#PROJECT-Ras Al Khaimah: Marbella Bay

omar j · March 28th, 2008, 05:29 PM

Manazil Real Estate proudly presents Marbella Bay, one of the finest resorts in the UAE. The resort will be located on the majestic man made island of “Al Marjan in“ Ras Al Kaimah and will comprise waterfront residential complexes and luxury hotels.

http://www.manazil-uae.com/rak/home.html

Shrapnel · April 17th, 2008, 09:37 PM

Any news/updates on this project?

Sman21 · April 26th, 2008, 08:37 AM

Hi,

I just bought a 1 bedroom there. It has a great finance plan, no interest. Not sure how good the company is but I like the development. When I was talking with the guy at the sales office last week he said all the Studios in the West building had sold out and so have most of the 1 bedrooms. Not sure about the 2/3 bedrooms. The East building isn't going up for sale until everything is sold out on the West one.
Anyone have any more info on this development? They said they will be starting construction in May, although I think that it is a bit strange if they are starting in May but the finish date is November 2011...

Shrapnel · April 26th, 2008, 11:25 AM

I did the same a week ago. The project has a great location which is what caught my attention. Pre-launch prices are 15% lower and I understand they're valid until the end of the month (+free parking).

I heard the aim for completion is May 2010 but the advertised date is Nov 2011. Can anyone else confirm this?

Sman21 · April 26th, 2008, 12:15 PM

Yeah, free parking although you don't get an alloted carpark. It is just whatever space is available. Not sure how much lower the prices are but they are available until the end of the month, as well as some really good finance options (the one I took is 10% up front, 10% 3 months later, 15% on completion with 45 monthly instalments starting after the 2nd payment).
Didn't hear anything about the May 10th completion, but the sales guy seemed pretty sure everything would be done by November 2011. Either way, the final instalment cheque (15%) is to be made out for Nov 2011.
Apparently also this company is building a resort hotel right next to these apartments that will have a beach, with access for residents.

Yousuf27 · April 28th, 2008, 05:37 PM

What is the price per sq ft here, and is there allocated parking available if one wants to pay for it?
To clarify:- are we saying that you pay 10% on contract, 10% 3 months later and then the 45 monthly payments start on 65% of the price, with a final payment of 15% on completion; - is that the way the finance works?

Yousuf27 · April 28th, 2008, 05:43 PM

Sorry, - forgot to ask - does anyone know the plot number from the master plan?

mazi · April 28th, 2008, 05:48 PM

I got the payment plan from the developers and it is confusing even there

. I've asked them to clarify if the 45 monthly payments start from completion or after 1st/2nd payment.

Yousuf27 · April 28th, 2008, 07:10 PM

Quote:

Originally Posted by mazi

I got the payment plan from the developers and it is confusing even there

. I've asked them to clarify if the 45 monthly payments start from completion or after 1st/2nd payment.

Thanks for that Mazi. Would you post the clarification when you get it as I'm really interested but the financing is critical for me.

Sman21 · April 28th, 2008, 09:09 PM

The 45 payments start after the 2nd instalment (3 months from your 10% deposit). So basically 3 months from now (I put my 10% deposit down last week) I will have to pay 10% (2nd instalment), and then the 45 repayments start right after that, with a 15% final payment in November 2011 (which isn't really the final payment because I will still have about 3 of the monthly payments left).
My apartment cost about 783 aed per sq foot

Not sure what the plot number is though...

mazi · April 29th, 2008, 11:22 AM

Yousuf, I haven't got the clarification yet, but i suspect it is as Sman described it which would make the payment a little difficult (for me)

I have to say though, the prices seem really cheap compared to all other developments!!!

Yousuf27 · April 29th, 2008, 12:17 PM

Thanks Mazi, - yes I can't quite manage that paymenty structure either. I'm really looking for a deal with the majority of the payment coming at handover. I guess I'll keep looking. The prices do seem really good though; - a great opportinuty for some!

mazi · April 30th, 2008, 12:41 PM

Managed to speak to a salesman and got some more info I thought I share with you guys:

- the 48 monthly payment is definitely after 2nd instalment
- the gross size includes communal area (hallway) - this would obviously alter the claimed price PSF if you exclude the comm area
- there is no ESCROW in place (the explanation was that they don't have/need to)

Morrismarina · April 30th, 2008, 08:01 PM

Quote:

Originally Posted by mazi

Managed to speak to a salesman and got some more info I thought I share with you guys:

- the 48 monthly payment is definitely after 2nd instalment
- the gross size includes communal area (hallway) - this would obviously alter the claimed price PSF if you exclude the comm area
- there is no ESCROW in place (the explanation was that they don't have/need to)

With regards escrow and saying they don't have/need to...........they bloody well do need to.........to get my money.

