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Lagoon developer welcomes market correction
by This email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 26 January 2009Posted on Wednesday, 28 January 2009
Dubai Lagoon
Posted by NT at 10:31 UAE time
Schon needs to justify what is happening with the funds in the escrow accounts, are they earning interest at the expense of their investors, are these funds tied up in fixed deposits earning good yields. Why should their units with 90 year lease commencing 2005 ( launch date ) have the lease forfeited upto 6 years - so in 2011 a unit will have 84 years lease and potentially reducing the value of the unit. Message for Tahir & Danial Schon, please can you try to re-negotiate the lease to 90 years, so that upon completion the fresh lease applies. RERA may want to back this up.
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Posted on Tuesday, 27 January 2009
Who will show the truth?
Posted by Homeowner at 03:08 UAE time
Isn't that what a journalist should do? Dive into a story that has the interest of the readers and get the facts on the table. Apparently the journalists in the UAE do not want, are not able or are not allowed to get the truth on the table. Who will help us out?
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Dubai Lagoon project still sticking in the sand
Posted by Anand at 15:06 UAE time
Schon is no more a company one can trust. These people have
been brainwashing all the Dubai Lagoon Investors since 2006
including myself.
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Dubai real estate
Posted by Johnson Y. Peter at 13:41 UAE time
The Buyers should be given more protection and rights compared to the developers, as they collect more funds than what they have put into the projects, they play with buyers funds and control the market according to their advantage at all stages, the UAE Govt. should protect the rights of the investors.
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Do not make PR for these guys
Posted by Frustrated Lagoon Inversor at 12:51 UAE time
Dear Arabian Biz team, Please do not make more PR for these guys. they just collected our money with these kind of good PR actives.
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Unbelievable
Posted by Mo at 11:59 UAE time
I don't understand how Schon receive any credence in the media. They have not completed anything and possibly never will.
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RE Soothsayer
Posted by gamby at 09:48 UAE time
Who's gonna believe Schon? They can't even deliver project on time. I think this is his last effort to revive confidence. But it's too late. Stop being a soothsayer, it will do you more harm than good.
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Posted on Monday, 26 January 2009
Law favours developers. Not buyers.
Posted by mkp at 03:30 UAE time
Whatever Mr.Schon says is his opinion.
But what bothers me is the following:
If buyers default in instalments they have to pay a penalty.
If developers default in possession date, no penalty for the developers.
If buyers want to get out of the contract they have to pay the penalty as per the exit clause.
If developers delay in giving the refund they do not give interest to the buyers for delayed payment ie no penalty.
The laws in UAE are one sided. In favour of the developer. Its high time buyers are protected as they have put in their hard earned money ie life savings.
For Allah's sake please take action against those developers who delay refund to the buyer. Bring in a law that the developer has to pay interest on the refund amount and has to pay up within 60 days.
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Mr, schon
Posted by DL fever at 23:47 UAE time
mr, schon you are Badly needed to finish what you started 4 years ago with our money ( Just do it ) stop giving comments , action speak louder than words
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Arabian Business
Posted by DL fever at 23:40 UAE time
Arabian Business Why do you waste you time asking these guys to comment . this devloper??? has not delivered a single room since they started , it is all a joke.
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welcome or not, correction is here to stay
Posted by ABUSIDRA at 20:58 UAE time
LIKE IT OR NOT, market corrections are here to stay for quite some time. So, why not say, we like it, we expected it, we adore it. Anyways, having views otherwise too will not make any difference.
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Market to go up 60% by 2011
Posted by Dubai Punter at 20:22 UAE time
Seems like we'all can be a real estate analyst, all it takes is to guess, predict and forget if it doesn't happen. We can give another statement in 2010. This is what the developers have been doing here. Read the reports of the same developer who predicted till Jun'08 that it's just the start are now saying is correction was expected, who belives them now, give us break.
Hey anyone knows what happened to Dynasty Zarooni???//
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Jokers & Thieves!
Posted by Paul King at 20:20 UAE time
You couldn't make this stuff up! Downturn! This is a Meltdown!! Wait for the summer temperatures to lower the prices and slow the construction even further!
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Surprising comments
Posted by Khatri at 17:32 UAE time
This is the same developer who was selling at substantially higher prices. Their property at Downtown Jebel Ali was being offered last year at around Dhs 1800/sq.ft. gross area basis. I later booked a property in the same zone with another developer at Dhs 1200/sq.ft. nett area basis.
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sold out is not sold out
Posted by paul at 14:40 UAE time
Developers who claim to have 'sold out' projects under construction are being a bit disingenuous.
What they have done is taken a 10% or whatever deposit, and maybe some further payments depending on how far the project has progressed.
But with current economic conditions, it is quite likely many of those customers will cut and run and write off their deposits rather than continue to buy something that is now worth far less than they hoped (and maybe less than they still have to pay).
Suddenly these developers with 'sold out' projects will find they have half the apartments or more back on their books and need to find new buyers. But no one is buying now. So they will either have to cut prices hard, or face going without that cash they'd already counted as in their pocket.
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