Thursday, December 11, 2014

Five new projects worth Dh 3bn launched in single day

Five new projects worth Dh.3billion have been launched in the UAE in a single day, which indicates the growing confidence of the industry and investors in the real estate market in the country.

About four projects have been launched in Dubai, while one has been unveiled in Fujairah.  A Dubai developer, Omniyat Group, has begun work on Dh.600million ‘Anwa’, its first project in Dubai Maritime City with the company Chairman planning to double its investment portfolio to Dh.24billion from Dh.12billion in the next five years.

The Executive Chairman of Omniyat Group, Mahdi Amjad, said that real estate is a long-term investment and Dubai has proved time and again that its fundamentals are strong. The real estate market is also mature and over the past 10 to 15 years, the market has seen various cycles, which has further matured the market.

However, Amjad ruled out any oversupply in the market and said there is likely to be a sustainable growth rather than large jumps.

Omniyat has appointed Kele Contracting as the contractor for Anwa, the 48-storey tower, which is fully funded. The company does not plan to launch any project unless they had 70 to 80 percent finance in place.

The off-plan sale commences from Wednesday, with prices starting at Dh.1800 per square feet, and the project is due for completion by 2017.

One of the largest conglomerates in Dubai, namely, the Al Habtoor Group, has announced three new projects worth more than Dh.2billion. Work is underway for three developments – Dh.993 million worth Habtoor Polo Resort and Club, and Dh.1.02billion for the Metropolitan Sheikh Zayed Road and the Oasis Villas.

The Al Habtoor Club will include a five-star hotel with nearly 136 rooms and 162 luxury bungalows, all due for completion by 2017. Further, it will include a polo club, state-of-the-art polo academy, a riding school with 500 stables.

The six million square foot development, designed by British architects WS Atkins and Partners is located adjacent to Emirates Road and the Dubai-Al Ain Road, and in close proximity to Zayed University.

The Metropolitan Sheikh Zayed Road, a four-star boutique hotel, is due for completion in 2016, and it will have total of 334 rooms and suites. The hotel has been designed by Khatib & Alami, and will house the “Red Lion traditional English pub”.

The Oasis Villas is a residential development adjacent to the Metropolitan Sheikh Zayed Road, and will comprise 74 villas, due for completion in 2016. In total, the Al Habtoor investments in the UAE have exceeded Dh.15bn over the past two years.

Meanwhile, Al Taif Investment has launched a Dh.400mn Business Centre project in Fujairah. The project comprises two towers including 19-level office tower and a 19-level Courtyard by Marriott hotel including 228 rooms and apartment units. The developer plans to complete the project in three years’ time.

Thursday, November 27, 2014

Jumeirah Golf Estate to launch new community development

One of the most prestigious residential golf communities in the UAE, namely, the Jumeirah Golf Estate, has announced plans to develop its 15th community at its residential golf and leisure property in Dubai.

The announcement follows the growing demand for properties at Jumeirah Golf Estates’ Redwood development launched in September this year.

Located 20 minutes away from The Palm and Dubai Marina, the development offers a range of world-class amenities and 1000 individually designed homes in the UAE. The community recently hosted the DP World Tour Championship too, for the sixth year in row.

Speaking on the launch of this new community, the General Manager of Jumeirah Golf Estates, Yousuf Kazim said that the project not only completes the Jumeirah Golf Estates offering in Phase A of the development, but, offers a fresh entry level for people who wish to experience the excellent lifestyle and a range of luxury facilities available.

With the opening of new Clubhouse and launch of Redwood early this year, there has been much attention of investors and end-users, and it will be much sought-after offering in Dubai real estate market, he said.

Kazim further said that during the recent DP World Tour Championship, the company witnessed a major spurt in interest and wants to build-up on this momentum by including a 15th community.
Now, the introduction of a range of apartments and townhouses, all consistent with Jumeirah Golf Estates hallmark of quality and attention to detail, will offer improved choice for investors and end-users alike, he said.

Monday, November 24, 2014

UAE developers begin work on Cityscape projects

Rather than just announcing projects at realty expos, the UAE developers' are now keen on working on these projects at the earliest.
Union Properties, a leading Dubai-based developer will begin work on phase 3 of Green Community at Dubai Investments Park (DIP) by January 2015 and will complete by June 2017.
The Phase 3 of Green Community will include 210 residential villas and 22 duplex apartments. The tender for the main construction will be issued during the month, the spokesperson said.
The project has been designed by Dewan Architects and Engineers, a Dubai-based firm.
The Union Properties has launched three projects worth Dh.2billion, including launch of Dh.1.1bn ‘The Vertex’, a five-tower project in MotorCity, Dubailand. Work on this project will begin next year.
Meanwhile, the Tourism Development and Investment Company (TDIC) will begin work on Mamsha Al Saadiyat, a 1.4km beachfront mixed-use project, located in Saadiyat Cultural District by the year-end. The tender for main construction work will be issued by the year-end and the first phase of the project would be ready by 2017, a spokesperson said.
The project comprises 414 apartments, 47 townhouses to be built in two phases, although details of completion of these were not given. The development will feature nine low-rise residential buildings in five clusters, each about 250m long.
A consultancy firm, EC Harris, in August, said that the value of announced and planned construction projects in the UAE is likely to hit Dh.1.2trillion in 2014.
Driven by several mega projects and growing social infrastructure spend, the construction market in the emirate will return to near full capacity soon, the consultancy said.
Ventures Middle East, in its latest report said that projects worth $128.46billin are likely to be completed across the GCC by the year-end.

