#PROJECT: DUBAI SPORTS CITY

[baba toto]

Originally Posted by amplesou

as i have allready stated sold out b4 the crash
there are lots more sold out like this!
Crw1,2,3,4.
Champion tws 1,2,3
Oasis1
Some Elite& Olympic park tws
maybe more sold out over seas etc!
some say 70% sold out like the cube ?

That's crazy but possible before the crash. What about re-sales in the handful of completed buildings?

[amplesou]

Originally Posted by baba toto

That's crazy but possible before the crash.
What about re-sales in the handful of completed buildings?

Resales not great if any but investers are a stuborn bunch they will sit it out , so prices will get higher very quickly after the odd panicker!
and normallity will return !
Dubai is the city of tommorow !
Resales in very recently completed is too early to call imop!
400

[amplesou]

The situation is people have paid heavy money for these investments and they are either going to walk away ( defualters/loosers so won,t have completed) or sit it out !
Potentially off plans on the market now have already made the developers a packet by defaulters walking !

sit it out why not moneys still cheap to borrow !

dubai is as good a place as any where and better than most !

The dubai government needs to get off there back side and build a real attraction for tourists like abu dhabi is doing with ferrari world and the F1 gp imop!

[unknownpleasures]

Not all sold before the "crash"...there are still many units available in many buildings including Oasis 1, the cube etc, CRW, ......where's the information coming from that it is all sold out?

[unknownpleasures]

AED 395,000

Apartment Studio- Mediterranean Tower
Location
Dubailand
Approx. size
470 sq.ft
Ref No.
AP257289

prev advertised in May 2010!

[amplesou]

Another The Diamond completion sale today!
£202k for 850 sq. ft, 1 bed!

i wonder if there is a completion sale on dubai land registry does that show the ( if any ) premium or is that purely private between the buyer/& 2nd purchaser?

so possibly these may just be the developers prices with the premium adding even more to the price !

jeez!

[cos24]

Hi Amplesou

Isn't that quite a lot 202K for a 1 bed?

The Diamond is TFG first project and the location is not ideal.

I thought even though its completed its worth 150k max.

[amplesou]

Originally Posted by cos24

Hi Amplesou

Isn't that quite a lot 202K for a 1 bed?

The Diamond is TFG first project and the location is not ideal.

I thought even though its completed its worth 150k max.

You may find much better prices on the resale market now for sure!
The prices we are seeing (as above)now are the prices from original off plan sales way back 2005/2006 !
The diamond was always expensive and unfortunatley the loyal investers there have been overcharged imop!
The weathbuilder thing was never going to stand up ,80 occupancy @ 5 star hotel rates in that location and slow completion of dsc as a whole ,never in a million years !
but people went for it and went for it big style totally sold out as are many other in dsc,s
the bridge is a very good location (unlike the diamond) and is mixed use ie.office and apartments
nothing else in dsc like this, and will open early so may do quite well ,but as you will see from the private post the rents are not good ( the diamiond)and of course nearly all diamond investors are flooding the market with there apartments all at the same time !
so its a bidding war also !
some of the investors there must be livid !

[basheer.mohammad]

Originally Posted by amplesou

,but as you will see from the private post the rents are not good ( the diamiond)and of course nearly all diamond investors are flooding the market with there apartments all at the same time !
so its a bidding war also !
some of the investors there must be livid !

Amp what is the rent we are seeing?

[cos24]

I think the end of next year will show what this city is about as there will be quite a few developments completed at that time.

Rather than the first timescale for DSC to be completed at 2010, the scaled down version, we are probably looking 2014.

Its disappointing to see the vision being scaled down while the other emirate is building what DSC should of done e.g. ferrari world, F1 etc.

I will consider when the project is completed mid 2011 what to do because with no return in the past 2/3 years which this should of been completed has been quite hard to take. It all depends on the rental which was the primary objective.

[amplesou]

Originally Posted by basheer.mohammad

Amp what is the rent we are seeing?

the first group had a weathbuilder thing in place but my guess is some have deserted this as unachievable!
so those investors are flooding the market and no doubt the same will happen with there other towers i.e the spirit , the bridge and the matrix

when you look at the first group investment the investors are looking at a direct investment loss of approx 50%
Because they where over charged for the intial product and now the Diamiond has been handed over they realise the poor location and obstructed views ,nothing of any use for at least a mile (spinneys supermarket in motorcity being the nearest)!
Who would want to stay there when there is so much better choice else where in dsc shortly!

