PROJECT - Ras Al Khaimah: PACIFIC

[dreamhome]

Greetings everyone. I've been reading this thread over the past couple of weeks and it's been really useful - helped me decide to buy two studios in Bora-Bora. So thanks for your help! I'm just about to send the contract back. Any advice on things I should look out for? - have you spotted any catches?? I know this question has been asked before, but got no response, so I'm hoping no news is good news. And are you going for the hifx payment services as select suggest? Is this a good idea?

[THR]

Originally Posted by dreamhome

Greetings everyone. I've been reading this thread over the past couple of weeks and it's been really useful - helped me decide to buy two studios in Bora-Bora. So thanks for your help! I'm just about to send the contract back. Any advice on things I should look out for? - have you spotted any catches?? I know this question has been asked before, but got no response, so I'm hoping no news is good news. And are you going for the hifx payment services as select suggest? Is this a good idea?

I didn't have any problems with the contract. I would have liked a better late completion penalty clause (i.e. starting earlier than 18 months) but that wasn't happening. I hope it never gets to that stage anyway.
Re payment - Hifx are good, but try other companies too to compare rates

[dreamhome]

Thanks for the advice. I'm fairly happy with the contract too. I'm also looking at Smart for currency exchange as I've heard they have good if not better rates.

[vanderlo83]

can anyone confirm when construction is due to start? i've been told by SP before but can't quite remember, should be fairly soon i think.

i used smart for my transfer, they beat another and were really efficient. best to register with a couple of different brokers to compare rates.

[ReneKr]

Hello,
I am new here and i think about to make a Investment on the Pacific.
I have any Questions and i hope anyone can answer me this.

At what Time are the rental incomes payed to my account ? Yearly, Quarterly ?
How much is the Net Rental income for me as an Investor?
How much is the Service Cost each sqft ?
How long can i use the flat in a year? at any other i can use only 30 days each Year?



Many thanks.

[dubai_nomad]

Originally Posted by ReneKr

Hello,
I am new here and i think about to make a Investment on the Pacific.
I have any Questions and i hope anyone can answer me this.

At what Time are the rental incomes payed to my account ? Yearly, Quarterly ?
How much is the Net Rental income for me as an Investor?
How much is the Service Cost each sqft ?
How long can i use the flat in a year? at any other i can use only 30 days each Year?



Many thanks.

Hi there - service charge will be around 14AED sq/ft.
As far as I am aware there is no rental system inplace for Pacific.. correct me if Im wrong please!

[vanderlo83]

Originally Posted by ReneKr

Hello,
I am new here and i think about to make a Investment on the Pacific.
I have any Questions and i hope anyone can answer me this.

At what Time are the rental incomes payed to my account ? Yearly, Quarterly ?
How much is the Net Rental income for me as an Investor?
How much is the Service Cost each sqft ?
How long can i use the flat in a year? at any other i can use only 30 days each Year?



Many thanks.

there is no guaranteed rental income, but i think SP can arrange tenants for you on completion. this is not a serviced apartment development, pacific is purely residential so you can use your flat as much or as little as you want!

[ReneKr]

Hello,
Thanks for our Answers.
I have contact with Sales Executive @ SP.
He means from that stage the rental income will cover the LPP payments whilst also making i a profit.
I will ask tha Sales Executive in tha next Email directly.

Can anyone say me if the Price 1016 AED /sqft in 3rd Floor Samoa and 1145 AED /sqft in 5th Floor Bora Bora are ok ???

Is here anyone that will used the Invest in Pacific as rent or all will be used the Flat alone ?

Many thanks.

[Morrismarina]

Originally Posted by ReneKr

Hello,
Thanks for our Answers.
I have contact with Sales Executive @ SP.
He means from that stage the rental income will cover the LPP payments whilst also making i a profit.
I will ask tha Sales Executive in tha next Email directly.

Can anyone say me if the Price 1016 AED /sqft in 3rd Floor Samoa and 1145 AED /sqft in 5th Floor Bora Bora are ok ???

Is here anyone that will used the Invest in Pacific as rent or all will be used the Flat alone ?

Many thanks.

The Pacific prices you've been given are quite good. (All Pacific units include allocated parking as well). The going rate on Al Marjan Island with parking is now around 1,300 sq ft. A nice development with private beach and swimming pools on the roof.

