#PROJECT: MARINA SQUARE (14 high-rise waterfront towers) - Page 7

blackend · September 3rd, 2010, 07:32 AM

the hand over for all of them will be on jan-fab 2011
and service charge will be 1sqft 15.75dhs

g-dust · September 5th, 2010, 12:33 PM

15.75 - is this all inclusive of District Cooling as well?

blackend · September 8th, 2010, 05:37 AM

NO

g-dust · September 13th, 2010, 07:58 AM

be interested to know what the total service charge is forecast to be?
15 + DC = 18-20-22 ???

Also be interested to know what forecast rents might be per sqft in Marina Square 80- 100-120 per sqft??

be nice to get a feel for gross rents - costs = net rents - to calculate yields against current asking prices....

andrewl · September 14th, 2010, 02:53 PM

i did this article, but happy to give more info if you want.

Marina Square eyes niche segment in Abu Dhabi

Development on the corniche will bring online more than 3,000 units across 13 high-rises after Ramadan

# By Manoj Nair, Associate Editor | Published: 00:00 August 13, 2010

Abu Dhabi: As the apartments in Marina Square on Reem Island get ready for handover, there's every chance they would emerge as the costliest in Abu Dhabi's rental market. Currently, top-of-the-line rentals for a two-bedroom apartment on the corniche would be between Dh210,000 to Dh230,000 a year.

"We believe rents will be anywhere up to 10 per cent above those for similar apartments on the Corniche on Abu Dhabi island," said Andrew Laver, manager for valuation and advisory at Chesterton International.

"The premium will reflect the location, views, parking and lack of congestion. Many owners and potential tenants have been waiting for up to three months for handover of the units. The whole project offers a new style of living with excellent views, underground parking and away from the congestion of the city centre," he added.

More than 3,000 units across 13 high-rises will be ready for occupation post-Ramadan. Industry observers believe a good number of these would enter the leasing market at some stage in the next few months. And their owners are of the sort who can demand a premium and hold their properties vacant until it's met.

Helping Marina Square's rental prospects is the limited availability of units for rents on the corniche. "Any building which is completed is often fully let within two months," said Laver. "A recently completed building in Khalidiya near the corniche let all its two-bedroom apartments within four weeks, with only a handful of the three-bedroom apartments remaining."

Price projections

According to Chesterton's projections, rental levels for apartments on the corniche should remain relatively stable in coming months even with the release of those in Marina Square. Any significant decline in rent would most likely be on properties along Al Falah and Hazaa Bin Zayed.

"Comparatively these will now appear to be over-priced compared with the offerings in Marina Square," Laver added. "With demand shifting towards Marina Square, prices there should hold as demand exceeds supply."

But Charlie Walsh, head of transactional services at Asteco Property Management, is not prepared to draw comparisons between Marina Square and the corniche, at least not yet. "Comparing rentals is a difficult task for two main reasons — firstly, the grade and quality of accommodation on the corniche varies widely depending on the age of the building, and secondly the units in Marina Square have yet to be handed over and, therefore, rental rates have yet to be proven.

So much so, he has placed potential rentals for a two-bedroom unit in Marina Square to be around Dh160,000 to Dh180,000 a year. "Important points to bear in mind when comparing the two locations is that the corniche is still regarded as a prime area to live, with the older buildings offering generally larger-sized units albeit without any facilities," said Walsh. "Marina Square in contrast is a modern development with facilities including gyms, swimming pools and ample parking, although it is yet to be an established community."

With industry analysts yet to arrive at a common ground on what the rates would be, it will be now be left for market forces to decide them.

Rents

Further drop expected

While Reem Island represents unchartered waters for Abu Dhabi's rental pool, the rest of the city could see a further softening in rents during the second half of the year.

"Potential levels could be seen as low as 20 per cent below current rental income in some cases," said a new report issued by Chesterton International, the real estate consultancy.

