Platinum One- Arjan ,ACW Holdings

[sgaur]

I have also paid 50% but I managed to delay next payment which was due on 15 April to 1st October 2009. But, it is same thing because they have made faster installments for rest of the period and up to 90% of amount is payable up to June 2010.

 

[lammy1978]

Hi, did you reschedule this through ACW directly or Skycom? Maybe I should try and do the same, because for now I would rather halt payment by going through the developer - that is until I know for sure that I should legally not be paying them any more money, as Financier suggests. Last time I checked they had completion down for July 2010 but this seems highly unlikely to say the least, and therefore quite unfair to have paid your 90% by June 2010! On my rescheduled plan I will still have paid 80% by December 09 which is even worse (surely 80% construction would be almost habitable?!)

 

[sgaur]

I dealt directly with ACW holdings. You can get their email addresses from web sites. I am not going to pay next payment unless they will ensure the completion of 50% of construction.

 

[lammy1978]

Have you told ACW this or will you simply not pay if construction does not reach 50%? I would personally not like to go against the contract I agreed with the developer unless there is something specifically saying they must have completed 50%, 60% etc.

 

[sgaur]

No, I will discuss with developer and let him ensure that 50% of construction is already completed. They can not go against the rule developed by RERA. I will not pay my next installment if only 10% of construction is complete by the time of next installment.

 

[lammy1978]

No, I will discuss with developer and let him ensure that 50% of construction is already completed. They can not go against the rule developed by RERA. I will not pay my next installment if only 10% of construction is complete by the time of next installment.

Okay, I see. However I am unsure whether this rule has actually been passed yet as law, do you know if this is now definitely a legal requirement? If so where can I find this in writing? Thanks, Lammy

 

[sgaur]

I have letter from ACW holding which says the reason of reshcheduling the installments because of changes in law of installments linked to construction.

So this letter can be used at the time of next payment to ensure the 50% completion of construction.

 

[lammy1978]

Thanks sgaur - so did you initially request the rescheduling of the installments, or did ACW just do this and send you this letter automatically? Also do you know if the Platinum one properties are now fully registered with RER, as per our registration payment to ACW a month or so ago? Apologies for all the questions, just trying to get all the facts before deciding on my best course of action! Lammy

 

[sgaur]

I requested them to reschedule the payments as per new law. secondly I requested them to reduce the price as constrcution cost in Dubai has reduced by 70% as per Dubai newspaper. They have not accepted the second request but they accepted the first request and delayed the installment payments.

 

[lammy1978]

Right, thanks I will look into the same and see what their response is.

 

[sgaur]

There are so many people in this forum who have purchased a appartments in building of ACW holding. Why don't we discuss together the problems we are facing so that everyone will be educated and we can put pressure on developer instead of pressure from developer. In future, we will have common property and it will be good for us if we stick together.

What is opinion of other people in this forum.

 

[lammy1978]

There are so many people in this forum who have purchased a appartments in building of ACW holding. Why don't we discuss together the problems we are facing so that everyone will be educated and we can put pressure on developer instead of pressure from developer. In future, we will have common property and it will be good for us if we stick together.

What is opinion of other people in this forum.

I agree with you sgaur, like you say there does appear to be other people in this forum who have similar concerns with Platinum One and ACW's other projects, and I would certainly welcome as many other points of view as possible. Ultimately it is us who are the purchasers, ie. the customers, and also in theory potential neighbours in this development.

Whilst I don't like to think of things in terms of "purchaser vs developer" it would be helpful for everyone to be fully aware of the situations affecting our properties, whether this information is willingly coming from ACW or not. I would particularly like to hear from any purchasers who are Dubai based, or may have visited site recently, who could provide an unbiased, realistic progress update. Lammy

 

[financier888]

Hi all

In answer to sgaur's question, my next payment is due later this month, with a following 5% due in June; the original 10% payment was split on the readjustment but obviously the two month gap doesn't count for much in the grand scheme of things. Then another 10% is due September, then December and 20% on "completion". So like you say, it doesn't seem to differ much from the original plan. And these a large percentages for not much return. Is this a similar arrangement to yours?

Financier, thanks for the information - has this law actually been passed yet with RER and if so could you point me in the right direction of where to find these stipulations in writing? I would certainly think (unless the contractor has really been shifting over the past couple of months since those update photos),that the foundation work is not even approaching completion.

Thanks,

Lammy

Lammy - the best thing to do is to send an email to RERA for further clairifcation and be sure to list all the salient details - project name / developer - dates of agreements etc.. Also - run by the Escrow_ofc on the Escrow thread..

 

[lammy1978]

Lammy - the best thing to do is to send an email to RERA for further clairifcation and be sure to list all the salient details - project name / developer - dates of agreements etc.. Also - run by the Escrow_ofc on the Escrow thread..

Hi Financier - thanks for the advice, I will get in touch with RERA and see what they say with regards to this development. Lammy

 

[sgaur]

Lammy

I hope after that you will publish the response of ACW as well as of RERA for information of other members.

Thanks

 

[lammy1978]

Lammy

I hope after that you will publish the response of ACW as well as of RERA for information of other members.

Thanks

Sgaur, once I hear anything back from RERA and/or ACW I will post details on here straightaway. Lammy

 

[lammy1978]

Hi, have just posted the Escrow Officer as suggested by Financier, thread below:

http://www.propertyforum.com/forum/dubai-property/10604-escrow-related-information-28.html

His response states the following:


"Dear law is not available in written yet.

If you have paid 30% and no construction activity is happening then u dont have to pay any more as per the Law.

But as you said that fencing work is going on so unfortunately that much activity is enough for RERA and developer to ask for more money from you.

I am afraid u have to make ur payments as per your schedule."



I have asked Escrow Officer to confirm whether this law is in fact in the pipeline with RERA, if not it looks as though I will need to keep paying installments as agreed with ACW. Any comments welcome! Lammy

 

[sgaur]

I suggest, you should discuss with developer to restructure your installments

 

[financier888]

Hi, have just posted the Escrow Officer as suggested by Financier, thread below:

http://www.propertyforum.com/forum/dubai-property/10604-escrow-related-information-28.html

His response states the following:


"Dear law is not available in written yet.

If you have paid 30% and no construction activity is happening then u dont have to pay any more as per the Law.

But as you said that fencing work is going on so unfortunately that much activity is enough for RERA and developer to ask for more money from you.

I am afraid u have to make ur payments as per your schedule."



I have asked Escrow Officer to confirm whether this law is in fact in the pipeline with RERA, if not it looks as though I will need to keep paying installments as agreed with ACW. Any comments welcome! Lammy

WOW ~! They put up the fence and that constitutes compliance for the first 30% ????? Mind boggling.... So much for the escrow laws to protect the investors !!! I am glad you asked the escrow officer as he is on the front lines and truly knows how the laws are being implemented - from the text to the reality... Projects worth hundreds of millions and if they put up the fence, then - 'Ok - the developer has complied - keep paying....' I guess we can expect to see many fences on tracts of barren sand now....... scary...

 

[AVA]

Initially I have received the land registration fee as 1960dh. But recently ACW is asking for further 1000dh for registration of sales agreement with Dubai Land department so, total of 2960dh. Is it the same experience for everyone.