Developer ditches off-plan model

27.11.2014
Wasl Asset Management Group, a semi-government entity that manages more than 30,000 residential units in the emirate, has ditched the finance model of off-plan sales. The 'off-plan' sales model has been a popular one for Dubai developers, but the Wasl Asset Management Group, a semi-government entity that manages more than 30,000 residential units in the emirate, has ditched the finance model, having self-funded and completed the AED1.7-billion freehold project in Dubai Healthcare City before initiating sales.
“Construction on Creek Heights started two years back and is now complete. Sales will start from December 15 with buyers simply moving into the apartment,” Hesham Abdullah Al Qassim, CEO, Wasl Asset Management Group, told Emirates 24/7 after launching the development on Tuesday.
Creek Heights comprises Hyatt Regency Creek Heights Residences, a 43-floor residential tower, a five-star Hyatt Regency Dubai Creek Heights Hotel and Hyatt Regency Dubai Creek Heights Conference centre.
Though residential sale prices were not disclosed, investors buying into the residential tower stand to gain from the ‘rental pool’ that will be managed by Hyatt Hotels Corporation.
“All the 405 units will be part of our leasing pool. The unit investor can spend three weeks in the apartment – one week during the peak period and two weeks during the off-peak period. They stand to benefit from property appreciation and a good return on investment,” Al Qassim said.
Unsold units, he revealed, will be part of Wasl’s leasing portfolio, contributing to its cash flow.

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Lease process (Rent out)

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

Property management

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Contract of the lessee and agency.

Up to 5 days

Real estate search.

Selection of optimal options.

Up to 2 days

Signing of the lease agreement

Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process

1 hour

Contract of the tenant and agency.

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

1 Week

Registration of the contract of purchase / sale

Customer charges:

  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration

Additional services:

Property management

Sales Process

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

None

the management process

1 hour

Contract of the owner and agency

1 year

Rendering of management services

1 day

Reporting

Expenses of the owner:

5% of the annual rental price

Additional services:

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Investment Process

1 hour

Contract of the tenant and agency.

From 3 days

Selection of optimal investment options

1 Week

Registration of the contract of purchase / sale

Expenses of the investor:

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  • 0% when investing in a new building
  • 4% - registration

Additional services:

Property management