#PROJECT: AL REEF VILLAS (Shahama) - Page 11

speculator · September 29th, 2009, 09:32 AM

Quote:

Originally Posted by whizkid01

I would be keen on knowing if the villas are renting at the expected prices as I know for sure that few have been handed over. I have got some rents, but not sure if they would rent at those prices.

We have exited all the villas as after speaking to many corporates, we did not see good potential till 2010. The one concern most of the corporates had was this development is in the middle of no where currently. The second concern was amenities for families, though they did realise that it may not be a concern for young working couples as they will be out during the day and will have easy access to Dubai during the weekend.

In addition, they mentioned that the electricity charges are 3 times of charges for apartments and this might impact their decision making.

It was interesting talking to corporates as we had a fair chunk of villas, but as the hold period would have been longer, we decided to exit. Only time will tell if our decision of buying properties in Marina Square and selling in Al Reef was a better move or not.

Bad move ! Middle of nowhere maybe ? I dont think so. Ideal location between the 2 major emirates. Also no other foreign ownership villa development available in AD and also prices too low. Nothing else compares for value so real opportunity is present.

whizkid01 · September 29th, 2009, 10:27 AM

^

it really depends on how you look at it. We are a fund and looking to achieve an x IRR with each investment. We entered really low and were able to exit at an exceptional price. In addition we feel that we will achieve better yields on Marina square considering the price we bought those at.

In addition, we have a take on population numbers broken down by salary and also the number of villas and units coming to the market. Thus, this decision was taken after carefully studying the market.

We feel that we might have an opportunity to buy these villas next year at a better price when the initial teething issues are sorted and the proposed maintenance fee of AED 10-12 is reduced. We have an option to buy in Al Raha gardens and the fee is AED 7 there and even lower at Golf Gardens.

And there are ways for foreign owned firms to buy stuff on the Island and off the island.

speculator · September 29th, 2009, 02:06 PM

You discuss IRR however its obvious that the NPV is far better for Al reef than anything else in the region. It doesn't even have to be theoretically demonstrated.

Wait till next year and these will be higher in value. 2 beds easily 1.4 + & still a 10% ARR.

must7 · September 29th, 2009, 02:48 PM

(We have exited all the villas as after speaking to many corporates, we did not see good potential till 2010. The one concern most of the corporates had was this development is in the middle of no where currently. The second concern was amenities for families, though they did realise that it may not be a concern for young working couples as they will be out during the day and will have easy access to Dubai during the weekend)

Whizkid .. i disagree .. when you say that it is in the middle of no where. Firstly what about people who are working in AUH Airport, Masdar, Khalifa port, Gamco, Sadiyat, Yas, Al Raha area ! Where would they stay ? You have have vicinity downtown for people living in Al Reef at either Bein Al Jasrain (nice hotels) + at Umm Al Naar (golf course). Also if you are working in Al Ain .. you are in between both the cities ! Also majority of the schools have their extension in Mussafah already kids take a full 45 to 50 minutes ride daily for up & down trip from AUH city.

Manzel for all these reasons is not in the middle of no where ... Apart from that there are several mosques, churches, etc. coming up in Mussafah / Al Falah area .. this would be an added thing in the first year ..

After that in 2 years times you will have the whole Khalifa port industrial area to cater to ... & I am not even talking about the CBD area ...

Middle of nowhere .. no way ....

dubaiguy7 · September 29th, 2009, 03:44 PM

guys,

I am wondering what you think of a 2

dubaiguy7 · September 29th, 2009, 03:46 PM

guys,

I am the owner of a 5 bed med al reef which I am holding but currently selling off a 2 bed contemp and a 5 bed contemp. PM me if interested in either.

cheers DG7

moiiiiom · September 29th, 2009, 09:06 PM

As mentioned above, Manazel is not taking a monopoly stance on the leasing of these villas. Owners are free to lease through other agencies.

Lease rates that i have seen are 3 beds at 185,000 to 195,000 (a furnished 3 bed for 210,000), 2 beds for 145,000 to 150,000 , though there seems to be more demand for 3 and 4 beds so far.

