Sunday, September 30, 2007

Memon Investment celebrates ground-breaking ceremony of Champions Tower III

A leading Dubai-based property developer, Memon Investments, a part the Memon Group of Companies, an international business conglomerate, recently conducted a ground breaking ceremony to commemorate the beginning of the construction work on the Champions Tower III, worth Dh.145 million, at the Dubai Sports City (DSC).

Champians Tower 3 Among the Champions Towers Series, the tower is the third and largest development, with Champions Tower I, worth AED 75million, and Champions Tower II, worth Dh.85 million.

The event comes after the Shoring and Excavation contract has been handed over to Stromek Emirates Foundation (SEF), by Memon Investments to officially commence the first phase of construction.

The SEF is a subsidiary of M'SHARIE and is a wholly owned subsidiary of Dubai Investments, and is specialized as a piling contractor. A deadline of four months has been announced by SEF to complete the scope of work for Tower III.

The names of main contractor and sub-contractor will be announced after the completion of the first phase of tower.

"Memon Investments has realized another goal in the Champions Tower series, and we are proud of our progress, although we recognize the role played by our partners in helping us achieve our goes while turning our dreams to reality. Just like the other two towers in Champions series, Tower III is also all set to become a benchmark concept in construction and design, and we are glad to work with partners of such high reputation as SEF," said Rizwan Shaikhani, Jt. Managing Director, Memon Investments.

Champions Tower III, launched in June this year, is a sixteen storey freehold residential tower, with a total built-up area of 250,000 square feet, with a choice ranging from 132 studios, 108 single bedroom, 16 double bedroom apartments, apart from 5-star hotel, which features a spacious fine marble lobby, basement parking, 3 high-speed elevators, concierge and valet services, covered parking on the ground floor, 24-hours manned security and a system for in-house maintenance, to ensure the security and comfort of occupants.

The tower is scheduled for completion by early 2009.

Saturday, September 29, 2007

Omniyat Properties begins construction work on 'The Binary' freehold commercial tower

Omniyat Properties, the real estate arm of Omniyat Holdings, has announced the first phase of construction work on 'The Binary'. The main construction work for the freehold commercial project, worth Dh.550 million, has been awarded to Dutco Balfour Beatty Group. The enabling works, which began in March 2007, is almost complete, with 5% of overall development work now being completed.

The Binary at Business Bay
The President and CEO of Omniyat Properties, Mehdi Amjad says "The project is a significant development and working together with the finest names in construction industry is a guarantee to deliver the most technologically advanced and futuristic developments to customers in the region. We wish to develop an office tower that help make its inhabitant more creative, efficient, and more productive."

The Binary real estate project comprises of two 21 and 25 storey freehold commercial towers, fused at the center, which is likely to come up on plot number 50 in Business Bay District in Dubai. The towers offer commercial space ranging from 55 to 180 square meters. The state-of-the art project will be elevated over a four level podium and will contain retail and commercial shops. 'The Binary' will be infused with intelligent technology, such as radio frequency identification, biometric access and voice over internet telephony.

Friday, September 28, 2007

DWC signs pact with Dubai Land Department

Dubai World Central (DWC) recently entered into an MOU with Dubai Land Department (DLD) for providing land estimation, acquisition and sales, and legal and electronic services to DWC staff, developers and investors in the 140 sq km city in Jebel Ali.

DWC -Dubai World CentralThe main investors across the DWC free zones are centered around, the Dubai World Central International Airport (JXB) -The DWC Aviation City and the Dubai Logistics City, and real estate units such as the DWC Residential City, DWC Golf City and DWC Commercial City, will collect information from the DLD.

The Dubai World Central, CEO-Real Estate, Khalid bin Harib said "The DWC project has received good support from the Dubai Government since its launch, which in turn has helped in continuing the development as per the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of UAE and Ruler of Dubai."
The agreement will enable the DWC and Land Department to together formulate a proper training programme, which enables the DWC real estate staff to understand the processes, systems and mechanisms of Land Sales and Management.

The electronic link between the two, will permit instant access and completion of procedures relating to land registration, and will facilitate legal proceedings pertaining to contractors and advisors.

At present, grading of the phase one in DWC Residential City is in progress, and the construction is expected to begin by January 2008.

"The Land Department has the right information, which we can share with this huge city, which is expected to be a landmark for the entire region," said Sultain bin Mujrin, the General Manager of Dubai Land Department.

DWC features mid-income housing at the DWC Residential City, while the Commercial City will have mixed-use development. The DWC Golf City, is designed for premium living and all DWC residents will have an access to the best amenities developing by DWC.

Thursday, September 27, 2007

The Jumeirah Islands - Luxury Residential Villas

Jumeirah Islands, a unique residential development by Nakheel, is based on the concept of island living in the heart of a busy city. It features 50 manmade islands, which are surrounded by water. Every island comprises 16 spacious luxury villas with a private pool and large variety of specifications and designs.

