Ontario Tower -Business Bay - RosehomesInvestment

[Roshan]

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

At the moment, I would not invest in Business bay considering the prices that projects are launched at. The price of Dhs 2500 psf is first and for most too high for me and secondly does not make sense in terms of rental and return on investment.

Prices going up could be a wrong indicator. We could attribute it to the inflation of construction which is acceptable - or - purely to a competition between developers which is a wrong indicator. If one launches at 2500 dhs psf, the other feels he has a better name and launches at 2800 dhs psf.

However well Dubai is projected, when all the commercial comes into the market, there is bound to be a correction, nobody can argue on that point. So far, Dubai has not been tested on that platform.

You have deals going in the secondary market which demand high premiums initially but could work out well in the long run. Anything below Dhs 1800 psf might be OK in my view.

As I said earlier on, I will keep my money ready and look out for distress calls in the near future and go for something which is ready to rent.

Dubai has to cool down on prices.

Regards

Roshan

 

[New_Investor]

Hi,

do you have any resale for 1 BD in this project with a reaonable premium?

 

[DAYFox]

Hi,

do you have any resale for 1 BD in this project with a reaonable premium?

Hmm, there are not many resales. If you can find one most likely you will have to pay 100% premium! They launched in 2006 at 1100-1300AED and now the price is minimum 2000AED+!
Are you thinking about investing in this project? Still great idea imho

 

[DAYFox]

Just to give all of you an update:

If anyone has invested here, please let me know! I want to collect all email address of the Investors of Ontario Tower in order to simplify communication in the future between us!

Construction update August 14, 2008 By Mavekris

 

[New_Investor]

Just to give all of you an update:

If anyone has invested here, please let me know! I want to collect all email address of the Investors of Ontario Tower in order to simplify communication in the future between us!

Construction update August 14, 2008 By Mavekris

http://i33.tinypic.com/mv3igj.jpg

http://i33.tinypic.com/zlrqlw.jpg

Construction is very slow

 

[DAYFox]

Yes, not really fast, but it's all the same in whole BusinessBay!

And I don't care at all that the tower will now be ready beginning of 2010 instead of 2008.. Before no one would like to life in such a conctruction paradise anyways!

As long as your developer does not go bankrupt everything will turn out fine and you will make great returns from BusinessBay in the long run!!!

 

[luv2xlr8]

+1 on the constrtuction being slow

Thanks for the update DayFox. Plz check ure pm

 

[Mendozo]

Has anyone invested in Empire Heighs commercial twin towers in phase 2 of Business Bay?

The project has 25/75 payment plan and has been launched in several stages since last summer. It's under Escrow and has 75% LTV on competion through Dubai Islamic Bank.

The prices are between 1900-2500 psqf depending on release date and premiums vary from 10% to 50% accordingly.

 

[DAYFox]

UPDATE:

on the right, parklane on the left

I am really impressed what's going on in BusinessBay now. A lot of towers under construction finally -some slow progress, some faster... Anyways, it will be the most demanded commercial district worldwide in the future, for sure!

 

[TheBill]

Here are some pics I took with my Mobile on Sept 22 2008

Just thought I would post pics to show Ontario Towers Progress. I also bought a 1 bedroom in Ontario, and of course the owners know the project as been delayed by 1 year till now. I don't see much progress, and think it may be even a lttle longer delay. Handover was scheduled for July 2008 originally and I don't know if it will finish before July 2009 which was the delay date given to me for handover. I wanted to ask if any of the other people who own property in Ontario Tower, have a penalty clause in it, and if we can get the penalty for late delivery, or will the developer come up with an excuse to not pay it? Any and all feedback is welcome and appreciated, and sorry for low res pics, I took them with my Mobile. Thanks to all previous posters as the posts were help full and informative to me. These Pics are less than a week old!!!

 

[TheBill]

Thanks for continuesly posting pics fox, great stuff, keep em coming!!!

 

[TheBill]

Also for your info, found this posted 2 days back!!!!!!! Have a read!!!

