Jesus Samper, Managing Director of the company commissioned to create the Park stated that the project will generate over 10,000 jobs at least, and “every euro invested will generate three”. Samper went on to explain the Park will be operating at a profit by its second year which has pleased investors, local authorities and Paramount alike. The Paramount Theme Park will be the largest in Spain and the second largest in Europe requiring over €1 Billion of private investment.

Michael Bartok, Paramount’s representative responsible for the multinational licence said Murcia was of “strategic importance” for tourism, highlighting the “300 days of sunshine in the region”.

The Park its will contain a number of attractions based on some of Paramount’s biggest titles. It will be split into ‘zones’ inspired by the likes of Star Trek, Mission Impossible and Titanic as well as boasting several hotels, themed shopping malls, restaurants, bars and clubs and the largest conference centre in Murcia which will host over 15,000 people.

Other attractions will include a sci-fi 4D spectacular feature where visitors will be able to participate in The War of The Worlds and battle invading aliens.  In addition there’s a planned 3D experience designed to spook people with Paranormal Activity and flying ghosts.

Construction will start this year prompting industry experts to predict an increase in Murcia’s average house prices. Before the tourists descend on the area, Murcia’s local economy will benefit through the employment of thousands of construction workers, plumbers, electricians, park staff and so on, promoting wealth in the area.

Once the Park opens in 2015, millions are expected to visit every year which will have significant effects on the surrounding holiday accommodation. Giles Beswick, Director of Select Property which is one of Europe’s largest sellers of overseas property explained how property interest in Murcia is rising sharply;

“We’ve received considerable interest for Las Terrazas de La Torre from investors looking to get into Murcia’s property market now with high expectations. Due to our partnership with one of Spain’s largest banks, investors are able to pay just 10% now and then nothing else for 3 years”

Mr Beswick went on to explain how this incredible offer would benefit investors looking to capitalise on the new Paramount Theme Park, “it’s an ideal payment structure, as owners won’t have to pay any mortgage re-payments while the Park is under construction. By the time the payment holiday ends in 3 years, the Park will be almost finished and from then on the rental returns investors will be able to gain will much stronger – more than covering the property’s running costs. It’s one of the best property investment opportunities we’ve sourced in a while”

Murcia’s Paramount Theme Park prompts Property Investment Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Your specified weeks are shown on your purchase agreement.

You can view a copy of the resort calendar from this page, showing which dates your weeks fall on. In accordance with the Rules, you can occupy your property from 4pm on the first day and up to 10am on the last day of your weeks.

Can I book my flights now?

Yes, provided you are up to date on any payments under your purchase agreement, including this year’s maintenance fees, you can make travel plans. You must complete and return the booking form at least 7 days before your arrival date.. We would recommend that all owners wait for their booking to be confirmed before confirming their travel, no compensation will be offered for any members who book flights and are unable to stay at the resort because they have not complied with their purchase agreement or the Rules.

What if I can’t use my weeks this year?

You can allow any friends or family to use your weeks, or you can rent out your weeks in the property externally. In any of these events, you still need to submit the booking form so that we know who will be using your weeks and when they will be arriving.

As you know the resort is affiliated to the RCI global exchange network allowing you to exchange your weeks for time in any of their other resorts and accommodation at other times of the year as well (subject to the relevant exchange fees). Having completed the procedures to set-up the resort on RCI’s systems towards the end of last year, enrolments will commence in time for the start of year two giving every owner the best chance of trying out this service. More information about how to exchange your weeks will be sent to you directly by RCI in due course.

When do I have to pay the first year’s maintenance fees?

All members have to pay their first year’s maintenance charge in advance, regardless of when their weeks actually fall in the year. This is because many of the costs covered by the service charge are also payable in advance. You must pay the maintenance charge even if you do not use your weeks.
You should receive a payment reminder for each year’s fees before they fall due, however please contact us if you are unsure how to pay or what the amount is.

Is there anything else I have to pay?

You can choose to pay for certain additional optional services such as an airport transfer, which we recommend for your first visit, direct to Signature Resorts. Please see the booking form for more information, or speak to their on-site team when you are at the resort. You will also have to pay for any damage or breakages during your stay before you check out.

