DIFC Retail

[MH1]

Hi everyone,

I need some help on projected rents in the DIFC for a retail unit.
I have 40% left to pay on the unit and am being told it will
be ready end 2009.
The property is Park Towers with Damac.
Should I hold or sell and what is the price per sq/ft in this area
if I choose to sell ?
Thanks in advance for any replies.

MH1.

 

[PropGuy]

DAMAC sent me an offer for AED 1750 psf, but that is special offer. Don't know the current prices going there.

 

[Greco]

What exactly is it? Shop? Tell me how much you would be looking at, I might be interested in...

 

[MH1]

Its a 2400 sq/ft shop on the ground floor with direct access to and
from the outside.
I am not sure of current values but have been told to expect 500 dhs
per sq/ft rent.
Living in the UK makes it difficult to follow the market.
Is 5000 dhs per sq/ft a sensible sell price ?

 

[Greco]

Thank you MH1, I will look into it...
The residential property I own in DIFC is presently valued at 3,500 per sqft. I am not sure about commercial values but I need to look into it, especially in the last 3 months where prices have droped considerably.
On the other hand though I personally would advise you to hold on that property if you are a long term investor rather than just speculate on it. DIFC area is going to be #1 real estate value in Dubai in a few years time.

 

[MH1]

My preference is to hold the property and rent it out.
Do you think 500 dhs per sq/ft is realistic in this area ?
It will be a bit of a stretch to complete but I think I can do
it !
Thankyou for your reply Greco and anyone else who can contribute.

 

[Hussein Awadh]

Current prices in Park Towers Retail is 6000 AED/sq.ft

500 AED/sq.ft does sound a bit of a stretch, but if you're confident in doing it then do so What you need to do is find out how much the Retail units are currently being rented out at in the current surrounding ready buildings. My advice is to try and match them, but then again, it is a fantastic location, so you can try and raise up the bar in the area.

Hold on to it mate. Rent it out, but don't let it go.

There still are some units left if anyone is interested.

Cheers,

 

[zhoussam]

difc retail

hi , i would like to sell my retail in park tower , if any is interested (serious)
the area is 538 sqft , 60% is paid . i m not fixing the selling value which is kept to highest price will be submitted.

 

[MH1]

May I ask when you purchased your unit and why do you want to sell ?
Completion is due end 2009, although this seems a little optimistic !
Most people I have spoken with think this will be a great building in a top location.

MH1

 

[zhoussam]

Hi mh1 , tnx for your reply.

I bought the retail in may 2006, i have paid 60% of orig p 1614000dhs

i know it is the best location & landmark
when i bought it was to rent it (long term invest)
but i cant follow the next schedule of pay in parallel with my other obligations.
It is first time that i decide to sell it but ... I will do

if u have somebody interested it will b grade.
Further more could i get a real evaluation for this shop? If possible either from yourgoodself or any other online.
With regards

 

[MH1]

Can you disclose some details i.e. size ,what floor etc ?

Have you tried to negotiate a more flexible payment plan with Damac ?

I know it's a real long shot as they are not very understanding
about things like this [ I speak from experience ! ] but you never
know.

MH1

 

[zhoussam]

hi MH1

THE AREA OF THE RETAIL IS 538 SQ FT IN PODIUM 4 AT PARK TOWER
O.P 1614000UAEDHS AND SELLING PRICE COULD B NEGOTIABLE .
DAMAC DOES NOT LOOK FOR OTHER THAN IN CONTRACTSCHEDULE.
HOWEVER IF SOMEBODY IS INTERESTED IT WILL B HELPFULL.

 

[zhoussam]

Difc registration requirements

PLEASE DO U RECEIVE THE E MAIL REGARDING DIFC REGISTRATION REQUIREMENTS ?
IS THE FEES 3.5% ? and must be paid within 28 feb 2009?

why DAMAC are not interested to inform their owners? it is told by damac that this transfer fees will at the handing over so why we dont ask to posponned this matter?

please i would know about this point

 

[Hussein Awadh]

PLEASE DO U RECEIVE THE E MAIL REGARDING DIFC REGISTRATION REQUIREMENTS ?
IS THE FEES 3.5% ? and must be paid within 28 feb 2009?

why DAMAC are not interested to inform their owners? it is told by damac that this transfer fees will at the handing over so why we dont ask to posponned this matter?

please i would know about this point

Unfortunately this point was supposed to be disclosed to you before the purchase agreement was signed by your property consultant, but as you know in this current day and age it is very hard to find people who are honest and trustworthy and not just trying to make a sale.

 

[MH1]

Guys,

What is this 3.5% fee ?
I have not been told about this, nor have I received any demand for payment.

Tried contacting Damac yesterday about this, and guess what ? No reply !!!

Suggestions ?

MH1.