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Investors form action group after project delays
by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 24 June 2009Posted on Monday, 12 October 2009
hanover square
Posted by mrs n patel at 01:54 UAE time
in august i went to dubai, and visited the hanover square site, there were few workers there,but at that time i had confident that it woild get built fast,but now not even the shoring and piling has began. we have paid 80% off the payment and the registration fees.I am worried that wheather it will get complete on time or not.
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Posted on Wednesday, 1 July 2009
Gullible ACW Investors
Posted by Mr Patel at 21:44 UAE time
When I bought my apartment in August 2007 i was told by the CEO of ACW that construction will DEFINATELY start in November 2007. On this basis the payment plan seemed reasonable, unfortuately this was not true.
I bought in good faith and now im left holding the baby. For a 20BN AED company they have managed to produce very little except for words. As we all know talk is cheap.
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70% paid in advance?
Posted by Mart at 15:22 UAE time
This guy paid up 70% in advance whilst the project was still a hole in the ground?
Are these people serious business people? If so why agree to such an absurd payment schedule? This was the whole reason we didn't buy here - the developer's contract would have meant we'd paid up to 85% in advance, with payments not based on landmarks (eg 10% due when our floor is built, 10% when building topped out etc, 50% when we take possession etc).
If people signed up to such absurd contracts then they only have themselves to blame. If they didn't get ripped off on this project they'd be losing their money on some other scam (probably giving it to a deposed Nigerian general).
I just wish I could find such suckers as customers. Anyone want to buy some magic beans?
People wouldn't pay 70% in advance for their car to be built, or for a meal in a restaurant. Even our software development customers pay 50% max beforehand, and that is on much lower spends that hundreds of thousands of dirhams. These people really need to look at themselves and their reckless behaviour - this is what happens when people focus on how much money they think they are going to make, and fail to consider what happens if it goes wrong.
A lesson learned for all! No doubt they'll forget it all just in time for the next boom and inevitable bust.
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Investors form action group after project delays
Posted by Aqeel at 10:46 UAE time
ACW Holding is a new developer and having no previous record of any development in Dubai or part of the world and it has been proved that since 2006 nothing come out from ground except a hole. Those are saying that they are happy with the ACW holding are on pay roll of the company and have not invested any fills. We all work for the money and know the value of our hard earned money. Since last 2 years still no progress just stuck with ACW local authority RERA should look at this matter seriously.
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Del
Posted by The Consultant at 10:19 UAE time
Del, just out of interest (I am not an ACW investor) why would you be so against the project being cancelled? Obviously the current market value of units in the project must be below the original price, otherwise the disgruntled investors would have simply sold out - so even if you are bullish about the Dubai property market, you would almost certainly be better off getting your money back and re-investing in another similar project that is at a more advanced stage of completion, or even a completed unit that you can inspect before buying, thus removing the inherent uncertainty of buying off-plan.
You have stated that you are not an ACW employee, so the only other logical explanation I can think of is that you have bought the property second-hand and paid a substantial premium that would not be refunded if the project is cancelled.....
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Posted on Tuesday, 30 June 2009
acw projets
Posted by mrs. khan at 19:26 UAE time
if acw was launched in 2006 as per the article above and the first project they launched i guess was hanover square - all we need to check is what have they built since then - what is the delivery date for hanover square if thats their first launch - what has been the progress of the company in terms of construction - is there anything they can show us apart from the holes in the ground.
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Posted on Monday, 29 June 2009
Thanks Albert.....but.....
Posted by Del at 23:42 UAE time
Albert – thanks for sharing your experience with us. I can see how this might make investors worry. But at the end of the day you were not talking about ACW. As we all know ACW are Rera registered and use Escrow accounts. To me personally, as an investor that does make them reputable and gives me enough confidence to believe what they say. But as we’ve seen in this and other forums and emails, we’re not all gonna have the same patience.
