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Northern Emirates Projects in Ras al-Khaimah, Umm al-Quwain, and Fujairah



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Old June 12th, 2009, 01:08 AM   #981
DidsburyRed
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Originally Posted by marky1958 View Post
Refreshing to see some more optimistic posts over the past few days. One other positive indicator for Ras al khaimah... some hotels there are offering All Inclusive deals - I've always thought this would be a hugely positive step for the UAE to encourage tourists who might otherwise think food is expensive and alcohol hard to get. If RAK are taking a lead that's good news for the tourism sector there.
Don't know if anyone caught this news article regarding existing property prices, but it isn't exactly encouraging. In fact if you want to stay cheery don't read any of the articles on this site.

http://www.rootsland.com/real-estate...-rental-rates/
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Old June 14th, 2009, 12:37 PM   #982
MANUTD
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Quote:
Originally Posted by DidsburyRed View Post
Don't know if anyone caught this news article regarding existing property prices, but it isn't exactly encouraging. In fact if you want to stay cheery don't read any of the articles on this site.

http://www.rootsland.com/real-estate...-rental-rates/
Can't say I didn't tell you so unfortunately ?
- it's a long term job I doubt now --tough but true
- i've re-signed myself to that anyway

More all-inclusive hols will help RAK to be one step ahead of Dubai though
- more the merrier please
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Old June 18th, 2009, 03:35 PM   #983
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can some one help

Hi Guys
i need advice what to do next i will be issued legal notice in next few weeks for none payment of 3rd installment on my gulf suite apartment in pacific which i paid already 30% of 1.54m aed and i will not pay any more due to uncertinety of SP/SG completion time i have requested phase built payment which they refused.

if i look at as an investment to pay my ballance payment this is not making investment sense to pay another £185k and wait 5 to 7 years for any return on my investment . as we are all ware there is no infrastructure on this island for next 4-5 years as there are only few devalopment will complete
your comments will be appreciated
thanks
Mirpuri
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Old June 18th, 2009, 08:56 PM   #984
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Hi

Have you tried asking SP if you can transfer your investment to another development such as one of the ones on the Marina in Dubai.

The Point for example will be finished in the next few weeks and they may still have apartments in there.

Alternatively, have you considered requesting that they move you on to the long term payment plan. By doing this you are paying for the apartment on a quarterly basis over 15 years which, although you pay interest, spreads the payments out and would be more in line with the construction. In addition you can pay it off at anytime so once you start receiving the rental income you could pay off the long term payment plan.

To give you some comfort I have a 1 bed apartment on the Marina and a Studio in Pacific. The Point development is almost complete and although over a year late there has been a big push to get it finished and the delay (I think) is more from resource problems in Dubai such as availability of cranes etc. and I think that the same push will happen in RAK. I do expect the development to run 12 months late but not much longer than than.

I appreciate that the rest of the Island may still be under construction when Pacific is finished and this would not be very attractive, however I still believe that once finished the Island will be fantastic and your investment will have increased substantially in time. This may take some time but if you can hang on then I think you should.

Maybe I am a bit of a dreamer
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Old June 18th, 2009, 11:47 PM   #985
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Quote:
Originally Posted by mirpuri View Post
Hi Guys
i need advice what to do next i will be issued legal notice in next few weeks for none payment of 3rd installment on my gulf suite apartment in pacific which i paid already 30% of 1.54m aed and i will not pay any more due to uncertinety of SP/SG completion time i have requested phase built payment which they refused.

