Monday, April 07, 2014

Vision tower at Business Bay top office deals in Dubai

Business Bay has topped the list of top 10 biggest office deals completed during the first quarter of 2014 in Dubai, with Dh 15mn transaction in Vision Tower in Business Bay.

The information provided by Reidin.com reveals that Business Bay and Jumeirah Lakes Towers (JLT) each shared the honour of registering the four biggest transactions of top 10 deals with Tecom C registering two transactions.

A 10,195 sq. ft. office located in Vision Tower topped the list with a Dh.15mn deal, followed by sale of a 6,091 sq. ft unit in the same tower for Dh.8.67mn, taking the second spot.

The third place was for Almas Tower at JLT, spanning 3,314 sq. ft. being sold for Dh.7.17mn.
iRise Tower in Tecom C witnessed fourth and fifth largest transactions with units sold for Dh.6.80mn and Dh.6.35 mn respectively.

An office unit that covers 5,778 sq. ft. in JLT was sixth on the list with Dh.5.70million transaction value, while the Plaza Boutique at Business Bay stood seventh with sale value of Dh.5.15mn.

This was followed by Executive Towers and Towers D at Business Bay, and Almas Tower in JLT being sold at Dh.5.07mn, Dh.4.53mn and Dh.4.49mn respectively.

Reidin.com is the exclusive primary data source for property markets in the emerging economy.

Nearly half of the forthcoming office supplies will be located in Business Bay, while other areas that are likely to see considerable completions by 2016 include Dubai International Financial Centre, Dubai Design District, JLT and Dubai World Central.

Friday, April 04, 2014

Tamweel Tower all set to begin restoration works with RERA's approval

Tamweel Tower is ready to be restored after 16 months of being partially engulfed by fire in November 2012.

A major fire had engulfed the mixed-use tower at 2am on 1\8th November 2012, which left hundreds of families homeless. Investigations reveal that a discarded cigarette butt that fell on a pile of waste was the cause of fire.

According to the Board of Owners Association (OA), the 34-storey building in Jumeirah Lakes Towers (JLT) officially invited contractors’ participation in the tender to restore the building. The move was made following series of legal hurdles and procedures from various agencies.

According to an e-mailed statement from the association, RERA has approved the request by the association to open an Escrow Account under its name. Once formalized, the association can begin awarding contracts.
According to the OA statement, this is a positive step for owners, as when the account is opened and details are transmitted to RERA, a full certificate of OA registration will be issued. This will enable OA to sign contractors to begin restoration process.

The Tamweel Towers is a freehold property, owned by finance company Tamweel, and several other owners. Although the OA was re-elected in 2012 to co-ordinate restoration of the building, the association was not fully recognized by RERA at that time. Therefore, it did not have the legal capacity to decide on the interest of the owners and residents, nor sign contracts for building repairs. With green light from RERA now, all that will change.

The OA has been assured that the funds from the insurers would be channelled into the newly opened account, thereby, enabling them to pay easily for complete restoration. The insurance cover has been confirmed to be more than sufficient for restoration works.

Although there is no specific time-frame for restoration process as yet, the final contract is likely to be awarded in next six to eight weeks. At least 70 residential flats, four commercial offices, two retail offices on the first floor and common areas at the top floors will be restored.

Monday, March 31, 2014

Emaar launches new Samara Villas at Arabian Ranches

Leading Dubai-based developer Emaar Properties PJSC has launched Samara Villas in Arabian Ranches. Launched due to the strong investor interest for homes within the Arabian Ranches, this is the latest addition to the current expansion of the established community.

The villas draw inspiration from the Spanish coastal architecture, and feature 177 triple to five bedroom villas, offered in four different styles, that are suitable for families looking out for a relaxed lifestyle in one of the most sought-after communities in Dubai.

Residents can take advantage of the large retail centre, the specialty food and beverage outlets, dedicated healthcare centre, salon, day care centre and schools within the community.

