft office provided you can pay the hefty payments.

Deal with reputed agents and you will have no problems.

Regards

Roshan

 

[Roshan]

As far as I know construction @Gemini has not started yet, am i right?
I would be interested in your buying rate as well and about buying time/year?

Gemini is not started, but I do not forsee that as a problem as Business Bay in my opinion will actually come out in 2010. The land for Gemini has not yet been handed over by the developer.

I purchased 1054 sq ft for Dhs 1,365,000 at launch which works out to Dhs 1295 dhs psf.

Future payments have been stopped until further notice, which suits me fine.

Regards

Roshan

 

[Demoniise]

Hi,

Do you have an email address for your contact in Omiyat properties, I have been trying to fill in the call back on their website and it doesnt work. I am based in the Uk, hard to call them at the moment.

When did you buy in motorcity and how much ? their website is crap as well

 

[Demoniise]

PS,

I just got an email, The HQ in jumeriah village rate 1560 per s f. What u think?

 

[Roshan]

Hi,

Do you have an email address for your contact in Omiyat properties, I have been trying to fill in the call back on their website and it doesnt work. I am based in the Uk, hard to call them at the moment.

When did you buy in motorcity and how much ? their website is crap as well

I bought in Phase 1 of Motorcity for Dhs 705 psf on launch a year back.

I will pm you the details on Omniyat and Union properties.

Regards

Roshan

 

[DAYFox]

A few days back I got this letter from Galadari:

Dear Valued Customer:
We, City of Arabia, are proud to be associated with you as our valued customer. It is your confidence and interest that has kept the City of Arabia flag flying high and it is always our principle that those who have confidence in us will never be let down. Our project is progressing very well and most of the infrastructure work has been completed. We have learnt from the experience of other builders who have built buildings that cannot be occupied as the infrastructure is taken up at the end. We have done the reserves so that when the building is ready, you are ready to move in. We have already appointed piling and shoring contractors for your building and bids from civil contractors are being evaluated.
Due to unavoidable circumstances beyond our control such as Municipality approval, RTA approval and other changes in the Master Plan, based on actual technical input, has delayed our project for the extent of few months. We the developers of City of Arabia know how your investment is affected due to this unavoidable delay. In consideration of this we have decided to postpone your payment and are enclosing a revised schedule. If everything goes well, it is our hope and whish that the City of Arabia and your building will be ready to move before the end of 2009.
We take this opportunity to thank you for your interest and participation in our development and apologize to you for the unavoidable delay.
Kindly have one copy of the Addendum signed and returned. The second copy is for your records.
We look forward to your continued co-operation.
Yours sincerely …


So far so good. That the project is delayed I was aware of but now they want me to sign a contract with new completion dates. I bought in June 2006 and the Wadi Tower was supposed to be ready by 2008. I already paid 55% and i am not planning to sign the new contract just like that because than i have no rights for any compensations. My question to you all now: What would you recommend me to do??? How do I have to proceed now and what can I say to them?
Waiting for your replies! thank you!

 

[DAYFox]

Payment schedule OLD but still valid:
Reservation+Execution of Agreement 15% PAID
15.Aug 2006 10% PAID
15. Nov 2006 10% PAID
15. March 2007 10% PAID
15. July 2007 10 % PAID
15. Nov 2007 10 % not payed
15. March 2008 10% not payed
Completion Date 25% not payed

NEW one they want me to sign:
...
15.May 2009 10%
15. Sep 2009 10%
On Completion 25 %

Old completion Dates, but still vaild:

Anticipated Completion Date: 31.March 2008
Long stop Date: 31.Dec. 2007
Ultimate Long Stop Date: 31.Dec. 2008

NEW completion Dates they want me to sign:

Anticipated Completion Date: 31. Dec. 2009
Long Stop Date: 30.Jun. 2010
The Ultimate Long Stop Date of 31. Dec. 2008 set out in Clause 1.1 is herby removed

 

[savais]

Sent you a pm. I think you are better off with your original schedule, as although you need to make another 20% payment, you are supposed to be compensated from your long stop date. Not sure what ultimate long stop is as I did not have the two distinctions in my contract. I will go with my new addendum as it is better for me.

 

[DAYFox]

Sent you a pm. I think you are better off with your original schedule, as although you need to make another 20% payment, you are supposed to be compensated from your long stop date. Not sure what ultimate long stop is as I did not have the two distinctions in my contract. I will go with my new addendum as it is better for me.

What kind of compensation from my long stop date (31.12.08) can i usually expect? I am just asking in order to know what I can claim for...

 

[savais]

Check what it states on your contract. On mine it stated 0.5% per month on money already paid.

 

[SAS_UK]

Check what it states on your contract. On mine it stated 0.5% per month on money already paid.

It maybe on the contract BUT will they pay out?

 

[lesplaces]

My advice

You need to be careful, the long stop date compensation is only going to be paid if they take responsibility for the delay. You need to confirm with them whether they are accepting this and therefore prepared to pay compensation under this arrangement. They may well say no because th edelays are out of their control. Then you are into a legal challenge if you want to call their bluff. This would have to done as a joint case with other buyers to stand a chance.

Difficult decisions !

 

[amidhadli]

Oh - also the ready date is now december 2009. I live in dubai so if you want an update let me know. My company has started on Universal Studios also - we are preparing all the temporary areas for the developer. 5 minutes from city of arabia.

hi do you have any news on whats happening with wadi tower todate are they still building or have they also stopped due to the credit crisis as i havent paid for ages

 

[DAYFox]

hi do you have any news on whats happening with wadi tower todate are they still building or have they also stopped due to the credit crisis as i havent paid for ages

hi all! Please check the latest Media update!!! Excellent news I would say!!!!

2009

CITY OF ARABIA ON THE RIGHT TRACK

Ample supply of raw materials at lower prices in current market situation helps developer make up for delayed schedule.

Dubai 11 March 2009 - Delayed yes, but crisis or not, the creation of City of Arabia is in full swing. It has now reached the stage where the corridors of the future Mall of Arabia can already be walked through - in sand form for now.

Read the article Part 1,2,3 !!! What do u think? I think I will still need some time, but our investments are safe! Maybe COA will not be as big as planned but the first towers will be build for sure! We need an update about Wadi Tower site urgently to see if its true what they say...

City of Arabia September 2007

 

[DAYFox]

Someone promised Wadi Tower updates some time ago ) Here are at least some pictures from June I have received. Would be great if someone could check personally again in city of arabia and check for wadi tower. I do not really trust galadari nowadays...

 

[TEAM DUBAI]

Yes, these photographs are correct. I personally visited the site about 2 weeks ago.

 

[DAYFox]

Yes, these photographs are correct. I personally visited the site about 2 weeks ago.

Can you post some pictures as well?

Any progress since my last pictures? Would be great to know!

thx