Jumeirah Islands Luxury Villas
Each villa meets the highest in quality, and is characterized by European, Contemporary, Arabian and Mediterranean architecture. The villas are designed in three different ways namely the Master View, Enterntainment Foyer and the Garden Hall. Being surrounded by water, the islands truly depict the feel of an island lifestyle, with cascading waterfalls and the currents that keep the surrounding water flowing. The landscaped gardens include walkway and paths bridges to create an idyllic feeling of home.

When it comes to villas, each villa offers the best with regard to communications, entertainment and security. This, coupled with unique exterior design and fabulous garden space, makes the houses seem permanent homes. The Jumeirah Islands community offers a carefree luxurious lifestyle, with additional recreational facilities, apart from private pool alone, such as the health club, spa, tennis courts, community pool and gymnasium.

For any basic amenities such as the shops and ATM machines, one can always visit the Jumeirah Island Village, which is home to a wide range of shops and boutiques, themed restaurants, an amphitheatre, waterways, lagoons, and fountains that characterize the Jumeirah Islands project.

Jumeirah Island implies a community environment with the most beautiful settings around, and a home that is in no way short of total luxury.

Drop in residential property prices not likely until 2009: EFG-Hermes

A recent research report from EFG-Hermes, the Regional Investment Bank, states that the residential property market in Dubai continues to mature, but with the supply surpassing demand during the next one year, a drop in property prices cannot be expected until 2009.

residential property prices
The report points out that the delivery of completed projects this year has touch only 11,000 units, out of the 57,000 units that were being expected to come on stream. This shows that the market is witnessing a far slower pace of events, and indicates that demand continues to exceed supply. This difference in demand-supply has resulted in revised forecasts of housing unit supply for the next couple of years, with an estimated 25,000 units for 2007, 64,000 for 2008 and 68,000 for 2009.

However, the demand for property is continually on the rise, with increase in population. Assuming that the population in Dubai would touch 1.9million mark by 2010, with the current 1.4million population currently, the demand for housing would go up to 45,000 to 50,000 new units each year.

The Research Analyst at EFG-Hermes, Sana Kapadia says "Supply in residential property market will continue to be restrained this year. We expect the year 2009 to be the peak year for supply, which means that, the market may not see a decline in prices before this happens."

Kapadia went on to add that, a 10-15% rise in average prices is expected this year, while a rise of 5% to 10% is expected in 2008. Due to most supplies hitting the market in 2008, the prices will begin to drop in 2009, witnessing an approximate decline of 15% to 20% by 2011.

However, the exact difference in prices which EFG-Hermes forecasts for the year 2009, would depend on the pace at which new units come into the market and the extend of demand at that time.

As for rental prices, EFG-Hermes predicts that the rate of rental growth during the first eight months of this year, is likely to continue until early next year.

Standard Chartered and Land Department enters into Escrow deal

standard chartered bank dubai
Standard Chartered, the leading international bank in UAE has announced their entry into an Escrow Account Agreement with Dubai Land Department (DLD).

Through this agreement, Standard Chartered will be formally authorized as an approved bank for opening and managing Escrow accounts of property developers registered with DLD.

This makes Standard Chartered as one among the other few banks in UAE to provide both Islamic Banking Escrow Accounts and Conventional Accounts, thereby giving a wider choice for potential property investors.

The signing ceremony at the DLD office, involved the participation of Sultan Butti bin Mirjin, the Director General of DLD, Nigel Jones, the CEO of Standard Chartered-UAE, and Sultan al Suwaidi, Chief Advisor of Standard Chartered-UAE.

Mirjin said "The Dubai Land Department has adopted a practical approach for development of existing legislation in the real estate sector of the emirate to ensure the safety of investors and to boost their confidence levels in this sector."

The agreement is inline with the new Law Number 8 of 2007, which was issued by Shaikh Mohammad bin Rashid Al Maktoum, the Vice President and Prime Minister of UAE and Ruler of Dubai, and helps in safeguarding any party who goes on to sell a unit from a property development plan, before the actual completion of the project or during the construction phase. Such payments should be placed in an authorized Escrow agent accounts until the completion and delivery of the development.

Jones mentioned that recently Standard Chartered launched the first dedicated mortgage center in UAE in the Emaar Business Park, which revealed its commitment towards the property sector in UAE. This agreement further emphasizes the involvement of the Bank with the property sector, while highlighting the support that the Bank extends to the initiatives backed by government in UAE.

Wednesday, September 26, 2007

Mall of Arabia phase 1 contract awarded to Dubai Contracting

Dubai Contracting, a construction company, is said to have been awarded with a construction contract to build the Phase One of the Mall of Arabia, the major retail component of the $2billion City of Arabia project in Dubailand.

city of arabia
The project on completion will be the biggest shopping malls in the world, with 4.2million Square Feet of retail space in its Phase One with 1200 retail outlets.

The project is likely to be built within the next 21 months, with 10,000 or more workers. The Vice Chairman and Managing Director of City of Arabia, developer Elyas and Mustafa Galadari Group, said that the company has worked hard on choosing the right people for the job and Dubai Contracting has the reputation of being a company capable of delivering the projects on schedule, apart from having the right skill mix and equipment resources.

