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The Cavendish Ajman

Discussion in 'UAE Property' started by farren, Nov 25, 2008.

  1. farren

    farren Banned

    hi anybody bought on this development just to have debate about it .
     
  2. fromLondon

    fromLondon New Member

    The Cavendish, Ajman

    I have about one studio apartment in the Cavendish. I have made two payments which are 40% of the price. I am nervous due to currnet market conditions. Also the developer hasn't started any development yet.

    Has anyone else bought it? I would like to share the experience.
     
  3. farren

    farren Banned

    Hi yes I have purchased studio here also I am told work not to start until mid 2009 .
     
  4. fromLondon

    fromLondon New Member

    Thanks. Hopefully they will not be impected by the current financial crisis.
     
  5. Mujteba

    Mujteba New Member

    Hi have you guys made your second installment payment? Were you pursued by UKCIG for the money?

    regds
     
  6. farren

    farren Banned

    Hi I have paid 30% to date how about you guys?
     
  7. TrCavendish

    TrCavendish New Member

    We have all paid nearly 40% but it seems things are very slow at UKCIG, first Berkeley states closed down then Portmill states has shut its operation in Soho Square. I think its time either UKCIG give our money back or we should talk to RERA. As the payment we have made yet has not been put into a ESCROW account. Previous projects of UKCIG are still struggling to start. I would advise dont invest in CAVENDISH any more as its not goona budge
     
  8. farha

    farha New Member

    I also have purchased a studio and am due to pay my 3rd installment next week.

    I have contacted the agent requesting that further payments are deferred until construction has commenced and subject to funds being deposited in an escrow account. I'm waiting to hear from them but have told them that I want to extend this payment date until this has been resolved.
     
  9. TrCavendish

    TrCavendish New Member

    I agree that sounds like a plan. Lets try this, if they disagree then what are our options. Is all the money given gone in vain. How do we get it back, if they disappear.
     
  10. donegal

    donegal New Member

    cavendish

    Hi All what are your views on this development at this present time we should all stop payments until some proof given that it will go ahead,which I doubt anyway lets get together to debate.I also see where all investors got together to cancel project and got money back.Sounds like good plan for us.
     
  11. Faris

    Faris New Member

    Hi,
    Have also bought a studio in cavendish 1, made 50% payments. Have recently visited and only signboard erected. only Emirates city across the road is being developed and and some foundations are being layed next to it for other projects. Cavendish is all desert and no electricity power yet installed. Looks like nothing will be done for another year or so.. possibly longer. I have been advised that I should stop my payments until they start the project and r construct at least 50% of the project and then resume the payments. Can we do that? I have not contacted UKCIG yet for their advice.
     
  12. donegal

    donegal New Member

    If we all do this what can they do we have invested in something that has not started and does not look like starting anytime soon.All together no more payments until we see some progress.
     
  13. Faris

    Faris New Member

    Hi,
    Have u spoken to your agent about stopping the payments? mine is DreamHomes, is yours the same? Have you got any legal advice? They might ask I us to pay a penalty on late payment.

    What about a refund? I dont mind paying some kind of penalty for cancelling the contract, maybe upto 10%.
     
  14. donegal

    donegal New Member

    Hi Try that a let me know how you get on as I am really tied up at the moment.I was with portmill estates.Thank s
     
  15. Faris

    Faris New Member

    Cavendish

    Have you heard abouting deferring your payments? Mine is due next month, please let me know ASAP. I want to deferr as well, maybe even cancel my contract.

    I made a visit last week, very depressing sight, nothing yet erected except a sign board. Which agent are you with?
     
  16. donegal

    donegal New Member

    If we all ask for money back nothing been built so no money .
     
  17. fromLondon

    fromLondon New Member

    Cavendish

    Hi Faren/Dong,

    I am also in a similar situation. I have made upto 50% and my payment is due soon. I am also thinking to stop the payments.

    Did you speack with your agent or UKCIG to stop or defer payments? any luck?
     
  18. Faris

    Faris New Member

    Cavendish - Stop All future payments.

    Hi,

    Yes, they have said that they will suspend collection of further payments until they open an Escrow account and until the construction starts.
    They said that anyone who has paid above 20% is not required to pay any more installments.

    Stop your payments immediatley, you will not get any penalty.
     
  19. fromLondon

    fromLondon New Member

    Thanks Faris. I will speak with them.
     
  20. marcusq8

    marcusq8 New Member

    Any news on the developer UKCIG? I know they have a bad write up on the internet as they have the same owner as UKLI. I don't really want to loose the deposit which i have already paid. Any advice from fellow investors would be great.

    I recently contacted UKCIG in Dubai and asked them about when they plan to start developing Cavendish and the setting up of an escrow account.

    This is the response I recevied....

    Currently we are in the process of becoming fully regulated with the Ajman real estate authority, as well as setting up an escrow account. As such, we are not accepting payments from clients for our Ajman projects until the escrow account has been set up.

    Regarding construction, we are still chasing the master developer for handover of the land, until they do not give us a definitive date for handover we cannot provide timelines for works to begin just yet. As soon as there is progress with regards to this matter, we will be sure to inform you.

    Any funds that are in the account for the Cavendish II will be transferred to escrow once the account has been set up. In terms of becoming fully regulated and establishing the escrow account, I’m not entirely sure how long this may take as we haven’t been given timelines for these processes, but we are working through these and will be sure to inform you once this is done.
     
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