{"id":6502,"date":"2016-03-02T04:52:35","date_gmt":"2016-03-01T21:52:35","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=6502"},"modified":"2016-03-02T02:02:56","modified_gmt":"2016-03-01T19:02:56","slug":"abu-dhabi-property-buyers-feel-cheated-over-tenancy-extension-clause","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-property-buyers-feel-cheated-over-tenancy-extension-clause\/","title":{"rendered":"Abu Dhabi property buyers 'feel cheated' over tenancy extension clause"},"content":{"rendered":"


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\nABU DHABI \/\/ A group of property buyers say they are struggling financially after they bought flats in Al Reef Downtown without knowing that the existing tenant can stay at current rent rates until 2019.The buyers said they were sold apartments in three Al Reef buildings between 2014 and last year without being told of an extension clause in a lease agreement between Manazel Specialists Real Estate, the developer, and Rosewood Abu Dhabi hotel, which is using the flats to house its employees.
\nBuyers said they had hoped to move into the flats in September before a potential three-year extension kicked in, adding they had not received rent and complained of being left in the dark as legal negotiations between Manazel and Rosewood continued. “We feel cheated. There are more than 100 landlords affected by this situation,” said F M A, a father of three, who bought two flats in October 2014 after taking out a mortgage. With no money from the investment and having to make monthly payments on the loans, F M A said he was in dire straits.
\n“I recently took out a high-limit credit card to pay my children’s school fees,” he said. Another buyer, A Z, said he bought a three-bedroom flat last June and had hoped to move in this year with his wife and two children. But that plan is now up in the air.”It is becoming a real inconvenience, with the insecurity of not knowing what will happen next September,” he said.A Z said that he should be collecting annual rent of Dh74,000, well below the market rate of Dh130,000 for the same units. But even if he was being paid rent, he would still be suffering losses, he said.
\nThe buyers said that agents from Nationwide Middle East Properties and The Property Shop sold them the units. A Z said a Nationwide agent had pressured him to sign the sales agreement within 48 hours. “We asked to see the lease agreement, but I was told by the agent that he didn’t have it and not to worry,” he said. Furthermore, a document from the agent said he would collect Dh100,000 a year in rent, but A Z found out from Rosewood that it was only Dh74,000.
\nManazel Specialists said the buyers’ predicaments were “a complex situation with many parties involved”. “It would therefore be inappropriate for Manazel Specialists to comment on specific matters when active and positive discussions are ongoing to resolve the issue,” it said. Rosewood Abu Dhabi said its main focus was to look out for its employees.”While we are facing some of the owners’ objections to the terms and conditions, we are doing everything to maintain the relationship with each one of them,” she said.
\nAn agent from The Property Shop said many colleagues were unaware of the clauses in the tenancy contract.The Property Shop did not respond to a request for comment. A Nationwide spokesman said their agents acted ethically during the sales process and that the matter was between Manazel and Rosewood.esamoglou@thenational.ae
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\nSource : thenational.ae
\nRead more…Abu Dhabi property buyers ‘feel cheated’ over tenancy extension clause<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

ABU DHABI \/\/ A group of property buyers say they are struggling financially after...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-6502","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-1GS","jetpack-related-posts":[{"id":10334,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/manazel-to-start-off-plan-sales-in-amman-property-project-eight-years-after-launch\/","url_meta":{"origin":6502,"position":0},"title":"Manazel to start off-plan sales in Amman property project eight years after launch","date":"April 10, 2016","format":false,"excerpt":"\r \r Manazel Real Estate plans to start selling off-plan property at its first overseas project in Jordan about eight years after it was first launched.The Abu Dhabi developer hopes to attract buyers to its Manazel Amman project of 1,600 villas and apartments, which it is building on the outskirts\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23069,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/manazel-first-half-profit-weighed-by-reorganisation-and-staff-costs-at-abu-dhabi-developer\/","url_meta":{"origin":6502,"position":1},"title":"Manazel first half profit weighed by reorganisation and staff costs at Abu Dhabi developer","date":"August 16, 2016","format":false,"excerpt":"\r Company reorganisation and staff costs ate into first half profits at Abu Dhabi-based property developer Manazel Real Estate.For the six months of 2016, profits at the developer which built Abu Dhabi's mid market Al Reef compound fell 30.5 per cent to Dh31.2 million, down from Dh44.9m a year earlier.In\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43381,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/manazel-plans-major-tourism-project-in-ghantoot\/","url_meta":{"origin":6502,"position":2},"title":"Manazel plans major tourism project in Ghantoot","date":"February 8, 2017","format":false,"excerpt":"\r Manazel, the property company that built Abu Dhabi's mid-market Al Reef development, said that it plans to press ahead with a tourism venture in Ghantoot on the Dubai border. In a statement to the Abu Dhabi bourse, Manazel said yesterday that it was preparing to launch a tourism project\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11420,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-developer-manazel-real-estate-approves-bonus-share-after-29-profit-rise\/","url_meta":{"origin":6502,"position":3},"title":"Abu Dhabi developer Manazel Real Estate approves bonus share after 29% profit rise","date":"April 26, 2016","format":false,"excerpt":"\r Manazel Real Estate shareholders approved the distribution of a 4 per cent bonus share after the Abu Dhabi developer reported a 29 per cent rise in full year profits to Dh195 million.The developer said the growth in earnings was driven by a restructuring strategy started in 2014. Revenues were\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11442,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-developer-manazel-real-estate-approves-bonus-share-after-profit-rise\/","url_meta":{"origin":6502,"position":4},"title":"Abu Dhabi developer Manazel Real Estate approves bonus share after profit rise","date":"April 26, 2016","format":false,"excerpt":"\r Manazel Real Estate shareholders approved the distribution of a 4 per cent bonus share after the Abu Dhabi developer reported a 29 per cent rise in full-year profit to Dh195 million.The developer said the growth in earnings was driven by a restructuring stra\u00adtegy started in 2014. Revenues were flat\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52009,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/manazel-makes-further-cuts-to-planned-jordan-development\/","url_meta":{"origin":6502,"position":5},"title":"Manazel makes further cuts to planned Jordan development","date":"April 16, 2017","format":false,"excerpt":"\r Abu Dhabi-based Manazel Real Estate said it has reduced for the second time the number of homes in its long-awaited housing project in Jordan, its first outside the UAE, because of \"market feedback\". In a statement to the Abu Dhabi bourse, Manazel said it will be marketing 1,253 apartments\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/6502"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=6502"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/6502\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=6502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=6502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=6502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}