Sunday, March 19, 2006
We had registered our names for the The Wave a couple months ago hoping that our name would come up in the draw and we could book a property as an investment and sell it at a later stage. Neither of our names came up in the primary list but OD was lucky to come in the tail-end of the reserve list. We were told by the people in The Wave that the reserves' only chance is if people in the primary list don't make a purchase. Other than that there was hope that maybe for the next lot of properties they might put the present reserves as a primary list. So far so good. We asked about the procedures, payments, etc. They told us that if you're buying as investment you can't transfer the ownership until you've paid 40% of the price of the property. Thing is, even though they are selling the properties now, they are not planning to begin construction till early 2007. Ya3ni in other words, you book the property now and pay 10% advance and then you don't start paying for another year. Once they start building and reach the first milestone you pay another 15%, then wait till the next one and pay another 15%. And that's when you can sell your property. Considering that The Wave is the first large project available for freehold ownership by foreigners, if you're buying as an investment you're betting that about a year to 18 months from now the demand for the properties would have gone up giving you the opportunity to sell for a profit.
Today out of the blue we got a call from The Wave saying that they've decided to merge the main and reserve list and that sales day is Thursday. Oh and that when you come bring 3000 rials with you because if you book a property you have to immediately pay that amount on the spot as a "non-refundable deposit"!. For real. Just like that. Come Thursday and bring a big wad of cash.
Is this standard operating procedure for large, high profile real estate projects?
I was telling someone whose name was actually drawn on the main list and he was surprised because he was told to go on Sunday. His exact comment: "I don't get it, I'm in the top ten in the main list and you're reserve. How do you get to go choose your property before me?"