N
NP1
New Member
nope not yet - still waiting - but supposed to be "soon"
M
metlofts
New Member
Nakheel Handover
Hi,
I have bought into Metropolis Lofts also and have previously raised concerns.
The last contact i had with UKCIG was me calling them to ask for an update on how long it would be before the handover, considering other developers are having their handovers!!!
The response was that there was some kind of dispute between UKCIG and Nakheel to do with a name change of some kind. My contact said it was either a director name change or company name change which was under dispute. Also i gathered from the telephone conversation that Baljinder Chohan is in actualy fact on the board and that they haven't yet appointed a contractor to construct the towers.
My agent didn't know of this (or didn't tell me). I'm currently investigating my options for resale through my agent.
I can only imagine that RERA are involved because they must have the same concerns as investors being the regulatory body.
Hi,
I have bought into Metropolis Lofts also and have previously raised concerns.
The last contact i had with UKCIG was me calling them to ask for an update on how long it would be before the handover, considering other developers are having their handovers!!!
The response was that there was some kind of dispute between UKCIG and Nakheel to do with a name change of some kind. My contact said it was either a director name change or company name change which was under dispute. Also i gathered from the telephone conversation that Baljinder Chohan is in actualy fact on the board and that they haven't yet appointed a contractor to construct the towers.
My agent didn't know of this (or didn't tell me). I'm currently investigating my options for resale through my agent.
I can only imagine that RERA are involved because they must have the same concerns as investors being the regulatory body.
N
NP1
New Member
Thanks for the update. I would be interested to hear what resale options you have via your agent. My agent is completely useless !
G
goldcrestviews2
New Member
Has anyone got an idea how difficult or easy it is to get money out of an Escrow account? By definition, the money in the Escrow account must be safe. I feel that only if you manage to sell your apartment and pass on the liability to the buyer can you actually breathe easy.
GCV2
GCV2
N
NP1
New Member
Apparenty UKCIG are having a meeting with Nakheel this week. Hopefully it will be positive and work can finally begin. Perhaps everyone should check with their contacts to see if we all have the same answer ?!!!
G
goldcrestviews2
New Member
I hope that for all concerned, the matter of Met lofts is resolved and construction begins.
Cheers.
Cheers.
A
Alimha
New Member
Metropolitan Lofts Plot Handover
Today I sent my third payment (30%) to the Tamweel Escrow A/C...before I sent the payment I talked to my agent in London UK regarding the status of the Project. According to the agent, the London based architect advised that the plot will handed over to UKCIG in October to start civil work...Dutch company has been awarded the piling contract.
N
NwAli
New Member
This Company UkCIG ...
the project in ajman they are selling floors @ 376 per sq.ft and giving 5% commission
People do the maths what wud be the plot cost, advertisement construction cost and other expense ... how in the world they are going to ......................?????????????/
the project in ajman they are selling floors @ 376 per sq.ft and giving 5% commission
People do the maths what wud be the plot cost, advertisement construction cost and other expense ... how in the world they are going to ......................?????????????/
F
Farouk
New Member
Alimha
How come the plots were handed over to start piling work in October wihtout Nakheel handing over the land ? did you ask the name of the Deutch compnay awarded the work ?
please update
Thanks
How come the plots were handed over to start piling work in October wihtout Nakheel handing over the land ? did you ask the name of the Deutch compnay awarded the work ?
please update
Thanks
M
metlofts
New Member
I personally think that the confusiuon surrounding the project is because it's completetion date is now massively behind schedule considering how it was sold at the start as an off plan development due to complete in March 2009. If the construction isn't going to start until October 2008 then it's going to take at least 2 years from start to finish.
UKCIG hasn't in my opinion communicated properly with it's agents and buyers of units because people are talking in this forum and others with different ideas of what's actually happening.
I feel that UKCIG being RERA registered is a good thing but the land should have been handed over by Nakheel by now and construction should have started already.
The person i speak with at UKCIG suggested a dispute of some kind to on with the name buying the plot or the name of the company changing. It wasn't made exactly clear what the problem was, just something to do with a name.
I for one will be a lot more relieved when some work actually starts on the plot!
Roy
UKCIG hasn't in my opinion communicated properly with it's agents and buyers of units because people are talking in this forum and others with different ideas of what's actually happening.
I feel that UKCIG being RERA registered is a good thing but the land should have been handed over by Nakheel by now and construction should have started already.
The person i speak with at UKCIG suggested a dispute of some kind to on with the name buying the plot or the name of the company changing. It wasn't made exactly clear what the problem was, just something to do with a name.
I for one will be a lot more relieved when some work actually starts on the plot!
Roy
A
Alimha
New Member
Metropolitan Lofts Project News Release From UKCIG
I understand that as soon as Nakheel releases the plot in October to UKCIG, the piling contractor can access the site to mobilize equipment and commence the piling work.
The name of the Piling Contractor is Dutch Foundation Company....this is the same company which UKCIG used for their previous project at Dubai Marina
Metropolis Lofts: Construction Update To Overseas Investors:
We have made land payments equal to 30% of the total land cost confirming ownership of the land under Dubai law. UKCIG has site
access for project consultancy purposes. On official receipt for its recent payment, UKCIG will have on-site construction access. The
construction team leading the piling and infrastructure is the Dutch Foundation, the same company we are currently using for our
development in the Dubai Marina.
Attached is the PDF of the full News Release.
Regards.....Alimha
Farouk,
I understand that as soon as Nakheel releases the plot in October to UKCIG, the piling contractor can access the site to mobilize equipment and commence the piling work.
