Metropolis Lofts Advice

[Farouk]

NP1
Would you please pass us your agents contacts ? if if you don't mind, what's ur unit area and price in pounds so we can do the math to dirhams/sq

Congrats for the re-sale wish the best for all other owners in this project

 

[Alimha]

Good News......Met Lofts Land Contract Received From Nakheel

As far as I know, they did meet and the issues have been resolved. I think the handover will be in the next month or so - probably after Ramadan as you suggest. I have sold my studio at a fairly decent profit so I would not worry as the prices are still going up (although they will stabalise probably in the next year or two). If your in it for the long term then you will just have to be patient. The delays bothered me too much so I decided to sell. Hang in there !

I have just the following update from the UKCIG agent Portmill Estates in London, UK :

As such, I am delighted to confirm that UK-CIG has been issued the Land Contract from Nakheel with further progress now being actioned as a result of the receipt of this important documentation. Shortly, UK-CIG will be issuing a press release about Metropolis Lofts and the progress on this project.

I noted your comment about the completion date being delayed from 2008 to 2009. In fact, the completion date had been revised and documented as June 2010 over six months ago, so the dates you have cited are incorrect.

 

[Farouk]

Alimha
Thanks for the good news and actually i sent an email and here is the reply

"Yes, you are correct and great news it is!!!!

We are waiting for an official press release from Dubai, but I believe they are just waiting till the hoarding signs go up so there's some photography to accompany an announcement."

Guys keep the information flow going on

 

[cansaw]

All developers in Dubai need to be registered with RERA (The Real Estate Regulating Agency of the Land Dept, Government of Dubai) by 1 Nov. To check if they are a reputable Company visit the website www.rpdubai.ae and see if they are registered. They also need a RERA number and an Escrow acc.

 

[cansaw]

Comparitive Market Analysis

You are welcome to contact me, should you would like to have a Comparative Marketing Analysis done on your property. Please send my an private email and I will forward my contact details.

 

[Mohamed]

Alimha/Farouk

As a UK investor, I do not know what the square ft price per AED is, all I can tell you is that I made a 65% profit net profit (if I made 100% I would have doubled my money).

Farouk, I have no other information other than what I posted before stating that my info was from Portmill Estates and I would suggest that you get on the phone to your agent or directly to the developer for more information.

As for the resale (fingers crossed it completes without hassle in the next two weeks) but basically you register your property with an agent either in Dubai or the UK for whatever price you want. I registered mine on the basis that the the new buyer would pay all fees but otherwise you are normally liable to pay 2% to UKCIG and the buyer pays the agent's fee of 2%.

The agent takes care of the paperwork and deals direct with UKCIG to get new contracts in favour of the new buyer. I will let you know how this progresses as I am waiting to sign a transfer agreement which means I am transferring the property for the purchase amount.

The agent will organise a new payment schedule for the new buyer and you as the seller receive your premiums paid plus whatever uplift you want and thats it.

As I say, I will let you know more about the process as it happens and if the agent delivers on the sale and the money, I will post their details on this site for anyone else.

Dear NP1,

My experience of trying to sell my apartments in a different JVS project, was hell. Agents promised everything but failed to deliver anything. The truth of the matter is that trying to sell any property on the secondary resale market (and I'm talking of Jumeirah Village South projects here) is difficult. I wish you all the best if you are able to sell, but don't hold your breath.

 

[Alimha]

Property Resale

Dear NP1,

My experience of trying to sell my apartments in a different JVS project, was hell. Agents promised everything but failed to deliver anything. The truth of the matter is that trying to sell any property on the secondary resale market (and I'm talking of Jumeirah Village South projects here) is difficult. I wish you all the best if you are able to sell, but don't hold your breath.

Mohamed.....why is JVS properties difficult to sell in the re-sale market ? Is it due to delays in getting projects off the ground?

Do you think in the longer term interest will pick up or we all have made a mistake?

What about the proximity of JVS to the Palm development and the new airport under construction....what are views on JVS??