I hate developers who include communal areas into the size of your apartment.......con artists IMO. Who knows what the real price per sq foot is here.

And their website implies the payment plan starts after completion, it's certainly not clear at all.

I'm leaving this one well alone.

Shrapnel · May 1st, 2008, 06:53 AM

can anyone confirm if the first building has sold out?

Sman21 · May 1st, 2008, 01:08 PM

I was in the offices today finalising my payment, and they said prices have gone up today by 10%
All the studio's, 1 bedrooms and most 3 bedrooms have sold out. Still have a few 2 bedrooms left. It is over 80% sold out.

Morrismarina: where on the website does it imply the payment plan starts after completion?

mazi · May 1st, 2008, 02:17 PM

this is what the website says:

Payment schedule:

10 % on contract signature.
25 % on handing over.
Balance on monthly, quarterly or annual basis

(http://www.manazil-uae.com/rak/pricing.html)

this indicates (to me at least) that payments for the balance would start after completion which is not true

Yousuf27 · May 1st, 2008, 09:32 PM

I agree; - what is written on the website does not really reflect the finance scheme on offer accurately. I was quite disappointed when I discovered the reality.

Sman21 · May 2nd, 2008, 05:17 PM

I remember seeing the finance options, but I didn't think that the monthly payments were after construction... but I can't remember if I saw that before or after I had talked with the sales person. Anyway, I like the finance option - I wouldn't be able to afford the finance at other places where you pay big amounts every few months...

Sman21 · May 18th, 2008, 08:39 PM

Any updates on this one? Have they started building yet? There are still apartments available although not sure which ones... I think maybe the 2 bedrooms (there were mainly 2 bedrooms left a few weeks ago)

March 28th, 2008, 05:29 PM	#1
omar j Registered User Join Date: Nov 2007 Posts: 11 Likes (Received): 0	#PROJECT-Ras Al Khaimah: Marbella Bay Manazil Real Estate proudly presents Marbella Bay, one of the finest resorts in the UAE. The resort will be located on the majestic man made island of “Al Marjan in“ Ras Al Kaimah and will comprise waterfront residential complexes and luxury hotels. http://www.manazil-uae.com/rak/home.html

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April 17th, 2008, 09:37 PM	#2
Shrapnel Registered User Join Date: Apr 2008 Posts: 10 Likes (Received): 0	Any news/updates on this project?

April 26th, 2008, 08:37 AM	#3
Sman21 Registered User Join Date: Apr 2008 Posts: 12 Likes (Received): 0	Hi, I just bought a 1 bedroom there. It has a great finance plan, no interest. Not sure how good the company is but I like the development. When I was talking with the guy at the sales office last week he said all the Studios in the West building had sold out and so have most of the 1 bedrooms. Not sure about the 2/3 bedrooms. The East building isn't going up for sale until everything is sold out on the West one. Anyone have any more info on this development? They said they will be starting construction in May, although I think that it is a bit strange if they are starting in May but the finish date is November 2011...

April 26th, 2008, 11:25 AM	#4
Shrapnel Registered User Join Date: Apr 2008 Posts: 10 Likes (Received): 0	I did the same a week ago. The project has a great location which is what caught my attention. Pre-launch prices are 15% lower and I understand they're valid until the end of the month (+free parking). I heard the aim for completion is May 2010 but the advertised date is Nov 2011. Can anyone else confirm this?

April 26th, 2008, 12:15 PM	#5
Sman21 Registered User Join Date: Apr 2008 Posts: 12 Likes (Received): 0	Yeah, free parking although you don't get an alloted carpark. It is just whatever space is available. Not sure how much lower the prices are but they are available until the end of the month, as well as some really good finance options (the one I took is 10% up front, 10% 3 months later, 15% on completion with 45 monthly instalments starting after the 2nd payment). Didn't hear anything about the May 10th completion, but the sales guy seemed pretty sure everything would be done by November 2011. Either way, the final instalment cheque (15%) is to be made out for Nov 2011. Apparently also this company is building a resort hotel right next to these apartments that will have a beach, with access for residents.

