PROJECT - Ras Al Khaimah: PACIFIC - Page 6

dubai_nomad · May 26th, 2008, 12:52 PM

Quote:

Originally Posted by vanderlo83

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!

Just realised its bank holiday Monday today in the UK.. DOH!

ReneKr · May 26th, 2008, 01:46 PM

Hello,
My Prices are from an 1BR not a Studio.
sorry for the misunderstanding.
I am interessted on an LPP Payment and when i will Pay the fully 15 yrs with the Plan i calculate the prices each sqft will be going to 1761AED.

Thanks for all answers.

beer51 · May 26th, 2008, 06:36 PM

Guys

If you can get compensation from SP that will be a milestone in itself, it will be like getting blood from stone. I am only speaking from experience with Dubai properties and see no difference with RAK.

dubai_nomad · May 27th, 2008, 12:31 AM

Quote:

Originally Posted by beer51

Guys

If you can get compensation from SP that will be a milestone in itself, it will be like getting blood from stone. I am only speaking from experience with Dubai properties and see no difference with RAK.

Okay Guys, there seems to be a few of us that are upset with the 18 month clause from SP. For me to approach SP with a good enough case I will need to know how many of how many of us on this thread are rattled or would like this to change. Could you PM me with your name name and location.
Dont worry i will not mention any names to SP just numbers.

I think the suggetion of a bench mark date would be better as SP wont loose any money or have to pay out any compensation. Eg. We bench mark September 2009 to check progress. If we feel sufficient progress has not been made we differ payment until completion - 40%.

We may have to write a letter, if anyone is keen and is more articulate with the words than myself, please PM a template letter and I will forward this on to the chief after I have spoken to him.

milktrayman · May 27th, 2008, 06:54 PM

I have read through this thread with great interest as I am an existing investor in Pacific as well. I am sure from seeing a recent video about Ras Al Khaimah that they were making a break water stone wall from what they had learnt from Dubai here:

http://player.narrowstep.tv/skins/00...=RealEstate_Tv

Go to middle east section , I presume this report is outdated but made be useful to some viewers for general overview of RAK.

The question I have to existing purchasers of the Torch is how their experience has been with SP and if their contract was any different to the Pacific one, even reg the 18 month construction delay clause, which I also agree is very open ended!

milktrayman · May 27th, 2008, 07:13 PM

Incidentally, do you know how far Mina Al Arab and the proposed RAK Theme park is likely to be from AL Marjan Island?

Irishka · May 27th, 2008, 07:16 PM

Dubai-Nomad - please count me in as a "number" for your petition with SP...

Generally I feel that all Dubai / RAK developers are very cheeky in not linking payment plans to the stages of the construction...

SP are asking us to fork out 30% till Sep 08 when they only plan to start doing some ground work in July 08....

When I was purchasing my apartment I did query if they will move the payment plan if there will be contruction delays and they said "no"...
But I am sure that they WILL as it is not reasonable to accept us to pay according to the plan and them not contructing anything...

Morrismarina · May 27th, 2008, 08:22 PM

What planet are you lot on ??

Ben40 · May 31st, 2008, 04:54 PM

It's all about risk.. I have been waiting 2 years for a property to be completed in Al Hamra village, which has not moved forward in that period due to lack of power and supply. I don't see this being any different here and doubt very much there will be any compensation judging on all the other threads and forums, most of who have all been through the same thing at some stage. I have sold in Al Hamra at a loss and bought in Pacific. Time will tell, but I would guess for the building to over run by a couple of years and no compensation to be given. I invest on that bases. I have had the same issues in Time Place and the Torch in the Marina. As I said at the start investing in this market is risky and if you don't want risk then don't invest, but please, the first stone has not been placed yet and would hope we can remain a bit more positive at least at the start.

PS - SP are releasing stuff over this weekend and I will be interested to see what they have. I am also considering upgrading from my studio to a 1 or 2 bed in Bora Bora..

dubai_nomad · June 1st, 2008, 03:30 AM

Quote:

Originally Posted by Ben40

It's all about risk.. I have been waiting 2 years for a property to be completed in Al Hamra village, which has not moved forward in that period due to lack of power and supply. I don't see this being any different here and doubt very much there will be any compensation judging on all the other threads and forums, most of who have all been through the same thing at some stage. I have sold in Al Hamra at a loss and bought in Pacific. Time will tell, but I would guess for the building to over run by a couple of years and no compensation to be given. I invest on that bases. I have had the same issues in Time Place and the Torch in the Marina. As I said at the start investing in this market is risky and if you don't want risk then don't invest, but please, the first stone has not been placed yet and would hope we can remain a bit more positive at least at the start.

