I found Freehold through the broker who had initially sold me the units, and they provided me details of possible directions open to me in the 3+ Market Report. After consulting with them and analysing all the options I chose to go down the route of a Settlement.
FMI provided me with a list of mediators who had previous experience of dealing with my particular developer in the past. After a relatively long discussion that was done over several meetings, the developer accepted the Mediators terms. They gave me a considerable discount and they also agreed that I could make the balance of my payment upon completion. In conclusion I was confident that I had got a more beneficial agreement and more importantly I didn’t need to worry about making further payment before my property was handed over.
I recommend FMI to those investors who are willing to continue their investments in Dubai and are looking for a secured and feasible investment.
I bought a property in Dubai with the completion date in 2010, well according to the contract anyway! When the down turn happened they asked me to go to their office and change the contract which had a new completion date of 2013 ! They have recently approached me again and now said that they need to change the contract again because the new completion date has been put back further to 2016.
I was contacted by “Freehold Mediation and Information” and subsequently registered with them. I received a 3+ Market Report so I could understand what was going on with my project. In a part of the booklet that they called “Personalised Asset Research” they had provided me a list of lawyers who have had dealt with cases against my developer and had won meaning the clients had received their money back. This was the solution I was after and subsequently chose one of the law firms that suited me best, firstly according to my budget ! and also who had previous experience with my developer.
My lawyer advised me that due to the fact that I had a copy of my old SPA as well my new SPA in addition to the latest letter from the developer, stating that they were going to draft a new SPA with a new completion date, I had a very strong case.
With the services from FMI I was able to come to a satisfactory solution to a problem that had caused me serious headaches, (literally) for the past few years.
I bought an apartment in Dubai in 2005 and the developer kept postponing the completion date. The construction was extremely slow and there was hardly any noticeable progress on my project. The completion date stated in my contract was 2009; Now we are in 2015 and yet there is no promising sign of completion anytime soon.
I found out about Freehold through a family member who had also faced the same issues with many of his investments in Dubai.
I have registered my unit with Freehold. They provided me with the 3+ Market Report, including the list of the developers who had projects in the same area as I originally had invested, with the same price. The only difference was that the new units were a bigger size.
Any property investors with stock investments in on hold projects would benefit from FMI services.
Situation analysis
By providing 3+market study (provided in PA research book).
Clients will:
- Will see the status of their project
- Will get an updated market value
- will be able to categorize their investment ie does the project in respect of court status and market price still suits the investors category of investment as “short term” , “long term” or “end user”
Option analysis:
providing consultancy for best settlement options (provided in PA research book):
- Price : dependent on current market study and time of construction delay
- Payment Plan: initial payment plan, construction status , maximum security for client and required cash flow for project.
Execution:
Providing list of mediators
depends on :
- experience with developer
- value of investment
- level of construction
- location of project
Organising meeting with mediators and providing update
Situation analysis
By providing 3+market study (provided in PA research book).
Clients will:
- Will see the status of their project
- Will get an updated market value
- will be able to categorize their investment ie does the project in respect of court status and market price still suits the investors category of investment as “short term” , “long term” or “end user”
Option analysis:
By providing update information from previous litigation cases (provided in PA research book)
Execution:
Providing list of law firms
Dependant on:
- experience against developer (win cases )
- value of investment
- level of construction
- location of project
Organizing meeting with law firm and providing update
Situation analysis
By providing 3+market study (provided in PA research book)
Clients will:
- Will see the status of their project
- Will get an updated market value
- will be able to categorize their investment ie does the project in respect of court status and market price still suits the investors category of investment as “short term” , “long term” or “end user”
Option analysis:
Providing list of options for asset relocation (provided in booklet)
Including :
- names of developers (who will accept the credit )
- master plan developer
- project name
- unit details
- Deal and payment terms
Providing market study for options of relocation (provided in booklet)
Execution:
facilitating meeting with investment advisor for:
- Matching client category of investment with selected unit
- approving payment capability of client due to payment plan
- reporting counter offer from client to developer
