Yasmin at Ras Al Khaimah

Discussion in 'UAE Property' started by steven2mum, May 1, 2008.

  1. steven2mum

    steven2mum New Member

    Hi everyone, this is my first post so please be gentle!

    I am considering investing in the Yasmin development in RAK.

    Has anyone any information on the developers The First Group?

    I have read a number of posts giving advice to newbies and it has been very helpfull but if there anything I should know about this project please tell me.

  2. mazi

    mazi New Member

    Think of RAK, think of Al Marjan or alternatively Mina Al Arab
  3. vanityfair

    vanityfair Member

    My dealings with First Group are that they are a professional outfit, but prices are much higher than other similar developments. They do offer an all round package. i.e turnkey. They will furnish and organise rent, etc.
    Found there salesman to be too high pressure for me and pull-out of a purchase.
  4. Mujteba

    Mujteba New Member

    I would advise re-sales in Mina Al Arab

    Hi, I would advise you look at re-sales in Mina Al arab - it is a huge development in RAK - by RAK Properties (State Owned) and will be a good solid community. They have a Hyatt Regency hotel opening there I believe when it is all ready.

    I have bought some one-beds there and have been selling them piecemeal, one of the feedbacks i get from buyers is that u can get them for about 800-900AED per sq foot and they will be ready 2010. This is a lot less than Marjan Island for a product that will be quality.

    Let me know if you would more info on mujteba at thaim dot co dot uk

  5. maximus1

    maximus1 New Member

    a bad day

    do not invest with them. i wish that i had never heard of them , let alone given them my hard earned money. bought an overpriced invest, delivered three years late (actually its still not been handed over yet) and despite all of their wealth builder plans & promisses they now tell me that the rental returns are not as they had hoped, and they are now trying to scare us into signing up for somthing, that is not at all beneficial to me.its kind of funny, if you phone them regarding any of ther projects, they will tell you that ther doing great and you better get a wiggle on or you will miss out and they tell tales of great returns via rentals.then like me when you talk to them about rentals or possible resale they tell you, good luck trying to sell or rent anything at the moment because nothing is moving, and they are right as i have checked out many est agents in the area, and nothing much is selling unless you want to sell at a loss. they do however continue to falsley advertise the high return rates etc on ther web site, and still send out to existing and potential customers ther rates that they know not to be true. i am in the process of now taking legal action against them.my journey with them has been one of dissapointment and being let down time after time, stressfull and to date the worst investment i have ever made, actually its the only epic disaster i have been involved with. this is why i am sharing this with whoever wants to take heed from it. the odd thing is no matter how hard i look on forums i cannot find any body saying anything about them good or bad, so if you know of any such discussions please let me know.
    regarding the returns, i cannot quite believe what they have told me today, it hurt big time. they are saying the expected rental is now going to be in the region of 20 to 30 thousand aed a year, thats right folks a year 3 to 5 thousand sterling. they are expecting final payment. its not going to happen, the stark reality is it is no deal, this means i am going to be in dis pute with them and i now realise that i have lost my investment pretty much as i am sure that if i do not make the final payment they will probably seize it or somthing in ther favour. but it is already not worth what i paid for it, and 5k a year rental? it will take me about 60 years just to break even. if anyone is interested in contacting me then do so i can forward copies of correspondance to you. i think it is to late for anyone who has purchased in yasmin now we are all in the same situation? however why dont we start a website that can be used to show the corruption that has taken place and prevent other people from investing with them?

    Last edited by maximus1; Today at 03:22 PM.
  6. Akinola

    Akinola New Member

    hello maximus1. your experience with TFG sounds very similar to mine. I currently reside in the UK as well and would like to talk to you about your experience. My mobile is 07983745824

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