if i look at as an investment to pay my ballance payment this is not making investment sense to pay another £185k and wait 5 to 7 years for any return on my investment . as we are all ware there is no infrastructure on this island for next 4-5 years as there are only few devalopment will complete
your comments will be appreciated
thanks
Mirpuri
if on LTPP hang in there
450k aed is lot to let loose but effectively is at present the amount your property (and mine ) has been devalued by since the credit crisis so if you wamted to cut you loses i guess you could now rather than in two years tme bceuase ir wont recover by then -in 5 to 10 yes but not before
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Old June 19th, 2009, 12:19 PM   #986
Francis Lok
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Has anyone actually been on site to see what works have been done? - I have of course seen the pictures sent as part of SP's regular updates, but the sceptical and negative nature in me was just wondering if they were creative photography!!
Also, what does RAK actually look like?? - I've never been there!
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Old June 19th, 2009, 12:54 PM   #987
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Originally Posted by Francis Lok View Post
Has anyone actually been on site to see what works have been done? - I have of course seen the pictures sent as part of SP's regular updates, but the sceptical and negative nature in me was just wondering if they were creative photography!!
Also, what does RAK actually look like?? - I've never been there!
RAK itself is a bit of a dump, i guess dubai back in the days. Al Marjan, Al Hamra etc, are actually several km outside of RAK, and here things are different, stunning scenery, Hajjar mountains in the background etc. I have been interested in Al Hamra and Al Marjan for a long time, but when i first started enquiring, and even went there to have a look, the high prices didnt seem so justified.

SP worked very hard trying to sell me a property and kept at my back for best part of a year, but as much as i wanted something on Pacific, i wasnt convinced by the prices, for what at the time was a concept and RAK having very little infrastructure, made me cautious as to the timescales they were quoting me. It seems my caution was justified?

Even now, i would still like a holiday home there, i agree with the people here, that over time it could be something special, but you would have to wait 10 years or so. On the other hand, it could go completely to pots and have the same problems as the palm now. In reality, you just dont know. Now, the poor exchange rate in the UK is putting me off!!
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Old June 19th, 2009, 01:18 PM   #988
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Thanks for that Abdulr001. Guess I'm a little bit screwed at the mo as I have also invested in PJA!!.....or maybe I need to wait a long long while before I can sit down and say that I have made good investments!
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Old June 19th, 2009, 01:46 PM   #989
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Thanks for that Abdulr001. Guess I'm a little bit screwed at the mo as I have also invested in PJA!!.....or maybe I need to wait a long long while before I can sit down and say that I have made good investments!
Hope you are not one of those that the developer is thinking to offer the empty land to and have you build your own home! You have to read some of the horror stories for Palm Jumeriah, high air con bills, around £800 a month, as the air con is not centralised, etc, and many other things. You can only hope that Al Marjan, and the other islands if they decide to go ahead with it, Dana and so forth can learn from the mistakes made on the palm and not have the same issues here.

I guess the story is the same everywhere, developers are running short of money, delaying construction, and yet want people to pay up on time. Thankfully, SP have left me alone for a while. Saying that, on a positive note, one day i will have my holiday home on Al Marjan! And hopefully not at stupid prices!
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Old June 19th, 2009, 01:58 PM   #990
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Originally Posted by abdulr001 View Post
Hope you are not one of those that the developer is thinking to offer the empty land to and have you build your own home! You have to read some of the horror stories for Palm Jumeriah, high air con bills, around £800 a month, as the air con is not centralised, etc, and many other things. You can only hope that Al Marjan, and the other islands if they decide to go ahead with it, Dana and so forth can learn from the mistakes made on the palm and not have the same issues here.

I guess the story is the same everywhere, developers are running short of money, delaying construction, and yet want people to pay up on time. Thankfully, SP have left me alone for a while. Saying that, on a positive note, one day i will have my holiday home on Al Marjan! And hopefully not at stupid prices!
It wouldn't be so bad if Nakheel would categorically confirm that they were to offer the empty land....at least that would be some sort of decisive action as opposed to the silence from them and all investors having to live off rumours. Anyway, that matter is for another topic of discussion and I don't want to piss of the others over here by discussing something irrelevant to this thread.
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Old June 19th, 2009, 02:16 PM   #991
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It wouldn't be so bad if Nakheel would categorically confirm that they were to offer the empty land....at least that would be some sort of decisive action as opposed to the silence from them and all investors having to live off rumours. Anyway, that matter is for another topic of discussion and I don't want to piss of the others over here by discussing something irrelevant to this thread.
I was starting to think that! As for pacific, whether that is a good investment or not, only time will tell. At this point in time, you simply dont know what could happen. In 10 years time you could be sitting on your private beach with all its promised peace and tranquility sticking 2 fingers at dubai?! Who knows! As with more or less all properties, yes prices have dropped and construction delayed, but that should have been expected. SImilarly, dubai could be sticking its fingers up and having a laugh at the mess created by RAK. How are you supposed to know what is going to happen in 10 years? These so called experts can't even forecast 6 months accurately, never mind 10 years! And most importantly, no one, even the best experts saw the recession coming. You can only hope that people deliver the goods that you were promised.

