Cooperation
Dear Friends,
I am one of the unfortunate investors in Goldcrest Dreams 1 project in Emirates City, Ajman. The project is about 31% complete and what I have paid to the developer so far is in the same range.
A couple of weeks ago, I got an email from Star Giga (developer of the project) to pay another 18% or face termination of my contract. However, given the current situation in Ajman and UAE in general, I am not sure if I want to make any further payments.
I spoke to Star Giga on the possible options; one of the options that came up was to collaborate with somebody who has invested in Goldcrest Dreams (GCD) 2, 3 and 4 such that his/her contract in GCD 2, 3 and 4 will be terminated and the money paid so far will be adjusted against my unit in GCD 1 and we become partners in my unit in GCD 1. Now the question is why should somebody terminate his /her contract in GCD 2, 3 and 4 and team up with me? This is because GCD 1 is at least 31% complete but completion of GCD 2, 3 and 4 is nowhere in sight. So by teaming up a) we are able to protect out investment so far b) bring down our investment from say 400000 per unit to 200000 each and get our hands on the property and hopefully rent or sell it.
So any investor from GCD 2, 3 and 4 interested in this can email me (gcdajman/-a-t-/gmail.com) with your contact no. to take this forward.
NOTE: I posted this earlier but was not able to see it hence posting it again.
that you will not be putting anymore cash into this venture, I am willing to bet that they will get as much money out of people as possible before going bankrupt.
At least now you will be able to sleep without worrying about this.
i almost bought a property in Ajman 2,5 years back, i already sent my passport copy and got the contract to sign and to make a deposit. God stopped me from this last step...
On the other hand, property is a wierd thing.. it might go down for few years, due to some economical situation in the country, you almost lose everything, and suddenly in 3-4 years, it starts jumping up, be surprized!
I wouldn't take responcibility to give any advice. It is gambling.. you never know.. you might lose, you might win big time over time..
Thanks Steve for your response. If I am unable to get a partner, I will do exactly what you said because I cannot afford to risk further 70%.
to cut my losses on this one, I very nearly invested in Dubai four years ago, so glad I didn't, even if you complete on this property the rentals are rock bottom, I have friends out there who negotiate lower rentals every year with landlords.
If you can afford to, put this one down to experience and get on with your life.