Thread Status:
Not open for further replies.

Ontario Tower -Business Bay - RosehomesInvestment

Discussion in 'Dubai property' started by DAYFox, Aug 23, 2007.

  1. DAYFox

    DAYFox New Member

    Hi at all

    I just wanted to know if someone else has also invested in that project? Here the details:

    Project: Ontario Tower
    Region: BusinessBay
    Developer: RosehomesInvestment / Dubai Continental Group of Companies
    Webseite: rosehomes.ae
    rosehomes.ae/ontario

    The developer is quite new and they have one additional project in Sharjah. Construction in BusinessBay is well underway. I bought an Office as well as a 2Bed Residential Unit in there both on 14th floor.
    The location of the tower is exellent i would say; right at the entrance of business bay and a metro station shall be there too. What do you say about this project? And what do you say is currently the minimum sqfeet price a developer has to charge for residential and office units in order to cover costs at least? Last but not least: What do you think will be the minimum sqfeet rent per year i can expect to charge upon completion in businessbay for first office unit and second residential unit?
    Waiting for your replies!

    Thanks in advance!
     
  2. DAYFox

    DAYFox New Member

    No one?

    And what do you say is currently the minimum sqfeet price a developer has to charge for residential and office units in order to cover costs at least? Last but not least: What do you think will be the minimum sqfeet rent per year i can expect to charge upon completion in businessbay for first office unit and second residential unit?
    Waiting for your replies!
     
  3. DAYFox

    DAYFox New Member

    by all that agents flying around here in the forum, I honestly expected some more replies :rolleyes:

    Anyone invested in that project?
    At the Beginning of that month I have been to the site personally and construction seems to be well underway! Actually it will be one of the first 30 Towers completed in BusinessBay... Do you think resale upon completion will be easy? Or would you rather suggest to rent it out?

    Thanks in advance! Hoping for some (more) replies ;)
     
  4. DAYFox

    DAYFox New Member

    Still hopeing that someone can give me some answers :) Anyone came across with that development?

    I just got an construction update: Tower is now 4 stories above ground and they told me that all concrete work shall be done in June 2008. I guess completion will be end of 2009 at the latest whereas they say June 2009.
     
  5. luv2xlr8

    luv2xlr8 New Member

    Ontario Towers

    Hi Day Fox,

    Ive actually picked up two 1 bedroom aprtments. Word going around is that rents will be sky high in that area as it will be the downtown (i.e central london, westmineter etc..) Area in Dubai. Selling shouldnt be a problem.

    Initially I would opt to rent out. One bedrooms are a lot easier to rent out too.
     
  6. Roshan

    Roshan New Member

    Day Fox,

    Hi, was out of town and just got back.

    All the developers in this market are new until they deliver the first project. At this point it's difficult to distinguish between good and bad, the grain & the chaff.

    Any body paying less than Dhs 1800 psf is bound to make money in Business Bay when equating to the rentals of Dhs 250 psf.

    Ontario tower occupies an important place and should do well. I hope the entrances for office and residential sections are seperate. I have seen instances where kids play in the lobby area, not a good sight for a prestigous tower. This is purely my opinion and I could be dead wrong.

    The residential should do better than the commercial. You would be looking at Managers occupying the residential inviting a premium. A nice deal to stay and work in the same building.

    The projected rents for Business Bay are between Dhs 200 to Dhs 250. Might be higher due to the proximity to the Metro.

    Regarding the minimum the developer has to charge for covering costs is not known. Probably a 30 to 50% profit would justify the trouble taken.

    My sincere advise is you are sitting on a gold mine, keep it and look forward to early retirement.

    Regards

    Roshan
     
  7. Demoniise

    Demoniise New Member

    hi,

    When did you buy into this project dayfox
     
  8. DAYFox

    DAYFox New Member

    In 2006 already! Click the following links for current status of construction (March 2008)

    [​IMG]

    [​IMG]

    [​IMG]

    [​IMG]

    [​IMG]

    [​IMG]

    Very Good progress, tower is rising fast now! And as Roshan also said, location is excellent!
    Iam happy that I have invested into that project even though Dollar weakness is reducing profits ...
     
    Last edited by a moderator: Apr 16, 2008
  9. Demoniise

    Demoniise New Member

    hi

    Do these guys have anything for sale?
     
  10. DAYFox

    DAYFox New Member

    All sold out since end of 2006 -only resale! Last time I checked commercial was around 2000AED per sqfet and Residential was 1800AED. Relatively cheap when you compare what other developers are charging (2500-3500) and again, i have to point out to the location, which is fantastic (right at the entrance, close too metro)! My guess is that prices on completion will be around 2500AED which from my point of view is fair for that area! Rent I am not too sure about it, but 250AED per sqfet seems reasonable and not too much for me!
    What do you think Roshan?
     
  11. DAYFox

    DAYFox New Member

    End of March

    [​IMG]

    June 2007
    [​IMG]

    August 2007
    [​IMG]

    Oktober 2007
    [​IMG]

    January 2008
    [​IMG]
     
    Last edited by a moderator: Apr 16, 2008
  12. luv2xlr8

    luv2xlr8 New Member

    Nice Pics

    Pics look great. Lets hope its ready by end of 2009. I doubt it though.

    Got mines Sept 2006 :) .

    Resale price stands at 1.3M to 1.4M and source tells me it will increase. Not sure what the rents like but outlook is quiet good so far.

    Location definately a big +

    Thanks DayFox
     
  13. Roshan

    Roshan New Member

    Anything close to the main roads will get occupied first. Don't forget that the buildings inside will get ready but the infra structure will take some time.

    Dhs 200 will be a safe guesstimate. Anything above that is a bonus.

    I have assumed Dhs 150 psf rent for my books in Business Bay which is again on the conservative side.

    Regards

    Roshan
     
  14. LaCasta

    LaCasta New Member

    Could I get some contact information for this property? I am looking to make an investment in BB very soon.
     
  15. DAYFox

    DAYFox New Member

    I will sent you a pm tomorrow or the day after.
     
  16. LaCasta

    LaCasta New Member

    I remember reading that rent for office space would be much higher than that for BB
     
  17. DAYFox

    DAYFox New Member

    You are right, i heard the same. Even some people told me it will be around 300-400AED but the truth is, that nobody realy knows, therefore you are safe calculating with 200AED... What do you think?
     
  18. LaCasta

    LaCasta New Member

    Yes, that may have been the prediction when Business Bay is in full swing and many companies have moved in. They predicted that rents would be from 500 -600 since there will be a shortage of office space for some time to come and then a correction when the supply catches up and the prices going down to 300.

    If you are signing a lease when the first companies are starting to move in, then maybe 200 is a safe bet

    I am sure there are some people here who know more than me though
     
  19. Roshan

    Roshan New Member

    When I said Dhs 150 to 200 psf, it was on the extremely conservative side.

    Dhs 500 to 600 is very high, but if what you say is true, I should be laughing to the bank.

    Don't forget there will be corrections when all the units come into the market. Such situations should call one to be conservative.

    Always take the pessemestic figure when calculating and if it's higher, then it's a bonus.

    Regards

    Roshan
     
  20. DAYFox

    DAYFox New Member

    I will keep you updated and will post new construction pics as soon as i get some...
    By the way Roshan, where would you invest in BusinessBay right now? If you check alineah.com prices have gone up again this week:

    Dubai Property, Villas, Real Estate and Appartments
     
Loading...
Thread Status:
Not open for further replies.

Share This Page