Vue De Lac

Vue De Lac
General information
Type	Residential
Location	Dubai, United Arab Emirates
Estimated completion	2011
Technical details
Floor count	Tower 1 - 40 Tower 2 - 45 Tower 3 - 40
Design and construction
Architect(s)	Gulf Engineering & Consultants
Developer	Al Attar Properties

Vue De Lac (French for "View of Lake") is a complex of three towers in Jumeirah Lake Towers in Dubai, United Arab Emirates. Two of the towers, Vue De Lac 1 and Vista Del Lago, have 40 floors. Vue De Lac 2 has 45 floors. Completion of the complex was initially promised for September 2007. In 2009 a group of 30 investors filed a case with RERA against delays in construction and changes to design plans. An official from Al Attar Properties responded that the changes were due to regulation changes and that refunds would not be considered. In early 2010 Al Attar Properties started chasing investors for $18.5 million, despite the development still not being completed. As of 2011 main construction work had still not commenced on the development.

The development featured on an episode of Homes from Hell on ITV1 in July 2010.

See also

• List of tallest buildings in Dubai

Notes

Al Attars properties got into real estate development fraud as early as late 2004. Except for some early bulk sale to people who wanted to somehow launder their dirty money, sold many apartments mainly targeting low-income and financially naive investors (knowing that they are the least likely to file legal action and launch complaint at later dates). Through great marketing campaign (offering free car/Dodge Durango, see news article) using local and international newspapers and magazines also participation in various real estate exhibitions sold thousands of apartments (seven apartment buildings such as Vue de Lac, Vista Del Lago , Toronto Tower, Vancouver Tower, Palladio, Global Point, Polaris, Skyscraper and re-sale of 1000 villas in Jumairah Village area in many occasions selling the same title to more than one investor. He embezzled hundreds of investors out of their savings. With the investors money purchased the current “Al Attar Business Tower” (previously know as Kendah House). Ironically this even further increased the investors’ confidence that Al Attar would deliver what he promised! He used the same venue (al attar business tower) to further market his properties. Many more investors flocked to al attars and purchased properties during the real estate boom. He would not refuse any price since he did not intend to deliver. Many of al attars are not necessary computer educated or even literate to express their opinion using social media. At later stage, when the projects did not proceed as he promised and when investors complained he intimidated them by saying that he has some partnership with the royal family in Dubai through some of his employees and that if they launch any complain their visa gets cancelled or they would not be allowed to visit Dubai in future. He also was dismissing any of his employees as soon as they suspected about al attar frauds. This kept him ahead of game for so many years. In addition he used the gimmick of stating that he is going to build own factories related to construction (never built any, can see some of news article before about his promises) so that is the reason he can afford the very competitive price he is offering to his customers. One big loophole that he used in his contract early on was that he did not make link between the payment installments to the construction milestone; therefore, he continued charging the investors (some paid as much as 85%) without laying a single brick.

In 2008, RERA in order to bring some so called confidence to the real estate market, asked all developers who have not started construction yet have to cancel the project and refund the investors. Al Attars immediately rushed to pile big hole in the ground (building foundation) to avoid being in this category. This was also one of the least expensive things to do. In addition, they promised some of their investors that they would like to consolidate (although there was no reason for that since al attar sold all their projects). They did not even use the escrow account at the beginning of the marketing in 2004-2005 as it was not required of developers to do so. Therefore, al attars used the investors fund for whatever purpose he wanted.

Now after so many years of delaying tactics, he is telling the investors that he will pay them from his rents proceeds while using the investors funds to build his own projects along sheikh zayed’s road. A great way to swindle money and get free financing. Despite having access to hundreds of millions of money in his various bank accounts abroad he publicly belames global recessions as a great exuse not to have delivered any of his projects. In fact “global recession” has been a “global glory” for al attars since they have found a great excuse not to refunds any of the investors money.