Some at Manazel may say you have to lease through them, but you dont.
As far as it being in the middle of the desert, maybe so, but there isnt another development in Abu Dhabi that can compete with Reef. And corporates have pre leased some of this villas.

This is not investment advice, just facts as I have witnessed myself.

andrewl · September 30th, 2009, 12:34 PM

Agree, Manazel i think want to monitor the rentals to make sure they are not being rented out at overinflated rates. they want to make sure the whole development remains affordable and well maintained.

I have some villas available in Al Reef, 2 to 5 bedroom in most phases.

We also have some contacts looking to sell some units

Andrew

026426063

l0409 · October 2nd, 2009, 12:05 AM

I have a 2 BR and a 3BR villa in Arabian Phase. Visited the site as well as show villa last week and was surprised by the number of visitors including Nationals, Westerners and from the sub continent examining the premises. Quality of villas is better than Springs and Arabian ranches in my opinion and would like to have other views on this aspect. Infrastructure is coming up well, extensive manpower and resources deployment is visible. First occupants are likely to move shortly. Can anyone tell me whom to contact for renting out the villas and names of the corporates pre-leasing these?
Regards,

andrewl · October 4th, 2009, 09:54 AM

Quote:

Originally Posted by l0409

I have a 2 BR and a 3BR villa in Arabian Phase. Visited the site as well as show villa last week and was surprised by the number of visitors including Nationals, Westerners and from the sub continent examining the premises. Quality of villas is better than Springs and Arabian ranches in my opinion and would like to have other views on this aspect. Infrastructure is coming up well, extensive manpower and resources deployment is visible. First occupants are likely to move shortly. Can anyone tell me whom to contact for renting out the villas and names of the corporates pre-leasing these?
Regards,

If you are interested in renting/selling the units then give me a call, we can look to get tenants for the villas.

Andrew
026426063

APURB CHHIBBER · October 9th, 2009, 08:04 AM

Hi Everyone,

There was an article in Business 24-7 yesterday about Manazel seeking to make Al Reef Villa project a freehold project

. If this was to go through I am sure the property price will appreciate...so hopefully some good news for us

http://www.business24-7.ae/Articles/...18ffb732c.aspx

moiiiiom · October 11th, 2009, 07:28 PM

http://www.business24-7.ae/Articles/...18ffb732c.aspx

Manazel Real Estate, an Abu Dhabi-based developer, is expecting to obtain a "freehold" status for its Al Reef Villas project and 9712BMC, a mixed-use development, in Abu Dhabi, according to a top company executive.

"It could be made freehold as it is built in an investment zone. The law allows freehold in future. There is a possibility that it could be offered as freehold to non-GCC nationalities as well," Fahad Hareb, Chief Operating Officer, Manazel Specialists, a subsidiary of Manazel Real Estate, told Emirates Business.

Non-GCC and expatriates are currently offered a 99-year lease. Manazel is currently focusing on delivering the Arabian cluster of the Al Reef Villas project, which is a large-scale residential community, spreading across one million square metre. The development has three other clusters called Desert, Mediterranean and Contemporary along with a central downtown area.

"We expect to deliver the first phase of 244 villas in a couple of weeks. "It is all about delivering. The other phases are coming up with the hand over in Desert cluster likely to begin in the first quarter and second quarter of 2010, followed by the Mediterranean in the third quarter and Contemporary in Q4," said Hareb.

According to the company's COO, their developments are "little bit different", targeting the lower- to middle-income housing segment. "And there is high demand in this sector," he said.

Another project that Manazel is focusing on is the 9712BMC, a mixed-use development being developed over 230,000 sq m of land. "The development includes two commercial towers as well as a shopping mall, and all are under construction."

Although the project was launched a couple of years ago, it has gone through some concept changes. Hareb said the latest master plan was launched in Cityscape Abu Dhabi 2008 and it basically pushed the project forward.

