#UNDER C: Elite 7 Sports Residence , 16F Res ( Sports City )

[bizzybonita]

Property # : Elite 7 Sports Residence
Property Type : Apartment
Property Status : Off Plan
Country : United Arab Emirates
Apartment Types : Studio & 1 Bed
View : Golf & Neighbourhood
Area From : 500-1600 Sq.Ft
Parking Type : Allocated
Pool Type : Health Club
Garden Type : Communal
No Of Floors : G+19
Completion Date : Dec 2010


FULLY FURNISHED APARTMENTS

YOUR LIFESTYLE

Elite 7 Sports Residences provides you with unlimited opportunities for an active life. Situated in an impressive location in Dubai Sports City, And having full golf course views along with canal view. This tower offers the buyer a truly desirable home.


YOUR BUSINESS


For business, Elite 7 Sports Residence is so near to the commercial and trade hub of Dubai, that commuting is relegated to a distant memory. Strategically located near to the striking landmarks of Dubai International Airport, Dubai Internet City, Dubai Media City and Jebel Ali Port, Elite 7 Sports Residence is every business person’s dream.

YOUR HOME

The sleek simplicity of the exterior complements the modern luxury of the interiors to create a living space that is exclusive, beautiful and unique. With stunning interiors combined with ultra-modern finishes, Elite 7 Sports Residence gives you the choice of apartments with stadium, waterfront, park and golf course views.


Image a destination where the world of sport unites where people with a passion for the game combine with the very best in global sporting facilites. It is the vision that produced the master plan for Dubai Sports facilites. Set on 50 million square feet of land and located with in Dubailand, The ultimate entertainment, leisure and tourism destination, Dubai Sports City will be the world's first intergrated sports city incorporting world class sporting venues and academeis, as well as offering an active way of life, unsurpassed anywhere in the world.

LOCATION OF DUBAI SPORTS CITY


Located in Dubailand.
5 minutes drive to Sheikh Zayed Road
20 minutes drive to the heart of city and airport
15 minutes drive to beach.
5 minutes drive to the Autodrome (racetrack for motor sport)




Facilities & Amenities


Rooftop facilities like health club, swimming pool, steam and sauna room
Fully equipped gymnasium
Recreation facilities like table tennis and billiards room
Apartments with sizeable terraces.
Spacious kitchen with appliances included
Jacuzzi with master bathroom
Wooden flooring with master Bedroom



Source
http://www.safahomes.com/Properties/...Residence.html

[bizzybonita]

[234sale]

r5-17 or 18 ?

[Stephan23]

G + 16 = 17 floors high !! edit title

Link:
http://www.real-estate-unger.com/imm...i_112_deu.html

[fab965]

Is anybody informed what's the current status of this project? I have purchased a studio off plan in May and I have not received any feed back by Triplanet. I have payed 40 % of the price but still no news.

Any information is greatly appreciated.
Cheers

[bizzybonita]

Construction Update --- February/2009









http://www.elite-sports-residence.com/details.php?ID=7

[fab965]

Sure... and since then nothing else. For what I know those picture could have been taken from any other construction site as well.

RERA report than NONE of the 7 project Triplanet has on her portfolio has started.

Very disturbing and quite scary... is this another pyramid scheme?

[bizzybonita]

[Freestyler]

It is under 20% complete.

[smith11]

Originally Posted by fab965

Sure... and since then nothing else. For what I know those picture could have been taken from any other construction site as well.

RERA report than NONE of the 7 project Triplanet has on her portfolio has started.

Very disturbing and quite scary... is this another pyramid scheme?

MAKE SURE BEFORE ACCUSING. I MYSELF HAVE BEEN TO SITE.

[fab965]

I am happy to hear there is an eye witness. And what have you seen?? This project is due to completion by december 2010. As far I can see, the progress report is stuck to the same level for the last 6 month. Accusing? Mine is a legitimate doubt. Read the newspapers and you realize Dubai is the biggest, unhealthy, real estate market in the world. Some of the biggest player as Damac, Nakeel and Emaar are in deep crisis. If a Government backed company is bankrupt, I should hold faith in a private company with few development and financially strained?

Cheer

[amplesou]

Originally Posted by smith11

MAKE SURE BEFORE ACCUSING. I MYSELF HAVE BEEN TO SITE.

I have been reading your posts guys and to be frank, I am really depressed regarding my investment in elite 4. I too have been promised that my payment schedule will be at par with construction. Mr faisal himself assured me. But as soon as i get a freah plan on request, the first thing is always that I have to pay "10% now"........ I fail to understand this when i have already paid 50% and the building is not even done 10% or close. This attitude by the developer worries me.
My life long savings are invested here and this attitude and speed of work worries me deeply. There is no buyer in the market even if one is selling at a loss let alone a premium, the developer is not cooperating and giving false reassurance.
i am sure there are people here who know how im feeling. thing is what can be done here. what is the solution to this, what way out can be adopted. It is not an issue for me, its crisis.

POSTED FROM GOLFER28 !
SMITH 11 ??????

