Metropolis Lofts Advice

[metlofts]

Hi,

As our username suggests, we are first time buyers in the Dubai property market and would like some more information and advice if possible.

The property we are thinking about is a Studio in Metropolis Lofts.

Does anyone know the developer and how trustworthy they are?

The Studios appear to be cheap, is there a good reason for this and is Jumeirah Village South a sound investment area

Are the finishes in the common parts and the actual studios to a high standard usually?

Any opinions on Metropolis Lofts, The Developer, The Area would be useful.

Thanks in advance

R&A

 

[rayz.pm]

Metropolis Lofts

Dear Sir/Maam

It is a good project to invest in and by far the most econmically priced apartments in the area. The developers are UK Capital Investment Group and they have obtained the land from Nakheel, so the developer is bound to be trustworthy. For details of the property and the profile of the developer, pls provide you email id so that I can send you he price list and the company profile in details

Pls feel free to get in touch with us at our email - [email protected] for further clarifications and in case you need to make a booking, we can offer you the best price available worldwide

Thanks and Regards
Vibhu Dhingra
M/s Rayz Prop Mart
R-651, New Rajinder Nagar, New De;hi - 110060 (INDIA)
91-09818411814

 

[Arfie]

Its a nice development and JV is a nice up and coming area.

I can guide you through some other good properties in Dubai. You can contact me on [email protected] or 0870 345 5786

 

[Alimha]

Dear Member,

I have personally purchased a 1BR Unit in the Metropolitan Lofts Tower-1 Project in Jumeira South through Unity Estates, Mayfair, London UK. I was very impressed by the service provided by Unity Estates (Contact David Cotter) and the developer through their their affiliate company (Berleley Estates in London UK) during process of purchasing property. Upon payment of the Booking/Deposit I was promptly provided official receipts and Reservation Agreement from their legal department.

I have researched the background of the UK developer, UK Capital Investment Group...( check out their website) and conclude that UKCIG have previous experience in Dubai.....Marina Star Project currently under construction.

I was impressed by the design of the two twin towers...designed by an award winning London Architect...read aerticle on UKCIG website.

 

[MishMish]

I would like to buy a studio in Metropolis lofts... as developer seems ok as far as Dubai goes. I appreciate it is resale now. Anyone who is selling pls pm me.
Has the construction started ? and anybody know if any banks are offering finance against this project to see how secure the investment is.
Thanks for any replies...

 

[Abu Ahmad]

Hi all

I also spoke to the developer recently and they have confirmed that the revised completion date is probably around mid-late 2010. But as Metlofts correctly points out, the delay in JVS is affecting all developers.

I have a one bed on the 11th floor, 1158 sqft which I am looking to sell soon at a good price (well below the current JVS market rate) as I want to reinvest elsewhere. If anyone's interested please let me know.

The project also has an escrow account with tamweel (I have all details) and UKCIG are registered developers with the Land department/RERA.

 

[metlofts]

Ukcig

So worst case scenario UKCIG went bankrupt we'd have our money safely stored in the Escrow account right?

 

[Abu Ahmad]

So worst case scenario UKCIG went bankrupt we'd have our money safely stored in the Escrow account right?

God Willing, yes. Although we will have lost out on the capital appreciation which has been significant in the last year.

 

[Alimha]

Hi Roy,

I am Canoadian investor in Met Lofts Tower 1 .....1 BR 828 SF on Floor 27...purchased through Unity Estates in London UK. From your responses it appears that since the investor's funds are in escrow for Met Lofts Project, any financial difficulties of UKCIG sister company, UKLI, should not affect the investor funds.

Hypothetically, if the UKCIG cannot complete the Met Lofts Project part way thru the project, can you describe what would be the outcome?

So far I have paid 10 % and I have received an official receipt and a signed Reservation Agreement form the UKCIG head office in London, UK. When can I sell the unit ..do I need to get the Sale-Purchase Agreement before I can sell??

 

[Alimha]

Hi all

I also spoke to the developer recently and they have confirmed that the revised completion date is probably around mid-late 2010. But as Metlofts correctly points out, the delay in JVS is affecting all developers.

I have a one bed on the 11th floor, 1158 sqft which I am looking to sell soon at a good price (well below the current JVS market rate) as I want to reinvest elsewhere. If anyone's interested please let me know.

The project also has an escrow account with tamweel (I have all details) and UKCIG are registered developers with the Land department/RERA.

Daer Abu,

Thank you for sharing your info on Met Lofts.

I am interested in finding out what is your asking price for your Met Lofts Unit......i BR 1158 SF 11 th Floor.

