#PROJECT-Ras Al Khaimah: MINA AL ARAB - Page 6

hshouse · May 20th, 2009, 01:43 PM

Hello Everyone,

I am curious if there are any investors that have a problem with keeping up with the payments of any units.

Has the current financial crisis affected anyone's payments ?

hshouse · May 21st, 2009, 07:32 PM

It means nobody have not problem with payment , So every body paid ?
All developer and all project its going to chenge plan for payment and help to costomer But RAK properties ????????!!!!!!!

Palm-Host · May 22nd, 2009, 07:55 AM

Mine are 50% paid and there is 50% to be paid when complete.
The Payment plans for these were really good so no real problems!

hshouse · May 23rd, 2009, 10:27 PM

sure you lucky man , i didnt pay for 2 last payment because problem about money.
they not give you time for finding money , whereas they not start any constraction about apartment

davidbht · June 1st, 2009, 02:57 PM

Show Home Ready www.minaalarab.net

johnboy · August 18th, 2009, 07:08 AM

I struggled to make the 3rd payment. Did not get much pressure from RAK Properties to hurry the payment. Eventually paid full amount 4 months after scheduled date. Had hoped that they would not fine me but they have.

From the pictures on the mina website it seems like they are moving quite fast with the villa's.
I have an apartment in building 20. I reckon they will start on this building last. Will be suprised if they complete by next year as they still are declaring.

As long as lagoon is accessible which it should be ( as it is already completed) then the ambience facilities should be good enough until they complete the other phases. If they ever do?!

Palm-Host · September 6th, 2009, 02:47 PM

http://www.arabianbusiness.com/56692...ures-150m-loan

Some good news!

Although I didn´t realise they needed a loan to complete this project, some extra liquidity can´t be bad!

Palm-Host · October 1st, 2009, 09:30 AM

Does anyone know if they have started work on the apartments yet? any pics of the area? and any more updates on the hotels and leisure in this development?

Jasmine's Dad · October 12th, 2009, 10:49 PM

By Zainab Fattah
Oct. 12 (Bloomberg) -- RAK Properties PJSC, the developer that built Ras Al Khaimah’s first man-made islands, is halting parts of a 12 billion-dirham ($3.3 billion) project until market conditions improve, the chief executive officer said.
Parts of Mina Al Arab, a beach resort in the northern part of the United Arab Emirates, that haven’t been sold will be halted, Mohammed Sultan Al Qathi said in an interview last week. The developments on hold include hotels, a marina and a shopping center, Al Qathi said.
“We were dreaming of having 11 hotels; now we will go with maybe four,” Al Qathi said. “If the market improves, we will go ahead and build that” as well as the marina and retail space, he said. The development also includes office buildings.
The global financial crisis led to a slump in demand for real estate across the Middle East. About 400 projects worth more than $300 billion were put on hold or canceled in the U.A.E., Proleads Group said in July.
Infrastructure work at Mina Al Arab, which covers 2.8 million square meters, will be completed by the end of this year at a cost of 700 million dirhams, Al Qathi said.
About 70 percent of the company’s projects have been sold, while the rest have been retained “to ensure continuation of revenue,” the CEO said.

UnhappyMinaOwner · November 5th, 2009, 09:33 AM

Has anyone managed to get a mortgage on Mina al arab yet? (assuming you have all paid your 45% deposits which I hear many people haven't managed to). I live in the europe and have been told there are no lenders for this development so if you have the same problem then there is a big problem coming when RAK Properties want to collect their 55% !

sandyb · November 5th, 2009, 11:57 AM

Quote:

Originally Posted by UnhappyMinaOwner

Has anyone managed to get a mortgage on Mina al arab yet? (assuming you have all paid your 45% deposits which I hear many people haven't managed to). I live in the europe and have been told there are no lenders for this development so if you have the same problem then there is a big problem coming when RAK Properties want to collect their 55% !

Who said you can get a mortgage in the first place?

UAE properties dont work that way. You need to complete first before any bacnks will give you a mortgage!!

Foesad · November 14th, 2009, 09:32 AM

Not sure what you're talking about. Got a mortgage for Mina Al Arab for 75% of the purchase price through HSBC over a year ago.

Morrismarina · November 15th, 2009, 01:40 PM

Quote:

Originally Posted by Foesad

Not sure what you're talking about. Got a mortgage for Mina Al Arab for 75% of the purchase price through HSBC over a year ago.

I'm sure you did........this was pre credit crunch and property crash !!

davidbht · November 16th, 2009, 08:19 PM

Quote:

Originally Posted by Morrismarina

I'm sure you did........this was pre credit crunch and property crash !!

