Originally Posted by OMAR.WAZIR

I bought one studio with select samoa (2nd floor) I was lied to about the fact that the island upon which pacific is on was already built. The 18 months "flexi" time they have for delivering the project late is concerning and I have been told by another developer whom I have now bought off that Select have never delivered a project on time. I do not know how accurate this statement is however!

I believe the studios will still make money but with the longer completion the return on invesment is not as good as other projects from which you will get a return end of 2009. Although they also sell the deal on resales when the investor chooses to do so after the 1st installment they have ditched resales at the current moment to focus on selling their own properties.

Much better deals on the market. see below.

If anyone is interested in the deal below send me a pm, add below.

Oyster Residence:La Hoya Bay 4th floor: Sale 1150/sqft

I have seen various quotes of 1500 / 1350 / 1420 / 1200 for current prices on La Hoya Bay by various companies. Some developers are charging higher dirham’s per square foot for good views.

Have only around 5 properties (left) on Oyster residence, La Hoya Bay on the 4th Floor all with sea views. We are selling at 1150 dirham’s per square foot and as you can imagine they are going fast!.

Properties are 4 x studios and 1 x bedroom. Studios are roughly 570 sq ft. 1 bed is 1557 sq ft.

Payment plan 30 % by September 2008 (possible flexibility) and remaining 70% on completion. 3 years guaranteed 8% rental income.

Price increase due around July, cannot guarantee how much this is but by the end of the year we expect these properties to be trading around 1600 dirham’s / sq ft.

Anyone interested let me know ASAP. Mail direct to omarwazir @ hotmail . com to discuss.

Kind regards,

Omar

Originally Posted by VQT

So you're slagging off Select to sell your own properties. Interesting. I have just read an article in a local property magazine out in Dubai and there was a double spread on Select Group. I believe they are going places, with lots of projects coming up so it's a good time to be involved with them.

I am visiting RAK on July 1st and will try and get some pictures of the island to see what stage we are at.

Originally Posted by milktrayman

Only a few days old annoucement


As I said you will make money on select ( I believe I will), only your return on your investment will not be as good. I feel I made a mistake here of sorts, although I will still make money there is the potential to make more. Not a big mistake, but in hindsight there was better offers.

How? You are paying 30% (long term plan) upfront with further payments which for the low end studio will be minimal £4000 a year untill the property is built, which is due for mid 2011.

Thats 30% investment + £12,000k before you see a return should you buy.

Would it not make more sense to pay 30% for a property, not pay anything else. The property is also finished a year and half / two earlier from which if you rent out that is approx £7-12k per year or whatever the rental income may be. You obviouslly make a better return on your money, simple maths.

As far as the resales go, you could call them yourself I think you will get a polite we have cancelled resales at the moment. This by the way was pushed to me when I inititally bought, as was the fact the island was built.

Point of interest, was anyone else told the island had already been built?