what was the reply you got from SP?

The usual crap you get when you ask difficult questions. They basically said it is not in the developers interest to delay completion of the project because they will get fined by Rakeen. Nothing made sense to me, they even confused clause 15.2 with 15.3 and I had to correct them. Basically, I got nothing out of them. As I said earlier, I will sign and sell as soon as I get 50% profit. I am expecting that to take place in 2.5 years from now.

kimo

In case any one is wondering how much interest the developer of Pacific is charging for the long term schedule. I worked it out to be about 8.75% PA.

cheers,
Kimo

that is my plan too (but am hoping for a bit higher ). also in that time period, although there is interest as you say on the 15yr payment plan, it doesnt amount to too much extra by the expected completion date.

Maybe useful for you or not , some answers I got back from select



First Provisional Service Charge

I presume this will be effective from the date of completion, do you know what the likely charge will be in dirhams at this stage?

Upon completion of the development you will become liable for a service charge towards the maintenance of the building and communal areas of the development as a whole, charged to each owner based on the size of their property. The charge will be set for the first year and each year thereafter this will be based on an actual budget or anticipated expenditure; we expect this to be in the region of 12-15 Dirhams per square foot per year.


4.2 Title

What is the current law in RAK in terms of freehold title for any overseas investor?



We can state with confidence that all units in Pacific are sold on a freehold basis, as declared in Schedule 1 of the Sale and Purchase Agreement. By ‘freehold’ we mean the generally accepted definition of outright ownership of the property, unrestricted by time. ‘Resolution 12’ passed in 2007by the government of Ras Al Khaimah confirms that all developments of Rakeen (the master developer of Marjan island) are considered free investment zones in which any properties are allowed to be owned on a Free Hold basis by expatriates.
The ongoing evolution of the land laws in Ras Al-Khaimah is very similar to the situation in Dubai, although in fact the Crown Prince of Ras Al-Khaimah took initial steps to allow expatriates to own property for the first time before the ruler of its better known neighbouring emirate. The prevailing laws of Ras Al-Khaimah and regulations of the Lands Department apply to all developers on Marjan Island, therefore what we are currently able to offer buyers in our contract is the closest thing that the emirate knows to true freehold ownership for non-nationals.





Early pre payments

From this I have understood, that the buyer is able to make prepayments before the instalment dates as long as each
payment does not exceed 100,000 AED and the buyer has provided 30 days notice and that the buyer is only able to make 1 prepayment in a calendar year?

If you want to make overpayments, this can be done by filling out the Form of Prepayment Notice in your contract, you will need to give the developer 30 days notice so your future payments can be recalculated. You are able to pay off a minimum of AED 100,000 in any calendar year, the payment must be in addition to any payment due at the time.


9.2 Early Exit

Firstly,If the buyer sells the property before completion date, the original buyer (myself) will need to pay 2% of the original purchase price and not the selling price to the seller (Select)? Also is there a restriction on when the buyer cannot sell the property before completion date?

Yes, if you want to sell your property before the completion date you will need to pay 2% of the original purchase price, not the selling price to the seller. Providing your first instalment is paid, there is no restriction on when you can sell your property providing you have met all your instalments and have given the seller 30 business days notice. You may wish to consider adding the 2% assignment fee to the selling price so that your subsequent buyer pays the charge inclusive of their purchase price.

Secondly, if the buyer sells at this stage; namely before completion, will the "new" owner" of the property be governed by the same contract as the original buyer? Will Select get involved in the transfer process of will the original buyer need to arrange all the relevant work for the transfer?



Yes, the new buyer will be governed by precisely the same contract (effectively they take over where you left off). We will carry out the administration for the transfer and can also help source a buyer for you. Your member services account manager will be able to help further.


9.3 Purchase Price charge

If after completion the buyer sells the property assuming that he is legally entitled to , is the buyer liable for the 2% charge back to the seller (select) at this stage?



As you are on the SPP you must pay for the property in full by completion. Once it is paid in full you are able to sell it entirely at your discretion and the developer cannot impose any further charge on you. Should you wish to sell before completion the answer given above would apply.

Does anyone have information regards to the extension of the Dubai metro to RAK?

it is not an extension of the dubai metro, but the emirates rail network which is planned to connect all of the seven emirates. u can google it and there is info there.

try Sheikh Saud briefed on UAE railway network project | Government of Ras Al Khaimah

Hi Guys - Ive recently purchased a 1 bedroom in Polynesia through SP. I must say the service I received was slick and the agent that I was dealing with had upto date knowledge and figures on population.
HAs anyone else purchased in the Polynesia block?
Good work to eveyone who has invested in this development its going to be a great development.
Just for info - I was also told island 4 would be home to most of the entertainment venues, and the Mosque si being moved to the mainland somewhere.

The Mosque is being moved? Is there any official news of this?

Courtesy from an investor from Skyscrapercity :

You can watch the Real Estate TV video about RAK here - includes a section on the Al Marjan Island.

Property for Sale - Real Estate TV