Alimha

 

[Alimha]

Market Analysis

You are welcome to contact me, should you would like to have a Comparative Marketing Analysis done on your property. Please send my an private email and I will forward my contact details.

Thanks .....how does one contact you by email?....thanks

Alimha

 

[Mohamed]

Mohamed.....why is JVS properties difficult to sell in the re-sale market ? Is it due to delays in getting projects off the ground?

Do you think in the longer term interest will pick up or we all have made a mistake?

What about the proximity of JVS to the Palm development and the new airport under construction....what are views on JVS??

Alimha

Hi Alimha,

Bear in mind that I am no expert, but just from my own experience as an investor trying to sell my apartrments in JVS, I found it extremely difficult. The feedback I got from agents was that the delays associated with JVS were putting people off and I couldn't agree more. I purchased my studios in July 2006 and held onto them for over 2 years without any movement at all in the project. Further more, the majority of JVS projects seem to be getting pushed back even further from their anticipated completion dates and to this date, not many JVS projects have even started construction.
Secondly, you have to remember that JVS appears to be full of small-medium time developers, who do not have much experience of developing in Dubai. With projects being delayed (apparently because of legislation and plot handover delays by master developer, Nakheel),these developers are struggling with the rise in cost of construction materials and rumour has it that some developers are stalling as they cannot afford to continue with the project due to the rise in cost (therefore looking to sell on their plots to someone else).
Thirdly, there seems to be alot of bad press with some JVS projects (e.g. Jehaan/Aspire) and bad publicity never did anyone any good.

Regarding your question about long-term interest, who knows, but if JVS does eventually kick-off and the whole community get's completed, sure, prices will go up. But looking at the number of projects being delayed in JVS, I can't see things moving too fast or JVS being anywhere near completed before another 5 years.

JVS has a decent location, although if you have been to visit Dubai, you'll find that traffic congestion is poor and infrastructure is not great by any means.

The question is do you want to hold on for an infinite time, without knowing what the future holds for JVS or take your money back and get out. I'm definitely glad I took the second option and wouldn't touch Dubai again until things are a lot more stable with sensible laws and regulations.

Mohamed.

 

[Alimha]

Hi Alimha,

Bear in mind that I am no expert, but just from my own experience as an investor trying to sell my apartrments in JVS, I found it extremely difficult. The feedback I got from agents was that the delays associated with JVS were putting people off and I couldn't agree more. I purchased my studios in July 2006 and held onto them for over 2 years without any movement at all in the project. Further more, the majority of JVS projects seem to be getting pushed back even further from their anticipated completion dates and to this date, not many JVS projects have even started construction.
Secondly, you have to remember that JVS appears to be full of small-medium time developers, who do not have much experience of developing in Dubai. With projects being delayed (apparently because of legislation and plot handover delays by master developer, Nakheel),these developers are struggling with the rise in cost of construction materials and rumour has it that some developers are stalling as they cannot afford to continue with the project due to the rise in cost (therefore looking to sell on their plots to someone else).
Thirdly, there seems to be alot of bad press with some JVS projects (e.g. Jehaan/Aspire) and bad publicity never did anyone any good.

Regarding your question about long-term interest, who knows, but if JVS does eventually kick-off and the whole community get's completed, sure, prices will go up. But looking at the number of projects being delayed in JVS, I can't see things moving too fast or JVS being anywhere near completed before another 5 years.

JVS has a decent location, although if you have been to visit Dubai, you'll find that traffic congestion is poor and infrastructure is not great by any means.

The question is do you want to hold on for an infinite time, without knowing what the future holds for JVS or take your money back and get out. I'm definitely glad I took the second option and wouldn't touch Dubai again until things are a lot more stable with sensible laws and regulations.

Mohamed.

Mohamed....thanks for your quick response....appreciate it.

In your case were you able to sale your units or did you get your money back?...under what circumstances can you get your money back from developers from escrow accounts.

Do you agree that at least the money sitting in developer escrow accounts is safe?...governed by escrow laws in Dubai.

