Profile Residence Stage Payment Demand Letter
If you have received a Profile Residence stage payment demand letter from Innovation SEZ Developers in Dubai, giving 30 days notice to pay, then this post will be of interest to you (see letter examples at the bottom of this post). Profile Residence in Dubai Sports City was widely promoted in the UK and Ireland in the mid-nougties so there are a lot of owners in the British Isles. Quite a few do not wish to commit further funds to the project at this time. If you are in this position, don’t worry, just read on.
The Profile Residence blurb goes as follows:
Located at Dubai Sports City, Profile Residence introduces contemporary living amongst an environment of sporting activities. The residence is going to be built with state-of-the-art technology and complete recreational facilities along with luxury finishingand for everyday convenience you will be a short walk away from nearby shopping malls, cafes and restaurants.
Profile Residence offers an innovative selection of spacious studio, 1 and 2 bedroom apartments on every level with recreational facilities located at the rooftop level and will feature a swimming pool, bathing deck, gymnasium, sauna & steam room.
So there you have it. That’s the sales pitch. We should stress, there’s nothing inherently wrong with Profile Residence. The problem for most purchasers is that they put down deposits a long time ago when they were in a very different position financially. Some either now cannot, or simply do not wish to, pay further money for these apartments.
Quite a few purchasers have written to Innovation SEZ looking for refunds of the money already outlaid in order to get out of the contract. This has never happened in our experience. Innovation has never returned money to anybody. The only way to get a return from this investment at this stage is to sell on the contract as it stands or pay for the property up to completion and take your chances with selling it at that stage.
Here at SellDubai.co.uk we specialise in Selling Dubai property for those who no longer wish to complete the transaction. We can find a buyer for your property, even though it is not yet complete. The Profile Residence development is, according to Innovation SEZ, completing through phases allowing the developer demand further payments as per contract.
At the moment we have no idea when completion on Profile Residence is likely to be or what value will actually be on the properties when they do complete. Dubai property prices 2016 are not showing great promise so far, but this does not mean that prices will not recover at a later stage.
Here at SellDubai.co.uk we have a large database of end users, landlords, investors and institutional property buyers looking to make an offer on your Dubai property right now. You can list your property with a local agent but it could be on the market for many months, if not years. If you wish to sell your property quickly then SellDubai.co.uk may be able to offer you alternative options. Drop us a line now on info@SellDubai.co.uk.
Profile Residence Stage Payment Demand – Sample Letter (note: this sample is for Eagle Heights, but is essentially the same as the notice sent out for Profile Residence as it is the same developer.)