When will we receive our fractional ownership certificate?

In accordance with the scheme terms, fractional ownership certificates will be issued to owners once they have paid the purchase price in full and the title to the properties has been registered in the name of the owning company. We will keep all owners updated on registration of title deeds in the name of the owning company. Until that time owners are still able to enjoy all their ownership rights and use their weeks under the terms of their purchase agreement.

Who do I need to tell if my contact details have changed?

Please contact us as soon as possible if any of your contact details have changed from the purchase agreement so that we can be sure you will receive any important information we send to members. We recommend that you contact us by email to info@wearehome.com or by telephone on 0800 111 6789

How can I change the ownership details for my weeks?

You can transfer ownership at any time by sale or gift, or you can add or remove names to the purchase agreement and fractional ownership certificate. There is an administration fee payable (currently £149) to Tatton Trustees for any ownership changes. Please notify us by email to info@wearehome.com or by telephone on 0800 111 6789 if you want to change the ownership details of your weeks.

Not found the answer you where looking for, ask us a question?

Horizon Sky Fractional Ownership FAQs Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

1. Price: All developments are competitively priced and selected in key areas to help retain their value.
2. Payment: Payment plans are available and some properties offer a lengthy plan removing the requirement for a loan or mortgage. Additionally, savings can be made on payments with Select Money
3. Location: Projects are strategically located in desirable hotspots/waterfront areas to maximise potential returns
4. Investment: All projects are built to a high specification, offering high quality residence in order to gain strong rental appeal. Purchasers can also command higher rentals with Select Furniture’s solutions
5. Security: Select Property only partner with experts in their field to deliver the best projects or services. Developments in Dubai and Ras Al Khaimah also benefit from the security of Escrow

These form the cornerstones upon
which we build our offers.


Developments are selected in conjunction with all 5 key principles, particularly essential given the current economic conditions. Strategically selecting our developments has proved beneficial, for example on Dubai Marina properties have experienced a rise in rentals this year due to the demand for high-end, waterfront properties in desirable areas. Using these principles therefore allows properties to sustain their marketability delivering strong financial returns and enabling investors to command higher rental returns.


Whether you are buying as an investment or for lifestyle, we are able to offer lengthy payment plans on many of our properties to suit your needs. This may even remove the requirement for a mortgage or loan for most purchasers. In addition, our projects in Dubai and Ras Al khaimah benefit from the security of escrow. Finally, you can rest assured that every Select Property apartment or villa is built to the highest specification and strategically located within each country to maximise its potential. 


Additionally, our in-house services enable you to capitalise on your property purchase while benefiting from help and advice in all areas. For example, we monitor exchange rates to find the best deal for you and offer a range of furniture packages to deliver a complete turn-key solution. So whether you wish to use your property or rent out your apartment, our effective, robust and value for money furnishings

Key Principles Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

The proof of our success is real and tangible

Select Property’s success is driven by an innovative and unique approach to the overseas property market. The company’s development strategy is simple, land is only purchased and developments launched once key milestones are met in sales across other developments. This ensures we do not over commit or put our customers or ourselves at risk.

Selecting the right projects is fundamental to deliver the desired rewards to our customers and has been key to our success. This is centred on a set of 5 key principles. By securing developments based on these principles we are able to sustain the marketability and desirability of our purchaser’s properties.

Our unrivalled approach means the company is able to achieve a high percentage of its sales through repeat and referral business.

A Complete Service

From initial consultation, through to the sales, contractual and payment processes, and then onto handover, Select Property customers are supported throughout. Understanding the importance of peace of mind to its customers, Select Property was the first company to introduce escrow accounts for its award-winning Pacific project in Ras Al Khaimah. Protecting the purchaser’s funds throughout the construction phase, escrow offers added security and has been a huge success. More recently Select Property are operating as the exclusive sales agent for Bancaja Habitat, the real estate division of Bancaja, the largest financial group in Spain offering up to 80% mortgages with an immediate 3 year payment holiday on Terrazas de La Torre, making this new golf resort easily accessible to a wider market.

