Hi, I`m new to this forum. I`ve just bought a studio in Eden Garden, DSC. fws and MAAT, do you still have your apartments in Eden Garden or did you manage to sell them? Reading your comments made me think twice, but the flexible payment plan and reasonable prices persuaded me to invest. Any advice would be much appreciated.

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Originally posted by fws:
Yes I bought in Eden Gardens but am trying to pull out at the moment, because the developer has completely altered the way the building is to be run. It was originally serviced apartments, fully managed and furnished, parking etc but they are now selling individual apartments which wasn't what I wanted.

Having said that, my brother has bought in Ice Hockey Tower overlooking Victory Heights. I certainly think that Sports City is going to hit the world stage with a vengeance in the next few years and will be a great buy!

I pulled out after a lot of hassle and incompetence on the part of Better Homes who held my deposit for over 6 months. I lost over 10% of my deposit but was just glad to be out. Nevertheless I think Sports City is going to be absolutely fantastic and a great investment.

Thanks for that fws. But now that Better Homes aren`t involved anymore, what do you think of the investment itself, in terms of price, location, the builders, etc. For those of us who have purchased knowing they will not be serviced apartments, just pure (unfurnished)residential apartments,would you say it`s worth hanging in there, or to pull out and re-invest elsewhere?

quote:

Originally posted by fws:
I pulled out after a lot of hassle and incompetence on the part of Better Homes who held my deposit for over 6 months. I lost over 10% of my deposit but was just glad to be out. Nevertheless I think Sports City is going to be absolutely fantastic and a great investment.

Hi POG. I'm still invested in Eden Gardens with a studio myself. Whilst delays appear inevitable, I still find the responsiveness of the builder, Lokhandwala, to be very good. I understand that a significant % of the building has now been sold, with very few if any studio apartments left. I'll be hanging in there for now, on the basis that it is probably just as good as anywhere else.

Thanks for your reply CJP. Have you recieved your contract yet, and do we have any comeback on the developer if construction is delayed over a cerain period? Also, does anyone know the situation on short term letting in Dubai? Most of these residential buildings in DSC are being advertised as being ideal for short term let, ie. tourists visiting Dubailand or watching sporting events, etc. and letting the apartments out for a few days/weeks at a time(much like a hotel), but isn`t short term letting ILLEGAL in Dubai?

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Originally posted by C J P:
Hi POG. I'm still invested in Eden Gardens with a studio myself. Whilst delays appear inevitable, I still find the responsiveness of the builder, Lokhandwala, to be very good. I understand that a significant % of the building has now been sold, with very few if any studio apartments left. I'll be hanging in there for now, on the basis that it is probably just as good as anywhere else.

I have not invested in the Middle East at all and admittedly don't really know much about it. However I have heard that Abu Dhabi is a lot cheaper than Dubai and is going to be the next big thing. Any thoughts on this?

It's not illegal for short term renting in Dubai. In fact Eden Gardens was initially sold on that basis. There is currently controversy about Jumeirah Beach Residence which is refusing to allow short term lets, but it's certainly not illegal.

Abu Dhabi is most likely to be the next big thing, but has been priced fairly highly, so isn't that much cheaper than Dubai, although very little is released yet.

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Originally posted by jtidy:
Did you ever go for the First Homes Diamond deal - has anyone else gone for it recently with any feedback for a potential investor?

I didnt in the end. I think it is sold out now, save one or two units. I think it is a good deal, however it was not quite for me due to the limitation n occupancy. If I had the money for more than one investment I would have probably opted for that as a rental income generation property. I am now considering Ajman, for a low price apartment with an 8% rental guarantee. For 50K sterling I dont think I can go far wrong. Have you found anywhere yet?

Has anybody bought at Rufi Twin Towers and does anyone know what stage the build is at.

I bought a property in European Tower, Canal Residence West. Started the payments in Jan-07. Dealing directly with the sales-people in the Sports City office in Dubai. Went to their showroom and was impressed. Do think it's a gamble but worth it - imagine being a part of it all! No contract has been sent - just receipts for the payments to date. Should I be getting something more?

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Originally posted by Wigger:
I bought a property in European Tower, Canal Residence West. Started the payments in Jan-07. Dealing directly with the sales-people in the Sports City office in Dubai. Went to their showroom and was impressed. Do think it's a gamble but worth it - imagine being a part of it all! No contract has been sent - just receipts for the payments to date. Should I be getting something more?

So you bought a property without a contract?

Come on, if we buy something as simple as a car we ensure we have a sales contract!

Did you bother getting yourself a Lawyer? (Probably not)

No wonder these developers are laughing all the way to the bank.

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Originally posted by qvhman:
So you bought a property without a contract?
No wonder these developers are laughing all the way to the bank.

Thanks for the kick I needed. This is the reply from the people this morning: "My administrator has a list that she is working through regarding the contracts. I will make sure we make sending out you contract a priority. Although your solicitor may need to see some kind of proof to make sure everything is above board I assure you that we are one of the largest organisations in Dubai and closely linked to the government. I will request that she send it out in the next few days". Let my naivity be a lesson to others!

hi Wigger.i bought a unit in the med tower june 06,didn't get my contract till last jan.so there's nothing you should worry about.and it's a great investement.i went there last month to check on it.there's a lot of work ongoing in the sport city.getting excited already! would you mind telling me how much you paying for yours,and is it a one bed?

quote:

Originally posted by Wigger:

Thanks for the kick I needed. This is the reply from the people this morning: "My administrator has a list that she is working through regarding the contracts. I will make sure we make sending out you contract a priority.

