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Dubai Lagoon Schon Properties – Signs of Trouble

Posted by 7starsdubai on April 5, 2008


March 2008
Schon Properties no Escrow Account ?

Signs of trouble for those who purchased through 3D Venture

Schon Properties has been calling 3D Venture customers saying they are canceling their contracts and will sell these apartments themselves at a higher price.

Will keep you guys updated as I hear more on this.
_________________________________________________________

original posted from
3d Venture to forum skyscrapercity / May 2007
http://www.skyscrapercity.com/showthread.php?t=292680&page=15

This post maybe useful for all Dubai Lagoon customers that have purchased their future homes from 3D-Venture. I am an employee of 3D-Venture. I work as a sales agent. I am personally responsible for the sale of many Dubai Lagoon apartments to customers.To date, Dubai Lagoon remains an attractive proposition for all customers. Sure, there have been delays in starting construction. And it remains uncertain when full fledged activity will start on site. Nonetheless, the location, payment plan, amenities and all other features of the project still attract customers to this development.What people find unusual is the developer’s segregation between their own customers versus customers that have purchased their apartment (and in some cases multiple apartments) from 3D-Venture. To me, there seems to be no reason for this distinction. Customers that have purchased their apartments from 3D-Venture have in fact purchased apartments from the Developer. 3D-Venture merely acted as their agents. The customers have signed an agreement with the Developer. Nowhere in the agreement is 3D-Venture even mentioned.3D-Venture does not receive updates from the Developer on new completion date of the different phases of project as a part of their regular communication. We do not hear of special arrangement and/or flexible payment plans direct from the Developer. We are left in the dark; perhaps by mistake, but more understandably because 3D-Venture is not a “customer” per se of Dubai Lagoon.I remember two occasions when my potential customers that went along with me were denied access to the model-apartment on display at the construction site. Also, I have heard stories about customers wanting to visit the model-apartment, who made the effort of travelling all the way to the construction site, were denied access on some flimsy pretext that they needed permission from the developer to make such visits. I am not sure if this treatment is restricted to certain types of customers, but I am sure “3D-Venture” is not prominently tattooed on the foreheads of the people that visit the construction site. The same lack of concern seems to be evident on delays in signing the sale/purchase agreements and parking lot assignments for some of our customers. I could act paranoid and think that the developer is working against a subset of its customers; however I choose to be proactive and inform the Developer that it needs to follow a more generalized and equally balanced standard for all its customers.Personally, I feel mused that the Developer’s representative brushes aside questions and queries of their customers that have purchased Dubai Lagoon Property thru the efforts of 3D-Venture. As if to say that 3D-Venture is responsible for construction and delivery of the buildings. This is not the case. And, I do not think that this approach by the Developer will necessarily solve the real problem.The main concern of the customers (whether they purchased direct from the Developer, through their agents such as Better Homes, or through 3D-Venture) is why do they need to continue with a payment plan that is now officially (as admitted by the Developer) outdated. The developer has been wise to allow leniency for some customer. However, the Developer has refused to acknowledge the same concerns from their other customers. I am sure there is wisdom here but it escapes me.I am aware of a couple of meetings between the principals of the Developer and 3D-Venture to address this very issue. I am also aware that nothing useful came out of those meetings. I cannot imagine a situation where the developer will offer flexibility on the payment plan to 3D-Venture, and 3D-Venture will turnaround and refuse to forward the same to the customers that have purchase through its office. 3D-Venture has all the advantage in offering the same flexibility to all the customers.I sincerely believe that the Developer will have to face reality that regardless of the origination of sale, a Dubai Lagoon customer is a Dubai Lagoon customer. No ifs and buts about it. And, since there is a delay and the Developer is willing and able to offer concessions to its customers, those concessions should be offered across the board to all its customers.I present these views on a personal level. The views of my employers (3D-Venture) and those who consider themselves owners and/or investors of this project may differ. My employer has not induced me to write this opinion. I am not sure when 3D-Venture will present its views on this forum. But I am sure it will not say anything unless the Developer authorized it to say something. If you are unable to read between the lines, this means the buck stops at the developer and not with Better Homes or 3D-Venture.Syed Arshi Mehfooz

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