Product innovation

Select Property is an innovative leader in the overseas property sector, providing customers with unique products and services designed to meet its customer’s requirements.

Procuring a mortgage in the overseas property market, particularly emerging ones, can often be difficult. To provide greater flexibility to its customers, Select Property has worked with leading partners and developers to develop flexible payment plans, allowing for ease of purchase.

In 2008, Select Property launched its financial services arm, Select Money. Select Money provides financial products tailor made for the overseas property market. Its one stop financial solution offers a currency exchange service providing preferential rates over high street banks and the option to forward book currency for up to two years, fixing the exchange rate for property payments and helping protect from adverse currency movements.

The most recent addition is Select Furniture, helping customers to command higher rentals with a complete turn key furniture solution. Available exclusively to Select Property customers, Select Furniture presents a range of stylish furniture packs, with optional upgrades available, alleviating the hassle of managing deliveries and chasing available items. A choice of styles have been strictly selected to provide the highest quality, yet carefully priced to deliver value and comfort.

About us Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Property in Turkey Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

"Properties that are commanding the highest premiums in the market are currently those nearing completion. These premiums are one of the highest in the market – higher than even completed projects," said Amr Soliman, chief executive Mena of Blu International Realty. "Generally prices make the biggest jump upwards starting six months before handover until six months after it," he said.

John Davis, chief executive of Colliers International's Dubai division, said: "Potential profit on off-plan properties is said to be higher than profit on completed projects, owing to favourable payment plans for first-time buyers."

The investor market for off-plan or under-construction purchases remains very strong. There is value in projects purchased off-plan where discounts against completed values compensate for the timeline for delivery before the property can be lived in or used for investment purposes.

Dubai Investment Property

Profits on off-plan properties in Dubai soar around completion Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Following outstanding success, Select Property has announced the launch of additional apartments and suites in its inaugural development, Pacific, located in the emerging Emirate of Ras Al Khaimah. The UK’s leading overseas property investment company released its first development in this exciting Emirate in March of this year and has sold over 500 units in under three months.

Select Property has released a selection of studios, Gulf Suites and two bed apartments for sale. The luxurious, 900 sq ft two bed apartments are on sale from £124,000 (£138 per sq ft) and are a real investment opportunity, offering fantastic rental returns as a holiday-home as well as strong capital growth.

The wide range of impressive investment benefits include rising rental yields, a projected capital appreciation of over 20% in 2008 and more importantly its close proximity to Dubai (just 45 minutes). It is easy to see how this Emirate is becoming attractive to Dubai commuters wanting a beach life or a weekend retreat, as well as to the overseas holiday market.

The stunning development Pacific, situated on Al Marjan Island, is due for completion in June 2011 and consists of six contemporary, buildings, each named after Pacific Islands.

“Select Property has released a number of new properties in the development as interest and demand for such a prime location grows. The new properties present prime investment opportunities, particularly the two bed apartments which are perfect for the shrewd investor who will benefit from greater capital appreciation on their properties due to their comparably low price per square foot,” comments Mark Stott, managing director, Select Property.

He continues: “Dubai has long been the jewel in the crown of the United Arab Emirates, but Ras Al Khaimah is attracting increasing numbers of investors. The area is predicted to enjoy the same level of success as Dubai, so now is the time for investors to buy in this beautiful area.”

Luxury housing is available at affordable prices – some 50% cheaper than Dubai comparables, and, together with the ruling Sheik’s commitment to developing the region and attracting inward investment, including existing procedures to sell freehold title ownership, it has great potential for capital gains and rental returns. What makes the development even more attractive is that Select Property is the only developer on Al Marjan Island to offer a 15 year non status payment plans combined with the security of an escrow account.

Pacific is Select Property’s first development and is being constructed jointly with Select Group. The two companies have enjoyed success in the past with Select Property exclusively marketing and selling four off-plan developments for Select Group, including Dubai Marina’s centrepiece Bay Central, the iconic super tower – The Torch, The Point, and Botanica, the only residential development with a sky garden.

