Friday, December 29, 2006

Bayswater Project enabling is on the verge of completion

The enabling work of Bayswater, the twenty five storied commercial tower worth Dh.345 million (US$92 million) of Omniyat Properties is on the verge of completion. This happens to be the second of its four commercial developments with the enabling work being carried out by Al Dafra Piling and Contracting Company (APCC).

The President and CEO of Omniyat Properties, Mehdi Amjed mentioned that the enabling work on Bayswater has met considerable progress and the construction is due to start in January 2007 and will be completed by the third quarter of 2008.

Bayswater, is located on a water-facing plot in Dubai’s Business Bay and is designed by Dubarch, the Dubai based Architectural and Civil Engineering Firm. The project is designed to fill the mid-market segment which targets medium sized companies that wishes to occupy a Grade-A office space, that is competitively priced.

Larsen and Tourbo strengthens its presence in the Gulf region

India’s leading Engineering, Construction and Technology Company, Larsen and Tourbo (L&T), is aiming for major construction projects in the GCC (Corporation Council for Arab state of the Gulf) region. After being awarded with the orders for buildings residential properties in Dubai from Trident International and Nakheel, L&T has now been awarded a residential township project worth $120 million at Sohar located in Oman. The properties are expected to be ready by mid of 2008.
Apart from Trident International and Nakheel’s project located in Shaikh
Zayed Road, the Indian Major also won the Marinascape Project of Trident
International Holdings (TIH) worth Dh.440 million. The project covers a total
area greater than 900,000 Sq.ft., located in Residential Twin Towers at the
Dubai Marina comprising of more than 200 villa complexes and condominiums.
The Nakheel’s project with a total built-up area of 178,050 Sq.mts., involves construction of twenty seven residential blocks. The number of apartments on the whole will be 1908, and the project is executed by the Construction Divison of L&T, ECC. Nakheel, being the leading project developer in UAE, is involved in various development projects worth $12 billion in Dubai. In addition to this, it has a variety of milestone construction in Dubai to its credit. With these orders now in hand, L&T has further made its presence felt in the Gulf region. Of-late, L&T along with its Oman-based subsidiary has obtained five contracts to provide water supply system to two towns in Oman, construction of two office and commercial buildings with thirty nine storeys and two thirty five and twenty five storied luxury condominiums in Dubai.

Tameer opens new office in Dubai

Tameer Holdings the leading real estate developer of the region has announced the opening of its new office in Dubai. With a successful and increasing portfolio of developments and properties, both in UAE and abroad, the firm has confirmed its competitive edge by opening a new office in Dubai, the biggest realty market in the Middle East.

This new 12,000 Sq.Ft. office is likely to be located on the Sheikh Zayed Road in the first floor and ground floors of Al Suwaidi building and features a sales office, meeting rooms, showroom, and other services.

The CEO of Tameer Holdings, Mr.Ali Al Khudani concurred that Dubai, being the center of the flourishing real estate market in the region, is the place with unique developments and is the heart of competition in the realty sector. He added that Tameer seeks a challenging and new investment opportunity to create, design and build and tries to provide only the best to its clients.

Till date, Tameer Holdings has to its credit, the AlSalam City mega project in Umm Al Quwain, the Abu Dhabhi Towers, the Gate District at Shams Abu Dhabi, the Elite Residence in Dubai Marina, the most recent Imperial Residence Project in Jumeirah Village and several other high-tech projects both regionally and locally. Apart from this, the firm is also in the process of developing several other massive projects across the Middle East such as Al Maid City located in Jordan, the $26 billion project in Libya, etc.

More Towers licensed by the Dubai Municipality

Dubai Municipality has granted permission for construction of eight more high-rise towers in various parts of Dubai City at a net cost of Dh.3.5 billion, with 11.3 million Sq.Ft. being the total built-up area. This is the first time ever that the municipality has licensed large number of towers in one month.