Business Bay, Ontario Tower, 1 B/R
AED 1,662,600 Hot Deal Directly from Owner: Business Bay, Ontario Tower, 1 B/R, Unit Area: 978 sqft. Kitchen equipped. Starting Price: AED 1,662,600. PLUS REAL ESTATE BROKERS - Tel:
Location: DubaiProperty type: For Sale - FlatsNumber of bedrooms: 1Email: info@
Contact:

Published 28th September 2008


I am not a real estate agent!!! Just posting recent add to give other owners an Idea of current market asking price, this is why I have removed contact info. Hope this helps!!!

 

[TheBill]

Dubai Price Index

Have a look at the chart for detailed info on current market prices for rent and or sale in Dubai.

 

[DAYFox]

Thanks for continuesly posting pics fox, great stuff, keep em coming!!!

You can also check SkyscraperCity - Powered by vBulletin and then Business Bay Section (Dubai) for another full Ontario Tower Thread! (most of the times i got the pictures from there!)

 

[Roshan]

Have a look at the chart for detailed info on current market prices for rent and or sale in Dubai.

Pls take this only as an indicator and not the actual prices. You get to know the actual price only when you try selling.

Regards

Roshan

 

[DAYFox]

For all Ontario Tower Investors and of course all other Forum Members as well

Construction Update November 08 Ontario:

When u ask me: They are really speeding up, good progress! This is not naturally especially not these days in Dubai where more and more projects get on hold or even canceled!

 

[DAYFox]

Another interesting update, check for Ontario Tower on the left site please!

End July 08

12th August 08

11th November 08

 

[DAYFox]

... I wanted to ask if any of the other people who own property in Ontario Tower, have a penalty clause in it, and if we can get the penalty for late delivery, or will the developer come up with an excuse to not pay it? Any and all feedback is welcome and appreciated...

I will be in Dubai next week and meet again with Rosehomes Investment regarding Ontario Tower and will check the site personally by myself again -same like November last year
With regards to the penalty clause, i dont think they will pay anything to you, they always will claim that it was force major for instance land was not handed over on time etc... I know, in the first time this will make us as investory a little bit angry but my opinion is now that we all will make enough profit once we have the keys in our hands and we know that this project is completed! We will benefit enough from this and just take some of ur profits apart and book it to ur loan costs... I very seldomly heared that in Dubai the developer compensated the investors.. If u ask now, they will probaly say to you that u can have your money back what u paid in 2006 when u are not satisfied with the progress (the developer will be happy because he could sell ur unit double the price then). And honestly speaking, especially because of the Dollar getting stronger these days also our investment grows proportionally. The only bad thing is, that i still have to make my final intstallment on completion which is like 30% more now as what i had calculated in the beginning...
Anyways, i think all Ontario Tower investors should form an own group so that we can communicate together! For now this Forum here is fine, even though I think we are just 3 or maybe 4 investors here?! Does anyone of you has an idea how we can find some more? Rosehomes will not give us more email IDs from other investors i suppose... But the first step should be that u all register also at Skyscrapercity.com, i think there are a few more Ontario Tower people

If you have anything else you want me to discuss with Rosehomes when I am there next week please just let me know!
Speak to u all soon!
laters

 

[DAYFox]

Another great shot, Ontario on the left

http://i36.tinypic.com/24mi8o3.jpg

Still believe big time in Dubai/Business Bay! Dubai gonna be back on track as it used to be soon. Absolutely no doubt about that! As soon as banks do give out mortgages/loans again business will get better!

 

[DAYFox]

For all of you, pics taken on my trip from Ontario Tower in December. Construction is very fast now, they work 24h/day with three shifts. They promised handover in mid of 2009, after that they pay penalty fees. As I see it, when they deliver end of 2009 we can be very happy!! All in all, the whole area looks fantastic and I still think that this investment -Ontario and other projects in Phase One of Business Bay- will pay out in the near future! Metro station is also under conctruction and very close! Waiting for your replies!
Best regards