Users K Kaalay Qaul

Tameer Towers investors set to stop payments - UAE
==============
Change now

Posted by Harry Winston at 20:42 UAE time

Property developers are totally unprofessional in the UAE. Tameer group is a joke. It shoud be shut out of business.The only project that is proceeding on time is Marina Heights and Al Reef villas (thinking of getting a 5 bedroom) away from the crowded city.
But overall this is giving ABudhabi a bad reputation, along with the HYDRA charade. Abudhabi authorities need to instill professionalism in the developers, need to develop guidelines, timetable for payments or this is the final dealth blow for property in Abudhabi . Mortgage lenders are to blame as well, depite low EIBOR rates, they just increased Mortgage rates by a further 2%.
This will surely ensure more defaults and skips and leave these same mortgage companies with dead properties. They all need to sit down and clean up their act.Most of the top brass are not qualified enough and need to be replaced, ASAP

----
Shame on you Tameer owners

Posted by UAE Lover at 21:00 UAE time

It was a big mistake that we trusted you. We are confident that UAE and AbuDhabi leaders will step in to stop your greed.
As of us, we have appointed a reputable legal firm that would represents more than 60 of Tameer Towers victims and we are ready to go all the way. We have nothing to lose.
----
Tameer Towers Al Reem Island

Posted by Lyn Nothard at 23:41 UAE time

This project is dead in the water - too many investors have lost confidence to so such a degree over Tameer Towers extremely poor customer service, abysmal lack of communication and total disregard for the anxiety this has caused that they have refused to make further payments, alongside of which many apartments still remain unsold. No other service provider would survive in the current economic conditions were they to act in a similar way. The only sensible and honourable way forward is for Tameer to refund investors and sell the plot onto another developer as their name is too tainted for it to succeed under their banner.
----
SHAME ON TAMMER ,WE REGRET CHOOSING YOU !!!

Posted by mohammd at 23:51 UAE time

I'm hundred percent sure that Abu Dhabi government would not be silent on this,This kind of action from such developers will influence investors in Abu Dhabi and have great bad reputation ,investment is hugely made upon trust ! no trust means no investment !!

I wish I had invested my money in Soroh or in any other developer than tamer ,gosh all developers gone down to 1400/sqf with a consolidation of multiple units to one unite ,helping in financing and TAMMER goes ,we want your money, so either you 35% upfront or we will terminate you, we wish Abu Dhabi government to act immediately .
I really cant see the logic of Tammer towers strategy but total greediness , they lowered their prices to 1800 during cityscape 2009 (old buyers can have the same discount if they pay 35% -I just wonder who is willing to pay additional 35% of a project which is not financed and higher than market price and on piling stage ?? ) who is the idiot person would be buying any further unite from them if their reduced priced unites is much higher than the market ,even for us as current investors ,how we can trust our money if the competition date will be postponed and we will receive our unites after all other project ??
Also ,why there is no option for cancelation ?loosing our total money is not an option and im sure no body would accept that

If tamer is really solid caring company ,I think it should open the options and try to help their investors rather than panicking them, we need :1-consolidation option 2-lowering the price on current situation 3-new schedule of payment 4-cancelation option as all other developers !!!!!!!!!!
-----
It's all a SHAM!

Posted by The Analyst at 05:27 UAE time

Why is everyone getting bent out of shape. This is how the UAE does business. 95% of all developers just rushed into Dubai a few years ago, without any REAL experience, and were allowed to put up a sign and sell off plan units with just a plot of sand, that was being financed. If you go anywhere else in the world these tacticts would not be allowed.
Look at Dubai with Schon Properties. Not until the beginning of 2008 was an escrow account opened. Guess what..since 2003 look where they're at..hardly anything built. Anywhere else the project would be done in 2 years. The buyers of Dubai Lagoon by Schon Properties have gone to RERA and contacted the Rulers Court and everything under the book. They did nothing for them except give them lip service. You actually think anyone in their right mind would want to come to Dubai and lose their funds from a lack of regulation. Cheers to all.
----
Tameer fiasco!!

Posted by Punky Brewster at 08:12 UAE time

Am I surprised by yet ANOTHER developer taking the customers for a ride!! NO... but I AM surprised by the people putting their HARD-EARNED money into off-plan properties! Maybe the GREED of getting a better price got them all, but I believe there are plenty of READY properties around, to be shopping for, and get a peaceful nights' sleep! The prices are still gonna drop, so, get your checkbooks ready, and be SMART - DUMP Tameer, and move on. Same goes for Hydra as well... if the business doesn't deliver, I see no reason to hang around, HOPING for a turnaround in Customer Service!!
----
Tameer and Investors = Shylcok and Antonio

Posted by Karim at 09:39 UAE time

In its greediness towards investors, Tameer is like Shylock in “The Merchant of Venice�. Because of the BALANCED Sales Agreement, it is claiming POUNDS of our FLESH. Tameer will have Shylock’s fate “disgrace and dejection�.
----
TAMEER WILL MAKE IT

Posted by ashraf at 10:01 UAE time

although everyone has posted an angry note, tameer is commited to finish this project.
i am an investor and after understanding the situation io find that tameer had the right to cancel the first contract and reassign it again. rememeber people it was us who signed on a contract that linked our payments to specific dates(every 3 months), and it was us who woke up late. now the company is offering payments linked to construction milestones, isnt that enoughj assurance. ok, the project is late but when we bought it we all had an idea that there is a grace period of 6 months which makes the completion date from june 2011 to december 2011 and this is what tameer promises. please you are onl;y 50 people and i respect you but rememnber tameer has more than a thousan investor who are paying regularly and are satisfied.
-----
Sorry...Tameer won't make it

Posted by dom at 11:11 UAE time

...sure Ashraf......more than 1000 investors are happy to throw more cash into a hole in the ground