International City Phase III

Discussion in 'Dubai property' started by muqarabin, Jan 22, 2008.

  1. muqarabin

    muqarabin New Member

    Hi All

    I have bought at Cambridge Residence on Phase III. I have a bit of info coming thru to me and i will try and update as much as I can. A I hear people saying nothing is happening on phase 3 so I will try and update on this thread as often as I can.

    I initially planned to go out to Dubai to have a look at phase III but the developer just told me nothing is gone up yet so there is no point. However, I am assured that Cambridge residence will be delivered in Dec08.

    The whole England sector (all 6 developments) of PhaseIII being built by GPD.

    Below is the link to their last newsletter on progress of Eton Residences. As you can see there is nothing up just yet.

    etondubai . com/Global%20newsletter . pdf

    P.S For those interested I think there are still 2 x 1 bed apartments available at Cambridge Residence, everything else in the England sector is sold. No I dont work for GPD and i dont sell for them I jut thought I'd let people know. Dont ask me how I know, I have my sources.
     
  2. andyk2

    andyk2 New Member

    IC III releases

    I heard that Nakeel are releasin these in small stages. I´ve got 10 available in Cambridge, Eton & Windsor.

    If anybody knows any different, happy to be corrected
     
  3. muqarabin

    muqarabin New Member

    IC III releases

    Andyk2,

    These 10 you have wont be resells by any chance. Cause according to the information I have GPD have only got two 1BR apartments left to sell.

    May be I have been given the wrong info??????
     
  4. andyk2

    andyk2 New Member

    I´ll find out

    Going to speak with my contact and let yo know - believe they are all direct
     
  5. andyk2

    andyk2 New Member

    Resales!

    Can confirm that all the one beds at IC3 are now sold out. Have a list of resales at IC1 starting from AED350K +2% - don´t expect these to last long!

    Andy
     
  6. faisalbhatti

    faisalbhatti New Member

    More Info

    Hi Andy,

    Could you please let me know where to find these resale properties (Brokers, Websites etc) I am planning to invest in real estate in Dubai and Combridge, Eton and Oxford look like they are reasonably priced. Please let me know.

    Thanks
     
  7. faisalbhatti

    faisalbhatti New Member

    The email I sent you was returned.

    Could you please send me the details on any properties which are under 500000 AED and/or are around 1000 psf

    the purpose of this investment is to get a good rental income so please keep in mind that proposed properties have good rental potential
    Thanks
    send me the details at faysal 'dot' bhatty 'at' gmail 'dot' com
     
  8. defosco

    defosco New Member

    hi there, we'd put down a deposit for Park Views in Phase III initially through Investors Provident, but GDP have now taken over or at least become involved (don't know how/when!). i'm a bit worried as i've not seen many people mentioning "Park Views"! Do any of you know about PV and what stage of construction they're at?

    Our deposit was paid in September 2006 and 1 1/2 years on we have to contact them for an update! We're really getting worried now!
     
  9. defosco

    defosco New Member

    Hot off the press!

    I've posted this in another IC Phase III thread to:

    Hi guys! well, further to my previous post (about sending an e-mail to GDP) I've had a very swift response in deed (literally a couple of hours!). Here's what the e-mails and attachments said:

    Debbie, i have sent another update recently to Investors Provident but it sounds like it was not sent to you attached is an update but since then we have received the green light re the PSA and we are going to send them out ASAP ,it will take a while as there is around 50 pages that have to be checked and signed and there are 2 sets needed as we have around 700 to send out we are going to do a block at a time but it will be with you shortly .I am not sure which block you are in but i will send you the estimated start and completion dates we have been given.Any more questions please email me .

    Estimated dates for completion:
    MAYFAIR START MAY 08 COMPLETE JUNE 09

    ETON & OXFORD START NOVEMBER 08 COMPLETE DECEMBER 09

    KENSINGTON & PARK LANE START MAY 09 COMPLETE JUNE 10

    CAMBRIDGE START NOVEMBER 09 COMPLETE DECEMBER 10


    also see attachment of a newsletter (in the other thread)

    Could we let each other know if/when we start receiving the PSA's?

    good news/bad news? what do you think?
     
  10. muqarabin

    muqarabin New Member

    Good new or bad news?? I can tell you right now this is bad news, for me anyway. Considering that I paid 50% deposit for my Cambridge purchase now my money is stuck in there somewhere when Ic ould have been trying to adding value to it in other areas.