On completion, the mall will be readily accessible to the Restless Planet Dinosaur Theme Park and will be linked to the rest of the complex through a mix of hotels, restaurants and shops, commercial and residential units through small electrically powered boats.

A total of 85 percent of the total leasable area of the mall is committed to retailers.

The Meadows - Successful Emirates Living Community

The Meadows community
The Meadows is a flagship community project, that is based on the concept of bringing tree lined streets, and serene surroundings to the emirate. Developed by Emaar, 'The Meadows' is an integral part of the successful Emirates Living Community. 'The Meadows' comprises villas that are finished to highest specifications and standards, and feature the finest amenities for the residents to enjoy.

'The Meadows' places before buyers a choice of three, four, five, six and seven bedroom villas that are distinctive and spacious in size. All homes at the Meadows, come with large gardens and balconies, so that the residents could truly appreciate the beauty of surroundings.

Parks, water features, swimming pools, play areas, gyms are other amenities at 'The Meadows' apart from the usual supermarkets, restaurants, cafes and shops all scattered within the development. The Emirates Living Community brings different villas, lifestyle of various Emaar developments into one giant community, which includes community centers, schools, and other recreational facilities.

With the five star hotels, beach and the Emirates Golf Club being easily accessible to residents, they have the wonderful opportunity of enjoying all they need in one roof. The Meadows would be the right choice, for people looking for spacious surroundings, with best quality home finishing without having to spend the earth.

Tuesday, September 25, 2007

The Green Community Apartments and Villas

The Green Community is a self-contained residential community covering 67 hectares and featuring variety of apartment and villas that suits all tastes and takes the residents away from the noise of the city, although not too far away from the city vicinity. Positioned adjacent to the Dubai Investment Park, and in close proximity to the Jebel Ali Free Zone, Green Community is easily accessible to major business centers, and is a direct route to the Dubai City.

dubai green communityThe Green community supports living in a green environment. The apartments and villas are positioned against the backdrop of the landscaped gardens, paved streets and lake, which gives the feel of a quite neighbourhood for the residents, away from noise and pollution of city life.

The choice of properties in the Green Community includes the Lake Apartment, Green Commuity Villas, Lakeside and Green Community West, and Terrace Apartments. The facilities offered to the residents are excellent, with the Courtyard Marriot Hotel offering various international cuisines, a plaza, a recreation center, a shopping center with a supermarket, a plaza, cafes and restaurant, and all that one would expect out of a community living.

Diamond Investments announces handing over Marina Diamond IV

Marina diamond 4
Diamond Investments has announced handing over of Marina Diamond IV, the fourth among the group of six buildings in the Dubai Marina. Diamond Investments, are a new class of property developers in Dubai, and a sister concern of Diamond Developers.

Located in the most luxurious neighbourhoods in Dubai Marina, the Marina Diamond IV comprises 200 units, which includes single and double bedroom apartments with various facilities such as the swimming pool, exclusive children's pool and fully equipped gymnasium.

The CEO of Diamond Investments, Fares Saeed, said "Quality, luxurious environment and reasonable prices have been the major factors behind the Diamond's success. We are committed to develop properties in the most innovative manner, and offer tailor-made commercial and residential space to our customers, for their luxury and comfort."

The units were designed as planned by Diamond Investment, for developing a property that is high in quality and affordable in price. Saeed revealed the company's intention to deliver Marina Diamond V and VI during later part of the year, as the demand would only increase after the handing over of the Marina Diamond IV. This brings the total residential units in Dubai to 1300.

Saeed is of the opinion that this increase would supplement the housing equation and will ultimately lead to better stability and maturity in the Dubai property market.

Diamond Investments is also offering a unique customer service program to its tenants. A committed member of the staff will accompany the buyer during the inspection phase and will address any concern that the new owner may seem to have. Also a staff member will conduct a follow-up during the inspection phase to rectify issues, if any, and will stay vigilant to the customer, once they have moved in.

Hattan - collection of luxury villas in Arabian Ranches

hattan luxury villas at arabian ranches
Hattan is a true reflection of the luxury lifestyle that the Dubai freehold properties have to offer. Hattan is a collection of spacious and luxurious villas, located in the Arabian Ranches Development, overlooking the Arabian Ranches Desert Golf Course.

The villas depict a good blend of modern luxury with traditional heritages, and truly describe the ideal Arabian living experience. Residents have the option of choosing from the four or five bedroom executive and luxury villa types, with three different colour options. The sizes of villas range from 5,443 square feet to 7,230 square feet so that buyers are never short of space.

Each villa includes modern technology for entertainment, communications, internet options and spacious rooms and kitchens that meet the highest specifications. The interiors are superb, and continue with fully landscaped gardens, terraces and courtyard.

Positioned in the Emirates Road in Barsha, the Dubai Marina and beachfront hotels, are only a short drive away. While in Hattan, one is never short of things to do with the many amenities in the development such as the tennis courts, swimming pools, a gym, a coffee shop, squash, parks, fitness centers and fine dining. The residents are given membership to the Montgomerie Championship Golf Course, apart from the schools, day care centers and more, that are part of the Arabian Ranches development.