The Managing Director of Emaar, Ahmad Al Matrooshi, said Samara offeres families with wonderful choice of villas that suite their lifestyle needs. The launch of ‘Samara Villas’ emphasizes the growing demand for family-oriented communities in Dubai.

The Chief Commercial Officer of Emaar, Arif Amiri, said that each residential community in Arabian Ranches has recorded strong investor demand. With the launch of ‘Samara’, investors are offered another opportunity to be part of Emaar’s fully established communities featuring a polo club, a golf course and a resident’s club.
Located along the crossroads of Al Qudra and Sheikh Mohammed bin Zayed Road, the Samara Villas will offer residents easy access to main hubs in Dubai such as the Dubai Media City, Dubai Marina and Dubai Internet City.

Emaar is also offering long-term investors and end-users the opportunity to benefit from the Emaar Preferred Access Programme. Investors can make a down payment of 30 percent of the total value of the property, and maintain ownership until the handover is complete. They will be offered preferred access and opportunity to own homes, based on conditions. But, 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.

Emaar is launching ‘Samara Villas’ simultaneously in Dubai and Abu Dhabi. The online registration will be open from 10am on 2nd April at www.emaar.com. The sales will be held on 5th April at 10am at Emaar Pavilion on Mohammed bin Rashid Boulevard in Dubai and at the Emaar Sales Centre in Al Nahda Tower in Abu Dhabi.

For more details on ‘Samara’ in Arabian Ranches, contact +9714 3661688 or 800 36227 or email to globalsales@emaar.ae.

Thursday, March 27, 2014

Dubai high-rises continue to attract domestic and international visitors

The trend of high-rise living and ‘desirable’ vistas in Dubai, is increasingly drawing interest from domestic and international buyers, resulting in constant effort by developers to position buildings in areas that maximise views of Gulf or sweeping skylines that criss-cross the city.

Dubai continues to add to its huge skyline with several buildings that are more than 300m tall, including Damac Residence (335m), The Address The Boulevard (370m), Dream Dubai Marina (432m), Al Habtoor City Towers (300m) and Al Attar Tower (342m).

Majority of these will be additions to Downtown Dubai and Dubai Marina skylines, adding ‘vista-values’ to submarkets and offering more options for buyers in search of a home with view, a real estate expert said.
The 828m Burj Khalifa, and the adjoining Dubai Fountain, positioned at the heart of Downtown Dubai are among the city’s most sought-after vistas, says Faisal Durrani, Associate at Cluttons. This is further reflected at the capital value premiums of nearly 45 percent of apartments with direct unobstructed views of the Dubai Fountain and Burj Khalifa within the one square kilometre Downtown Dubai district.

Further down the coast, residents of apartments along the trunk of Palm Jumeirah can pay premiums at similar levels for ownership of homes facing the east, which overlook the sea, the Burj Al Arab, the Sheikh Zayed Road and Downtown Dubai skyline in the distance, Durrani said.

Within Dubai Marina, buyers of properties in the inner circle of residential skyscrapers look directly into the largest man-made marina in the world, expecting to pay nearly a third more than similar properties overlooking surrounding buildings, without views of the sea or marina.        

Dubai’s incredible skyline and living with gated community with views of open green spaces continue to grow, with several inland suburban communities witnessing a flurry of bolt on developments, as developers continue to focus on communities with proven buyer demand.  

The larger villas overlook golf courses, and although less prominent than high-rise living, one-fifth of these are higher than those without views of open green spaces, such as those in Arabian Ranches, which is 14km inland from the coast, Durrani said.

Monday, March 17, 2014

Dubai property prices surge 35 percent last year

Real estate prices in Dubai surged by 35 percent last year, according to latest report by the Global House Price Index, a UK-based consultancy.

According to the report, prices jumped by 34.8 percent during the 12-month period in 2013 (Q4 2012 to Q4 2013), and said that the mainstream prices continue to remain 25 percent below their 2008 peak.

