I am considering buying an apartment in jumeirah lakes, the development is goldcrest views 2. Has anyone bought here and what are your views? Have there been any delays or setbacks?
Hi Ypat, I've bought a studio in GCV2. Haven't signed the contract yet. Have you? If you haven't, beware of the Initial Corpus Fund clause (8.3 I think), it's a killer! Included to cover the cost of a prize offered by the developer in a Gulf News subscription raffle! CS
No I havent signed the contract either but I only purchased a few weeks ago. So what is this Initial Corpus Fund, I guess thats why I got it really cheap (£51000 on the 12th floor!). I suppose if it's in the contract we dont have a choice and have to pay up!
Hi YPAT, I went to their office to ask them to justify the 20,000AED extra I suddenly have to pay on handover as a result of the new clause. They hadn't even prepared a bullshit answer and just fobbed me off with maintenance and emergency nonsense. They also told me that owners without the clause will receive a letter one month prior to handover asking for the same amount, 50AED per sq/f. Welcome to the wild west where contracts are meaningless. The whole thing has made me decide to get rid of it before handover, shame really, I was looking forward to keeping it. So what did you buy? Studio or 1 bedroom, square footage? CS
I can guess why they will ask for the money 1 month before handover because they can then threaten to not hand over the unit if we withhold the amount. Also, everytime someone re-sells their unit before handover the developer makes 2%, so they win each time. Like you, I might sell, but even if I pay the extra £3000 do you think its worth it because I only paid £51000 (as resale) for a 12th floor flat ? I have seen studios on lower floors advertised for around £56000 in the last few days! My unit is studio on floor 12. What about yours? Are you based in dubai?
YPAT, I bought my studio in May this year for 330,000AED, about 48,000 quid. It's 400sqf on the 3rd floor. Higher studios like your will go for more. I have seen studios advertised for 400,000 but advertising is one thing.... I think you got a bargain there. Next year will be a crucial year in Dubai for the market with thousands upon thousands of flats becoming available, need to keep a close eye on things. I reckon it would be worth keeping long term, probably will once I calm down! I've been in Dubai since 2000, what about you? CS
no i'm a uk citizen. been to dubai 3 times - last time feb 06. Well atleast you have put my mind at rest..atleast you are out there keeping an eye out and making sure the development does not vanish!..i think this development is the cheapest in jumeirah lakes so its a prestige location, lets hope we dont get fleeced by the developer. My email address is yunus33p@yahoo.co.uk so if you have any pics of GV2 please send. Do you know anyone else who has bought there?
Hi YPAT, If you are looking for updates and comparisons, here's the perfect site: http://skyscrapercity.com/forumdisplay.php?f=576 Plenty of pics to be found. I'll email you if I get anymore surprises.... Enjoy! CS
