[quote=OMAR.WAZIR;63693]yes you may have to only pay 30% until completion for LHB, but then you have to get finance for the rest. at least with SP this is already in place, im not too sure if there is already a bank-approved option for LHB?? but in any case you will have to find tenants to keep up with your payments....good luck renting a property with no electricity or water! so what if LHB might complete this year or early next, if there are no utilities in place! if you cant rent it then you have £0 returns, except of course capital appreciation, which in my opinion will be greater at Pacific with the private beach residents, and expecially now that Pacific has been awarded 'Best Development'. People will see this award and want to buy in to pacific with confidence from a good and reliable developer. And as for resales, i know that there have been resales with good returns already, so nothing to worry about there.

"yes you may have to only pay 30% until completion for LHB, but then you have to get finance for the rest. at least with SP this is already in place, im not too sure if there is already a bank-approved option for LHB??"

The developer Khoie takes the responsibility to arrange the finance on a mortgage on the final payment based around the EIBOR rate at the time of completion.

"but in any case you will have to find tenants to keep up with your payments....good luck renting a property with no electricity or water! so what if LHB might complete this year or early next, if there are no utilities in place!"

Does this mean that RAK goverment have allowed a situation where by there is no utilities, considering they are the master developer and developer for Bab Al Bahr which is supposed to be built around roughly the same time as La Hoya Bay? If so that would be a highly embarrasing situation for the whole goverment?

"and expecially now that Pacific has been awarded 'Best Development'. People will see this award and want to buy in to pacific with confidence from a good and reliable developer."

Defineatly is a good development, agree with you there and there marketing is spot on.

And as for resales, i know that there have been resales with good returns already, so nothing to worry about there.

Is this resales through Select or through a private agent? If it Select can you please advise which employee at Select has been dealing with your resales at select ? P.M me if you dont want to put their name out in public please. I hope this is the case. I spoke with select now appox 3 weeks ago. As you know will know in the "My Select" section within the website you have your sales contact and a member services contact to help you with any queries. My direct member services contact advised me Select ( and I am sure this probably will be the case with most Al Marjan Island developers) have no experience in the resale market in Ras Al Khaimah and so could not give me any indication of how long it would take to sell the property. I was then later told that they were not going to do resales at all at the current time (however "may" do shortly) they were focussing on selling their own properties, which my member services agent told me was at a rate of around 8 per day when we spoke.

Any input on the above would be appreciated,

Thanks

Hello,


I believe SELECT are great! I have taken a unit there myself and two of my friends too they were both extremely happy with the way things were handled. This is rare in the UAE, you often deal with very very poor customer service, and yes I do generalise!

I find their payment plan great, they totally convinced me and many others.

I can only recommend them...not saying LA HOYA is bad!!!

Hello


Yes Select Property are outstanding in their customer service, now as to the ROI one will have to wait and see.

Myself and 2 friend bought there, both were really happy with the way things were handled. Usually you find very poor customer service in the UAE, very widespread!!!

Not saying La Hoya is bad though...might be a good deal too. I personally belive they will increase in value over time.

Take care

it has been well publicised that there are problems in the northern emirates about supply of utilities, you can easily find the info on this and other forums or just google it. i'm not saying that the government are not improving the infrastructure, they are, but it won't appear overnight. yes it would be very embarrasing, but not a surprise. if you can find out from rakeen that everything will be in place for when LHB is ready, then fine, but i dont know if anything is confirmed regarding utilities.

as for resales, i was simply told that there have been resales with good returns. no-one is claiming that the RAK resale market is well-established, i think that is why we have invested...to get in at the beginning!

anyway, another plus point for pacific which has now come into play is the escrow acc....since RAK government has now made escrow compulsory..the same cannot be said for LHB.

Thanks for the info above Richie:

Following link may be of interest to all investors in the island and RAK.


Gulfnews: RAK to develop 2,740 MW power generation capacity for new residential communities

Published only yesterday:


Ras Al Khaimah: The Ras Al Khaimah Government is offering guaranteed power, water and gas supplies to property buyers, in a bid to boost sales of new residential communities, a top official said.

“We can guarantee that there won't be any shortage of power, water and gas supplies to new projects and communities,” Dr Khater Massaad, chief executive of the Ras Al Khaimah Investment Authority (Rakia), told the media here on Sunday.

received a call from SP a couple of days ago, informing me that construction will start within days. the island has been ready for some time, but it was necessary to wait to make sure there was no movement before moving onto site. the construction contract has been awarded and soil testing and piling work will begin imminently. good news!

hmmm does anyone know what the prices are for studios in Select? I am interested in buying a studio facing the beach or the sea. Its the weekend will get in touch with SP on Saturday or Sunday but anyone who has invested in a studio is willing to sell theirs please let me know. Am not a agent but an investor. Plus I need some more info about Marjan Island any new launches etc where can I find this info?

I live in RAK for the past 3yrs, in the UAE 10yrs where RAK already has a strong resale market in many key projects. Premiums are excellant here and in Umm Al Quain which is on the same shoreline. For sure premiums will be good and you cannot compare RAK to Dubai as they offer a different way of life, very focussed on leisure although the business community is overflowing here, it still has the community spirit, something special. Most of the investors in RAK are European and Al Hamra Village is a perfect example, stunning development, almost sold out with their original project and now with projects like La Hoya Bay, ext of Al Hamra, complete Al Murjan Island, Pacific, Mina Al Arab, The Cove and many more, its going to be a killer. By the way if you need any more info please feel free, thanks Theda

well guys i got a studio on the pacific as well in the Tonga Building size 445 sq ft with parking and a balcony and I went for the LONG payment plan which is for 15 years but apparently you can change the payment plans later on but will have to pay a 10% fee.

so any of you who are reading this after 6 months or 1 year do contact me on aulhuq@hotmail.com cos i ll be selling it then heheh :P