The Director of the Building Department, Khalid Mohammad Saleh, has stated that this clearly is an indication of the rate at which the construction activities are taking place in the City. He added that out of the eight towers that were licensed this month, five are in Dubai Marina, the tallest is a tower with hundred storeys and smallest is a thirty seven storied tower. Two other towers are to be built along Shaikh Zayed Road, one with forty nine storeys and another with seventy storeys. A Thirty Eight storied Auto Mall complex that includes an Office Tower and a three storey Car showroom is likely to come up in the Sports City in Dubai Land.

Saleh mentioned that the licenses were issued after thorough analysis of all towers by the engineers in addition to carrying out a third-party audit through a private consultant to double up the confirmation regarding the security and safety of the towers. He added that while granting license to high-rise towers, innovative designs and building efficiency are given due consideration by the Municipality.

The UAE University Project contract awarded to Oger Abu Dhabi

Oger Abu Dhabi has been awarded the Dh.1.5 billion construction package for building the new campus of UAE University in Al Ain. The construction project has been awarded by to Oger by the Mubadala Development Company.

The bid made by Oger was most competitive both in long-term commercial and technical value as against the other four bidders namely Arabtech, ACC, CCC and Al Habtoor. The Chief Operating Officer of Mubadala Development said that the competition was very close, but Oger Abu Dhabi had the best value proposal.

The new campus is likely to have modern teaching and recreational facilities including student and staff accommodation. The construction is likely to be completed in four years time, with the first phase scheduled to be ready by mid-2008.

The General Manager for Oger, Mohammad Fakhouri, mentioned that by working in a competitive market, Oger Abu Dhabi is committed to provide Mubadala Development its distinctive and highest quality services that match the international standards.

Thursday, December 28, 2006

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Tuesday, December 26, 2006

The contract for Park Towers awarded

Shapoorji Pallonji has been appointed as the main contractor by Damac Properties for its Park Towers project worth Dh.600 million at the Dubai International Financial Center (DIFC). According to the developer, the construction is expected to begin in January and is scheduled to be completed within twenty seven months.

This multi-million project is evocative of The Gherkin, in London city and is linked to the DIFC through underground areas. According to Damac CEO, Peter Riddoch, the Park Towers at DIFC will be built with the highest construction standards and will provide the latest in living standards and services. He added that Damac will build the best for DIFC which suits their requirements, in hosting leading investors and financial service companies.

Sheffield enhances its Dubai portfolio

Sheffield Real Estate has announced that their portfolio in Dubai’s freehold real estate market is likely to be enhanced and is aiming towards investing $1.5 billion (Dh.5.5bn) in the coming year.

The company’s plan regarding development of infrastructure and realty projects was revealed during the innovative ceremony of its first project, Marina 101, which is currently being developed under partnership with Rustan Real Estate, the Russian property developer.

Omniyat’s new tower takes inspiration from Apple’s iPod

Inspired by Apple’s iPod MP3 player, Omniyat Properties, a real estate developer has planned to launch projects worth greater than Dh.3billion during the year 2007. The company is likely to announce a minimum of two residential and one commercial development project, while also opening its account during the month of February with the novel iPod residential tower in Business Bay.

The twenty three storied building, designed by Hong-Kong based architects James Law Cybertecture International, will bring more than 200 units into the market in 2009. The tower will be located above the docking station and will be placed at an angle of six degrees for the perfect look.

Omniyat already has made a good impression at a short span in the market with a
portfolio worth Dh.2.7 billion during the first year of its operations which
includes four luxury commercial developments and a residential tower located at
Business Bay.

Mehdi Amjad, the President and CEO of Omniyat Properties, a branch of Almasa Holdings mentioned that though their aim was to launch only three projects this year, the strong demand in the market has compelled them to deliver more. With their entire range of projects, the company is said to have sealed sales worth close to Dh.2.4 billion.

More new companies are to be launched under the Parent Company Omniyat Holdings, in the coming year. The organization that is set up with $250 million authorized capital and $100 million paid-up capital, will manage Omiyat properties and other projects and upcoming companies.

According to Amjad, the first company will aim towards serving the real estate sector and will find a place in the major International Stock Exchange.

Lesser rents quoted for the high tower buildings in Ajman

Many new high tower buildings have come up over the past one year in Ajman, and the real estate agents in the place are facing a tough time, trying to draw tenants to the buildings.

