About this video
An off-plan developer sells 288 units on a 50/50 payment plan. The launch tranche falls due on 50% of the Construction Works, every later unit on 50% of the Structural Works, and sales operations invoices the whole book on one date off one certificate.
Full description
Carrowmere Tower, 288 units in Business Bay, 212 sold, AED 1.06bn contracted on a 50/50 plan with no post-handover tail. Two near-identical sale-contract templates differ in one defined term, and the building contract certifies the two packages separately. Ellie rebuilds every unit's Instalment 2 trigger from its own contract, shows 152 units demanded 84 days late (AED 76m, carry AED 1.4m) and the escrow account bridged with AED 52.5m of corporate cash the board report called a timing item, finds seven termination notices computed on amounts paid where Dubai law has said unit value since 2009 (AED 5.85m of lawful retention forgone), clicks every figure through to its page, and returns the corrected demand schedule and the redrafted notices. Closes on the monthly schedule form.
Key points
- Two templates, one word different, two certificates: the whole book was invoiced off the wrong one
- 152 units called 84 days late; AED 52.5m of corporate cash bridged the escrow account while the board read collections as on plan
- Seven termination notices followed a 2019 crib sheet still on the original 2008 wording, a decade after the law moved to unit value: AED 5.85m of lawful retention left on the table
- Every figure clicks through to the certificate, statement or procedure page it came from
- Deliverables, not a diagnosis: the corrected demand schedule and the redrafted notices, then a monthly schedule
Video details
- Roles
- Owner
- Processes
- Risk & Compliance
- Geographies
- APAC
- Markets
- United Arab Emirates
- Tags
- offplan-milestone-gap, off-plan, collections, gulf