GR8 Holdings selling Lake Signature 1-Ajman

does anyone know GR8 Holdings developer selling Lake Signature 1 at Emirate lake towers-Ajman ?is anyone buying there ?on their website they say to be member of GR8 Group with presence in USA, Pakistan and Dubai in various industries since 30 years, some of which include:GR8 real estateGR8 building materials LLCGuardian Real Estate (pvt)LtdBridgeight real estate ManagementBridgeight interior DesignersThe Cube event ManagementArmour protection ServicesCapital MarketDoes anyone know track record of any of those companies ?GR8 says they signed contract to build with TAFANI General Contracting but would not show copy of that contractThey showed me copy of Site Survey plan (affection plan ?) stamped by Ajman Planning dept. and naming GR8 Holdings as owner, and Chapal World LLC as master developer- does that confirm they will build this project ?In SPA it says CHAPPAL - is it same as Chapal company ?I am pressed to make next payment- should I ?Am I the only person who bought in this project ? the only one to deal with GR8 ?please helpthanks


I also bought a one bed room flat + study from GR8 in the lake signature building and it has caused me nothing but trouble. I have paid over £20,000 in instalments and have still not received any documentation from them. I sentbn them an e-mail this week and informed them i will not make anymore payments until i get some form of documentation. I have no confidence in the company and will be trying to see if and how i can get out of this contract and money back. There is no way that they will now be able to complete the building by 2011 as stated ( that was long enough). I am also in Limbo as what to do? It might be an idea to bring it to the Ajman authorities if that helps at all


Does your SPA state that Chapal are the owners? Does the name GR8 appear anywhere on the contract? (SPA) if not, Chapal is then the owner / developer and like most developers - they are feeling the crunch... (who are your checks / payments being made to? To Chapel or GR8??? You sure GRB is not simply a broker selling the project?? I say this because some brokers were collecting the funds and you have no gaurantee they pass it on to the developer.. If they bust out - the last payment you made to the broker may not make it the developer as just seemed to happened with Casadubai... I am not sure of relationshop between GR8 and Chappal....) Don't expect much help from the Ajman authority until such time they set-up their version of RERA - they will simply refer you to the developer as it's a contractual issue - a lawyer will tell you that you will be obliged to make the payments in accordance with the agreement you signed.. If the payments are not linked to construction - then you will be obliged to pay pursuant to the terms and conditions of the agreement. (does your reservation form have a cancellation clause & outline penalites for cancellatione etc?) Your best bet would be to try to renegoitate the terms or ask for extensions from the developer under the circumstances. Until such time Ajman enacts and is prepared to implement the new laws, there's nothing you can do. If you stop payment without trying to work out a different payment plan or extension from the developer - you may lose the entirety of what you have paid.. As to wether or not they will proceed - anyone's guess - it depends on what % of the building they have sold and how over-extended they are on other plots.. In absense of an escrow acct / laws - it was not uncommon for developers in Ajman to use sales proceeds for other plots etc - as well as their overhead etc... Chances are, even with an escrow in place, if you paid less than 30% and they cancel, your money is gone... I guess it comes down to this - ' Do you want throw more good money after bad, without any assurance that this project will actually be built? You may want to ask them if you can apply the funds you paid to another project they have under construction? They may be amenable to that... Currently there is little in the way of governmental law / regulation to protect you, so your only real option to negotiate with the developer... I would try to transfer my payments to a project under construction even if it meant paying a slightly higher psf price. At least, you have a better chance to protect your investment.. unless you are prepared to write it off.. When it comes to Ajman, I would be very concerned about making any more payments on 'plots of sand' unless I see real progress and the developer operartes in a transparant manner.. BTW - NO developer would let any buyer 'see or examine' there contsruction contract.. They would announced that they signed a deal with a contractor but never disclose the contents of the contract.. This is the standard practise ANYWHERE - so, this is not uncommon. At this point, Ajman is very high risk,.. for many reasons.... ALSO the site survey you examined stamped by the govt simply means the plan has been filed and approved - it DOES NOT mean the project will be built.. these also exist in Dubai but many of these projects are being cancelled... good luck and I hope this helped...