Pacific is situated in a prime location on Al Marjan island, offering residents private beaches overlooking the clear waters of the Arabian Sea and year-round sunshine. Facilities include 24-hour security, maid service, saunas, steam rooms and Jacuzzis a glass topped gym and health club. There are also countless dining and shopping facilities, all of which are in keeping with the tone of the island which has an all-together more laid back feel than neighbouring Dubai.

Al Marjan Island is the first man made Island in Ras Al Khaimah. It has been built with best practice learning from successful schemes in neighbouring Emirate Dubai – the first of which, The Palm Jumeriah has witnessed a massive 500% increase in prices since 2002.

Al Marjan master developer Rakeen, has incorporated the most environmentally friendly practices during the islands construction using natural rock to attract coral life instead of ‘hostile dredging’. This process positively encourages the formation of natural reef, establishing a long-term aquatic paradise.

For more information on Select Property or any of its developments in Bulgaria, Turkey, Dubai or Ras Al Khaimah, log on to www.selectproperty.com or call 0870 111 8892.

Select Investment Opportunities in Ras Al Khaimah Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

A naturally beautiful country, Ras Al Khaimah boasts the longest coastline of all the United Arab Emirates (UAE) and is arguably the most scenic with miles of untouched white sand, lush green landscapes and striking mountain ranges. Add to this impressive investment benefits including rising rental yields, a projected capital appreciation of over 20% in 2008 and more importantly its close proximity to Dubai (just 45 minutes) its easy to see how this Emirate is becoming attractive to commuters wanting a beach life or a weekend retreat, and to the overseas holiday market alike.

Luxury housing is available at affordable prices – some 60% cheaper than Dubai comparables, and, together with the ruling Sheik’s commitment to developing the region and attracting inward investment, including existing procedures to sell freehold title ownership, it has great potential for capital gains and rental returns. What makes the development even more attractive is that Select Property is offering 15 year non status payment plans and the security of an escrow account.

Pacific is Select Property’s first development and is being constructed jointly with Select Group. The two companies have enjoyed success in the past with Select Property exclusively marketing and selling four off-plan developments for Select Group, including Dubai Marina’s centrepiece Bay Central, the iconic super tower – The Torch, The Point, and Botanica, the only residential development with a sky garden.

“This is an incredibly exciting time for Select Property. Pacific is the first of two projects, totaling £368million, we are developing on Al Marjan Island.”, comments Mark Stott, managing director, Select Property.

“Ras Al Khaimah and in particular Al Marjan Island is the perfect location for our inaugural development, representing fantastic opportunities to multiple profiles of purchasers”, he continues.

With starting prices from £57,399 (€72,991/AED 421,888) for a studio, Pacific is already generating huge interest, with one and two bedroom apartments, town houses and Gulf Suites also available. Due for completion in June 2011 the development consists of six contemporary, architecturally spectacular buildings, each named after Pacific Islands – the first three to be launched being Samoa, Tonga and Fiji.

Pacific is situated in a prime location on Al Marjan island, offering residents private beaches overlooking the clear waters of the Arabian Sea and year-round sunshine. Facilities include 24-hour security, maid service, saunas, steam rooms and Jacuzzis a glass topped gym and health club. There is also countless dining and shopping facilities, all of which are in keeping with the tone of the island which has a all-together more laid back feel than neighbouring Dubai.

Al Marjan Island is the first man made Island in Ras Al Khaimah. It has been built with best practice learning from successful schemes in neighbouring Emirate Dubai – the first of which, The Palm Jumeriah has witnessed a massive 500% increase in prices since 2002. Al Marjan master developer Rakeen, has incorporated the most environmentally friendly practices during the islands construction using natural rock to attract coral life instead of ‘hostile dredging’. This process positively encourages the formation of natural reef, establishing a long-term aquatic paradise.

