Skycourts Dubai update

Delay: Penalty for developers?

noreply@blogger.com (Unknown) — Mon, 20 Dec 2010 14:13:00 +0000

Extract from Arabianbusiness.com: Question asked to RERA boss Bin Ghalaita

Have you thought about introducing a penalty for developers who are late delivering?

Yes, I like this idea. But the way it is… when we introduced the laws, developers already existed. Contracts had already been signed. If you sign a contract, it is a contractual agreement, between you and the developer. I cannot introduce new articles or amendments to those contracts. But what we are doing is, we are already by law giving penalties to a developer if they are late or if they don’t submit documents. About AED10,000. And I have a penalty up to half a million I can impose on the developer. Half a million, and then I can make it a million, and then I can make it a million and a half.

But this is all regulation penalty, if they don’t share information with me, if they do a fraud on an investor… If they play tricks with the progress report. But if they are late, we are doing a new step now, at the Land Department we are introducing the Real Estate Investor Protection Law, and we are telling all the developers for the new contract: ‘if you are putting a penalty on the investor, you should put a penalty on yourself. It should be equal.’ And this is coming very soon, and we are encouraging all investors to ask for this clause in their contracts.

More:http://www.arabianbusiness.com/the-regulator-366578.html?page=2

Three Islamic banks consider merger with eye on Amlak target=

noreply@blogger.com (Unknown) — Wed, 13 Oct 2010 19:12:00 +0000

Three Islamic banks consider merger with eye on Amlak target=

Skycourts in Dubailand readies for handover target=

noreply@blogger.com (Unknown) — Sun, 10 Oct 2010 11:20:00 +0000

Skycourts in Dubailand readies for handover target=

Call for banks to support mortgage customers - Banking & Finance - ArabianBusiness.com

noreply@blogger.com (Unknown) — Sun, 26 Sep 2010 17:39:00 +0000

Call for banks to support mortgage customers - Banking & Finance - ArabianBusiness.com

Developers hang on to defaulters initial payments

noreply@blogger.com (Unknown) — Mon, 23 Aug 2010 07:25:00 +0000

Extract/ Highlights:
Developers in Dubai are no longer moving court against defaulters but are cancelling their sales and purchase agreements (SPAs) instead, retaining whatever monies have been paid till the time of default.

“We find that developers are generally looking to cancel sale and purchase agreements (SPA) using the provisions of Decree No 6 of 2010 with the assistance of the Land Department of Dubai, rather than take investors to court……

With the exception of a few cases, Ludmila Yamalova, Partner, Al Sayyah Advocates, says developers have not been pursuing investors in court for outstanding payments.

She believes one of the main reasons for this is that developers themselves may be in default of contractual obligations.

Particularly where construction has been significantly delayed, escrow funds mismanaged and regulatory registration requirements ignored.

Read more……Developers hang on to defaulters initial payments target=

Skywatch June 2010 - Skycourts official newsletter

noreply@blogger.com (Unknown) — Sat, 26 Jun 2010 08:24:00 +0000

Highlights of Skywatch June 2010 - Skycourts official newsletter

Skycourts opens customer service centre in preparation of the project handover
600-5222-60
New Skycourts website launched: http://www.skycourtsdubai.com
Scheduled delivery: Second half of 2010

Skycourters meet & family get together

noreply@blogger.com (Unknown) — Tue, 11 May 2010 20:21:00 +0000

14th May 2010, Friday from 5 PM onwards at Zabeel Park, Star Gates Entrance (Zabeel Park Gate 4). Please do confirm your attendance & forward suggestions through yahoo groups - http://groups.yahoo.com/group/skycourts/

Can National Bonds Corporation turn a Nelson's eye?

noreply@blogger.com (Unknown) — Sat, 03 Apr 2010 18:46:00 +0000

Can National Bonds Corporation be mute spectator to what is happening to its bond holders for the issues faced in relation to ‘Skycourts’ the very first project that was launched with object of giving the bond holders homes at affordable prices or a decent return on investment. With no clue to the date of possession and because of delay in the project the bondholders are paying for living in rented houses. Also with properties prices taking a sharp nose dive sales or rent would hardly fetch any profit. There have been sustained efforts by the Skycouters to see that they get a reasonable deal but all the efforts are going down the drain with the banks and Deyaar turning deaf ears to their repeated pleas.