Hi KayYou bought in L.S 1- Emirate lake towers-Ajman ?So did IWhich agent sold it to you ? - Are you in UK ?'No More Hotels' or 'Unity Estates' agents in England ? Have you signed Preliminary contract with agent ? with 3 years Payment Plan ?Perhaps we could both get in touch to make representation to GR8Are there other buyers who want to join ??let me have you email addressand read through my previous threads about LS 1 and GR8hear from youVerity

Thank you againvery kind of you to advise me Site Survey plan stamped by Ajman Pl.dept says GR8 is owner who need to apply for Affection plan - so this survey plan is not Affection plan ? GR8 Contract written on GR8 watermarked paper is named ' Payment Agreement' or 'Agreement to sell'- is it SPA ?Would SPA and Affection plan include Construction time schedules ?Contract names GR8 as seller, Chapal as developer or master developer- so who is developer(sub-developer?), site owner ?GR8 sent me copy of unsigned 2 page agreement of Chapal selling site to GR8- that contains clause' contract invalid if 30% not paid and if not authorised by Ajman L.dept 'My payments (20% SO FAR)were to GR8 Holdings account with ABN AMRO (bank recently bought by RBS?)and I hold payment receipts emailed by GR8I signed 3 Years Payment plan ( not linked to site progress) not with GR8- but with N.M.Hotels agent in UKPreliminary contract signed with agent differs from GR8 contract emailed recently to me as follows:-free parking space not mentioned ( previously incl. in unit price)-late payment penalties are 4% monthly compounded- was 1%-payment refunds by GR8 are interest free( paid with interest previously)-completion moved forward by 6 months-no Payment Plan included (blank page in GR8 contract)-30% retention of funds if I cancel (was 20%)COULD I Cancel project( get refunds) on the above GROUNDS ?Can you recommend lawyer for this ?Do I need lawyer to Renegotiate payment plan with GR8 ?Would my getting in touch with Chapal be recommended ?ask if GR8 paid for plot and when they start on site Tafani contractors (that I spoke to recently) have not signed Contract to buildI am sorry it is all about more questionsthank you again

Hi againreading through SPA contract :- GR8 reserves right to revert freehold interest to 99 years lease interest ( if F/H is not on offer from Ajman gov)- but project is in Ajman free zone !!- GR8 upon delivery of property nominates themself as estate manager of the building- service charge will be AED 0.3-0.6 psf + 30% of the fees ( what fees ??)- builders ( sellers) structure defects guarantee is now reduced from 10 years to 1 year post completion !- Force Majeure delays can extend to 2 years or moreThese are major differences between Prel. Agreement I signed at reservation and SPA they sent to me nowCan I rescind my contract with GR8 and seek full refund if SPA does not conform to the Prel. Agreement ?Cancellation penalties in Prel.Agreement are 30% of contract but contracts do not conformGR8 is unresponsive to my phone calls and emails - it looks they won't amend SPAUAE Contract law should not be that different to UK contract law ? but UK solicitors are reluctant to get involved and serve reg. letters on GR8saying they do not practice UAE lawI did send reg.letters myself outlining SPA not conforming and asking GR8 to amend SPA or refund fully my funds paidWill prices in Dubai drop by 40% later this year or its just a talk ?hope to hear from you,


UAE LAW and UK Law are quite different. (and this would be a dispute over an AJman property,,) UAE is law is a composite of the French Systemn & Sharia elements in it. Your UK solicitors are correct as they are not lic. to practice in UAE - however, if you made payments to NOMORE - you may be able to go after them.... If you cancel and they actually refund you 70% of your money - you'd be lucky and should take it and better to discuss thsi with a local atty,,, Once the Ajman level of RERA forms, you should have more protection. Yes, prices are already dropping - in some cases more than 40% - (based on asking prices.,.) The thing is - even if you drop your price to 2006 op levels - you may not find a buyer! THe market will adjust to 2006 price leves or thereabouts,. - which will make Dubia a more affordable place to live .I'd talk to an atty about your contract issues, and you better talk with buyers of this building that are living here - and see what they think and check the progress.. Not sure if GR8 has ever built a building?


Thank you againMy payments were to GR8 bank a/c in Dubai and they emailed receipts to date. First payment receipt was also send by No More agent-COULD I PURSUE NoMore for all refunds ??What also bothers me is GR8 reducing Building Defects guarantee from 10 years to 1 year post completion- is this legal in UAE ?HOW can I source out other buyers in same tower ??- could you recommend website or hotline ??GR8 never built before, not in UAE - they have manufacturing backgroundDo you think i can rescind this contract because of both contracts non-conformity ? (in either UK or UAE ?)as ever, thank you againhave a good weekendv

Hi I bought studio in L.S. 1- Ajmanand am in talks with GR8 and posted few treads hereabout inconsistencies of SPA and other things about this projectGR8 cannot prove that plot was handed to them by master Chapalif they do not hold title to plot- project will never go on sitedeveloper may default with our moneygive me your email address so we can bunch and share cost of lawyerare you in UK ?

