The Point Development on the Marina

[khindson]

Hi

Has anyone else bought an apartment in the point development on the Marina. It is due for completion in the next couple of weeks but I have not yet had any handover documents etc from the developers or the land registry documents, although I have been told that they are on their way.

Also, roughly what can I expect to pay as an annual maintainence charge?

Thanks

Kerry

 

[tarrentino]

The Point

Mate,

Select Property and the Developer are consistent at one thing - missing their delivery dates. The've missed Mar 08, Sep 08, Mar 09, May 09 now they are saying end of June 09.

So far they have a 100% hit rate at slipping on their dates. The probability of them handing over at the end of this month is not high! My apartment is pre-snagging - another owner requires another snag inspection and the initial one was done over 2 months ago and still no date!! I have no idea why they are talking about handovers at this point.

Service charge is 12AED/sq ft +2 AED/sq ft rip off fund + Aqood Rip off (3000 AED) so you're looking at about 31kAED for a 3 bed.

 

[khindson]

Hi

I had the snagging report done end of April and my management company have informed me that the developers have up to a year to make any repairs so some of these could be done after handover.

My agents have a handover date booked for 30th June so fingers crossed.

My next hurdle is the agreements that I have to sign because a am on the long term payment plan. Any potential tenant is going to run a mile when they see them!

 

[tarrentino]

Addendum to the Point contract

Khindson,

Interesting point about the 'Point' addendums!

The way the developer are refusing to handover unless the addendums are signed must surely be totally illegal. They seem to think they can change the contractual terms at any point they chose. If you don't like it they use strong arm tactics and threaten not to handover the product they contractually commited to deliver.

It the sane world no developer would ever get away with this stunt as it's pure and simple blackmail!

I think we should start to exert some owner power and collectively refuse to be dictated to by this bunch of disorganised morons. These clauses should have been in the original contract. In the normal world, you only get one chance to make sure your contract is correct. "Oooh, I forget to metion this - please sign this new doc or we won't give you the keys" shows a frightening commercial naivity.

Come on Point owners - let's grow a spine - we funded this build - we got let down time and time again on the delivery dates - now they're saying "Forget what you signed up to originally - You HAVE TO SIGN THIS OR YOU NOT COMING IN!"

Absolutely disgraceful IMHO.

 

[talk]

Hi

I had the snagging report done end of April and my management company have informed me that the developers have up to a year to make any repairs so some of these could be done after handover.

My agents have a handover date booked for 30th June so fingers crossed.

My next hurdle is the agreements that I have to sign because a am on the long term payment plan. Any potential tenant is going to run a mile when they see them!

Hi,
Go to Skyscraper City Dubai Marina.You will find a list of all developments in the marina.The Point is one and the thread is very active every day.Also all developments by SP are there.

The best info and up to date info is there.The Torch thread has almost 500,000 posts since it began and many investors have purchased in more than one of SP developments.

Also great photo's daily posted by purchasers.

Talk...Torch investor.