BURJ RESIDENCIES - Launching on Saturday July 12

[AAPROP]

Interesting points to consider. What new projects do you think are coming up and when? Please share. Thanks.

 

[kennyhubbard]

Hi guys,

Any ideas what the payment schedule might be? Maybe some-one could lay out the schedule for one of the recent launches as that would probably be a good comparson.

Thanks

Kenny

 

[AAPROP]

Hi guys,

Any ideas what the payment schedule might be? Maybe some-one could lay out the schedule for one of the recent launches as that would probably be a good comparson.

Thanks

Kenny

At the recent launch for Emaar's Warsan estate the payment was 5% down and 15% in next 6 months and so on. May be we see the same typical emaar payment plan plan for burj residences as well. do you have any plans to invest?

 

[kennyhubbard]

Hi AAPROP,

Yup, I think I will. I dunno if it will be for a quick flip. I may take a mortgage and keep it until completion. I did quite well out of my last Emaar property, which I kept for 18 months.

I know they say its expensive, however, the end product is excellent and there is no developer risk like with others projects.

I think the value is there and if I get something within my price range I will take it.

 

[AAPROP]

Hi Kenny,

I am sure the quality is word class as this the state of the art project for emaar. Also, one must consider the location which can also jack up the prices. Any recommendation on a firm who is reputable and can arrange mortgages for overseas buyers?? I know John Charcoal is one but I wonder if you can refer someone who you may have used in the past. Thank you.

 

[kennyhubbard]

Hi AAPROP,

There are probably people here that are better qualified than me to provide info on mortgage brokers. Being resident, I have always just gone direct to the financing institutions myself.

Each of the institutions have different pros and cons. The choice would also be affected by how long you want to hold onto the property for. If you are non-resident, you will probably only be able to get 70% which gives you probably about a year to find the mortgage(depending on what payment schedule they offer),as you will have to pay the first 30% of the price.

 

[AAPROP]

Thanks Kenny. All the best during the launch.

Regards,
AAPROP

 

[kennyhubbard]

Hi AA,

Thanks and good luck to you.

As a matter of interest, I will probably use Mashreq for this deal. They seem to be offering the best terms on a long term basis at the moment with the lowest rates(6.25%). Since I have 6 months to raise the mortgage, their slow processing time won't be a problem.

Another option that is attractive is First Gulf bank because they will capitalise your interest for the build period which is a big plus......but their rate is higher at 7.5%

 

[AAPROP]

thanks for the info. let me do some further investigation on this to see which lender is best for arranging mortgages for the overseas investors. Thanks.

 

[iimz]

Hi

I have A005, would anyone be interested in this

 

[X-MAN]

I was there at the launch, and I was not sure to buy or not, coz price was hi (4750 to 5200 psf not facing burj),there were lots of apartments and not many people to buy, and every one at the launch was there to flip asap (including me),and then I met a guy trying to sell his clarens II 1 BR for zero premium.

 

[LuckyNumber]

Kenny - if you go for an Internet token - keep hitting refresh at like 5.59am as there are a que of people doing the same, it's literally all done by 6.15am!

 

[AAPROP]

yes the luanch was not that great. Not many people showed however, the prices were crazy expensive. I held off as well.