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Hanover Square
Faq’s on the Rental Income for Serviced Apartments at Hanover Square
Can I live in my apartment?
No. The project is an investment. Each apartment is leased back from the owner for an initial period of 20 years and promoted to tourists and business clients through our own lease back scheme.
Can I use the apartment?
Yes. You will have the right to use the apartment for a four week period each calendar year. If your own apartment is unavailable you will be offered an alternative apartment, subject to availability, of the type you own or if that type is not available of another type.
What happens if I do not wish to use my apartment?
If you do not use the apartment for this period you will not be compensated in any way.
What Income can I expect to earn on my apartment?
Owners will receive 60% of the net revenue generated. The revenue is pooled and then divided between the owners based on a grading of their apartment.
The actual income amount will depend on variants such as room rates and occupancy levels; however the expected returns on the project are projected to be around 15% per annum.
When will I receive my income?
Payments will be made every six months in arrears. Every year the income and expenses will be independently audited and adjustments made (plus or minus).
Are there any other charges payable?
All DEWA costs for your apartment will be included in the service charges and deducted with the management charges.
Any registration fee with the master developer and/or the Land department will be paid by yourself as and when due and will not form part of any management charge.
Do I need insurance?
The building will be insured by the Management Company and will be charged with the Management fee.
The contents will be insured by the Management Company and will be charged with the Management fee.
Any public liability insurance required or any other form of insurance required to rent the apartments to the public will be charged with the management fee.
