Goldcrest Business Heights launched at Emirates city

Fresh from the success of its Goldcrest Dreams project in Ajman, Star Giga Establishment, the joint venture between the Mazyood Giga Group and ETA Star Property Developers LLC, has soft launched their next project, this time a full commercial tower in Ajman.

Goldcrest Business Heights is a prominent commercial tower located at a prime position which provides the entire view of the Emirates City overlooking the lake and the shopping mall. On the either sides of the tower all the residential towers can be witnessed forming the dual cluster extending towards the shopping mall in the centre of the city till the end. It is a 36 floor commercial tower with retail areas as well as five levels of the parking facility

Mr. Haji Muhammad Rafiq, Chairman stated, “The tower is so well architecturally designed to provide the perfect blend of business and commercial environment.. Gold crest Business Heights has received great response by exceeding the expectations on the sales front during the pre-launch period”.

This was initially supposed to be eye tower 2, Its a good opportunity for those looking for affordable freehold office, since it has an easy payment plan :okay:

Here's the floor plans:






Pricing (Keep in mind i was supplied with these prices about 2 weeks ago, prices 'might' have increased since then!):

Type A1 Office
Sq.mt. 78.87
Sq Ft 848.95
Rate 510.00
Sale Value 432,964


Type A2 Office
Sq.mt. 78.87
Sq Ft 848.95
Rate 500.00
Sale Value 424,474


Type B1 Office
Sq.mt. 108.12
Sq Ft 1,163.79
Rate 510.00
Sale Value 593,534


Type B2 Office
Sq.mt. 108.12
Sq Ft 1,163.79
Rate 500.00
Sale Value 581,896


Type C1 Office
Sq.mt. 127.31
Sq Ft 1,370.35
Rate 500.00
Sale Value 685,176


Type C2 Office
Sq.mt. 127.31
Sq Ft 1,370.35
Rate 495.00
Sale Value 678,324


Type D1 Office
Sq.mt. 104.98
Sq Ft 1,129.99
Rate 500.00
Sale Value 564,997

Type D2 Office
Sq.mt. 104.98
Sq Ft 1,129.99
Rate 495.00
Sale Value 559,347


Type E Office
Sq.mt. 105.75
Sq Ft 1,138.28
Rate 490.00
Sale Value 557,758


Type F Office
Sq.mt. 99.79
Sq Ft 1,074.13
Rate 490.00
Sale Value 526,323


Type G Office
Sq.mt. 117.38
Sq Ft 1,263.47
Rate 490.00
Sale Value 619,099


Type Full Floor Office
Sq.mt. 2322.96
Sq Ft 25,004.11
Rate 475.00
Sale Value 11,876,952

Payment plan is broken down to 5 years.

price good, you know the location and you have some pics of this tower?

price good, you know the location and you have some pics of this tower?

Don't have any pics of it yet, but it is located on Plot #F2.

Possible Render (not 100% Sure):

Are there many other office towers in Ajman.? If not this might be a good investment

What is the payment plan like

will there be interest free finance like in goldcrest dreams.

When is completion

Bigger Render:
http://img233.imageshack.us/img233/5149/image001op3.jpg (http://imageshack.us)




Beautiful :)

Anybody know when the official launch is - it is still on soft launch probably

from what i hear it will be 23rd oct want a piece of advice do u guys think this project is worth a short term investment of abt 6 months

thankx

^^ v difficult to say because 6 months is too short but it could happen if they sell out soon and also the fact that there are only 4 commercial towers in emirates city - that and the price (compared to dubai that is just 25 minutes away) is my reason for buying

http://www.jrefreehold.com/site/goldcrest_business_heights/ec_master_plan.jpg

FACILITIES :


100% freehold offices
5 years Payment plan and completion within three and half year
Open plan offices
Every office has provision for its own pantry and water closet
24-hour concierge
Ground floor shopping and retails spaces
Conference facilities
Business center
Sports bar and recreational area

please change the name

new name is : Goldcrest Business Vistas

Imre, do you know whether this tower has been officially launched. I havent heard anything about the official launch but heard when goldcrest dreams 3 got launched. Where did you hear about the change of name from. Thx

Imre, do you know whether this tower has been officially launched. I havent heard anything about the official launch but heard when goldcrest dreams 3 got launched. Where did you hear about the change of name from. Thx

launch was before, today started the official selling, full page advert in the Gulfnews today.there is a new name as well.

Here is the marketing video for goldcrest business vistas

http://tw.youtube.com/watch?v=1ozPalqFVD0

After official launch 2 weeks ago goldcrest business vistas are selling for AED550 psf by the developer - so prices have edged up from AED 490 and AED510 :)

I have bought for 550 - heard they have increased rates to 650+ - in all honesty they can increase it to 1000, but will there be any buyers for that- increase in price by the developer doesnt mean I can sell mine for even 640.... I am willing to sell my unit for 600 net -

Wow! gowealthy are selling them for DHS 660 psf.:nuts: must be a new high for Ajman - but this is Stargigas premium tower in emirates city and demand must be good as it is the first commercial tower there and only 4 commercial towers are planned out of severel residential - so maybe it is a good investment.

should have bought al least another unit:bash:

ferrari430

earlier there were only 4 towers now we have 5 towers the al shalala tower on the plot d18 with the highest water fall
they are selling for 700 and plus per sqft

^^

Muffassa - looks like commercial property in the emirates city are quite highly priced compared to residential. Have you bought here at all - will you be looking to buy here. I know you have bought in goldcrest executive in JLT - I had picked up a 798 sqft unit there earlier last year on a resale

http://www.jrefreehold.com/site/goldcrest_business_vistas/ec_master_plan.jpg

I got the following reply today regarding the payment plan:


Hope you are well. With regard to the updated status for your unit in
Goldcrest Business Vista, as you are aware the completion date as per your
contract is the end of February 2011. However, we foresee a delay in the
actual handover date given the current infrastructural limitations in
Emirates city, Ajman. As a result of this delay in handover we are currently
revising your payment schedule to cover for the delayed period.