For more information on Select Property or any of its developments in Bulgaria, Turkey, Dubai or Ras Al Khaimah, log on to www.selectproperty.com or call 0870 111 8892.
ENDS

NEW MEDIA CONTACTS:
For more information please call Victoria Jones, Peter Burling, Kate Greville or Nick Theodosiou at Brazen PR on 0161 923 4994 or email press@selectproperty.co.uk

EDITORS NOTES
Select Property
Operating since 2004 Select Property has become a leading specialist in off-plan overseas investment property. Following initial success marketing and selling luxury residential property, on an exclusive agreement basis, in March 2008 Select Property took the landmark decision to move into development launching a £368million residential project located on Al Marjan Island, Ras Al Khaimah, United Arab Emirates.

The company currently has 80 employees operating out of offices in the UK, Ireland and Dubai. By February 2008 Select Property had successfully sold over £450million worth of property to customers in 53 countries.

A standard payment plan for Ras Al Khaimah is £3000/€4200 reservation fee
15% on exchange of contract
15% September 2008
15% March 2009
15% September 2009
15% March 2010
15% September 2010
10% Completion.
Non-status lengthy payment plan is £3000/€4200 reservation fee
15% on exchange of contract
15% six months, there after quarterly installments spread over 15 years. 


www.selectproperty.com

Select Group Developments
A leading developer of luxury residential property in Dubai Marina, the world’s foremost master planned waterfront development, Select Group Developments has undoubtedly raised the bar in the Dubai real estate industry. Launching projects, which offer the pinnacle of modern living, and the best return on investment, the group if committed to strengthening its customer-focused values – The total assets under development have exceeded £500million.

Select Property has enjoyed a successful relationship with Select Group Developments, working on four off-plan developments, including the Marina’s centrepiece Bay Central, the iconic super tower The Torch, The Point, and Botanica, the only residential development with a sky garden. Most recently the two companies have announced their collaboration on Pacific, Al Marjan Island, Ras Al Khaimah, the first project, which is being developed jointly by the two companies.

Select Leads the way in Ras Al-Khaimah Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

A naturally beautiful country, Ras Al Khaimah boasts the longest coastline of all the United Arab Emirates (UAE) and is arguably the most scenic with miles of untouched white sand, lush green landscapes and striking mountain ranges. Add to this impressive investment benefits including rising rental yields, a projected capital appreciation of over 20percent in 2008 and more importantly its close proximity to Dubai (just 45 minutes) its easy to see how this Emirate is becoming attractive to commuters wanting a beach life or a weekend retreat, and to the overseas holiday market alike.

Luxury housing is available at affordable prices – some 60percent cheaper than Dubai comparables, and, together with the ruling Sheik’s commitment to developing the region and attracting inward investment, including existing procedures to sell freehold title ownership, it has great potential for capital gains and rental returns. What makes the development even more attractive is that Select Property is offering 15 year non status payment plans and the security of an escrow account.

Pacific is Select Property’s first development and is being constructed jointly with Select Group. The two companies have enjoyed success in the past with Select Property exclusively marketing and selling four off-plan developments for Select Group, including Dubai Marina’s centrepiece Bay Central, the iconic super tower – The Torch, The Point, and Botanica, the only residential development with a sky garden.

“This is an incredibly exciting time for Select Property. Pacific is the first of two projects, totaling £368million, we are developing on Al Marjan Island.”, comments Mark Stott, managing director, Select Property.

“Ras Al Khaimah and in particular Al Marjan Island is the perfect location for our inaugural development, representing fantastic opportunities to multiple profiles of purchasers”, he continues.

With starting prices from £57,399 (€72,991/AED 421,888) for a studio, Pacific is already generating huge interest, with one and two bedroom apartments, town houses and Gulf Suites also available. Due for completion in June 2011 the development consists of six contemporary, architecturally spectacular buildings, each named after Pacific Islands – the first three to be launched being Samoa, Tonga and Fiji.

Pacific is situated in a prime location on Al Marjan island, offering residents private beaches overlooking the clear waters of the Arabian Sea and year-round sunshine. Facilities include 24-hour security, maid service, saunas, steam rooms and Jacuzzis a glass topped gym and health club. There is also countless dining and shopping facilities, all of which are in keeping with the tone of the island which has a all-together more laid back feel than neighbouring Dubai.