Also, once the land is released by the master developer...in the case of JVS and Metro Lofts.....can the developer stall the construction?

I have been to Dubai a few times in 2008....yes there is traffic congestion as Dubai develops the infrastructure .....like the soon to open Metro. You must admit Dubai has achieved a lot in a short time....I believe Dubai is committed to complete the developments as planned...may be it will take longer as you say.

Thanks for help.

Alimha

 

[Mohamed]

Mohamed....thanks for your quick response....appreciate it.

In your case were you able to sale your units or did you get your money back?...under what circumstances can you get your money back from developers from escrow accounts.

Do you agree that at least the money sitting in developer escrow accounts is safe?...governed by escrow laws in Dubai.

Also, once the land is released by the master developer...in the case of JVS and Metro Lofts.....can the developer stall the construction?

I have been to Dubai a few times in 2008....yes there is traffic congestion as Dubai develops the infrastructure .....like the soon to open Metro. You must admit Dubai has achieved a lot in a short time....I believe Dubai is committed to complete the developments as planned...may be it will take longer as you say.

Thanks for help.

Alimha

I was successful in getting my money back from the developers, surprisingly it was easier than I thought. I threatened my developer as they had sent out a contract amendment with a change in the completion date and I said that I would not stand for a change as the contract I signed was still valid and they were in breach of this contract. They offered me my money back and the rest is history.

Theoretically, money in any Escrow account should be safe. The point I'm making is that if it will take 5-10 years for you to recoup any of that money back (i.e. realising an apartment or being able to sell on a apartment),is it really worth the sleepless nights and stress of knowing of all the uncertainties of dubai and it's immature property laws/regulations ?

Regarding if the developer can stall the development, I'm not quite sure, but I've read on other forums (re: Jehaan and Elements projects in JVS) that developers are legally bound to construct - whether that really is the case, I don't know and I doubt very much.

 

[Farouk]

All
Very glad to see the forum being active and people are sharing thoughts and ideas.

I agree that JVS will take some time to finish, but difinitly will go up (5 years is quite reasonable to finish the whole community),then we will make our profit.

guys, if i may ask, at what price/ft have you bought in JVS (regardless of the development name) and the date of purchase so at least we can evaluate if we have been fooled when we bought or we all got fairly similar deals ?

For a start i bought at 800 aed/ft in July 2008 in couple of developments.

Cheers
Farouk

 

[metlofts]

Hi,

We paid about 630AED per sq ft, this was in May 2007. Our investment is a 472sq ft Studio on the 15th Floor (can't remember without looking which tower).

I think the handover of the land is a milestone but this has taken them a long time for this to happen. I'm not sure about other purchasers contracts but my next payment is late September which will take me to 40% paid. I've been told by my agent that there is a new law wihch makes payments relative to the construction stages so a new payment schedule shall be drawn up by UKCIG. I'm not going to be paying my instalment until i have my new schedule that's for certain.

I've been quite suspicious about UKCIG due to some bad press but hopefully they're going to come good and that my concerns can be laid to rest!! However, it's a strange coincidence that the land handover has occured just before the next instalment is due... Unless my payment schedule is unique to me, then maybe not so strange!!!

I'm happy that this thread on the forum is going strong, it's useful to hear everyone else's thoughts on this subject as it's our hard earned money which is at stake.

Has anyone considered it's hard to resell when there's no building even being constructed yet? I can understand offplan selling but i wouldn't buy resale unless i could at least see that the building is going up!! Maybe patience is required for resale...

Thanks,
MetLofts

 

[NP1]

Hi,

We paid about 630AED per sq ft, this was in May 2007. Our investment is a 472sq ft Studio on the 15th Floor (can't remember without looking which tower).

I think the handover of the land is a milestone but this has taken them a long time for this to happen. I'm not sure about other purchasers contracts but my next payment is late September which will take me to 40% paid. I've been told by my agent that there is a new law wihch makes payments relative to the construction stages so a new payment schedule shall be drawn up by UKCIG. I'm not going to be paying my instalment until i have my new schedule that's for certain.