Asked if the developer had witnessed incidents of defaults, Hareb said: "We have seen our share of defaults, but we are deferring some payments on 9712BMC project.

Activity on

Manazel Real Estate is still witnessing about 40 to 60 transactions per month in its Al Reef Villas project, according to Hareb.

"There is high demand for villas as they have all been sold. We have seen 40 to 60 transactions a month in the secondary market although we used to see triple of such transactions during 'good' days . People are concerned and banks are a little hesitant but transactions are happening."

But the company is not going to buy any villas from distressed investors or from the secondary market. "We don't get involved in transactions. They may be selling for less than what they picked it for," he said.

moymoypalaboy · October 13th, 2009, 06:44 AM

Can anyone confirm that delivery of Arabian has been pushed back again due to problems with electricity and water?

andrewl · October 13th, 2009, 07:42 AM

I have heard that the expected handover is November now, but nothing as to the reason behind this. Chances are Desert community will be handed over not long after Arabian phase.

uhprop · October 13th, 2009, 10:13 AM

Quote:

Originally Posted by moymoypalaboy

Can anyone confirm that delivery of Arabian has been pushed back again due to problems with electricity and water?

Handover will be by November this year, and we have confirmed 100% that there is no any problems with Electricity and Water now.

Thanks,
Mohammed
050-3231089

Hashmi · October 17th, 2009, 06:04 PM

Quote:

Originally Posted by waseem ahmed khan

Dear Friends,

I am dealing with Al Reef townhouses...and visit the site as well...Arabic style will be handover in June09..Desert in dec09..
If anybody need any kind of help can contact me anytime.

Renting will be no problem i have first officers and captain as client

regards

Waseem Ahmed Khan
00971 50 1949850

Mr Waseem, would you be so friendly and let me know - we're planning on a 4 bed in Arabic community, offered at 1.9 to us. OR, a 3 bed, same community, at 1.55. Is there anything you could add/improve to it?

Thanks!

mishmish80 · October 23rd, 2009, 07:28 AM

helloz everybody, .. anybody knows if sheikh khalifa new road will be extended to al reef villas .. i mean to sheikh maktoum bin rashed road .. E11 ??

thanks everybody

khanwaseem106 · October 31st, 2009, 06:00 PM

Quote:

Originally Posted by Hashmi

Mr Waseem, would you be so friendly and let me know - we're planning on a 4 bed in Arabic community, offered at 1.9 to us. OR, a 3 bed, same community, at 1.55. Is there anything you could add/improve to it?

Thanks!

Sorry Mr. Hashmi

I was out of the country just came back home this weekend..

I have a transfer in Abu Dhabi this week for 3 b/d in Desert community at Manazel...

If you want to meet up, then we can discuss how i can help you regarding AL Reef....are you interested in 4 b/d or 3 b/d in Arabic...

Kind regards

Waseem Khan

050 1949850

Mase · November 2nd, 2009, 07:12 PM

Has Manazel started handing over Arabian Phase or is there a delay?

speculator · November 19th, 2009, 03:32 PM

Quote:

Originally Posted by Mase

Has Manazel started handing over Arabian Phase or is there a delay?

Yes come someone ! any news on progress or handover ?

September 29th, 2009, 02:06 PM	#203
speculator Registered User Join Date: Oct 2008 Posts: 479 Likes (Received): 0	You discuss IRR however its obvious that the NPV is far better for Al reef than anything else in the region. It doesn't even have to be theoretically demonstrated. Wait till next year and these will be higher in value. 2 beds easily 1.4 + & still a 10% ARR. __________________ "Ignorance is bliss"