Hi DaltonLike I replied to Fracas99 earlier todaygive me your email addressso we bunch together and share more info on GR8 and project off-linethanks

HI DALTONGot your contact and will mail todayWhilst in DubaiCould you visit GR8 Holding office on Sheikh Zayed Rd near Crown Plaza check if this is staffed office at all or just PO Box address ?Could you visit Ajman Municipality office and their Planning &Survey dept - ask for proof that plot was handed to GR8 Holding and payment transaction was approved by Ajman gov ?? you could also drive to site( think it is junction of Emirates Road and Sheikh Zayed Rd in new Ajman) and see if there is any billboard with GR8 AND Lake Signature- take some photos of any work progressYou could also see ChapalWorld master developer and ask same- Did they hand plot over to GR8 AND have they received 40% payment- and get proof of thatThey are also in Sheikh Zayed Rd at Emaar Gold & Diamond ParkI am in UK and will also go there but not yet- Also time is of essence !!If plot was not handed developer can default and run with our moneyyet they demand further payments- or you pay hefty penalties of 4% monthlycompounded ( that is 48% of outstanding payments would be your penalties alone !!!)which agent sold it to you ?hear from you soon

Hi and thank you againit looks GR8 cannot prove that plot was handed over to them, and that they indeed paid 40% (as they said before)- why would they lie ?No contract with Gen Contractor (TAFANI) was signed nor paidGR8 confirmed that project is at design stage ( on Saffarinis drawing board )In Law- can GR8 be marketing/ selling project when plot was not handed over and design not approved by Ajman Pl.Dept ?????I did try to speak/email to CHAPAL MASTER DEVELOPER - BEWARE- BEWARE !!!Appalling, unhelpful, difficult, secretivethey never replied to number of my emailsand talk with very unclear, heavy accented english- just to discourage you to follow your enquiry Chapal will not co-operate with End Users !!Likewise forget to get through to Ajman Municipality - Pl.Dept over the phonephone keeps ringing- but no replyMy feeling is plot will never be handed over to GR8. and if project be build at all- we , End Users will get 99 year leases- not the promised Freeholds !!!Chapal will hold the freehold title to plots that they allow other developers to build on.End-Users will end up paying high ground rents and unreasonably high service charges.thanks I am getting tired with this gr8 charade

It would not be uncommon for Chapel to avoid providing you any info on GR8 - as you are GR8's client and they really have nothing to do with you nor can even confirm if you are a buyer '/ investor...In answer to your question - 'Can a developer sell even though he has not be handed-over the plot in Ajman? - YES, they can. Once the Ajman muni approves their plan, they can start selling irrespective of receiving handover. (that used to be the same in Dubai until RERA changed the law last year....) If GR8 claims they are starting construction in a few weeks - they will start piling. (soil sampling / piling etc..) Usually, this is a different contract than with the construction work to build the tower.... (like TAFANI) GR8 should be working to be more transparant and have better investor relations - like proper updates either through emails to their customers and posting more info on their websites to make the buyers feel more secure. Unfortunately, many of these small firms are amatuers and otherwise clueless to the needs and sensitivities of their clients... Insofar as 'no one picking-up the phone in Ajman muni' - I feel your pain. I know this all too well and have spent many hours in their offices. That's just the way it is.. Best to try early in the AM - Ajman time. After 12PM - nearly next to impossible. if you get 99 year leases, it's not the end-all provided you will still be eligable for a visa once they re-inact the visa law..... I wouldn't overly concern myself on this issue and GR8 or any developer up there has no control over this. The ground rents should not be too high but you never know and there should be langauge in the SPA to cover you in more detail if this should happen - The developer should be vigilant being that they have 'paid' to purchase the land! good luck