PS - SP are releasing stuff over this weekend and I will be interested to see what they have. I am also considering upgrading from my studio to a 1 or 2 bed in Bora Bora..

Hi Ben - I think Pacifc or anything on the Al Marjan Island will get priority in RAK's for power/supplies etc. Al marjan is RAK's flag ship development.
Things are looking positive for the other developments on the island and moving quite quickly.

what do you mean by "SP releasing stuff"? Anyone know how sales are going? Last I heard all studioa and Polyneisa 1 bedrooms were sold out.

If you can upgrade to a 1 bed I would suggest especially if you get a better view. I decided to bite the bullet and pay a bit of a premium for an apt in Polyneisa, sea facing. should be an awesome view from the balcony as the sun is setting with the BBQ fired up!

I've decided I will rent my property out in Dubai and live in RAK on Marjan island away from the hussle.

Ben40 · June 1st, 2008, 01:08 PM

Duabi_nomad - I think we will know more tomorrow about the SP releases but I suspect it is in Dubai marina and more info about the world project..

VQT · June 1st, 2008, 02:32 PM

Ben40 - I noticed this about new releases on the SP website aswell. I believe one is in the Marina and another around the Waterfront development!! I would have liked to have been emailed this info direct from SP instead of stumbling upon it whilst searching their pages. I am also thinking about upgrading. The way I see it it's a bigger debt but with this comes bigger potential returns. I think in a years time when the island is becoming more developed we will all reap the benfits from this. RAK has years of potential.

vanderlo83 · June 1st, 2008, 03:02 PM

Quote:

Originally Posted by VQT

Ben40 - I noticed this about new releases on the SP website aswell. I believe one is in the Marina and another around the Waterfront development!! I would have liked to have been emailed this info direct from SP instead of stumbling upon it whilst searching their pages. I am also thinking about upgrading. The way I see it it's a bigger debt but with this comes bigger potential returns. I think in a years time when the island is becoming more developed we will all reap the benfits from this. RAK has years of potential.

the launches are 'west avenue' in the marina and 'coast' in palm jebel ali, this is what i received in the email. have a look on the thread for the torch, it's on there. they will also be showing off pacific and i think their development on the world. i will hopefully pop along later and report back. am really pleased that pacific will be getting some publicity, blu mirage for example has been showcased at various london hotels on various occasions and seems to be doing well, so glad to see pacific will get a look in too.

mazi · June 4th, 2008, 06:12 PM

Interesting article about RAK and Almarjan:

http://www.independent.co.uk/life-st...ai-839310.html

dubai_nomad · June 5th, 2008, 01:21 AM

Has anyone purchased a flat in Polynesia? Ive just had an email from SP advertising 2 bedroom apatments in Pacific for under 130K?!! The floor plans currently show 2 bed apt on the corner of the building which have decent views. Is this just an advert to attract people?
I paid around 140K for a 1 bedroom in Polynesia with full sea view.

keen to hear your views

Yousuf27 · June 5th, 2008, 08:08 AM

I received the e-mail flyer too. I would expect those low prices are for hard to move units with poor views; - and although it might be considered a sharp practice I wouldn't mind betting that if you called and tried to buy a unit at these prices they'd sadly all have been sold. But the point of the flyer would have been served - if you called!

Those prices do look extraordinary though. I've seen 1 beds at LHB and BAB at £150k plus, and studios at over £80k

Ben40 · June 5th, 2008, 05:38 PM

Quote:

Originally Posted by Yousuf27

I received the e-mail flyer too. I would expect those low prices are for hard to move units with poor views; - and although it might be considered a sharp practice I wouldn't mind betting that if you called and tried to buy a unit at these prices they'd sadly all have been sold. But the point of the flyer would have been served - if you called!

Those prices do look extraordinary though. I've seen 1 beds at LHB and BAB at £150k plus, and studios at over £80k

Yousuf27 - I was offered a Type B, 2 x bed with good view on middle floor for around £200k. This is the real price against those quoted to spark your interest??

