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Tuscan Residences to sell or hold on

Discussion in 'Dubai property' started by Smiley, Feb 5, 2009.

  1. Smiley

    Smiley New Member

    Hi everyone
    I will be grateful for your advice. I have an off plan property with Damac, Tuscan Residences 1, in Jumeirah Village South. According to their construction updates they are nearing the first floor. Its a low rise building of four floors.
    I have already paid 50% of the purchase price. I have noidea how the whole Nakheel project in JVS is shaping up re other developers and infrastructure.

    I am in a dilemma like some others on this forum. I can finance the rest of the payments but I don't know whether to sell at near premium or hold on to it. A lot of people tell me it will be a great location but under the circumstances its not much comfort.

    Does anyone else have a Tuscan Residences apartment. I would be grateful for any advice.
     
  2. PropGuy

    PropGuy New Member

    you will be lucky if you can do that.
     
  3. shazy

    shazy New Member

    i hve bought in the tuscan 2 and i've paid to istallments i'm struggelingto keep up as i was told that i could get a quil sale after launch i have five units and the sales staff hve dissapeared( with their commision) now i'm stuck do i struggle to keep all 5 or cut my losses on two or three and just keep 2.
    any idea on how to re sell prperty thats still under construction?
     
  4. Smiley

    Smiley New Member

    Hi Shazy

    I have just received an email from Damac telling me that Tuscan Residences 2 will not be completed until 3rd quarter of 2010. There are no construction updates for your block on their website so not sure if they have started construction. is 2010 the date you were given for completion? I think it will be very difficult to sell an off plan if construction hasn't started yet.

    You can always email Damac's CRM with any questions. The CRM in London have always been very helpful and got back to me very promptly.

    I visited Dubai recently and did quite a bit of leg work to find out about the market. There are few if any buyers for off plan properties. Most buyers are buying completed buildings and to my knowledge they are end users or people who want buy to let. Some investors who have been caught in the whirlpool of the credit crunch are selling their properties below the purchase price. Also many of the sales staff in various developers and also estate agents have lost their jobs.

    You may be able to ask damac if you can re negotiate your payment plan. I know Emaar are doing this as many investors can't keep up with payments.

    Sorry its all gloomy news.
     
  5. shazy

    shazy New Member

    thanx 4 that smiley, we r nt sure when its to be completed not to interested at the time we were going to flip!!! ( so naieve i know) will email though and get details. how long does it take for each foor to complete and hw long did yours take?
     
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