[bizzybonita]

To Ground Work .

http://www.elite-sports-residence.com/details.php?ID=7

[fab965]

Hello everybody. Is there is any more progress in construction??
I wonder how come not even the slightest hint has been released in 4 months.

[Freestyler]

Originally Posted by fab965

Hello everybody. Is there is any more progress in construction??
I wonder how come not even the slightest hint has been released in 4 months.

If I was in your place, I wouldn't ask for completion of this project. Because at the price that it was lunched, price per square feet has fallen to -50% to -60%. What if they finish the project than what? You pay full and lose 50% to 60% of your money.

Lets say if somebody bought studio for 710K they will lose 355K to 426K when they pay full 710K.

From investors point of view this project is not really worth continuing. There is much less loss if investor gets a credit note and sells at discount. Lets say if somebody sells his/her credit in above case at 50% discount. 40% paid for 710K OP = 284K. 50% discount for 284K credit = 142K. Investor will only lose 142K vs 355K to 426K. There is a saving of 568K. For 568K a person can buy completed 1 bed in JLT at the moment and put it up for rent @ 56K. 142K loss is recovered in 2.54 years. Any price appreciation will help recovering the losses further if there is any. Imo, price can appreciate to 20% in next two years. 568K + 20% = 681.6K

I don't know why people are repeating the mantra of getting the project completed. It is not really difficult to get the project completed, they have their own construction company and building cost is very cheap now. Steal prices have gone down 70% from 2008 peak. Overall there is 40% to 50% reduction in construction prices. But the investor ends up with a property at very high cost compared to the market.

Imo, ask them for a 40% to 50% discount, if they don't, then ask them to give credit note and sell the credit @ 40% discount into another elite projects. That will save from much more losses.

My advice is, do a proper financial analysis and then consider the best option.

[lovedubai]

Can you explain more about credit notes? Has anyone managed to get one from Triplanet for any of the Elite projects? We've just gone into official default, and I haven't heard of this. Thanks

[Freestyler]

Originally Posted by lovedubai

Can you explain more about credit notes? Has anyone managed to get one from Triplanet for any of the Elite projects? We've just gone into official default, and I haven't heard of this. Thanks

Actually credit notes is wrong term but it is the common term used in the market. It is basically credit consolidation.

Here how it works. You get the approval from the developer to transfer into somebody else's unit. Developer might have their conditions. Then you need another person to buy your credit or if you have a unit in another project you can transfer it to your own.

Anyhow, if you are selling it to another person to get some cash out than you will negotiate a discount with him/her; and he/she will sign MOU or something to buy at the agreed discount. Than both of you will go to the developer, developer will take the required documents to proceed with the credit transfer, any payments required by the developer will be paid to the developer, and buyer of credit will hand you the cheque (manager's cheque is preferred for safety reasons).

You will go home with more cash, buyer of your credit will go home with some savings on his purchase price, and developer will get some cash in the process too.

As far as I know, Triplanet as not yet allowed such credit transfers. Perhaps they are being greedy and want to sell at very high price or cut most of the paid amount in case of a default. Reasonable thing to do is to put Elite 7 on hold and allow people to transfer their credit since this project was lunched at very high price. Good developers have shelved their projects that were lunched after April 2008 and allowed people to transfer their credit.

[fab965]

Hello Freestyler,
Thanks for the advice. I just want to clarify my point. I have no interest at all that this project comes to completion. I am waiting until end of the year ( unit completion date) to see any job advance and then I will re asses the situation. I have realized the drop in price and asked for a discount already in November 08. What do you think there response was?? " No can't do"!!

What is the current law requirement for uncompleted project? Do investor get any portion of the money back?

Selling at a loss as been my aim, but where do I start ?

Cheers

[FARIBA]

Even if anyone wants to sell at the very high 40 to %50 discount there are no buyers at this time. so you can't sell and most developers aren't going to give people any price reduction so what elss is left to do?
atleast if they complete the project you will have your apt to sell or rent or live in it as of now you can't do any of it.
or we can take our loss now and just walk away from it all do you agree?

[Freestyler]

Originally Posted by fab965

Hello Freestyler,
Thanks for the advice. I just want to clarify my point. I have no interest at all that this project comes to completion. I am waiting until end of the year ( unit completion date) to see any job advance and then I will re asses the situation. I have realized the drop in price and asked for a discount already in November 08. What do you think there response was?? " No can't do"!!

What is the current law requirement for uncompleted project? Do investor get any portion of the money back?

Selling at a loss as been my aim, but where do I start ?

Cheers

You can't even sell at loss. Price is down at least 50%. Now I don't know how much you have paid, but to sell @ 50% you need to have move balance than 50%, but most people have not paid 50%. Somebody who has paid 80% than it makes sense that person can reduce 50% of OP and get 30% back. For those who have paid 50% or less it doesn't make sense. A person can pay more to sell, but that is stupid, he/she will lose 50% anyway, so person adds 20% to get 20% back... even less if it is paid less than 50%.. if you are understanding what I'm trying to say. And adding more money is risking more money, what if nobody buys off plan even at 50% discount than additional money is gone.

The only way to get out some money without losing more is to make them give us credit note/transfer, so we can sell credit.