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NEED ADVISE PLEASE...........

HI Guys (new bee)
can anyone tell me is this a good investment?

Been given a price of £55,402 for a STUDIO apartment with full furniture?:bash:
They told me I can make 15% of that back every year on rent is it true?:bash:
 

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HI Guys (new bee)
can anyone tell me is this a good investment?

Been given a price of £55,402 for a STUDIO apartment with full furniture?:bash:
They told me I can make 15% of that back every year on rent is it true?:bash:
Hi Khan66

What is the studio apartment size (sq ft)? Expected start and completion dates ?

My friend tells me studios in JVS will get good Retrun on Investment as JVS is fairly centrally located to most parts of Dubai and will be well served by some major roads (emirates road, al barsha road, al khail road).
 

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Hello Brother Masood

size is 402.25 sqft the price is 398,894 durhamms
all tv & bed etc...
but they are charging me for parking aswell?
looking into buying in somewhere else will see if i can get some thing chaeaper
 

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Ines
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The developer is MINC Property Enterprises - http://www.mincproperty.com/

They have got several building in JVS that all look similar - prodigy 5 & 6 are identical; the developer is offering the rental return guarantee on the babsis that the buyer purchases the property with the full furniture package - so the prices may seem a little high, but you get the property managed for you etc...

Prodigy 6 has been renamed "Casa Verona"

http://www.casaveronadubai.com/ - it has already 85% sold out - land will be handed over by December 2007 and construction teams will be mobilized within three months of hand-over.
 

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i, living here, would not buy here. Buy in the burj dubai district, prices are higher but you are seured from any fiscal losses resulting from a market meltdown that may happen with the overflux of properties being built. seriously, go to the marina at night, and theres nigh a light on (a few i spose)
 

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PRODIGY 5 JUMEIRAH VILLAGE SOUTH
The latest release of the incredibly successful Prodigy 5 apartments in Jumeirah Village South is the Prodigy 5 development. As can be seen from the image above, the apartment are of extremely high quality with a very modern design.

INVESTMENT HIGHLIGHTS Lowest prices in the market:

#Rental guarantees of 8% gross for the first two years
#Freehold ownership
#Full high quality furniture pack included
#Highly experienced developer with Escrow account for added security
#Available end 2009

INVESTMENT APPEAL
The Prodigy 5 apartments in Jumeirah Village has an amazing investment appeal with a fully managed service offering 8% rental guarantee for the first 2 years, combined with the potential capital appreciation of your property (Dubai capital appreciation is currently 10 to 15% per annum), and a full high quality furnishing package, you cannot go wrong.

BRILLIANT LIFESTYLE
The project is designed to be self-contained and will include international schools, town
and country clubs, community centres, jogging and cycling trails, sports and leisure
facilities, and round the clock security, all providing a peace of mind and a real sense of
community. Variety forms the central theme of Jumeirah Village with diverse retail and leisure
facilities, beautiful landscaping, and distinct architecture combining to create inspired
living spaces for the modern family. Prodigy is the new definition of living with nature.

 

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PROJECT FEATURES:

Amenities
• Stylish reception area
• Swimming pool with Jacuzzi
• Fully equipped gymnasium
• Landscaped garden
• Two levels of basement parking
• 24 hour security


Attention to detail and an emphasis on quality are both hallmarks of this development, so you can be sure of uncompromising build and finishing standards.


Rooms
• Studio, one and two bedroom apartments
• Ceramic tiling throughout
• Built-in wardrobes
• Insulated double glazed windows
• High-speed internet access
• Ready for TV, telephone and security cabling


Kitchen
• European design
• Spacious and open style
• Quality finishes


Bathroom
• Superior vanities and granite surfaces
• High mirrors and vanity lighting
• Branded mixer taps and shower fittings
 

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I am interested in this property too. Do the studios in Prodigy5 have balconies? Do you know what price they are selling at?
 

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Location maps:

Prodigy 1-5 location is same on their website. I don't see a 6th building there, only 1-5. Are you guys sure, there's a 6th one?

 

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They have to be kidding...where does one complain???:bash:

"Given the current economic climate and the impact on the property sector, including MiNC, I am writing to provide an update on our strategy and plans going forward in relation to the Prodigy 1 building. The purpose of this letter is to highlight the issues we face in completing this building and proposed solutions. We need your assistance in achieving these plans.