Dubai recorded the largest annual rise in mainstream real estate prices, with prices having grown 15.3 percent during the six-month period, the report said.

During the month of February, Jones Lang LaSalle (JLL), the real estate consultancy said that prices were below the 2008 peak, and will touch the peak in the next 10 to 18 month time.

According to Craig Plumb, Head of Research, JLL-Mena, in certain locations the prices have touched the 2008 level, but overall, the prices will reach that level in the next 10 to 18 months.

In the past, Standard Chartered and Goldman Sach Group said that the growth of real estate market in Dubai has been sustainable and there has been no fear of a property crash.

Meanwhile, the Knight Frank price index shows that China and Taiwan came second and third on the list, recording 28 percent and 15 percent growth respectively. Out of the 56 countries recorded in the index, 39 countries showed positive annual price growth last year, in comparison to 27 countries in 2012.

Knight Frank revealed that the headline global index depends on each country’s GDP, which implies that the movement of house prices in the China and US have a great impact on index’s performance.

Tuesday, March 11, 2014

Silicon Park Project launched in Dubai Silicon Oasis

Dubai Silicon Oasis Authority (DSOA), the regulatory body for Dubai Silicon Oasis (DSO), the integrated free zone technology park, launched on Sunday, the ‘Silicon Park’, the first integrated smart city project to be built in DSO, worth Dh.1.1bn.

Spanning an area of 150,000 square metres, work has already begun and the project is likely to be completed by Q4 of 2017.  The project is in-line with vision of HH Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of UAE and Ruler of Dubai, aimed at transforming Dubai into smartest city in the world within next three years.

The project also is in-line with Dubai’s Vision 2021 aimed at transforming the emirate into a smart city, while ensuring that it is on par with latest global trends for smart cities. The project offers a contemporary lifestyle for residents, workers and visitors. The project standards are in-line with government strategies for smart cities focusing on six key elements - life, mobility, economy, society, governance and environment.

The Silicon Park project spans 97,000sqm of office space, 25,000sqm of commercial space and 20,000 sqm of residential space, apart from 115 rooms, business hotels, in addition to value-added facilities that suit contemporary living such as restaurants, cafes, health and fitness centres, running tracks, cycling trails, prayer rooms, shopping centre and underground parking for more than 2500 cars.

The project is compliant with UAE Green Building Regulations and Specifications and the international LEED standard and seeks to improve environmental sustainability. The project will be built with ‘green’ building material and control mechanisms, and solar panels and double-glazed windows to reduce heat absorption.

The buildings are topped with green roofs that include plants and trees with minimal irrigation and make use of direct sunlight on the buildings. The project will use renewable energy resources and will apply measures to achieve efficiency in energy consumption.

Further, it will feature smart lighting systems with motion sensor systems that respond to traffic and individuals. The smart street light poles will have digital signboards which can be remotely controlled. The project will include advanced technologies to support controlling water consumption using recycling procedures at homes and offices so that it can be used for irrigation purposes to minimize ecological imbalance.

The park will also features various intelligent solutions and other public amenities.

Thursday, February 27, 2014

Mulberry homes launched for sale at Park Heights

The Mulberry at Park Heights, the first residential apartment complex in Dubai Hills Estate, and the city of future, developed by Meraas Holding and Emaar Properties joint venture at Mohammed Bin Rashid City (MBR City), has been launched for sale.

The ‘Mulberry’ is located amidst green verdant landscape and features first-of-its-kind, elegantly designed common terrace areas, wherein families can get together or enjoy views of the green park.

There are about 330 elegantly designed, premier quality apartments, ideal for families, which are in proximity to the 18-hole golf course championship. The homes are fitted with premium finishes and excellent amenities, located in the mid-rise complexes amidst the lush green park.

