Friday, December 29, 2006
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.
Apart from Trident International and Nakheel’s project located in ShaikhThe 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.
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.
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.
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 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
- Directory of real estate blogs and blogs of industries affiliated with and
serving the real estate industry.
Property in India - Indian real estate. Search buy, sell, rent or lease residential flats, studio apartments, bungalows and commercial or office space across India.
ABC Real Estate Directory
Add New Website Information
Real Estate agents
Worldwide real estate companies directory and property buyers and sellers guide.
Realestater.com - Real Estate Directory, Real Estate Resource, Realtor Guide.
realestate102 - Real Estate Directory and Resources
UK Real Estate Directory
Glo-con Web Directory
DirectoryRE.com - Real Estate Directory and Real Estate Resources
Middle East Hotels - AsiaRooms.com offers discount hotel reservations in the Middle East, UAE, Isreal, Qatar, Lebanon, Saudi Arabia...
Estate Agents Abroad
Homebyr.com - Sell your house now
Overseas Investment Property Abroad Overseas property investments for sale in 70 countries worlwide from the UK's number 1 overseas property portal.
Residential Real Estate Services and Real Estate Professionals Resource
RealEstateVeb.com Real Estate Directory we offered real estate categories with listing around the world.
Homes Go Fast-Real Estate - Overseas property & property abroad. Buyers find houses for sale from locations worldwide.Sellers, sell property by promoting your homes for sale on our real estate network
Add URLSubmit URL to our human-edited web directory. Submit your website today.
Tuesday, December 26, 2006
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.
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.
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
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.
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.
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.
Saturday, December 23, 2006
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.
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.
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.
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 aThe 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.
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
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
Tamweel, the Islamic home financer said that it expected 30,000 units - both residential and commercial - to be delivered in Dubai next year.
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
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 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.
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.
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' 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.
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.
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 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."
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.
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.
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.
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.
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.
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 ofContracting 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.
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.
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.
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'
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 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.
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.