Al Marjan Island is the first man made Island in Ras Al Khaimah. It has been built with best practice learning from successful schemes in neighbouring Emirate Dubai – the first of which, The Palm Jumeriah has witnessed a massive 500percent increase in prices since 2002. Al Marjan master developer Rakeen, has incorporated the most environmentally friendly practices during the islands construction using natural rock to attract coral life instead of ‘hostile dredging’. This process positively encourages the formation of natural reef, establishing a long-term aquatic paradise.

For more information on Select Property or any of its developments in Bulgaria, Turkey, Dubai or Ras Al Khaimah, log on to www.selectproperty.com or call 0870 111 8892.
ENDS

NEW MEDIA CONTACTS:
For more information please call Victoria Jones, Peter Burling, Kate Greville or Nick Theodosiou at Brazen PR on 0161 923 4994 or email press@selectproperty.co.uk

EDITORS NOTES
Select Property
Operating since 2004 Select Property has become a leading specialist in off-plan overseas investment property. Following initial success marketing and selling luxury residential property, on an exclusive agreement basis, in March 2008 Select Property took the landmark decision to move into development launching a £368million residential project located on Al Marjan Island, Ras Al Khaimah, United Arab Emirates.

The company currently has 80 employees operating out of offices in the UK, Ireland and Dubai. By February 2008 Select Property had successfully sold over £450million worth of property to customers in 53 countries.

Select Group Developments
A leading developer of luxury residential property in Dubai Marina, the world’s foremost master planned waterfront development, Select Group Developments has undoubtedly raised the bar in the Dubai real estate industry. Launching projects, which offer the pinnacle of modern living, and the best return on investment, the group if committed to strengthening its customer-focused values – The total assets under development have exceeded £500million.

Select Property has enjoyed a successful relationship with Select Group Developments, working on four off-plan developments, including the Marina’s centrepiece Bay Central, the iconic super tower The Torch, The Point, and Botanica, the only residential development with a sky garden. Most recently the two companies have announced their collaboration on Pacific, Al Marjan Island, Ras Al Khaimah, the first project, which is being developed jointly by the two companies.

Select Leads the way in Ras Al Khaimah Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Historically it has been a challenge to arrange a mortgage in Dubai and the new service is available to both UK and Dubai residents, allowing them to arrange a mortgage in Dirhams with the quick and efficient processing seen in the UK Sterling market.

As new such products become available, they will begin to change the market, however interest rates will be calculated in relation to underlying EIBOR plus 3.55% with either a 1.5% discount for three months or a 1% discount for six months.

At such rates, it is unlikely the new mortgage products won’t have the dramatic effect initially expected, as payment plans offered by developers may still work out cheaper.

New mortgage products in Dubai Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Dubai Select, a specialist developer of luxury investment property in the Emirate state, has become the first property company in Dubai to offer its customers the security of an escrow account, giving purchasers full protection of their funds throughout the construction period. The account is being launched in conjunction with Dubai Selects latest flagship development, Bay Central, a three Tower project at the very centre of Dubai Marina which combines residential property with a five star hotel.

Barclays Bank has structured this escrow account as the first of its kind. Its innovative structure will enable property investors to securely hold their advanced payments during the construction phase of Bay Central. Emaar Properties will be the signatory on the account, providing security of funds, ensuring regular monthly updates on constructional cash flow are made and that progress of construction is maintained.

Commenting, Mark Stott, Managing Director, Dubai Select: “We have always adopted an open approach with our customers, giving them secure web access to their payment schedules and regular build updates. The escrow account is a more formal extension of that transparency”.

About Bay Central
Bay Central stands less than 8 metres from the waters-edge, preventing future buildings being constructed in front of it, ensuring that the spectacular views of the marina are maintained. The two residential towers, Bay West and Bay East, contain 388 properties in each, including: studios from £79,950, 1 bedroom apartments from £117,009, 2 bedroom apartments from £176,000, 3 bedroom marina suites from £278,923 and 5 bedroom penthouses, which all have 5 balconies, maid quarters and a private Jacuzzi, from £743,367.

