aligoldy

We too are in a similar position to yourself. I have 4 villas and I have only paid 45%. They have now completed the project and are wanting the outstanding amount.
I feel if we could gather a group of people with similar situations we would have more of a chance to gaining a solution to this problem as there are no investors willing to buy the projects.
A year ago I spoke with the Manager Omar with regards to consolidating or any other options that he could devise. However, he was unable to come up with anything. He has now left and there is a new manager. I think it is worth trying to see what they can come up with as the situation is neither beneficial to both parties.

aligoldy

The electricity/water charges are 36,000 dhs ....so unfortunately its not that

Sandmonkey

The penalties are for overdue instalments. The contract states that a penalty of 2% per month.. is chargeable on any unpaid instalment.

However, if you are able to pay the entire balance by the last date of scheduled handover then they will waive the penalties (you must request this though).

Good luck everyone - I have decided to complete (final 40%) and genuinely hope for the best. There is definetly good rental demand for Royal Breeze, not huge returns of course, but 6-7% yield. On that basis, if you can complete and sit for a few years, it may also be worth not crystalising a loss now (I know, balanced against more good money after bad..)

aligoldy

Hi,

Thanks for the response; youre absolutely correct are you throwing good money after bad!!
I have four properties in the royal breeze and have paid 45% back when I purchased the properties bank lending was a completely different situation. Ofcourse the lending market is not the same.

I was told by one of the Alhamra representatives (in a prominent position) that our funds that we provided in 2007 were not actually used for our project for 2 years; the funds were used for other projects so therefore I think it is not fair to ask for penalties also especially considering they have not adhered to the contract as the project should have been finished late 2009/ early 2010.

For my self I would like to consolidate and use the existing funds.

I feel if there were many investors approaching Alhamra I'm sure they would be willing to discuss matters if they know there are many investors in the same boat and looking for some form of solution.

Woepels

Hi Sandmonkey

I have just received my handover letter. Actually let me re-phrase.. Al Hamra never updated my address details. Had I not contacted them for a progress report.. alas.... who knows what would have happened!

So rental demand is good. Can you recommend a company to use?

mandm65

Hi mate
Intresting that u decided to complete, have u done that yet, i.e gone through the snagging process? If yes how was it?
Anyway arre ou going for short or long term let?
cheers

mandm65

I am sure there would be many investors (specially Town houses) who will be receiving the completion letter, but how do you derive a common strategy as there would be many variables and perhaps what one could to ask for? Is there any platform where investors can get together?
cheers

mandm65

You are not alone, had same problem, it seems its just a one big mess. I assume you are planning to complete!

sebs

Hi everyone,

I'm in the same situation - got a couple of units in RB1 and not sure what to do. For now, I'm not doing anything - just watching. But the development and apartment quality are looking good. And I also heard that the beach in front of RB is now confirmed for residents' use. My only problem is lack of funds.

I'm happy to let one of the units go at "negative premium" as I definitely can't make payments on all. It's a full sea-view studio on the 3rd floor (which is 6 floors up from ground). Price only AED 260,000. (You can email me through this forum and I will receive the email in my inbox.)

mandm65

Chaps
Planning to visit Al hamra soon, can anyone recommend a place to stay, i would consider renting a furnished appt/villa in al hamra, anyone?
cheers

Woepels

Was in two minds but now leaning towards completing. I've spent quite a bit of money already and walking away might not be that good an option. Heard something quite shocking today though.... apparently the apartments do not have cookers. Anybody else hear the same thing? If no cooker then it renders the apartment basically useless in terms of securing a tenant.

Sandmonkey

That doesn't sound good at all, re no cookers... I haven't done a snag check yet. For long term rent I have been told by Hunt & Harris that sea front 1 bedders will likely get 40-45K a year depending on floor. 2 bedders in the 50s and studios are harder to let.

mandm65

well, nothing surprises me anymore, i hope they are not saying that you need to provide cooker?

Yep i totally understand that you have invested a lot and walking away may not be the option, buy don’t you think we should have some sort to negotiation with them? I mean RAK authority has done sweet FA to promote RAK or al hamra (do you remember those promises when you were purchasing the unit), al hamra is not on the map yet, not because of the us, it’s down to RAK authority for not investing/promoting enough, what do u think?
cheers
MM

mandm65

Well at least a bit of good news that long term rental is possible, although at the lower end, my concern is that with all those units up for grab, it will only drive dowon the prices, but then again baggers cannot be choosers!

Not a Breeze

We have a 2 bed seaview apartment which should have been in RB 6 now in RB 5 as you all know they are no longer planning to build RB 6 short term. The RB 6 foundations are in place so I dont suppose its going to be a great view for some on the North side of RB 5.. Al Hamra have been shocking in their tratment of investors. I tried a number of things to break the deal or downsize to a 1 bedroom and therefore get out of the final 40% payment. They are not interested in listening to reason and keep referring to contractual clauses which see quite touch and go. I have decided at this point to pay and rent out long term. I also got a positive feedback related to rentals in the 50K range. That look slike it will at least cover the maintenance

I also received in error an Aramex package with someone else's final payment letter a month ago, wrong building wrong size apartment so even the admin is questionable here.

I am so annoyed at these people that I am ready to support any group or movement which combined can put some pressure on them to deal fairly on this.