Monday, August 18, 2014

MAF to build new Dh 275mn City Centre mall in Dubai

The Dubai-based retail, hospitality and leisure company, Majid Al Futtaim announced its plans to build City Centre Me’aisem, a community-focussed mall. At present, there are 13 City Centre malls in the region. The first phase of the latest City Centre shopping mall in Dubai will cost Dh.275million, the company statement revealed.

The retail mix of the mall would serve the immediate needs of residents and working professionals, said Executive Managing Director of shopping malls at MAF Properties, Dimitri Vazelakis.

Located within an area spanning one million square feet, the mall would be located in Me’aisem area at the Dubai International Media Production Zone (IMPZ), the site developed by Tecom Investments, spans 43 million square feet. The mall would be located at the intersection of Shaikh Mohamned bin Zayed Road in IMPZ and Al Khail Road.

The phase 2 of City Centre Me’aisem will cater to the population growth during the forthcoming Expo 2020, with emerging areas like Victory Heights, IMPZ, Jumeirah Golf Estates, Jumeirah Village Circle and Jumeirah Village Triangle, developing further.

City Centre Me’aisem will be built by Brookfield Muliplex, the international contractor. Construction of the new mall would be in two phases. Phase one will be ready by third quarter of 2015, offering 60 international outlets. The construction would allow scope for further expansions until 2020.

City Centre Me’aisem will include lifestyle brands, fashion, and a Carrefour hypermarket, spanning an area of 6,243 square feet with restaurants, fast-fold chains, restaurants, convenience stores, cafes and medical clinic.

The development forms part of Dh.3million investment by the company to expand its Dubai operations over the next five years. The Head of Research and Consultancy for UAE at CBRE, Mat Green, said that MAF’s new mall may fill the retail gap in IMPZ.

The mall may have local fashion brands, but, the focus will be on convenience stores. City Centre Me’aisem will serve residents of Jumeirah Golf Estates, Victory Heights, Jumeirah Village Triangle, Jumeirah Village Circle, Arabian Ranches and Motor City, apart from employees in IMPZ commercial zone, MAF said.

Monday, August 11, 2014

Royal Estates project officially launched in Jumeirah

The Dh.2.3bn Royal Estates project has been officially launched by Bollywood Superstar Shah Rukh Khan during an event held in Madinat Jumeirah in Dubai.

The development is a collaboration between Aristocratic Star, Pal Developments, and Pacific Ventures, a statement said.

The 2.3mn sq. ft. gated community is located in Dubai Investments Park, adjacent to the Expo 2020, and features 2000 units comprising two, four and five bedroom townhouses, apartments, boutique retail spaces, an office complex and luxury hotel.

Mr. Khan expressed his delight to be associated with the project and said that Royal Estates ensures uncompromised comfort, safety and elegance and state-of –the-art landscaped serenity that weaves a stellar community.

The Director of Pal Developments, Atiq Merchant, said that the Royal Estates, which is a unique project, promises to be a lucrative combination of residential, investment and commercial haven.

Tony Ashai, the celebrity architect, speaking about Dubai said that Dubai is an energetic city with a regal touch, which inspires elegance and stylised sophistication. The property market here is positive, and this is the time when business owners and investors seek to enjoy the plush vibe of the city. These factors have been taken into consideration when designing this project, offering a blend of homely comfort and luxury.
The project sales began on 7th August. The phase 1 of the project includes 400 units to be delivered during first quarter of 2015. The apartment units start at Dh.450,000 and townhouses from Dh.1.6mn onwards.

Tuesday, July 22, 2014

New gated community launched in Dubai Sports City

SOL Properties, a subsidiary of Bhatia Group has launched an exclusive gated community ‘Bloomingdale’ in Dubai Sports City. Offering prestigious lifestyle amenities in a superb location, this development comprises 72 units with four and five bedroom villas at affordable rates.

The location is in proximity to Sheikh Zayed Road, Mall of Emirates, Dubai Marina and Dubai Airport.
After the success of more than 250 projects, including small site developments and large government ventures, experts now present this remarkable community to residents of Dubai.

Bloomingdale’s 72 residential villas are equipped with elegant Italian appliances, spacious living spaces, open plan design, huge rooftop terraces, built-in wardrobes and premium fixtures and fittings. Safety and security of its residents have also been taken into account when planning the project.

The five bedroom villas have a built-up area of 3,331 sq. ft. with an additional 539 sq. ft. terrace space, while the four bedroom villas are spread across 3,195 sq. ft with 439 sq. ft of terrace space.