But what really is annoying is when there are people calling for projects to be cancelled. Just because certain investors lack patience and refuse to believe anything ACW say, they feel they have to call for cancellations, which in turn would affect those of us that do have patience with ACW and do think that this time next year the project they have invested in will be complete or at least very close to completion. That is ultimately the most annoying thing. I certainly dont want to see the project I have invested in cancelled just because of a lack of patience from others.
None of us live right on the doorstep of the construction and so we have to go by the construction updates on the website and also on what ACW say, which as we know is an issue for some people. For most of this year, as far as I understand, the completion dates given for projects has been around about this time next year. Which means that in the coming months we’ve all gotta show some patience and just keep checking the website for updates, which it appears they are updating on a more frequent basis.
We might just be seeing a hole in the ground now, but how can anyone be so sure that that will be the case 12 months from now? Again if anyones got evidence (not just a past experience)that this will be the case then let us know!
Going back to the issue of late fees, my opinion has’nt changed on that. You know before you signed the contract what when the payments are due and that if you don’t meet them, then you incur the fees. And you know that this is regardless of where the project is with construction.
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ACW Cowboys
Posted by Mr Singh at 17:12 UAE time
Well said Albert i totally agree with your comments. I am waiting for another letter any day now from ACW informing me of yet another delay with no real justification.
How on earth can they sell this development with a firm completion date and yet us poor investors find sooo much of the planning / approvals was not in place!! The mind boggles.
So Del from London why are you content with this situation? You Talk of "unforseen probelms" why are you happy with repeated delays? How many years Grace are you prepared to give ACW before you start getting worried?
You also say its my fault for incurring late fees, why should i keep paying installments (70%) for a big hole in the ground? Please justify this for me!! ACW Customer services cannot give me a clear answer so obviously you're their month piece so please go ahead. Many other people reading these comments are also very interested in your response.
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Posted on Sunday, 28 June 2009
ACW - Who, When and Why
Posted by Albert L Wynn at 08:44 UAE time
I must say that Del of London is consistent with his views. That’s a good thing until he is struck with reality at a time when he thinks he has it all figured out. Some of the investors may have made some unfortunate moves, but for the rest this is a matter of who has the upper hand. Patience dear Del of London can sometimes be the poison pill of ignorance.
You see Del, Albert of Singapore has been there and done that and in the end the developer, not ACW, but another promised delivery on time, but then came the extension clause in the contract that gave way to a free 6-month extension at the developer’s discretion. No big deal, I had planned that in my calculations. At the end of the six months, POW! Another 1year extension without any real concrete justification to the investors or compensation for the delay. Investors started to make agressive inquires about the target date of delivery. We were told that it would be completed by the end of the extension period. At the end of the one year after receiving no progress reports, WOP! Another 9-month delay and still no real concrete justification to the investors, business as usual. Many investors has sold there then residence to make the big move only to be deceived again. Why! no one had the power to dispute anything, because there was no RERA and no rules or laws and in many cases today there are none to really protect the savvy, the prudent or down right ignorant investor.
That same developer promised stella furnishings and fixtures of a 5-Star property, yeah! right. What we got were 3-Star fixtures and no full delivery on the appliances that were too promised. The so called fitted kitchen was a joke.
Del of London, what I am trying to say is that one must be involved in their investment to ensure that the outcome is as close to perfect as contractually written, never perfect. Digging a whole doesn’t mean jack dilly. Putting in pilings doesn’t mean anything. What is try progress? What ACW says? The escrow account has made it clear that progress must be tided to physically demonstrated build to a projected planned timeline and not just digging a whole, putting in a few pilings and then saying, see we are making progress.
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Posted on Saturday, 27 June 2009
Evidence anyone?
Posted by Del at 14:33 UAE time
So just because I believe what ACW say and am overall content with things, I am not a true investor and I work ACW. I forgot that to be seen as true investor I must complain and show a total lack of patience and understanding towards ACW and not believe a single word they say!!
What evidence is there to suggest that in 12 months time, that there will be no progress from where we are now? The likes of Albert from Singapore and Mr Singh from London seem so sure of that this time next year there will be no progress from where we are now, but don’t offer any hard evidence.
