Ras Al-Khaimah - Pacific

Discussion in 'UAE Property' started by anil, Apr 10, 2008.

  1. Atkinson

    Atkinson New Member

    google group

    I don't seem to be able to get any response from the google group for Pacific owners. If anyone out there is part of this group, can they tell me what to do to get a response from the 'controller'.

    Thanks
     
  2. rikesh95

    rikesh95 New Member

    I have just joined the group being an investor myself. I would really appreciate it if you could forward me the legal firm you sought counsel from. I would also like to see what is the situation after 30th June. I'm more than happy to share the pursuant response from them with yourself and the group once I have spoken to them.


    Many Thanks
     
  3. theammer

    theammer New Member

    Send me a Private Message

    Please send me a Private Message :)




     
  4. MIGELH

    MIGELH New Member

    R a k

    Hi,

    I have been reading lots of things about RAK and Marjan Island

    New Airport
    New Power Station
    Big Football CLub invested heavily in Marjan Island


    Any of this true??
     
  5. armaanadvisors

    armaanadvisors New Member

    Friends, many of us are troubled, i have and am losing money on a floor in business bay. I have been in property and am since 2009 helping investors out and provide consultancy with regards to Developers, RERA and now even tenant-landlord issues. Do DM me if any advise needed. I will be happy to direct you to lawyers we have been using for last few years.
     
  6. Hi
    im struggling to get fellow investors view on recent development (or lack of it) with pacific ami where sp offering payment holiday for a year on lpp. It does worry me alot given what has happened with la hoya bay and ami in general. Any thoughts and news will be appreciated.
     
  7. sub18

    sub18 New Member

    Pacific

    Hi I have a purchase a property at Pacific on LPP and wanted to know how I take legal action heard some people have managed successfully to do this.

    I wasnt to recover my money as this development has been a disaster financially for me.

    Thanks

    Subha
     
  8. dubaiguyver

    dubaiguyver New Member

    Ras Al Khaimah is good for business, but i live in dubai, it´s expensive, but an world city ;).
     
  9. paparulo

    paparulo Member

    Does anybody know which one is the active forum for La Hoya Bay project ???
     
  10. Hi all: not much happening here re Pacific. I had Hanover notice. However, before contemplating renting etc we ought to concentrate on handover issues especially those on llp. I have 1 bed on lop and been asked to pay all outstanding LPP from 2013 to 2017 which comes to 214914 with charges 14204, electricity 1550 and water 1059 totalling 231727 AED this is more than £50000 at current exchange rate. What happens to the delay, loss rental income, crediting the outstanding amount and depreciation of the unit. I am certainly not going to pay this. Has anyone on LPP had reached any agreement with SP as they are again acting on behalf of SG in the handover process as they did initially in the sales. With this payment there will be no handover. If lots of investors on LPP not able to complete handover could affect the project. Any advice and comments will be helpful.
     
  11. Sian

    Sian New Member

    Would anyone recommend buying now as it is being handed over. At the moment only block A and B are open. But the other blocks are due to open in a few weeks. I'm looking at studios for 350k and 1bed 650k. Any advice would be much appreciated.
     
  12. Having invested hugely in Al Marjan Island, Ras Al Khaima RAK, UAE since 2008 I had plenty of time to reflect and would like to share my thoughts. I hope this will make others thinking of investing in RAK or Dubai or UAE and GCC in general to rethink.


    My investment has resulted in huge financial worries and a lot of stress. I had invested all my savings and more. It has cost me financially but it also costs me in terms of my time and psychology health. Fortunately, I am over the worse but would like to share my experience in the hope others could avoid similar fate. I have invested in RAK unwisely and naively.


    Consider the following


    GCC region

    I don't want to get political but you can't ignore the political reality of GCC region as could pose a risk to investors. It's interesting to note that all GCC countries are governed by one man rule with absolute power and virtually no accountability. The rule is usually supported by a family who sees the country as its own. The prevailing law of the country primarily targeting the poor and the foreigners especially the cheap labourers from the poor South Asian countries.


    The recent crisis in the GCC where one king of Saudi took action against another emir of Qatar with no regards to any regional or international laws or any need for mediation. There was no debate or consensus etc. There was no consideration given to the very poorest labourers who left stranded. Most likely the common folk will suffer. Its not going to impact much the elite on either sides. Now the same emir wants to to pursue emir of UAE in international court as I suppose there's is no mechanisms regionally. This shows how lawless the region is. There is no accountability or Rule of law when it comes to the ruling elite as long as they pledge their allegiance to their western masters who likely to deem this current crisis as family matter between GCC.


    Also worth considering the ethical aspect of investing in reality sector which employs cheap labour. These labourers often work in a very poor conditions for very little money. They are forced to work long hours in extreme heat. These labourers have paid a lot of money to get to GCC with often misinformation and false promises. These are often poor uneducated simple people. In GCC they are at the mercy of their sponsors who are usually GCC citizens. When they are surplus to requirements they are simply abundant expecting them to sort their own arrangements for travel back to their home countries acquiring further expenses which they have to pay back.


    UAE

    UAE is said to be a federal state but this is only in a name when it comes issue relating to individual emirate. Unlike a conventional federal state UAE is made of autonomous individual emirate such as Dubai and Ras Al Khaima (RAK). Each emirate is governed by emir supported by his family. As in GCC countries these emirates are almost independent states when it comes to matters like reality sector. Like in GCC these autocratic rulers have absolute authority and no accountability. The emir can decide how and who can run its agencies. Such decisions are not usually based on abilities rather on connections to the emir.


    Dubai and RAK

    Dubai has tried to develop rules etc to compete with other destinations. RAK is also trying to follow its footsteps. However as stated above ultimately the emir can override any rules. The emir can decide to pardon a criminal as he seems fit. This is well illustrated in the case of Al Marjan island development. This was initially envisaged to be completed or at least the infrastructure about 7 years ago. The infrastructure is still in the process of being developed with the latest promise of the whole island being completed by next 8-10 years. This has allowed developers to declare force majuere. This has protected the developers but has cost investors like myself dearly. There is very little recourse for investors when things go wrong.


    Developers

    The whole convoluted and complex set up of UAE seems to be an advantage to developers based in UAE. A developer can be based in one emirate like Dubai and have a project in another emirate like RAK. The lack of accountability means the master developer can proceed as it pleases allowing developers further protection as they use this as FM. This has been illustrated by khoie property and select group who are both based in Dubai with developments in Al Marjan. Both declaring FM blaming the master developer for their incompetence and mismanagement. Developers are able to take advantage of the cheap labour with no regards for any welfare or ethical issues to keep cost down. This only helps their profit and not for the benefit of investors.


    Given the situation above Why would anyone want to invest in UAE or GCC. This is particularly when the GCC investors are looking to the west to invest in safer heaven like London etc where there is rule of law, stability and accountability. Where the queen can't interfere in any sector. I have become wiser at my own expense and will be looking to invest closer to home in England for my future investment.
     
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