The development's show villa have been flocked by buyers with several of them attracted by the easy payment options that require a 10 percent down payment, 10 percent after three months and 80 percent on completion, towards March 2015.

SOL Properties has already successfully delivered several other townhouse projects like Iris Park, Mulberry Park, Valencia Park, Lotus Par, Tulip Park and Orchid Park in Jumeirah Village Circle and Silicon Avenue in Silicon Oasis.

The Bloomingdale project is excellent in terms of its well-designed units, layout and finishing, and is ideal for both investors and home-buyers with great potential for income, says Pavan Batavia, Director of Synergy Properties.

Further, the development, being located in Dubai Sports City, residents can also access other public amenities, including sports and leisure activities, and offers easy access to rest of the emirate.

Thursday, June 19, 2014

Dubai is safest in the world to invest in luxury properties: Damac

Dubai is one of the safest places in the world when investing in luxury real estate, given, its increased regulation and transparency, leading developer Damac Properties pointed out.

With growing interest in Dubai properties from African investors, Damac is launching a brief campaign across the region which highlights the investment opportunities in the emirate, with prices of luxury properties starting from $149,000.

As per the latest index by Knight Frank, Dubai recorded a strong growth last year, with rentals being 14 percent higher towards end of 2013, partly due to stringent investment regulation, which added to the perception of Dubai being a ‘safe-haven’ in the Middle East.

Dubai is also working towards creating a transparent process for buyers and tenants to increase their confidence in the market and make it easier for international clients to carry on business in the real estate sector in the emirate, said Niall McLoughlin, Senior VP, Damac.

Now there is increased investment from African buyers who seek to capitalise on the tax-free income and stable economy.

Based on latest rules in Dubai, developers should now provide four key documents to any buyer including the title deed of the project, details of Escrow account dedicated to the project, deal with main contractor and approvals from Dubai Land Department and RERA (Real Estate Regulatory Authority) to launch the project.

The Knight Frank report further said that prices for prime residential locations may rise by 15 percent this year, as they are still one-third below their previous peak. With Dubai’s announcement about World Expo 2020, prices will rise further, and tourism numbers would increase to 20 million over next six years.

The company also launched a dedicated website for investors who are interested in knowing more about Dubai, and the regulations and opportunities. The site also details latest trend in property market, apart from videos of most famous landmarks in Dubai.

Tuesday, June 17, 2014

New fee, regulations & restrictions to curb off-plan property sales

Dubai is planning to introduce new fee and restrictions to curb sale of off-plan properties, the International Monetary Fund (IMF) revealed.

As per the latest IMF report, Dubai will be imposing additional fee and restrictions on resale of off-plan properties, as that would further discourage speculative demand.

The report said that the increase in real estate registration fee from 2 to 4 percent last October, and introduction of regulatory measures to ensure orderly market conditions for new real estate development, has been a welcome step.

When looking at the past international experiences, often countries that faced property booms repeatedly raised real estate fee and differentiated them with criteria such as buyer’s residency, use of property for occupancy or investment, or time elapsed before resale, etc.

The measures that the Dubai Land Department (DLD) plans to adopt is not yet known, sources in the market say that the move will be to introduce slab-wise registration fee.

The plan is to introduce new fees/measures on a sliding scale, and that is what the market requires in case of speculative activity, said Craig Plumb, Head of Research, JLL, MENA.

Property prices are going up, mostly driven by speculators in off-plan projects. More regulations may be required to discourage speculators, he said.

The Chief Executive Officer of PropSquare Real Estate, Parvees Gafur said that the new fee would be good for the market in the long-term, but the market is no longer driven by speculators, and mostly involves the end-users.

Moreover, many major UAE developers like Emaar, Aldar and Nakheel are not allowing investors to sell a property unless they pay 40 to 60 percent of the property value.

The UAE Central Bank, early this month, said that low residential rental yields in Dubai and Abu Dhabi indicates the imbalances and overheating in the property sector, with both emirates showing current average rental yields of 70 and 130 basis points respectively below historical averages, which indicates imbalances and an overheating real estate market.

The UK-based research house, Global Property Guide, said that Dubai has topped the list of house price survey for the fifth consecutive quarter, with house prices rising 31.57 percent during the year to first quarter 2014 and 9.58 percent in first quarter alone.

Tuesday, June 10, 2014

Cancelled projects in Dubai officially listed

The Dubai Courts has placed a list of developers and their cancelled projects. This is the first time that Dubai’s Real Estate Regulatory Agency (RETA) is officially publishing the list of cancelled projects.

