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Risk & Reward
Signature Villas on the Palm Jumeirah have appreciated in value by almost 400% since they were
originally sold off the plans in 2003. During 2007 they have continued to increase in value by
almost 8% per month. The developer of The Palm is Nakheel one of the two biggest property
developers in the U.A.E. Nakheel is a government owned company.
They are also developing the “Palm Jebel Ali”, “The World” and the “Palm Deira”. In total they
have over $ 25 billion of construction projects on hand. We recommend that you visit the Nakheel
web site on www.nakheel.ae to view their information video.
It was widely expected that values would increase substantially once the public finally got access to the
Palm. Our prediction is that your investment will more than double in value in 5 years and more
then quadruple in value over 10 years. This prediction is based on local and international economic
factors, but investors are advised that property values can decrease as well as increase.
The original title deeds to the property as issued by the Director General Land Department, Government of Dubai on 21st October 2007, are held in trust by our Solicitors in Dublin. These deeds cannot be released without the full agreement of all owners whose names appear on the register of owners.
Exit Mechanism
Syndicate members may exit at any time.
Shares are totally transferable and Gulf Icon Properties will assist in disposals if required by
offering your share at independent market valuation to other syndicate members firstly, and
thereafter to investors on a waiting list.
It is the intention to realise the investment by disposing of the property after 10 years, with an
option to continue if a majority wish to do so. In that event the majority must buy out the
minority at independent valuation.
Taxation
You will have no tax liabilities whatsoever in Dubai.
Normal Irish taxation rules will apply i.e. Income Tax on any rents received less allowable
expenses, and Capital Gains Tax on capital profits upon exit.
(Capital Gains Tax rate currently 20%)
Management
G.I.P. will manage all aspects of the property on behalf of all syndicate members. This property
was purchased in the name of Gulf Icon Properties Ltd. and will be held in trust on behalf of
Syndicate Members. Syndicate members will be provided with a full list of members and will
receive Annual Financial Reports, to be followed by an Annual General Meeting. G.I.P. will charge
each syndicate member an annual management fee of €100, and retain one 26th share of the
property.
Kevin Spring F.A.I.A. Managing Director
Phone (office): (01) 4568998 Email: info@gulficon.com
Phone (Mobile): 087 6428 966
Fax: (01) 4509233
This brochure is for information purposes only and does not form part or any contract
Subject to contract – Contract denied |
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