Apr 30 2010 |
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'Paradise Lakes Towers' new construction-linked payment plan ensures completion and delivery by 2011
R Holding and the Real Estate Investment Corporation (REIC) of Ajman have announced the launch of a new construction-linked payment schedule to ensure delivery of 'Paradise Lakes Towers' project by end of 2011 - a move that reflects the developer's determination to complete the project by the new deadline, which has been approved by ARRA . This follows the significant impact of the global economic tsunami on the world's real estate and other vital sectors, which resulted in the delay or cancellation of a huge number of real estate projects in the region and some parts of the world. The newly introduced payment plan will ensure that payments of installments will be made based on construction progress, which will be monitored by ARRA .Under the terms of the new payment scheme, investors of 'Paradise Lake Towers' will be required to continue paying the remaining construction-linked installments, which would be channeled by Sweet Homes into the project's escrow account. The remaining 10 per cent would have to be paid on handover, upon which the transfer of title deed and registration will be affected in the names of the investor or Sweet Homes Holding. To further assure the speedy progress on the project, the developer has now undertaken the construction and infrastructure works on eight buildings within 'Paradise Lake Towers', including B2, B3, B4, B5, B6, B7, B8 and B9. ARRA underlined that understanding and cooperation between investors and developers will ensure timely completion of a project and avoid further postponement.
"The negative impact of the global economic meltdown and lack of cash flow have resulted in a delay in the construction and delivery of many real estate projects in the region as well as the AED 785 million residential complex in Ajman," said Fahad Sattar Dero, CEO, Sweet Homes Holdings. "Industry professionals and some real estate experts have acknowledged that the delay in construction of real estate projects and investment buildings is beyond the developers' control, while others consider the current unprecedented financial crisis a 'force majeure. By shifting to the new payment plan, investors are being assured of the project's completion and delivery by December 31, 2011."
- Ends -
Sweet Homes Real Estate
Tel: +971 4 2955640
Fax: +971 4 2955641
PO Box 35616, Dubai, UAE
© Press Release 2010
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Comments By Our Users (2)
Sincerly we have lost faith on these repeated promises from every corner.
I have a question: What can happen if this project is not copleted and the units are not handed over to the investors on the said date: 31/12/2011.
Did Sweet Homes is preparing any kind of compensation at least for the investors who have payed regularly and even already payed in advance?
Take my case, I supose receive the keys of my appartment unit # 601, tower # B7, December 2008, Please your coments.
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I have not been successful to log in to the new system because i could not access to it in my computer after making enough and long trial , now i serch for alternative is to get another computer , during the process i misplaced the User/password.
i requested for assisatnce to your offfice but you kept quite, Not only that but you did not even respond or give acknowledegment of my December installment payment . iam so surprised how you expect me to conmtinue payment if you behave this way. i can also keep silent and easily break the new agreement which signed togther as partners in businesss. Ineed quick res[onse
Saeed Hussein /Invertor B6-1811.Thanks
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