The court’s website lists 36 cancelled projects by eighteen developers.  Here’s the list of developers and cancelled projects:

Remah Holding Limited

  • Tower 88

High Rise Properties LLC

  • Dorna Tower
  • Orchid Residences
  • The Heights-Golden
  • Waves Business Tower
  • The Heights-Silver
  • Rotating Residence
  • Heigh Rise Boulevard1
  • Heigh Rise Boulevard2
  • Alternative Capital Invest Gmbh
  • Wings Of Arabia
  • Khyool Investment Llc
  • Abjar Tower
  • Faras 2

Makaseb Properties

  • Rufi Tower (Quattro)
  • Archery Tower
  • Rufi Lake View
  • Quattro West

Dheeraj & East Coast Llc

  • Cascade Manor

Merwess Abdulaziz

  • Azizi Feirouz I
  • Azizi Feirouz II
  • Azizi Feirouz III
  • Azizi Fountanne Tower

Bux Holdings Limited

  • Beti Ul Funoon

Cliff Dwellings Enterprises Ltd

  • Global Golf Residence

Parshwa Holdings Limited

  • Sapphire

Galadari Investment Office Limited

  • G-Office Tower

Escan Real Estate PJS

  • Escan Tower

ME Development Llc

  • Windsor Residence

IR Investments Holding Company Limited

  • Tonino Lamborghini-Elettra Residence

Orbit Holdings Ltd

  • Orbrit Holding

Al Zahra Properties

  • Eden 1
  • Eden 2
  • Sunset Gardens B
  • Sunset Gardens A
  • Sunrise 2

Hampstead & Mayfair Development Limited

  • Hampstead Residences

Zenith Real Estate Development Llc

  • Zenith Tower A3

Dubai Courts, on its website, states the committee will begin its first stage of agenda on the above-mentioned list of cancelled projects. The last date for submission of the manual or electronic applications by investors is 31st August 2014.

Investors can register manually by visiting Dubai Courts in the evenings from 2.30 pm to 7.30pm on the main building central services hall on the first floor or electronically by clicking on the name of the project and then filling in the data, the Court said.

Back in July 2013, Dubai issued Decree No.21, establishing a special legal committee for liquidation of cancelled real estate projects and settlement of rights and disputes pertaining to such projects.

Earlier, RERA officials had refused to release list of cancelled projects in Dubai, as the investors were personally notified about cancellations. Now, property experts have called for release of information on cancelled projects.

Further, RERA data reveals 187 projects have been since the beginning of 2009, with 253 projects on hold, and 232 projects to be completed soon.

Monday, June 02, 2014

Emaar to launch second phase of iconic BLVD Crescent Downtown Dubai

Leading real estate developer Emaar Properties has announced the launch of second phase of its new iconic BLVD Crescent in Downtown Dubai.

Featuring 38 storey and 20 storey towers on a podium in the Mohammed bin Rashid Boulevard podium, the carefully landscaped podium level of the development features interlinked waterways and pools of varying depths, lounge decks that offer intimate outdoor seating areas and zones, infinity pool that leads to the dynamic edge below.

With Downtown Dubai already being one of the most sought-after addresses in the world, the new vibrant destination is the place where they can work, live, play and shop. The second phase of BLVD Crescent makes a strong addition to this thriving community, said Ahmed Al Matrooshi, the Managing Director of Emaar.

The Chief Commercial Officer at Emaar, Arif Amiri said that BLVD Crescent Tower II follows the successful launch of its first tower in Dubai, Abu Dhabi, Almaty and Shanghai early this year, which once again reflects the growing real estate sector in the city.

The Crescent Tower II will be simultaneously launched in three cities – Dubai, Kuwait City and Abu Dhabi. Online registrations would begin on 4th June at Sales will be held from 9am on 7th June at Emaar Pavilion at Mohammed bin Rashid Boulevard in Dubai, the Emaar Sales Centre in Abu Dhabi’s Al Nahda Tower, The Regency in Kuwait City, Al Tawoon Street’s Al Bida’a, and Salmiyaat.

Long-term investors and end-users are being offered the opportunity to register for Emaar Preferred Access Programme. The investors who make at least 30 percent down payment of the total value of property and maintain ownership until handover is completed, will be offered preferred access and opportunity to own homes, subject to conditions, through this new customer-oriented initiative. Interested investors and end-users can skip the line and register for the programme even on the day of launch.