With so many features in hand, life in Hattan and the Arabian Ranches community, are a no-doubt a sure luxury, offering the expected range of comfort and convenience.

Eye on Realty launches Property Management Department

Eye On Realty Brokers has announced the launch of a dedicated Property Management Department, designated to open accounts for clients and investors, who wish to obtain short-to-long term returns on their property portfolio in UAE.

The Sales and Marketing Director of the firm, Kayhan Khalil, said "The division will have dedicated staff who will work towards obtaining the best possible returns on properties, which the clients are likely to have entrusted Eye On Realty to exclusively manage. We will analyze the possible options, explain them a number of different routes from short-term to long-term options, quoting guaranteed returns, based on which the clients could arrive at their decision."

The Business Development and Marketing Communications Manager, Babak Golriz, mentioned that establishing such a department has been a long-time dream of the company, and being an attractive proposition, it is sure to draw a large number of clients, as the department already has numerous contracts in hand, despite not being made public yet.

Eye on Realty already has a large portfolio of units that are being managed by the company currently, despite being in the initiation stage. 'Eye On Realty' is also planning to enter into a tie-up with a major player in the holiday-home provider during the next couple of weeks, as it would help extend the scope of services and provide potential investors and clients.

A formal announcement regarding the operations of Eye On Realty, and details of the agreement with the un-named company is expected anytime soon.

Monday, September 24, 2007

Sunstar Towers launched by Cinnovation, HDS Groups

Cinnovation Group and the HDS Group have together launched the HDS Sunstar Towers in the Dubai International City.

The Director of Cinnovation Group, Varun Chaudhary, and the Managing Director of HDS Group, Ali Dar, together has recently performed the ground-breaking ceremony for construction of its first tower on plot number 22 in the Central Business District.

HDS Sunstar Towers in the Dubai International City
The project is unique, in the sense, that it offers buyers the opportunity to see the projects that they plan to purchase. The sale of units will begin during mid 2008, when the project is almost complete. Even options for finance will be announced by that time.

The HDS Sunstar I and HDS Sunstar II are all ready to be completed towards end of 2008.

Chaudhary says "You would never buy a car without seeing what it looks like. Hence while investing in a property, being able to see what you are paying for, makes all the difference. HDS Sunstar Towers is a project that sells purely on a concept and we will show potential buyers the properties they will be investing in."
The location and positioning of the Sunstar Towers will decide the exclusivity and prestige of a world-class development, said Dar.

The two G+10-storey residential towers, worth more than Dh.200 million, comprises single, and double bedroom units offering spacious living space. Both HDS and Cinnovation have over the years, established themselves as major players in the dubai property sector.

Damac eyes overseas markets

damac holdings
Damac Holding, the private property developer of Damac Properties, plans to develop substantial portfolio of overseas master developments, revealed the Chairman of Damac Holding, Hussain Sajwani.

Sajwani mentioned that the company already holds a major land bank in Saudi and Egypt, and has been planning to launch major mixed-use development.

The company has already launched 79 individual towers worth $18billion, which covers Lebanon, Jordan, Qatar, UAE, and Saudi Arabia. The only master development of the company till date is the Gamsha Bay project, worth $35 to $40 in Egypt.

Sajwani revealed that the company is currently on discussion with a number of governments in overseas countries regarding building master developments. Different markets have different constraints and opportunities. For instance, Qatar Government wants their own companies to act as master developer, limiting the opportunities for companies such as Damac, and hence the company is planning for only single projects there. On the other hand, certain other countries such as Egypt, has large land bank, and hence Gamsha Bay project has been the outcome there, mentioned Sajwani.

Damac is currently eyeing untapped markets such as India, Turkey, Pakistan, and North Africa. Sajwani told that these markets will be closely looked into during 2008, although this would require crossing major hurdles such as identifying suitable land plots and overseas bureaucracy.

Sajwani was of the opinion that although India has a major potential, the task of being able to secure a big piece of land in a good location for a big development could be time consuming.

As far as the domestic market is concerned, Dubai still plays a leading role and represents a major chunk of sales for Damac, agrees Sajwani. Currently Damac is in the process of launching new projects in the domestic markets and has already launched 16 projects during the past seven months, and is now planning to deliver two towers in the Jumeirah Lakes Towers master development towards the initial phase of next year.

Sunday, September 23, 2007

Emaar Malls Group to unveil Souk Al Bahar soon

The leading real estate developer in Dubai, Emaar Properties, has announced that their shopping mall subsidiary, Emaar Malls Group LLC, will soon unveil the Souk Al Bahar, the new shopping, dining and entertainment destination in the Downtown Burj Dubai.

Scheduled to be unveiled in December this year, the uniquely positioned in The Old Town Island, facing the Burj Dubai Lake, the Souk Al Bahar, will turn out to be a lively waterside hotspot for visitors and residents of Dubai, comprising more that 130 stores, a waterfront promenade, and the best of 25 cafes and restaurants.