I've been quite suspicious about UKCIG due to some bad press but hopefully they're going to come good and that my concerns can be laid to rest!! However, it's a strange coincidence that the land handover has occured just before the next instalment is due... Unless my payment schedule is unique to me, then maybe not so strange!!!

I'm happy that this thread on the forum is going strong, it's useful to hear everyone else's thoughts on this subject as it's our hard earned money which is at stake.

Has anyone considered it's hard to resell when there's no building even being constructed yet? I can understand offplan selling but i wouldn't buy resale unless i could at least see that the building is going up!! Maybe patience is required for resale...

Thanks,
MetLofts

Hi there,

I am currently going through a resale procedure and funny enough, I had two people interested in quite a short time - both made offers.

It is early days but my sales agent tells me that they have the initial deposit and the developer's agent has confirmed that the buyer has paid the transfer fee. So all being well, I will sign a contract to transfer the property and the buyer will sign to accept. The new buyer then continues the payments.

It does all seem a bit too easy and Mohamed does state in an earlier post that he went through hell so I will let you all know how it turns out in the end.

By the way, I refused to make my next installment for months on the basis that the work had not started and the developers didnt seem to mind. So you may as well all hold off for as long as you can.

Regards

NP1

 

[metlofts]

Well done NP1, sounds like you have done well to resell. Who was your agent?

 

[JOHNNY-D]

Me too.

hey! NP1.

well, that's good, I SALUTE YOU. me too, i will hold to pay unless i see some work going on out there!!!

we need some support, guys! as the next payment is due i guess for everybody!

Hi there,

I am currently going through a resale procedure and funny enough, I had two people interested in quite a short time - both made offers.

It is early days but my sales agent tells me that they have the initial deposit and the developer's agent has confirmed that the buyer has paid the transfer fee. So all being well, I will sign a contract to transfer the property and the buyer will sign to accept. The new buyer then continues the payments.

It does all seem a bit too easy and Mohamed does state in an earlier post that he went through hell so I will let you all know how it turns out in the end.

By the way, I refused to make my next installment for months on the basis that the work had not started and the developers didnt seem to mind. So you may as well all hold off for as long as you can.

Regards

NP1

 

[Mujteba]

Which Agent did you use?

As far as I know, they did meet and the issues have been resolved. I think the handover will be in the next month or so - probably after Ramadan as you suggest. I have sold my studio at a fairly decent profit so I would not worry as the prices are still going up (although they will stabalise probably in the next year or two). If your in it for the long term then you will just have to be patient. The delays bothered me too much so I decided to sell. Hang in there !

Dear NP1, If you can, can you please let us know which agent u used to sell your unit?

All, my office is opposite the London office of UKCIG (berkeley square london) and I have been to see them to discuss their ajman property Cavendish. I think these guys are more reliable than other developers in the UAE...Anyone looking to re-sell please let me know as I will be in Dubai next week markting my units aggressively to potential buyers in citiscape. You can reach me on mujteba at thaim dot co dot uk.

regds
Mujteba

 

[Mujteba]

Post Cityscape

Dear all

Thanks to those who emailed re their units.

Market is very quiet at the moment and I was surrounded by sellers. Think we will all have to hold on and see what happens....

 

[metlofts]

All gone quiet

Hi,

I was able to rest easier knowing that the land contract has been exchanged but isn't anyone else worried about the lack of information in the press. I thought that UK Capital Investments Group would have at least updated their section on Metropolis Lofts to say land contract handed over or something.

If anyone is actually based in Dubai, is there anything happening on the site with regards to fencing / boards etc? Any photos of the actual current state of the plot would be great if anyone has got the time.

Does anyone else have any further information as i was told they were rewriting the payment schedules.

Thanks
MetLofts

 

[JOHNNY-D]

hey MetLoft, i can feel you, dude!
well, i'm located in Dubai, so i'll try to go to the site this week, maybe by this Monday! i really really really hope that i will see fencing as u said OR a bloody board UK land company or Metropolis on!

lets just wait and see. Inshallah khair!