September 29th, 2009, 02:48 PM	#204
must7 Registered User Join Date: Mar 2008 Posts: 201 Likes (Received): 0	Al Reef villas. (We have exited all the villas as after speaking to many corporates, we did not see good potential till 2010. The one concern most of the corporates had was this development is in the middle of no where currently. The second concern was amenities for families, though they did realise that it may not be a concern for young working couples as they will be out during the day and will have easy access to Dubai during the weekend) Whizkid .. i disagree .. when you say that it is in the middle of no where. Firstly what about people who are working in AUH Airport, Masdar, Khalifa port, Gamco, Sadiyat, Yas, Al Raha area ! Where would they stay ? You have have vicinity downtown for people living in Al Reef at either Bein Al Jasrain (nice hotels) + at Umm Al Naar (golf course). Also if you are working in Al Ain .. you are in between both the cities ! Also majority of the schools have their extension in Mussafah already kids take a full 45 to 50 minutes ride daily for up & down trip from AUH city. Manzel for all these reasons is not in the middle of no where ... Apart from that there are several mosques, churches, etc. coming up in Mussafah / Al Falah area .. this would be an added thing in the first year .. After that in 2 years times you will have the whole Khalifa port industrial area to cater to ... & I am not even talking about the CBD area ... Middle of nowhere .. no way .... Last edited by must7; September 29th, 2009 at 03:48 PM.

September 29th, 2009, 09:06 PM	#207
moiiiiom Registered User Join Date: Aug 2009 Posts: 12 Likes (Received): 0	Reef Leasing As mentioned above, Manazel is not taking a monopoly stance on the leasing of these villas. Owners are free to lease through other agencies. Lease rates that i have seen are 3 beds at 185,000 to 195,000 (a furnished 3 bed for 210,000), 2 beds for 145,000 to 150,000 , though there seems to be more demand for 3 and 4 beds so far. Some at Manazel may say you have to lease through them, but you dont. As far as it being in the middle of the desert, maybe so, but there isnt another development in Abu Dhabi that can compete with Reef. And corporates have pre leased some of this villas. This is not investment advice, just facts as I have witnessed myself.

October 13th, 2009, 06:44 AM	#213
moymoypalaboy Registered User Join Date: Jun 2009 Posts: 10 Likes (Received): 0	More Delays Can anyone confirm that delivery of Arabian has been pushed back again due to problems with electricity and water?

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September 29th, 2009, 10:27 AM	#202
whizkid01 Registered User Join Date: Oct 2008 Posts: 103 Likes (Received): 0	^ it really depends on how you look at it. We are a fund and looking to achieve an x IRR with each investment. We entered really low and were able to exit at an exceptional price. In addition we feel that we will achieve better yields on Marina square considering the price we bought those at. In addition, we have a take on population numbers broken down by salary and also the number of villas and units coming to the market. Thus, this decision was taken after carefully studying the market. We feel that we might have an opportunity to buy these villas next year at a better price when the initial teething issues are sorted and the proposed maintenance fee of AED 10-12 is reduced. We have an option to buy in Al Raha gardens and the fee is AED 7 there and even lower at Golf Gardens. And there are ways for foreign owned firms to buy stuff on the Island and off the island.

September 29th, 2009, 03:44 PM	#205
dubaiguy7 Registered User Join Date: Oct 2008 Posts: 20 Likes (Received): 0	guys, I am wondering what you think of a 2

September 29th, 2009, 03:46 PM	#206
dubaiguy7 Registered User Join Date: Oct 2008 Posts: 20 Likes (Received): 0	guys, I am the owner of a 5 bed med al reef which I am holding but currently selling off a 2 bed contemp and a 5 bed contemp. PM me if interested in either. cheers DG7

September 30th, 2009, 12:34 PM	#208
andrewl Registered User Join Date: Sep 2009 Posts: 35 Likes (Received): 0	Agree, Manazel i think want to monitor the rentals to make sure they are not being rented out at overinflated rates. they want to make sure the whole development remains affordable and well maintained. I have some villas available in Al Reef, 2 to 5 bedroom in most phases. We also have some contacts looking to sell some units Andrew 026426063