Apart from offering an integrated lifestyle, residents of the ‘Mulberry’, can also enjoy a range of lifestyle choices, including tennis academy, outdoor pool for adults and kids, jogging, bicycle tracks and more.
They also get to enjoy accessibility to major shopping malls, hotels, multipurpose hall, healthcare and fitness amenities, steam and sauna rooms, children play area and family spaces.

The elegant lobby features an open courtyard with water features. The bedrooms and living rooms receive plenty of natural light during the day and relaxing outdoor views can be enjoyed at night.

The Managing Director of Emaar, Ahmad Al Matrooshi said that Dubai Hills Estate is an ambitious master-plan development in MBR City. It is a remarkable urban development that complements Dubai’s infrastructure development, in preparation for hosting the World Expo 2020. This is designed to meet the growing needs of the city.

The first residential apartment in the community offers investors a solid opportunity to be a part of the dynamic future hubs of the city, said Al Matrooshi.

The sale of the ‘Mulberry’ has been launched simultaneously in Dubai, Abu Dhabi and London, apart from showcases in Kuwait and Riyadh.

Online registrations are open for customers in Dubai and Abu Dhabi. At London, and in showcases in Riyadh and Kuwait, sales will be on first-come-first-serve basis.

According to Emaar CEO, Arif Amir, the project is a strong value proposal for long-term investors, offering them the opportunity to be part of region’s largest real estate project.

Thursday, February 20, 2014

New Mira Oasis townhouse community launched at Reem

Emaar Properties has launched Mira Oasis, a new contemporary townhouse community, within Reem, a master-planned neighbourhood.

Located near Arabian Ranches at crossroads of Emirates Road and Al Qudra Road, Reem is a master development with several amenities including desert botanical park, sand surfing and camel riding trails, dune buggies, go-karting track, cricket pitch, rock climbing wall, soccer field and skate park.
The development is anchored by a majestic central park with interactive fountains, walkways, and captivating water feature.

The launch of Mira Oasis follows strong investor response to Mira, the first residential project in Reem, says Emaar.

Mira Oasis offers 411 townhouses, designed to meet best standards and inspired by contemporary styles. These have large balconies, modern fittings and fixtures, driveways and courtyards. The three and four bedroom residences here are ideal for families, with each home offering ample privacy.

The Reem community also include cycling and walking pathways, which offers a relaxed lifestyle ambience and promotes active outdoor lifestyle of residents. Moreover, schools, retail plazas and Mosques are in close proximity and offers quality of life to residences.

According to Managing Director of Emaar, Mira Oasis in Reem is the ultimate gateway for a relaxed lifestyle, with a range of outdoor sports and leisure activities. Reem is bringing in a new concept to urban neighbourhoods.

The Chief Commercial Officer of Emaar, Arif Amiri, said that due to strong interest from international markets for Mira homes, an international sales launch for potential investors in Saudi Arabia and Pakistan would be marked.

The sale will be done on first-com first-served basis on 22nd February 2014 at 10am in Emaar Downtown, Dubai, Emaar Sales Centre at Al Nahda Tower in Abu Dhabi, Jeddah Gate Sales Centre in Jeddah and Marriott hotel in Islamabad.

Tuesday, February 18, 2014

UAE property market resurgent with series of project launches in 2014

The UAE real estate market is once again in its boom phase, given, it’s strong economic fundamentals, the safe haven status, and interest from regional and international investors, all of which is encouraging more developers to launch projects in Dubai.

Since early this year, Emaar Properties, the largest developer in Dubai, has launched five new projects, while Nakheel has announced sale for land plots in master developments.

Driven by demand and growth prospects, and with others joining the bandwagon, Dubai Investments, a diversified investment conglomerate, has also announced plans to launch projects worth Dh.3.5bn this year, while Orion Real Estate Development has announced investment of Dh.500mn in property developments.
Speaking about the project launches, the Chief Executive Officer of Dubai Investments, Khalid bin Kalban, said that the company will launch phase 3 of Green Community, a Dh.500 million project, and will re-launch Mirdiff Hills, a Dh.3bn project this year.

