Metropolis Lofts Advice

[JOHNNY-D]

well, i bought it by a broker. the price was only 950/sf.
i wanna ask u something, please. as i'm thinking of re-selling it again. Should i wait until they start the construction? OR should i go ahead and place an ad in the papers and make a small premuim?
cuz i'm thinking to go for Sports city.
awaitng your feedabck, Met Lofts.
thanx.

 

[metlofts]

680 per sq/ft

Hi Johhny,

I bought mine for 680 per sq/ft. It;s a 472sq/ft studio. What is your unit?

Thanks,
MetLofts

 

[JOHNNY-D]

OH! 680/sq.ft !!!??? damn! when was that??? it was a pre-launched price, right??! oh! u make my unit price looks SOOO EXPENSIVE!
BUT i know, u bought it since ages, i know
anyway, my unit number is: 202012 (new no.) TOWER 2. (area: 423)
can u tell me something, please? if u wanna sell ur unit now, what will the price be (per sq. foot) ???
appreaciate ur help, time, efforts replying my msgs. THANX.
waiting 4 ur feedback.

 

[metlofts]

Hi Johny,

I bought mine at launch. Mine's a 472 sq ft, the larger of the 2 types of studio in Tower 1 i think. I'd been considering 1000 sq ft sell on but not sure whether i should wait for construction to start because the prices will hike again then.

Let me know your toughts.

Thanks,
MetLofts

 

[JOHNNY-D]

oh, buddy!
i STRONGLY recommend that u wait for the construction to start, to make a good return, OR u have to sell ur unit with more rate, i mean more than 1000/sq.ft
Come on, u waited more than one year.... !!!!

 

[JOHNNY-D]

hey, MetLofts.
i was thinking to re-sell my Metroplis unit right "after the construction" BUT when i have checking GulfNews ads lately, i began to change my mind. guess what? it's being sold for 1400+ per sq.foot
so.... i was thinking, lets just try to get it sold with such price (if it's possible)
what do u think, partner? let me know ur thoughts.

 

[abdullah]

Hi,
i want to invest in UKCIG projects
but unfortunately these rumours of bankrupty have made me to change my mind
can anyone explain me about this

do any one know the exact position of UKCIG and UKLI

 

[NP1]

Met Lofts

Hello - This is my first post. This site is very helpful.

I attach an update from Portmill Estates, who have taken over from Berkely Estates who were the UK agents for UKCIG !!

It basically says that they almost have the land and will be soon ready to go.

I have also been speaking to a friend of mine who thinks that the delay is quite normal and completion dates are rarely met.

The person we spoke to at Berkely Estates assured me that UKLI and UKCIG were different entities.

I was thinking of selling my 1 bed studio on 24th floor but may hold on now.

I hope this helps...

 

[Wannaberich]

MAKE SURE U READ THIS !!


Banned boss 'loaned himself $1.9mn' - Real Estate - ArabianBusiness.com

 

[NP1]

Thanks for this - very interesting indeed.

I may have to consider the sale after all.

 

[metlofts]

I'd like to know other people's opinions, does anyone think this development will actually get off the ground?

 

[Wannaberich]

I went to speak to someone about this project when I was in Dubai early last year.It looked ok but decided not to go ahead,thankfully.
Personally I think its a pretty bland project,not to mention the developer is a crook.
The trouble with JV is its full of unknown developers/criminals who want to rip you off.You really need to go for someone well known.
Take a look at 'Imperial Residence'in JV.This is by a great developer'Tameer'.

 

[NP1]

Can anyone suggest the best way to make a quick sale? Ive paid nearly half the money and have contracts (not yet signed in my possession).

 

[JOHNNY-D]

No guyz! that's NOT true! i don't think Metropolis Lofts developer will have any problem in the future for constructing the twin towers. I spoke to one of thier contracts managers about this article "banned boss" and they said that they have alot of assets in the company that can be used to maximize the liquidity of the developer.

Time will tell.

 

[NP1]

Anyone who has bought in Met Lofts:

I have been in touch with Portmill Estates and Dream Homes about all the various issues.

Here is the reply from Dream Homes which does help to a certain extent:

Regards some of the issues you raise, We still firmly believe that that which we
presented and sold to you will still yield good rental returns and capital
appreciation. A conservative rental yield at this time would be 10-12% gross
based on the purchase price of the property. In terms of Capital Appreciation
20-25% per annum is being achieved in Dubai. Obviously the longer you hang onto
the property the better to improve on the capital growth.

We carried out a complete Due Diligence process on UKCIG in April 2007. This was
carried out by an independent lawyer in Dubai. We would never present a
development to a client without having been assured of the professionalism,
competence and legality of the product, contracts and developer. This due
diligence process is not carried out at individual personnel level.

I can only reiterate to you that the UK Land sales part of UKCIG is completely
separate from the operation in Dubai.

I can also clarify that Nakeel, the Master Developer and RERA have no concerns
about UKCIG and their ability to complete the build of Metropolis Lofts.

Also as previously stated your money is going into an Escrow account, which
ensures that the developer is drip fed funds, once they have proved that certain
levels of works have been achieved and that money goes towards the next stage of
the works. If it turned out that UKCIG were unable to complete the works, then
the remaining money in the Escrow account is there for someone else to step in
and complete the project.

 

[NP1]

Here is some more promising news (hopefully all true!!!)

I cant provide the link so have copied and pasted from ameinfo

UK Capital Investments Group (UKCIG),the international developer of prestigious projects such as the Metropolis Lofts in Jumeirah Village will complete the construction of Marina Star, the 32-story residential development by first quarter of 2011.
United Arab Emirates: 4 hours, 19 minutes ago PRESS RELEASE

Marina Star is located on a prime location at Emaar's master planned Dubai Marina, directly on Marina Walk. The project has nearly completed the first phase of its rise; with the excavation and piling to be completed before the end of 2008.

Marina Star's previous development was hampered by inadequate planning by another developer; but UKCIG's purchase of the project better defines its progress and commitment setting a tentative date to a final handover to its customers.

UKCIG is a registered company in the UAE with the Jebel Ali Free Zone Authority and accredited with RERA (Real Estate Regulatory Authority). In compliance with new legislative and regulatory requirements applicable to all developers in the UAE; UKCIG is finalizing the process of becoming a fully-fledged onshore developer in the Emirates.

In furthering this commitment, the company is re-investing to grow and strengthen its operations in Dubai. A new board of directors has been appointed to lead the new heads of departments for legal, HR, projects, sales and marketing affairs.

Adam Covell, UKCIG's Projects Director said, 'Our team is efficiently proceeding through this project to ensure that the owners can move in by the first quarter of 2011; our property is 100% sold out.'

Construction continues at the Marina Star, Liam Crawford, UKCIG's property construction manager added, 'Our main contractor is expected to take over the project by October 2008 since we have completed the diaphragm wall in compliance laws governing the construction of marina-front properties; our anchoring is over 75% complete and piling is progressing on schedule by the Dutch Foundation Company.'

UKCIG's other Dubai-based developments include Metropolis Lofts. The Lofts master developer

 

[NP1]

continued from above:

is Dubai Government-owned Nakheel. The company's escrow account is managed by Tamweel.

 

[JOHNNY-D]

THAAAAAAAANX.

well said, NP1.

hopefully it's all true. lets keep our fingers crossed.

 

[NP1]

Johnny - we have some more positive news - see this link:

Im an agent of UKCIG and received the following and I?d love to help them defending - Free-Press-Release.com

 

[Farouk]

hi guys
i'm just another person like you who bought in Metlofts.
Any news about the handover from Nakheel ?