Last year when SP were trying to flog me one of their apartments, me and a friend who lives in dubai actually blagged our way onto the island even though "security" tried to stop us. Looking around, you knew that there is no way they would complete the project on time. A developed country like the UK would have struggled to complete it in time, never mind RAK, and we knew then that if i was to buy on pacific, i would be waiting a lot longer than the quoted times, and to be honest, i didnt mind given that it wasnt for investment. But like i said, the prices put me off. .

For people who have bought on pacific, or al marjan in general, i would say if you can afford to, wait it out, the idea of al marjan and what it offers in terms of peace etc, compared to the rat race that is dubai, it maybe worth it.
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Old June 19th, 2009, 02:17 PM   #992
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PS I would still buy on Al Marjan, but not just yet!
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Old June 20th, 2009, 05:04 PM   #993
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yousuf

yousuf, totally agree with you. Plus, for anyone interested:

- Availability on pacific is actually relatively low at present. New sale units are the poor ones, 1 beds at the back end with blocked views.
- Of course, some defaulted units are coming back slowly, same as all over in projects worldwide
- Actual resales as we know it probably wont really happen until all units are sold out and the default units coming back on the market has stabilized to almost zero.
- Rakia is pursuing the continuation of LHB via the courts which will take time, land from khoies 'regency' and 'hotel' will be sold off to other developers who will buy when the tide turns. Confirmation of a positive outcome with visible works continuing will result in a massive confidence boost for Al Marjan.
- Its highly likely that Bab AL Bahr (Rakeens development) at the entrance will be finished before any other project on this island. Rakeen is also the master developer for the whole island and im sure when their project is finished, scheduled for mid-end 2010 (already at quite an advanced stage), they would logically concentrate on ensuring the infrastructure's in place for the clients who bought directly from them in their development.
- Bank rates at present are poor and property despite the possibility of it not having reaching the bottom in RAK still represents better returns with an incoming rent for completed units than shares, bonds e.t.c. at current sale prices. Catch 22 is that the majority cant buy whether its because of the deposit or unwillingness of banks.
- UK market appears to have reached a turning point, this may cause UK investors to look at alternatives again.
- EPFL (in top 3 technical uni's in europe, based in switzerland) has just signed to open a branch there along with a chain of swiss hotels beside it...

Who knows, just some points for discussion...
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Old June 21st, 2009, 07:25 PM   #994
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I bought into the dream and still have hope it will come to life.. I got a 2 bed on a high floor with direct sea view and look forward to the day when it becomes real. I have been through this a few times now and have seen, and had the frustrations my self and the global situation has not helped, but it is low rise and the island has been build when many including me thought it may not. I hope to be able to stand there for real within 5 years..

I waited 2 years beyond expectations for Time Place and now over three years for the Touch couple of years after buying those I bought a bit of land in `South of France and am havig my second holiday there (finished producted) in a week or so..

I'm sure it will all work out in the end, I just feel for those who are unable to carry on due to their own situation changing..

Last edited by Ben40; June 23rd, 2009 at 07:57 PM.
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Old June 29th, 2009, 08:43 AM   #995
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Press Release

RAKIA RERA to oversee strict implementation of emirate's escrow account law for RAKIA-supervised freehold projects

RAKIA intensifies efforts to safeguard investments and protect the interest of RAK's real estate investors

June 29, 2009
Ras Al Khaimah Investment Authority (RAKIA), the government body responsible for the socioeconomic growth of the emirate, has revealed that the recent establishment of RAKIA Real Estate Regulatory Agency (RERA) by an Emiri Decree has created a new layer of protection for real estate investors in Ras Al Khaimah, as the Agency will oversee the implementation of the escrow account law for freehold projects under RAKIA.