Yousuf27 · June 5th, 2008, 05:51 PM

Thanks Ben, - that sounds more like the price I would have expected for a nice 2 bed!

Ben40 · June 5th, 2008, 07:32 PM

Quote:

Originally Posted by Yousuf27

Thanks Ben, - that sounds more like the price I would have expected for a nice 2 bed!

Yousuf27, I have just this minute upgraded from my Studio in Bora Bora to the type b 2 bed, as above.. I have just pressed the ''YES'' button on my PC for the 15y plan, but did note that the final price is around AED 1,930,000, so with my maths will be nearer £290k ?? I need to hope these both go ahead and also go up in price to make this worth while.

I have just sold another studio in Al Hamra (at a loss) that did not get worked on for 18 months due to lack of power, supplies and management structure (i.e loss of confidence), and have now taken a bigger risk here based on SP sales pitch and the current progress and current service on a place I have in The Torch..

The pictures and facilities here look great and have won me over, but so do concept cars at car shows!! just hope the end product meet's expectations (and thay are high) and don't end up as some concrete boxes washing away on a sandbank!!. That said, and all being well I may spend more time in RAK and rent more stuff out in Dubai - but will review in three years!!

Lets all hope we have a good ride ahead..

Yousuf27 · June 5th, 2008, 07:55 PM

Having been out there a few weeks ago - in both Dubai and RAK, - I made the conscious decision that I would be spending my time in RAK and my place in the Torch will be strictly a rental. I think all these early launches on Al Marjan Island will do well, but I am quite shocked at the rate the prices are increasing. I'm not too sure that this is due to soaring demand - and think it may have a lot more to do with escalating prices for materials. In any case I don't think the 30 - 40% rises that most developers have implemented in the past 6 months are sustainable moving on. I think we'll see some plateauing of prices soon before seeing further large increases once Al Marjan Island starts seeing some develoments complete and there is a real vision of this offshore lifestyle. Provided the quality and exclusivity is realised the sky is the limit here I reckon. Anyone in now is going to do well.

May 26th, 2008, 01:46 PM	#102
ReneKr Registered User Join Date: May 2008 Location: Karlsbad Posts: 3 Likes (Received): 0	Hello, My Prices are from an 1BR not a Studio. sorry for the misunderstanding. I am interessted on an LPP Payment and when i will Pay the fully 15 yrs with the Plan i calculate the prices each sqft will be going to 1761AED. Thanks for all answers. Last edited by ReneKr; May 26th, 2008 at 03:31 PM.

June 5th, 2008, 01:21 AM	#115
dubai_nomad Registered User Join Date: May 2006 Posts: 327 Likes (Received): 0	Has anyone purchased a flat in Polynesia? Ive just had an email from SP advertising 2 bedroom apatments in Pacific for under 130K?!! The floor plans currently show 2 bed apt on the corner of the building which have decent views. Is this just an advert to attract people? I paid around 140K for a 1 bedroom in Polynesia with full sea view. keen to hear your views Last edited by dubai_nomad; June 5th, 2008 at 06:50 AM.

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May 26th, 2008, 06:36 PM	#103
beer51 Registered User Join Date: Nov 2007 Posts: 664 Likes (Received): 1	Guys If you can get compensation from SP that will be a milestone in itself, it will be like getting blood from stone. I am only speaking from experience with Dubai properties and see no difference with RAK.

May 27th, 2008, 06:54 PM	#105
milktrayman Registered User Join Date: May 2008 Posts: 64 Likes (Received): 0	I have read through this thread with great interest as I am an existing investor in Pacific as well. I am sure from seeing a recent video about Ras Al Khaimah that they were making a break water stone wall from what they had learnt from Dubai here: http://player.narrowstep.tv/skins/00...=RealEstate_Tv Go to middle east section , I presume this report is outdated but made be useful to some viewers for general overview of RAK. The question I have to existing purchasers of the Torch is how their experience has been with SP and if their contract was any different to the Pacific one, even reg the 18 month construction delay clause, which I also agree is very open ended!

May 27th, 2008, 07:13 PM	#106
milktrayman Registered User Join Date: May 2008 Posts: 64 Likes (Received): 0	Incidentally, do you know how far Mina Al Arab and the proposed RAK Theme park is likely to be from AL Marjan Island?

