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Park Lane ic3

Discussion in 'Dubai property' started by ash42, Jan 8, 2008.

  1. ash42

    ash42 New Member

    Has Any Body Bought A Unit In This Development, Or Does Any Body Have Any Updates.
     
  2. Roshan

    Roshan New Member

    If I were you and had a choice, I would invest in Dubai sports city instead of International city.

    Unfortunately the good developers have not got into this place. Do proper research before buying.

    Roshan
     
  3. ash42

    ash42 New Member

    hi Roshan i have other investments in sports city as well .but the investment in park lane was done at a very early stages + they are with rental guarantee for 3 years , although they are taking long time to build .
     
  4. Roshan

    Roshan New Member

    Hi Ash 42, Is the developer for Park Lane Fakhruddin properties ??. Please advise.
     
  5. ash42

    ash42 New Member

    Roshan No The Developer For Park Lane Is GPD Investments LLC , But Have You Bought In This Development , As i Know A Lot Of People Have Bought In Ic Phase 1 But Not Many In ic Phase 3.
     
  6. Roshan

    Roshan New Member

    No Ash, I haven't.

    Rgds

    Roshan
     
  7. g4set

    g4set New Member

    Update on Park Lane Jan 08

    Hi Ash,
    I've bought into this development and sent an e mail to GDP yesterday requesting an update. I deal with Ian Liborwich the sales director his e mail as follows:-

    Gary, we are a using one of the biggest chinese construction companies and everything has been agreed with them to start construction on the first 2 buildings shortly and just to put your mind at rest ours is not suspended and i don't know where these articles are coming from because they don't tell you all the story which is you now have to be a registered government developer with a licence from them and we are one of those companies and many are not and they are the ones who are having to stop until they get a licence or maybe some of them never will .Prices are still going up across the board as you will see if you look on the internet there are very few properties for sale under £100,000.



    Regards IAN.



    Ian Liborwich

    Sales Director

    Global Property London

    Main +44[0]1279 874347

    Mobile +44[0]7973 758828



    I paid 65K for 1 bed with parking and 3 year rental - I guess we will be lucky to see this development finished before mid 2009
    What are the chances of selling now and recovering our 30% deposit if they have gone up to 100k that would be a nice 10K profit.
     
  8. ash42

    ash42 New Member

    hi g4set,i have bought from the same co, and deal with ian liborwich as well , and i am told the same thing ,the site is cleared and we should be starting soon ( that was oct 07 )my son has just been to dubai (jan 08) to see the site ,and the site is not even cleared and is told the development will take another 2 years(2010 )to complete,as the ground work has not even started the prices have gone up because of raw materials and labor costs ,roughly 35%, there are re sale in ic1 england, morroco ,for under £ 80.000 and are not over £100.000,as more properties will be built i dont see them going up too much . but we can only speculate ,but i am going to hold on to my purchase
    as it is for investment purpose .+ when you get the contracts , you know they are going to start the building (three months before start and three months after signing the contracts so we will know 6 months before they start ) but dont be put off as years from now the investment will be worth it .( my thought )
     
  9. LaCasta

    LaCasta New Member

    How do these rental guarantess work? Do the developers actually rent it out for you?
     
  10. ash42

    ash42 New Member

    ic3

    hi LaCasta the developer have already signed over the tenancy to workers in dubailand through their agents , and guarantee the rent for 3 years @ 7% nett , they could be getting more rent as we are promised 7% @ the time of buying.
     
  11. LaCasta

    LaCasta New Member

    Thanks ash,

    If they have already signed the tennants, when do you receive your return, and you receive all 3 years at once?
     
  12. ash42

    ash42 New Member

    park lane

    hi LaCasta,from what i know the rent begins after the building is complete,i think most of those properties in phase 3 like park lane ,eton , and others i don't know their names are let out to people working in dubailand as they are low cost houses , and we are paid 6 months in advance .
     
  13. Roshan

    Roshan New Member

    Obviously the developer is making money when giving a rental guarantee. You wold get 7% if you advertise in the papers. 10% is achievable, why not try for 10% instead of restricing to 7%.

    After 3 years when the developer hands over the property to you, you might not be able to raise the rent much due to Dubai new rental rules.

    Regards

    Roshan
     
  14. ash42

    ash42 New Member

    park lane

    the subject has been raised with the developer,as to the rental guarantee after the build ( 10% gross after admin 7% nett ).
     
  15. ash42

    ash42 New Member

    any new updates on this project.thanks
     
  16. g4set

    g4set New Member

    Park Lane

    Had no updates only that GP Developments have opened an office in Dubai

    I have heard through a friend that the market has collaped so if we get it build and achive a 7% ROI for 3 years that would be fantastic as you can only get .2% return in a bank at the moment
    Didnt GP Promise tos art work in May 2109 ?
    see previous post
    Regards
    G4set
     
  17. ash42

    ash42 New Member

    The said they are going to start as previous notes but thats exactly what they keep on saying every time i ask for updates (May 2009), that is part of the reason i look for updates from you guys
    keep in touch. thanks
     
  18. muqarabin

    muqarabin New Member

    Well I went out to IC 2 & 3 today and it is not good news.....this project (as a whole) is miles away from completion and habitable as you will see from the pictures. There is no way in the world this will be delivered for 2010 just no way. I dont think anyone would want to live here until most of the buildings are completed and as result most of the desert sand and unmade road have been phased out. Logically I would find it hard that GPD (or GDP, always cant remember that right) will complete this and then leave them in a situation where no one want to live on a construction site and yet they have to continue paying 7% to us buyers. Despite my own views, the last time I spoke to GPD they claimed they are scheduled to complete as per PSA, well, we shall see.

    As you can also see from the pictures I took, GPD themselves dont seem to have started any work, there were only a handful of contractors working out there today.

    Next step is for me to call there Customer line or actually go to there office at Emaar Square in Dubai to find out what is going on.

    Will keep yous posted
     

    Attached Files:

  19. ash42

    ash42 New Member

    thanks for the update.
     
  20. muqarabin

    muqarabin New Member

    More updates, I spoke to Lorraine at the Dubai Customer Office today and she told me that the construction team is actually due to move in to start work this week and that my visit to the site a couple of weeks ago was too early, which is why I didnt see anything out there. She said if I wait another 3 months and go to the site that I should see the work in full swing. Well I wont be waiting 3 months, I plan to go back out there in acouple of weeks just to see the signs that things are actually happening.

    Will keep yous posted.
     
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