One can see plenty of “To-Let” boards particularly in the Rashidiya and Al Nuaimia area, where there are plenty of constructions being done. According to a real estate agent in Ajman, the owners are ready to lease out the flats at reduced rents. The Northern Emirate Property, which has plenty of units for lease and sale in Ajman, had quoted Dh.50,000 per year for a three bedroom apartment and D.28,000 for a single bedroom flat. According to a resident of the area, an estate agent who had quoted Dh.35,000 for a double bedroom apartment in Ajman about six months ago, is now ready to offer it for Dh.25000. Some real estate agents are even said to be quoting Dh.18000 for a single bedroom flat.

Inspite of such a condition, the real estate agents are confident that the occupancy rates will increase and the rents will also simultaneously rise. The Real Estate Manager for Northern Emirates Property, Roger Wilkinson is of the opinion that the property market in Ajman is good, and as their first project was completely sold out, there are confident of selling all of their tower projects in Ajman.

The mounting traffic in the Dubai-Sharjah route, the floods and water supply problems are believed to be the negative factors contributing for the decline of rents currently in Ajman.

The 2007 budget passed by Emirates Real Estate Corporation Board (EREC)

The Board of Directors of EREC conducted a meeting, chaired by Dr. Mohammad Khalfan Bin Kharbash, the Minister of State for Industry and Finance affairs, for discussion and passing of the corporation’s 2007 budget. According to the General Manager of EREC, the revenue of the corporation is believed to reach Dh58.2 million during 2007, as against Dh.27 million in 2006. The net profits are estimated to be doubled to Dh48.2 million during 2007 as against Dh.22.3 currently.

It has been projected that operation revenues are likely to reach Dh.84.5 million while the operating expenditure is likely to reach Dh.25.2 million.

The Board is also reported to have approved the budget for the project of construction of the premises of Ministry of Youth, Culture and Community Development in Dubai.

The Central Park Project of Sorouh launched

Sorouh has launched the Central Park Project at its Shams Abu Dhabi development, which comprises of twelve towers for diversified uses, water canals, restaurants, lakes, sports and recreational complexes. The work on the project is likely to begin during the month of June in 2007. The first phase of the project will be completed by 2009 and the project will be finalized by the end of 2010.

Saturday, December 23, 2006

Better Homes finds success in Indian market

Better Homes, Dubai based real estate agent, has reported that they are astonished to see the market reaction in India, after entering into the booming real estate sector in India. Though the Company, with its head office located in Mumbai, India, was initially worried about how well the buyers would accept an international company which would be more expensive than the local agents. They were also apprehensive about how well the property developers would consider the option of selling through an agent rather than selling directly to the buyers.

However, according to Ryan Mahoney, the Managing Director of Better Homes, the company has completed solid three months of business with a few hundred transactions and the overall response has been very positive. He added that though the initial task of convincing the people that a foreign company does not necessarily mean that it is expensive was difficult, they were able to gain confidence of people to a great extent and now the upcoming middle class are contributing more to their business than the high value properties. The company has found the response from developers also to be equally good.

Better Homes is now planning to set up six offices in Mumbai for brokerage services to residential and commercial property in addition to its head office located in Lower Parel. However, the company agrees that when compared to Dubai, it takes longer to receive payment from clients which could at times result in temporary cash flow problems.

Mahoney said that the positive response from Indian market has given enough confidence for further expansion plans and the company is aiming towards being known as a global brand.

Promotional Offers on Mortgages increases

As per reports by Colliers International, the increase in competition in the real estate market of UAE, has led to changes in mortgage offerings. As against the loan to value (LTV) mortgage of seventy five to eighty percent on majority of developments that was being offered for the past one year, currently there are promotional offers of even up to ninety seven percent LTV mortgages with interest rates of 6.5 to 7.75 percent. The cost of construction that’s continuously on the rise coupled with a competitive market are believed to be the cause for this challenging environment.

Villa units in Dubai to rise to 240,000 by the year 2010

According to Colliers International, Real Estate Consultancy, Dubai currently holds approximately 16,500 villa units and 110,000 apartments and it is further estimated that about 170,000 to 240,000 units will be brought about by the year 2010.