The major error that investors did during the heat of real estate boom in Dubai was that they did not read the purchase agreement in which the payment installment was not tied to construction milestone. Therefore, al attars can use this huge and unfortunate legal loophole to delay the project as much as he can and keep the investors money to develop his own projects so in future he gains even gain more trust of innocent and financially naïve people and this cycle of roll coaster will always continues under different fraud schemes.

With al attar is always catch 22: You ask them why you have not delivered any on your so-called projects after 7 long year. They tell you because we did not receive enough money from investors. Then you tell them why you do not cancel your project and refund the investor, they tell you because if we refund the investors we do not have enough money to build!

Al Attar current scheme is to delay and deceive as much as possible and telling some of of the investors who insisit in refund of their investments that if they want their money back they should agrree to refund of 50% only now they have to sign a document that they have no longer have any claim with al attars! He explains to them that if they take a legal route it will be much more expensive for them therefore, they should agree to his offer! What a great money swindler. We hope that investors do not fall to this trap as the law is currently turning against him and he is becoming more and more exposed.

Despite strong evidence and credible testimonies of many individuals, we do not want to be the judge and jump into conclusions and everyone including al attars should be given the benefits of the doubts. However, al attar needs to be investigated and the following fundamental questions should be asked from al attars:

- Why despite all these years he has not build or even started any projects - What happened to the investors deposited funds before and after establishments of the escrow accounts. - Is any funds from the investors deposits been used for any other purposes other than for purchase of the land or even toward the construction of the projects. - Ideally, through the public media announcement ask the investors to come forward with the proof of purchase without any intimidation and know the number of defrauded investors.

While media has roported shortcoming in al attars developments schemes on sporadic cases, much bigger issues of money laundering which is much bigger in scale and scope by al attars is clearly ignored. We hope that Dubai authorities and responsible media also pay attention to this issue.

Al attars think the risk/benefit ratio of their criminal activities in Dubai is quite low since much of such criminal activities in Dubai is categorized under “civil law” rather than “criminal law” and the punishment is not severe enough for such activities. Therefore, they continue with their criminal activities.

Also ask - Why al attar and his sons need so many bank accounts in the country and abroad. - How much cash deposits are made into al attar and his sons accounts in the UAE - Where (which bank account) the money for al attar business centre came from. - Investigate the transfer of funds between his bank accounts in UAE and abroad - How much was al attars assets in the let say 15 years ago, how much was the proceed of rents, his mortgage payments and other expenses and see if these add up to some meaningful and convincing numbers (financial auditing).

Ahmed Al Attar should be investigated for: - Money laundering (bigger fraud in scope and scale than so called real estate development) - Real Estate development fraud and embezzlement - Flooding the market with fake brand name consumable and non-consumable products - Bribing the public officials - (his son was reported to say to one of their former employee after an investor complained to him about the project delays and after he left office that “this stupid investor does not know who we are. He said that: 1) we purchased lands from government with a premium so if push comes to shove, the government is going to take our side 2) we are locals 3) RERA is our friend

