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Old April 16th, 2008, 10:59 AM   #1941
carpetking
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Congratulation Karzy

-nice interior
-nice view
-nice location
-nice finish

the dream comes true
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Old April 16th, 2008, 02:00 PM   #1942
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Quote:
Originally Posted by saskia View Post

Please note that chiller fees are not applicable for the Marina Promenade and hence are not included in the service fees.
Thats your answer. The service fees do NOT include chiller fees. Hence, you cannot ask your tenant for them.
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Old April 16th, 2008, 02:55 PM   #1943
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I have come to realize that too. I have dropped the chiller fee clause from my asking rent, instead I'm now going to try and include it in the asking price itself (that is add the imaginary chiller fee to the current market rate)
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Old April 16th, 2008, 03:57 PM   #1944
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Quote:
(that is add the imaginary chiller fee to the current market rate)
Krazy -any idea what would be a reasonable chiller fee?? We are in the same position; we will need to recoup some of the ridiculously high service charges from the tenant, but not sure how much to ask for..

We will be in Dubai as of Saturday and will meet with a real estate agent to get his advice on this, but would also be good to get some ideas from other owners in the Promenade..
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Old April 16th, 2008, 03:58 PM   #1945
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Quote:
Originally Posted by Krazy View Post
I have come to realize that too. I have dropped the chiller fee clause from my asking rent, instead I'm now going to try and include it in the asking price itself (that is add the imaginary chiller fee to the current market rate)
Huh? What do you mean? If the chiller fee is not included in the service charges, then it will be charged by DEWA. Since the tenant will pay the DEWA charges, why must you add a figure to the rent amount? BTW, what is your demand?

Krazy, have you advertised your unit? If so, how will you let prospective tenants see your apt since you yourself are not there?
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Old April 16th, 2008, 04:35 PM   #1946
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At this point, it would be best to forget the "chiller fee" and just increase the rent so that it could cover the service charges. You can use the following formula:

Suggested RENT = 8% of current Market Value of unit + Full year Service charges.

You can reduse the Rent by lowering your Rental Return from 8% to 7% or 6% and so on....
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Old April 16th, 2008, 04:47 PM   #1947
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I have begun to advertise my unit through local agents. saskia, I am going with the assumption that 50% of the Dh 24.79/sq ft fee is the chiller fee. Now it seems from the latest discussion that there is no emaar chiller fee after all? I'm confused. Neverthaless, I have received mixed response from different agents. Some have told me that I should not expect more than 120K while one told me that I should have no problems renting out @ 160K. I have decided to advertise at 145K and hope for the best.

Meanwhile, here's a letter we received from Emaar:





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Old April 16th, 2008, 07:29 PM   #1948
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Thanks for info
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Old April 16th, 2008, 08:18 PM   #1949
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Quote:
Originally Posted by IISinbadII View Post

Suggested RENT = 8% of current Market Value of unit + Full year Service charges.
surely the rental rate will be whatever the market can stand irrespective of market value?

It may be different here but coming from a UK environment the market value of the property has no bearing on the rent.
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Old April 16th, 2008, 08:29 PM   #1950
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yes but in this case that calculation actually matches the current rental rates in Dubai pretty accurately... maybe even less for other developments where services charges are not monstrous like in this one.
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Old April 16th, 2008, 08:41 PM   #1951
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Nice apartment Krazy, many congrats.

Do you want to swap with a Torch apartment, full Marina view of course
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Old April 16th, 2008, 09:31 PM   #1952
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Quote:
Originally Posted by IISinbadII View Post
Suggested RENT = 8% of current Market Value of unit + Full year Service charges.
My unit was assessed at 1.75-1.80 by various estate agents in Dubai. Using your formula, the suggested Rent= 140K+25K=165K. I doubt I will be able to get that amount.
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Old April 16th, 2008, 10:13 PM   #1953
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I got my completion certificate yesterday, i am going to try and get my keys early tomorrow, dont think they will let me have them but i will try...

