Metropolis Lofts Advice

[metlofts]

Hi,

As our username suggests, we are first time buyers in the Dubai property market and would like some more information and advice if possible.

The property we are thinking about is a Studio in Metropolis Lofts.

Does anyone know the developer and how trustworthy they are?

The Studios appear to be cheap, is there a good reason for this and is Jumeirah Village South a sound investment area

Are the finishes in the common parts and the actual studios to a high standard usually?

Any opinions on Metropolis Lofts, The Developer, The Area would be useful.

Thanks in advance

R&A

[rayz.pm]

Dear Sir/Maam

It is a good project to invest in and by far the most econmically priced apartments in the area. The developers are UK Capital Investment Group and they have obtained the land from Nakheel, so the developer is bound to be trustworthy. For details of the property and the profile of the developer, pls provide you email id so that I can send you he price list and the company profile in details

Pls feel free to get in touch with us at our email - rayz.pm@gmail.com for further clarifications and in case you need to make a booking, we can offer you the best price available worldwide

Thanks and Regards
Vibhu Dhingra
M/s Rayz Prop Mart
R-651, New Rajinder Nagar, New De;hi - 110060 (INDIA)
91-09818411814

[Arfie]

Its a nice development and JV is a nice up and coming area.

I can guide you through some other good properties in Dubai. You can contact me on arfanl@dubailuxuryhomes.com or 0870 345 5786

[Alimha]

Dear Member,

I have personally purchased a 1BR Unit in the Metropolitan Lofts Tower-1 Project in Jumeira South through Unity Estates, Mayfair, London UK. I was very impressed by the service provided by Unity Estates (Contact David Cotter) and the developer through their their affiliate company (Berleley Estates in London UK) during process of purchasing property. Upon payment of the Booking/Deposit I was promptly provided official receipts and Reservation Agreement from their legal department.

I have researched the background of the UK developer, UK Capital Investment Group...( check out their website) and conclude that UKCIG have previous experience in Dubai.....Marina Star Project currently under construction.

I was impressed by the design of the two twin towers...designed by an award winning London Architect...read aerticle on UKCIG website.

[MishMish]

I would like to buy a studio in Metropolis lofts... as developer seems ok as far as Dubai goes. I appreciate it is resale now. Anyone who is selling pls pm me.
Has the construction started ? and anybody know if any banks are offering finance against this project to see how secure the investment is.
Thanks for any replies...

[metlofts]

Hi,

Just got back from Dubai and can confirm this is a good project to invest in. We've been to the UKCIG offices and have met one of their representatives. They are a professional outfit without doubt and wouldn't tuink twice about recommending this developer.

With that said, there is a considerable delay on the delivery of this project but this isn't UKCIG's fault, it's Nakheel delaying the handover of the plot. This isn't just affecting this developer, it's all!!

MishMish - Please contact me by email to discuss a resale i have available on the 15th Floor, Studio, 472sq ft. info at optihost .co .uk
Thanks,
Roy

[MishMish]

Hi Roy,

Thanks for your message.
I have since found out that UKCIG is in financial difficulty. Particularly their sister company which means UKCIG will have to absorb the costs... should they survive! I thought it seemed too good to be true that I had found a suitable investment!

[Abu Ahmad]

Hi all

I also spoke to the developer recently and they have confirmed that the revised completion date is probably around mid-late 2010. But as Metlofts correctly points out, the delay in JVS is affecting all developers.

I have a one bed on the 11th floor, 1158 sqft which I am looking to sell soon at a good price (well below the current JVS market rate) as I want to reinvest elsewhere. If anyone's interested please let me know.

The project also has an escrow account with tamweel (I have all details) and UKCIG are registered developers with the Land department/RERA.

[metlofts]

Hi MishMish,

Where did you find that information? I actualy went to their offices in Dubai and they had at least 15 people in their office. I have a very good contact within this office and the setup looked very professional. Not a company which looks like it's going bankrupt at all.

Either way, that's why our money is in an Escrow account isn't it?

Thanks,

Roy

[Abu Ahmad]

Originally Posted by MishMish

Hi Roy,

Thanks for your message.
I have since found out that UKCIG is in financial difficulty. Particularly their sister company which means UKCIG will have to absorb the costs... should they survive! I thought it seemed too good to be true that I had found a suitable investment!

I heard about this aswell. The company in question is UK Land Investments (UKLI) which is in administration. I spoke to Deloitte's (the appointed administrator) and they said that they are only acting on behalf of UKLI. I also questioned the developer (UKCIG) regarding this and they said that they would be unaffected by UKLI's position.

UKCIG have also recently launched a project in Ajman called the Cavendish and also have a development called Marina Star in Dubai Marina which is under construction.