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Northern Emirates Projects in Ras al-Khaimah, Umm al-Quwain, and Fujairah


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Old March 4th, 2008, 06:37 PM   #121
Ali_Syed
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well... if you look at the price, that is enough evidence that the 12% return for 3 years guarantee is given back to you from what you have already paid to them!
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Old March 6th, 2008, 09:00 AM   #122
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www.blu-mirage.com
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Old March 6th, 2008, 09:25 AM   #123
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Old March 7th, 2008, 04:33 AM   #124
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Originally Posted by kiarash View Post
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??
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Old March 9th, 2008, 09:19 AM   #125
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8 Mar UK BM exhibition (@ Hilton Metropole)

hi there,

i've just joined this forum a while ago after noticing the thread. please bear with me if i show any lack of knowledge as i'm fairly green in this type of thing.

i attended the BM exhibition and found it quite a nice laid-back environment. i was fearing that i'll be facing all these sharks in suits staring down at me and bombarding me with info so it was a welcome relief to find most/all of them quite approachable.

Oh yeah, before I forget, I don't work for them!

As you probably know...what propertiesdubai was that you buy a room in the building, then also sign a 10 year contract with Elite Concepts to maintain the whole thing in terms of rent. What I liked was that even if my room is empty my rent return is based on my share of the whole property's rent (apparently I get 60% of net room rent) so I could get the crappiest room and still get my return based on the sea view rooms getting guests. The downside is ofcourse selling the thing or if/when i would stay there for my 4 free weeks i gotta deal with it (dont mind though i think).

anyway, anyway they did mention that 45 degree thing in the presentation as well. Also they partner with some company called First Rate FX that give cheaper exchange rates for Pounds to AED. Anyway, there's no obligation to use them though. I also got to collect the latest Availability list. Out of the 186 apartments listed only 16 were taken (mostly the ones with lower prices).

I asked few questions though I think you guys already know the answers, but will mention it anyway:

- If there are delays in development the developer would pay interest. Didn't get an answer as to how much interest.

Err...the other ones you probably know so I won't write it.

Was really keen to buy but after viewing this thread I'm not sure since the marina protection seems to play a big part for your guys.

Although, what about people who have less knowledge of these things? Won't they go for it anyway? And you mention RAK is really doing well and this island might take off....so wont that already help blu mirage sell itself?

anyway, thanks for all the (very) interesting info that has been mentioned and posted.

FD

p.s. as i'm fairly new i have to admit that it was the price (£47000), guaranteed 3 year return and property management aspect that attracted me. Are there any other developments that are cheap but good value for money and easy to maintain? I live in london btw.
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Old March 9th, 2008, 11:40 PM   #126
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the marina is good for those who want to live in those apartment and have a boat. if you are going to put the apartment on rent, then over 95% chances are that the tenants wont have the boat. They are normally working professionals.
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Old March 10th, 2008, 12:04 PM   #127
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[QUOTE=FloggingDolphin;18923266] I also got to collect the latest Availability list. Out of the 186 apartments listed only 16 were taken (mostly the ones with lower prices).

???

A friend of mine attended the presentation on Sunday. The information she received was that there are approximately 700 apartments in Towers 3 and 4 and over 50% of these have already been sold. The studio apartments without a sea view have already sold out on the 1,2,3 and 4th floors.
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Old March 11th, 2008, 07:59 AM   #128
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[QUOTE=Robbo123;18943691]
Quote:
Originally Posted by FloggingDolphin View Post
I also got to collect the latest Availability list. Out of the 186 apartments listed only 16 were taken (mostly the ones with lower prices).

???

A friend of mine attended the presentation on Sunday. The information she received was that there are approximately 700 apartments in Towers 3 and 4 and over 50% of these have already been sold. The studio apartments without a sea view have already sold out on the 1,2,3 and 4th floors.
I see. I got my list on saturday afternoon.
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Old March 11th, 2008, 05:50 PM   #129
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Ras Al Khaimah

I am interested in speaking to anyone who has or is considering investing in the Blu Mirage project. Please email me at [email protected] with a contact number.

I am currently contemplating investing in Bm and would like to speak to anyone who I can talk to.
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Old March 12th, 2008, 12:55 AM   #130
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Quote:
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I will forward your comments to the Developer.
Hi Ines, did we get any reaction from the developers regards to our questions and concerns?
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Old March 12th, 2008, 12:57 AM   #131
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[QUOTE=FloggingDolphin;18962867]
Quote:
Originally Posted by Robbo123 View Post

I see. I got my list on saturday afternoon.
Hi FD - did you decide to purchase iun BM? I think for the price BM is a good investment. Its a shame we dont have a balcony in the current design. Im sure if we have enough momentum from investors the developers may change their mind.
But all in all I think its a great investment with a few issues we need to iron out.
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Old March 12th, 2008, 01:37 AM   #132
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Nett or Gross

When calculating the price per square feet of an apartment do we consider the nett or gross area?

Regards, nomad
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Old March 12th, 2008, 11:52 AM   #133
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Quote:
Originally Posted by dubai_nomad View Post
I was told BM was being developed on plot 2.apt.001B. Can anyone confirm?

