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Emirates City, Ajman, What do you think?

Discussion in 'UAE Property' started by Rammah, Feb 7, 2008.

  1. Rammah

    Rammah New Member

    I had mixed signals from different people about it, and I'm hoping to get some more information from people who know it well...

    If you know of a specifically good project/developer there, please point it out to me.

    Also, what main factors would you take in mind when investing there? Parking spaces? views of the lake?
     
  2. mpat

    mpat New Member

    good developer is star giga
     
  3. mpat

    mpat New Member

    the main factor should be the purpose of investment.I think most of the investors prefer to stay there.for rental or re sale its quite not sure . there are hundreds of properties coming up in the similar time frame at cheaper prices in sharjah and dubai to stay on rent.
    if someone has work location in ajman or sharjah , it will be good. For commuting to dubai from ajman will be a bit of headache due to the congested portion of sharjah which is not being widened.
     
  4. alexft

    alexft New Member

    Rammah,


    Eslam Group is an interesting developer. And yes Eta Star is good.


    Regards,

    Alex.
     
  5. Rammah

    Rammah New Member

    Thanks Alex.
     
  6. AR786

    AR786 New Member

    Grand Orian Tower

    This is probably a question for Dubaiboy or anyone else who can help.

    I am thinking of getting a studio apartment for £36,017 at the Grand Orian Tower in Ajman.

    Would you recommend buying a property for investment purposes in Ajman? and realistically how far is Ajman from Dubai airport and Dubai central.

    This construction is due to complete in 2011 and by then i here there will be a metro line and Ajman airport and will be easy to travel.

    Please can you advises asap.

    Kind Regards
     
  7. financier888

    financier888 New Member

    Go to the casino in London. Go to the roulette table and chose : Red 0r Black and put down your 36,017 sterling... this way you at least have 50-50 chances of making money.. rather than ZERO if you proceed with this foolish pursuit.

    thank me later - ONLY - if you decide to abandon buying in Ajman and keep your money safe ! (for your benefit because you are not living over here...)
     
  8. AR786

    AR786 New Member

    Thanks for your reply.

    Why what is going on there?

    The developer for this project is Adnan Saffarani, an escrow account has been set up by the Islamic bank. Do these things mean anything.

    This project is been offered to me by Real Choice Real Estate based in Dubai. Are they realiable?

    Many thanks
     
  9. financier888

    financier888 New Member

    Saffarani is a reputable CONTRACTOR but are you sure he is just not the engineer? or doing the construction? He's doing a lot of projects in Ajman and may be over extended Sit back and wait - there will be many opportunities in Ajman and prices arent going higher or will be in the forseeable future...

    In the meantime SAVE your money and be patient. BEFORE I would buy anything - I would first wait till the laws are implemented in Ajman - an 'escrow' account up there is meaningless without the proper legal framework defining the terms and conditions of the escrow and the govt enforcement agency to ensure it's being administered correctly... ASk them -'what are the terms and conditions of the escrow? Are the payments linked to construction progress? What happens in the event of a default by the developer? etc.... U catch my drift here...

    OK! be carefull and sit tight
     
  10. AR786

    AR786 New Member

    Thanks for your email.

    Are you based over in Dubai or are you UK based?

    The agent has sent me a letter from the muncipality and planning Department which has been stamped by them. If you send me your email i can show you.
    Does this mean anything?

    I have sent your questions to the agent, il let you know what he's answer is.

    Once again many thanks for you advice. Its much appreciated.

    Kind Regards
     
  11. vishal73

    vishal73 New Member

    Eng. Adnana Saffarini are neither developers not contractors. This is an engineering firm basically designers. They are doing many projects in Ajman.

     
  12. AR786

    AR786 New Member

    Thanks for the info..

    Does that mean the developer will be another company? Adnan Saffarini will only design the project??
     
  13. financier888

    financier888 New Member

    Dubai based.... The letter you have simply means that the plan has been filed and approved for sale.... Many developers in Ajman - who have defualted or in the process thereof have these letters too.. so, it means nothing as to the financial strength of the developer or if your project will be completed... WAIT - till the laws and enforcement arm of the Ajman govt is implemented... Prices are not going to be inflated up there... If prices are dropping in Dubai - what do you think will happen in Ajman? If you want to ask you brokers some questions - ask him about representations as to the infrastructure? and what happens in the event your building is completed but there is no electric? (which is already happening in Ajman!) what is your recourse then? dont allow yourself be hustled with the hype... Believe me, there will be many bargains in ajman - no rush here.... I'd rather buy something I know is close to completion and pay a bit more than take a chance the likes of which you are contemplating..
     
  14. AR786

    AR786 New Member

    Once again, thanks for your advise. Its most appreciated.

    When you say "wait till the laws and enforcement arm of the Ajman govt is implemented" what does this mean?
     
  15. financier888

    financier888 New Member

    Ajman municipality is putting in a RERA type of Agency there to protect investors. It's been mandated by decree but not implemented yet.. (it may take several months) Expect to wait several months till its in place...

    I have had freinds that invested in Ajman drive up there and they are not seeing much of any work going on... Agents are still selling but - little in the way of any construction or infrastructure going on.... and many projects will be cancelled.. and with investor money not protected - that will dissapear too... better wait and see... The market is still in a free-fall and we're not close to the bottom yet...
     
  16. financier888

    financier888 New Member

    i stand corrected - you are correct Saffarini is an engineer and works closely with the Ajman municipality. He does work closely with contractors and oversee's their work as a project manager. (thus the link with the contractors..) As to whether or not he has become a 'developer' - possibly but i rather doubt it... He's the listed Eng. on many, many projects in Ajman..
     
  17. AR786

    AR786 New Member

    The agent has said that Aqua City is the first master development in Ajman freehold property who has got electricity approval from the government. How true to you think this is.
     
  18. financier888

    financier888 New Member

    What does that mean???? "electic approval' ?? if the Ajman govt can't provide electric in the center of the city where several buildings are done and ready for handover - tell me... what does this really mean??? in real terms...

    You want to listen to the agent hype ? go ahead and transfer your money... Agents have answers for everything ...ask the agent how many units have they purcahsed for themself????

    My freind, please, better check all the facts BEFORE you part with your hard earned money.... I have nothing more to really say that hasnt been said inumerable times on this site... Have you personally visted this site AQUA city?? seen the work being done with your own eyes?

    If you want to believe the agent - you should also consult a fortune teller...
     
  19. AR786

    AR786 New Member

    nope not visited and dont know the area either..

    I've emailed the agent and declined....as I think its worth waiting a few months...

    Plus the other thing the agent keep reitirating is that till i dont pay my booking deposit i cant see the contract or sales agreement...by which time its too late, cos iv already started putting money in and hence be trapped. I want to see exactly what am getting before I put my deposit down.

    And like you say, am sure there will be other opportunities to buy.

    Can you recommend any reasonably priced studios in dubai?
    Where would you recommend to invest?
     
  20. financier888

    financier888 New Member

    First off - if any agent tells you - that you have to 'pay first' and then they'll show you an agreement !!! forget it!! I wouldnt deal with them.. EVER.. avoid agents like this at all cost - or it will - cost you all.

    wait and take your time as prices as dropping and it's still early,,, I dont know your budget so i cannot comment.. studios in Internatiol city are cheap and have dropped but it's been in a mess as of late.. I would sit on the sidelines and keep talking to brokers and track the pricing... Look for a unit that is completed or close to completion depending on your budget.. There are others on this site that may provide your more uptodate info on pricing of individual units pet se take your time and do your homework - its a buyers market
     
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