Wednesday, November 09, 2005

Nakheel's latest scam

Were Dubai property buyers being foolish by not going anywhere near a Nakheel sales contract after the collapsing Garden View Villas fiasco?

In most developed countries such an incident would be major, deeply embarrassing news for the companies involved, but not in Dubai, where the city state's PR machine hastily made sure headlines about Nakheel's villas rolling off hills were kept out of official papers and confined to table talk at dinner circles. One wonders what the authorities here would do should the international press ever get word of the current scams undertaken by the top property developers here. Such as this one:

Nakheel, one of the UAE’s leading property developers, and the company behind The Palm projects and The World, is under fire from residents of Jumeirah Islands, a 700-villa development in Dubai.

Residents have complained of problems with snagging, customer service, security, access roads, stagnating water, landscaping, spiralling maintenance and air conditioning costs and the removal of a golf course from the original plan without the consultation of residents
A resident: “The golf course we were promised has been cancelled, and they are going to build more villas there.”

“It seems that Nakheel has done some value engineering to the finishes and the quality of the materials has been downgraded from what I was originally promised,”

Naturally, some residents refused to accept the house on handover until the problems had been rectified. Classic response from a money-grubbing state protected monopolist?

A number of buyers have been served with repossession orders from Nakheel after they have initially rejected their villas due to poor quality.

Should Nakheel go ahead with the repossession, the buyer will lose half of the value of their house.

You can read the whole story here.

Surely if they can't handle an 800 villa development, why should they be trusted with constructing three artificial offshore islands?

Bearing in mind Nakheel has claimed these projects will not have an impact on marine life. Hmm.


Anonymous Anonymous said...

all these real estate price and rent increases are ARTIFICIAL. bubbles awaiting pricking

9:11 am GTS  
Anonymous Anonymous said...

our experience with Nakheel; booking confirmation, paying 1st, 2nd 3rd installment (45 % of the total ammount) ,they promissed to send the sales contract, we never get a sales contract, we never get an answer from them to all our fax inquiry, they are only telling us by phone "we are working on" and now....we got the information from dmcc, Nakheel has chancel the Falcon Tower /Jumeirah Lake Towers. To this Nakhell is not longer Master Developer of the whole Jumeriah Lake Project. everything there is handover to DMCC. And only the Towers of Nakheel (Falcon + Flamingo)are not under construction- only those both are cancelled. Really seldom !!!!
Nakheel themself do not answer us the question: why ??? Like before: no answer to all our letters....
Our contract partner is Nakheel. Nakheel means 100 % Goverment, this we thought means everything is 100 % correct and secure. And now ????
Is this really a premium 100% goverment owned company ??? Maybe, we do not understand the game they play, we are German and we have trust in Dubai and in Nakheel- Now there is nothing more left than dissappointment about Dubai=Goverment=Nakheel... because meanwhile we are knowing we are not the only one whith whom Nakheel is playing those games.
Comming to Dubai as Tourist since 1999 there is nothing more left than a destroid illusion about a place we loved.
thank you nakheel

2:48 am GTS  
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1:32 pm GTS  

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