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skycourts sale tomorrow

Discussion in 'Dubai property' started by bluelight, Jul 26, 2008.

  1. bluelight

    bluelight New Member

    Any recommendations is it workth investing given its proximity to DSO and Academic City, or its much better to invest within DSO
     
  2. Wannaberich

    Wannaberich New Member

    I would def go for DSO.Soon it will be a commercial hub.
     
  3. rudeboy

    rudeboy New Member

    i thought skycourts has already been launched
     
  4. bluelight

    bluelight New Member

    its a re-sale or a new phase dont know
     
  5. Roshan

    Roshan New Member

    Amlak purchased to whole building or buildings and are now reselling it packaging it with a mortgage.

    Roshan
     
  6. Wannaberich

    Wannaberich New Member

    Skycourts isnt part of anything like DSO,City of Arabia,etc.Its kind of there on its own on the edges of Dubailand along with Liwan.
    Personally I dont think its a good place to buy into.
     
  7. bluelight

    bluelight New Member

    true its part of dubailand on the edge however I think

    hmm is adjacent to DSO and Academic city so close proximity,
    nice architecture.
    one top is Liwan and The villa on the other side and bedind Universal Studios
    so should be good for shot term rentals, low-mid income target group and an alternative to Intl city which is on the other side.

    In my oopinion I would rate it better no offence than Intl city
     
  8. froops72

    froops72 New Member

    Any other buyers?

    Anybody else who bought into this sale by Amlak of Skycourts? I bought and Im now getting a little jittery.
     
  9. Roshan

    Roshan New Member

    DSO is a 99 year lease and not freehold. Since Dubai is building a city within a city concept, each area will have it's own entity.

    Skycourst might cater to all these areas hopefully.

    Regards

    Roshan
     
  10. bluelight

    bluelight New Member

    True; with this in my mind I opted to invest in skycourts given that its freehold so it may pay off bit better and construction is already in progress
     
  11. bluelight

    bluelight New Member

    A mid sized studio in Floor 21
    now application being processed by AMLAK.

    why a bit jittery if you dont mind me inquiring?
     
  12. froops72

    froops72 New Member

    Were we not told that we only had to pay 10% now and normal monthly repayments start upon completion?

    AMLAK are now talking about 1 more payment to be paid 1 month before completion which would be for "profit during construction". The worst part is that if you ask how this would be calculated and what kind of payment plan, AMLAK and Landmark are both clueless.

    I do know that AMLAK and other banks charge "profit on construction" depending upon the payment plan you have agreed with your developer. In this instance I was lead to believe that such "profit during construction" was built into their price and the payment plan was 10% deposit now and balance by monthly payments after completion.

    AMLAK's sale price was about 10% more than the open market and still is. I thought we were paying this additional premium due to the better payment terms.

    Your thoughts?
     
  13. Roshan

    Roshan New Member

    Yea, that's right, one more payment before handing over. This rule apllies for Islamic financing. Islamic financing acts beautifully for an investor as it does not show in the bank statements allowing you to take out multiple loans.

    They project a no interest to be paid during construction but do not tell you anything about the interest to be paid before taking possession.

    The interest starts on each installment once the installment is paid to the developer. But that should not apply to this project as the the whole building was bought by Amlak and then leased out and as you should have been an all inclusive deal.

    The interest factor can be steep at times. Any delays from the developers side will see your interest mounting, although there is a penalty clause in the contract. Talk about developers rubbishing penalty clauses.

    Regards

    Roshan
     
  14. froops72

    froops72 New Member

    Anybody interested in picking up my option at Skycourts bought recently at the Amlak/Landmark sale? My option price is at app 1.42 million for a 2 BR of 1270sq.ft.
     
  15. froops72

    froops72 New Member

    I have had various correspondences and discussions with Amlak so far and they confirm that there is a profit during construction element. But once you ask them on what basis this would be calculated or what the payment plan is, they are absolutely clueless. The same case with Landmark.

    I am highly irritated.
     
  16. bluelight

    bluelight New Member

    will try to get some anser from the relationship manager I am using at AMLAK, checked my account still they have to withdraw the downpayment and the application fee, I doubt if they have started to process my application,

    btw froops72 are you sure you can sell it off without the process going through and securing the contract in your name as I understand the basis of this sale was to have mortgage from AMLAK and in anycase they regect the application the sale is cancelled
     
  17. Roshan

    Roshan New Member

    If they have bought at close to peanuts and selling it at the going market rates, then the profit during construction should be included in the price as they would have made the full payment and now selling at a high price.

    Visit the Amlak office at Emaar business park and meet the legal department.

    At what rate ( Dhs per sq ft ) did you pick it up. Let's see if the deal was good.

    Regards

    Roshan
     
  18. X-MAN

    X-MAN New Member

    I bought 1 bed 856 sqf at Dh 1120 psqf.
     
  19. froops72

    froops72 New Member

    Amlak have confirmed that there is a profit during construction element applicable to this purchase. But they also admit they are unable to give any details on what the payment plan is.

    Amlak have however confirmed that the deposit cheque will be returned if I require. But about Dhs 6000 that I paid for the mortgage offer is non-refundable. The rest of the 0.75% paid against the mortgage fees can be used against an alternate finance arrangement with Amlak.

    My option was a 2 B/R @ 1135/ sq.ft
     
    Last edited: Aug 26, 2008
  20. Marwa212

    Marwa212 New Member

    Hi there,
    I've got 1-bedroom apartment (Large) in Tower A of skycourts
    is there a way to put it up here for selling?
    i'm new btw

    Thanks :)
     
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