#UNDER C: MARINA BAY, 29+29F, Res (City Of Lights)

[dubaiguy7]

anybody know of any units in this project for sale ? please p.m if you know of or can maybe point in right direction... thx DG7

[uaeinvestor]

Are you looking for units in Marina Bay (Damac Development), Najmat, Al Reem Island, Abu Dhabi? If yes, I have a few units of my own to sell. I am not a property agent.

[bizzybonita]

Progress Report
C2 & C3 Marina Bay

January 2010

http://www.gep.ae/progress_report_marina_bay.pdf

[bizzybonita]

Progress Report
C2 & C3 Marina Bay

March 2010

http://www.gep.ae/progress_report_marina_bay.pdf

[bizzybonita]

Progress Report
C2 & C3 Marina Bay

April 2010

http://www.gep.ae/progress_report_marina_bay.pdf

[ragga]

Any update on this tower?

[bizzybonita]

Oct/2010

http://www.gep.ae/progress_report_marina_bay.pdf

[cash doctor]

will this be built by 31 december 2011 realisticly as gep say or do you think it will go over. progress looks that it might be completed in time

[blueowl]

Could be realistic, my own rule of thumb is that 2 floors are completed per month, and afterwards there is a 6-8 months period of cladding and finishing before the handover.

Other question: would somebody be willing to swap units in these buildings? We have secured a nice 1-bedroom, but would like to upgrade to 2 bedrooms, or 3 if affordable.

[cash doctor]

say this project is finished by 31 december 2011 what do you think the rental income be for a 1 bed full sea view property be realisticly keeping in mind the real estate market will still be recovering. and do you think the surrounding area will be built up by then

[blueowl]

I wouldn't hazard a guess in terms of a single number or a range, cash doctor. However, I believe that as long as oil price stays reasonably high (as it is at the moment), and gradual opening of the market continuous, rents will always be competitive. I do like the long term planning that Abu Dhabi uses, and these plans so far have been reasonably accurate in terms of demand/supply predictions despite of the unforeseen recession. They predict a continued shortage in housing despite of the large number of new projects.

As to 1-bedroom flats: it will always be a market on its own, and in this market much depends on the growth in universities and on the expatriate influx, particularly the growth in expatriate specialists in relation to the new Saadiyat Island projects.

[cash doctor]

i know this may depress some but i dont think abu dhabi will have another construction boom or that the property prices and rents will reach there 2008 peak again. they say the economy has recovered but it doesn't seem that it has. i think the recession has scarred the gulf for a long time to come. only qatar ( due to the world cup) and saudi arabia (to its massive economy) will ever boom again. i guess this is what happens when you suck up to the yanks and now we are paying for it.

[cash doctor]

i was talking with a contact in abu dhabi about this project. he overly confident that this project and all oter city of lights projects will go over there q4 2011 deadlines by atleast a year. he said at least 1 year to 2 years because the inside will take a long time to do but the whole city of lights area needs to be developed. he also said that there was a shortage of quality 1 bedrooms in abu dhabi and rents are between 20-25 grand (gbp) which i find hars to believe. he is a friend and owner of a real estates agency which lets properties for landlords. but how true do you think this is because he it seems to far fetched for me.

[ptustephen]

it must be a beautifu city

[blueowl]

Is there a design change in the C3 building? The initial brochure and the scope statement in the latest progress report are talking about 25 floors, but according to current progress they are working on the 29th floor.

See http://www.gep.ae/progress_report_marina_bay.pdf

Does anyone know more, how many floors are now planned?

[ragga]

I already received a letter about delayed handover.

[cash doctor]

Originally Posted by blueowl

Is there a design change in the C3 building? The initial brochure and the scope statement in the latest progress report are talking about 25 floors, but according to current progress they are working on the 29th floor.

See http://www.gep.ae/progress_report_marina_bay.pdf

Does anyone know more, how many floors are now planned?

i also noticed that they are adding more floors onto the building. rt3 c3 was supposed to be 25 floors but they have built 31 and rt3 c2 was supposed to be 29 floors and thaey built 31. this is confusing and someone should try to clear this is up with the developers.

[cash doctor]

Originally Posted by ragga

I already received a letter about delayed handover.

when did u receive the letter ihaven't recieved one and if possible could you scan the letter and put it up so we could all see it. it would be really hopefull and btw did they mention a new completion date or how long the project will be delayed for.

[blueowl]

The letter was received late June, just days before the deadline.

Now, if they have added more floors to the building, than the delay in handover is no longer force major but a planned and intentional increase in scope and therefore in the required time to complete.

[bizzybonita]

August/2011

http://www.gep.ae/progress_report_marina_bay.pdf