Souk Al BaharThe Chief Executive Office of Emaar Malls Group, Rashid Doleh, said "Souk Al Bahar will surely be a vibrant entertainment and shopping concept for the city, and a perfect style component that meets the requirement of all sections of the society. Located in the heart of Dubai City, the Souk Al Bahar provides one with the joy of living in the most dynamic cities in the world."

Souk Al Bahar is the most ideal complement that matches the most ambitious developments in the world such as the Burj Dubai and the Dubai Mall. A direct footbridge, which connects the Dubai Mall with the Souk Al Bahar, will see visitors having a convenient access to the best dining, shopping and recreational avenues in Dubai.

Covering an area of 164,700 square feet, the Souk Al Bahar has an electric retail mix which depicts the Arabian heritage through a genuine mix of perfumes, furnishings, jewelry, fashion and carpet deals.

New Rental Bylaws for Sharjah

Shaikh Sultan bin Mohammed Al Qasimi, the Crown Prince and Deputy Ruler of Sharjah, and Chairman of Sharjah Executive Council has passed the new rental by-law for the emirate, which states that the landlord cannot increase the rent until three years after signing the lease agreement, and every two years thereafter. The bylaws were issued to help the rent dispute committee jurisdiction to handle complicated procedures in a simple manner.

Numerous factors such as the quality of the property, the location, the number of storeys, the finishing of the building and the disputed property, the age of the building, the level of service, the space of property and the like, needs to be taken into consideration while deciding a rent hike.

Subletting the property is not allowed, except with the written approval by the property owner. In such cases, the tenant can transfer the lease to the new tenant with the landlord's approval, after which, a new contract should be signed and attested between the owner and the new tenant. According to the bylaws, it is the responsibility of the tenant to ensure the safety of the property and prevent damages, while the landlord is responsible maintenance of the property.

The Landlord cannot evict a tenant before three years after the signing of a contract, unless there is a violation from the tenants end, such as a failure to pay the rent within 15 days after the elapse of due date (in case of residential property) and within 30 days after due date (in case of commercial property).

However, the landlord can evict the tenant in case the property is required for any of his adult children to live in, if they have no other alternative, or in case the building needs extensive maintenance or needs to be demolished. But, landlords should never try to compel a tenant to vacate the premises, by adopting silly measures such as disconnecting the air-conditioning or water or power supply or on the pretext of cleaning and maintenance.

Saturday, September 22, 2007

Nakheel targets to cater 200,000 residential units in Dubai

Nakheel has announced its plans to create 200,000 residential units in Dubai over the next decade with the belief that the property market in Dubai would continue to grow.

Nakheel's Director-Investment projects, Lee, says "The market would require 200,000 to 400,000 residential units during the next ten years and Nakheel could supply half of these. As the demand has exceeded supply, which in turn has led to surge in house, rent and construction costs, more units are required to balance the acceleration."

Nakheel residential apartments

Rents have risen sharply in Dubai during the recent years, adding to the inflation. Although plenty of new properties have come into the market, according to Lee, the market is far from getting saturated. Denying the concerns raised about saturation, Lee pointed out that consultants had pointed out about saturation hitting Dubai market, a couple of years ago, but it has not yet happened as there is a huge growth in Dubai.

The population in Dubai has grown by 26 percent (excluding the tourists) as per the statistics revealed by the Dubai Statistics Department.

Nakheel Sales and Marketing Director, Manal Shaheen, mentioned that the company aims to develop homes for two million people by the year 2020.

Schon Properties awards the UAE grand prize winner with the key to Dubai Lagoon apartment

Schon Properties, together with Emarat and Dubai Summer Surprises, has awarded the UAE national, Khalid Ebrahim Hussain, with the key to his new apartment in Dubai Lagoon. Schon Properties are the developers behind the Dh.3billion Dubai Lagoon development.

Dubai Lagoon
The Chairman of Schon Properties, Nasir Husain, stated that the promotion was a huge success and expressed his happiness to present the new dream apartment to the grand prize winner, just a day before the commencement of Ramadan.

Schon Properties is a newly established holding company, which has numerous real estate projects in the UAE. Dubai Lagoon is a major development in their portfolio, built in the heart of Dubai Investment Park, covering about 6 million square feet of development area. The project comprises 53 buildings, comprising studios, single, double and triple bedrooms and penthouse apartments. The Schon Buisness Park is the first business park of its kind located in the Dubai Investment Park.

Friday, September 21, 2007

Saraya unveils Saraya realty in Dubai

The new venture marks the second elite service to be introduced by Saraya. The first was the 'Saraya Aviation' announced during May 2007.

Saraya Realty is a hundred percent subsidiary of Saraya, a real estate development and asset management company, which invests in travel and tourism in the Middle East and North African (MENA) region.

Saraya will be an exclusive global property provider of leasing, sales and re-sale activities for all luxurious destinations of Saraya, targeting end-users and second-home buyers through various product packages to meet the satisfaction of the customers.

