Hi at all

I just wanted to know if someone else has also invested in that project? Here the details:

Project: Ontario Tower
Region: BusinessBay
Developer: RosehomesInvestment / Dubai Continental Group of Companies
Webseite: rosehomes.ae
rosehomes.ae/ontario

The developer is quite new and they have one additional project in Sharjah. Construction in BusinessBay is well underway. I bought an Office as well as a 2Bed Residential Unit in there both on 14th floor.
The location of the tower is exellent i would say; right at the entrance of business bay and a metro station shall be there too. What do you say about this project? And what do you say is currently the minimum sqfeet price a developer has to charge for residential and office units in order to cover costs at least? Last but not least: What do you think will be the minimum sqfeet rent per year i can expect to charge upon completion in businessbay for first office unit and second residential unit?
Waiting for your replies!

Thanks in advance!

No one?

And what do you say is currently the minimum sqfeet price a developer has to charge for residential and office units in order to cover costs at least? Last but not least: What do you think will be the minimum sqfeet rent per year i can expect to charge upon completion in businessbay for first office unit and second residential unit?
Waiting for your replies!

by all that agents flying around here in the forum, I honestly expected some more replies

Anyone invested in that project?
At the Beginning of that month I have been to the site personally and construction seems to be well underway! Actually it will be one of the first 30 Towers completed in BusinessBay... Do you think resale upon completion will be easy? Or would you rather suggest to rent it out?

Thanks in advance! Hoping for some (more) replies

Still hopeing that someone can give me some answers Anyone came across with that development?

I just got an construction update: Tower is now 4 stories above ground and they told me that all concrete work shall be done in June 2008. I guess completion will be end of 2009 at the latest whereas they say June 2009.

Hi Day Fox,

Ive actually picked up two 1 bedroom aprtments. Word going around is that rents will be sky high in that area as it will be the downtown (i.e central london, westmineter etc..) Area in Dubai. Selling shouldnt be a problem.

Initially I would opt to rent out. One bedrooms are a lot easier to rent out too.

Day Fox,

Hi, was out of town and just got back.

All the developers in this market are new until they deliver the first project. At this point it's difficult to distinguish between good and bad, the grain & the chaff.

Any body paying less than Dhs 1800 psf is bound to make money in Business Bay when equating to the rentals of Dhs 250 psf.

Ontario tower occupies an important place and should do well. I hope the entrances for office and residential sections are seperate. I have seen instances where kids play in the lobby area, not a good sight for a prestigous tower. This is purely my opinion and I could be dead wrong.

The residential should do better than the commercial. You would be looking at Managers occupying the residential inviting a premium. A nice deal to stay and work in the same building.

The projected rents for Business Bay are between Dhs 200 to Dhs 250. Might be higher due to the proximity to the Metro.

Regarding the minimum the developer has to charge for covering costs is not known. Probably a 30 to 50% profit would justify the trouble taken.

My sincere advise is you are sitting on a gold mine, keep it and look forward to early retirement.

Regards

Roshan

hi,

When did you buy into this project dayfox

In 2006 already! Click the following links for current status of construction (March 2008)













Very Good progress, tower is rising fast now! And as Roshan also said, location is excellent!
Iam happy that I have invested into that project even though Dollar weakness is reducing profits ...

Do these guys have anything for sale?

All sold out since end of 2006 -only resale! Last time I checked commercial was around 2000AED per sqfet and Residential was 1800AED. Relatively cheap when you compare what other developers are charging (2500-3500) and again, i have to point out to the location, which is fantastic (right at the entrance, close too metro)! My guess is that prices on completion will be around 2500AED which from my point of view is fair for that area! Rent I am not too sure about it, but 250AED per sqfet seems reasonable and not too much for me!
What do you think Roshan?