Metropolis Lofts Advice

[metlofts]

Hi Inshallah,

Thanks, that's very good of you, i look forward to any pictures you can take.

Has anyone else got a different schedule yet?

I've paid 40% so far, is this in line with what other investors have paid?

Thanks,
MetLofts

 

[JOHNNY-D]

Metlofts,
i have paid so far 35%, and the next 5 % is due already! i don't know when i should pay it! no one called me! maybe cuz they are really re-writing the payment schedule!!!

 

[metlofts]

Hi,

I must be honest, although my money is tied up in this investment i'm always looking at this from a skeptical point of view. I suppose it's just the nature of an offplan development with big delays.

Maybe my mind will be put at rest when i've seen a picture of the site and when they finally rewirte the schedule and i've received it!

Thanks,
MetLofts

 

[investor_from_uk]

Met Lofts and Dubai

Did anyone see the construction site then?

I have been following this thread for a while but I am posting here for the first time.

My view in general is that the market of Met Lofts has suddenely picked up in the last few weeks, so there must be something going on. Earlier, you wouldn't find any Met Lofts (or probably one or two) on Gulf News, Propertyfinder or Alineah but in the past couple of weeks, so many have come up. And the good news is that the average sale price is roughly over AED1300 / sq ft.

My concern initially was about Met Lofts, but now it's wider than just Met Lofts. I am sure you must have heard from a lot of people that the market is slowing down in DUbai for off-plan property. I have heard the same, and my fear is about the price correction in Dubai similar to that in UK. What I really fear is panic selling and lack of buyers, who may be expecting more correction or are perhaps doubtful of Dubai property as a good investment. I guess that only a broker would be able to answer this correctly.

What do you guys think about it? I guess that in our case. things will improve once the construction start. By the way, my understanding is that the construction will not start before the ned of the year.

 

[Farouk]

Guy
Thanks for the update you made, and we wish the Dubai based people to get more info about the land handover and what is the next step and when

I called UKCIG and i was told that they are just waiting on signs and there is also a road going through the Mets Lofts land and the UKCIG have requested the road to be removed

Anybody can confirm how true is that ????

Keep the flow of info, it helps all of us
cheers

 

[metlofts]

A road going through their plot.... thats sounds like a ridiculous timewasting excuse.

I know this is Dubai and things take a different pace there but building a road through someone's plot of land.... why would you do that when there's so much other land!

I'll email UKCIG today and ask for an update.

Thanks,
MetLofts

 

[Farouk]

Metlofts
apparently the road is not a real road but a path for other building sites
here is a quote of UKCIG description of the road

"An access road was crossing directly over where one of the towers will be built, so Adam Covell has put in a request for it to be moved!"

Please contact UKCIG yourself and find if the story is true

cheers

 

[metlofts]

Hi,

I was told today they're waiting for a NOC. I assume this is a document which gives the OK to them starting construction.

I was told they don't know when to expect approval because there are so many other developments on JVS. I was also told they're working on the payment schedules now.

Personally i cannot see construction beginning until the new year. Sop much for 2009 completion, we'll be luck to see 2011 at this rate.

Thanks,
MetLofts

 

[Alimha]

Hi,

I was told today they're waiting for a NOC. I assume this is a document which gives the OK to them starting construction.

I was told they don't know when to expect approval because there are so many other developments on JVS. I was also told they're working on the payment schedules now.

Personally i cannot see construction beginning until the new year. Sop much for 2009 completion, we'll be luck to see 2011 at this rate.

Thanks,
MetLofts

Hi MetLofts,

Thanks for your active participation on this forum.

I was told by my contact at Portmill.... new agent for UKCIG that completion is scheduled for June 2010.....I would not be surprised if completion happened end of 2010.

I promptly received my receipt after my 3rd payment @ 30 % (Oct 1/08).

My agent in London is currently in Dubai and he will shortly report back on the progress on the Project.

