I bought one studio with select samoa (2nd floor) I was lied to about the fact that the island upon which pacific is on was already built. The 18 months "flexi" time they have for delivering the project late is concerning and I have been told by another developer whom I have now bought off that Select have never delivered a project on time. I do not know how accurate this statement is however!
I believe the studios will still make money but with the longer completion the return on invesment is not as good as other projects from which you will get a return end of 2009. Although they also sell the deal on resales when the investor chooses to do so after the 1st installment they have ditched resales at the current moment to focus on selling their own properties.
Much better deals on the market. see below.
If anyone is interested in the deal below send me a pm, add below.
Oyster Residence:La Hoya Bay 4th floor: Sale 1150/sqft
I have seen various quotes of 1500 / 1350 / 1420 / 1200 for current prices on La Hoya Bay by various companies. Some developers are charging higher dirham’s per square foot for good views.
Have only around 5 properties (left) on Oyster residence, La Hoya Bay on the 4th Floor all with sea views. We are selling at 1150 dirham’s per square foot and as you can imagine they are going fast!.
Properties are 4 x studios and 1 x bedroom. Studios are roughly 570 sq ft. 1 bed is 1557 sq ft.
Payment plan 30 % by September 2008 (possible flexibility) and remaining 70% on completion. 3 years guaranteed 8% rental income.
Price increase due around July, cannot guarantee how much this is but by the end of the year we expect these properties to be trading around 1600 dirham’s / sq ft.
Anyone interested let me know ASAP. Mail direct to omarwazir @ hotmail . com to discuss.
Kind regards,
Omar
LHB sucks compared to the Pacific. I mean with the pacific you have a beach with LHB u dont even have a beach. Yeh its cheap but you dont have a beach y pay 580dhs / sq ft for lhb and live on an island, when the main point of buying something on a island was to have easy access to the beach and u dont get a beach with LHB :S. lol and there is no parking for lhb :S
Pacific might be expensive but atleast u r getting a beach, ur own underground parking, swimming pool, sauana and a gym.
aaah I can see myself swimming around on the roof top pool like a mermaid
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as for late delivery. come on this is UAE tell me one project which has been on time? Even Emaar when they started the greens the lakes they were late on delivering the villas to their clients. End of the day RAK has escrow services and you know your money is going to be safe even if the developer decides to run off which I cant say the same for Ajman heheh.
Yeh prices may be high but hey its better then paying 500,000dhs for something in the middle of the desert. so y not pay 600,000dhs and get something next to a beach on a Man made Island.
RAK has lots of LIMEstone which is used for Cement manufacturing and has Gas and some Oil so I honestly think it will be a Hit in a few years to come. Also dont 4get about its beaches and mountains and only a few minutes drive into Oman. Honestly speaking if I was single I wouldnt mind living there especially when they have the Emirates Metro up and running. Hell i think it would be better to catch a train from RAK to Jebel Ali then sitting on Emirates Road for hours just to get on time.
Emirates: Ras Al-Khaimah: Country Profile - Geography, History, Government and Politics, Population and Economy Country Business Intelligence Reports: Emirates: Ras Al-Khaimah By the way Hiton Hotel is in RAK too this is for those who didnt know
