Elite 6 - Sports City

[faisalbhatti]

Reliance properties JVS

All factors need to be considered in any property purchase, but high on my list of priorities is location, orientation and facilities. As for pricing, I am extremely confident that 2008 will see substain capital growth within the development. I know of one project that will launched in the coming days overlooking the Ernie Els driving range, that will being the region of + 1900 per sq ft. Elite 7 in my opinion is not in a prime location so as a long term investment, yes I would consider it, but for flipping I would be very wary.

Stephen, I was looking to invest (long term) in DSC but the prices were way over my head, even for resales, so I have bought a studio in Reliance 12 JVS. It was a resale and I paid 950 psf, please let me know if this was the right decision and if you know anything about the developers of reliance properties and the prospects of selling this studio in 6 months or so........

 

[Stephendxb]

Dear Faisaldhatti,

It is a difficult question to answer in the sense that I would need to know more details about the studio. However, I believe prices are currently around 1150 per sq ft, ( I would need to check ) but if you follow the market news and have read the articles in todays papers you will know that property prices are forecast to increase during 2009 and into 2010.
So for a long term investment I would say you have done fine. It really depends on you own goals and when you plan to sell. If construction has started then great, if not I would advise you seek the information from the developer...and verify this yourself... the reason I say this, is that I have seen one developer dig the foundations and claim "construction started" Over two years later, nothing else has changed.
The later the stage of construction the better your chances of selling. People are getting impatient with the delays and this means buyers ( especially end users ) are now now seek developments that have a completion date in sight, or rather a building.
I am not familiar with the developer, but out of curiosity I will find out....

Stephen, I was looking to invest (long term) in DSC but the prices were way over my head, even for resales, so I have bought a studio in Reliance 12 JVS. It was a resale and I paid 950 psf, please let me know if this was the right decision and if you know anything about the developers of reliance properties and the prospects of selling this studio in 6 months or so........

 

[excaliber]

I got email on Elite 7, i am planning to buy and sell after first two installments(15% each) quartley. Any suggestion? Please advice, its 1360 for 500 sq.ft Studio, fully furnished.

 

[BluePlanet]

Has anyone purchased an Elite Sports apartment? Happy with the developer/agent? What type of sales agreement do they offer? I would like to invest in Elite 6 (and see that several Elites have sold out already) but have no clue where to begin as I don't live in the UAE.
Thx!

 

[Stephendxb]

The developer for the Elite towers is Triplanet. They have already began work on Elite 1, 2 and 3. The rest to follow very shortly. In deciding in which to buy, think location, location, location. If you want to make a purchase let me know and I will head you in the right direction.

(PS. I have one in Elite 6 )

Has anyone purchased an Elite Sports apartment? Happy with the developer/agent? What type of sales agreement do they offer? I would like to invest in Elite 6 (and see that several Elites have sold out already) but have no clue where to begin as I don't live in the UAE.
Thx!

 

[BluePlanet]

Thank you for the tip, Stephendxb. I plan to be in the UAE in October/November and will get in touch again before then.
Best regards

 

[vanityfair]

Sarah B
Wow what a great positioned apartment.
I tried to purchase on that side of the building but was too late.
I ending up purchasing on the 18th floor on the golf course side. Not where I wanted to be.
If there was a way to exchange I would.
Im going to the Elite 6 site next week to inspect the works, I will enquire about resales, etc.
Regards,

 

[Stephendxb]

Hi all,
We just want some advice really as we have recently decided to sell our 535 sq ft studio apartment in Elite 6 with parking. This is on the 20th floor out of 21 so almost at the top and great views. The only building in front of Elite 6 between the building anf the big round lake is a supermarket / building of about 5 floors, so the views from the 20th floor will be great. On top of this we have purchased studio 16, which is right at the front in the middle so will have fantastic unobscured views of the lake. We were thrilled to get this one (we bought it on day of release) and this is a regretable sale.
Anyway, we are posting this blog to see if anyone out there can recommend an estate agent or knows of people who might sell or be interested in buying? We have paid 40% to date and will pay another 10% in Jan 09, but are not looking for a huge premium. Our purchase price was a total of 746,700 AED (706,700 AED for appt plus 40,000 for parking). The property is due to be completed in 2010. Any advice would be appreciated!
kind regards

Hi Sarah,

If you are selling for financial reasons, i.e the next payment is due then I might be able to help. Please send me a PM for details.
If you really want to sell then one of the best companies is Safa Homes. Speak with Jackie ( the MD )

regards SC

 

[Stephendxb]

Elite updates

For updates on all the Elite towers, check the new website at
Triplanet Group

 

[Sportsman]

I would be encouraged that they update their website and show construction progress....better resolve and commitment than many others.

 

[memo123]

where is the progress, fence , where are the floors

 

[vanityfair]

I have just arrived back to UK from Dubai, I carried out a site visit eariler this week. Elite 6 is completely site boarded. I could not see much but ground works is being worked on.
Elite 1 and 2 still on ground works.

 

[memo123]

Did any one see what is going on with elite 4 and 5?
Anything the ?