Thanks.....Alimha

 

[metlofts]

Hi,

I'm waiting for a call back from the agent i purchased from. Like i said earlier, i've been to the offices of UKCIG in Knowledge Village in Dubai and the feeling got from their office was not that they were in any financial problems. Once i've spoken with my agent about this i will update this posting.

My investment in this project is £46k Floor 15 472sq ft. The funds are in an escrow account so i'm sure they must be safe.

I too would be interested in hearing what other people have bought and paid.

Thanks,
Roy

 

[metlofts]

Abu,

25% and a sale/purchase agreement will be sent. I had to hassle them a bit to get possesion of this and then had to actually go to the offices in Dubai to make sure they've got the signed copy because the contract i sent through the post didn't arrive.

Roy

 

[Abu Ahmad]

Daer Abu,

Thank you for sharing your info on Met Lofts.

I am interested in finding out what is your asking price for your Met Lofts Unit......i BR 1158 SF 11 th Floor.

Thanks.....Alimha

Hi Alimha

At present according to some research that I've done, Met Lofts is going for around 1100+ AED psf. And other developments in the area are going for 1200-1300+. Also my sources tell me that JVS by the end of the year will probably be hitting 1400-1500 psf.

I need a quick sale as I want to invest elsewhere and would be willing to sell at 950 psf. I have a signed and stamped reservation form and hopefully God Willing by the end of the month will have a full contract. I also have all receipts from my agent.

 

[Abu Ahmad]

Abu,

25% and a sale/purchase agreement will be sent. I had to hassle them a bit to get possesion of this and then had to actually go to the offices in Dubai to make sure they've got the signed copy because the contract i sent through the post didn't arrive.

Roy

Thanks Roy, I'm currently in the process of trying to get my sale and purchase agreement which I've been told should be issued by the end of the month, God willing.

I've paid 30% and have told my agent that I'll only pay my next 10% once I have the contract.

 

[metlofts]

Met Lofts

Hi,

I have a stamped sales/purchase contract from UKCIG and all receipts for 30% payment. I'm also looking for a quick sale and asking for 1000AED per sq ft. The studio is on floor 15 of tower 1, 472sq ft.

Please contact me info at optihost co uk if you're interested.

Thanks,
Roy

 

[Alimha]

Metropolitan Lofts

Hi,

I'm waiting for a call back from the agent i purchased from. Like i said earlier, i've been to the offices of UKCIG in Knowledge Village in Dubai and the feeling got from their office was not that they were in any financial problems. Once i've spoken with my agent about this i will update this posting.

My investment in this project is £46k Floor 15 472sq ft. The funds are in an escrow account so i'm sure they must be safe.

I too would be interested in hearing what other people have bought and paid.

Thanks,
Roy

Roy,

Have your heard from your agent? I spoke to Berkeley Estates in London...they are sales agent for Metro Lofts and a Sales Consultant assured me that it is OK to make the next payment. The project is expected to complete in June 2010.

Alimha

 

[m.ibrahim]

hello everyone , just found this site recently , impressed with the info ...
i bought a studio in Met Lofts, 13th floor, 472sqft , i heard that its going at DHS1000+/sqft now ... is that accurate ? and how are they doing in the resale market at the mo ? coz i might be thinking of selling it and investing else where

 

[metlofts]

Developer

UKCIG have reassured me that there is nothing to worry about. They have sent me their RERA registration docs and i have looked them up on the RERA site too.

With the delays that all projects are subject to it's easy for investors to get worried about their investment but i've been assured that the funds are in escrow account. What i suggest Metlofts investors to do is push to have their payment schedules updated according to the delay. This way you won't be paying way in advance of seeing any construction start. I for one will feel much more comfortable once i've seen construction start at JVS with my own eyes!!

Despite this i'm considering selling my 15th Floor 472 sq ft studio for 980 per sq ft. Not because of any concerns about this development, just feel a good time to sell and reinvest.

What's do people consider the best investment for £65k?

Thanks,

Roy

 

[JOHNNY-D]

ok, guyz!

hey everybody.

i have just bought a studio in Metro Lofts. the price is good.

well, i just wanted to talk to you guyz here. i like ur mails & threads.
i have a question though, when will the construction take place?


thanks.

 

[metlofts]

Met Lofts

Hi,

Your guess is good as anyone's because everytime i've asked they've said they're waiting for the handover of land from Nakheel. It was origianlly meant to be completed in mid 2009 but that's never going to be the case now. The latest is that it'll be complete late 2010 but i'm wondering if that's possible considering how long it's taking for land handover if that's what the delay really is.

Did you buy yours from an agent? I'd be interested to know what you bought and at what price if that's ok?

Thanks,
MetLofts!