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International City - Lake District

Discussion in 'Dubai property' started by ravgul, Feb 11, 2009.

  1. ravgul

    ravgul New Member

    I am an investor in lake district. Having paid 25% I feel outright blown apart by the erosion in the DXB property prices.

    I have reached out to Nakheel and have been advised by them in writing that the Lake District payment schedule is on track - i.e, no delays. I find this preposterous for earning a good amount of money banks have refused to finance Lake District any more with ENBD & ADCB saying NO yesterday. ENBD has apparently put a temporary freeze on all expat mortgages!!

    I subsequently asked Nakheel if they considering the present value of the market are re-evaluating the property prices for prevailing contracts and was advised categorically NO.

    Have also heard from a friend who's paid 10% and didnot payup the second installment dude in Oct'08 that Nakheel has sent out 'default' notices.

    Now - what is the Nakheel plan?

    1) Continue per plan. Sounds far fetched.
    2) Seek 3rd installment and postpone the project henceforth, i.e, bring in all the money you can for now.
    3) Seek 3rd installment increasing the tragically the list of defaulters - this would mean as per Nakheel's contract - they forfeit upto 25% of the payment (also as per their default notice). Bottomline - they make money!
    4) Other possibilities?

    What does an investor in my position do? Value crash. No finance available - and if you don't cough up the 3rd installment as per Nakheel's contract they forfeit upto 25%. That's a lot of hard earned money to give away and theres not a dime of trust left to put in more of your savings!

    Looking forward to your inputs and for fellow Lake District owners - would a mass approach to Nakheel make any sense? If so - then lets get talking!
  2. SDADA

    SDADA New Member

    I am in exactly same boat as you and have been thinking along the same lines.
    Best would be if Nakheel would allow people like us to down grade to a smaller property. Is that possible?
  3. georgihh

    georgihh New Member

    If you have paid 25% you can go both ways keep on paying or stop paying.
    If you keep on paying you will lose at least 25% as your property is much cheaper now, on top of that any further payments will not be interest free and you will encounter further loses.
    You lost money as most of us – the question now is how much more can you lose, forget about recovering.
    Nakheel also lost and they lost billions so don’t expect favor from them.
    Anyway Lake District is on hold and the location is horrible
  4. SDADA

    SDADA New Member

    Hi Georgihh: Point well noted and accepted. If Lake District, all of it is indeed on hold then that could be good news, as we do not have to make 3rd payment and let Nakheel come up with a solution?
  5. georgihh

    georgihh New Member

    Yes ,but they will not tell you is on hold and you need to prove it to them and fight for your rights
  6. SDADA

    SDADA New Member

    Georgihh... hmm, that might be difficult if not impossible to prove.
  7. zhouguoyaogeorge

    zhouguoyaogeorge New Member

    letter form NAKHEEL

    Customer No: 98538
    Customer NameGuo Yao Zhou
    Dear Property Owner,
    Subject: Lake District - International City – Construction and Payment Details
    Property Code(s):IC1-LD-B15-704
    Thank you for investing in Lake District – International City’s most premium development and one of Nakheel’s most distinctive projects.
    Considering the current market conditions, we have decided to revise the payment and construction schedule previously provided to you with the original Property Sales Agreement. We are giving an extension, from the 3rd installment onwards, of 6 months on your payment plan.
    However, please note that you have outstanding payments noted against your property from previous installments due by you. We would kindly request that you settle these outstanding payments at the earliest opportunity to avoid incurring any default proceedings
    For your convenience, please find below your revised payment plan.
    Old payment schedule New payment schedule

    3rd installment 20% March 2009 20% September 2009

    4th installment
    15% August 2009 15% February 2010

    5th installment
    15% January 2010 15% July 2010

    6th installment
    15% June 2010 15% December 2010

    7th installment
    10% On completion 10% On completion

    Kindly disregard our previous email for the 3rd installment which stated a due date of the 1st March 2009. This has now been moved to the 1st September 2009.
    Kindly find attached the latest construction update for Lake District as well as the overall International City update for your reference.
    Thank you in advance for your kind support and cooperation. We look forward to continuing to provide you our service.
    Should you require further assistance, please do not hesitate to contact our Customer Service Centre on: +971 4 390 3333 or [email protected].
    Thanks and Regards
    For and on behalf of
    International City- Lake District
    Nakheel Customer Services

    I only paid 10% for total amount, nothing to pay anymore. i still waiting minus 10k DHS for selling or canceled my sale's contract. 1000dhs/sqft the price is high than market now .
    i only wish the project canceled. i can get money back.
  8. eyeC

    eyeC Senior Member

    ravgul sorry for your loss ,seek expert help ,some people may advice you forget about your 25% its gone

    even if you can struggle to pay full amount in coming years you still will be down

    roughly 25% as you bought high .

    you say investor it should read speculator in line 1

  9. dr_property

    dr_property New Member


    Which Lake District building are your units in?

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