 

[Sarah B]

Elite 6 - next payment date

Hello all,
I have been reading threads and there appears to be a lot of concern about the progress of Elite 6 etc and the property market in Dubai in general. We have registered our apartment for sale in Elite 6 (great appt - 2016 if anyone wants to buy?!) but have been advised by the estate agent not to pay the next installment to the developer right now. We are 'novices' to this and have invested our life savings on this apartment so are getting anxious.
Why might this be? - has anyone else with apartment(s) in Elite 6 or any of the Triplanet developments received similar advice or plans?
Is anyone concerned that Triplanet might not complete their development?
Has anyone seen their Escrow account as I understand that the money in these accounts is to be used for building purposes - little of which appear to have been completed to date - hence the money should be there.
Any advice or re-assurance would be gratefully appreciated!
kind regards
Sarah

 

[Stephendxb]

Investors concerns

Dear Sarah I understand your concerns. I have been dealing with property for many years, but unlike many investors, especially in the UAE market, I look for long term strategic investments. I say this because I am confident DSC will become a sound development in the coming years, but I cannot comment on Tri-planet as a company or their capabilities in these difficult times. I guess only time will tell.

Like many investors who have bought in Elite towers or even other developments, what is required at present from these developers is both reassurance and transparency. As I have said previously, I believe Tri-planet would be wise to do four things.

1. Link payments to construction, for example.

On Booking/Signing the Reservation Form - 5%
On Completion of Excavation & Shoring - 15%
On Completion of Basements & Ground Level Slab - 15%
On Completion of 5th Level Structure - 10%
On Completion of 10th Level Structure - 10%
On Completion of 15th Level Structure - 10%
On Completion of Entire External Structure - 25%
On Completion & Handover - 10%

If this type of linked payment plan was applied, it would provide major investor confidence. Again, if Tri-planet is financially secure, then adopting this type of plan shouldn’t be a problem.

2. Tri-planet to confirm all projects have an independent escrow account and monies have been paid in. (independent audit)

3. Tri-planet to confirm all units purchased by investors have been registered with the Land Department

4. Tri-planet should regularly update their website with progress reports and photos for each project.

If the above measures are adopted soon, Tri-planet would have taken the initiative in this troubled market and probably end up with even more investors.

Elite 6 is still only scheduled to be completed by 2010 and these are early days, if you can hold your investment and give the market a little time it might be a prudent move. However, we all need to monitor construction progress over the coming months.

PS Yes 2016 is in a great position and should command great views.

 

[Sarah B]

Thanks for your helpful comments Stephen
I totally agree that linking payments to construction would be fantastic. However, the problem for us at present is that we have paid 40%, another 10% is due iminently which makes 50% total and the construction has not even started (except for a bit of digging),and is nowhere near the fifth floor. As it satnds we are required to pay 10% every 3 months and at this rate could have paid a total of 90% a year from now and still little progress in building (as due for completion end Sept 09 and there is a cluase in the contract about delaying another 6 months).
In your knowledge of the market is there anything that can be done to change current payment plans retrospectively?
thanks for your reply
Sarah

 

[HaiderAli]

If this type of linked payment plan was applied, it would provide major investor confidence. Again, if Tri-planet is financially secure, then adopting this type of plan shouldn’t be a problem.

Any idea on how to check this, if they are financially secured? And if they are not, what will happen? THey do have an escrow account, is it possible that they just ran away taking investors money or what? What could be the world scenario? Any idea?

 

[fws]

Any idea on how to check this, if they are financially secured? And if they are not, what will happen? THey do have an escrow account, is it possible that they just ran away taking investors money or what? What could be the world scenario? Any idea?

Personally, I would love for the payment plan to be linked to construction, but this scare-mongering is getting totally out of hand. They haven't run away. What on earth made you say that? Have you been in touch with them before coming on a forum making such wild accusations? i spoke to them yesterday and received documents by courier today.

This whole Triplanet bashing is doing no-one any favours and is making it harder and harder to sell.

 

[HaiderAli]

Personally, I would love for the payment plan to be linked to construction, but this scare-mongering is getting totally out of hand. They haven't run away. What on earth made you say that? Have you been in touch with them before coming on a forum making such wild accusations? i spoke to them yesterday and received documents by courier today.

This whole Triplanet bashing is doing no-one any favours and is making it harder and harder to sell.

fws, it would have been great, if you would have read my post carefully before replying...

When and where did I make any accusation, I was just questioning, what can be the worst scenario?? Did you read? Hopefully, you have read it correct, this time..

I have also invested in Elite 1 and good amount of my saving is at stake, I am going to pay my second last installment within next couple of days.. I was just asking for the possibility..

Is there any bankruptcy law or something like that in UAE or what can be the worst scenario?

Because, I believe, "Hope for the BEST and Prepare for the WORST".

Lets all hope for the BEST.

 

[Stephendxb]

Thanks for your helpful comments Stephen
I totally agree that linking payments to construction would be fantastic. However, the problem for us at present is that we have paid 40%, another 10% is due iminently which makes 50% total and the construction has not even started (except for a bit of digging),and is nowhere near the fifth floor. As it satnds we are required to pay 10% every 3 months and at this rate could have paid a total of 90% a year from now and still little progress in building (as due for completion end Sept 09 and there is a cluase in the contract about delaying another 6 months).
In your knowledge of the market is there anything that can be done to change current payment plans retrospectively?
thanks for your reply
Sarah

Sarah send me a PM and I will help you.