#ON HOLD: MUSRIF HEIGHTS

[Imre]

I was in the launch , it was a big joke same people as the all Emaar launch.

price was 3.6 million , I could buy any units I got a good number.I was inside at 09:10, in that time just a few people bought because of the high price and the bad payment plan. 10 % downpayment, 10 % in Dec 2008 after 20-20-20-20%.
I went inside at 12:30 again , still everything available, cheapest 2 bed was 3.7 million, as I saw the list , not was a big success...

I had a coffe , drinks etc and after when I spoke with many "investors-flippers" I realised how big bubble is the whole market

same townhouse in the Arabian Ranches is around 3.8 million and almost ready, why people rather buy here? because they have only 10 % and after they want to sell with premium.

anyway, if you bought ,still good because too many greedy investors in the market and you can sell them

[ibkiss]

You are absolutely right !!!! Other readymade built-up properties cost less or the same as this off-plan mirdif heights .The developer cunningly has set prices so high ,he has left no margin for us to 'flip' .
I also dont have faith in buying in built up properties as after deducting repair expences & ever increasing maintenance charges ,very little is left for us .

[docc]

Originally Posted by nexlite

What's was the area of Warsan (5.7 m) .......... AND what was Teema ?

I believe they were around 2500-3500 Sft.

[adamjee]

You have to understand that mushrif heights will be a development of 44million sqft and this is just the first phase....and very soon they will anounce phase 2 at that time you will realise that this was cheap.As far as desert is concerned the whole of dubai is desert and the price you get at places like international city and beyond is like around 1200 ppsqft so why not buy of emaar at 1600 ppsqft Villa where the land is even yours and its a villa not an apartment.You have to understand this.Springs villa are fully paid and they are not of 3 million any more.Please give me onw if you have it.They are of more then 3.7 now fully paid.Where as at mushrif you get the same type of villa but a ta price of 300000 AED.This is a huge difference...I dont understand what investor will not like to invest here..Now hours a go they are also putting a reservoir at mushrifff...Will appreciate like hell now....

[ibkiss]

adamjee ,
Dont freak out at what I'm saying below but its a fact :

You have ure calculations all haywire & wrong .International city are costing around 800-1000 /sq ft .
And Springs can still be bought between 3 to 3.5 million .If u take a mortgage against it ,perhaps the rent will pay the bank interest or some amount may still be left after that .So in this case ,we have a cheaper unit than M.H. with a free mortgage .

I'll also highlight the advantage of M.H. as I'm not challenging u but bringing out true facts as u can check the threads of Int City to verify me .
The benefit of M.H. is the appreciation of value .... But future would only tell if the rise will be fast OR VERY SLOW .

Dont mind the above ............. I think Emaar should have launched it at 2 to 2.7 million !

Best Regards .

[MalcomX]

Originally Posted by Imre

I was in the launch , it was a big joke same people as the all Emaar launch.

price was 3.6 million , I could buy any units I got a good number.I was inside at 09:10, in that time just a few people bought because of the high price and the bad payment plan. 10 % downpayment, 10 % in Dec 2008 after 20-20-20-20%.
I went inside at 12:30 again , still everything available, cheapest 2 bed was 3.7 million, as I saw the list , not was a big success...

I had a coffe , drinks etc and after when I spoke with many "investors-flippers" I realised how big bubble is the whole market

same townhouse in the Arabian Ranches is around 3.8 million and almost ready, why people rather buy here? because they have only 10 % and after they want to sell with premium.

anyway, if you bought ,still good because too many greedy investors in the market and you can sell them

Hi Imre,

Do you know the completion date?

[Imre]

sorry, I dont remember.

[docc]

I'm not sure but one of the investors on this forum mentioned 2012.

[Arno Salzl]

from The Business Weekly 02 November 2008:
Warsan kicks up dust
By CL Jose

Investors complain about being 'misguided' over price and location of Emaar's exclusive residential project

Investors in the Warsan Estate project, one of the latest projects announced by leading property developer Emaar (EMAAR), are up in arms against the company for being 'misinformed' about the project.