The product packages also target investors, including fractional ownership, permitting buyers to expand their investment in fixed assets by owning homes in any of the Saraya's destinations for a fraction of the price.

Saraya Realty will also handle clients property selection requirements, helping with choice of interiors, and attending to their personal requirements.

Fahad Shalabi has been appointed as the General Manager of Saraya Realty.

Damac holds the credit of launching 79 towers in a five year span

Damac Properties has revealed that it has launched 79 towers throughout the region, during the past five years, making it the largest private property developers in the UAE.

Damac Holding, the real estate arm of Damac Properties and a Dubai-based company, has revealed that its $18billion portfolio of towers covers the Jordan, Qatar, UAE, Saudi Arabia and Lebanon.
It also revealed that its Gamsha Bay project, worth $35-$40 billion project, is shaping up in Egypt, which is one of the largest master developments in the region. All these projects are currently in various stages of construction.

"We have grown at a tremendous pace, and have set the path for others to follow. We are proud that we are an integral part of the exponential growth that the country and the region has witnessed during the recent past, and will continue to play a major role in growing the industry," said the Chairman of Damac Holding, Hussain Sajwani.
The major projects of Damac include the buildings in developments such as the
Dubailand, Business Bay, Jumeirah Village, IMP and Tecome Zone.

The CEO of Damac Properties, Peter Riddoch assured that they will surely aim to further strengthen their position in these sectors shortly, and revealed that several projects of the company are coming up in the commercial market sector.

DWTC signs Dh.800m loan facility with NBD to fund DWTC developments

Dubai World Trade Center
The Dubai World Trade Center (DWTC) and the National Bank of Dubai (NBD) has entered into a Dh.800 million short-term loan facility to fund the development plans of DWTC.

This deal will help in financing major real estate projects of DWTC, namely the Dubai Exhibition City and the Dubai Trade Center District, which are being constructed parallely.

The Dubai Trade Center District, located at the heart of Dubai, is a mixed-use development, intended to bring about a new business zone. The Phase one of the project, which is still under construction, will cover 2.3million square feet of grade one office space, along with executive serviced apartments, and various three, four and five star hotels, and a range of retails and dining options.

Another mega project of DWTC, the Dubai Exhibition City will be the first ever integrated event city, which will stand up to the exact requirements of exhibitors, visitors, organizers and delegates from across the globe.

Located adjacent to the Jebel Ali Airport, and spread across a seven square kilometer site, it is in line with the Dubai Strategy 2015 and ensures that Dubai is the world's leading conference and exhibition destination.

The NBD's Statement revealed that the NBD Offset Home Loans, a mortgage loan associated with high interest yielding current account, represents a milestone achievement in product innovation, and sets new standards in customer benefits apart from the leading features of the successful NBD Home Loans product.

The mortgage balance will be offset by the credit balance in the current account, which is one of the major features of the loans, saving the customer interest and facilitating faster loan repayment without being subjected to early repayment charges.

Thursday, September 20, 2007

The Dunes Golf Course officially handed over to Victory Heights

Dunes Golf course at Dubai Sports City
The Victory Heights Golf Residential and Development LLC, has announced that it has been officially handed over the Dunes Golf Course in Dubai Sports City by the golf course contractor, Septech Emirates LLC. Victory Heights is the real estate joint venture between Arcapita, the Bahrain-based investment bank, and the Dubai Sports City.

The Dunes Golf Course, the 18-hole signature course has been designed by the world golfing champion, Ernie Els. Troon Golf, the world-leader in golf course management, marketing and operations. It is expected to begin the pre-launch maintenance operations prior to official launch during the beginning of the year.

The General Manager of Victory Heights, Yasser Abdulla, has confirmed that Victory Heights has issued a "taking over certificate" to Septech Emirates LLC. He added that The Dunes is expected to be the most exciting and challenging courses.

The Dunes Golf Course is positioned among 28 hectares of rolling dunes and native vegetation that combines a traditional design with a links-style course. The Butch Harmon School of Golf, the first such academy outside the US and a luxurious Mediterranean-style golf clubhouse, adorns the world-class standard of play.

Being the central point of the exclusive Victory Heights development in Dubai, The Dunes offers its residents not only a first class sporting and recreational facility, but also a dramatic backdrop of widespread greenery, idyllic lakes and lush landscaping.

Jamal Al Habtoor introduces furnished serviced apartments

Jamal Al Habtoor, one of the leading real estate agents in the UAE, has announced the launch of its new Rahat service, to cater to the growing hospitality sector with a fresh supply of its fully-furnished serviced apartments in the heart of Dubai Marina. The Rahat Service, which offers single, double and triple bedroom apartments, takes off at the right time, when Dubai is anticipating a growth in visitors due to the upcoming global networking events and winter attractions.

The Chairman of Jamal Al Habtoor Real Estate, Jamal Al Habtoor said "The Rahat service will offer visitors with spacious, cost-efficient and luxurious alternative to a regular hotel room. The apartment facilities consist of all the amenities and hotel-style room services at reasonable prices. The ideal location of being situated just minutes away from all major destinations in Dubai, is another added benefit."

