Thursday, March 05, 2015

ICD to build $1billion development at DIFC

Investment Corporation of Dubai (ICD), the state’s sovereign wealth fund has partnered with Brookfield, the Canadian property manager to build $1billion development in the heart of the emirate’s financial district, a report said.

The development, namely, ICD Brookfield Place, will be located adjacent to the cluster of Dubai International Financial Centre (DIFC) buildings and will comprise a 50 storey office tower, retail outlets and hotel.

The ICD Brookfield Place is a vote of confidence from the government in its financial centre amidst the high competition from neighbouring hubs, including new free zone rich emirate of Abu Dhabi.

Quality office spaces in prime locations including DIFC generally attracts strong demand from multinationals, although a there is also huge supply of less desirable offices that further out-weighs on broader sector wherein the occupancy is about two-thirds.

This is the first new construction project in the DIFC ever-since the property crash in 2008.
The development will be ready for occupation in 2018.

Tuesday, February 17, 2015

Villa Lantana development 2nd phase sale generates huge buyer interest

The second phase of sales announced for Villa Lantana freehold residential development by Tecom Investments at Al Barsha South Dubai, generated good buyer interest, particularly from Emirati investors.

The development includes 17 different types of villas, 11 floor plans, and a range of triple, four and five bedroom detached and semi-detached family homes.

While the first phase was released for sale in September 2014, there has been keen interest from Emirati investors. Tecom, in its statement said, UAE nationals constitute 43 percent of total number of Villa Lantana buyers it said.

villa lantana

According to BNC data, the project also includes parks, retail centre, playgrounds, sports facilities like pools, gymnasiums, courts and outdoor jogging tracks etc. The residential complex is located in proximity to business areas, retail and entertainment centres.

So far, the construction work of Villa Lantana is on track and it is due to be ready by fourth quarter of this year.

However, a large crowd gathered to view the development last week, and the interest is perhaps due to its pricing of Dh.3.2million to Dh.3.3million for a three-bedroom detached villa and Dh.3.05mn and Dh.3.1mn for a semi-detached villa.

According to Tecom, Villa Lantana has been designed to offer the kind of housing that people in Dubai actually needs.

Monday, February 02, 2015

Housing supply may dip ahead of World Expo 2020

After a brief period of stabilization, the housing market in Dubai may see a shortfall of supply in 2020, as the World Expo approaches, said an expert.

Dubai may be in need of low-end and ultra-luxury properties to cope with the housing demand in the next five years, pointed out Jesse Downs, the Managing Director, Phidar Advisory, who was speaking at the Destination Dubai 2020 Conference.

For instance, the most undersupplied segment is the housing sector, with monthly housing spend of Dh.3000 to Dh.5500. There could be property investment opportunities at the lower-end and very pinnacle of the market. There is considerable shortfall, and an additional undersupply by 2020, Downs stated.

In the fourth quarter of 2014, the selling prices of nominal apartments declined 3.3 percent in comparison to previous quarter, while there was 0.9 percent decrease in nominal single family homes quarter-on-quarter.
Global real estate consultancy Jones Lang LaSalle said that a total of 25,000 housing units would be added to Dubai market this year, and this may be sufficient for short-term. But, experts at Destination Dubai 2020 are of the opinion that emirate would require considerable new developments to receive the 25 million tourists during the expo.

The expo will run for a six month period, beginning 20th October and will extend into April 2021. The economic activity associated with expo is likely to generate about 270,000 new jobs.

The real estate analyst, Franck Delage, at ratings agency S&P, said that the real estate market in Dubai was equipped for long-term stable growth than it had been in the past as there are more regulations in place now to reduce risks.

Overall, the ratings agency has given Dubai real estate a stable outlook and the rating is unlikely to change over the next 12 months, Delage said.

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.