At the moment, I would not invest in Business bay considering the prices that projects are launched at. The price of Dhs 2500 psf is first and for most too high for me and secondly does not make sense in terms of rental and return on investment.

Prices going up could be a wrong indicator. We could attribute it to the inflation of construction which is acceptable - or - purely to a competition between developers which is a wrong indicator. If one launches at 2500 dhs psf, the other feels he has a better name and launches at 2800 dhs psf.

However well Dubai is projected, when all the commercial comes into the market, there is bound to be a correction, nobody can argue on that point. So far, Dubai has not been tested on that platform.

You have deals going in the secondary market which demand high premiums initially but could work out well in the long run. Anything below Dhs 1800 psf might be OK in my view.

As I said earlier on, I will keep my money ready and look out for distress calls in the near future and go for something which is ready to rent.

Dubai has to cool down on prices.

Regards

Roshan

Hi,

do you have any resale for 1 BD in this project with a reaonable premium?

Hmm, there are not many resales. If you can find one most likely you will have to pay 100% premium! They launched in 2006 at 1100-1300AED and now the price is minimum 2000AED+!
Are you thinking about investing in this project? Still great idea imho

Just to give all of you an update:

If anyone has invested here, please let me know! I want to collect all email address of the Investors of Ontario Tower in order to simplify communication in the future between us!

Construction update August 14, 2008 By Mavekris

http://i33.tinypic.com/mv3igj.jpg

http://i33.tinypic.com/zlrqlw.jpg

Construction is very slow

Yes, not really fast, but it's all the same in whole BusinessBay!

And I don't care at all that the tower will now be ready beginning of 2010 instead of 2008.. Before no one would like to life in such a conctruction paradise anyways!

As long as your developer does not go bankrupt everything will turn out fine and you will make great returns from BusinessBay in the long run!!!

+1 on the constrtuction being slow

Thanks for the update DayFox. Plz check ure pm

Has anyone invested in Empire Heighs commercial twin towers in phase 2 of Business Bay?

The project has 25/75 payment plan and has been launched in several stages since last summer. It's under Escrow and has 75% LTV on competion through Dubai Islamic Bank.

The prices are between 1900-2500 psqf depending on release date and premiums vary from 10% to 50% accordingly.

UPDATE:

http://i36.tinypic.com/2hi2wrk.jpg

http://i33.tinypic.com/33fc329.jpg

on the right, parklane on the left

http://i33.tinypic.com/2a8loon.jpg

I am really impressed what's going on in BusinessBay now. A lot of towers under construction finally -some slow progress, some faster... Anyways, it will be the most demanded commercial district worldwide in the future, for sure!

Just thought I would post pics to show Ontario Towers Progress. I also bought a 1 bedroom in Ontario, and of course the owners know the project as been delayed by 1 year till now. I don't see much progress, and think it may be even a lttle longer delay. Handover was scheduled for July 2008 originally and I don't know if it will finish before July 2009 which was the delay date given to me for handover. I wanted to ask if any of the other people who own property in Ontario Tower, have a penalty clause in it, and if we can get the penalty for late delivery, or will the developer come up with an excuse to not pay it? Any and all feedback is welcome and appreciated, and sorry for low res pics, I took them with my Mobile. Thanks to all previous posters as the posts were help full and informative to me. These Pics are less than a week old!!!

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