Details
Address: 2 Bedroom Condo Hotel Apartment - 5 Star Furnished, Managed At Red Residence, Dubai Sports City Type: Condo Style: Commercial "Est. annual income 8 to 15
The Investment Opportunity: Dubai’s tourist population is expected to increase rapidly from 5.5 million in 2005 to approx. 15 million in 2012. There will continue to be a shortage of hotels and hotel apartments to accommodate this huge influx of tourists. Dubailand (which is being developed as the world’s largest theme, tourism and leisure attractions), and Dubai Sports City (which is being developed as a world class sporting community in the centre of the world) will attract a large number of tourists throughout the year.
This is an opportunity to purchase a 5 star fully furnished 2 Bedroom condo apartment (883 sq. ft), at Red Residence in Dubai Sports City, that will be managed and serviced by USA’s leading resort management operator (Interstate Hotels & Resorts), and the reservations would be managed by one of Dubai’s largest inbound tour operators, Alpha Tours.
The income of all the 2 Bedroom units in this project will be pooled together, and divided by the no. of units to arrive at the gross income of each unit. Of this 60 is allocated to the owner, and 40 to the developer (who shares this with the management operator and the inbound tour operator). Of the owner’s 60 share, approx. 2 will be deducted to cover utility expenses, and 5 will be allocated to a reserve fund for refurbishment of the unit in future.
Owners can avail of upto 30 days personal usage in a year (not during black-out peak periods). The developer is offering a minimum guaranteed income of 8 for the first 3 years, and an optional financing for upto 50 @9.95 over 10 years with a 0.65 processing fee. Estimated Annual Income: 8 to 14
Payment Schedule:10 on reservation; 10 within 30 days of reservation; 10 within 90 days of reservation ; 10 on completion of ground floor ; 10 on completion of 6th floor, 15 on completion of 12th floor ; 15 on completion of structure ; 20 on handover in early 2009.