Your payments will either be stopped until we commence construction or the
bulk one quarter payments will be spread out over the delayed period.
Ultimately we are aiming to protect the best interest of the overall project
and all the customers and are in the process of finalizing the most feasible
and fair payment schedule possible.

Please allow a few weeks for these details to be sent out to you as we are
required to get certain approvals from the relevant authorities before we
can communicate the same to you. In the mean while, please hold all your
payments as they may not be payable now as per the revised payment schedule.
You can expect to receive an official document containing all the relevant
details in the next 4 to 6 weeks. We appreciate your concern and frustration
given the current global market situation and assure you we are doing our
best to give you a revised payment schedule at the earliest.

Please directly email us at this email id or at Shibin@stargigaest.com for
any further queries.

Best regards,
Star Giga Establishment.

Also worth looking at the following article where ARRA says

1) payment plans must be linked to construction progress - clearly GCV has not started construction

2) payments made so far need to be deposited in the newly formed escrow accounts

-----------------------------------------------------------------------

Registration deadline looms for Ajman developers
Nathalie Gillet

Last Updated: February 15. 2009 8:13PM UAE / February 15. 2009 4:13PM GMT
Property prices in Ajman have fallen by half recently because of the downturn. Pawan Singh / The National
AJMAN // In just six weeks since its inception Ajman’s new property regulator, the Ajman Real Estate Regulatory Agency (ARRA), has imposed wide-ranging controls on the emirate’s developers.

It has fixed a May 1 deadline for developers to register, established a framework for escrow accounts, set a moratorium on unaudited property payments and is preparing to cancel unviable projects and fine non-compliant developers.

The recent downturn in property prices – which has seen some off-plan prices drop by half in Ajman – has exposed flaws in the emirate’s property sector, where industry sources estimate more than 13 suburban developments featuring nearly 900 towers have been launched and sold off-plan in the past two years, but few have started construction.

Omar al Barguthi, the director general of ARRA, has given developers until March 5 to begin the registration process for all projects in the emirate, with a May 1 deadline for all paperwork to be completed.

“If a developer comes in April and wants to register, it will be too late,” said Mr al Barguthi in an interview at his office in Ajman. “We have started our registration process for developers as well as for all the projects. This will help us filter and classify developers. Once we have completed the registrations, we will be making decisions of cancelling, or not cancelling, or supporting.”

As part of its efforts to improve confidence in the sector, the Government last week resumed control of Marmooka City, one of the largest developments in Ajman, located on Emirates Road. It paid Dh800 million (US$217.8m) to buy out its private partner, Marmooka Capital, which had also been responsible for land sales, marketing and infrastructure development in the proposed 200-tower city.

Mr al Barguthi said any developer that failed to complete registration by May 1, and showed no intention to comply, would be fined a minimum of Dh100,000 and banned from doing business in the emirate. Any developer that advertised an unregistered project also would be fined, he added.

Ajman is the second emirate, following Dubai, to create a property regulatory body. Industry executives welcomed the move.

“This is a good step for the emirate,” said Vincent Easton, the sales director of Sherwoods, a brokerage company. “Any regulation in the current climate where investors don’t pay money, or see it disappear, is most welcome.”

Mr al Barguthi has also introduced escrow accounts, and developers who have already sold units will be required to transfer funds received to an escrow account as a step in qualifying to be licensed and registered.

“No further payments should be made outside the escrow and developers have no right to ask investors to do so,” Mr al Barguthi said, adding that buyers should no longer write cheques direct to developers.

Developers that had not started construction should not ask for any further payments, and payment schedules would be related to stages of advances in construction, he said. The ARRA would not allow any developer that had not started construction to cancel contracts due to non-payment.

“A developer [who has not started construction] cannot cancel the contract of a buyer and even if he does we will reinstate it,” Mr al Barguthi said. “If a developer does not want to co-operate [and proceed with construction], we will reclaim the land. The people who have been paying are the rightful owners of this land. They will have a share of it.”

Under the new regulations, developers also are required to maintain a minimum of 5 per cent of the total project value in the escrow account. But ARRA said it would be flexible at first, and those who had completed half of their project would not need to open an escrow account, but would still have to register.”

Ajman Bank, which opened early this month, is 55 per cent owned publicly and has 25 per cent held by the Government of Ajman. The other 20 per cent is held by other investors. The bank has been appointed as the sole guardian of escrow accounts.
“We are going to try a one-bank experience with Ajman Bank so that monitoring and control will be easy for everyone. But we also have agreements with a couple of others, should this not work,” Mr al Barguthi said.

The ARRA has also imposed rules on construction deals to prevent developers from awarding building contracts to their own businesses, which could present a conflict of interest. The agency is also planning to set up a dispute resolution committee on April 1.