Several investors who approached The Business Weekly said they were taken for granted on several counts. "Firstly, we were told that the project was coming up in the Mushrif Park area, but now we have learnt that the project was originally planned in proximity to the sewage treatment plant.

"Who wants to throw away hard-earned money on a project such as this," fumed Arshad Hussain, business development director, RCI Middle East, who has already booked a unit in the project.

Though TBW tried to get the Emaar office to respond to investors' complaints, no comment has been forthcoming. We are still awaiting their response to an e-mail sent both to the company offices as well as to its public relations agency.

Hussain said he has already approached company officials who acknowledged the fact that several investors were genuinely peeved with the project's features.

Investors are furious that the price of about Dh2,600 per square foot quoted for the project is far higher than that of any other comparable project.

"There are properties available in much better locations at less than half the price charged on Warsan Estate by Emaar, which has built a reputation for itself through years of good work. It is painful to see a company with such a high international standing resorting to ways that do not bring about any goodwill," said James Varghese, another investor who claims to have invested five per cent for the booking advance.

Emaar launched Warsan Estate in June or July this year. "Investors, me included, were misled by Emaar's propaganda and false marketing. Investors were told that Warsan would be a top-class and up-market development and that townhouses would be built to the highest standards. Up to the time of the launch, they did not once mention the price," Hussain added.

When pointed out that the responsibility of enquiring about the location and price remains with the investors, one of them explained that they had very little time in which to make a decision. "We were given only a few minutes before being told to put up the money and seal the deal," he added.

There were rumours too that the tokens issued online for the off-plan booking of the project were downloaded and sold at a handsome price as there were ample takers for the project at the time of launch. The bookings were received at the Emaar sales office and at the office of Hamptons UAE, the official sales agent for the project.

Warsan Estate is a project of townhouses for which the average price could work out to Dh5 million and above. "This is massively overpriced compared with International City which is located just opposite this project," James added.

Hussain said hundreds of emails were pouring into Emaar's office, asking for an extension of the deadline for payment of the second installment, which is fast approaching. Most of those writing in are however demanding that the company scrap the project itself. "None of the investors want to pay the second instalment of 15 per cent, which is due in January 2009," Hussain told TBW.

However, he is optimistic that Emaar will take an appropriate decision on the contentious issue and resolve the concerns of hundreds of investors.

Emaar Properties launched Warsan Estate in Dubai as an exclusive residential community on Al Awir Road. The development claims to offer 500 single family town-homes that would appeal to residents who value the privacy of living in a villa in an immaculately laid-out residential community.

[Hassan Kachal]

sorry guys, dint find the th for warsan estate, so im posting here...

i heard that the warsan estate project of emaar is getting cancelled ! is that true !? any one has any news on these two projects !?

thanks

[ibkiss]

As far as I know ,none of the both will be cancelled .Heard something about relaxation or deferring of payments .
People are freaking out but emaar wont cancel as its not in their best interest .... or uhmmmm their income's interest !

[bizzybonita]

http://www.mushrifheights.com/

[I Know]

Buyer won court order to seize Emaar offices in villa row

A Spanish investor won a court order to seize the head offices of Emaar Properties, builders of the world’s tallest tower, after its subsidiary failed to deliver an AED5.3m ($1.4m) villa on time, his lawyer has claimed.

The Dubai Court of Cassation issued an order on Nov 29 to allow representatives for Carlos Jose Periera to seize Emaar’s Dubai offices in an attempt to recoup AED3.4m, reflecting his villa payments to date and a sum of interest, said Fareya Azfar, partner at The Legal Group.

Periera had paid more than AED2.9m for a villa in the Warsan Estate in Dubai in a deal with Mrasem LLC, a unit of Emaar Properties. The 3.4 million sq ft development is billed as “an exclusive community” on Dubai’s Al Awir Road and includes 500 townhouses.


http://www.arabianbusiness.com/buyer...ow-438713.html