The name of the Piling Contractor is Dutch Foundation Company....this is the same company which UKCIG used for their previous project at Dubai Marina
Metropolis Lofts: Construction Update To Overseas Investors:
We have made land payments equal to 30% of the total land cost confirming ownership of the land under Dubai law. UKCIG has site
access for project consultancy purposes. On official receipt for its recent payment, UKCIG will have on-site construction access. The
construction team leading the piling and infrastructure is the Dutch Foundation, the same company we are currently using for our
development in the Dubai Marina.
Attached is the PDF of the full News Release.
Regards.....Alimha
M
metlofts
New Member
I'll go with that. I'll email them on Wednesday to try and get an update. I'm sure that these forums are monitored by our contacts at UKCIG, it'd be interesting if they'd join up and post to reassure all of these concerns by purchasers.
JOHNNY-D
New Member
thanx, Alimha.
Can't wait to go there and see the piling with my own eyes! please don't tell me it all looks like a desert there !!!!!
Can't wait to go there and see the piling with my own eyes! please don't tell me it all looks like a desert there !!!!!
N
NP1
New Member
I was told more or less the same thing when I spoke to Portmill Estates. They said that the issues had been resolved with Nakheel and work would start soon. I am in the process of selling my studio and the guy at portmill tried to talk me out of it as the prices would go up the minute the work commences. In any case, its about bloody time, however I would expect the work to complete probably in 2011/12 if the same contractors as Marina Star have been appointed !
A
Alimha
New Member
Metropolitan Lofts Project Update
Thanks....Alimha
Roy.....with reference to your earlier post, do have any response from UKCIG?
Thanks....Alimha
N
NP1
New Member
As far as I know, they did meet and the issues have been resolved. I think the handover will be in the next month or so - probably after Ramadan as you suggest. I have sold my studio at a fairly decent profit so I would not worry as the prices are still going up (although they will stabalise probably in the next year or two). If your in it for the long term then you will just have to be patient. The delays bothered me too much so I decided to sell. Hang in there !
F
Farouk
New Member
Dear NP1
congratulation on the sale, but would appreciate updating us on the current market price/ft although the land was not handed over yet.
Another question, is where did you hear from the the meeting took place and the issue is resolved between Nakheel and UKCIG ?
Guys, please share us with your update so we keep no one in the blind zone.
cheers
congratulation on the sale, but would appreciate updating us on the current market price/ft although the land was not handed over yet.
Another question, is where did you hear from the the meeting took place and the issue is resolved between Nakheel and UKCIG ?
Guys, please share us with your update so we keep no one in the blind zone.
cheers
A
Alimha
New Member
Met Loft Property Sale
Very pleased for you that you were able to sale your studio.
We appreciate if you would tell us the process of re-selling the property once you have the Sale-Purchase Contract. Did you pay a 2% of sale price transfer fee to the developer?
What is the commission you pay to the Real Estate agent?
What is the going Dh/SF for the Project?
Thanks of your help......Alimha
Hello NP1,
Very pleased for you that you were able to sale your studio.
We appreciate if you would tell us the process of re-selling the property once you have the Sale-Purchase Contract. Did you pay a 2% of sale price transfer fee to the developer?
What is the commission you pay to the Real Estate agent?
What is the going Dh/SF for the Project?
Thanks of your help......Alimha
N
NP1
New Member
Alimha/Farouk
As a UK investor, I do not know what the square ft price per AED is, all I can tell you is that I made a 65% profit net profit (if I made 100% I would have doubled my money).
Farouk, I have no other information other than what I posted before stating that my info was from Portmill Estates and I would suggest that you get on the phone to your agent or directly to the developer for more information.
As for the resale (fingers crossed it completes without hassle in the next two weeks) but basically you register your property with an agent either in Dubai or the UK for whatever price you want. I registered mine on the basis that the the new buyer would pay all fees but otherwise you are normally liable to pay 2% to UKCIG and the buyer pays the agent's fee of 2%.
The agent takes care of the paperwork and deals direct with UKCIG to get new contracts in favour of the new buyer. I will let you know how this progresses as I am waiting to sign a transfer agreement which means I am transferring the property for the purchase amount.
The agent will organise a new payment schedule for the new buyer and you as the seller receive your premiums paid plus whatever uplift you want and thats it.
As I say, I will let you know more about the process as it happens and if the agent delivers on the sale and the money, I will post their details on this site for anyone else.
As a UK investor, I do not know what the square ft price per AED is, all I can tell you is that I made a 65% profit net profit (if I made 100% I would have doubled my money).
Farouk, I have no other information other than what I posted before stating that my info was from Portmill Estates and I would suggest that you get on the phone to your agent or directly to the developer for more information.
As for the resale (fingers crossed it completes without hassle in the next two weeks) but basically you register your property with an agent either in Dubai or the UK for whatever price you want. I registered mine on the basis that the the new buyer would pay all fees but otherwise you are normally liable to pay 2% to UKCIG and the buyer pays the agent's fee of 2%.
The agent takes care of the paperwork and deals direct with UKCIG to get new contracts in favour of the new buyer. I will let you know how this progresses as I am waiting to sign a transfer agreement which means I am transferring the property for the purchase amount.
The agent will organise a new payment schedule for the new buyer and you as the seller receive your premiums paid plus whatever uplift you want and thats it.
As I say, I will let you know more about the process as it happens and if the agent delivers on the sale and the money, I will post their details on this site for anyone else.