Two very important points come to fore:
National Bonds Corporation is still the owner of the property, Deyaar is just a manager
National Bonds Corporation is not a commercial property developer, profit earning is not it’s primary objective but it is an institution to help people earn decent return on their hard earned money

Given National Bond Corporation’s position in relation to the project and as one of government's frontline organization it can prevail upon financial institutions and the property manager. All is what the bond holders are asking for a reasonable pricing looking at the prevailing gloomy situation. The financing banks or companies to the project would readily charge for any delay in any form of payment due, shouldn’t these companies penalize contractor or property managers who have delayed the project? Above all why should bond holders be forced to pay for profit during construction for none of their faults?

The only door of the hope left to be knocked is that of Mr. Mohammad Qasim Al Ali, Chief Executive Officer, National Bonds Corporation. What is heard about him is that he gives patient ear to genuine issues and is very generous man. Above all National Bonds Corporation is organization of high repute and integrity and wouldn’t wash off its hands from the situation that would leave it’s bondholders in lurch.

Insha'Allah something fruitful would happen.

‘SKYWATCH’ The First Official Newsletter for Skycourts update

noreply@blogger.com (Unknown) — Wed, 27 Jan 2010 16:54:00 +0000

‘SKYWATCH’ The Official Newsletter for Skycourts update has been published.

Highlight (an excerpt from the newsletter)
“The Skycourts project is undergoing rapid progress. The handover will be based on completion of individual towers and we expect the handover for all six towers to be completed by the third quarter of 2010”

GKB

Skycourts Update 9th January 2010

noreply@blogger.com (Unknown) — Tue, 12 Jan 2010 17:27:00 +0000

The new thing to watch in 9th January update pictures is that the outside parking paneling has commenced from Tower A, other the pack of tiles placed behind the building seem like interlock bricks, that means the landscaping would start soon.

All towers have reached canopy level. It seems 90% of glass paneling for Tower A has finished, followed by Tower D and then others.

Government seems to be seriously developing the community since more street and traffic lights have come up. Also the vicinity is buzzing with construction activity. The building behind Skycourts is almost finished with other buildings near by under way.

Skycourts update 24th October 2009

noreply@blogger.com (Unknown) — Fri, 30 Oct 2009 14:50:00 +0000

Tower A leads as far as level of construction work is concerned, glass paneling has reached the last floor. Other towers to follow are D, B, E, C and F. I guess ending Q1’2010 would be reasonable time to expect possession.
View the Skycourts update in pictures >>

Skycourts update - 8th August 2009

noreply@blogger.com (Unknown) — Fri, 21 Aug 2009 09:06:00 +0000

Skycourts Tower ‘A’ is progressing at the fastest speed, has reached canopy level & the glass framing is in progress on floor 17.

Skycourts Tower ‘D’ is next with civil work reaching canopy level and glass framing work in progress on floor2

Skycourts Tower B, E & F have canopy structure in progress

Skycourts Tower ‘C’ has reached 20th floor

In picutures >> see presentation >>

Skycourts Update: 1st May'09

noreply@blogger.com (Unknown) — Sat, 09 May 2009 13:49:00 +0000

Skycourts Tower ‘A’ approximately shows reaching 18th floor

Skycourts Tower ‘B’ approximately shows reaching 16th floor

Skycourts Tower ‘C’ approximately shows reaching 12-13th floor

Skycourts Tower ‘D’ approximately shows reaching 17-18th floor

Skycourts Tower ‘E’ approximately shows reaching 15th floor

Skycourts Tower ‘F’ approximately shows reaching 15th floor

>> See pictures in slide show: Update 1st May'09

Skycourts Highlights - Good news - 18th April'09

noreply@blogger.com (Unknown) — Sat, 18 Apr 2009 20:02:00 +0000

Exterior Glass Panes fitting commenced - Skycourts Tower 'A'

Dubai Transport route # 66/67 at your DOOR STEPS!!!! @ Skycourts

Signal lights installed!!!! Skycourts approach

Skycourts Update: 18th April'09 - Progressing at impressive speed

noreply@blogger.com (Unknown) — Sat, 18 Apr 2009 17:05:00 +0000

Skycourts Tower ‘A’ and the level ‘15’, approximately shows reaching 17th floor

Skycourts Tower ‘B’ and the level ‘10’, approximately shows reaching 14th floor

Skycourts ‘D’ and the level ‘10’, approximately shows reaching 15-16 floors

Skycourts ‘E’ and the level ‘7’, approximately shows reaching 11th floor

Skycourts ‘F’ and the level ‘7’, approximately shows reaching 13th floor

>> See pictures in slide show: Update 18th April'09

Project update

noreply@blogger.com (Unknown) — Fri, 03 Apr 2009 12:31:00 +0000

16th March'09: Reached 11 th floor