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.

Tuesday, October 07, 2014

Dubai property market, now on a more stable & sustainable growth path

The real estate market in Dubai is showing signs of sensible and sustainable growth with residential property being the most prominent sector. This is, as revealed by the Capital Club, Dubai’s premier private City Club and member of ENSHAA group of companies, together with ENSHAA PSC, the premium quality project developer and lead hospitality service provider.

The panels discussed the short to medium term situation in Dubai property market and revealed that although there has been considerable growth over the past two years, the rate of growth has levelled to a sustainable level in the second quarter of this year.

The ENSHAA PSC CEO, Raza Jafar, said that the Dubai market holds a great deal of potential, particularly when considering its position in comparison to other major international cities.

Dubai’s position as a global financial hub is well-established when combined with the strength of its infrastructure and the quality projects being delivered in its property sector. Therefore, it is now on par with any other international hub like London, New York, Singapore, Shanghai, or Sydney.
Dubai also offer excellent earning opportunities to its residents due to its no-tax policy. Therefore, the current generation with their disposable income have the opportunity to build-up real estate assets here.

He further emphasized that Dubai prime real estate is now priced at one-tenth the price in London, about one-seventh of New York and about a quarter of that in Singapore, which indicates the opportunities that are open for both local end-users and international investors.

With these sentiments, recently the JLL Dubai Property Market Report was released, and when Craig Plumb, the JLL CEO said that the market is on the rise in Dubai, with the residential sector in particular, being the star performer.

The average prices in this sector have growth by 64 percent over the last two years. The market still continues to grow and is almost at the top now. The prices are still going up and now, the growth has become more sustainable, which implies that the market has seemed to gain some stability.

Craig Plumb further noted that although there have been a lot of new launches, majority of the projects are still in the launch phase and not scheduled to hit the market any time soon.

Further according to data available 15000 to 20000 units being added to market each year. Taking into account the total supply of housing units in Dubai is just below 400,000, it implies that the increase in supply is only around 5 percent, which is a sustainable figure when considering Dubai’s constant population growth.

According to the panel, although there would be an increase in supply over the next few years, the demand in residential sector will still outstrip supply, and hence prices in residential sector are unlikely to dip.

Further, majority of smaller developers have shifted their focus from wholesale and are not selling ‘off plan’ properties, unless these sales are to cover mortages of actual end-users. The market is more stable now, and the smaller non-governmental developers are now more sensible about how they approach new projects, which works well for its growth in the long-term, said Andrew Chambers, CEO of GGICO Properties.

Monday, September 22, 2014

It’s raining mega projects in Cityscape Global Property Expo

The first day of the three-day Cityscape Global Property exhibition unveiled in Dubai yesterday, was a grand success, with series of new projects worth billions of dirhams having been unveiled.  Upbeat real estate developers in Dubai announced series of new launches – master developments and standalone projects, mainly targeting the upmarket segment.  Majority of these announcements came from state-owned developers, although property experts believe private sector will get active when the work starts on Expo 2020 venue site and when all infrastructure plans are unveiled. More new project announcements are yet to come.

Union Properties
Leading Dubai Financial Market-listed developer, Union Properties has announced three new projects worth Dh.2.15bn, among which, the launch of Dh.1.1bn ‘The Vertex’, a five-tower project in MotorCity.

The five-towers will have a total of 700 apartments, said Ahmad Khalaf Obaid bin Touq al Marri, General Manager, Union Properties. The construction will begin once the Dubai Municipality approves to begin construction.

Union Properties also plans to unveil phase 2 and 3 of Green Community in MotorCity and Dubai Investment Park, worth Dh.400million and Dh.650mn respectively. These phases comprise 74 and 78 villas, and 127 apartments. The phase 3 of Green Community, DIP will have 210 villas, 22 duplex units and 16 apartments.

Omnniyat
The Dubai-based developer, Omniyat, has announced a Dh.3.5bn launch with Dh.2bn being allocated for One at Palm Jumeirah and Dh.600mn Anwa in Dubai Maritime City and Dh.900mn ‘The Sterling’ at Burj District. All three projects are in outstanding locations, which is the key in Dubai’s competitive real estate market, said the Chairman of the group.

Dubai Holding
The subsidiaries of Dubai Holding namely, Dubai Properties and Tecom Investments will unveil details of their new projects with parent company having announced Dh.25bn Mall of the World, due to be the largest temperature-controlled pedestrian city with mixed-use components in the world.

The developer will also launch Dubai Wharf, a Dh.800mn project in Culture Village. This mixed-use project features 582 housing units, 150 retail, dining and entertainment units on the ground and first floors and over 2000 resident and visitor car parking spaces at basement. There are pedestrian bridges over the canal with full connectivity throughout Cultural Village developments. The Dubai Wharf is easily accessible from Al Khail Road Business Bay crossing and Al Jaddaf Road.

Dubai Properties also launched Maram Residence in Burj Khalifa district, a two-tower project which caters to increased demand for luxury residential and commercial property in strategic locations across Dubai. The 27 storey towers will include single, double and triple bedroom apartments apart from six exclusive penthouse suites. The development will also include business lounge, indoor children’s play area, outdoor children’s play and pool area, state-of-the-art gym and fitness area, a jogging track, sky garden with seating areas and water features, infinity pool deck at roof level with lounge for an ideal urban lifestyle.

Indigo Properties
The Indigo Properties has revealed plans of Dh.1.5bn ‘Indigo Zen’, a villa development in Dubai Golf City, Dubailand, which offers residents a tropical resort lifestyle.

