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  • Middle East Unrest Update

  • Talk of the Town

    Jo Hopworth on Justice For Natalie – Na…
    Mariam on Criminal Complaint filed in Ge…
    Martin Kraeter on ACI Dubai Funds filed bankrupt…
    Independent Observer on Iranian’s lawsuit reveals roya…
    Rado on DubaiTouristen landen schnell…
    Dubai Citizen on Al Fajer Properties Case…
    Dane on Outlook in concrete- Dubai Wor…
    jamesl fayad on RERA Dubai – Dubai Prope…
    Jacques on Malika Karoum finally arrested…
    James Brown on ACI – Alternative Capita…
    Journalist on Al Fajer Properties-500 Invest…
    ron oakeley on ACI – Alternative Capita…
    Benson Fu on Shahram Zadeh against Al Fajer…
    Monika on RERA – Dubai mulls cance…
    Ali Varahram on Shahram Zadeh against Al Fajer…
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    • Criminal Complaint filed against Al Fajer Properties Sheikh Maktoum
      Criminal Complaint filed in Germany against Sheikh Maktoum Hasher Maktoum Juma Al Maktoum CEO of Dubai Developer Al Fajer Properties The Dubai Sheikh who mislead and extort a German Couple  Germany – Dubai 2011 A German elderly couple , today 80 + 50 years old who have been Dubai Tourists since a decade, bought in 2005 an apartment at Nakheel´s Dubai Residen […]
    • UAE: Human Rights Blogger, Sorbonne Lecturer Charged With ‘Humiliating' Officials
      source Human Rights Watch www.hrw.org (Beirut) - The United Arab Emirates attorney general should immediately drop all charges against five pro-democracy activists to halt their trial, Human Rights Watch said today. The charges of "humiliating" top officials relate solely to the defendants' peaceful use of speech to criticize the UAE governmen […]
    • Nakheel Dubai Sunland Case
      June 5, 2011After 21 hearings, Chris O'Donnell, the Australian chief executive of Dubai's major developer, Nakheel, came to the defence of his former colleagues Matthew Joyce and Marcus Lee. Mr Joyce and Mr Lee are accused of profiting from the sale of land that had been earmarked for a colossal high-rise development, which was to include the futur […]
    • Dubai Nakheel CEO decided to leave the company
      Dubai June 7, 2011 Nakheel said on Wednesday that its CEO Chris O'Donnell had left the company "after completing his contract terms". O'Donnell, an Australian who joined the developer in 2006, said he had decided to leave Nakheel following five years spent with the company, the statement added. O'Donnell has overseen a traumatic time […]
    • Owner of Dubai Developer Damac Hussain Sajwani files case against Egypt corruption ruling
      Dubai property developer Damac said on Tuesday it had filed an international arbitration case against Egypt over a land dispute and the conviction of its chairman and owner, Hussain Sajwani.A Cairo court last week sentenced Sajwani in his absence to jail and ordered him to pay a $40.5 million fine in connection with his 2006 purchase of land at Egypt's […]
    • Dubai Palm Jumeriah - Investors plan to take legal action
      Investors in Dubai Palm Jumeirah’s Golden Mile complex will this week serve the developer behind the project with a legal ultimatum to hand over their units or issue them with a refund.Up to ten investors in the luxury complex plan to issue Souq Residences with legal notice in a bid to force a resolution to a dispute that has been ongoing for more than a yea […]
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Casa del Mar Dubai Marina Property scandal

Posted by 7starsdubai on August 21, 2008


Crisis in perspective: RERA

Investors in the Casa del Mar development in Dubai Marina have been told by the new owner, Al Mashraf Bank, that once completed, the project will be sold to new investors, rending the current contracts void.

The original owner of the development, Obaid Bin Jarsh, marketed Casa del Mar through Deyaar. He then sold it to Al Mashraf “due to liquidity problems”, in a letter to investors dated July 11, 2007.

Bin Jarsh had also promised to return 10 per cent of all investments.

However, with one investor paying Dh720 per square foot for six units three years ago, 10 per cent is not an adequate refund.

It is not clear how many investors will be affected by this latest turn of events.

In April this year, the director-general of the Dubai Land Department wrote in a letter to one investor, “Bin Jarsh’s offer to return the original amount is unacceptable.”

The letter also said that Bin Jarsh’s act of selling the project before any settlement had been agreed was a “violation of Dubai property regulations”.

However, despite this letter, nothing has since been done to solve the situation.
“Nobody listens to us investors. If you’re lucky they build it,” said one investor to Gulf News.
As the 30-storey project nears completion, investors are worried that Al Mashraf Bank will sell it on, disregarding previous contracts.

Galal Al Dimeery, real estate manager at Al Mashraf, said once Casa del Mar is complete, it will be launched again under a new name and then sold on to new investors.

Al Dimeery also said that when Al Mashraf bought the project, it was “empty”.

Dubai’s Real Estate Regulatory Authority’s (Rera) plans to create a new property court cannot come quickly enough, as more and more developments lack the transparency and confidence of more mature markets.

Rera is overwhelmed with complaints from investors ranging from issues such as project delays to money disputes.

“Rera is not a court. It’s just a way to regulate the market,” Marwan Bin Galita, chief executive of Rera said.

Both Obaid Bin Jarsh and officials at Deyaar were unavailable for comment.

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