As for those who have incurred fines, you only have yourselves to blame. Right at the very start you should have looked at your finances carefully, the possibility of delays, fluctuating exchange rates, and other factors that would affect your ability to finance your investment and you should have foreseen any problems you might have.
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ACW Development
Posted by Albert L Wynn at 09:16 UAE time
I would like to say that Del of London is indeed an idiot. He is probably one of those who has a little money and time on his hands and do not know the likes of what can happen in Dubai to an otherwise prudent investor.
Many investors have been fraudulently cheaped out of there investments by greed seeking developers and real estate broker houses. Some of who are under investigation right now by RERA.
Before the RERA came into being developers were taking investors money and using it to complete other projects while delaying the project the investor invested in. The escrow law stopped this. Del is probably in the closet with the developers. He could be one of the backers of the scheme to defraud. It is individuals like him that you must always keep an eye on. He may be playing the devil's advocate to support ACW and to get the ear RERA in an attempt to show RERA that he too is an investor and he has no problem with ACW extending and delaying their projects from 2 to 5 years or even more if they want to. He''s just that kind of guy, over joyed with the idea of owning a piece of the desert and well, just being a proud owner of one of the units.
Perhaps if ACW all of a sudden told its investors that it has chosen to cancel the project that they had invested in, like some developers have already done, and would only be refunding 50% of the monies already paid within a year of the cancellation then maybe he would wake up. Perhaps Del can afford to have his money taken or disappear without a trace. He's just the kind of fellow that ACW love. Cheers for Del, the savvy investor. Make a million, lose a million, what the hell.
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Posted on Friday, 26 June 2009
ACW Cowboys
Posted by Mr Singh at 19:04 UAE time
To "Del" you are obviously on the payroll for ACW. If you were a geuine investor you would not be so dismissive. A year delay makes a massive difference to all of us especially when you are servicing the loan repayments and being fined by ACW for "late" penalties.
This isn not what i signed up for, what kind of "high yield investment" is this? IF construction goes ahead it wont be ready until 2012 mark my words.
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Stupid scaremongerers stiring again.........
Posted by Del at 15:57 UAE time
I though all this anti-ACW talk had calmed down in recent weeks, but these idiots are at it again! This is an investment that is for life - a years delay is'nt the end of the world!!! To this ridululous "group of investors" - get a grip and stop your pathetic moaning!! I'm not gonna say much more than I have done in the past. I really do hope Rera tells these people where they can shove their complants!!
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Posted on Thursday, 25 June 2009
ACW Cowboys
Posted by Mr Singh at 20:15 UAE time
The RERA website clearly shows zero construction on all their projects so why are they charging me late payment fees? This is pure greediness. Why should i be satisfied with a big hole in the ground when i have paid 70%, this was supposed to be an "investment" now its turning into the "ACW Nightmare on Elm Street"
Legally in the UAE developers are allowed an extra 1 year over the original completion date. We should form a action group and CHARGE THEM the same amount in penalties for late delievery and loss of income for every day they are late....only fair!!
I think their will be massive delays of many many years on ALL their projects so am going to speak to a local lawyer. If we club together we can share legal costs and get the right results.
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What Grounds Are 'You' On?
Posted by Saad Jamai at 10:39 UAE time
I visited the ACW Sites at Arjan last week, where Platinum 1 and the Light are. With all the talk and emails I'm being sent, I wasn't sure what to expect? I've seen first hand where my money is going, it's digging a really big hole, the kind of hole you need for a building with basement parking. I bought my Platinum 1 unit in July last year - I don't see what the problem is? I read in the newspaper in November, might have even be AB, that ACW were breaking ground. So why wouldn't Platinum 1 be on schedule? It started when it was meant to. Sure Arjan looks like a desert right now but does anyone remember Barsha 18 months ago! What does this investor group want to achieve? Cancel my investment when the building is clearly being built? Do they even have any grounds - I mean if there's a serious reason to be concerned what is it? From reading this article - I'm not sure what the fuss is about? They've done their technical audit and are RERA registered...
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