Construction will begin in the 1st quarter of 2015 and will be completed in 24 months. The development would comprise 346 villas in the range 4000sq. ft. to 10,000 sq.ft, said Dey Maitra, Chief Executive Officer, Indigo Properties.

Meydan
Meydan, the developer of world’s biggest horse-racing complex, will showcase the ‘Meydan Avenue’, wherein residents get to enjoy a high street-style living with open spaces and natural parks.  The residents will have facilities including neighbourhood shopping centres, kindergartens, and mosques.

Meydan Avenue aims to establish new standards of living with wide choice of places to gather, explore and enjoy. This development offers residents and visitors unparalleled options for outdoor living, including open air shopping which will break new retail ground in Dubai.

Meydan Group also announced the Mohamed Bin Rashid Al Maktoum City District Eleven project, a suburban mixed-use community development that features private schools, parks, retail businesses with two prime residential areas. The residential areas cover a ground space of 450,000 sqm and 210,000 sqm respectively. Meydan Group will eventually accommodate up to 2000 students, sports and recreational facilities, including rugby fields, cricket grounds and a running track.

Investment Corporation of Dubai
Early this month, the investment corporation of Dubai announced three projects worth Dh.10.5bn, comprising Dh.5.5bn worth Royal Atlantis Resort on the palm, Dh.2.5bn ‘One Za’abeel’ project and Dh.2.5bn ‘Warsan’ project.

The developers have launched 42 developments including 17 villa and townhouse projects this year until end of August, comprising 11,250 units. The on-going Cityscape Global is expected to receive about 35,000 participants from around the world with exhibitor numbers reaching over 280 for the first time in five years.

The property show is co-located with three other dedicated and expert-led conferences, which are likely to include 1000 or more senior real estate professionals. Running in tandem with the exhibition is the Cityscape Awards for Emerging Market in 13 categories.

Meraas La Mer Jumeirah
Meraas is building a theme park and Bluewaters Island launched at La Mer, a mixed-use development which is likely to come up in Jumeirah and in the vicinity of Pearl Jumeirah Island.
Construction is due to commence in fourth quarter of 2014, the developer said, which is also building theme parks and Bluewater Island.

La Mer will spread across 9.5million square feet of existing and reclaimed land comprising four distinct zones – the beach, entertainment hub, leisure hub, North and South Island and feature leisure, commercial, residential and hospitality components. La Mer will include fully integrated residential neighbourhoods that will have 688 apartments and villas and a 160 key hotel.

Deyaar
The Deyaar development has unveiled ‘Midtown’ a 5.5million square feet upscale master development, adjacent to the southern end of Jumeirah Golf Estates. Deyaar will include 27 buildings, two hotels on the northern and southern tips, 13 separate residential buildings on the eastern side of the development and 12 buildings clustered into four groups. Three buildings are joined into one group on the west side of the master-plan and all the 27 buildings will share a one-level podium covering parking, retail and essential services.

Nakheel
Nakheel launched the ‘The Palm Gateway’, a three-tower waterfront living and leisure complex with more than 1300 homes, retail, a beach club, dining and health and fitness amenities.

The Palm Gateway comprises three individually designed high-rise residential buildings, the tallest topping 260m with single, double and triple bedroom apartments available for lease. The towers will be built on the existing Palm Monorail Gateway terminal, the roof of which, will be transformed into a 15th floor podium with infinity pool, sports facilities, shops set in huge landscaped grounds. The Palm Gateway will also have beach club and park, a shaded landscaped complex with a range of waterfront dining and shopping options, barbecue areas, pool, and fitness amenities, including jogging tracks.

Friday, September 19, 2014

Marwa Homes Phase One to be delivered by December 2014

The Cityscape Dubai 2014 will witness the launch of ‘Marwa Homes Phase 1’, the new and unique townhouses on sale in Dubai, with handover in three months.

The ‘Marwa Homes’  is the latest and most exciting housing project by New World Development LLC till date. The Marwa Homes Phase 1 includes a series of unique townhouses due for delivery by December this year, with 75 percent of theproject already complete.

The series of 14 uniquely designed townhouses, each with four well-designed rooms, a maid room, a terrace garden, is a one-off housing project located in the vibrant Jumeirah Village Community. The unique and stylish designs, luxury finishing, and easily accessible audio and video integrated intercom system makes this a special offering.

New World Development LLC is offering this Dh.600mn investment opportunity in the form of Marwa Homes (G+2 townhouses), Marwa Heights (G+10) residential tower, and Marwa Views (Towers A, B, C, D – G+4), located in Meydan, Dubai, all due for completion over the next two years.

Heading this huge development is ‘Crystal Bright Real Estate’ armed with years of experience and deep understanding and involvement with prime luxury properties in Dubai.

Further, to facilitate mortgage payment options for prospective home owners, the developer is offering easy payment plan of 25 percent down payment with remaining at the time of delivery, offering prospective home owners the opportunity to financially secure their dream home.

The Cityscape Dubai 2014 is one of the most significant exhibitions as it would mark the launch of a leading project Marwa Homes, said Mohammad Haroon Habib, the Director of New World Development LLC.

The success of Marwa Homes will lead to the success of Marwa brand, an opportunity worth Dh.600million, which will be made available over the coming two years, Habib said.
Marwa Properties would be located in Meydan and Jumeirah Village. The Marwa Homes Phase One would be delivered before the year-end, he affirmed.