Marina Bay - Al Reem Island - Abu Dhabi

[MinDTraX]

Hi folks, lately I see some amazing offers for Marina Bay apartments on Al Reem Island in Abu Dhabi. The last one I saw had a square foot price of 1200 Dhs/sq.foot where usually the prices per sq.foot on Al Reem Island are at least 1800 Dhs. Can anybody enlighten me why people are offering these for such low rates?

 

[investorppty]

Has any one heard of a development project Marina Waves by Hydra on Al Reem Island?..

 

[sameer.dada]

That doesn't make sense. 1200 is so cheap. The market is over 2,000. Buy it! Or fwd me the offer..
Thanks.

 

[cheemz]

That doesn't make sense. 1200 is so cheap. The market is over 2,000. Buy it! Or fwd me the offer..
Thanks.

Agreed! it just doesnt make any sense... I think the OP is in that range... and with their 20/80 payment plan, its in HUGE demand...
The only way i can see that price being valid is if its a cash unit. ie, full cash payment in one shot for the unit...

 

[sameer.dada]

maybe?

In your opinion what is a good aed/sq ft rate to buy re-sale residential in Al Reem?

Do you know what the developers are planning to launch at in Cityscape?

 

[cheemz]

That's a tough one... product that was initially bought a year ago had such low OP's (1000 psf). So if you're trying to get some of those properties, the prices should be in the 1700-1800 range (ex. Addax by FGB).
Newer product that was launched in the last 4-6 months would have much higher OP's, sothe PSF now would be in the 2200-2600 range (ex. Tameer tower's new inventory launched in cityscape AD)....
So it's kinda hard to give the resale market on Reem Island a definite PSF range.
Unfortunately i'm not too aware of what will be launched in Cityscape. Developer's tend not to release that info... Unless of course you have the inside ties!
If it's anything like Cityscape AD (which it will be, and then some) developer's wil be unable to sell anything due to complete and utter madness by participants...

 

[sameer.dada]

there is so much rush at those stands. For the famous developers at least. 100's of people can't get a unit cause they go so fast. Has anyone tried standing at those stalls and re-selling their unit? Seems like it would be apretty easy. Just offer it to someone once the units being launched are booked.

 

[firasdxb]

there is a surprise between manazel and tamweel...which will raise value of BMC ..this will be in cityscape.

regarding reem, well i know plot owners who plan to launch after cityscape...and i know others who just luanched like unique managment, Marina pearl project... also there are developers who are currently selling, where you can buy straight from developers, like 5 pioneers "Time Towers" which has got an excellent location on the marina and nearest to the biggest mall in UAE which is on the reem island.

Reem island expects another boom shortly; where we might find average prices arround 3k-4k psf

reason i say this ..because am one the inside ties.. good luck..

 

[sameer.dada]

I also heard inside report just this evening. al reem to be launched 2,800, 3,000 and 3,500.
hydra, aldar, tameer.
Also heard report that alqudra is launching other towers in shades district for 3,000+

This is fantastic for people holding units in these projects already. I would recommend others to buy on re-sale for under 2,300 aed / sq ft now for al reem from good developers like al qudra, tameer and hydra. Then re-sell after cityscape..

 

[MinDTraX]

Marina Bay

Does anybody have an update on the Marina Bay project on Al Reem Island in Abu Dhabi? Seems not a lot is happening there.