Colliers predicts a softening of rentals and a potential decline in occupancy as against the high level occupancy of more than 99 percent that is taking place currently. As per reports, Colliers project that as the rents soften, and as the supply increases, the market will witness a change from the shared accommodation that is happening currently to single occupier units.

According to the firm, when the space available is tallied with the population growth, it is clearly evident that there is a yearly demand for single family units of atleast six percent since the year 2000. In case an alteration in the relationship between demand and supply arises, it is expected to have a significant impact on the high income category.

Another forecast made by Colliers is the change of payment structures. According to the firm, the trend witnessed by the market wherein there is a partial transition from annually paid rent advance to quarterly rent advance is likely to continue. The report also adds that the residential development market in Dubai has shown a spectacular capital increase on resale. There is a continuous rise in price inflation in the secondary market as per reports.

Rent cap helps in keeping unhealthy entrepreneurs at bay

Dubai is the first among the emirates to directly interfere in keeping a tab on the rents so that it does not go out of bounds. The rental market in 2003-04 was based on a “free for all” policy. The mounting inflationary pressures gave way to a rent cap, which was exactly that was needed for Dubai in the year 2005. The response from Dubai resulted due to the spontaneous increase in rent anywhere between forty to fifty percent on an average during every lease renewal.

Next in line to Dubai’s response, was Abu Dhabi and Ras Al Khaimah that strongly voiced for a stipulation of the increase in rent during a year. Now it is over to Dubai to decide regarding the extension of the fifteen percent rent cap in the coming year and for contract renewals. There is also an on-going debate regarding the percentage that it should even be lowered to five percent. Though a final decision on the matter is yet to be taken, The Vice chairman and Chief Executive Officer of National Bonds, Nasser Al Shaikh is sure about the need to maintain a rent cap for Dubai. He adds that it will help in keeping unhealthy speculators away while retaining only interested serious long term investors. It also ensures that when it comes to attracting business, Dubai stays competitive in comparison to the rest of the region.

The Investment Director, Leads International, Denise McGinty is of the opinion that it is still a good idea to cap rents, because though one cannot obtain the 25% yield like before, still 8% to 12% yield can be achieved.

Ultimately, when most of the on-going developments are completed, the demand and supply in the housing market of Dubai will level up by itself. Hence as of now, the idea of rent cap is useful as a temporary relief measure.

More homes to be built for low-income families in Morocco

As per the information given by a company official, a company that was formed by Moroccan investors to supervise the construction of 22,000 homes for families with low-income in Morocco will float the local stock market in two years time.

House Invest, which was formed by Jet Asset Management in Morocco and Rea Capita, based in Bahrain has agreed to spend around $400 million on social housing projects in Tangier, Agadir, Casablanca and Marrakesh for the past four years. A fund specializing in social housing which includes top investors from UAE, Saudi Arabia, Kuwait will acquire about 90 percent of the capital of House Invest, and the rest will be kept by Jet and Real Capita.

The Managing Director of Jet Asset Management while speaking during a
presentation in Casablanca said that though they have sufficient funds to build
the 22,000 houses, they are planning for an IPO through which the project
company can reach the Moroccan Stock Exchange, thereby bringing more capital for
more projects.
The moves made for eradicating the slums in Morocco, in addition to the reforms made in the financial sector for lowering the borrowing rates coupled with the incentives provided to the Banks for lending money to people with irregular incomes have resulted in a huge demand for low-income houses in the Kingdom of North Africa.

Damac Properties – Expansion Plans

The Chief Executive of Damac, Peter R Riddoch said that Damac Properties is looking forward to expand to Pakistan and India. While Damac already has its presence in the UAE, Jordan, China, Qatar, Egypt and Lebanon, the company is planning to enter the markets of India and Pakistan next year.

Damac, which already has a portfolio of Dh80 billion including the Dh 60 bn. Gamsha Bay Project, which was recently launched, is expecting to account about 60 to 65 percent of the company’s value from projects beyond the UAE. Riddoch added that currently about 68 percent of the total Company value is contributed by Dubai and the rest comes from Qatar, Lebanon, Jordan and Abu Dhabi.