Alimha

 

[investor_from_uk]

Guys,

I got an email from Portmail Estates today with the title 'Introducing Worldwide Hotspots', which is probably a marketing email they send to all their customers, listing all their developments. They list developments like the cavendish, marina star and metropolis lofts. The interesting point is that against met lofts, they have put the status as Construction Started. Now I woudn't think that they'd be lying in their marketing email, but may be, they are playing with words there. Another interesting point is that they have re-sale units there. So for Marina Star, the status appears as Sold Out, whereas for Met Lofts, there is an link to re-sale units, clicking on which takes you to a phone number to call.

Hope this helps. Lets keep this thread alive. I think it's the best platform for information sharing. It's a lot better than asking our respective agents or portmill estates, as they don't always give you a full picture.

 

[NP1]

Guys,

I got an email from Portmail Estates today with the title 'Introducing Worldwide Hotspots', which is probably a marketing email they send to all their customers, listing all their developments. They list developments like the cavendish, marina star and metropolis lofts. The interesting point is that against met lofts, they have put the status as Construction Started. Now I woudn't think that they'd be lying in their marketing email, but may be, they are playing with words there. Another interesting point is that they have re-sale units there. So for Marina Star, the status appears as Sold Out, whereas for Met Lofts, there is an link to re-sale units, clicking on which takes you to a phone number to call.

Hope this helps. Lets keep this thread alive. I think it's the best platform for information sharing. It's a lot better than asking our respective agents or portmill estates, as they don't always give you a full picture.

I would not believe a word they say. Here is a link dated February 08 from Berkeley Estates.

Metropolis Lofts Construction Update

It shows pictures of Met Lofts work being "underway". We all know that this is not the case. I once called them to query this and was told that the pictures were put up in error - that in my view is a serious error - but surprisingly the picutures have not been taken down !!

 

[ngn97141]

Just found this site.. Super helpful... Well, I guess i am one of the lucky ones as I have only paid 10% for my studio yet. Its on the 29th floor, hence its probably one of the best units too. I figure the markets around 1050 for it... but at the same time I know someone who offered me the same at 900. Now with the property prices stabilising et all.. I am a little concerned. But, honestly a project like JVS is quite well located and hence I dont expect the price to drop below 1200 once completed.. Any comments ?

 

[Farouk]

Investor from UK
Would you please send us the link to this re-sale ? because on portsmill web page it doesn't say anything about Marina star being sold out and Metropolis being having availability

thanks

 

[metlofts]

So the pictures are a fake? I suppose that has to be right considering they don't yet have permission to build on the land. If they are a fake then that's just outright cheating people into thinking something's happending when it's not. That could be seen as illegal by Dubai authorities if this is the case.

Could they not be pictures taken of Nakheel putting in services such as sewerage,, water, etc?

Thanks,
MetLofts

 

[NP1]

Maybe but it would still be misleading as one would expect the building to commence immediately afterwards.

The other thing I found a little odd was when they appointed Edwards Covell to “oversee all architectural design issues " on Met Loft. I could not find anything on them and they appear to be a small outfit based in Soho - very close to where Portmill are based. I would have thought that they would have apointed an international firm with other portfolios rather than a firm that appears to have no website or and unless I missed something no past portfolios.

I checked them out on Companies House and the firm do exist - there registered office is 1 Berkeley Square not in Soho as stated on some directories and they used to be called Yellow Screen Ltd and changed their name in November 2007. It does not say who the directors are but there is someone at Met Lofts in Dubai called Adam Covell - coincidene??

Has anyone else looked into this? I thought it a little odd but maybe there is more info out there.

 

[metlofts]

Clearly there are links between all of these companies, even Ber Estates appears to be closely linked, as does Covell Architects, Portmill Estates. Just in terms of addrseses they are local!