    Strange thin is that I still called GPD on tuesday and although the guy I spoke to did confirm that Cambridge was going to be one of the last one he did imply that things would be moving this time next year on Cambridge, which is not true based on the above. DISAPPOINTING
     
  11. Willwsm

    Willwsm New Member

    Cambridge Apartments

    Hello

    New to this forum. Just registered as these posts are very interesting. I paid a deposit on a one bed apartment in Cambridge Apartments expecting completion in Dec 08. I don't think I would be worried if it really was December 10 but I would really like to know. Just wondering if I need to be worried about anything. Are DHW and GPL reputable companies? Has the value of these as yet unbuilt properties risen yet?

    Regards

    Will
     
  12. M.B

    M.B New Member

    HI EVERYBODY

    DO YOU KNOW ABOUT THE PROJECT IS GOING TO GET FINISHED NEAR THE AL-ATTAR PROJECTS IN IC3 VIA LINK BELOW
    Al Attar Properties
     
  13. muqarabin

    muqarabin New Member

    I received and sent back my PSA (& Rental scheme Agreement, 3yrs @ 8% net) for Cambridge about 6 weeks ago.

    The estimated completion date in the PSA is given as Dec 2010, so I guess they are planning to go ahead now.
     
  14. g4set

    g4set New Member

    Any update on building park lane apartments in int city phase 3
    now Dubai has crashed I think it unlikly they will ever be built I have put 30% deposit down in 2006 expecting it ready by now with 8% rental but we wont get anything now
    Does anyone know if we can get our money back Ive got £20,000 invested there and its looking very bad
    Any suggestions?
    G4set
     
  15. muqarabin

    muqarabin New Member

    g4set, I was at GPDs dubai office today to see Lorraine Luck and find out about what is happening to units such as Park Lane and Cambridge, which have not been started. She basically said they are carrying on with the construction and expect all units to be delivered before the permissible 12 month period beyond the given completion date in the PSA.

    I also raised the point that many projects in Phase 3 are not progressing (as I visit the place frequently just to see what is happening, afterall the £38.5K deposit I have put down is a lot of hard graft and no small money) and some might have been cancelled altogether and do they think that will impact the project's delivery and saleability (i.e Rental Guarantee) - i.e why deliver about 7 GPD units (and one or two others from other developers) in the whole phase 3 when many other developers required to deliver other aspecs of the project are not progressing with work - she stated that as a company they are obliged and planning to go ahead as planned and that the rental guarantee is for them to worry about and not teh investor.

    In conclusion, I think GPD seem to be carrying on as planned but i feel they are looking to work with the 12 months grace period beyond the stated completion in the PSA, so if you are at Cambridge like me and your completion is Dec 2010 you can put your mind the last quarter og 2011.

    All the best.
     
  16. laguna33p

    laguna33p New Member

    I recently visited IC3 and the only buildings I could see going up was Aljawzaa and another building...all the others appeared empty plots (no construction).
     
  17. muqarabin

    muqarabin New Member

    Laguna33p, what do you consider as recently. I know what you mean that the place looks empty but in terms of construction, I was out there about 4 weeks ago and I saw GPD contractos on site working, they are still putting columns and foundations in place so unless you know the exact location of the plot you cant otice their work from far away.

    I also what do you term as visit, were you just drving along the Emirates Road and just looked towards the site or did you actually go onto the site?
     
  18. laguna33p

    laguna33p New Member

    I was there about 1 month ago and I was checking out my unit in Aljawzaa so I was actually at the site. I could not see any other activity at IC3 and only 1 other building in the distance.
     
  19. sundrys1

    sundrys1 New Member

    Eton residence

    Hello,

    just want to ask if anybody bought a property in Eton residence in International City (Phase III). As I need to find out if the house is under construction or not - GPD haven`t send me any updates for couple of months and I don`t know what`s going on...

    Please contact me with any information.

    Thank you...
     
  20. georgihh

    georgihh New Member

    Under new laws planned in Dubai property investors will be eligible for refunds or replacement property if they fall victim to unscrupulous or failing developers, the National has reported. Developers also will face new financial penalties if the buildings they promise are not delivered on time, or to agreed specifications.
     
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