May 27th, 2008, 07:16 PM	#107
Irishka Registered User Join Date: Mar 2008 Posts: 86 Likes (Received): 0	Dubai-Nomad - please count me in as a "number" for your petition with SP... Generally I feel that all Dubai / RAK developers are very cheeky in not linking payment plans to the stages of the construction... SP are asking us to fork out 30% till Sep 08 when they only plan to start doing some ground work in July 08.... When I was purchasing my apartment I did query if they will move the payment plan if there will be contruction delays and they said "no"... But I am sure that they WILL as it is not reasonable to accept us to pay according to the plan and them not contructing anything...

May 27th, 2008, 08:22 PM	#108
Morrismarina Registered User Join Date: Nov 2005 Posts: 2,612 Likes (Received): 0	What planet are you lot on ??

May 31st, 2008, 04:54 PM	#109
Ben40 Registered User Join Date: Apr 2008 Posts: 268 Likes (Received): 0	It's all about risk.. I have been waiting 2 years for a property to be completed in Al Hamra village, which has not moved forward in that period due to lack of power and supply. I don't see this being any different here and doubt very much there will be any compensation judging on all the other threads and forums, most of who have all been through the same thing at some stage. I have sold in Al Hamra at a loss and bought in Pacific. Time will tell, but I would guess for the building to over run by a couple of years and no compensation to be given. I invest on that bases. I have had the same issues in Time Place and the Torch in the Marina. As I said at the start investing in this market is risky and if you don't want risk then don't invest, but please, the first stone has not been placed yet and would hope we can remain a bit more positive at least at the start. PS - SP are releasing stuff over this weekend and I will be interested to see what they have. I am also considering upgrading from my studio to a 1 or 2 bed in Bora Bora..

June 1st, 2008, 01:08 PM	#111
Ben40 Registered User Join Date: Apr 2008 Posts: 268 Likes (Received): 0	Duabi_nomad - I think we will know more tomorrow about the SP releases but I suspect it is in Dubai marina and more info about the world project..

June 1st, 2008, 02:32 PM	#112
VQT Registered User Join Date: Apr 2008 Posts: 6 Likes (Received): 0	Ben40 - I noticed this about new releases on the SP website aswell. I believe one is in the Marina and another around the Waterfront development!! I would have liked to have been emailed this info direct from SP instead of stumbling upon it whilst searching their pages. I am also thinking about upgrading. The way I see it it's a bigger debt but with this comes bigger potential returns. I think in a years time when the island is becoming more developed we will all reap the benfits from this. RAK has years of potential.

June 4th, 2008, 06:12 PM	#114
mazi Registered User Join Date: Mar 2008 Posts: 60 Likes (Received): 0	Interesting article about RAK and Almarjan: http://www.independent.co.uk/life-st...ai-839310.html

June 5th, 2008, 08:08 AM	#116
Yousuf27 Registered User Join Date: May 2007 Posts: 615 Likes (Received): 0	I received the e-mail flyer too. I would expect those low prices are for hard to move units with poor views; - and although it might be considered a sharp practice I wouldn't mind betting that if you called and tried to buy a unit at these prices they'd sadly all have been sold. But the point of the flyer would have been served - if you called! Those prices do look extraordinary though. I've seen 1 beds at LHB and BAB at £150k plus, and studios at over £80k

June 5th, 2008, 05:51 PM	#118
Yousuf27 Registered User Join Date: May 2007 Posts: 615 Likes (Received): 0	Thanks Ben, - that sounds more like the price I would have expected for a nice 2 bed!

June 5th, 2008, 07:55 PM	#120
Yousuf27 Registered User Join Date: May 2007 Posts: 615 Likes (Received): 0	Having been out there a few weeks ago - in both Dubai and RAK, - I made the conscious decision that I would be spending my time in RAK and my place in the Torch will be strictly a rental. I think all these early launches on Al Marjan Island will do well, but I am quite shocked at the rate the prices are increasing. I'm not too sure that this is due to soaring demand - and think it may have a lot more to do with escalating prices for materials. In any case I don't think the 30 - 40% rises that most developers have implemented in the past 6 months are sustainable moving on. I think we'll see some plateauing of prices soon before seeing further large increases once Al Marjan Island starts seeing some develoments complete and there is a real vision of this offshore lifestyle. Provided the quality and exclusivity is realised the sky is the limit here I reckon. Anyone in now is going to do well.