Studio in Safeer Tower 1, Business Bay

Al Safeer Tower 1, Business Bay. . This listing has been viewed 425 times.

AED 750,000 850,000
  • AED 100,000 Below Market
  • 10% ROI
  • AED 1,596 Price PSF
  • Vacant Unit Status
  • AED 75,000 Expected Rental (Yearly)
  • AED 15,000 Commission Payable
  • 2% Commission Payable %
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Reference Number: DF-00074
Project: Al Safeer Tower 1
Property Type: Apartment
No. of Bedrooms: Studio
Built up area: 470 sqft
Does the property have an Oqood or Title Deed? Yes
Status: Ready

Description

SAFEER TOWER 1, Business Bay
- Currently under-construction; handover expected within 3 months
- G+15 storey residential building
- Developed by Al Seeb Real Estate

Overview
This unit is being sold on the secondary market
Unit size is 470 sq. ft.
Selling Price: AED 750,000 net to the seller
The buyer will have to pay 4% Transfer Fees + 2% Agency Commission + NOC charges (AED 5,000).

Investment Feasibility
- This unit, upon completion, will easily rent for AED 75,000; i.e. the unit is offering a 10% gross rental yield.
- Maintenance fees expected to be around AED 14 - 15 per sq. ft. per annum.

Payment Terms
40% of the purchase price + closing costs are payable now
60% is payable on handover (at which time the purchaser can get a bank finance if required)

Great Deal

  • Average prices for studios in Business Bay range from AED 850,000 - 1.1 million. This unit is priced at AED 750,000
  • The unit has a per sq. ft. price of AED 1,600; whereas the average transaction price for studios in Business Bay is AED 1,711 (as of Q1 2016).
  • Will easily gross a 9 - 10% rental yield

Closing Procedure

  • No viewing of the exact unit is possible as the building is under-construction. A site visit can be arranged.
  • There are two units available by the same seller (both below the 6th floor). Units have views of the Race-course.
  • Buyer will have to pay all closing costs include transfer fees, NOC charges and agency commission.