Elite 6 is launching soon and I have recieved information from many agents. They say its a flagship project and the average prices for the studios are 1200 dhirams per sqf. Is it a hype up of the project or is it a good buy? They say like previous projects this is going to be sold out in 5 days, any comments?
Don't know much about the developer who is from Pakistan. No bank finance. What about Escrow account ??. Previous track record not aware of.
However 1200 dhs is the cheapest one can get. For a 535 sq ft which I preseume is gross, while converting to nett at 15% less usually ( could be more ) then the actual usable space is 535 x 0.85 = 455 sq ft for a price of Dhs 642,000. The actual price on nett area will be Dhs 1410 per sq ft. But I guess every developer in Sports city must be selling on gross.
Conclusion :
Dhs 1200 is the cheapest you can get.
If what the developer claims that the bldg is facing the lake ( check, it could only be a stream ) then it would add value to the property.
Track record of developer ??. He has launched 6 buildings not delivered any so far.
Check if the bldg is covered by an escrow account.
Note :
Deeyar is launching 3 buildingd in DSO. Deeyar is a good developer and their properties usually do well...BUT...DSO is leasehold for 99 years and not freehold.
I would put my money on a developer like Deeyar or any reputed developer. I would not touch anything where the developer does not have a track record - OR - Financially strong. Pay little more and have peace of mind. When good properties come into the market, they command a higher price then the other buildings, so paying that extra bit is always worth.
Regards
Roshan
