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Stadium point sports city

Discussion in 'Dubai property' started by tin2080, Jan 4, 2009.

  1. tin2080

    tin2080 New Member

    I HAVE PURCHASED A 1 BED APARTMENT IN STADIUM POINT D.S.C.
    HAS ANYONE ELSE PURCHASED HERE?
    I HAVE PAID OVER 50% AND AS YET NOT RECEIVED A SALES AND PURCHASE CONTRACT.
    MY AGENT TELLS ME THAT THE DEVELOPER VASCON TRADING HAS REVISED THE BUILDING PLAN AND ADDED MORE FLOORS THEREFORE ALL THE CONTRACTS NEED TO BE RE WRITTEN.
    IS THIS TRUE? I FEEL THAT I AM BEING TOLD ANYTHING TO KEEP ME FROM COMPLAINING.

    LOVE TO HEAR FORM ANYONE ELSE..:mad:
     
  2. Sixgun

    Sixgun New Member

    Hi,

    I have posted a few times on here about my experiences with Stadium Point.
    I signed up for a 1 bed, and my friend had a small unit.
    I think it was back in about Feb/ March 08
    I was told the same story for months, about new floors being added etc, i actually believe that bit, but the "construction updates" ceased, and I started to get suspicious and angry.
    a couple of people from this forum helped me, and even took some photo's of the site for me (just a hole in the ground)
    I was also disappointed at how incredibly close the building was to the actual cricket ground (about 30-40 metres) and the enourmous height of the ground with bellowing roof, means I think, that many people, up to about 12 floors, will have a view of a wall or roof.
    Mine was on 14th floor (to become 16th with new floors) so would probably have looked over it, but still, very close and probably noisy (not to mention the autodrome next door, which i only realised when i'd paid 30% of price, about 50k sterling)
    Anyway, l was dealing with Karen from Profile in Marbella, and I have to say that although i usually had to prise out of her any info, and always had excuses for the delay's, she also never actually hid from the questions, and was genuinely helpful in the end, regarding getting the refund organized.
    after many e-mails and phone calls, she asked me if i wanted to pull out, and as there was still no contract in sight i accepted, but expecting a run-around.
    It took about a nail-biting month, but in the end they returned all my money, including the reservation fee. My friends came back about a month after,
    This was all just weeks before this "crisis" hit, so my timing for a refund was good.
    i still think I maybe should have sat it out, because i think when built they will be worth considerabley more, but I was sick of the stress, uncertainty and laws randomly changing.
    Let me know how you go, what you do, I will give more info if required, I am still trying to keep track of it out of interest, have they built above ground level yet?
     
    Last edited: Jan 4, 2009
  3. mpat

    mpat New Member

    No, they have not reached above ground. I can confirm it next week.
     
  4. Sixgun

    Sixgun New Member

    It was mpat who kindly posted some photo's for me,
    Terrible really, last Spring and summer i was being told work was starting, contracts will be coming out, but actually looks like nothings changed.
    In December i was due to pay another installment, but with no work in sight i was refusing, and that was going to cause more problems.
    Plus with the £/ dirham rate, my payments were rocketing up all the time, and I just wanted out in the end.
     
  5. tin2080

    tin2080 New Member

     
  6. spiff46

    spiff46 New Member

     
  7. tin2080

    tin2080 New Member

    Hi,

    Like you we have next payment coming up which we would not be paying.
    Phoned Profile today informed them that we want to pull out and would like a full refund.
    We are really disappointed with the whole situation and feel that it would be wise to get out now.
    However if you are prepared to sit it out it may pay off.
    I have no doubts that Dubai will become a great holiday destination and will attract many people wanting to rent- but this will take a few years ...

    Have you received and signed a sales and purchase agreement yet?
    We have only our transfer approval letter.
     
  8. Sixgun

    Sixgun New Member

    Well....,
    alarmoboom certainly offers a unique theory to Dubai's problems,
    Back to business..
    tin2080, another reason I pulled out is that it's impossible, without contract in hand, to know what they are going to eventually make the service charges, in years to come they could be a fortune.
    what sort of prices per sq.ft are Profile seiling Stadium point at these days/ or as a more relevant figure, what are people trying to sell them at??
    I bought at around 1100 per.sq ft, then later (Summer time-ish)Profile told me they were up to 1700, but I cant imagine anyone investing at that price now, as it is still totally off-plan.
    any ideas?
     
  9. mpat

    mpat New Member

    In my visits of SC site , I noticed good progress from profile in comaprison with many others.... Someitimes, I felt upset about me not investing with them and with other slow movers....So If investors dont have any payment related issues , its better to hold on till completion.
     
    Last edited: Jan 6, 2009
  10. spiff46

    spiff46 New Member

    tin2080: I did receive and signed my contract i August 08. What was Profiles reply to you when you them you wanted to pull out with a full refund? Do you think they will go along?

    mpat: Despite all the writings about bad developers on this and other forums, I actually belive that Profile is more trustworthy that many others. You didn't happen to pass by the Eagle Heights construction site when you visited DSC?
     
  11. charlieMc

    charlieMc New Member

    Hi mpat

    What about the other profile developments in dsc, e.g. profile residence is there much progress being made. Thanks.
     
  12. tin2080

    tin2080 New Member

    I am waiting on agent from Profile to get back to me so at this time I have no response to my request for a refund.
    I will keep all posted as to the outcomb but I expect that Profile/Vascon Trading Ltd will not part with my money easily.
    I would therefore expect some legal battle to ensue- hope not !
     
  13. mpat

    mpat New Member



    Yes, profile residence also on fast track of construction , check with them whats their latest completion date , my dev revised comp date and brought it forward by 6 months ! ! !
     
  14. charlieMc

    charlieMc New Member

    mpat.

    Completion date given is Q3 2009 but it is difficult to get a construction progress report from them, I am curious as to what progress is currently happening on site.
     
  15. spiff46

    spiff46 New Member

    Hi,

    How about Eagle Heights? Any news?

    Rgrds
     
  16. mpat

    mpat New Member


    Well , I think its not going to be handed over before Dec 09.
     
  17. memo123

    memo123 Member

    what did the developer say ?

    what have they told you when you told them you want to pull out, and are they welling to pay you in full ?

     
  18. Sixgun

    Sixgun New Member

    The catch-22 is that although you have reservation form and have paid 50%, you can't sell it, because it's not your's, no contract.
    When I first mentioned getting a refund, Profile said to me " Are you mad? you bought for 1100 per.sq.ft and NOW, well it's worth 1700!!
    i said "really, well you must be eager to get it back, let's split the difference, pay me 1,400 which I will accept right now, and you sell it on for 1700 and we're all happy little campers!!
    End of conversation.....
     
  19. Roshan

    Roshan New Member

    A nice one. Cheeky of you :D
     
  20. Sixgun

    Sixgun New Member

    Roshan,
    it was a bit cheeky, but was more about gettin my money back if I could.which I did.
    Just trying to help other posters if they want any advice
     
    Last edited: Jan 10, 2009
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