PIER EIGHT

[redleaf]

The crane was operating this morning and there were some guys working on site, but not many.

[sandra]

Yeah, I saw them too I think they were taking some scaffolding away on a truck..

[sandra]

Still no activity.

[sandra]

Benn away from Dubai for several weeks now,just got back, nothing moved at all...Does anyone know if this site has been shelved? What a eyesore.What happens here in Dubai when a builder does not finish a project, will it be demolished, or left to rot. Someone told me the goverment take over and finish it off.Is this correct?

[Gashead]

Someone told me the goverment take over and finish it off.Is this correct?

No. Most developments are by the govt/Sheikh Mo. and his companies. No-one has come across this before. Some Dubai Properties developments are due to restart in the next few months.

If you want to see half finished buildings drive to Sharjah, some of those off the main highway have been in progress or halted for years.

[George Dent]

My naimes Michael Cyne & I'm a nosy neighbour.
Took the portacabins away from the plot across the road which means......

[sandra]

I'm a noisey neighbour too...You are right George all portacabins gone, now they are clearing the site..So thats two eyesores.Pier Eight & Shala tower. Such a prime position in the marina someone surely will come in and snap it up at a discounted price.

[sandra]

Portacabins back on Shalaha tower site,Plenty of activity today..Maybe things are looking up, fingers crossed..

[sandra]

Shahla tower on hold again..Taking all the portakabins of site again...Anyone know whats happening? This is the second time this has happened.

[sandra]

Anyone know what they are doing on Pier Eight,Every mornin they have a group of men who hammer steel poles all day and have nothing to show for it. Don't mind the noise if you could see some progress.. Been going on for weeks now!

[Hello.Kitty]

Developers here *are* allowed to take the money and then put the project on hold - completion dates are worthless. They apparently only have to give the invested money back if the project is definitely not going ahead, so most are put "on hold"... indefinitely.

You would indeed think that it's worth them completing, especially as they've got all the money, having sold many/most/all the units off plan, but the fact of the matter is that they spent the money on other projects as a form of easing cash-flow. They didn't/don't keep all the invested money of Project X in a dedicated bank account, destined to be solely spent on Project X... instead they gambled that the projects would just carry on selling like hotcakes and more money would flow in, so that Project X income was often spent flogging Project Y. Unsustainable and deeply stupid, but such is building on credit.

[SteveB.]

Looks like work has now re-commenced on Pier 8, Men back on site and Cement trucks going in and out all day.

[sandra]

Yes they are back.must be coming up for two years this project has been on hold. Fingers crossed they finish it.