For more details on the second phase of BLVD Crescent, contact +97 14 3661688

Thursday, May 22, 2014

Shamal Community development project receives overwhelming investor response

Lootah Real Estate Development, a high-end Dubai-based real estate company, has received overwhelming investor response for its Dh.350mn Shamal Community development in Dubai.

The sale of first phase of the development has been highly successful with 40 percent bookings of Shamal apartments, billas and lofts, Lootah said.

The Shamal Community project comprises more than 1050 units including villas, studio and lofts spanning an area of 147,000 sq ft.

The first phase of the project offers Shamal Terraces with 30 villas, Shamal Residences with 204 studio and 55 loft apartments. Residential units of first two buildings at Shamal Residences are now up for sale with price beginning with Dh.632,400 for studio measuring 527 sq ft.

According to the company Executive Director, Saleh Abdullah Lootah, the 40 percent bookings of Shamal apartments, villas and lofts are a testament that investors do not compromise on quality lifestyle and choose projects offered by established developers.

Each unit here features high ceilings, large glass sliding doors, spacious living areas, expansive terraces, attached bathrooms, modern kitchen, fully equipped gym, swimming pools, sauna, car garage, round the clock maintenance and concierge for the whole community.

Shamal Community project would be delivered within 20 months. The easy-to-avail payment plan of Shamal studios is 10 percent on booking, 10 percent after three months, 10 percent in next three months, 20 percent based on construction progress and rest 50 percent at the time of handover in 2016, Lootah said.

Thursday, April 17, 2014

Emaar to launch Mira Oasis Townhomes in Reem

The Dubai-based master developer, Emaar Properties, have announced the launch of new collection of Mira Oasis Townhomes in Reem, which follows the earlier launch of Dh 988,888 Miratownhouses on 13th April 2013.

Reem is a master-planned neighbourhood located in proximity to Arabian Ranches at the crossroads of Al Qudra Road and Emirates Road.

Emaar said that the new launch follows strong investor demand to earlier launches of Mira Oasis residences, wherein several hundred townhouses were snapped up by investors and end-users early this year.

This new phase of Mira Oasis includes 480 triple and four bedroom townhouses. Located along the Arabian Ranches, Mira oasis will also feature a school, a retail plaza, a Mosque, all lined by walkways and bicycle pathways. Sales will be launched simultaneously in Dubai, Abu Dhabi, and Karachi at

Sales will be held on 19th April at 10am in Dubai (at Emaar Pavilion, Downtown) and Abu Dhabi (Emaar Sales Centre at Al Nahda Tower). The sale in Karachi will take place at 11am at the Crescent Bay Emaar Sales centre.

Emaar is also offering long-term investors and end-users the opportunity to register for ‘Emaar Preferred Access Programme’. Investors, who make down-payment of 30percent of the total value of property and maintain ownership until handover is completed, will be offered preferred access and opportunity to own homes, subject to conditions, through its new customer-oriented initiative. Interested investors can event register for the programme on the day of launch.

Emaar also said that residents of Mira oasis will have accessibility to several leisure activities including rock climbing wall, Skate Park for adventures, Cricket Pitch, go-kart track, Football field, dune-park for surfing, camel riding, dune-bugging and camping.

Located at the heart of the development is a Central Park with interactive fountains, walkways, captivating water features, a large botanical park all of which, showcases the diverse flora in the region.

The Chief Commercial officer of Emaar, Arif Amiri, said that Reem has defined its credentials as the most sought-after residential projects in Dubai. The launch of Mira Oasis has generated huge interest from international investors too, and is an ideal place for families seeking a relaxed lifestyle that is in sync with nature. This latest launch by Emaar once again confirms the company’s focus on offering an attractive range of residential choices in Dubai.

Wednesday, April 16, 2014

Nakheel invites bids for Palm Jumeirah Crescent Boardwalk

Leading Dubai-based real estate developer, Nakheel has invited tenders for a new attraction that will stretch the entire length of the outer breakwater of Palm Jumeirahs Crescent.

The pedestrian pathway, namely, The Boardwalk, will stretch 11km and will be 6m wide, and will be a leisure and entertainment destination for residents and tourists alike.

It would feature 100m piers that stretch into the waters of Gulf and offer excellent views of the Palm Jumeirah and Dubai skyline.

The work would include designing and building an elevated boardwalk on the outer side of the Palm Jumeirah Crescent, with additional modification works to the existing breakwater, two piled deck piers including restaurant buildings.

To obtain the tender document, a non-refundable tender fee of Dh.30,000 will have to be submitted from 20th April at Nami offices in Dubai. 28th May 2014 is the deadline for submission of completed bids.