I have 3 studios in the Pacific development in Ras not sure if I have done the right thing with the Payment PlanHas anybody else got into this development in RAK?
This seems like a good mid-range development on the island. Hopefully, as
more projects come to market we will see rising prices.
I have a couple of studios in Pacific I thought completion was next year september 2011 not in 3 years does anyone know anything about completion dates. Rentals etc.how long do you think it will take to establish a strong resale market in RAK? my idea is to sell my studio before completion and make a good profit. completion is estimated more than 3yrs from now so plenty of time for good appreciation i would say.
2 things,I have a couple of studios in Pacific I thought completion was next year september 2011 not in 3 years does anyone know anything about completion dates. Rentals etc.
Could you tell me what LHB is I have a lengthy payment plan and really confused as to whether to go ahead and continue paying as I have read good and bad. Not being able to rent out as there might not be any electricity water! I have tried to re-sell my studios and cannot do you know where the resales were sold with good returns!yes you may have to only pay 30% until completion for LHB, but then you have to get finance for the rest. at least with SP this is already in place, im not too sure if there is already a bank-approved option for LHB?? but in any case you will have to find tenants to keep up with your payments....good luck renting a property with no electricity or water! so what if LHB might complete this year or early next, if there are no utilities in place! if you cant rent it then you have £0 returns, except of course capital appreciation, which in my opinion will be greater at Pacific with the private beach residents, and expecially now that Pacific has been awarded 'Best Development'. People will see this award and want to buy in to pacific with confidence from a good and reliable developer. And as for resales, i know that there have been resales with good returns already, so nothing to worry about there.
Would anybody know how to locate a partner to invest with me I have three studios in Pacific and struggling with the lengthy payment plan as I bought one to flip and then came credit crunch. Any ideas?What got me interested in RAK in general is an advise I received from a guy that I know who works in a treasury department in one of the big corporates here in Saudi. He basically told me that they are investing in RAK with billions worth of AED financing the various constructions going on there (I don’t' think Pacific is one of them). According to him RAK is the next Dubai.
The reason I selected Pacific project is mainly because I felt comfortable with their service level. I made various purchases before in the gulf but nothing beats these guys. The only problem is that they are too efficient and always a head of you in terms of the whole purchase process. I believe prices have already gone up by 4%. That's the info I got but if you are after anything specific let me know I might be able to get for you.
Sorry I have three studios! Originally wanted only two but bought an extra one to flip and got caught out with the credit crunch! Looking for an investor/partnership to help out with the lenghthy payment plan does anyone know where to look for one?2 things,
1. im confused about the number of your studios, once you say 3 and now you say a couple!!! which one is it?
2. when richie said about 3 years, if you look at the date, it was probably about 3 years ago so it probably adds up. plus do you not receive updates from the developers. they normally tell you about the completion date!!!!!!!!!!!!!!!!!!!!!!!
I am interested in selling a studio or having a partnership with an investor. I have 3 studios in Pacific, Bora bora if you would like more info. contact me on my mobile 07903535581.hmmm does anyone know what the prices are for studios in Select? I am interested in buying a studio facing the beach or the sea. Its the weekend will get in touch with SP on Saturday or Sunday but anyone who has invested in a studio is willing to sell theirs please let me know. Am not a agent but an investor. Plus I need some more info about Marjan Island any new launches etc where can I find this info?
No absolute title until amount paidAfter doing a lot of homework and looking through this thread we have taken the plunge and purchased a 2 bed on the 6th Floor of Bora-Bora, so rather than being a bloodsucking taker from this forum I now hope to be a giver I decided paying 1650 psf for a apartment in Links View DSC was to expensive - I hope that I have made the right decision
We have received our contract but I was already fully aware of the points made throughout this thread and therefore there is nothing that causes me any great angst in the conditions stated. Like others I would have liked to see some sort of penalty clause for lost rental after 18 months late completion but then again as other have stated at least there is some sort of redress I suppose.
Did any UK purchaser employ rhe services of a law firm to read the contract prior to signature and if so what did they charge and did they raise a large list of comments. My prior experience of employing the services of a law firm to review a contract for purchase in International City was that I paid £150 for them to run a quick eye over the contract and make a few noises but claim as it was not a contract under direct UK law it looked ok in principal although they were not prepared to raise any objections in writing
The only thing I cannot decide on is whether to go for the SPP or the LPP. I am tempted to go SPP. I will be paying all the instalments out of my UK mortgage facilty at a rate of 6.5% pa whereas it looks like the LPP interst rate is about 8.5% pa. I would appreciate any helpful advise on this point - what did I say earlier about giving
May I wish all other Pacicific Investors from this forum a very profitable adventure in RAK.