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Old April 16th, 2008, 11:00 PM   #1954
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Quote:
Originally Posted by Alt-Tab View Post
I got my completion certificate yesterday, i am going to try and get my keys early tomorrow, dont think they will let me have them but i will try...

AltTab
Congrats! Please let us know the procedure and how long it takes. BTW, I think they will give you the keys earlier if you have a good reason, like flight schedules, etc. Good luck!
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Old April 16th, 2008, 11:56 PM   #1955
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Quote:
Originally Posted by Alt-Tab View Post
I got my completion certificate yesterday, i am going to try and get my keys early tomorrow, dont think they will let me have them but i will try...

AltTab
Completion certificate means you have paid your last payment and maintenance charges? Or does that mean all your snagging items are complete?

You may be the first one to get the keys. Let us know what exactly needs to be done with DEWA.

Good Luck
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Old April 17th, 2008, 01:55 AM   #1956
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Completion certificate means you have completed your payments. This is needed as substitute proof of ownership in the absence of a land registry certificate which I am told can take atleast 6 months.

Developers are not allowed to issue completion certificates until they have municipality approval. This means that you don't get it even if you have paid the final instalment until the developer is cleared by Municipality. Not a problem for Emaar but worth taking note for independant developments.
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Old April 17th, 2008, 03:03 AM   #1957
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Quote:
Originally Posted by googly View Post
My unit was assessed at 1.75-1.80 by various estate agents in Dubai. Using your formula, the suggested Rent= 140K+25K=165K. I doubt I will be able to get that amount.
You can reduce your return to 7% and using the formula, the suggested Rent=125K+25K=150K. Can you get that amount?

IMO, the following Rents are realistic and achievable:

1BR = 150K p.a.
2BR = 200K p.a.
3BR = 250K p.a.

I don't think there are too many MP units available for rent. You may have to wait a little but don't give in to the agents who will pressurize you to reduce the rent. Remember if you rent out at a low price, you could be stuck for 3 years and your losses will multiply.
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Last edited by IISinbadII; April 17th, 2008 at 03:43 AM.
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Old April 17th, 2008, 08:43 AM   #1958
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Quote:
Originally Posted by googly View Post
Congrats! Please let us know the procedure and how long it takes. BTW, I think they will give you the keys earlier if you have a good reason, like flight schedules, etc. Good luck!
Had an absolute nightmare with the transfer, as you know i only bought the unit about 4 weeks ago. After i had paid the seller and completed the transfer application I went back to the UK, in the meantime Emaar had put transfer on hold, the seller had overdue interest payments and he had not paid his mortgage discharge fees.
The seller had disappeared / out of the country he cant be contacted. I spent 4 days in the emaar office trying to get the transfer complete, so that i could get the completion certificate. I had to pay the sellers dues to get this complete.
The seller had finance on the property (somehing he had not disclosed on the MOU) so was already 100% paid.

Going to the Emaar office now, Only here for another couple of days, so i will try to get the keys today.

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Old April 17th, 2008, 09:07 AM   #1959
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Quote:
IMO, the following Rents are realistic and achievable:

1BR = 150K p.a.
2BR = 200K p.a.
3BR = 250K p.a.
These rents seem rather high to me! I see your point about being stuck with a tenant for three years, and agree it is worth waiting a little longer to get a good rent - but 200K p/a for a 2-bedroom? I'd be interested to hear why you think that would be realistic & achievable, esp considering that quite a number of Promenade apartments might hit the market within the next month.
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Old April 17th, 2008, 09:38 AM   #1960
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There are many MP apartments for Sale, but only few for Rent. Completed property is short in Dubai. MP is a very high class development and many owners after looking at the quality have decided to keep them for themselves. Some may use them as holiday homes. It is a resonable price which gives a modest 6% return to the owner after paying service charges. Also as per professionals in the field these rents are achiveable. I have already seen 3 adds in gullfnews with that price range.
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