I reacon the rent for a 1 bed in the diamond £8k to £12k pa!
Whats that on a £160/£200k investment!
its not great is it !

but as i have said these wealthbuilder apart/hotel/cube/mixed use things are a different kettle of fish compared to our investemnt !
We bought in 60/70 % cheaper ,we can afford to just sit and use for holiday or occastional renting or just think of it as a caravan in the sun with good potential income for the future or what ever !
Basheer i know you lost your job in the uae so that put a bit of dampner on it for you !
I,m sure things in the end wil work out just fine !

[unknownpleasures]

Off plans are dead...nothing will resurrect any of them, even ferrari world isn't a certainty...all talk and again there won't be any action...just like this place...you will get some completed projects but what of it when rental and prices have gone down and are still falling...the place is a mirage and will always be, anything that gets built will have something next door that isn't...

Sporting arenas not built...where's the attraction, no one will want to rent in DSC when you can get it cheap at the Burj Khalifa instead 60 dollars a day is cheap....it's currently selling half price...where would most people want to invest in...an iconic completed project or down town in DSC? I think most people would chose the first option!

Why don't they fix the mess already created instead of starting new projects that will never happen. There isn't any money and who is interested. Not even BH is interested in selling off plans!

The majority of off plans in DSC are not sold out no matter how much people try to convince...the reality is they are not all sold out...perhaps the only one was the Bridge...the Diamond is still selling and this one's completed...also Cube, Oasis 1/2, Shami Tower, CRW and many many more......

[basheer.mohammad]

Originally Posted by amplesou

I,m sure things in the end wil work out just fine !

Hope so. lets see how it goes. I have an EMI to pay hence worried on the rental return though I am optimistic in the long run

[unknownpleasures]

Originally Posted by basheer.mohammad

Hope so. lets see how it goes. I have an EMI to pay hence worried on the rental return though I am optimistic in the long run

What's an EMI?

[basheer.mohammad]

Originally Posted by unknownpleasures

What's an EMI?

money you pay every month to the bank when you take a loan :-)

[unknownpleasures]

Originally Posted by basheer.mohammad

money you pay every month to the bank when you take a loan :-)

sorry thanks didn't know it was called EMI...just thought it was called a mortgage...what does EMI actually stand for?..

[cos24]

If i get rent around the £8k-£12k range i would feel ok considering the situation.
What were they really thinking of getting?

I think the main key is the occupancy levels, if the rent is reasonable and not stupid 5* prices and the occupancy rate is around 80% then i can see good rental returns but this would only happen when things are built and looks like a developed city.

Till the exchange rate gets better for western europe then the buyers are going to be quite restricted and interests will be low.

For me, end of next year - early 2012 will be the key date to evaluate things. I will know the city's ambitions by then and some idea of rental income.

[unknownpleasures]

I'm not really sure what people are thinking, for me it is like this, I strongly believe this place will not get completed before 2016 and that's being very generous...I'm expecting nothing basically until well after 2020 if that!

That's my opinion on the subject and for many who are not going to reach those years I really feel sorry for them...lots in their retirement years and will not be able to enjoy any of it...for holidays or whatever!

[basheer.mohammad]

Originally Posted by unknownpleasures

sorry thanks didn't know it was called EMI...just thought it was called a mortgage...what does EMI actually stand for?..

nothing to be sorry about. i thought mortgage meant a loan :-)

EMI - think is equated monthly installement

[amplesou]

Originally Posted by cos24

If i get rent around the £8k-£12k range i would feel ok considering the situation.
What were they really thinking of getting?

I think the main key is the occupancy levels, if the rent is reasonable and not stupid 5* prices and the occupancy rate is around 80% then i can see good rental returns but this would only happen when things are built and looks like a developed city.

Till the exchange rate gets better for western europe then the buyers are going to be quite restricted and interests will be low.

For me, end of next year - early 2012 will be the key date to evaluate things. I will know the city's ambitions by then and some idea of rental income.

From memory they where looking for a return of £22k p.a aprox
don,t forget these where very expensive investments packages from the first group!