Charges Payable on Handover

Assuming you bought an apartment with the following details:

Purchase Price AED 550,000
Built up area of 900 sq ft (excluding parking)
Maintenance Charge of AED 10 per sq ft
Exchange Rate is £1 = AED 5.5

You can expect the following additional payment on handover:

Maintenance Charges for First Year AED 9,000 £1,636
Fewa connection charges AED 8,500 £1,546
Electriicty meter deposit AED 1,000 £181
Registration land deposit (2% of original price) AED 11,000 £2,000
Total AED 29,500 £5,363

The Fewa connection charge and electricity meter deposit charge may vary depending on the type and size of unit you own.

Investors have expressed concern over the large Fewa connection charge, as they feel this was included in the purchase price.

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Time to Celebrate and Enjoy…?

At long last handover of units of in some of the Marina blocks is finally taking place. For example, one investor recently commented

“Got by email our handover letter and invoice last week for Marina Block C. Have transferred the balance to Al Hamra Real Estate and am now waiting for a formal receipt.” (EyeOnWorldwide Forum, 19/01//2009)

Another investors reports

“Just received invoice for handing over of our unit in building C. Seems that we are getting there at last! Have just asked for a inspection visit before we pay the balance.” (EyeOnWorldwide Forum, 10/01/2009)

In correspondence to an investor, John Mathew, manager for Corporate Strategy & Development at Al Hamra Estates said

“We are still in the process of handing over the Marina A,B & C. Once this process is complete we will start commissioning building D & E. The commissioning process normally takes around 2 month.”

It seems that some investors have alrady moved into their apartment, according to this comment

“I have moved into my apartment in C block there are only 2 residents. Where are the rest of you, it’s lonely!”

Investors report that work is now proceeding on the landscaping in front of the marina apartments, with the paving stones having been delivered. Reports suggest that the Clubhouse will open in March, although there is still plenty of work left to to do, and Al Hamra appears to be busy working on it, including the car parking around the clubhouse.

“The Mall is very nice but only 4 shops open, not the best time to open a shop in a world recession!”


Pictures courtesy of alhmara.dk, click to enlarge.