"With restrictions on occupation and the decrease in housing allowances by companies, occupiers are now looking to downsize their current accommodation. We have seen a noticeable shift in budgets from enquiries from Dh150,000 to Dh200,000 now ranging from Dh100,000 to Dh150,000." Moreover, rents in Dubai are currently between 20 and 40 per cent below Abu Dhabi's. "Should stock levels increase in Dubai this gap is likely to increase with rents dropping in Dubai," the report said.

— M.N.

whizkid01 · September 16th, 2010, 07:41 AM

^^^^^^

Very interesting. Do you know if the above prices are listing prices or actual transaction prices?

We just leased 6 three-bedroom apartments for our middle level management on Corniche with amenities (swimming pool and gym) at AED210,000 each. We found lot of offers before closing on the deal and only Khalidiyah Palace was around those rates. The rest of the market is coming down very quickly.

Only time will know if we are correct in reducing our exposure to Abu Dhabi and investing in Spain and Greece.

Marina Square also has fair few issues with quality, entry experience and layouts. It is one thing on the paer, it is another when you look at it in reality.

Yet, if you buy as an end user, the savings are tremendous as against paying rent, which just goes down the hole.

There is lot of supply in the market and it continues to increase. The question we have is "where are the people coming from"?

The same question was asked in Dubai, yet Abu Dhabi has multiple infrastructure projects in the pipeline which will bring in engineers, but very few will earn above AED40,000. Majority will fall within the range of AED20,000 to AED30,000 and they surely cannot afford to rent at AED17,500 / month. If anybody has thoughts on which sector is creating jobs that will allow the employees to pay these rents please let me know.

In addition, how many people have inspected Marina Square and if you have, what are your views?

***Parisian Girl*** · March 5th, 2011, 05:39 AM

Kevin Brass | Last Updated: Mar 4, 2011

The Marina Square development on Reem Island covers 26.7 hectares and includes 13 residential towers. Stephen Lock / The National

Quote:

The developer of Marina Square, the long-delayed master-planned project on Reem Island, will start handing over apartments in some towers by the end of the month, owners have been told.

The handovers are expected in phases, beginning with RAK Tower, a 43-storey residential building owned by RAK Properties. But the handing over of other completed towers may not begin until the end of May, according to notices sent to owners.

http://www.thenational.ae/business/p...m-island-units

***Parisian Girl*** · March 17th, 2011, 04:43 AM

Quote:

Kevin Brass | Last Updated: Mar 17, 2011

The developer of Marina Square on Reem Island has received completion certificates from the Abu Dhabi Government on four buildings, clearing the way for buyers to start taking possession of their units.

The approvals were granted on three residential buildings and a commercial tower, according to a statement by Tamouh, the master developer of the project. Certificates are expected in the next two months for the other nine towers that have been completed, the company said.

http://www.thenational.ae/business/p...or-reem-buyers

***Parisian Girl*** · July 18th, 2011, 01:42 AM

Quote:

by CW Staff on July 17, 2011

UAE’s RAK Properties has commenced the handover of RAK Tower in Abu Dhabi, the developer behind the project said in a statement on Saturday.

The 43-storey RAK Tower, is one of the first projects to be completed on Al Reem Island. RAK Tower is located at Marina Square, on the northern shore of Island. The project, whose delivery has started on June 27, consists of 212 residential apartments.

http://www.constructionweekonline.co...eveloper-says/

dubaigreen · October 12th, 2011, 07:51 PM

Could somebody highlight which tower on Marina Square is handed over to owners?
Appreciated

***Parisian Girl*** · May 8th, 2012, 12:10 AM

Quote:

by CW Staff on May 7, 2012

Burooj Properties has announced the completion of construction at the 'Burooj Views' tower in Abu Dhabi.

http://www.constructionweekonline.co...-burooj-views/

italiano_pellicano · May 16th, 2012, 07:24 AM

wow amazing

Alrayyan · June 28th, 2012, 04:43 PM

Im moving in an apartment at marina heights 2 in September, inshallah. :banana: Nice sea and city view with the marina and paragon bay mall right under me and Sorbonne university nearby.

pinoyinvest · July 12th, 2012, 05:53 AM

! beds in Marina Square are renting for 65K to 85K depending on rise and views, the most demanded tower seems to be Ocean Terrace, I'm currently living in Marina Square and thinking in buying.

pinoyinvest · September 8th, 2012, 08:37 AM

Quote:

Originally Posted by Alrayyan

Im moving in an apartment at marina heights 2 in September, inshallah. :banana: Nice sea and city view with the marina and paragon bay mall right under me and Sorbonne university nearby.