HelloI have purchased in Lake Signature just recently. I have previously invested in several projects in Dubai and realised very quickly that I had to change the way I thought about buying property in the Emirates as the developers work very differently. There tends to be less paperwork available and it takes some time to get contracts out of them. On the other hand I feel that Dubai, Ajman and RAK are the safest places to buy in the world. When you look at the different regulatory agencies involved, the legal framework that protects clients and the fact they have had a massive clean up of the industry just recently and everything is pretty much working to a master plan with heavy involvement from the government...where else in the World can you get that. I personally thought the preliminary contract I received for my purchase at GR8 was extremely impressive compared to the 1 page documents I have been given for some of my purchases in Dubai. The fact that you actually get a preliminary contract rather than having to wait for 2 or 3 months is a good thing. The fact that Chapal is involved is also another good thing. Trust me, most other developers in Ajman would be a lot worse and I for one went for this development due to the royal seal of approval you get by the fact that the Crown Prince owns a chunk of the company. I don’t know about you but my preliminary contract was pretty much the same as the master that I recently got from GR8, with a few details excluded. Some details were slightly different on the master contract but it only took one email and one call to the agent to sort it out.I have made a considerable profit from my investments in the Emirates and will continue to invest there for the next 5 years at least. If you got the same price as me per square foot I think you should be happy that you have found such a steal and secure in the fact that you have invested in the most heavily regulated property sector in the world in one of the best property markets in the world and with the best developer in AjmanGood luck

Hiwhich Plan need to be approved by Ajman muni ?(before gr8 can start selling)Affection plan ? or full set of design plans, sections, elevations,struct. drawings ???If project is at design stage, Ajman has not yet approved plan ??in which case project should not be marketed yet ?Why should one believe GR8 statement that they paid 40% for the plotif they won't prove it in black & white to buyers ?any thoughts ?thank you

Hi which agent did you buy from ? in UK ?My preliminary contract is very different to what GR8 sent me nowin fact litany of differencies for sole benefit of GR8Will Ajman gov pay you back if GR8 will default on Lake Signature 1 ?what have you paid psf ?because I do not think it is cheap at todays exchangeespecially that you won't see it built for next 5 or more yearsand provision of water/electricity supply is in doubtjust a thought

I bought it from Unity estates.I did sign a preliminary contract with agent for a 3 year plan but till today have not received any the SPA and documentation. I have e-mailed them and called them and have been told that bthe SPA is in the post.you can contact me at 07810041995as you know would rather stop all payments asap and try to hold someone responsible if this is going to implode. would be good to hear from others as it seems many are in the same position.

HI AllI am also in the same boat. Bought apartment from agent in UK in Lake signature Ajman. As we all know their is not going to be any consturction at Lake signature 1 but problem is GR8 GR8 doesnot want to return any money. Who wants to return money back. The agent whom I bought the apartment is trying to get it but again it appears that GR8 is just trying to gain some time either they will run and leave middle east. I feel that agent should have figured out before he sold that apartment to me. Looks like Ajman rules and regulations are worse than 3rd world country. I feel bad but GR8 to me is a corrupt company.


You better check with ARERA - the Ajman Real Estate Regulatory Association and ask them to advise you & determine if an escrow acct was ever set-up. Chances are GR8 or for matter - most the developers there are not in a position to return any money as it's all been spent. If they have made land payments on a plot and then the Master Plan has been canceled, I believe that the Ajman muni. will only refund 70% of what has been paid - deducting a 30% penalty! AND - it won't be a cash refund - simply a 'credit' toward another plot that in all likelihood be higher than the going market rate. Pretty dim prospects indeed. The fact is, most the developers in Ajman started on a shoestring - without any experience in development per se and grossly under-capitalized fully expected that continued sales wound fund the project. Under the old laws, the developer could use the initial funds for land payments and marketing - so your first 30% - GONE. Most often, like in the case of RERA in Dubai, you may very well be advised to take the developer to civil court - 'contract-breach, tort action, etc . - however, this is very costly, time consuming and at the end of the day, if they don't have the money - you'll never collect. Many developers that have defaulted, some through their own mismanagement, others due to forces beyond their control are leaving the region. In the absence of any bankruptcy statues, there is little they can do.Considering the level and magnitude that the Ajman govt has defaulted, along with their 'insiders' that were the Master Developers - no doubt, they'd be pleased to see the investors throw their hands-up and walk away - which takes them off the hook. My advice is to NOT throw good money after bad as your chances or prevailing in an Ajman court are slim and none. I wonder if McVelvet is still delighted and glowing about his investment?