There are about 15 sea view apartments, comprising the latest technological facilities such as a broadband internet, telephone, and cable TV which will be available for short-term occupancy. The apartments also offer round the clock housekeeping services and security.

The apartments are located in Dubai Marina, with easy access to the shopping centers, beach, and Sheikh Zayed Road. They are also just five minutes drive from the Ibn Batutta Mall, ten minutes from the Mall of Emirates, and just a short walk away from the new Marina Mall. There are also abundant food shops, fine-dining restaurants and cafes, offering a wide range of cookery in the vicinity.

Wednesday, September 19, 2007

Canal Residence West - Studios and Apartments in Dubai Sports City

The Canal Residence West, positioned on the promenade, midway between the southern and northern retail hubs of the vibrant downtown district of the Dubai Sports City, makes a whole new lifestyle statement, apart from being just your home.

Canal residence at Dubai Sports CityLocated away from the cheering crowds and energy of the stadiums and the shopping mall, the Canal Residence West, depicts a world that replicates the fashion, passion and relaxation of the Riviera lifestyle, presenting infinite opportunities for you to enjoy every moment of it. In short, a life defined by the icons of modern metropolis.

The excitement of international sporting events at the Canal Residence West, is complemented by healthy lifestyle which is being promised by the Dubai Sports City. The ambience of the exciting city is quite inspiring and enables you to achieve the highest in physical fitness.

The Ste-of-the-art swimming pools and other art facilities, gives you the opportunity to keep yourself fit and healthy, with a fitness regime that spreads through the entire city, to the Ernie Els golf course and the Next Generation Club, an exception health club, offering a range of options for fitness and recreation.

The Canal Residence West, has teamed up with a world class leader, Bureau Veritas, in providing QHSE third party services, for providing quality accreditation monitoring service at each stage right from design to delivery. The service brings peace of mind to buyers and ensures that the promised quality has been delivered to its level best.

The Canal Residence West includes the following Canal Front Buildings:

  • Arabian Tower
  • Spanish Andalucian Tower
  • Mediterranean Tower
  • Classic European Tower
  • Venetian Tower


  • Stylised facade designed for each building
  • Landscaped waterfront promenade offering cafes, restaurants, boutiques and convenience stores
  • Private club on the first floor of all buildings offering state of the art gym, fitness studio, steam room and jacuzzi, beauty salons and therapeutic treatments, reading & music room, games room and business centre
  • Elevated swimming pools and sundecks with shaded pavilions
  • Stunning views
  • Dedicated and secure parking facilities including visitors bay
  • Changing facilities and outside showers
  • Children's play area
  • Communal gardens and BBQ areas
  • Security and concierge services
  • Floor layout planned for comfortable living
  • Spacious open-plan living, dining and kitchen areas
  • Penthouse apartments boast maid's room and private rooftop terrace with stunning panoramic views across Dubai Sports City
  • Interior designed kitchens and bathrooms
  • Elegant selection of porcelain and ceramic tiles with matching borders in living areas
  • Granite countertops and matching splash backs
  • Elegant, high quality kitchen cabinetry
  • Chrome finish, contemporary taps and fittings
  • Premium sanitary fixtures
  • Ceramic floor tiles in bathrooms
  • Generous, fitted wardrobes and storage space
  • Provision for high speed internet access and digital technology
  • Solid main door
  • CCTV and access control system for security
  • Fire alarm system
  • Central AC system
  • Generous and efficient lift provisions
  • Central household waste removal

Tuesday, September 18, 2007

Dubai Properties launches 'Al Waha' Villas in Dubailand

Waha Villas in Dubailand
Dubai Properties has announced the launch of 'Al Waha Villas' worth Dh.745million, which is a freehold Mediterranean style residential community, located at Dubailand.

The project made its first appearance during the recent two-month long summer promotion at Harrods, the famous department store in London, where it generated sales worth Dh.150mn.

The project was also exhibited at the Ritz Hotel in Paris recently. The show was a part of the initiative by Dubai properties, to extend its reach and promote its signature project to international audience to gain investors interest in Dubai.

The project comprises of 260 townhouses that are built in Mediterranean style, with a luxurious enclave. The development is due for completion by 8 months towards the mid of 2008.

"The Al Waha villas will set a new benchmark in luxury accommodation. Designed with creativity, and quality in mind, the villas offer a unique lifestyle community with two, three and four bedroom villas, encompassed in lush greenery and landscape," said Mohamed Binbrek, the CEO of Dubai Properties.

The villas are a gated development comprising properties that range from 3,944 sq.ft. space for a four bedroom villa to 3,621 sq.ft. for a three bedroom, and 1,785 sq.ft. in size for a two bedroom villa. The development features a clubhouse and community swimming pool, while the villas are provided with balconies, terraces and one or two parking spaces.

Dubai Properties, is a member of Dubai Holding, and operates with the aim of developing unique communities.

