#PROJECT-Ras Al Khaimah: LA HOYA BAY RESIDENCE (Al Marjan Island) - Page 3

cartographer5 · November 3rd, 2007, 09:15 AM

Quote:

Originally Posted by Monument

I visited this site a few days ago - drove onto their site on Al Marjan and visited the one bed showroom (turret version).

Piling has finished on the first 4 blocks - A-D.

Studios are selling for around AED 400K for about 38 m2 and one beds about 760K AED for about 78 m2. Only a few studios left.

This development will be a hit as the setting in the sea with the mountains in the distance is wonderful and is relatively underestimated compared to Al Hamra etc. and anything in Dubai.

hi..not a slight doubt that rak is a good place to invest...
on this visit of yours on marjan island did you see any progress on the bab al bahr resort by rakeen at the entrance to the island?

any pics..

Monument · November 3rd, 2007, 10:07 AM

Unfortunately I did not notice any progress on the Resort - as I didn't know about it.

Having said that - if there was something to notice I would probably have seen it. So perhaps no or little progress?

I forgot to take my camera

13thwonder · November 17th, 2007, 02:10 PM

What will the potential of La Hoya be when completed. I am personally mulling over either a one bedroom or a studio. What something which will give me a decent return on completion.

Monument · November 18th, 2007, 08:20 AM

I suspect studios will give the better return (rental yield) per dollar although they may get better capital appreciation longer term on 1 beds.
So depends on your outlook - I guess - as I am no expert.

mrmanna · November 19th, 2007, 06:09 PM

Does anyone know what the maintenance charges are likely to be?

Also as a potential but first time investor, what will be the likelihood of renting this place out? I personally am not the type to manage myself and try to find people to rent it to.

I know there are agents out there, but would it rent regularly? I don't need a holiday home myself, either it must rent well, or easily sell near completion for a profit.

I see the potential of RAK, but it will take time IMO.

Monument · November 20th, 2007, 08:56 AM

Quote:

Originally Posted by mrmanna

Does anyone know what the maintenance charges are likely to be?

Also as a potential but first time investor, what will be the likelihood of renting this place out? I personally am not the type to manage myself and try to find people to rent it to.

I know there are agents out there, but would it rent regularly? I don't need a holiday home myself, either it must rent well, or easily sell near completion for a profit.

I see the potential of RAK, but it will take time IMO.

Service charge is AED6/sqft

13thwonder · November 20th, 2007, 08:16 PM

i mentioned earlier on that I was intereseted in a possible investment in RAK. I have no real experience of purchasing in RAK and have not at this moment done any real research. So what do people think about its possible growth potential and where are the best areas for investment???

mrmanna · November 21st, 2007, 01:54 PM

I spoke to an agent who are taking letters of intent. That is blocking an apartment without fee until reservation forms are out - apparently a couple of weeks.

The studios (my interest) are ranging from 368,000 to 441,000 on the back facing the road, depending on floor (the higher up ones will still have a decent view) and from 374,000 to 455,000 depending on floor facing front - pool/sea.

They are 391 sqft plus 50 sqft balcony, so not too big, however the same company just sold out of same size studios in Dubai Marina which sold for approximately 630,000.

Service charge is 6-8 AED per sqft for the first year. Apparently they have made sure from the Palms problems that the same does not occur and that they do not over build on it?

Payment is 15% now, 15% is six months, 70% on completion, and that 70% can be financed over 10 years at EIBOR plus prevailing rates. I'm not sure but I think that means add another 10% approx to the 70%??? Might be wrong.

Completion (70%) due December 2009. Contract allows 6 months extra grace period.

laguna33p · November 21st, 2007, 02:30 PM

mrmanna, it would help if you mention which development you are referring to.................

Bu_Bastak · November 21st, 2007, 10:49 PM

this is a beauty im lookin forward to seein nice projects like this in RAK

mrmanna · November 22nd, 2007, 01:49 AM

Quote:

Originally Posted by laguna33p

mrmanna, it would help if you mention which development you are referring to.................

I'm not saying this rudely, but the title of this thread is La Hoya Bay Residence, Al Marjan Island. Thats the development. Search for it in google, or here it is www.lahoyabay.com

Monument · November 23rd, 2007, 05:52 AM

Anyone got any photos? A lot of the groundwork has been done so it would be good to see where they are in terms of development.

Morrismarina · November 24th, 2007, 05:43 PM

What's the name of the building at the rear of La Hoya Bay Residences, just up from the Business Village on the left by the little harbour. The apartments slope down towards the sea. Is it called the Regency ?? Is it possible to buy here as the sea view will be very good ?? Anybody got any info please ??

soennecken · November 25th, 2007, 12:05 PM

Quote:

Originally Posted by Morrismarina

What's the name of the building at the rear of La Hoya Bay Residences, just up from the Business Village on the left by the little harbour. The apartments slope down towards the sea. Is it called the Regency ?? Is it possible to buy here as the sea view will be very good ?? Anybody got any info please ??