Sunday, December 10, 2006

Realty projects valued at Dh500bn on Cityscape

Real estate projects worth up to Dh500 billion are likely to be announced during the Cityscape event in December. So far, Dh1.7 trillion worth of projects in the UAE have been announced, and they are to be delivered over the next 10 years. Another Dh300bn to Dh500bn worth of projects are to be announced soon.

Tamweel, the Islamic home financer said that it expected 30,000 units - both residential and commercial - to be delivered in Dubai next year.

Dubai Land Department to come up with three new laws

Dubai Land Department is all set to come up with three new property laws wherein Dubai property owners will be allowed to form an elected body to bring more clarity to the emirate's property sector.

The step is taken to ensure the property market does not slow down. The three laws are the Condominium Law, Trust Account Law and Owners Association Law.

The Condominium Law is expected to be out in the next two to three months. The other two laws will also come out soon - within the next 12 months.

A guide having a detailed map of all freehold areas and procedures for registration will be out soon. The Condominium Law will focus on the relationship between investors and developers in freehold apartment buildings, clarifying arrangements for maintenance, utilities and services, besides covering rights of use and owners' associations.

The Trust Account Law aims to regulate 'off-plan' sales and will ensure that when an apartment is booked on an off-plan basis. The developer cannot use the amount. The new law will explain as to when that amount can be released.

The last law, the Owners Association Law, will ensure the formation of a body, where the owner of the building will be able to elect representatives to form an association.

Wednesday, December 06, 2006

Dana Property Development to build 11 towers in iMPZ

Dana Property Development announced that will invest Dh2.1 billion to build a residential complex with 11 towers in the International Media Production Zone (iMPZ).

The construction work is expected to start in the first quarter of 2007 and is slated for completion in mid-2009.

iMPZ has signed agreements with real estate groups Damac, Fortune Group and ETA Ascon to establish residential facilities in the past. With an investment of around Dh1bn, iMPZ will be built on an area of 43 million square feet.

It offers printing, publishing, packaging and graphic arts companies with business incentives, ranging from 100% ownership of businesses to complete tax exemption as well as a specialised infrastructure.

Damac Properties blames the contractors

Damac Properties has laid the blame on master plan developers and contractors for delaying in its various projects.

Damac Properties says, its project Lake Terrace is not likely to be delivered for the next 12 months. Similarly its Dh2 billion worth project, La Residence at the Lotus, the company's first residence tower in Business Bay is due for completion in 40 months.

The project is in the shape of lotus and has four towers, of which Damac launched the first 58-storey development at a square foot price of Dh970. Damac plans to spread its wings to two to three countries in the Middle East next year.

Dubai Industrial City unveils Shuaib Residential Complexes

Dubai Industrial City announced the construction of Shuaib Residential Complexes. Shuaib Residential Complexes is worth Dh1.6 billion.

It is developed at the directive of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The Shuaib Residential Complexes is said to conform to the highest national and international health and quality standards.

The project is said to provide the most advanced labour infrastructure and also set a benchmark for the creation of a highly standardised yet affordable accommodation facility for workers. The complexes will include leisure and recreation areas, such as retail outlets, communication centres, cinemas, and restaurants, coffee shops, and sports facilities, including cricket and basketball grounds.

Health and welfare needs will also be provided with health clinics, banking facilities, police, fire stations, laundries and mosques, all located within easy reach of the living accommodation.

It will be a 14 million sq ft self contained facility. It is said to host 87,000 beds in seven plots of the industrial complex. Shuaib Residential Complexes will be located in the Base Metal Zone, Minerals Zone, Machinery and Equipment Zone, Transportation Equipment Zone, and Food and Beverages Zone of the Dubai Industrial City in Jebel Ali.

Lilies Tower sold out

R Holdings announced that it has successfully sold all the units of the Lilies Tower. Lilies Tower is a 45 storied structure with 720 residential units and is shaped as the lily flower.

