To my knowledge the concerns are increasingly genuine. The way they are trying to manipulate things definitely raises an alarm. ACW Holdings is registered in Virginia Island. Contract is very much one sided. Developer does not like to deal with buyers. All matters all dealt with by Skycom, even receipts are given by Skycom. They don't provide updates on the progress of Projects. They don't even provide you Bank statements for confirming your amount in ESCROW account.

Skycom keeps telling that ACW Holding is same company but it is not mentioned in contract that all the dealings will be done by Skycom.

Most of their ptojects have not even started, and they still insist that the completion will be done on its estimated time (in March 2009). But in Contract they have taken time upto 2010.

I am losing trust this company. If project is not started you cant sell it neither lenders would lend.

I still wish they are doing ethical business but it is hard to trust what they say.

Hello

I am the Marketing Manager of ACW Holdings. In the previous closing thread, I recognised an interest in talking openly and constructively with the community.

As a company, it is in our interest to support our customers as best as possible, the nature of this business is that many customers are repeat buyers. I'm personally responsible for the brochures, websites and marketing materials. We spend an extensive amount of time researching the content, to provide an accurate picture of the location and the investment opportunity. We take pride in our work and it is important, to give you the best information so that you can make the best purchase decision.

Skycom Investments is the marketing partner for ACW Holdings. ACW Holdings is the developer. This kind of vertically integrated structure is not uncommon, and can be found with numerous developers. Only in the UAE is ACW Holdings selling directly to the market at this stage.

We are developing new technical systems for brokers and ultimately buyers, these take time to develop, with one system presently in development for 6 months and subject to rigorous testing. As we develop our technology, we will be thinking of all aspects of our business especially buyers, to help you manage your payments and accounts or have access to important documents.

For those of you interested in Jumeirah Village: the region has been under-going revised infrastructure works and has new management, Ellis Don. This has caused delays for all developers, however, we have been proactive in managing the scenario by appointing all of our contractors and making sure that we are among the first developers to be able to commence construction. This is the only area that has been subject to delays, projects within Arjan have not.

And for those of you that have purchased in Jumeirah Village, it's worth realising that each and every day the value of that area is rising. Jumeirah Village is in a prime location in Dubai and will be of strategic value with the work in Jebel Ali and Waterfront, driving up the value of that region.

It's important to remember we're developing projects in an emerging country, where the law is updated on an almost daily basis, that means comparatively the off-plan purchase price is low but your potential profit yield is far greater. This inherently comes with 'problems' that cause delays, Dubai as a nation has to build civic infrastructure as it grows, and sometimes the requirements are under-estimated. Roads get torn-up and expanded constantly. As soon as the new Road in the Springs was announced, the price of Villas at 1.8m rose to 2.8m!

As a company, we are constantly launching new projects, showing our commitment as developers in the long-term. We have projects coming up in Ajman and Ras Al Khaimah, the scale of which are enormous and represent a truly exciting vision. As the project isn't launched yet and we have months of preparatory work, we can't reveal any details about it. It's an indication to our clients that we're here to build lasting properties and continue to work on creating high-yield investment opportunities.

Information in forums is often highly-speculative and not subject or aware of the actual workings of a company, to this effect we have tried to take steps to bring understanding, perspective and closure to discussions. I hope that you find this post informative and that it brings clarity.

I punched a email some 3 days back to Acw holdings on their info id asking them about the construction status of hanover square, but this people have no time to reply. It is better Acw Holdings team take a course on customer service before claiming yourself as a reputed develper.

acw marketing
giving us this lengthy speech but not discussing the real issues.i don't understand why don't you answer the real question people been asking you from the day one? for example
1:why are you still collecting money from people against the Dubai law even you haven't start the construction?

2:why are you not supplying your customers statement on their account for escrow payments?

3: when will you start the construction and how will you update to you customers about that?
these are the main issue if you can clarify your position that will bring the great confidence in your customers which will bring the boost to your profile too
but sadly and unprofessionally skycom and acw holdings acting like a bunch of fraudsters and not providing any informations on real issues

I am thankful to ukinvester for highlighting the real issues.
I would like to ask MR Marketing Manager the same questions:
1. At the time of selling your sales people were very confident about completion dates and now you can't even give us the start date. So come and tell us the completion dates of all your projects in Jumeirah Village.
2. I can not believe that you cant get statements from the Banks to show our monies in ESCROW accounts.
3. By now most investers have paid 40% but ACW Holdings insist on more payments even though construction has not even started.

So Mr accounting manager, don't give us all that bullshit and answer the above questions.
I would like to suggest Dubai Authorities should take action and amend the Law to forbid Developers receiving more than 25% of the price before the contruction work has started. I hope other investors will agree with me.

For those of you requesting a statement of your account please contact:
csa@skycom-investments.com

In terms of RERA, the law is such that money cannot be released from Escrow without reaching milestones, as opposed to saying that payments cannot be collected until milestones are reached per the contract. Contracts vary between different developers; the contracts for Hanover Square, Knightsbridge Court and Kensington Manor are 'time based'.

We are entirely RERA compliant, as it is the law, and all developments are subject to RERA Law.

Statements that infer that we act unlawfully will be petitioned for removal from the site, as such statements are unfounded, and therefore libelous. If you wish us to work with you to answer your questions, then please phrase questions in a considerate manner.

Everyone who has purchased in the Jumeirah Village area will be sent an update on the project.

The reasons for the delay have been explained, inherent in an emerging economy are challenges; business is conducted differently to what you may be used to in Dubai. The law is changing and growing, and we change and grow with that. As a developer, we are trying to keep what is a reasonably small but vocal community informed on this website with clear, factual statements that can be substantiated by anyone willing to take the time.

In terms of answering any queries with a start date, I will look into that for you.

Every effort is being made to answer questions, clearly and fairly, with respect to 'genuine concerns'. If you have concerns, that my answers cannot provide a satisfactory answer to - you could consider a resale option?

For more information on the status of Jumeirah Village pertaining to construction of infrastructure:

JUMEIRAH VILLAGE BEGINS TO TAKE SHAPE - June 26th 2008
Jumeirah Village begins to take shape

EDITORIAL ON SAME TOPIC
Jumeirah Village Project Update - Mark Wallington's Blog - REW Blogs : Real Estate Webmasters Blogging Platform

Why dont you guys just sell your unit....I got a 12% return in the end on both of mine - and they're easy enough to sell. I think its perfectly obvious that ACW arent trustworthy, so just cash in and let someone else worry about them! No point moaning about it - you're not hand-cuffed (as long as you've paid your 20%). You'll sleep easier..believe me!

Hi

I have also invested in Hanover Square!

Can you please recommend an agent for selling off plan units?

Cheers