Hi

I need some quick advice. I am looking at a place on Al marjan island - Pacific, by select property. Its coming out at around 1600 DHS per square foot. However it is on the seveth floor on polynesia for anyone who knows the plans and is a full sea view.

this obviosly adds very much to the value / rentability / resale.

I guess I am just after some opinions on here before I make my move

Julian

Hi Julian
Ive found the Pacific development to be pricey, however the location is excellent. Depends on your requirements/investment strategy. Have you looked at La Hoya Bay, Al Marjan. Marina/seafacing units 1000AED/ft2.
Full sea view at Pacific seventh floor 1600AED/ft2 difficult to sum up which is better value.
I considered Pacific but could not get a guaranteed completion date. I can not see the development being complete before 2012. I have decided upon two 1 bed apartments on La Hoya Bay, mangaged to get them for 850AED/ft2 in April.
Hope this helps you make a decision.
What ever your decide Al Marjan is a creaking project. Get in while you can, just do your due diligence.
Regards.

Select have a bad reputation for delivery times. That's the most important factor here. I am sure that will be good when it's done, but when will it be done!?

Look at their Dubai projects.

Also look at the price per square foot - 1600 is steep - this is RAK not Dubai

hi i have invested in a studio in pacific, so clearly i like this development. i think the prices are slightly higher than some of the others on al marjan, but you get things like parking included, and don't underestimate the private beach. (the public section of jumeirah beach is a rubbish tip!). personally i am planning on selling in a couple years, well before completion so delivery time does not concern me too much, but please tell me which developer has a good reputation for delivery??...it seems like a years delay is the norm in dubai! anyway just thought i'd express a positive opinion about pacific and SP who i have had a good experience with so far. hope this helps.

Research is what you need. Adds very much to the value / rentability / resale is fine but AED 1600 per sq ft is high. Your rents might not cover the mortgage if you are taking one. Find out what are the going rates in the neighbouring developments. If this is atrociously high, then you need to be careful.

I have posted a mortgage calculator ( in the first 3 postings of the forum ) which is easy to use. Analyse your positive or negative cash flow by feeding all the details. Always analyse by using a mortgage calculator.

While you are on the mortgage calculator access Sunil's site which gives you tips on how to invest inreal estate. The link to his site is on the mortgage calculator.

REgards

Roshan

You will find plenty of opinion on the other thread..

http://www.propertycommunity.com/forum/dubai...h-pacific.html

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

LHB sucks compared to the Pacific. I mean with the pacific you have a beach with LHB u dont even have a beach. Yeh its cheap but you dont have a beach y pay 580dhs / sq ft for lhb and live on an island, when the main point of buying something on a island was to have easy access to the beach and u dont get a beach with LHB :S. lol and there is no parking for lhb :S

Pacific might be expensive but atleast u r getting a beach, ur own underground parking, swimming pool, sauana and a gym.

aaah I can see myself swimming around on the roof top pool like a mermaid .

as for late delivery. come on this is UAE tell me one project which has been on time? Even Emaar when they started the greens the lakes they were late on delivering the villas to their clients. End of the day RAK has escrow services and you know your money is going to be safe even if the developer decides to run off which I cant say the same for Ajman heheh.

Yeh prices may be high but hey its better then paying 500,000dhs for something in the middle of the desert. so y not pay 600,000dhs and get something next to a beach on a Man made Island.

RAK has lots of LIMEstone which is used for Cement manufacturing and has Gas and some Oil so I honestly think it will be a Hit in a few years to come. Also dont 4get about its beaches and mountains and only a few minutes drive into Oman. Honestly speaking if I was single I wouldnt mind living there especially when they have the Emirates Metro up and running. Hell i think it would be better to catch a train from RAK to Jebel Ali then sitting on Emirates Road for hours just to get on time.


Emirates: Ras Al-Khaimah: Country Profile - Geography, History, Government and Politics, Population and Economy

Country Business Intelligence Reports: Emirates: Ras Al-Khaimah

By the way Hiton Hotel is in RAK too this is for those who didnt know

by the way prices are not 1600 i paid 1350 direct from select property for a studio on the top floor.

and please guys dont compare marjan island with jumeriah village or sports city. If you want to compare it, compare it with palm island, or jebel ali palm. you will see a huge difference in the prices.

just google studio in palm island or dubai marina and you will see the prices over 1 million. ppl who are thinking of investing in this should do it now before the prices go up high. Its a shame i invested late in this and should have done it much earlier but still hoping i could make a few quid out of this. if not will be looking to use it as a short rental space or even as my retirement home

Hi All

I purchased a Beach Duplex on Polynesia on the Pacific Development, Al Marjan and have to sell it. It is a great property and I will sell it for what I bought it for (cost price from Select Property)

If anyone is interested, let me know.

Tom O'Rourke