Thursday, November 20, 2014

Nakheel Mall at Palm Jumeirah to house 15 theatres

Nakheel has signed Vox Cinemas for Nakheel Mall on Palm Jumeirah, where more than half of the available retail space is now booked, the developer said.

The two-storey Vox Cinemas would occupy a 60,000sq ft space at Nakheel Mall, featuring 15 theatres including the popular Vox Max big-screen concept and the Vox Gold experience.

The Nakheel/Vox Cinemas partnership follows booking of more than half of the 100,000 sqm of retail space at Nakheel Mall by other major brand names.

The Nakheel Mall will have five retail levels that include 300 shops, three basement parking levels, 4000 spaces, two anchor department stores, medical centre, fitness complex. There will also be a roof plaza with restaurants and food and beverage outlets inside.

The mall will serve more than 30,000 residents on Palm Jumeirah, apart from the wider Dubai community and tourists. Construction of 418,000 sqm Nakheel Mall began early this year, and is due for completion in 2017.

Alongside Nakheel Mall will be the Palm Tower, Nakheel’s new 52-storey hotel and residential complex with 504 residences, a 290-room hotel and rooftop restaurant, infinity pool and viewing deck.

Nakheel Mall is one of the several new large-scale retail projects that are underway by Nakheel. The others include The Pointe at Palm Jumeirah, Deira Islands Night Souk, Deira Islands Mall, Jumeirah Village Mall and expansion to Dragon Mart Mall and Ibn Battuta Mall.

The first two neighbourhood retail centres at Jumeirah Park and Discovery Gardens opened early this year, with four more underway at various Nakheel communities across Dubai.

Thursday, November 13, 2014

Emaar announces sale of new luxury residences at Dubai Creek Harbour

Overwhelmed by the response drawn to the launch of the first residential tower, the region’s leading property developer, Emaar Properties, has joined hands with Dubai Holding to launch sale of luxury residences in two new towers in Dubai Creek Harbour.

The two residential towers are located along the northern front lining of the waterfront promenade and offer spectacular views of the Dubai Creek and the Cityscape, and form part of the six-tower Dubai Creek Residences cluster, said a statement by Emaar.

The community presents a marina and harbour lifestyle with unique retail, food and beverage options, signature restaurants, yacht club and bespoke luxury hospitality offering, it said.

Emaar will be managing the project and is launching sale of single, double and triple bedroom apartments in the two towers of 30 and 35 storeys. The spacious homes are designed to best standards of aesthetics, and range in area from 880 to 2154 sq ft and are ideal for families.

Located in the Island District of Dubai Creek Harbour at The Lagoons, the new apartment towers re-define urban lifestyles with increased focus on better connectivity and living in harmony with nature, the statement said.

The design of the tower draws inspiration from the creek and heritage surroundings, and the homes feature premium finishing, superior lifestyle amenities. The residences are conceptualized to attract ample natural light and offer heightened views of the landscape.

With the first launch having received tremendous interest even from international investors, who prefer laidback charm of the development, and its central location, the Dubai Creek Residences take residents back to life at source, celebrating the cultural, environmental and aesthetic value due to its proximity to the creek, said Al Matrooshi, the Managing Director, when speaking during the launch.
Spanning an area of 6million sqm, the Dubai Creek Harbour at The Lagoons will feature the Dubai Twin Towers, a mixed-use project, billed to be the tallest twin towers in the world, said an Emaar statement.

The development will also include cultural amenities, educational facilities, healthcare centres and a range of leisure choices, dedicated retail precinct offering high-end brands.

Launch of new Dubai Creek Residences will be on a first-come-first-served basis on 15th November at Dubai Creek Harbour Sales Centre in Dubai from 10am. In Abu Dhabi, it will be released at 10am at Dusit Hotel and in Doha at W Hotel from 9am.

Monday, November 10, 2014

Nakheel inks deal for new Dh 150mn waterfront attraction

Nakheel, the Dubai-based master developer has signed deal for The Boardwalk, a new Dh.150mn waterfront attraction, which will run along the 11km stretch of Palm Jumeirah Crescent.

The developer has appointed Overseas AST Company to build The Boardwalk, which is one of the new destination projects on-going at Palm Jumeirah.

Work on the project would commence by the month-end and will be ready by mid-2016.

The Boardwalk will transform the 11km protective breakwater of Palm Jumeirah into a destination for shopping, walking, and dining. This includes an East and West Pier, each stretching 100m out to sea, featuring glass-encased cafes and restaurants with views of Arabian Gulf, The Palm and the Dubai skyline.

Accessible from 14 points along the existing sidewalk, The Boardwalk will be created by building over the rocks of the island’s breakwater. It will be six meters wide, double the width of existing crescent path, and will house 30 kiosks, with refreshments and souvenirs, all through its length.