Residents of Bay West and Bay East will each have their own full range of amenities including: temperature-controlled swimming pools, shaded pool area, sauna, steam room, gymnasium, shopping and dining facilities, secure underground parking, 24 hour security, concierge desk and spacious lobby, professional house keeping service, children’s play area, and 24 hour maintenance and supervision.

Staying true to Dubai’s reputation as a luxury destination each property is designed to the highest specification, with contemporary styling and the use of marble and granite. Each property is also fitted with the latest internet and telecommunications systems.

Tower three of Bay Central, which will located in the centre of the development, will be a hotel and serviced apartments. Dubai Select property is launching this in conjunction with a 5 star International hotel chain, the details of which will be announced shortly.

All 3 towers will be completed in 2009 which coincides with the completion of the whole marina development.

Dubai Select is offering it customers a choice of 2 payments plans on the development, a standard plan with payment over 3 years and a lengthy plan which extends the terms over 15 years.

New Dubai Marina Development Comes With Purchase Protection Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Why Invest?
Capital appreciation was around 18% in 2004 and, as an estimate on your return if you were to sell, many of the off-plan purchases have literally doubled in price between commencement and completion. Unlike the Australian market, Dubai rental returns have been running constant at around 15%. This is exemplified by the Government’s recent intervention to cap rental increases at 15% to the end of 2006 in an effort to slow the speed of inflation created by the short property supply.
In addition to the promise of high returns, Dubai offers investors a tax free environment. It is not a tax haven, but simply a country with no tax or tax department. The price of property is also more affordable than Hong Kong and Singapore, which have to date attracted Australian investment due to their tax status.
To buy a 100m² unit on the waterfront of the prestigious Dubai Marina will cost approximately $260,000, whereas a similar property in Singapore would set you back around $1,000,000. This relatively low property price makes the entry accommodation affordable, and without the taxation of 48c in the dollar you can see why interest in Dubai’s property market is rapidly gathering pace.

Location, Location, Location
With so much development on-going in Dubai where should you buy? Currently the most sought after locations include Dubai’s Marina and the Palm Islands, a palm-shaped development of 3 islands where numerous celebrities are believed to have purchased property. While the cost of a villa on the palm can be as high as $6 million luxury apartments in flagship developments like The Torch on Dubai’s Marina can be purchased for $302,000, with investors having access to the same facilities you would expect in a five star hotel.

What’s the Catch?
To date it has not been possible for a foreign national to own the freehold on a property in Dubai. This situation is now changing however as a statement in March announced the finalisation of the land registry legislation. With this hurdle removed, the only real obstacle to investing in Dubai is that you will need to have cash ready to invest. In Australia, mortgages for overseas property are not readily available and Dubai’s developers require payment by completion to fund the construction of their development. Therefore property is typically purchased and paid for over the term of the build. Your upfront costs will be around 20-30% of the purchase price, with monthly instalments throughout the term and a final payment upon completion. It is worth looking around for different finance options however as some developers have created their own schemes which are more flexible, for example, Dubai Select, a developer who has recently launched in Australia, offer a payment plan which lets investors pay in quarterly instalments.

Whilst few banks are offering finance on property in Dubai at this time, it is likely to change now that the land registry legislation is now being finalised. On the positive, the apparent lack of finance options is helping to keep prices low. The message seems quite clear – the best returns are going to be to those who get in early. Once mortgages are available and the ability to purchase property becomes more accessible, it is anticipated that prices will escalate.

Why Invest: In a Nutshell

• All master-planning is Government controlled so the demand to supply ratio is managed, thus maintaining strong growth & returns
• No capital gains or income tax.
• The range of properties on offer is vast.
• The quality of build is high.
• Legal fees aren’t compulsory, but recommended.
• The buying process is simple.
• Flexible payment plans allow payments to be deferred following an initial reservation deposit.
• 80% of property available is still off-plan which means investors can purchase on attractive interest free instalments.
• Prices are attractive and very affordable by other countries standards.
• Capital Appreciation has risen between 15 – 25% annually.
• High rental yields on completed properties.
• Three year resident visas are available with non-UAE.

Source: Wealth Creator Magazine (AU)

Dubai Select featured in Wealth Creator Magazine Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555