NewsJehaan by Aspire handed over to third party
Investors in the Jehaan project in Jumeirah Village South faces yet another challenge as the project is handed over to a third party. The project was supposed to be finished within January 2009, but construction work has not even started and many investors have therefore seeked a full refund.
Harry Kantaria, owner and chairman of the developer, Aspire Real Estate, confirmed the rumours to Gulf News:
“The project is in the process of being handed over to another party who has shown keen interest and has also met the land department regarding the same.”
Details
According to a Jehaan Residence owner-forum, the undisclosed partner will provide any monetary shortfalls for the project. In return, Mr. Kantaria will receive 50% share of the profits when the project is complete for all apartments that have not yet been sold, those who have backed out and any other profits that may happen as and when the market picks up.
The forum also states that Aspire Real Estate is unofficially insolvent, as they have no cash to start this project on their own and no employees as of now. As a result of partnering with a third party, Aspire will set up two employees, one from Aspire and one from the partner, who will be dealing exclusively with this project and all queries. The group should be in place in 1 weeks time.
Live web-cam to show progress
Acccording to owners who have spoken with Aspire, contruction works will be starting next week. Live cameras are being considered as an option so clients can see what is going on.
Further Reading
« More confidence in Abu Dhabi real estate than in Dubai | Nakheel to deliver 1042 homes at Waterfront this year »
hi! now is pass 2 week but nothing is happened!
this company every time lie to the investor,
i`m one investor end i have alredy pay the 35%,
end now is tow year end still wait my contract..end the money back!