Currently, the Palm Jumeirah is home to several world-famous resorts including Atlantis The Palm, Jumeirah Zabeel Saray, Kempinski, Anantara, One & Only, Waldorf, Sofitel, Rixos, Fairmont and the Nakheel’s own Palm Tower.

Thursday, November 06, 2014

Marina Gate II development sees huge buyer demand

The Select Group recently witnessed huge demand for its Marina Gate II development, part of the Dh.4bn three-tower structure in Dubai Marina.

The first phase of the 64-storey Marina Gate II had 180 units and more, and will be released during the roadshows happening in the Europe, GCC, and Far Middle East.

According to the group CEO, Rahail Aslam, this is an interesting phase for Dubai property market, as customers are more concerned about quality, location and developer reputation.

He further said the first tower units were place on sale earlier this year. The company already had a wide list of pre-registered buyers who were expecting this launch, said Aslam.
The Tower I client base were from GCC, Africa, Europe and Far East.

Select Group has so far delivered eight projects, and an additional four is now in progress in Dubai Marina.

Sparkle Tower officially launched at Dubai Marina

The official launch of the Sparkle Towers at Dubai Marina has been hosted by Tebyan. The towers have made history as the first crystal-inspired towers in Dubai, with jewelled d├ęcor, including the sparkling lighting applications and crystal enhancements in the interiors.

Speaking about the launch, the Tebyan Chairman, Sheikh Adel Al Hussaini said that this is a ground-breaking achievement not only for Tebyan and its partner Swarovski, but also for future residents and visitors, who are placed on the top floor of luxury lifestyles, retail and architecture.

Sparkle Towers at Dubai Marina will not only attract elite residents, but also investors, tourists and property heavyweights. It is one of the most sought-after addresses, and will be more than just a location. It is a status symbol, a milestone and a beacon of elegance.

The project is an extraordinary residential haven and a landmark project that will delight generations to come, taking crystallized luxury to another level, said Markus Langes, Executive Board Member of Swarovski.

Located at Dubai Marina, the Sparkle Tower will be complete in December 2016.

Monday, November 03, 2014

Dh 2.5bn worth highest residential development underway at Palm Jumeirah

Omniyat, the lead developer has begun working on its Dh.2.5bn project at Palm Jumeirah, a 25-storey structure, which is due to become the single tallest residential property on the Palm Islands in Dubai, UAE.

Designed by Michel Abbound, the US-based architect and founder of Soma, the international architecture firm, the project will have 90 residences located at the trunk of Palm Jumeirah.
Omniyat is developing this project together with Drake & Scull International (DSI), a pioneer in engineering projects.

Unveiled at the Cityscape Global Conference in Dubai World Trade Centre in September this year, the project ‘One’ at Palm Jumeirah, is due for completion by the year 2017.

Over the next three years, Omniyat and their partner DSI will jointly work to build One at Palm, said Mahdi Amjad, the Omniyat CEO.

The project is specially designed for the most privileged of the privileged, and reflects commitment in design approach. The One will have amenities like indoor and outdoor swimming pools, cinema, cigar lounge, super luxury spa and yacht club.

Omniyat wanted a revolutionary design for One at Palm, which would help achieve record-setting prices through delivery of an extraordinary living experience for its buyers, said Amjad.

Soma has several projects in hand at present including the 690-ft glass and steel condominium tower in Tribeca, New York City, a 168-room hotel and 231 residence condominium project in Dubai, the luxury Shaza Kempinski Hotel in Doha, Qatar and a private beach residence community in Beirut, Lebanon.

Soma managed to win the project from a pool of renowned architects.

Aboud said that Soma is pleased to set a new standard for innovation and luxury experience in a market which is known for pushing boundaries. 

Friday, October 31, 2014

Emaar unit to launch an affordable housing project in the UAE soon

An Emaar unit has announced launch of an affordable housing project in the UAE.
Dawahi Development is presently holding an internal discussion on the launch of the project, and they will be announcing something soon, said Mohammed Alabbar, Chairman, Emaar Properties.
The Emaar unit is responsible for taking care of middle income market, he said.
Emaar Properties had announced the launch of its new wholly-owned subsidiary, Dawahi Development, a next-generation developer of ‘value housing’ project in October 2011.
Dawahi Development will develop value homes at an attractive price in major emerging markets across the MENA region, and will create employment and business opportunities for the local population, the developer said.
Early this month a report from Strategy said that GCC countries may face a shortage of more than one million homes by 2018, and with the growing population, the issue of affordable homes are worsening, as there are few homes being built.
From 2000 to 2013, total population in the GCC grew by 67 percent or more from 29.4 million to more than 49 million and continues to grow 2 to 3 percent each year, said Samer Bohsali, Partner with Strategy, in their report.
The young demographic structure in the region is generating a demand which could lead to a shortage of more than one million units by 2018, he said.
Back in 2012 September, JLL, a leading property consultancy, said that MENA is in need of 3.5 million affordable houses. Dubai developers have been targeting the high-end market and are not focused on launching development for lower or mid-income market.