Select Pacific Al Marjan

Hi All
Anyone else tried to get an extension for the next instalment on this development? Select are only prepared to give 20 days although no building work has started and they cannot use the funds until they do works.
We have had never ending problems with Select from day 1 and although we like the development would never buy from them again. Anyone else had a bad experience with them?

 

I have been asking Select for the last two weeks for an extension to my 2nd payment as it has just gone astronomically high but they don't seem to give a damn and I was told straight up that if I miss the 01 Dec deadline I will receive a fine and then if I don't pay 20 days after that I will lose all the money that has been put in so far ~ £25,000

Not really sure what I can do about this at the moment... have to find some way of gathering the necessary funds to bail me out from the look of it.

Would never deal with Select again though!!!

 

This is not good to hear...

The extraordinary exchange rate movement has made it difficult for many people. The cost in GBP is now much higher.

But, the Select LPP is basically a 15 year mortgage. So, I guess they are not going to make it easy for people who can not make the payments (especially in the current climate).

I can see some diffcult times ahead for investors and for Select.

Hopefully this recession and the crazy exchange rate will not last the whole 15 years!

 

I am having the same issue with Select. Unfortuntely I have been made redundant and have informed Select. They told me if they have an influx of people they will consider an extension of leeway on payment. Maybe someone should formulate a letter?
Does anyone know of agents in RAK?

 

Select Al Marjan

Still waiting for an improvement in the exchange rate, but doesn't look good. I wouldn't even mind so much if there was actually any building going on by Select. Does anyone know if it is actually legal for them to keep monies paid so far? Did not see contract for about two months after 1st instalment. I am buying something in India and the developer there is completely different. I saw a copy of the contract before paying any monies, although again it took a few months to get the contract. Having paid the first instalment they would actually repay all monies if I now changed my mind. As these are exceptional circumstances and instalments are due in AED not GBP, I think Select could be a bit more considerate.

 

I have a 1 bedroom in Polynesia with uninterrputed views of the sea.

I paid : 1,120,458 AED
I will sell for : 1,070,000 AED (ono)

 

Pacific studio Apartment

They have told me that they will consider the options with me at the time of the payment so we can work something out.

I have a studio apartment on 6th Floor in Bora Bora. Looking to sell it for 500,000 Dhirams (445sqft), if anyone interested.

 

Hi Asif - who told you they would consider the options with you? What options?
Thanks,
Koss

 

ive got two apartments in this development...very much screwed with the dirham to pound ratio....25% increase in payment is too much...but having now put in 25k for studio and 50k for 1 bed, am wondering whether to sell off before the next payment in june.... doesnt look likely that we'll ever get as good a rate as 7.3 again....

any thoughts??


whats this about no work being done yet...have they not started on the foundations yet??>

 

Hi Asif, no foundations have been laid yet. Seems like construction has slowed down.
Do you know what is the penalty for not paying installments? 1% of the expected amount or total proeprty value?

 

this isnt good, they were very professional in selling the property to us, but no help when we need it from them...

im not sure what the penalty is, whether its 1% of total amount or installment amount, its still too much when we have just been hit with a 25% increase in the exchange rate...

ive made my december payment....but need to consider whether to sell or keep for the june payment...

 

You are right that SP were very professional in their sales. They should really put this development on hold, until the exchange rate becomes better, or when they actually start construction.

I think Pacific is a long term investment. If you can afford to ride this out.......

 

hi bought in pacific a 2 bed property at tonga. have paid 1st and 2nd payments if you can ride it out you can fix the exchange rate at curernt levels for selling in the future..knowing our luck when it comes time to sell the exchnage rate will >6.5 and wipe out any real capital gains.

you'd need a 10% deposit to secure the rate which would be held for 2yrs..this can be any amount eg if you have put in 200k AED put 20kAED to secure rate if you resell the 200k AED in future...hope it helps

sanjay

 

There is a contradiction in the contract. It mentions 1% penalty if payment is not made on time. Bearing in mind the drop in the exchange rate this would be a good deal. But it also states under defaults that they can repossess you if instalments are not paid within 21 days of being due, ie you could lose 30% of the purchase price or whatever lesser amount you have already paid. This seems highly unfair as they have not incurred any losses and could just resell your property.
I agree that they should put it on hold until the rate improves, or convert the payments to sterling. I notice that a lot of other developments are being sold at a fixed sterling price.

 

To add to everything that has been said here is the fact that they are now changing the bloody design of the whole project. I have spoken to a couple of SP agents and neither of them could tell me for sure what is changing and basically the new design has not even been completed - therefore we technically are at pre-design stage - we have taken a few steps back from when we bougth in pacific.

I fully agree with some form of group action against SP trying to get more money out of us. Any ideas would be appreciated

 

Pacific

I agree, we should make a collective stand. I would not mind paying my next installment if there was construction progress. I questioned this pacific and they have mention shoring and site presence means they are 25% in construction phase, and they deem this as construction!!!
That is what is being fed back to us the investors. We need to stand together as investors.

 

Guys,

i agree with your stance. we should group together and stand up against SP

also visit "skyscrapercity" forum - there is an ongoing conversation there also re pacific under uae, northern emirates, RAK, pacific

 

Select Pacific 1 year dely

i also agree on this we should get legal advice and do some thing
is there any lawer out there who can advice us this
what can we do at least if they are delying for 1 year offer us 1 year payment holiday.
mirpuri

 

Mirpuri, do you visit the other website too?
I think we are organising some sort of action on the other website as suggested
do join