Only downside I would say is the time to completion. SP are stating 2011 but you need to add another two years to this as all SP projects are slow. Be careful to work out whether you can afford the payments on the long term payment plan until 2013 otherwise you could be caught out and need to sell before hand-over. SP will always give you the sales crap about completion being 2011 but you must ignore this as they'll tell you anything to secure a sale. (For example they're still sticking by a completion date of September this year for their Point development in Dubai Marina which is unbelievably irresponsible as the project is only currently just above ground level.)

So go for it, but don't expect your keys until 2013.

[vanderlo83]

Originally Posted by ReneKr

Hello,
Thanks for our Answers.
I have contact with Sales Executive @ SP.
He means from that stage the rental income will cover the LPP payments whilst also making i a profit.
I will ask tha Sales Executive in tha next Email directly.

Can anyone say me if the Price 1016 AED /sqft in 3rd Floor Samoa and 1145 AED /sqft in 5th Floor Bora Bora are ok ???

Is here anyone that will used the Invest in Pacific as rent or all will be used the Flat alone ?

Many thanks.

i thought all studios in samoa and maybe even bora bora had sold out a while ago?

[Morrismarina]

Originally Posted by vanderlo83

i thought all studios in samoa and maybe even bora bora had sold out a while ago?

Yes all studios in the whole of Pacific were sold out just over 2 weeks ago. ( I can't see ReneKr that was referring to a studio though ??)

[dubai_nomad]

Originally Posted by Morrismarina

The Pacific prices you've been given are quite good. (All Pacific units include allocated parking as well). The going rate on Al Marjan Island with parking is now around 1,300 sq ft. A nice development with private beach and swimming pools on the roof.

Only downside I would say is the time to completion. SP are stating 2011 but you need to add another two years to this as all SP projects are slow. Be careful to work out whether you can afford the payments on the long term payment plan until 2013 otherwise you could be caught out and need to sell before hand-over. SP will always give you the sales crap about completion being 2011 but you must ignore this as they'll tell you anything to secure a sale. (For example they're still sticking by a completion date of September this year for their Point development in Dubai Marina which is unbelievably irresponsible as the project is only currently just above ground level.)

So go for it, but don't expect your keys until 2013.

The prices for Pacific range from around 1100 - 1500AED depending on which building you are purchasing and view type. I paid around 1500 for a 1 bedroom in Polyenisa but have afull sea view.
1100AED is a good price for Pacific.

In the nature of this forum, all investors should collectively compile an email or nominate a representative to contact SP regards to the 2 year sunshine clause. If there are enough investors who shout they could reduce this time considerably.
I have not seen the contract as its in the post but I dont like having the possibility of waiting 2 years for an apartment while I am loosing rental income or intrest on my money.

What do others think?

[Morrismarina]

Originally Posted by dubai_nomad

The prices for Pacific range from around 1100 - 1500AED depending on which building you are purchasing and view type. I paid around 1500 for a 1 bedroom in Polyenisa but have afull sea view.
1100AED is a good price for Pacific.

In the nature of this forum, all investors should collectively compile an email or nominate a representative to contact SP regards to the 2 year sunshine clause. If there are enough investors who shout they could reduce this time considerably.
I have not seen the contract as its in the post but I dont like having the possibility of waiting 2 years for an apartment while I am loosing rental income or intrest on my money.

What do others think?

There's no way SP are going to reduce the time the compensation clause kicks in. What would be in it for them to do that ?? They've practially sold out Pacific with the existing compensation date so they've no reason to change it.

I haven't bought in Pacific and correct me if I'm wrong, but I think the compensation comes into play 18 months after the official completion date in the contract. So there will be no pressure on SP to complete until the time they have to pay out compensation. You'll find this is the real date that SP will be working to. The official completion date is simply a sales gimmick to suck the punters in !!!

Hence if I'd bought here I would be working on handover being 2013. But that's just my personal opinion I could be wrong of course. But judging by all the other SP developments I think it's fair to say I'm likely to be correct here.
You need to factor in that the completion date SP give you is always absolute bollux..........with the shortages of labour, steel and concrete and the logistics of actually getting everything to this out lying part of the Island, they're never going to complete this in 2011. (The Torch complete date is June 2008 (ie. next month) and look how far they've got to go with this one).