Good luck! Marina Square is being a disaster at the moment...

I live in Marina Square already 3 months, I have some friends living in other towers, everybody is having problems, some of the facilities are closed due to different issues... every single flat is having some humidity or leaking problem.

http://www.expatforum.com/expats/uae...uare-slum.html

mzee78 · March 30th, 2013, 11:39 AM

...

September 14th, 2010, 02:53 PM	#125
andrewl Registered User Join Date: Sep 2009 Posts: 35 Likes (Received): 0	marina square i did this article, but happy to give more info if you want. Marina Square eyes niche segment in Abu Dhabi Development on the corniche will bring online more than 3,000 units across 13 high-rises after Ramadan # By Manoj Nair, Associate Editor \| Published: 00:00 August 13, 2010 Abu Dhabi: As the apartments in Marina Square on Reem Island get ready for handover, there's every chance they would emerge as the costliest in Abu Dhabi's rental market. Currently, top-of-the-line rentals for a two-bedroom apartment on the corniche would be between Dh210,000 to Dh230,000 a year. "We believe rents will be anywhere up to 10 per cent above those for similar apartments on the Corniche on Abu Dhabi island," said Andrew Laver, manager for valuation and advisory at Chesterton International. "The premium will reflect the location, views, parking and lack of congestion. Many owners and potential tenants have been waiting for up to three months for handover of the units. The whole project offers a new style of living with excellent views, underground parking and away from the congestion of the city centre," he added. More than 3,000 units across 13 high-rises will be ready for occupation post-Ramadan. Industry observers believe a good number of these would enter the leasing market at some stage in the next few months. And their owners are of the sort who can demand a premium and hold their properties vacant until it's met. Helping Marina Square's rental prospects is the limited availability of units for rents on the corniche. "Any building which is completed is often fully let within two months," said Laver. "A recently completed building in Khalidiya near the corniche let all its two-bedroom apartments within four weeks, with only a handful of the three-bedroom apartments remaining." Price projections According to Chesterton's projections, rental levels for apartments on the corniche should remain relatively stable in coming months even with the release of those in Marina Square. Any significant decline in rent would most likely be on properties along Al Falah and Hazaa Bin Zayed. "Comparatively these will now appear to be over-priced compared with the offerings in Marina Square," Laver added. "With demand shifting towards Marina Square, prices there should hold as demand exceeds supply." But Charlie Walsh, head of transactional services at Asteco Property Management, is not prepared to draw comparisons between Marina Square and the corniche, at least not yet. "Comparing rentals is a difficult task for two main reasons — firstly, the grade and quality of accommodation on the corniche varies widely depending on the age of the building, and secondly the units in Marina Square have yet to be handed over and, therefore, rental rates have yet to be proven. So much so, he has placed potential rentals for a two-bedroom unit in Marina Square to be around Dh160,000 to Dh180,000 a year. "Important points to bear in mind when comparing the two locations is that the corniche is still regarded as a prime area to live, with the older buildings offering generally larger-sized units albeit without any facilities," said Walsh. "Marina Square in contrast is a modern development with facilities including gyms, swimming pools and ample parking, although it is yet to be an established community." With industry analysts yet to arrive at a common ground on what the rates would be, it will be now be left for market forces to decide them. Rents Further drop expected While Reem Island represents unchartered waters for Abu Dhabi's rental pool, the rest of the city could see a further softening in rents during the second half of the year. "Potential levels could be seen as low as 20 per cent below current rental income in some cases," said a new report issued by Chesterton International, the real estate consultancy. "With restrictions on occupation and the decrease in housing allowances by companies, occupiers are now looking to downsize their current accommodation. We have seen a noticeable shift in budgets from enquiries from Dh150,000 to Dh200,000 now ranging from Dh100,000 to Dh150,000." Moreover, rents in Dubai are currently between 20 and 40 per cent below Abu Dhabi's. "Should stock levels increase in Dubai this gap is likely to increase with rents dropping in Dubai," the report said. — M.N.

