George Kurudamannil has been waiting for the past two years to get handover of his five-bed “signature” villa in Lime Tree Valley project. And all because of the delay in completion of the infrastructure in the upscale Jumeirah Golf Estate development.
Kurudamannil’s agonizing wait of years is all set to end now.
CHI Development Group, the developer of 121 villas along the Earth golf course designed by Greg Norman, has revealed to Emirates 24/7 it will commence handover by year-end and during the first quarter of 2013.
Kurudamannil says: “My villa has been ready for years and now I am waiting anxiously to get handover of my property. Although I already own another property, where I reside now, I will eventually be moving to the Lime Tree Valley.”
Even though the developer was under no obligation to offer a discount, but Kurudamannil says, “he did so”.
“I bought the villa at the peak of property boom for Dh12.1 million.
The developer subsequently offered me a discount of almost 21 per cent without I asking for it. I am very happy with them. Besides, they have been quite transparent and have kept us informed about all the developments in the project and the JGE.”
Speaking about the handover plan, Roger W Wakeham, Director of Development, CHI Development Group, says: "We anticipate handing over the villas from the end of 2012 and during the first quarter of 2013.
Many buyers are now beginning to plan their interior furnishings and are looking forward to finally being some of the first residents of Jumeirah Golf Estates.”
The infrastructure in Jumeirah Golf Estate, he reveals, is gradually being completed with power connectivity anticipated in September and all other utilities ready for connections.
But why would one buy in Lime Tree Valley?
Wakeham points to a number of reasons such as the variety of villa types and layouts, the quality of the build, the views of the Earth golf course, the benefits of living in Dubai’s only truly gated Golf community, the connectivity to all major roads and landmarks, the peace and tranquility of living in “the countryside” but close to the city and the reassurance of having bought a villa from a reputable developer.
According to the developer, HSBC and Dubai Islamic Bank have provided end-user finance and now they are entering into negotiations with three other banks.
Although property prices did plummet in the UAE in the past few years, established villa communities are witnessing price gains.
Wakeham states: “The prices of the villas are at market value and remain consistent with the high quality, location and benefits of being a resident of Lime Tree Valley.”
Cecilia Reinaldo, Managing Director, Fine and Country, who have been appointed the sales agents, however, claims prices of the villas are now about 10 per cent higher than they were last year.
“This reflects the closeness to hand-over and the current positive state of the Dubai market for quality villas. It is anticipated that the properties will gradually increase in value closer to hand-over and thereafter,” she adds.
As per properfinder.ae, a Dubai-based realty portal, a five-bed villa (5,799 sq ft) is listed for Dh7.65 million while a 7,499 sqft, five-bed villa is priced at Dh10.5 million.
While Wakeham did not disclose the number of “reserved” inventory, he reveals the company is not planning to sell its entire stock and will retain a number of units for after hand-over.
CHI Development is a UAE-based property developer formed by a group of Irish businessmen in 2005. Lime Tree valley, their flagship project, comprises eight Mediterranean styled villa types planned with four to six bedrooms, ranging in size from 4,200 square feet up to 7,000 square feet of built up area with plots varying from 8,000 to 15,000 square feet.