The Emirates City area has reached 5 million sq. ft and features 72 residential towers with modern shopping centers, hotels and apartments. It also has essential and entertainment needs like green tree spaces, lakes and walking alleys. The city has been designed to meet all the resident's needs and is considered the ideal place to live to experience a lavish lifestyle.

Dubai Properties to display two stands

Dubai Properties said that it will have two stands at Cityscape Dubai 2006. It will display its increasing projects, including Business Bay, Culture Village, The Villa and the Jumeirah Beach Residence. The stands will be located in Hall 1 (C20) and in Hall 6 (B10).

Dubai Properties' added that it will also provide visitors with a preview of the properties available for the Mazad auction, scheduled to take place on December 6. The auction is expected to have exclusive residential units, commercial spaces, towers and plots in Executive Towers of Business Bay and Culture Village. Culture Village will be the highlight of the exhibition.

SODIC to participate in Cityscape

Egypt's SODIC, real estate development company, announced that it is going to take part in the Cityscape exhibition. Cityscape exhibition will take place from December 4 to December 6.

Over 35,000 industry professionals from over 85 countries are expected to take part in this event. SODIC stated that will showcase its latest projects and plans in its pavilion number 8E20, Hall 8 in the Dubai International Exhibition Center.

SODIC aims to introduce the company as Egypt's most progressive developer and the Egyptian real estate sector generally as the most exciting in the region. It aims to compete in both the local market and regional market.

SODIC will also display its recently acquired two plots totaling 984,900 square metres in the booming eastern district of New Cairo in the exhibition.

Saudi group unveils Al Boshra Plan

Saudi Real Estate Service Company has unveiled its plans of developing Al Boshra Plan. The plan is said to be the largest residential project at the Haram (holy mosque), located between Makkah and Meena and will occupy 1.2 million square metres.

The company said that it will showcase projects and sign a number of agreements on new projects and businesses in Saudi Arabia especially in Makkah.

Company officials are expected to be in Dubai this week to showcase projects and network with partners.

Monday, December 04, 2006

Rose Tower development from Bonyan International

Bonyan International Investment Group has announced that it has completed the construction of the 333-metre Rose Tower.

Rose Tower is located on Dubai Shaikh Zayed Road and has the latest amenities, premium fittings and state-of-the-art equipment.

Abdullah Atatreh, chairman of Bonyan International Investment Group said, "Completion of the Tower on time is a real achievement."

White Bay to deliver 8,000 units

Emirates Sunland Group has announced that White Bay project in Umm Al Quwain will deliver 8,000 units in the next five years. White Bay is a Dh8-billion worth project.

Sharjah-based Al Murjan Real Estate launched the project. The project is 200-hectare and a resort style residential community. The project promises to contain a mixture of hotels and leasehold apartments and villas with amenities.

It is said that the project will be built in 10 phases. Phase one will begin in the third quarter of 2007. After completion, the project will have two five star hotels on each wing of the harbour. White Bay promises to provide a rare coastal destination for weekend retreats.

Aldar partners with Laing O'Rourke

Abu Dhabi's Aldar Properties has entered a construction joint venture with Laing O'Rourke to deliver Al Raha Beach projects in UAE.

Its maiden project will start with the construction of residential and commercial property at Al Raha Beach which will occupy 500 hectare.

The agreement was signed between Aldar chairman Ahmad Ali Al Sayegh and CEO Ron Barrott with Aldar Laing O'Rourke's Chief Executive Norman Haste. This is the first major joint venture for Aldar.

Century 21 to market Diplomat Trade Centre

Century 21 has been appointed to market the $26m worth Dubai Diplomat Trade Centre.

Diplomat Trade Centre is a 20-storied commercial development which is located in the heart of the Diplomatic Area, Bahrain. The agreement has been signed between Century 21 and Bahrain-based project developers Al Safar Group Holding. The agreement is worth $26 million.

As per the agreement, Century 21 will be the exclusive sales and marketing agents for the Diplomat Trade Centre and will offer freehold office space to local and international companies.

Diplomat Trade Centre is slated for completion in late 2008.

Champions Tower II sold out

Memon Group Dubai has announced that its Dh85 million worth residential tower Champions Tower II is completely sold out.

