#COMPLETED: MAZAYA BUSINESS AVENUE, 3x50F Com, Plots AA1, BB1, BB2 (JLT)

[Parisian Girl]

By Parag Deulgaonkar | Published Sunday, April 17, 2011

Al Mazaya Holding, a real estate development company, has commenced handover of two towers in its Business Avenue project in Jumeirah Lakes Towers (JLT) and expects default rates to be minimal, a company executive told Emirates 24/7.

“Majority of our customers have already paid 80 per cent. Besides, the units were sold at a very decent price and so we don’t expect them to default,” said Khaldoun Abdul Kader, Executive Vice-President - Dubai Office Operations, Al Mazaya.

Business Avenue consists of three 45-storey towers, which are linked to a four-storey commercial centre with retail spaces.

“The two buildings, which have been sold completely, are being hand over. We still hold a lot of units in the third tower, which we plan to lease.”

Kader said the company is looking at the option of converting some floors in the third tower, where it owns a number of floors, to serviced offices.

“Companies are looking for a smaller office space. We have certainly studies the market and it does look good. We will start with one floor and test the market.” Naif Al Awadi, CEO of Al Mazaya's Dubai Operations, said, “We have reduced sale and lease costs in order to offer attractive options that reflect the market's current situation, as well as the project's strategic location at JLT, the availability of appropriate infrastructure among other aspects.”

Al Mazaya has appointed a special services company to manage services at Business Avenue, as well as a building director to represent owners, define work and internal rules and obtain approvals from official bodies where necessary.

Company Chairman Rashid Yaqoob Al Nafisi said early April that the past year had been challenging in most regional market especially Dubai where it was taking back properties where investors had defaulted. The company reported a loss of Dh112.5 million in 2010 after booking provisions totaling Dh181.8 million.

http://www.emirates247.com/property/...04-17-1.381936

[daniel-jlt]

Hi,I'm owner of office in mazaya AA1,I think all 3buildings mazaya has 1000 units offices,in advertisement there are only 4 offers.Can you tell me how it is possible that more than a thousand owners there are only four deals in the ads??All four positions are quite diverse and range from 430 to 750 AED sqft.I know that the price depends on size and floor, I know that in this moment 750 is to much and 400 is to small.My office is 1247sqft 15fllor.My main question is how much the price to offer office real estate agencies?

[Imre]

Originally Posted by daniel-jlt

Hi,I'm owner of office in mazaya AA1,I think all 3buildings mazaya has 1000 units offices,in advertisement there are only 4 offers.Can you tell me how it is possible that more than a thousand owners there are only four deals in the ads??All four positions are quite diverse and range from 430 to 750 AED sqft.I know that the price depends on size and floor, I know that in this moment 750 is to much and 400 is to small.My office is 1247sqft 15fllor.My main question is how much the price to offer office real estate agencies?

Lots of JLT offices on the market , for sale and for rent ,we also have many , I am still advertising but very difficult to find a tenant or buyer thats why I think agencies are not focusing that area and not advertising.

Almas Tower, AU,AG Towers have some enquiries but just few transactions.

Today you can get a shell and core office at the JLT around 30-50 Dhs/sqft/year only (even for this rate difficult the rent) so this is the reason why no interest about sales.

[daniel-jlt]

I have to wait like others,I sold x2 for 620aed for sqft in june 2010 now is about 400aed,I'm afraid if mazaya be 300aed for sqft in 2012.

[Freestyler]

Stock market is turning around not sure about the property market yet. There is lot of supply in that area so difficult to figure out how it will go. Prices goes down then they come up too, it takes time with property but they can come up. You have to see what benefits you most selling now or renting now and wait.

[daniel-jlt]

Hi,I paid my last installment for mazaya.Can you tell me approximately how much expenses more I can have to mazaya,for land department..original price is 1220000aed.Must I come in Dubai if I find somebody for rent?I have some friends who works in real estate,but I don't know must I come in Dubai.I decidet rent it,when I pay maintenance fees maybe I make profit 20.000aed

[daniel-jlt]

Hi,I get letter for service charges 30.000aed for 1247sqft,I thing it is too much,also in my contract size is 1247sqft in letter is 1190sqft..

[Tony 90]

[msamre]

DMCC should allow Companies with DED license to open in JLT that is the only remedy

[daniel-jlt]

Hello,Is it realistic to sell office in mazaya for 400aed per sqft?Daniel

[Flintbug]

Originally Posted by daniel-jlt

Hi,I get letter for service charges 30.000aed for 1247sqft,I thing it is too much,also in my contract size is 1247sqft in letter is 1190sqft..

DMCC seem to be enforcing new standards for measurement that your original contract size did not recognise e.g. the area taken by major support pillars cannot be taken into account in the saleable area.

Does anyone know if some developers are trying to claim a parking space as extra area?

[Imre]

Originally Posted by daniel-jlt

Hello,Is it realistic to sell office in mazaya for 400aed per sqft?Daniel

Rent is around 30-40 dhs/sqft/year for shell and core offices or even less thats why the low selling price..

Also not easy to find a tenant now , so many empty towers still there.

[daniel-jlt]

I paid all for mazaya,and like sell it for any price and forget dubai forever.Thank you Imre

[noge]

There happens a lot, but for the main question for some of us all ist no answer! I mean: when was the completion? Is it correct to speak about the plots are finished? Is it realistic to speak from finishing? Is it realistic to speak from handover? I visit AA1, BB! and BB2 last week. I fell down! Nothing is finish! Can somebody explain how to use this workplace? MAZAYA is full late since "fourth quater 2010". This is my position. I like to hear something from you all! Daniel-jilt braught it on the point! I can not see, that the plots are finish! Mazaya needs money, and when we pay, in the following time, we can not rent it, we can not sell it, we can not do anything! It´s Mazaya´s problem, not us! Regards to you all!

[daniel-jlt]

Sorry for my bad english,maybe I need be happy because my office is finish,I from serbia and my country is not best on the world but in my country low and the government protect buyers,I say this because my friend bought apartment in sport city in 2008 it was off plan he paid in start 30% and few installments till 2009,even now there is just big hole all telephone are off.Also my cousin bought off plain in jumeirah village from TAMEER he was paid 50% and they are late more 15month my cousin stop paid installments ,and tameer terminated the contract without one dirham...case like that are so much in dubai

[daniel-jlt]

Hello, I like sell my office for less of 400aed for sqft,can I expect some buyer?

[Imre]

Originally Posted by daniel-jlt

Hello, I like sell my office for less of 400aed for sqft,can I expect some buyer?

Yes, I have someone he is looking for office now, if you can send me the details by pm I will forward him.

[LongLiveDubai]

Originally Posted by daniel-jlt

Hello, I like sell my office for less of 400aed for sqft,can I expect some buyer?

We're you able to sell? What was the size of your office?

[celticmonkey]

are people begining to occupy this building?

[Opus 2009]

Originally Posted by daniel-jlt

Hi,I get letter for service charges 30.000aed for 1247sqft,I thing it is too much,also in my contract size is 1247sqft in letter is 1190sqft..

Hi Daniel. I was told by an agent that the service fee was about Dhs 10 psf. Could you share details of the what the Dhs 30 psf is made up of. Thanks a lot.