That'll be "working through priority administration" involving the immense efforr of printing off a standard document and posting it to you .

You could ask for an email copy in the meantime.

Hi,

I've recently bought 2 apartments within Universal Tower in Dubai. I've recently received the contracts and would like to get these reviewed by a solicitor familiar with Dubai law. Does anyone have the name of a solicitor they would recommend? Also, would be interested if anyone else has bought in this development and had their contract reviewed.

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Originally posted by dm10:
hi Wigger.i bought a unit in the med tower june 06,didn't get my contract till last jan.so there's nothing you should worry about.and it's a great investement.i went there last month to check on it.there's a lot of work ongoing in the sport city.getting excited already! would you mind telling me how much you paying for yours,and is it a one bed?

DM - thanks. I continue to wait - made 2 more phone calls and followed up, still promising to prioritise my contract, but still no contract. I'll update here the day I get it - still not that worried but will be happier to have it!
I splashed out on a 2-bed + balcony (jacuzzi) in Jan - the prices went up 20% the week after I signed. I recently got the list of avail. properties and it looks like they have been selling well - not many properties left. So we're sitting on a paper profit already...
Going out there next Easter, hoping to see big changes.

I bought a 1 bedroom unit with panoramic views over the lake and stadium at The Bridge.
I was impressed by the developers The First Group and they issued the contract within 7 days of signing agreement, whilst over in Dubai in April I met with several developers and I have to say that some of them really sent the alarm bells off , very amatureish so beware and choose carefully.
I have had the contract looked over by my solicitor and all is well, anyone else bought in The Bridge?

T20SHY

Do you mind me asking what solicitor you used? I'm having difficulty in getting a solicitor familiar with Dubai law.

thanks

I have just recieved my contract for my DSC apartment and despite what I was promised by the agent and developer, it turned out to be a 99 year leasehold contract instead of a freehold one. Has anybody received an actual freehold contract yet in Sport City?

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Originally posted by PINT OF GUINESS:
I have just recieved my contract for my DSC apartment and despite what I was promised by the agent and developer, it turned out to be a 99 year leasehold contract instead of a freehold one. Has anybody received an actual freehold contract yet in Sport City?

When I received my contract it was for leasehold although laws have now changed which enable non residents to purchase freehold. I refused to sign until I received an amended contract stating the property was to be be freehold. Incidentally, I am not sure if the property you are purchasing also comes with a rental guarantee but I would ensure that this is stated within the contract and the possibility to transfer this benefit to a potential purchaser is also included.

Thanks for the advice Denise. Do you actually have a FREEHOLD contract now or a leasehold contract which promises to be converted to freehold once everything is official? Also, did they send you a leasehold contarct first (which you sent back to them for the ammendments) or have you only received the one (ammended freehold) contract? Were the developers happy enough to state the rental guarantee in your contract?

Thanks.

quote:

Originally posted by Denise2007:

quote:

Originally posted by PINT OF GUINESS:
I have just recieved my contract for my DSC apartment and despite what I was promised by the agent and developer, it turned out to be a 99 year leasehold contract instead of a freehold one. Has anybody received an actual freehold contract yet in Sport City?

When I received my contract it was for leasehold although laws have now changed which enable non residents to purchase freehold. I refused to sign until I received an amended contract stating the property was to be be freehold. Incidentally, I am not sure if the property you are purchasing also comes with a rental guarantee but I would ensure that this is stated within the contract and the possibility to transfer this benefit to a potential purchaser is also included.

Me again. My contract came through about 3 weeks ago (after signing up 6 months ago and chasing constantly). It has been checked and all is in order. My contract is a FREEHOLD one and looks good.
I do not have any rental agreement stated in the contract on this property (European Tower, Canal Residence West).

Hi POG

Somewhat delayed response. Yes, I received a contract early last year, naturally being leasehold then. You may have recently received the circular from the developer confirming that an addendum will be issued at a later date to convert it into freehold.

Presumably your contact has a clause about certain compensation should construction not be complete by a certain date?

T20shy

I was also looking at the bridge, do you me asking what you paid for a one bed.

When I spoke to them they were not very forthcoming with the pricing structure and this put me off a bit.

MP

Hi all,

I've been reading through the various posts here with considerable inetrest. I'm an Agent for Damac Properties, the largest developer in Dubai having 50% of the developments.

For investment suggestions I recommend Lakeview in the IMPZ (the business area). Only 30,000 residential units allowed & 100,000 employess come 2010. Freehold IS included - £55,000 gets you large studios with balconies, gym facilities, swimming pool, etc. or 1 beds for £97,000 The payment plan is over 10 instalments - you can sell up after the second is paid or rental return between 14% - 16%

No stamp duty payable & no solicitor is necesary as Damac are a very reputable corporation - for more online info. kindly visit

http://www.damacproperties.com/new/main/html-v3/lakeside.asp

If anyone is tempted kindly get in touch as I can secure very competitive deals


Denise2007