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jb74

Is This Part Of A New Scam Or Fraud?

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I live in Croydon, like many places in and around London it attracted a lot of developers of blocks of 2 bed/2 bath "luxury" apartments.

We have one that didn't quite make it though, building has stopped halfway and it is now a derelict building site. Really awful!

It was meant to turn into this: http://www.iylo.co.uk/#home

But I have also come across this website that has posts and information as if people are living in it:

http://iylo.w3systems.net/category/news/

It has posts about a new conscierge, window cleaning and even a date for a residents meeting (I emailed one of the contacts pretending I was a resident and of course no one came back to me).

Like I said, its a building site, only residents can be rats and foxes! Are the owners/developers/banks or whoever trying to create this illusion to sell these flats to people who won't actually see them, perhaps foreign investers or something. Why would they be making this false posts if not for some sort of scam or fraud???

Has anyone found similar goings on out there?

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"Never attribute to malice that which can be explained by incompetence"

Maybe the company who run the website have got a contract to, er, design and run a website.

The fact that the product that the site promotes does not exist is not their problem :)

So in the meantime they're just filling the site with rubbish.

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"Never attribute to malice that which can be explained by incompetence"

I like this, very good :D

Still intrigued though, will seek out the designer and I've also asked Croydon Trading Standards about it, they are getting back to me soon-ish... Clearly I'm bored of waiting for house prices to crash!!

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And another thing, lucky designer to keep getting paid long after the building has been mothballed! I think the developers Phoenix Logistics may be in admin.......so even luckier to get your design contract paid in these circumstances....I wish it was as easy for the rest of us ;)

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And another thing, lucky designer to keep getting paid long after the building has been mothballed! I think the developers Phoenix Logistics may be in admin.......so even luckier to get your design contract paid in these circumstances....I wish it was as easy for the rest of us ;)

The building work is still going on ( I can see a crane moving from my office window) but very slowly. Like a number of sites in Croydon they see to have slowed down rather than stoped work.

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The building work is still going on ( I can see a crane moving from my office window) but very slowly. Like a number of sites in Croydon they see to have slowed down rather than stoped work.

Are you absolutely sure you can see the crane moving, I walked past the other day and all the grounds were covered in giant towering weeds! Maybe they are taking equipment off the site?

Either way it isn't finished and no-one can live in it, so it still makes me laugh that the website I posted has dates for residents meetings and invites to residents to local events etc etc... Really how much filling does one designer need to do. I am a designer, and generally I get paid to publish reality not made up stuff!

I am still suspicious.... :unsure:

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I wonder how many residents turned up to this today?

"We are happy to announce that an Italian Wine Bar La Dolce Vita is opening across the road from Iylo. The proud owners of La Dolve Vita have the pleasure to invite all residents to attend the grand opening on Friday the 25th June 2010 from 8pm onwards!"

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Are you absolutely sure you can see the crane moving, I walked past the other day and all the grounds were covered in giant towering weeds! Maybe they are taking equipment off the site?

Either way it isn't finished and no-one can live in it, so it still makes me laugh that the website I posted has dates for residents meetings and invites to residents to local events etc etc... Really how much filling does one designer need to do. I am a designer, and generally I get paid to publish reality not made up stuff!

I am still suspicious.... :unsure:

Update: This article from PropertyWeek.com shows that I was right about the long halt in building, perhaps they are starting again now. This article doesn't fill me with faith they will be able to finish it though, given they still need to borrow from banks! What next? 1) Less flats being built leading to house prices held high or 2) Confidence in property plummeting and bringing down house prices??

******

Lancsville collapse hits £28m Croydon tower

07 May 2010 | By Andrew Hankinson

The collapse of Lancsville Construction has delayed a £28m Croydon tower by 18 months

Phoenix Logistics, which is based in Norbury, south London, said the 20-storey Iylo tower would not be finished until summer 2011. It had been due for completion two months ago.

Lancsville, a £139m turnover London-based contractor, was building the tower before it entered administration last December. Phoenix said it fired the firm in November, after the project’s programme started to slip and Lancsville warned of further delays.

Phoenix will now complete the project itself, having rehired subcontractors and employed five of Lancsville’s project staff.

Ash Pillai, project director at developer Phoenix Logistics, said: “We have set up the St James’ Croydon LLP, in which Phoenix Logistics is the main owner, and we will continue the job ourselves under a construction management contract.”

“Phoenix said it fired Lancsville in November, after the project’s programme started to slip”

The newly formed LLP is finalising finance for the project from its bank, Lloyds TSB, which has itself caused further delay.

Pillai said: “Part of the reason it is taking this long is because we were banking with HBOS, which of course has merged with Lloyds. But we are ready to start back on site in the next few weeks.”

The cost of construction will remain about £28m, but interest payments during the delays have caused undisclosed increases in development costs, although Pillai said the project was still profitable.

Lancsville’s biggest project was a residential scheme in Ilford, Essex, called Pioneer Point. According to developer Empire Property Group, the scheme will also be finished 18 months late, in November next year. It will cost £7m more than the £42m originally estimated, owing to delays and defects.

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