Quote:
Originally Posted by OMAR.WAZIR
"yes you may have to only pay 30% until completion for LHB, but then you have to get finance for the rest. at least with SP this is already in place, im not too sure if there is already a bank-approved option for LHB??"
The developer Khoie takes the responsibility to arrange the finance on a mortgage on the final payment based around the EIBOR rate at the time of completion.
"but in any case you will have to find tenants to keep up with your payments....good luck renting a property with no electricity or water! so what if LHB might complete this year or early next, if there are no utilities in place!"
Does this mean that RAK goverment have allowed a situation where by there is no utilities, considering they are the master developer and developer for Bab Al Bahr which is supposed to be built around roughly the same time as La Hoya Bay? If so that would be a highly embarrasing situation for the whole goverment?
"and expecially now that Pacific has been awarded 'Best Development'. People will see this award and want to buy in to pacific with confidence from a good and reliable developer."
Defineatly is a good development, agree with you there and there marketing is spot on.
And as for resales, i know that there have been resales with good returns already, so nothing to worry about there.
Is this resales through Select or through a private agent? If it Select can you please advise which employee at Select has been dealing with your resales at select ? P.M me if you dont want to put their name out in public please. I hope this is the case. I spoke with select now appox 3 weeks ago. As you know will know in the "My Select" section within the website you have your sales contact and a member services contact to help you with any queries. My direct member services contact advised me Select ( and I am sure this probably will be the case with most Al Marjan Island developers) have no experience in the resale market in Ras Al Khaimah and so could not give me any indication of how long it would take to sell the property. I was then later told that they were not going to do resales at all at the current time (however "may" do shortly) they were focussing on selling their own properties, which my member services agent told me was at a rate of around 8 per day when we spoke.
Any input on the above would be appreciated,
Thanks
|
it has been well publicised that there are problems in the northern emirates about supply of utilities, you can easily find the info on this and other forums or just google it. i'm not saying that the government are not improving the infrastructure, they are, but it won't appear overnight. yes it would be very embarrasing, but not a surprise. if you can find out from rakeen that everything will be in place for when LHB is ready, then fine, but i dont know if anything is confirmed regarding utilities.
as for resales, i was simply told that there have been resales with good returns. no-one is claiming that the RAK resale market is well-established, i think that is why we have invested...to get in at the beginning!
anyway, another plus point for pacific which has now come into play is the escrow acc....since RAK government has now made escrow compulsory..the same cannot be said for LHB.