Tks.
the buyers contract (as available on propertiesdubai.com) clearly states that 'the entire project [is] to be developed on the Plot No. 2 APT 3, Al Marjan Island, Ras Al Khaimah.'

which probably means, if you look that plot up on the map, that blu mirage will have another big building opposite it eventually, so for anybody wishing to use an appartment for their own enjoyment, it may be worth getting something sea-facing, otherwise all you will see from your window is another hotel, and of course the busy road.

p.s. with regard to the contract, there are still a number of issues to be solved and I was asked to email any concerns I might have, as this will help establish the final contract....
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Old March 12th, 2008, 12:52 PM   #134
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Quote:
Originally Posted by ulilondon View Post
the buyers contract (as available on propertiesdubai.com) clearly states that 'the entire project [is] to be developed on the Plot No. 2 APT 3, Al Marjan Island, Ras Al Khaimah.'

which probably means, if you look that plot up on the map, that blu mirage will have another big building opposite it eventually, so for anybody wishing to use an appartment for their own enjoyment, it may be worth getting something sea-facing, otherwise all you will see from your window is another hotel, and of course the busy road.

p.s. with regard to the contract, there are still a number of issues to be solved and I was asked to email any concerns I might have, as this will help establish the final contract....
Hi Ulilondon, welcome to the forum. You mentioned the contract and issues you may have. What issue do you have and what is the final contract?
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Old March 12th, 2008, 01:50 PM   #135
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it is the gross area of the unit calculated for sqft pricing.
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Old March 12th, 2008, 09:44 PM   #136
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Quote:
Originally Posted by FloggingDolphin View Post
What I liked was that even if my room is empty my rent return is based on my share of the whole property's rent (apparently I get 60% of net room rent) so I could get the crappiest room and still get my return based on the sea view rooms getting guests.
You know, I don't believe you are quite right on this aspect. I understand that the rent return is based on the initial investment, so if you bought a 'cheaper' apartment, your percentage of the 60% overall return for investors will be lower than that of those who bought more expensive appartments. Otherwise, everybody would just buy the cheapest studios. I think you will probably get pretty much out of it what you put in, and if you or your family go there to stay for a holiday, you may quite dislike looking out on a busy road and another building/building site dead opposite Blu Mirage. I personally would think, I have come all the way to look at this all the time? No, thanks. I do think for resale value, it is also best to focus on the studios facing the sea, even though the full sea view may not be there, but at least they are away from the road, and costing a bit more, you wil also be earning more rent with them. Again, the pool of investors does get 60 %, and everybody will get a rent return, regardless of how popular their room is or not, but the less money you invested, the less will your share in rent return turn out.
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Old March 12th, 2008, 10:11 PM   #137
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Quote:
Originally Posted by dubai_nomad View Post
Hi Ulilondon, welcome to the forum. You mentioned the contract and issues you may have. What issue do you have and what is the final contract?
Thanks for your message. Well, there is a buyers contract you can download as a pdf from propertiesdubai.com. But if you go through it, you will notice that there are several clauses/subclauses (but not santa claueses , hee hee) that can't possibly be applicable for the buyers of the serviced apaprtments, for example the point that 'all owners must pay the service charge' or that all owners 'must pay the telephone bills' etc. Of course for the time (ten years initially) the appartments are being leased to the managment company, service charge will be included in the 40% they take from the rental income, and telephone bills will have to be paid by whoever stays there at the time, i.e. the guests. So the contract as it is at the moment, is a mixture of santa clauses relating to the time the appartments will be managed by that company, and others relating to the time when the appartments fall back into the hands of the owners entirely (if they don't wish to renew the leasing back of the appartments to the managment company). Kathryn from the properties dubai office on Oxford Street, asked me to go through the online contract carefully, and make a note of anything that may be of concern for me, and email her those points, which she then will forward to the property developers. I am still thinking about getting a separate solicitor though, as i find it all a bit dangerous paying these instalments without even having been given a proper contract to sign... What if I have paidd 50% over the course of this years and then suddenly getting the final contract through the door to sign, and finding out there are things in there that put me off the property altogether. My solicitor in London advised me to get in touch with the Law Society and ask them to refer me to solicitors specialising in Middle East property laws, and I am still considering doing it.
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Old March 15th, 2008, 09:34 AM   #138
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[QUOTE=dubai_nomad;18978368]
Quote:
Originally Posted by FloggingDolphin View Post

Hi FD - did you decide to purchase iun BM? I think for the price BM is a good investment. Its a shame we dont have a balcony in the current design. Im sure if we have enough momentum from investors the developers may change their mind.
But all in all I think its a great investment with a few issues we need to iron out.
hi there...

well, in the end i didn't purchase it because it would mean that i'd have to borrow some cash. and apparently the general rule is that one shouldnt borrow to invest.

also it sounded too good to be true~ and i tend to be quite the skeptical type


due to my inexperience i'm still unaware of all the risks involved.

anyway...to anyone who purchased it, good luck!!
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Old March 15th, 2008, 11:41 AM   #139
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Hello all,

I am exclusively representing the owners to assist in the sale of the last tower which is 5-Star Hotel.

To that end, if anyone is interested in the purchase please contact me.

Thanks,

Toby Jordan.
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Old March 15th, 2008, 01:20 PM   #140
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[QUOTE=dubai_nomad;18978368]
Quote:
Originally Posted by FloggingDolphin View Post

Hi FD - did you decide to purchase iun BM? I think for the price BM is a good investment. Its a shame we dont have a balcony in the current design. Im sure if we have enough momentum from investors the developers may change their mind. (Please dont hold your breath)
But all in all I think its a great investment with a few issues we need to iron out.
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