Several property developers have already registered their projects with RAKIA RERA, which now monitors RAKIA-supervised real estate developments with a collective value of AED 6 billion. Developers may only register with RAKIA RERA when the project's concept design has been approved, which will allow them to open an escrow account and start selling properties. RAKIA RERA will also oversee the proper conduct of construction by sending out a team of engineers to inspect projects and make sure that the emirate's construction policy and the key points in the contract are strictly followed.

Eng. Yahia Kambris, General Manager, RAKIA RERA, said: "The escrow account has been implemented to prevent mishandling of construction funds and ensure that investors' money is spent according to the master plan of the project. In this regard, RAKIA RERA has been established to strictly implement the emirate's escrow account law for projects under RAKIA's supervision. The establishment of the new real estate watchdog is an important step in our efforts to safeguard and protect the interest of investors and reinforce the reputation of Ras Al Khaimah as an attractive and practical investment destination in the region."

Among the developers that have registered with RAKIA RERA include Select Group, the developer of Pacific; Manazil Real Estate, which is developing Marbella Bay; Pure Real Estate, developer of Blue Mirage; Stallion Properties, which is developing Santorini; and e-myproperty, developer of Bab Al Badr. Yes Properties, developer of The Quay, is now completing the registration process and will soon open an escrow account.

Several banks, including Badr Al Islami-Mashreq, Bank of Baroda, Commercial Bank of Dubai, Abu Dhabi Commercial Bank and Dubai Islamic Bank, have also signed an agreement with RERA to offer escrow accounts.

Since its establishment in 2005, RAKIA has become one of the pillars of the emirate's economic progress with groundbreaking investment initiatives within the emirate and across international markets. RAKIA plays an important role in nurturing the emirate's investment landscape as it has been mandated to manage Ras Al Khaimah's Industrial Zone and Free Zone in Al Hamra, and the Industrial Park in Al Ghail.
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Old June 29th, 2009, 08:51 AM   #996
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eos

Hello every investors on Marjan Island.
I just comming back of the nice place!!! Wauh!! the Island is so beautifull !!!and big!!!
The mens are hard working on the Pacific Project. Oh it was so hot!!!!
The beach for the buldings is so graet and white sand Oh !!!all off us can be happy to have invest there!!!Buth we must take us time there is also a lot off work on the Island so I think when the first projects are finish we go be there different years with works arround us!! Buth that is normall look the Palm in Dubai there are still a lot off works on it Also on the entrance off the Island the project off Rakeen is verry progressing many people at working.
The project La Hoya on both site off the route you can see that they have do a lot off work buth now at the moment I was there ,there was nobody on the site!!! I have also see any other projects progessing in the far buth we aren't go closer because the driver off Select Group hasen't so much time ore it was to hot!!so i don't know the names off thats projects.I will put the foto's leather on this site.
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Old June 29th, 2009, 10:36 AM   #997
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Imre the great

Hi Imre you are Life line of any thread thanks for such important Info .

Eos
your expearance on Island Visit is so intresting and you are so excited like you have discoverd Gold mine can i ask you how did you get this VIP visit fromSG? are you a new investor or did you had investment already with Pacific and why did SG provided you with driver to Visit island?
i am not aware they arrange site visit for anybody.
pls share this information with us
thanks
Mirpuri
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Old June 29th, 2009, 01:52 PM   #998
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FYI Developers of BM provide site visits to the island with their own driver.
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Old June 29th, 2009, 06:36 PM   #999
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Eos

To Mipuri and all the other investers.

I have call Select Property in UK for make an apointment with Select Group in Dubai and they arrange a driver for getting to AL Marjan.

It was so great!!!
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Old June 29th, 2009, 11:25 PM   #1000
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To Mipuri and all the other investers.

I have call Select Property in UK for make an apointment with Select Group in Dubai and they arrange a driver for getting to AL Marjan.

It was so great!!!
Thank you eos did you see the devalopment what % would you say the devalopment is done? (If any) becuse i have paid 30% and i think the work is not done more then 5% and i am not willing to pay any more untill SG change my payment plane on Phase build becuse i have also a unit on BC with SG it is delayed by 15 months already and i am not sure how long they will take more and i have already paid 70% on BC in dubai Marina i believe all investors in pacific should demand payment must be related with phase build
i think they played enough poker with our money it is time to put hand in there own pocket.
Mirpuri
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