The buildings of which you speak are only a concept at the moment. The final design may not be exactly like this. There was a hotel planned for that location originally.
For photos go to www.lahoyabay.com and click on construction updates.
The original sales pitch promised completion DEC 2007. ( I dont think it will make it!)

beer51 · December 12th, 2007, 02:14 PM

Hi All

I am thinking of buying a property in Al Marjan Island. Beside La Hoya Bay I've found another development by a company called Pure real Estate Consultancy, project is called Blu Mirage. I don't know much about the company and would be grateful if anybody has any info. Also is RAK and particularlry Al Marjan Island is a good place to invest in terms of rentals and capital appreciation. Any opinions will be much appreciate it. Thanks in advance.

Morrismarina · December 15th, 2007, 10:58 AM

Quote:

Originally Posted by beer51

Hi All

I am thinking of buying a property in Al Marjan Island. Beside La Hoya Bay I've found another development by a company called Pure real Estate Consultancy, project is called Blu Mirage. I don't know much about the company and would be grateful if anybody has any info. Also is RAK and particularlry Al Marjan Island is a good place to invest in terms of rentals and capital appreciation. Any opinions will be much appreciate it. Thanks in advance.

Had a look at Blu Mirage website looks a nice development but I have no other info about them. However like 99% of projects the developer is greedy, the payments schedule is not linked in any way to construction, hence you are paying out a large amount of money which could cost you hell of a lot if construction is delayed - or not built at all. High risk. I would suggest you look at La Hoya Bay Residences as only 30% needs to be paid upfront with 70% on completion so much less risk and cheaper to finance if not completed on time. I bought my apartment through Select Property. www.selectproperty.com
I think Al Marjan Island is an excellent place to invest. It has the wow factor of being a man made island, like the Palm. Also there are numerous projects being launched in RAK like Gateway City, Financial Centre, etc....so the area will really boom in the comming years. I'd say get in quick before prices really take off but IMO definitely buy on one of the man made islands rather than on land.

Monument · December 15th, 2007, 10:49 PM

Quote:

Originally Posted by Morrismarina

Had a look at Blu Mirage website looks a nice development but I have no other info about them. However like 99% of projects the developer is greedy, the payments schedule is not linked in any way to construction, hence you are paying out a large amount of money which could cost you hell of a lot if construction is delayed - or not built at all. High risk. I would suggest you look at La Hoya Bay Residences as only 30% needs to be paid upfront with 70% on completion so much less risk and cheaper to finance if not completed on time. I bought my apartment through Select Property. www.selectproperty.com
I think Al Marjan Island is an excellent place to invest. It has the wow factor of being a man made island, like the Palm. Also there are numerous projects being launched in RAK like Gateway City, Financial Centre, etc....so the area will really boom in the comming years. I'd say get in quick before prices really take off but IMO definitely buy on one of the man made islands rather than on land.

La Mirage is by an unlown developer - one Mohd Riaz from the UK (I think that was the name I was given and his develpment company is called Paramount) - plus when I last looked there was absolutely no development on their site. Giving them 90% of their funds upfront - before completion - is madness when they are an unknown. La Hoya payment plan is excellent and gives you a lot of confidence in the developer. He doesn't get his money until he completes. Very fair.

Morrismarina · December 16th, 2007, 12:17 PM

Quote:

Originally Posted by Monument

La Mirage is by an unlown developer - one Mohd Riaz from the UK (I think that was the name I was given and his develpment company is called Paramount) - plus when I last looked there was absolutely no development on their site. Giving them 90% of their funds upfront - before completion - is madness when they are an unknown. La Hoya payment plan is excellent and gives you a lot of confidence in the developer. He doesn't get his money until he completes. Very fair.

And if you look at the La Hoya Bay website most of the piling has been completed now.

If anybody was to buy in Blu Mirage would be worth checking if an escrow account is in place.........but not sure if the new laws only apply to Dubai and not RAK. If they don't apply to RAK then the developer could put escrow in place voluntarily. I'm told by SP that my 30% payment on LHB does in fact go into an escrow account and this will be stated in the contract when I get it in January.

rexdmx · December 16th, 2007, 03:12 PM

fancy seeing you here morris....left the torch eh

Morrismarina · December 16th, 2007, 08:33 PM

Quote:

Originally Posted by rexdmx

fancy seeing you here morris....left the torch eh

Yeah, I'm fed up listening to all the shit over there.

