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 www.emaar.com. 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 www.emaar.com.

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.

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.