It is very misleading to display pictures stating it's a 'Metropolis Lofts Construction Update' when they've not even got the permission to build as of yet!! Metropolis Lofts Construction Update

I questioned these photos with my contact at UKCIG in Dubai and he said he'd never seen the pictures before and doesn't know what they are of!!! Yet it was their agent who's web site it appeared on!!!

This makes worrying news for me and other investors and I'm now preparing myself to find out how strong the law can be upheld in Dubai in terms of how safe my money is in the escrow account!

I for one will not be paying another penny until i'm satisfied they're building something and not an illegal outfit.

Thanks,
MetLofts

 

[investor_from_uk]

Investor from UK
Would you please send us the link to this re-sale ? because on portsmill web page it doesn't say anything about Marina star being sold out and Metropolis being having availability

thanks

Farouk,

The re-sale link just takes me to portmill estates website with details of the property, and when you click on the details of met lofts on their website, they simply ask you to call a number. Moreover, you are right that portmill estates don't say anything about Marina being sold out and metropolis having availability. It was shown only on the email they sent me. If you send me your email address, I can forward the email to you but all it contains is what I mentioned above. All in all, it is a marketing gimmick prompting you to call them.

Regards

 

[investor_from_uk]

Just found this site.. Super helpful... Well, I guess i am one of the lucky ones as I have only paid 10% for my studio yet. Its on the 29th floor, hence its probably one of the best units too. I figure the markets around 1050 for it... but at the same time I know someone who offered me the same at 900. Now with the property prices stabilising et all.. I am a little concerned. But, honestly a project like JVS is quite well located and hence I dont expect the price to drop below 1200 once completed.. Any comments ?

Well, I have spoken with a few people and my guess would be that the price may be more than 1050 for an apartment if you have just paid 10%. I guess it should be around at least 1100. I spoke with a broker who sold met lofts in July for roughly over 1200. But the issue in the current market is that it's the buyer's market and people are too keen on buying, due to the global financial turmoil. Therefore, although the development is worth over 1100, you can't find the buyers in the market, which makes it difficult to fetch this price. On the other hand, I think that it is definitely worth a lot more than 900, especially if you have paid 10%. Whoever has given you that price of 900 is definitely fooling you!!

By the way, a lot of people, including brokers have advised me to hang on to it till it's complete because they say that it will give good returns, and probably have better price as well.

 

[Mujteba]

Guys my office number 52 berkeley square if anyone has a number or address in berkeley square of w1j then please let me know, i can visit them and see what is going on.

i did meet some people from "UKCIG" a few months back when they had an office in berkeley square house as i was investigating the cavendish in ajman they were making.

i did heare about them here in the uk as being responsible for selling land in the uk with supposed planning permissions which were a little dodgy, the FSA went after them but in the end they were proven innocent. Cluttons in dubai told me that they have a shady past but because they are rera registered, she said they have "cleaned up their act".

I know the hierarchy at portmill, met their boss and tried to find out if they were connected, but i dont think they are. And soho is not exactly a small place, there are many services and companies there it is popular with design houses/architects.

Anyone i am happy to knock on doors if people have some addresses as i would like to know also if all their projects are for real.

regds

 

[metlofts]

Guys my office number 52 berkeley square if anyone has a number or address in berkeley square of w1j then please let me know, i can visit them and see what is going on.

i did meet some people from "UKCIG" a few months back when they had an office in berkeley square house as i was investigating the cavendish in ajman they were making.

i did heare about them here in the uk as being responsible for selling land in the uk with supposed planning permissions which were a little dodgy, the FSA went after them but in the end they were proven innocent. Cluttons in dubai told me that they have a shady past but because they are rera registered, she said they have "cleaned up their act".

I know the hierarchy at portmill, met their boss and tried to find out if they were connected, but i dont think they are. And soho is not exactly a small place, there are many services and companies there it is popular with design houses/architects.

Anyone i am happy to knock on doors if people have some addresses as i would like to know also if all their projects are for real.

regds

1 Berkeley Square (Edward Covell )