Following are some sad findings: The Chairman (Ahmed Abdul Rahim al Attar) Character: - Extremely secretive - Highly deceptive - Pathogenic liar, lived his entire life the life of lie, so we assume now he believes in his own lies. - Often insecure, yet arrogant - Ruthless - Born to steal and cheat - Nor sense of remorse - Promises people heaven; however, takes them to hell - Selfish and Greedy - Absolutely no shame - Highly infatuated with money (never likes to give as he is always used to take from people) - Excellent hypocrite - Split personality - With his family live a cult like lifestyle (very little social interaction) - Very often uses the cover of religion to hide his illicit activities - Always blames others or bad circumstances for his wrongdoings - Occasionally acts silly so people think that he is simple and honest man (deceives people) - Never has done anything good in his life (no positive input in society) - Currently surrounded himself with several security guards and corrupt lawyers who advise him on exploiting every single legal loophole to not pay or delay paying back investors (if any lawyer advise him that he should pay back the investors fund, he tell them what is the point of retaining a lawyer! one of his previous lawyers was fired under this pretext) ; - Getting the gratification that he is Dubai’s Al Capone - With other people’s money build himself a beachfront home near Dubai’s police chief’s home (although believe there is no association) and now thinks he is VIP (this reminds me of similarity with a recent movie scene called “Fast Five” in which the thieves to avoid detection hide their money in a police station to keep it safe!) - Other expensive personal purchase with other people’s money was a number of expensive real estate both in Dubai and abroad, a fleet of expensive cars and a yacht – it seems all criminals have these requirements in common. - According to al attar the best man made invention is scanners; he has even defrauded banks! Very smart! - Other favorite gadget include spy gadgets that are available in the market and they use them to spy on some of their tenants and employee - Hoping that a disaster happens in the region so that the innocent people will not be in the position to ever recover their money- banking on war to save himself! - With his sons have many bank accounts locally and outside the country, so that they make cash deposits without raising bank suspicious. - Transferred large sum of his assets overseas, so in case he declare bankruptcy, he can blame the global recession and others, while maintaining his assets overseas. - Although he publicly shows dissatisfaction with economic slow down, he is quite happy that so far he did not have to face justice. - It is widely believed in Dubai business community that what is presented or known as al attar properties do not actually belong to al attars, but rather to people with highly questionable background. - As time goes by, al attars are more and more exposed. They are like ostrich with their head in the sands and their tail exposed. - According to al attars own web site it state: “Ahmad Abdulrahim Al Attar Properties sees his employees as the main part of the company’s success in U.A.E. Every member of this team is well trained, dedicated and professional. A combination of training, local knowledge of U.A.E. and willingness to go a little further than just “a job” are the skills needed for the high standards set at Ahmad Abdulrahim Al Attar Properties”. What a great lie. The reality is that attar’s treat every single members of their employee with great disrespect and dismiss every single of their employee after only short period of time. Just look at his track records of how many people he hired and how many he has fired in the last 10 years. we wish there was a survey of al attar’s employee’s job satisfaction to see the actual result.

The investigations are necessary to bring credibility to business, particularly the real estate development sector in Dubai. In addition, this is the pre-requisite to any progressive and harmonious society in which everyone should be accountable before the law.

In summary, al attar properties is more of a great disgrace and liability for Dubai than and hope that the appropriate authorities and professional journalists with moral obligations investigate this.

Despite the complex criminal scheme of al attars, we hope that the criminal justice system of the UAE investigate and bring a fair and just conclusion to this money laundering, embezzlement and ill intentions of al attars and the Dubai authority allocate enough resources to investigate al attars criminal activities.

Please find the following related sites on Al Attar Properties and Vue De Lac:

http://www.arabianbusiness.com/-we-thought-we-d-get-rich-quick--443389.html

http://gulfnews.com/news/gulf/uae/housing-property/vue-de-lac-towers-towering-trouble-in-dubai-1.785450

http://gulfnews.com/news/gulf/uae/housing-property/jlt-owners-still-waiting-for-homes-promised-in-2007-1.526478

http://www.skyscrapercity.com/showthread.php?t=187744&page=2

http://www.arabianbusiness.com/investors-file-case-with-rera-over-dubai-project-delays-11559.html

http://www.constructionweekonline.com/article-6698-disgruntled-investors-storm-rera-office/

http://www.ameinfo.com/95623.html

http://www.ameinfo.com/75118.html

http://www.khaleejtimes.com/DisplayArticleNew.asp?section=theuae&xfile=data/theuae/2011/january/theuae_january199.xml

http://www.arabianbusiness.com/dubai-developer-wants-18-5m-from-investors-8928.html

Also featured on a British broadcast (ITV 1 Channel) on a documentary called: Homes from Hell.

Search: “al attar investors” to see more sites.

External links

• Vue De Lac on Emporis.com
• Vue De Lac on Al Attar Group website