Go Back  British Expats > Living & Moving Abroad > Middle East
Reload this Page >

Half Built Buildings

Half Built Buildings

Old Apr 18th 2007, 7:06 am
  #1  
BE Enthusiast
Thread Starter
 
Crash's Avatar
 
Joined: Jan 2007
Location: Supermax
Posts: 352
Crash is a splendid one to beholdCrash is a splendid one to beholdCrash is a splendid one to beholdCrash is a splendid one to beholdCrash is a splendid one to beholdCrash is a splendid one to beholdCrash is a splendid one to beholdCrash is a splendid one to beholdCrash is a splendid one to beholdCrash is a splendid one to beholdCrash is a splendid one to behold
Default 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
Crash is offline  
Old Apr 18th 2007, 11:50 am
  #2  
W10
Guest
 
Posts: n/a
Default 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
 
Old Apr 18th 2007, 12:04 pm
  #3  
Excess Baggage
 
littlejimmy's Avatar
 
Joined: Jul 2006
Location: UK
Posts: 5,479
littlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond repute
Default Re: Half Built Buildings

Originally Posted by W10 View Post
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
18 YEARS?

FOCK!
littlejimmy is offline  
Old Apr 18th 2007, 12:07 pm
  #4  
Concierge
 
Blue Cat's Avatar
 
Joined: Feb 2007
Posts: 29,625
Blue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond repute
Default Re: Half Built Buildings

Originally Posted by W10 View Post
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
didn't he do off with the money - the owner???
Blue Cat is offline  
Old Apr 18th 2007, 12:11 pm
  #5  
BE Enthusiast
Thread Starter
 
Crash's Avatar
 
Joined: Jan 2007
Location: Supermax
Posts: 352
Crash is a splendid one to beholdCrash is a splendid one to beholdCrash is a splendid one to beholdCrash is a splendid one to beholdCrash is a splendid one to beholdCrash is a splendid one to beholdCrash is a splendid one to beholdCrash is a splendid one to beholdCrash is a splendid one to beholdCrash is a splendid one to beholdCrash is a splendid one to behold
Default Re: Half Built Buildings

Originally Posted by W10 View Post
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
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.
Crash is offline  
Old Apr 18th 2007, 12:15 pm
  #6  
Concierge
 
Blue Cat's Avatar
 
Joined: Feb 2007
Posts: 29,625
Blue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond repute
Default Re: Half Built Buildings

Originally Posted by Crash View Post
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.
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.
Blue Cat is offline  
Old Apr 18th 2007, 12:24 pm
  #7  
Lost in BE Cyberspace
 
Madam Medusa's Avatar
 
Joined: Sep 2006
Posts: 18,187
Madam Medusa has a reputation beyond reputeMadam Medusa has a reputation beyond reputeMadam Medusa has a reputation beyond reputeMadam Medusa has a reputation beyond reputeMadam Medusa has a reputation beyond reputeMadam Medusa has a reputation beyond reputeMadam Medusa has a reputation beyond reputeMadam Medusa has a reputation beyond reputeMadam Medusa has a reputation beyond reputeMadam Medusa has a reputation beyond reputeMadam Medusa has a reputation beyond repute
Default Re: Half Built Buildings

Originally Posted by Blue Cat View Post
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.
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
Madam Medusa is offline  
Old Apr 18th 2007, 12:26 pm
  #8  
Concierge
 
Blue Cat's Avatar
 
Joined: Feb 2007
Posts: 29,625
Blue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond repute
Default Re: Half Built Buildings

Originally Posted by Madam Medusa View Post
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
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.
Blue Cat is offline  
Old Apr 18th 2007, 12:29 pm
  #9  
BE Forum Addict
 
Alexa's Avatar
 
Joined: Apr 2007
Location: Doha, Qatar
Posts: 2,675
Alexa has a reputation beyond reputeAlexa has a reputation beyond reputeAlexa has a reputation beyond reputeAlexa has a reputation beyond reputeAlexa has a reputation beyond reputeAlexa has a reputation beyond reputeAlexa has a reputation beyond reputeAlexa has a reputation beyond reputeAlexa has a reputation beyond reputeAlexa has a reputation beyond reputeAlexa has a reputation beyond repute
Default Re: Half Built Buildings

Originally Posted by Blue Cat View Post
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.
The "crumbeling " real estate market!!!!!
Seriously, anybody buying must be a lunatic!!!!
Alexa is offline  
Old Apr 18th 2007, 12:29 pm
  #10  
W10
Guest
 
Posts: n/a
Default 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.
 
Old Apr 18th 2007, 12:31 pm
  #11  
Concierge
 
Blue Cat's Avatar
 
Joined: Feb 2007
Posts: 29,625
Blue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond repute
Default Re: Half Built Buildings

Originally Posted by W10 View Post
Shame they haven't managed to get round to it yet though huh? I mean. It's only been a year hasn't it.
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??
Blue Cat is offline  
Old Apr 18th 2007, 12:47 pm
  #12  
W10
Guest
 
Posts: n/a
Default Re: Half Built Buildings

hahahaha the courts are involved.

Good one.

Next you're going to say stupid stuff like "legal rights"
 
Old Apr 18th 2007, 12:48 pm
  #13  
BE Enthusiast
 
Border Reiver's Avatar
 
Joined: Jan 2005
Location: Dubai
Posts: 888
Border Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond repute
Default 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!
Border Reiver is offline  
Old Apr 18th 2007, 2:11 pm
  #14  
BE Forum Addict
 
IndieG's Avatar
 
Joined: Apr 2005
Location: Melbourne
Posts: 4,553
IndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond repute
Default 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......
IndieG is offline  
Old Apr 18th 2007, 3:48 pm
  #15  
Excess Baggage
 
littlejimmy's Avatar
 
Joined: Jul 2006
Location: UK
Posts: 5,479
littlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond repute
Default Re: Half Built Buildings

Originally Posted by IndieGirl View Post
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......
Big companies still screw things up, especially when they're using poorly-paid and poorly-qualified labour.
littlejimmy is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.