Hi Anil - this is what I was told by Select Properties agent. Maybe take that comment with a pinch of salt!

Does any one have any upto date pics of island 4 ?

There are a few investors on Skyscrapercity that are considering contacting SP regards to the 2 year clause SP have in the contract for delivery of the development.

In the nature of this forum, all investors should collectively compile an email or nominate a representative to contact SP regards to the 2 year sunshine clause. If there are enough investors who shout they could reduce this time considerably.
I have not seen the contract as its in the post but I dont like having the possibility of waiting 2 years for an apartment while I am loosing rental income or intrest on my money.

What do others think?

Has anybody got their countersigned contracts yet?

Yes, I got mine some time ago.
Also got access to the online account.

Have you not got yours yet?

No, I signed and sent mine with the first instalment few weeks ago - haven't got the countersigned yet though. I will contact the contract dep

I got mine with in 7days after paying 1st isntallment

maybe i have good account manager Metthew Wilkins
i recomend him to all my contacts this is my 2nd property with SP
i enjoy investing with SP and feel safe

Mirpuri

Any signs of construction starting soon? I was told it was starting in June???

More importantly has that part of the island fully completed?

I see La Hoya Bay kicking off with even a Show apartment, anyway I have been told that Select will launch another project on the same island

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

Thanks, for the sales pitch !