Half Built Buildings
 

What's the deal with all of these partially finished buildings. Many don't seem to have any activity at all, and at others you will see a handful of workers kind of hanging out not doing much. Seems to be worse in Sharjah, but also noticed this in Deira. Just curious :confused:

Re: Half Built Buildings
 

Progress...

A lot of projects have gone belly up (but not reported obviously - the lighthouse being the most famous), a lot of projects just get delayed by 18 years or so

Re: Half Built Buildings
 

18 YEARS?

FOCK!

Re: Half Built Buildings
 

didn't he do off with the money - the owner???

Re: Half Built Buildings
 

Would some of these be projects where the developer presold units, then ran off with the money? Some of the buildings I saw in Sharjah appear to be crumbling....and those are the occupied ones.

Re: Half Built Buildings
 

not sure but I am positive the lighthouse one was a case of the owner doing a vanishing act, I think sometimes they run out of money and they don't get finished. Very dodgy the property market out here.

Re: Half Built Buildings
 

there was defo one project in the Marina (is that Lighthouse?) where the developer ran off to Pakistan I think...it was reported in The Sunday Times. The people who had bought apts were led to believe for quite a while that Sheikh Mo would step in so as to avoid massive negative publicity, but this didn't happen. Not sure what the current situ is, I guess they are taking legal advice...poor sods.

MM, xx

Re: Half Built Buildings
 

yes that's the one, I saw it on the tonight programme with trevor mcdonald. The situation now is that the land was purchased from Emaar and apparently they are going to finish the building but at extra cost to the people who invested originally.

Re: Half Built Buildings
 

The "crumbeling " real estate market!!!!!:rofl:
Seriously, anybody buying must be a lunatic!!!!:blink:

Re: Half Built Buildings
 

Shame they haven't managed to get round to it yet though huh? I mean. It's only been a year hasn't it.

Re: Half Built Buildings
 

not sure when it happened, I actually thought it was longer than a year ago, I never go that way so not sure what state the building is in. Maybe the courts are involved etc and Emaar can't do anything??

Re: Half Built Buildings
 

hahahaha the courts are involved.

Good one.

Next you're going to say stupid stuff like "legal rights"

Re: Half Built Buildings
 

I'm sure that legally it isn't as simple as Emaar just stepping in and finishing off somebody else's half finished (or actually, just started) project. The Lighthouse must be at the centre of a lot of legal action at the moment.

I think a lot of the smaller developers rely on stage payments to keep the projects going. If they don't sell enough apartments/villas/shops whatever then the project runs out of money and work slows down until they can sell some more. I've said before, I would still buy but only from the larger developers and preferably on a development where you can see some evidence of building work going on!

Re: Half Built Buildings
 

Main reasons are:

The builders didn't take into consideration the sharp increase in raw material prices (price of steel and cement more than doubled in 2006). As a result, builders are facing a severe cash flow problems - very few actually tied up any bank financing - guess they were hoping to use the advance they received from their customers. Even if they sell more apartments (like BR suggests) they will still not be able to complete the project.

BR, even so called large developers are notorious for delays - take for example - DAMAC. They are totally mismanaged. They have so many projects which haven't even gotten off ground, and they keep announcing more and more. I would never recommend DAMAC! Have just heard first hand of several bad experiences.

Yes, sometimes if the builder cannot complete, then the master developer does take it over - I know of one case.

About the Burj foundation - I think it is just a rumour. The main contractor is Samsung Corporation so it seems highly unlikely......

Re: Half Built Buildings
 

Big companies still screw things up, especially when they're using poorly-paid and poorly-qualified labour.

Re: Half Built Buildings
 

And when they utterly disregard recommendations made to them by consultants they brought in, because they don't like what they said.

Re: Half Built Buildings
 

Tell me about it!

Typical conversation:

CLIENT: How much will this building cost?

ME: We estimate at current market rates that it will cost 500 million doughnuts.

CLIENT: NO! NO! That is too much! Change your estimate now! Our budget is only 250 million!

ME: Er...well, I would advise against it, but OK.

2 years down the line.

CLIENT: The Building cost 550 million! Why did you tell us it would cost 250 million?

ME: ARRRGGHHHHH!

Re: Half Built Buildings
 

alternatively

How long will it take for the doughnuts in this here man made island to settle?

Oh that will be 24 krytons

Damn it...we need to start building in 12 krytons

Buildings will subside if you start sooner, oh and I really would recommend cutting jibjibs into the sticks of the island to allow good water flow

You're fired...

Re: Half Built Buildings
 

Last I read, he was in some small country village in England. I think he was Egyptian?

Re: Half Built Buildings
 

that explains it then !! :lol:

Re: Half Built Buildings
 

He definitely legged it to England, which is where the press tracked him down. I think he was half British and half Pakistani or Egyptian or something but had a British Passport. Hasn't everybody these days.

Re: Half Built Buildings
 

yep, you're right...he was an Egyptian who buggered off to Earls Barton in Northants of all places!
http://property.timesonline.co.uk/to...icle720700.ece

MM, xx

Re: Half Built Buildings
 

I must get one !! my geordie one runs out soon ...........:rofl:

Re: Half Built Buildings
 

I thought you only needed the Geordie one to go to Sunderland?

Re: Half Built Buildings
 

oh no I don't go to Sunderland!! that is a no go area for Geordies.

Re: Half Built Buildings
 

Driving around today I keep noticing apartment buildings that look finished but appear to be vacant? Anyone know anything about this?

Re: Half Built Buildings
 

That will be rich developers delaying releasing apartment buildings to keep demand artificially high.

But apparently that doesn't happen here...no sireee

Re: Half Built Buildings
 

I have been taking photos of this practice and will be notifying the proper authorities.

Re: Half Built Buildings
 

lmao, Crash...good luck to you :D

MM, xx

Re: Half Built Buildings
 

I have to drive by the Dubai police HQ on my way home today anyway. Will they still take a complaint if I'm on a visit visa or do you have to be a resident to complain?

Re: Half Built Buildings
 

dunno...but I don't think I'd fancy trying my luck if I wanted to stay here ;)

MM, xx

Re: Half Built Buildings
 

I was planning to tell them my name is LittleJimmy and that I'm leaving anyway:rofl:

Re: Half Built Buildings
 

Feel free, because I'm leaving as well!

Re: Half Built Buildings
 

Not trying to give you a hard time LJ, in fact, I like you. You are also the only person who has given me any karma (I finally figured out how that works, still not sure what the little stars are under the nickname but I have developed two). But you are right, the more I see here, the more skeptical I'm getting about the facade. But I can be happy anywhere, we have lived in Hanoi, Shanghai, and were okay there. Interviews are starting to roll in, so I am going to have to ask for lot of dinero to be okay here.

Re: Half Built Buildings
 

yes a hell of a lot! good luck with the interviews.

Re: Half Built Buildings
 

The stars relate to the number of posts you've made. The sadder you are, the more you have.

I like you too. And U2. You seem okay - for a septic.

Re: Half Built Buildings
 

LJ, I can feel the love! Still optimistic, but will have to carefully consider a move here.

Re: Half Built Buildings
 

I would buy you a drink, but I'm going to Doha on Saturday.

Re: Half Built Buildings
 

Does it look like you may find something there? Talking about drinking, I asked my brother in law's driver where I could buy something to drink - he matter of factly told me to give him a list and he would bring it to me :thumbsup:

Re: Half Built Buildings
 

fantastic, can you give him my telephone number!!!!