I have heard that NBD BANK IN ABU DHABI,are offering mortgages,however valuations of 2.1milAED for a villa which some customers have paid 4.2 mil AED for is not a good position.
As RaK Props increased the prices throughout every month in 2007 people will be facing negative equity on villas and townhouses when they are released at the end of 2009.
94 villas will be released to their owners in Dec 09,with a very large % will have the negative equity from day one.with punters who will have paid 45% with 55% on completion
THE BIG QUESTION IS (HOW MANY WILL COMPLETE OR WALK AWAY)
I WOULD STRONGLY SUGGEST THE FUTURE OF THIS SITE HAS SERIOUS PROBLEMS

UnhappyMinaOwner · November 17th, 2009, 09:52 AM

Quote:

Originally Posted by davidbht

I have heard that NBD BANK IN ABU DHABI,are offering mortgages,however valuations of 2.1milAED for a villa which some customers have paid 4.2 mil AED for is not a good position.
As RaK Props increased the prices throughout every month in 2007 people will be facing negative equity on villas and townhouses when they are released at the end of 2009.
94 villas will be released to their owners in Dec 09,with a very large % will have the negative equity from day one.with punters who will have paid 45% with 55% on completion
THE BIG QUESTION IS (HOW MANY WILL COMPLETE OR WALK AWAY)
I WOULD STRONGLY SUGGEST THE FUTURE OF THIS SITE HAS SERIOUS PROBLEMS

As I see it, this development is heading into serious trouble. RAK Props announced that they aren't now going to build anywhere near the amount of hotels they originally planned and the mall will also not be built. So, when we are in our nice villas or town houses and want to go out somewhere or buy some food, where on earth are we supposed to go? The place will be like a ghost town.

UnhappyMinaOwner · November 17th, 2009, 09:59 AM

Quote:

Originally Posted by davidbht

I have heard that NBD BANK IN ABU DHABI,are offering mortgages,however valuations of 2.1milAED for a villa which some customers have paid 4.2 mil AED for is not a good position.
As RaK Props increased the prices throughout every month in 2007 people will be facing negative equity on villas and townhouses when they are released at the end of 2009.
94 villas will be released to their owners in Dec 09,with a very large % will have the negative equity from day one.with punters who will have paid 45% with 55% on completion
THE BIG QUESTION IS (HOW MANY WILL COMPLETE OR WALK AWAY)
I WOULD STRONGLY SUGGEST THE FUTURE OF THIS SITE HAS SERIOUS PROBLEMS

Also, if you're non resident, my experience is that there are no banks who will now lend. I've spoken to quite a number of agents who tell me my villa at 4.54M was totally over priced and realistically its only worth about 2.1M. So even if I did get a mortgage for the remaining 55%, it will be based on 2.1M which doesn't help. If you speak to RAK Props customer services they simply don't want to know. For anyone with a 75% mortgage based on the original price you paid then when it comes to get your mortgage and paying RAK Props you may be in for a big surprise !
Apparently there are lots of other investors there experiencing the same problems. How about on this forum?

Cayman · November 19th, 2009, 05:44 PM

Quote:

Originally Posted by UnhappyMinaOwner

As I see it, this development is heading into serious trouble. RAK Props announced that they aren't now going to build anywhere near the amount of hotels they originally planned and the mall will also not be built. So, when we are in our nice villas or town houses and want to go out somewhere or buy some food, where on earth are we supposed to go? The place will be like a ghost town.

Al Hamra mall is less than 5 minutes drive. There is a full sized Spinneys there.

Palm-Host · November 20th, 2009, 10:10 AM

Does anyone know how the apartment blocks are getting along? Are they out of the ground yet? They're supposed to be handing over in August, of course never going to happen but does anyone know what it's looking like yet?

Palm-Host · November 24th, 2009, 11:29 AM

Just spoke to RAK Properties, apparently the apartments in the Lagoons area have started construction last month. The company building them have a 16 month contract so they reckon March 2011 will be handover time! so looks like we may get them in summer 2011, hopefully things will be better by the then!

gujji · December 4th, 2009, 12:03 PM

Quote:

Originally Posted by Palm-Host

Just spoke to RAK Properties, apparently the apartments in the Lagoons area have started construction last month. The company building them have a 16 month contract so they reckon March 2011 will be handover time! so looks like we may get them in summer 2011, hopefully things will be better by the then!

I received an email from RAK regarding Building 4 - precinct 2. It states:

Dear Mr. xxxxxx,

Reference to your email regarding the above mentioned subject, I would like to inform you that construction of Building no. 4 has already been commenced.

As per the Sale and Purchase Agreement, the anticipated completion date of your apartment is August 2010.

Regards,

Rajesh Kumar
Sales Admin Executive

I don't know if the building will be completed by August 2010. but as far as i can see, most projects in RAK are in full flow compared to Dubai where they have stopped.