June 28th, 2012, 04:43 PM	#133
Alrayyan Little Monster <3 Join Date: Nov 2010 Posts: 2,410 Likes (Received): 54	Im moving in an apartment at marina heights 2 in September, inshallah. :banana: Nice sea and city view with the marina and paragon bay mall right under me and Sorbonne university nearby. __________________ I won't cry for you I won't crucify the things you do I won't cry for you, see When you're gone i'll still be Bloody Mary

March 30th, 2013, 11:39 AM	#136
mzee78 Registered User Join Date: Mar 2013 Posts: 7 Likes (Received): 0	... Last edited by mzee78; April 2nd, 2013 at 07:52 PM.

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September 3rd, 2010, 07:32 AM	#121
blackend Registered User Join Date: Jan 2010 Posts: 17 Likes (Received): 0	the hand over for all of them will be on jan-fab 2011 and service charge will be 1sqft 15.75dhs

September 5th, 2010, 12:33 PM	#122
g-dust Registered User Join Date: Jun 2008 Posts: 14 Likes (Received): 0	15.75 - is this all inclusive of District Cooling as well?

September 8th, 2010, 05:37 AM	#123
blackend Registered User Join Date: Jan 2010 Posts: 17 Likes (Received): 0	NO

September 13th, 2010, 07:58 AM	#124
g-dust Registered User Join Date: Jun 2008 Posts: 14 Likes (Received): 0	be interested to know what the total service charge is forecast to be? 15 + DC = 18-20-22 ??? Also be interested to know what forecast rents might be per sqft in Marina Square 80- 100-120 per sqft?? be nice to get a feel for gross rents - costs = net rents - to calculate yields against current asking prices....

September 16th, 2010, 07:41 AM	#126
whizkid01 Registered User Join Date: Oct 2008 Posts: 103 Likes (Received): 0	^^^^^^ Very interesting. Do you know if the above prices are listing prices or actual transaction prices? We just leased 6 three-bedroom apartments for our middle level management on Corniche with amenities (swimming pool and gym) at AED210,000 each. We found lot of offers before closing on the deal and only Khalidiyah Palace was around those rates. The rest of the market is coming down very quickly. Only time will know if we are correct in reducing our exposure to Abu Dhabi and investing in Spain and Greece. Marina Square also has fair few issues with quality, entry experience and layouts. It is one thing on the paer, it is another when you look at it in reality. Yet, if you buy as an end user, the savings are tremendous as against paying rent, which just goes down the hole. There is lot of supply in the market and it continues to increase. The question we have is "where are the people coming from"? The same question was asked in Dubai, yet Abu Dhabi has multiple infrastructure projects in the pipeline which will bring in engineers, but very few will earn above AED40,000. Majority will fall within the range of AED20,000 to AED30,000 and they surely cannot afford to rent at AED17,500 / month. If anybody has thoughts on which sector is creating jobs that will allow the employees to pay these rents please let me know. In addition, how many people have inspected Marina Square and if you have, what are your views?

October 12th, 2011, 07:51 PM	#130
dubaigreen Registered User Join Date: Dec 2006 Posts: 218 Likes (Received): 0	Could somebody highlight which tower on Marina Square is handed over to owners? Appreciated

May 16th, 2012, 07:24 AM	#132
italiano_pellicano BANNED Join Date: Feb 2010 Location: Los Angeles , US / Cancun , MX Posts: 17,966 Likes (Received): 656	wow amazing

July 12th, 2012, 05:53 AM	#134
pinoyinvest Registered User Join Date: Jul 2012 Posts: 39 Likes (Received): 0	! beds in Marina Square are renting for 65K to 85K depending on rise and views, the most demanded tower seems to be Ocean Terrace, I'm currently living in Marina Square and thinking in buying.