UAE Property Investment Forum

Jumeirah Lake Towers Jumeirah Lake Towers consists of residences, offices and retail outlets developed around man-made lakes and waterways covering over 730,000 sq m (2.4 million sq ft); with man-made lakes covering 116,000 sq m (381,000 sq ft). So, with this sheer size and magnitude of the project, has it really been a success? Jumeirah Lake Towers is being completed in various stages, and some investors have already seen a good return on their investment. Are you one of them, or do you have a contradictory opinion? Share your views with others here.

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darren Offline
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Posts: 21
Join Date: Feb 2007
Default Forced to pay ridiculous amount - 19-05-2007, 03:14 PM

SSC is back, thank goodness!
I've been dying for an opinion on this from owners. I bought a resell before the summer. Waited a while for the contract to be finalized. Got it in the end, but wanted a few revisions, so sent it back. The revised one has just come back with several added pages, one of which had this clause:

"The buyer warrants to pay the amount towards the Initial Corpus Fund at the rate of AED 50/- per square foot of the saleable area payable to the Goldcrest Views Owners Association at time of handing over."

Is anybody else in my boat? If I'm forced to pay this ridiculous amount (probably to fund the apartment prize in the Gulf News!), I 'll have to forget owning it at time of handover.
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