The tower was due for delivery in 2008. However it has been sold out early following a surge of interest from investors.

Champions Tower II is a 13-storied tower with a total of 174 apartments with the choice of 72 studios, 74 one bedroom and 28 two bedroom apartments.

The tower is located in close proximity to an 18-hole golf course, a cricket stadium and academy, rugby and football grounds and a track and field stadium.

Nuzul, Ascott bag twin contracts

Nuzul Holding BSC and Ascott International have bagged two contracts in Bahrain and Qatar.

Ascott International inked management contract with Nuzul Holding BSC for two serviced residences - Somerset Juffair in Manama, Bahrain, and Somerset Corniche in Doha, Qatar.

Somerset Juffair in Manama, Bahrain is 118 unit while Somerset Corniche in Doha, Qatar is 200 unit. With this contract, Ascott International will manage the twin properties for 10 years.

Abyaar launches Acacia Avenues complex

Kuwait's Abyaar Real Estate Development announced the launch of Acacia Avenues complex which will be built in Jumeirah. Abyaar stated that the project will be worth $550 million.

The complex will be 94,000 square metre and will be in the market in the first quarter of 2009.

Abyaar stated that it will develop the two tallest tower blocks in the centre of
the project, each of 137 one-, two- and three-bedroom apartments along with 50
villas. The remaining three towers will be sold to other private developers.
Contracting company Wade Adams has been signed for the piling work which will start in the month of October. The building work on the main structures will start in March or April next year. The project is designed by an Italian architect, Matteo Nunziati.

Emaar to build budget hotels in India

Emaar MGF, Indian subsidiary of Emaar Properties, has joined hands with Accor to come up with 100 Formule 1 budget hotels in India in ten years. It said that it will invest Dh1.1 billion ($300 million) for the same.

Emaar MGF has identified many locations across the country for the development of Formule 1 hotels. It will start with major metros. The company revealed that it aims to develop 50 hotels in the first five years of its operations, with the remaining 50 to be developed in the second phase.

An agreement to form the joint venture was signed in the presence of Emaar Properties chairman Mohammad Al Abbar and Accor SA Chief Executive Officer Gilles Pelisson.

Budget Hotels India Private Limited will have 10,000 rooms.

Finance trouble because of cowboy developers

Cowboy developers are putting finance in jeopardy. Cowboy developers are those who secure loans and buyers' down-payments on property projects and then leave the country.

Banks and other financial institutions in the country are thinking twice before lending to new developers and also to companies which complete their projects late or never complete.

With the Dubai Land Department introducing regulation on trust accounts things are worsening. Investors' payments are safeguarded by independent bodies. Currently, most payments are made directly to the developers.

Lenders are now favouring a certain property developer with established. If
developers cannot secure loans to meet construction costs and do not have
sufficient personal finance, they will opt for the option of using the buyers'
down payments.


The Land Department has time and again outlined the plans to bring in regulations on trust accounts in Dubai, which would limit a developer's access to buyers' down payments before construction is complete.

Regency to build 50 more hotels

Regency Group is all set to come up with a 50 hotels in the next five years and also a partial initial public offering by the end of next year.

Regency Group has just started a hotel management company in Dubai ‘Oryx’. Oryx is a partnership with the Dubai government.

Regency has revealed plans of 12 to 14 hotels in the UAE and plans to begin with three-star hotels worth around $70 to $80 per room.

Regency is holding talks with several developers in the UAE including Tat-weer. Regency has also revealed plans to expand into Asia, especially India.

Makaseb Holdings launched Quattro West project

Makaseb Holding and Ta'sees launched Quattro West which will be built at Jumeirah Village, Dubai. It is a Dh1 billion joint venture project of the two.

The project includes four 30-storey towers which will be built above a common five-floor high base structure. The five floors will have shopping malls, a banquet hall, a convention centre, a business centre and a parking facility.

Out of the four towers, two will have commercial office space while the other two will include 260 hotel apartments and suites. Quattro West will have a built up area of one million square feet.

Makaseb Holding is a joint venture between the Rufi Group of companies, Sharm Land Limited, A&A Investment and Quattro.