#COMPLETED: THE TORCH, 84F Res, 338m (Dubai Marina)

[Dubai_Steve]

Wow the quality looks excellent! Nice photos.

[mackie1964]

We were all sold this quality and better, delivered three years earlier by those crooks from Select Properties / Dubai Select in Wilmslow

Those photos will come handy soon for comparison with mine, thanks for sharing Imre

[MANUTD]

Originally Posted by mackie1964

We were all sold this quality and better, delivered three years earlier by those crooks from Select Properties / Dubai Select in Wilmslow

Those photos will come handy soon for comparison with mine, thanks for sharing Imre

Macjie -yes this is the quality I was sold too but not delivered which I will find hard to proove in court -- but size of apartments delivered at approx 15% less than SPA is very easy to proove -- we will see

[Dubai_Steve]

Re. The Point:

Originally Posted by mackie1964

Had a look at quite a few units on here.
In General the quality is good enough for an investment property / renting.
Also found a super agent a few days ago.

[rbj]

I know it might not be the most popular opinion as I have an apartment in Infinity....... but I am quite impressed with the interiors at The Torch and Botanica...... I have seen worse. I could live there and would consider buying or renting if the price was competitive

[Dubai_Steve]

[smshah]

I have a 2 bed marina facing on a high floor, rentals are very bad, was offered 85,000 for 1 cheque or 90,000 for 3 cheques.

Now lets just say i was given the market rate of 95,000 when u take into account the high service charges + chiller fees total approx 35,000 , oh yes management fees of 5% that leaves 55250 minus another 10% for wear and tear maintenance repairs etc (5525 AED) that leaves 50,000 .50,000 AED converted to £ sterling (use 6 AED to £ as average) comes to 8333 per year or 694 per month

yield after service charges = 4.3%

its a bad investment and a very lousy yield for all the effort

[Dubai_Steve]

Service charge and chiller is 26k not 35k for a high floor 2 bed.

[MANUTD]

Originally Posted by Dubai_Steve

GREAT COLOUR -- YOU TOOK GOOD PICTURE THERE FAIR DOOS !

[smshah]

Originally Posted by Dubai_Steve

Service charge and chiller is 26k not 35k for a high floor 2 bed.

Ok lets use your total of 26k for the chiller and service charges

ok so for a high rent of 95,000 (average u would get is 85,000 to 90,000. minus service charges, chiller and management charge of 4% it would make 59,000 aed the equiv of 9833 per year, or £819 per month return

so yield is 4.9%!!!!!

Still a crap yield!!!!!

And who always makes a profit every year?? answer is select group by overcharging us for service charges and chiller fees.
At the current time its not worth holding on to the property has the yield is so low!!! i can invest in a student property in brighton (which i do) and yield a minimum of 7% up to 9%

Dubai is finished for at least 5 years, prices will further fall and rents will come down next year. And to all investors i have something very amusing to say abt select property but will mention in a few weeks. The word "reputable" comes to mind!!!

[Dubai_Steve]

You can purchase one of these marina facing 2 beds now for 1.1m.

Rental income 95k
Service charge 26k
Net income = 69k

Gross Yield 8.64%, Net Yield 6.27%

[Mistermark]

Another factor to consider is the exchange rate. How long before the Dollar is finished as the world's reserve currency? I'd suggest Operation Twist has brought that day a lot closer. Unless UAE de-pegs, this augurs badly for future rental cashflows back into other currencies, and indeed for property sale/purchase prices in other currencies.

[AndyH]

Guys

Out of interest, how is your experience with Kingfield since they took over the building management?

cheers

[True Blue]

Originally Posted by Dubai_Steve

You can purchase one of these marina facing 2 beds now for 1.1m.

Rental income 95k
Service charge 26k
Net income = 69k

Gross Yield 8.64%, Net Yield 6.27%

95k is the very top of the market so you would have to factor in void periods.

People who target lower rental figure of say 85k will have less problems with turnover of tenants and void periods.

[Dubai_Steve]

You need to get your facts right here TB. 85k is the market price for non marina facing, 95k is the market price for marina facing. Some have got more than 95k for marina facing, some have got less because they were afraid to haggle the price up on getting a first offer. Marina facing mid floors (40s) seem to get the best rate, not too high and not too low as to see only the sand pit in front.

[True Blue]

Steve, you're just a newbie. I have been renting for years and years.

Don't try and tell your Granny how to suck eggs

I was making a valid point to demonstrate that you are using skewed data again to present best case scenario. That is too risky in this economic climate.

[True Blue]

Originally Posted by Dubai_Steve

Yeah looks like a very slightly better oven in the small Botanica kitchens.

Well looking on the positive side at least Select do not charge AED 5000 for oqood fees so the 2000 saving compared with Cayan can buy a very nice replacement oven if your tenant ever tries to cook a chicken.

Again, skewing the facts. What about the original price being 30% higher for Botanica? Maybe that is why Cayan are introducing spurious charges to cover their losses by trying to be too generous in the sales phase.

2,000AED saving will hardly cover the 300,000k negative equity

[Dubai_Steve]

Of course if you buy with the wrong view overlooking marina pinnacle from your bedroom at the wrong price you will currently get a worse yield. But if your working off income figures of 85k then you can probably currently buy cheaper units than 1.1m to get that rate.

[Dubai_Steve]

Originally Posted by True Blue

Again, skewing the facts. What about the original price being 30% higher for Botanica? Maybe that is why Cayan are introducing spurious charges to cover their losses by trying to be too generous in the sales phase.

2,000AED saving will hardly cover the 300,000k negative equity

Was referring to replacing ovens in Torch not Botanica.

[Dubai_Steve]

Originally Posted by smshah

And to all investors i have something very amusing to say abt select property but will mention in a few weeks. The word "reputable" comes to mind!!!

"The quality at the top end has dipped for some of the newer towers even though the developers have good reputations for quality finishes. Buildings such as the Torch and Ocean Heights are considered mid to higher end, whereas JBR, Zumurud and Marina Wharf are classed as mid-range.

http://gulfnews.com/business/propert...trend-1.871605