Badrah Phase 2 consolidation

[imrane]

Hello,

I have two apartments in Badrah Phase 2. Studio and One bedroom , someone called me today and offered me 50% of OP for them. Apparently they will be adjusting it in Emirates Cluster. Do you think i should sell it for 50%. Is it a fair price? Or am i being ripped off and should hold out for more...? If more how much is the market price currently... thanks

 

[dr_property]

Hello,

I have two apartments in Badrah Phase 2. Studio and One bedroom , someone called me today and offered me 50% of OP for them. Apparently they will be adjusting it in Emirates Cluster. Do you think i should sell it for 50%. Is it a fair price? Or am i being ripped off and should hold out for more...? If more how much is the market price currently... thanks

HI,

Well that's what the market is offering for Credit Notes. Your concern about being a rip off...well it depends on how long can you hold on to it and for what? In Emaar's case the Credit Notes (CN) started at 50% and now it has come up to 70% within a span of 2 months. But it depends on your amount. If your amount is like AED 500,000/- you have a good chance to negotiate but if it is AED 250,000/- +/- then I think this is ok.

For more information mail me on dr_property at mcbdubai dot com

Thanks

PS: I have a 1BR in Badrah Phase 1...(open to offers)

 

[Vak]

HI,

Well that's what the market is offering for Credit Notes. Your concern about being a rip off...well it depends on how long can you hold on to it and for what? In Emaar's case the Credit Notes (CN) started at 50% and now it has come up to 70% within a span of 2 months. But it depends on your amount. If your amount is like AED 500,000/- you have a good chance to negotiate but if it is AED 250,000/- +/- then I think this is ok.

For more information mail me on dr_property at mcbdubai dot com

Thanks

PS: I have a 1BR in Badrah Phase 1...(open to offers)

When Emaar started consolidation they also needed accelerated payment and at that time %age discount was accordingly, even today Bawadi credit notes are selling @-65% coz you need fresh cash with them.

When Nakheel started Phase 2 consolidation i myself bought veneto's @-60%, today same value note is @-45%, i do not think discount will decrease further in near future coz of many reasons such as accelerated payment etc

Very few Emaar investors want to pay.
Loads of Nakheel investors want to pay ....phase 1 receivable to Nakheel is above 400m+

my 2 cent

 

[contractor]

Al Badrah Consolidation

Dear Imrane,

I would not agree with the other comments that easily because at the end of the day you are being asked to part away with a large chunk of what you have paid out of your own pocket. I think it is a little drastic but I suppose that it would always depend on the financial standings of the owner of the property. In my experience I would say that the discount percentage would depend on a bit of old fashioned negotiations and some luck to find the right partner.

Over the past week I have consolidated a few Al Badrah credit notes, exchanging properties for them with tailor made agreements. The discount I have requested from owners average at 35%.

If you would be interested in working out a transaction, do get in touch.

 

[waterworld]

One thing to be careful with Nakheel is how they have changed the process and are no longer allowing transfers. What we think once they have opened the door to multi party consolidations and the fact that massive amounts of credit are opening up from The World, Palm Jebel Ali, Jebel Ali Village there will be lot more credit available in the market than places to apply them.

 

[Vak]

What is the current rate for consolidation credit notes?

I have a unit in Badrah phase 2 but 50% is not attractive at all.

If Phase 2 is cancelled, will nakheel reimburse investors?

And what is the likelyhood it will be cancelled?

Thanks

unofficially phase 2 is canceled

officially its on "hold" coz if they put the status "canceled" then you will be in the Que tomorrow to get full refund which they do not have...

50% is very difficult to digest but unfortunately badrah credit notes are selling in this region (-50 -52%)

and if you decide to sell, please contact me to get cash in 24hrs.

 

[sally_hsu]

anybody interested in Emaar Bawadi Maysan credit notes?

 

[Vak]

anybody interested in Emaar Bawadi Maysan credit notes?

please PM me the details
Thanks