As you will be aware, we have been experiencing delays in completing this project. I would like to assure you that the successful completion of this project has been, and remains, our most critical business priority. We are absolutely committed to making sure we deliver on our promise. However, we have faced a number of challenges since the start of the project, and we are being further challenged by the fall-out from the economic crisis in the region. There follows a summary of the challenges and our proposal for overcoming these:

• We launched the Prodigy 1 project in October 2006, following the purchase of land from Nakheel. Having been promised immediate hand-over of the land, Nakheel actually delivered the land for construction in May 2008. Even though the apartments in Prodigy 1 had substantially been sold, the delay in receiving the land from Nakheel had a significant negative impact on the project;

• Construction prices doubled during the time we waited for the land to be handed over, with a significant negative effect on the viability of the project;

• We also witnessed a doubling of construction-related professional fees and a large increase in government-imposed costs during this period;

• The introduction of new regulations by the Government of Dubai, although welcome in concept, made it extremely difficult for us to proceed with the project. This was because our financial model was different to that imposed by the Government of Dubai; whereas we had envisaged funding the construction of Prodigy 1 with cash flow from the overall Prodigy project cash flow (six buildings), this was no longer allowed;

• The arrival of the global financial crisis has had a severe impact on the monies MiNC has available to build Prodigy 1. We are no longer able to subsidise construction of the project; the project needs to be self-funded as originally intended;

• Additionally, the liquidity squeeze in local banks has recently caused two of our local banks to withdraw project finance for Prodigy 1, having originally agreed to provide this funding.

The following is the status of the project as a result of the above:

• The vast majority of apartments in the project have been sold.

• The project is no longer financially viable; costs have increased to the extent that MiNC would make a significant and material loss if it were to build this project. MiNC can no longer afford to subsidise this loss;

• Construction had commenced on the project; however, progress has been halted, as the contractor has not been paid due to the withdrawal of project funding by the bank. The project has a severe cash flow shortage.

In short the project has stalled and we do not see it progressing any further in the current economic climate unless we are able to inject cash in to this project as a matter of urgency. We are determined to see this project through to the finish despite these uncontrollable events.

Our proposal

In order to ensure that we are able to construct the Prodigy 1 building and deliver your unit to you, we need you to pay an additional AED 313,000 for your apartment. Given current trading conditions, we believe that this is the only viable option available. We will need all of this additional payment up-front in order to continue with construction. The other installments will remain as per the original schedule.

Your new price would be AED 688,000. This equates to AED 1,000 per square foot.
In exchange for this, we will be able to instruct our contractors to re-commence construction of this building immediately. Clearly this will be dependent on all buyers accepting this offer, otherwise your money will not be utilised.

We recognise that our valued customers will not be pleased with an increase in the cost of the unit. We hope that some of your displeasure will be mitigated by the fact that the ultimate price you will have paid for your unit will ultimately be significantly below market value at time of completion.

We estimate that your revised cost will be at least 25% below market value. We also believe that rental yields will remain firm at 8-10% of current values and much higher than this on purchase price.

Should you agree to our proposal, we will of course increase our rental guarantee to 8% of your increased purchase price.


Summary

I would like to assure you that we have seriously considered every option to arrive at the proposal presented above, and that we sincerely regret the changes to our original agreement.

The current economic climate and the impact on the property sector are certainly ‘unique’ and thus require ‘unique’ thinking, analysis and action. The proposal outlined above is something that MiNC would never consider under normal circumstances. Events outside of our control have forced us to make difficult decisions such as these. In light of the current market dynamics in Dubai, we believe that this is a positive step in achieving a successful completion of this project. We hope that you feel the same way, remaining enthusiastic and positive in achieving this goal with us.

We sincerely apologise for the inconvenience this communication and subsequent actions required of you have caused.

To reiterate my sentiments above, I and everyone at MiNC is absolutely committed to building Prodigy 1 so that we can deliver your unit no later than June 2010. We believe that our proposed course of action will ensure we meet this target. Failing this, we fear that the project will be suspended, possibly permanently.

A sales representative from our office will be contacting you imminently to discuss this further and address any concerns you may have. In the meantime, if you have any questions in regard to the above, please do not hesitate to contact:

Sales Customer Service
Mr. Muawia Khalil | Tel: +971 50 453 8652 Ms. Pooja Lal | Tel: +971 50 658 7667

If you agree to the proposal outlined above, could you please signify your acceptance by signing and dating the Appendix attached, returning it to this office by fax or scanned copy via email at your earliest possible convenience. I look forward to providing you more updates following the positive outcome of this proposal.

Yours sincerely,

Haroon Mahmood
Chief Executive Officer, Dubai"

Probably the fate of many more to come
 

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Complain don't accept it

Don't accept this letter they have sent you and assume the terms they have mentioned are legitimate or the only viable ones .

Complain to both RERA and the newspapers.Tell the compnay you are complaining and go and see RERA.
They can't force you to pay more on the basis that costs have gone up . if the reverse had happened would they have refunded you percentage of your money .

Their mail looks good because it is official , typed and on company headed paper but it means nothing . You signed a sales contract/agreement with them.They drew up the terms which they expected you to respect, which I assume you did. So in turn they have to respect their side of the bargain.

If you do not want to go on with the project they are obliged to refund you and not just the money you paid but at a big premium.

The credit crunch mumbo jumbo is an excuse to stop things .

Contact local papers and RERA .

I would like to add that I am not an investor but live in Dubai and work in real estate sector .
 

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Investors in Jumeirah Executive or Prodigy please post on this forum or send private message to me so action can be taken against Minc.
 

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This is crazy!!! I spoke to Minc just yesterday and they told me that they are building but they have delays???? This is just plain crazy!!! I am going to the Minc office on Sunday to get to the bottom of this!!

This is totally unacceptable
 
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