Discovery Gardens

[aazain]

I am contemplating buying a one bed apt in Discovery Garden which is being offered to me at 820 / sqft. Total sqft is 1257 (Net is 1001). Apt is scheduled for handover in june 08.

I need advice on the following:
1) Is it a good investment? (i'm interested in short term hold and resale)
2) What premium can i expect if i sell after 6 months?
3) is the price right?
4) What rentals can i expect?

 

[ITMASTER]

I think price is not bad.. can you check if there is studios also?
and how much for?

 

[paul1970]

Tamweel sold for 750 Dhs/sqft last August.

Rental expected around 65 -75 K for 1Br.

 

[aazain]

Current resale prices are in the range of 940 /sqft - 1000/sqft. I have searched a lot but have not found cheaper prices that's why when i was offered 820 i felt it was a very good price. What do you guys think?

 

[mpat]

I am contemplating buying a one bed apt in Discovery Garden which is being offered to me at 820 / sqft. Total sqft is 1257 (Net is 1001). Apt is scheduled for handover in june 08.

I need advice on the following:
1) Is it a good investment? (i'm interested in short term hold and resale)
2) What premium can i expect if i sell after 6 months?
3) is the price right?
4) What rentals can i expect?

1) Its not good for short term hold and resale.
2) Price is OK.
3) Rental can be around 65k
4) I went and see the building myself and I was not happy with the quality.They are new buildings , not occupied yet and I caould see cracks in the walls.Lifts are very ordinary like the cheapest one available in the market.No other facilities like gym sauna swimming pool were found ( I m not sure though they were there or not)

 

[aazain]

The facilities include swimming pool, basketball and volley ball courts, tennis courts, football pitch and jogging and cycling tracks.

don't you think 65k rent is very low. international city is now renting 1 bed for 65k. Discovery Garden location is much better than international city plus the size of this apt is also quite big - 1000 sqft net.

 

[mpat]

I feel that still its worth to go down personally and then decide.

 

[mpat]

DG was my first destination in order to start investing in Dubai, I made all arrangements with TAMWEEL ( they were giving at 720/ 730 PSF to me in last august ) and now you are getting at 820 PSF that shown that it has not appreciated as much as it should have.Whereas I invested in Sports city in September at 750 PSF and now its going for 1200 PSF. This is just an example , I am not trying to discourage you but I want to advice you to see it and then go ahead. I m not an expert but this is my experience that I m sharing with you.
Bye

 

[aazain]

Just came back from my site vist of DG. The buildings are almost finished and the finishing is really not bad at all.

About the observation that the prices have not appreciated that much... actually as i said before the market price currently is 950 - 1000, the 820 that i am getting is really a one off and almost impossible to get now. another reason why the prices have not really taken off is because financing is now not readily available on all the buildings... only the ones owned by FGB and Tamweel have financing on them which are few.

The advantage for me is that my apt has financing available plus the price is 820 therefore i think it's a good deal. what say?

 

[mpat]

If you are happpy with it then that s what you should consider the best,
I feel taht there will be many distress sale in teh market if we keep looking, becasue 90 % of investor in UAE buy OFF PLAN and that is one of the reason that ready properties does not appreciate the most after handover as compared with off plan...

I wish you all the best,

 

[paul1970]

Handing over - Discovery Gardens

Any news on Discovery gardens handed over. Will it be handed over
by July end as promised.

Is DEWA connection ready or will it be delayed like International city.


Paul

 

[aazain]

Handover is in June / July and on schedule. I am not sure about DEWA but the last time i went there there was leectricity and water in the apartments.

 

[aazain]

Transfer of Title

I have finally gone ahead and confirmed a 1 bed unit for purchase in DG Meditteranean. I have paid AEd 100k as deposit for the unit, my concern is that the agent is telling me that the transfer will take with the building owner and existing unit owner and that Nakheel will not be involved in the process.

Is this how transfer of titles take place in DG? can some one shed more light on this process and what steps i need to take to ensure that i don't get cheated.

 

[Fran]

A friend is offering a studio at Terra Del Sol for 590 k - 60% paid and the rest at handover.

 

[paul1970]

what is the sq.ft area?, floor,with or withour balony?

 

[Roshan]

I have finally gone ahead and confirmed a 1 bed unit for purchase in DG Meditteranean. I have paid AEd 100k as deposit for the unit, my concern is that the agent is telling me that the transfer will take with the building owner and existing unit owner and that Nakheel will not be involved in the process.

Is this how transfer of titles take place in DG? can some one shed more light on this process and what steps i need to take to ensure that i don't get cheated.

I do not know much about the transfer process but find it strange that Nakheel should not be involved. This is a good question and I will find the answers through some of the agents in the market.

In the U.S. I am told sales like this also have escrow accounts where one deposits the money into an account without any fear of been cheated.

Roshan

 

[aazain]

Thanks Roshan,

Please let me know what you find out from the agents in the market.

 

[paul1970]

The app. sq.ft rate is around 1200 Dhs. If you are paying cash , can get some other good deals in the market. Looks to me on a higher side.

Some one had taken a deal for 820 Dhs/Sqft for 1 BR.

The secondary market for Discovery gardens is slow and not tested. Since Tamweel had financed most of the buidlings, most of the buyers might be end users.
Please do your research and ask experts for their opiniun.

 

[Fran]

The offera at Gulf News are 620 k for the same.

 

[refles]

Looking to buy a studio in DG

Hi everyone,

I am new to this forum but know Dubai pretty well as I already bought a flat in the Marina and have visited twice a year for the past four years.
I read all your posts which are very informative indeed. In my opinion the market is not going to crash any time soon but hey I don't have a crystal ball, right?!

I am now looking to buy a studio in DG after doing my homework on the web. In the small ads you can get one for approximately 600K which is already 60 per cent more than when they were first launched. My aim is to buy to let, no resale in the short term. Do you think it is a good investment? Also, I saw there were four clusters, is there one which stands out from the rest in terms of quality and location,
for example which one would be the closest to Ibn Battuta Mall?

Any advice appreciated.