October 12th, 2009, 10:49 PM	#109
Jasmine's Dad Registered User Join Date: Apr 2008 Posts: 377 Likes (Received): 0	RAK Plans to Halt Parts of $3.3 Billion Project By Zainab Fattah Oct. 12 (Bloomberg) -- RAK Properties PJSC, the developer that built Ras Al Khaimah’s first man-made islands, is halting parts of a 12 billion-dirham ($3.3 billion) project until market conditions improve, the chief executive officer said. Parts of Mina Al Arab, a beach resort in the northern part of the United Arab Emirates, that haven’t been sold will be halted, Mohammed Sultan Al Qathi said in an interview last week. The developments on hold include hotels, a marina and a shopping center, Al Qathi said. “We were dreaming of having 11 hotels; now we will go with maybe four,” Al Qathi said. “If the market improves, we will go ahead and build that” as well as the marina and retail space, he said. The development also includes office buildings. The global financial crisis led to a slump in demand for real estate across the Middle East. About 400 projects worth more than $300 billion were put on hold or canceled in the U.A.E., Proleads Group said in July. Infrastructure work at Mina Al Arab, which covers 2.8 million square meters, will be completed by the end of this year at a cost of 700 million dirhams, Al Qathi said. About 70 percent of the company’s projects have been sold, while the rest have been retained “to ensure continuation of revenue,” the CEO said.

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May 20th, 2009, 01:43 PM	#101
hshouse Registered User Join Date: May 2009 Posts: 3 Likes (Received): 0	Hello Everyone, I am curious if there are any investors that have a problem with keeping up with the payments of any units. Has the current financial crisis affected anyone's payments ?

May 21st, 2009, 07:32 PM	#102
hshouse Registered User Join Date: May 2009 Posts: 3 Likes (Received): 0	It means nobody have not problem with payment , So every body paid ? All developer and all project its going to chenge plan for payment and help to costomer But RAK properties ????????!!!!!!!

May 22nd, 2009, 07:55 AM	#103
Palm-Host Registered User Join Date: Mar 2007 Location: Dubai Posts: 191 Likes (Received): 1	Mine are 50% paid and there is 50% to be paid when complete. The Payment plans for these were really good so no real problems!

May 23rd, 2009, 10:27 PM	#104
hshouse Registered User Join Date: May 2009 Posts: 3 Likes (Received): 0	sure you lucky man , i didnt pay for 2 last payment because problem about money. they not give you time for finding money , whereas they not start any constraction about apartment

June 1st, 2009, 02:57 PM	#105
davidbht Registered User Join Date: Jan 2008 Posts: 42 Likes (Received): 0	Show Home Ready www.minaalarab.net

August 18th, 2009, 07:08 AM	#106
johnboy Registered User Join Date: Aug 2009 Posts: 1 Likes (Received): 0	I struggled to make the 3rd payment. Did not get much pressure from RAK Properties to hurry the payment. Eventually paid full amount 4 months after scheduled date. Had hoped that they would not fine me but they have. From the pictures on the mina website it seems like they are moving quite fast with the villa's. I have an apartment in building 20. I reckon they will start on this building last. Will be suprised if they complete by next year as they still are declaring. As long as lagoon is accessible which it should be ( as it is already completed) then the ambience facilities should be good enough until they complete the other phases. If they ever do?!

September 6th, 2009, 02:47 PM	#107
Palm-Host Registered User Join Date: Mar 2007 Location: Dubai Posts: 191 Likes (Received): 1	http://www.arabianbusiness.com/56692...ures-150m-loan Some good news! Although I didn´t realise they needed a loan to complete this project, some extra liquidity can´t be bad!

October 1st, 2009, 09:30 AM	#108
Palm-Host Registered User Join Date: Mar 2007 Location: Dubai Posts: 191 Likes (Received): 1	Does anyone know if they have started work on the apartments yet? any pics of the area? and any more updates on the hotels and leisure in this development?

November 5th, 2009, 09:33 AM	#110
UnhappyMinaOwner Registered User Join Date: Oct 2009 Posts: 6 Likes (Received): 0	Has anyone managed to get a mortgage on Mina al arab yet? (assuming you have all paid your 45% deposits which I hear many people haven't managed to). I live in the europe and have been told there are no lenders for this development so if you have the same problem then there is a big problem coming when RAK Properties want to collect their 55% !

November 14th, 2009, 09:32 AM	#112
Foesad Registered User Join Date: Nov 2009 Posts: 3 Likes (Received): 0	Not sure what you're talking about. Got a mortgage for Mina Al Arab for 75% of the purchase price through HSBC over a year ago.

November 20th, 2009, 10:10 AM	#118
Palm-Host Registered User Join Date: Mar 2007 Location: Dubai Posts: 191 Likes (Received): 1	Does anyone know how the apartment blocks are getting along? Are they out of the ground yet? They're supposed to be handing over in August, of course never going to happen but does anyone know what it's looking like yet?

November 24th, 2009, 11:29 AM	#119
Palm-Host Registered User Join Date: Mar 2007 Location: Dubai Posts: 191 Likes (Received): 1	Just spoke to RAK Properties, apparently the apartments in the Lagoons area have started construction last month. The company building them have a 16 month contract so they reckon March 2011 will be handover time! so looks like we may get them in summer 2011, hopefully things will be better by the then!