Anybody buy in Metro Tower, City of Arabia?

[savais]

Hi,

I bought a 2bdrm flat in Metro Tower, and am interested to find out if anyone else has bought there or another property within City of Arabia. It would be nice to discuss issues such as payment schdule, contracts, etc.

Thanks

[eyeC]

with only the rail track next to it doesnt help much and for that only they priced it more than marina projects
and i dont think any stations next or near the building

[savais]

price per sqft was 825dhs which is much less than what Dubai Marina is currnelty going for.
The plan is for the Dubai Light Rail to join up with City of Arabia when the blue metro line is completed on Emirates Road, so although it is quite a bit away, when completed, it should be a reasonable investment.

[eyeC]

city of Arabia

The plans are nothing special small developers are producing better plans the presentations are done by amateurs the developer is relying on the location of the project and not paying much attention to the small details
The project would have been a lot better with better architectural designs for the flats

The only good thing left for investment is the retail shops but the developer is keeping them so...search for cheaper projects if you want to buy for investment

Regarding your metro tower you are paying 825 dhs/sft and the project will finish in two years time so add to the price 165 dhs/sft to compensate for the time value of money and you left with 990 dhs/sft which is approx to prices in marina or JBR
And you could receive rents for two years if you buy them now against receiving the off plan property after two years

[fcrs]

City of arabia got a mall called mall of Arabia which is 10 M Sq ft and 1 of the biggest mall in the world
Metro station so close to metro tower
jurassic theme park
i belive those are enough to make the market prices goes up
i belive it will be going about 1100 Dhs per sq ft start of 2009

[savais]

finally some positive news about city of arabia. thanks fcrs! hope you're not just a sales agent! ;o)

[fcrs]

Originally Posted by savais

finally some positive news about city of arabia. thanks fcrs! hope you're not just a sales agent! ;o)

Well i own a real estate company in Dubai Sheikh Zaid Road and i am investor also i own 2 appartments 1 is wadi tower and 1 in metro tower

[Henrico]

I bought a 2bdrm flat in Metro Tower 7 month ago and they told it will be completed 1 Dec. 2008. I see somebody post in the forum that there is delay in construction and occupancy will be March 2009 or later. From where do you get this news ??
According to the real estate agent than I dealt with the construction schedule is not delayed so Im surprised to see somebody state otherwise in the forum.

[romaforever]

Do you think that the price of a unit in metro tower is going to reduce/stay constant because of the high offer of apartments in Dubai?

For who bought: which unit did you buy? Are you going to take the 50% offer which means to pay the 50% at a rate of 8.5% in 7 years? Do you think that the rent obtained will cover the mortgage in 7 years? Did you buy residential or commercial in Metro Tower?

[savais]

I bought a 2bdrm apartment facing the wadi walk on the 18th floor. The price has not gone up, and don't expect it to, maybe alittle once it is completed. There is just too many projects here in Dubai..it is too saturated. But I plan on living there, not as an investment, so as long as I don't lose money in the long run, I am happy.