December 16th, 2007, 03:12 PM	#59
rexdmx Registered User Join Date: Dec 2006 Posts: 2,054 Likes (Received): 0	fancy seeing you here morris....left the torch eh __________________ in the land of the blind the one eyed man is king

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November 3rd, 2007, 10:07 AM	#42
Monument Registered User Join Date: Nov 2006 Posts: 265 Likes (Received): 1	Unfortunately I did not notice any progress on the Resort - as I didn't know about it. Having said that - if there was something to notice I would probably have seen it. So perhaps no or little progress? I forgot to take my camera

November 17th, 2007, 02:10 PM	#43
13thwonder Registered User Join Date: Nov 2007 Posts: 6 Likes (Received): 0	What will the potential of La Hoya be when completed. I am personally mulling over either a one bedroom or a studio. What something which will give me a decent return on completion.

November 18th, 2007, 08:20 AM	#44
Monument Registered User Join Date: Nov 2006 Posts: 265 Likes (Received): 1	I suspect studios will give the better return (rental yield) per dollar although they may get better capital appreciation longer term on 1 beds. So depends on your outlook - I guess - as I am no expert.

November 19th, 2007, 06:09 PM	#45
mrmanna Registered User Join Date: Nov 2007 Posts: 3 Likes (Received): 0	Does anyone know what the maintenance charges are likely to be? Also as a potential but first time investor, what will be the likelihood of renting this place out? I personally am not the type to manage myself and try to find people to rent it to. I know there are agents out there, but would it rent regularly? I don't need a holiday home myself, either it must rent well, or easily sell near completion for a profit. I see the potential of RAK, but it will take time IMO.

November 20th, 2007, 08:16 PM	#47
13thwonder Registered User Join Date: Nov 2007 Posts: 6 Likes (Received): 0	i mentioned earlier on that I was intereseted in a possible investment in RAK. I have no real experience of purchasing in RAK and have not at this moment done any real research. So what do people think about its possible growth potential and where are the best areas for investment???

November 21st, 2007, 01:54 PM	#48
mrmanna Registered User Join Date: Nov 2007 Posts: 3 Likes (Received): 0	I spoke to an agent who are taking letters of intent. That is blocking an apartment without fee until reservation forms are out - apparently a couple of weeks. The studios (my interest) are ranging from 368,000 to 441,000 on the back facing the road, depending on floor (the higher up ones will still have a decent view) and from 374,000 to 455,000 depending on floor facing front - pool/sea. They are 391 sqft plus 50 sqft balcony, so not too big, however the same company just sold out of same size studios in Dubai Marina which sold for approximately 630,000. Service charge is 6-8 AED per sqft for the first year. Apparently they have made sure from the Palms problems that the same does not occur and that they do not over build on it? Payment is 15% now, 15% is six months, 70% on completion, and that 70% can be financed over 10 years at EIBOR plus prevailing rates. I'm not sure but I think that means add another 10% approx to the 70%??? Might be wrong. Completion (70%) due December 2009. Contract allows 6 months extra grace period.

November 21st, 2007, 02:30 PM	#49
laguna33p Registered User Join Date: Oct 2006 Posts: 425 Likes (Received): 0	mrmanna, it would help if you mention which development you are referring to.................

November 21st, 2007, 10:49 PM	#50
Bu_Bastak King of Kings Join Date: Nov 2005 Location: Dubai Posts: 76 Likes (Received): 0	this is a beauty im lookin forward to seein nice projects like this in RAK

November 23rd, 2007, 05:52 AM	#52
Monument Registered User Join Date: Nov 2006 Posts: 265 Likes (Received): 1	Anyone got any photos? A lot of the groundwork has been done so it would be good to see where they are in terms of development.

November 24th, 2007, 05:43 PM	#53
Morrismarina Registered User Join Date: Nov 2005 Posts: 2,612 Likes (Received): 0	What's the name of the building at the rear of La Hoya Bay Residences, just up from the Business Village on the left by the little harbour. The apartments slope down towards the sea. Is it called the Regency ?? Is it possible to buy here as the sea view will be very good ?? Anybody got any info please ??

December 12th, 2007, 02:14 PM	#55
beer51 Registered User Join Date: Nov 2007 Posts: 661 Likes (Received): 1	Hi All I am thinking of buying a property in Al Marjan Island. Beside La Hoya Bay I've found another development by a company called Pure real Estate Consultancy, project is called Blu Mirage. I don't know much about the company and would be grateful if anybody has any info. Also is RAK and particularlry Al Marjan Island is a good place to invest in terms of rentals and capital appreciation. Any opinions will be much appreciate it. Thanks in advance.