April 28th, 2008, 05:37 PM	#6
Yousuf27 Registered User Join Date: May 2007 Posts: 615 Likes (Received): 0	What is the price per sq ft here, and is there allocated parking available if one wants to pay for it? To clarify:- are we saying that you pay 10% on contract, 10% 3 months later and then the 45 monthly payments start on 65% of the price, with a final payment of 15% on completion; - is that the way the finance works?

April 28th, 2008, 05:43 PM	#7
Yousuf27 Registered User Join Date: May 2007 Posts: 615 Likes (Received): 0	Sorry, - forgot to ask - does anyone know the plot number from the master plan?

April 28th, 2008, 05:48 PM	#8
mazi Registered User Join Date: Mar 2008 Posts: 60 Likes (Received): 0	I got the payment plan from the developers and it is confusing even there . I've asked them to clarify if the 45 monthly payments start from completion or after 1st/2nd payment.

April 28th, 2008, 09:09 PM	#10
Sman21 Registered User Join Date: Apr 2008 Posts: 12 Likes (Received): 0	The 45 payments start after the 2nd instalment (3 months from your 10% deposit). So basically 3 months from now (I put my 10% deposit down last week) I will have to pay 10% (2nd instalment), and then the 45 repayments start right after that, with a 15% final payment in November 2011 (which isn't really the final payment because I will still have about 3 of the monthly payments left). My apartment cost about 783 aed per sq foot Not sure what the plot number is though...

April 29th, 2008, 11:22 AM	#11
mazi Registered User Join Date: Mar 2008 Posts: 60 Likes (Received): 0	Yousuf, I haven't got the clarification yet, but i suspect it is as Sman described it which would make the payment a little difficult (for me) I have to say though, the prices seem really cheap compared to all other developments!!!

April 29th, 2008, 12:17 PM	#12
Yousuf27 Registered User Join Date: May 2007 Posts: 615 Likes (Received): 0	Thanks Mazi, - yes I can't quite manage that paymenty structure either. I'm really looking for a deal with the majority of the payment coming at handover. I guess I'll keep looking. The prices do seem really good though; - a great opportinuty for some!

April 30th, 2008, 12:41 PM	#13
mazi Registered User Join Date: Mar 2008 Posts: 60 Likes (Received): 0	Managed to speak to a salesman and got some more info I thought I share with you guys: - the 48 monthly payment is definitely after 2nd instalment - the gross size includes communal area (hallway) - this would obviously alter the claimed price PSF if you exclude the comm area - there is no ESCROW in place (the explanation was that they don't have/need to)

May 1st, 2008, 06:53 AM	#15
Shrapnel Registered User Join Date: Apr 2008 Posts: 10 Likes (Received): 0	can anyone confirm if the first building has sold out?

May 1st, 2008, 01:08 PM	#16
Sman21 Registered User Join Date: Apr 2008 Posts: 12 Likes (Received): 0	I was in the offices today finalising my payment, and they said prices have gone up today by 10% All the studio's, 1 bedrooms and most 3 bedrooms have sold out. Still have a few 2 bedrooms left. It is over 80% sold out. Morrismarina: where on the website does it imply the payment plan starts after completion?

May 1st, 2008, 02:17 PM	#17
mazi Registered User Join Date: Mar 2008 Posts: 60 Likes (Received): 0	this is what the website says: Payment schedule: 10 % on contract signature. 25 % on handing over. Balance on monthly, quarterly or annual basis (http://www.manazil-uae.com/rak/pricing.html) this indicates (to me at least) that payments for the balance would start after completion which is not true

May 1st, 2008, 09:32 PM	#18
Yousuf27 Registered User Join Date: May 2007 Posts: 615 Likes (Received): 0	I agree; - what is written on the website does not really reflect the finance scheme on offer accurately. I was quite disappointed when I discovered the reality.

May 2nd, 2008, 05:17 PM	#19
Sman21 Registered User Join Date: Apr 2008 Posts: 12 Likes (Received): 0	I remember seeing the finance options, but I didn't think that the monthly payments were after construction... but I can't remember if I saw that before or after I had talked with the sales person. Anyway, I like the finance option - I wouldn't be able to afford the finance at other places where you pay big amounts every few months...

May 18th, 2008, 08:39 PM	#20
Sman21 Registered User Join Date: Apr 2008 Posts: 12 Likes (Received): 0	Any updates on this one? Have they started building yet? There are still apartments available although not sure which ones... I think maybe the 2 bedrooms (there were mainly 2 bedrooms left a few weeks ago)