The Phase 3 of Green Community will have about 250 units, out of which, 200 would be villas. Further, the company plans to revise the concept of Mirdiff Hills and work on this project would begin after the third quarter, Kalban said.

During its launch in 2008, Mirdiff Hills was planned to be a mixed-use development comprising 680 apartments, 380 offices and 129 retail outlets. However, following the global financial crisis in 2009, the project was put on hold.

Dubai Investments has one of the largest land banks in UAE, spanning about 30 million square feet of gross floor area, owned by its subsidiaries like Dubai Investments Park, Dubai Investment Real Estate Company, Al Taif Investments and its joint venture Properties Investments.

The property market in the UAE is now amidst strong growth, which indicates its sound fundamentals and overall investor and business confidence across all sectors including aviation, tourism, retail, hospitality and trade, Kalban pointed out.

The development projects planned in UAE by various developers are as listed below:

MAG Group
A real estate developer, MAG Group, launched Dh.800mn worth of mixed-use project in Dubai Healthcare City. The project has been developed together with Dubai Healthcare City, and will include two hospitals spanning 260,000 square feet, an 80,000 square feet clinic, a residential complex of four buildings with total gross floor area of 430,000 square feet, a hotel apartment and retail space. The project is hoped to be ready by 2016.

Orion Real Estate
Orion Holdings has announced launch of Orion Real Estate Development (ORED) with work on at least five projects worth Dh.500mn. The company also plans to launch projects in Jumeirah Village Circle (JVC), a development near the upcoming Mohammed Bin Rashid City. The portfolio of the company already includes properties in Business Bay, Jumeirah Village Circle, Dubai Silicon Oasis, International City, Emirates Hills and Jumeirah Golf Estates.

Union Properties
Union Properties and National Properties, a unit of National Bonds Corporation have announced that they are developing an upscale residential project at the Green Community in Motor City. The first phase of the project includes construction of 78 villas and 58 apartments with double and triple bedrooms spanning 425,000 square feet. Work will be complete by 2015.  The company also plans to launch five towers and a project that replicates the popular ‘Champs Elysees’ in Paris’ at Motor City by mid-2014.

Thursday, February 13, 2014

Dubai to see hot property market with cautious investors this year

The real estate market in Dubai is likely to be hotter this year, according to top property consultants Jones Lang LaSalle.

Last year, there was huge growth in real estate prices and rentals, largely due to fever surrounding Expo 2020. But, the firm’s ‘2014 Top trends for UAE Real Estate’ report indicates that investors will be more cautious this year.

According to JLL CEO, Alan Robertson, the year 2014 will be a positive year for UAE real estate sector, with most sectors of market experiencing better performance.

The landscape is changing and larger projects are being brought in-line with demand, while there is also less dependence on pre-sales. The landscape is different from last year, with investors being more cautious and bank regulations are better, said Craig Plumb, Head of Research.

The firm further said that rentals were increasing by 18 percent year-on-year on average. The secondary and more affordable areas are growing at a faster pace than prime locations, and hence recovery is broad-based, the report said.

If all projects due for completion in 2014 are delivered on time, there would be additional 28,000 units completed this year, which represents eight percent growth over the present stock.

However, it is likely that some of these projects will be delayed. Dubailand is likely to provide 33 percent of supply, with 16,000 housing units expected prior to end of 2016. Another 4200 units are likely to be completed in Dubai Marina, with Dubai Sports City accounting for 3,700 units and 2700 units ready for completion in Business Bay.

Expo 2020 will have limited impact on real estate market 2014. But, in the long-term, it will also have positive effect on hospitality, logistics and retail sectors. Further, the market’s momentum can create ‘irrational exuberance’ and recurrence of certain past issues and challenges. The market is hoped to be more measurable and smarter this year, which is reflected by the healthy caution adopted by investors and occupiers, the company confirms.