October 2nd, 2009, 12:05 AM	#209
l0409 Registered User Join Date: Apr 2006 Posts: 7 Likes (Received): 0	I have a 2 BR and a 3BR villa in Arabian Phase. Visited the site as well as show villa last week and was surprised by the number of visitors including Nationals, Westerners and from the sub continent examining the premises. Quality of villas is better than Springs and Arabian ranches in my opinion and would like to have other views on this aspect. Infrastructure is coming up well, extensive manpower and resources deployment is visible. First occupants are likely to move shortly. Can anyone tell me whom to contact for renting out the villas and names of the corporates pre-leasing these? Regards,

October 9th, 2009, 08:04 AM	#211
APURB CHHIBBER Registered User Join Date: Jul 2009 Location: Dubai Posts: 61 Likes (Received): 0	Hi Everyone, There was an article in Business 24-7 yesterday about Manazel seeking to make Al Reef Villa project a freehold project . If this was to go through I am sure the property price will appreciate...so hopefully some good news for us http://www.business24-7.ae/Articles/...18ffb732c.aspx

October 11th, 2009, 07:28 PM	#212
moiiiiom Registered User Join Date: Aug 2009 Posts: 12 Likes (Received): 0	http://www.business24-7.ae/Articles/...18ffb732c.aspx Manazel Real Estate, an Abu Dhabi-based developer, is expecting to obtain a "freehold" status for its Al Reef Villas project and 9712BMC, a mixed-use development, in Abu Dhabi, according to a top company executive. "It could be made freehold as it is built in an investment zone. The law allows freehold in future. There is a possibility that it could be offered as freehold to non-GCC nationalities as well," Fahad Hareb, Chief Operating Officer, Manazel Specialists, a subsidiary of Manazel Real Estate, told Emirates Business. Non-GCC and expatriates are currently offered a 99-year lease. Manazel is currently focusing on delivering the Arabian cluster of the Al Reef Villas project, which is a large-scale residential community, spreading across one million square metre. The development has three other clusters called Desert, Mediterranean and Contemporary along with a central downtown area. "We expect to deliver the first phase of 244 villas in a couple of weeks. "It is all about delivering. The other phases are coming up with the hand over in Desert cluster likely to begin in the first quarter and second quarter of 2010, followed by the Mediterranean in the third quarter and Contemporary in Q4," said Hareb. According to the company's COO, their developments are "little bit different", targeting the lower- to middle-income housing segment. "And there is high demand in this sector," he said. Another project that Manazel is focusing on is the 9712BMC, a mixed-use development being developed over 230,000 sq m of land. "The development includes two commercial towers as well as a shopping mall, and all are under construction." Although the project was launched a couple of years ago, it has gone through some concept changes. Hareb said the latest master plan was launched in Cityscape Abu Dhabi 2008 and it basically pushed the project forward. Asked if the developer had witnessed incidents of defaults, Hareb said: "We have seen our share of defaults, but we are deferring some payments on 9712BMC project. Activity on Manazel Real Estate is still witnessing about 40 to 60 transactions per month in its Al Reef Villas project, according to Hareb. "There is high demand for villas as they have all been sold. We have seen 40 to 60 transactions a month in the secondary market although we used to see triple of such transactions during 'good' days . People are concerned and banks are a little hesitant but transactions are happening." But the company is not going to buy any villas from distressed investors or from the secondary market. "We don't get involved in transactions. They may be selling for less than what they picked it for," he said.

October 13th, 2009, 07:42 AM	#214
andrewl Registered User Join Date: Sep 2009 Posts: 35 Likes (Received): 0	I have heard that the expected handover is November now, but nothing as to the reason behind this. Chances are Desert community will be handed over not long after Arabian phase.

October 23rd, 2009, 07:28 AM	#217
mishmish80 Registered User Join Date: Aug 2009 Posts: 18 Likes (Received): 0	helloz everybody, .. anybody knows if sheikh khalifa new road will be extended to al reef villas .. i mean to sheikh maktoum bin rashed road .. E11 ?? thanks everybody

November 2nd, 2009, 07:12 PM	#219
Mase Come On You Spurs! Join Date: Sep 2008 Location: Abu Dhabi Posts: 47 Likes (Received): 1	Has Manazel started handing over Arabian Phase or is there a delay?