BTW what is the actual completion date in the contract and the date compensation kicks in ?? Is there a two year gap or 18 months ??

[dubai_nomad]

Originally Posted by Morrismarina

There's no way SP are going to reduce the time the compensation clause kicks in. What would be in it for them to do that ?? They've practially sold out Pacific with the existing compensation date so they've no reason to change it.

I haven't bought in Pacific and correct me if I'm wrong, but I think the compensation comes into play 18 months after the official completion date in the contract. So there will be no pressure on SP to complete until the time they have to pay out compensation. You'll find this is the real date that SP will be working to. The official completion date is simply a sales gimmick to suck the punters in !!!

Hence if I'd bought here I would be working on handover being 2013. But that's just my personal opinion I could be wrong of course. But judging by all the other SP developments I think it's fair to say I'm likely to be correct here.
You need to factor in that the completion date SP give you is always absolute bollux..........with the shortages of labour, steel and concrete and the logistics of actually getting everything to this out lying part of the Island, they're never going to complete this in 2011. (The Torch complete date is June 2008 (ie. next month) and look how far they've got to go with this one).

BTW what is the actual completion date in the contract and the date compensation kicks in ?? Is there a two year gap or 18 months ??

Thanks for getting your point across Morris. Most of the investors here are quite aware of the completion date and the lack of incentive to complete by 2011 for SP.

Investors I don’t think we should take such a negative approach to this and assume we can not steer SP to another decision – We should collectively go to SP and complain that the 18month clause is too long a period.

[Morrismarina]

Originally Posted by dubai_nomad

We should collectively go to SP and complain that the 18month clause is too long a period.

I wish you the very best of luck.

BTW where does the 2010 date come from ??

[dubai_nomad]

Originally Posted by Morrismarina

I wish you the very best of luck.

BTW where does the 2010 date come from ??

As our money is not being used to build the Pacific development we can create a contract to detail in 2009 if there has not been significant development on the Pacific plot we default the remainder of payment until completion..20(and when ever).
Im going to arrange a call with SP today to discuss.

[vanderlo83]

Originally Posted by dubai_nomad

As our money is not being used to build the Pacific development we can create a contract to detail in 2009 if there has not been significant development on the Pacific plot we default the remainder of payment until completion..20(and when ever).
Im going to arrange a call with SP today to discuss.

i understand what you are saying, but i dont see why SP would budge. dont get me wrong, i am all for a change in the contract in our favour.

good luck with the call and i hope you have some interesting news for us later!

[Yousuf27]

I guess SP left this date wide open very deliberately as the part of the island they'll be building on didn't even exist when they started selling here. I don't think it's a case of them expecting a very slow build but they aren't necessarily masters of their own destiny here. I guess they've allowed plenty of slack not knowing precisely when the site will be ready to build on. Add to that the uncertainty regarding the master developer laying on the utilities, and then all the material and labour shortages mentioned earlier, and you can't really blame them for allowing so much slack before compensation kicks in.

[dubai_nomad]

Originally Posted by Yousuf27

I guess SP left this date wide open very deliberately as the part of the island they'll be building on didn't even exist when they started selling here. I don't think it's a case of them expecting a very slow build but they aren't necessarily masters of their own destiny here. I guess they've allowed plenty of slack not knowing precisely when the site will be ready to build on. Add to that the uncertainty regarding the master developer laying on the utilities, and then all the material and labour shortages mentioned earlier, and you can't really blame them for allowing so much slack before compensation kicks in.

What sort of compensation are we looking at here? Sorry I haven't seen my contract yet..

[vanderlo83]

Originally Posted by Yousuf27

I guess SP left this date wide open very deliberately as the part of the island they'll be building on didn't even exist when they started selling here. I don't think it's a case of them expecting a very slow build but they aren't necessarily masters of their own destiny here. I guess they've allowed plenty of slack not knowing precisely when the site will be ready to build on. Add to that the uncertainty regarding the master developer laying on the utilities, and then all the material and labour shortages mentioned earlier, and you can't really blame them for allowing so much slack before compensation kicks in.

they have said to me that building will start in June/July 2008, not sure how likely this is.