Monday, September 17, 2007

Dubai International Financial Center (DIFC) - high quality commercial office space

The Dubai International Financial Center (DIFC) is a free trade zone located in the heart of Dubai's new business district, and is designed to be an on-shore alternative with off-shore features. The DIFC lures firms and investors with its high standards, world-class regulations and transparency. Apart from this, it brings with it, the added advantage of being a tax-free environment in Dubai, the major business hub of Middle East and the current major business center in Asia.

Dunes Golf course at Dubai Sports CityDIFC already houses the finest multinational companies in the world, and with more developments including commercial projects in pipeline, it will be home to even more. The hundred percent foreign ownership and lack of taxation on income or profits have been a major motivation for numerous multinational companies and locals, to base their worldwide operations here.

DIFC features modern advanced technology on all scales, with operational support, strict enforcement of anti money laundering laws, high quality finishing standards on commercial office space, and amenities such as gymnasium, cafes, restaurants, amiable working atmosphere with 24 hours security.

The future of DIFC will continue with new additions of freehold towers including the Park Towers, Limestone House, Sky Gardens and easy accessibility to nearby Burj dubai developments, and Business Bay. No doubt, DIFC is a financial center with a difference.

Danat to venture into property development worth Dh.8bn in Abu Dhabi

Danat Hotels and Resort has revealed its plans to undertake a major property development on a premium coastal plot at Abu Dhabi. The Residential-cum-business micro-city, worth Dh.8 billion, is currently being constructed around the new Abu Dhabi National Exhibition Center (Adnec).

The announcement which came during the signing ceremony held at Adnec, included Shaikh sultan Bin Tahnoon al Nahyan, the Adnec Chairman, Abdullah Khalfan Al Romaithi, Manging Director of the National Corporation for Tourism and Hotels, and more such prominent government officials and Adnec executives.

The Danat project will be located on an area of 10,360 square meters, at the Al Khaleej Al Arabi Coastal road, across from the Waterfront Marina Zone, with a built up area of nearly 60,000 square meters. On completion of the Danat project, it will join Abu Dhabi's impressive line-up of hotels, commercial and residential towers, marina, retail zone and other mixed-use developments that enhance the local landscape.

"This development will add value to the meetings, conventions, incentives and events industry's development in Abu Dhabi. Danat Hotels and Resort is a company with strong national identity with UAE nationals as our shareholders. It is dedicated to the development of UAE, and Abu Dhabi, in particular. We are confident that our plans for this prime location will exceed expectations," said Abdulla Khalfan.

Gallery Villas - Luxury Living at Dubai Sports City

Gallery Villas
The luxury built-in Gallery Villas that are designed for family living, is an exclusive private community that will become home only to a selected few.

Comprising 75 luxury villas, that are designed as a self-contained private community within the Dubai Sports City, the Gallery Villas, are a safe, secure private community, comprising landscaped gardens, green spaces with cycle and jogging tracks. The development consists of two storey, three bedroom semi-detached and terraced townhouses with 2,444 square feet habitable space, and five bedroom detached villas accommodated in two storeys with 4,553 square feet habitable space.

The houses include spacious rooms and large patios and balconies, high quality kitchen cabinetry with granite countertops, built-in wardrobes in all bedrooms, separate dressing area in master bedrooms, spacious laundry and storage facilities, maids room, detached villa featuring the ensuite bathroom, guest room and driver’s room adjacent to garage.

Positioned ideally, adjacent to 'The Dunes' signature golf course, the development comprises private international schools, childcare facilities and medical clinics.

Ajman Holding plans complete expansion by investing $1.5bn in realty ventures

Ajman Holding has revealed its plan to invest more than $1.5billion in real estate and associated ventures in Ajman, during the coming three years.

The company, launched in 2000 with Ajman as its base, is a diversified group of companies. The company says substantial chunk of the money will be kept aside for the Boulevard project, which will be developed by a property, the real estate branch of Ajman Holding Group.

The planned projects include 14 commercial and residential towers ranging from 14 to 30 storeys, a mall, a five-star business hotel, 2000 or more podium and basement parking spaces. Certain other amenities being planned include health clubs, swimming pools, a nursery and day-care for children.

According to officials, the whole project offers freehold ownership with a residence visa. The Phase one of the project is scheduled for completion by the second quarter of 2009. aaproperty confirmed that it has already entered into a contract with Adnan Safarini Consultancy to implement the design process of the project.

The Chairman of Ajman Holding, Shaikh Abdul Aziz Bin Humaid al Nuaimi, said "Ajman Holding decided to develop premium real estate projects, as this compliments the basic idea of moving into infrastructure related projects. "

He continued "Ajman is already witnessing an increasing demand for premium real estate developments. We are planning a full-fledged expansion to move beyond the boundaries of Ajman into the neighbouring emirates and into international markets, so that we can accomplish our mission and increase value for our shareholders."

Nakheel emerges recipient of the Emirates Energy Award

Nakheel, one of the leading real estate developers in the world, is the proud owner of the first Emirates Energy Award (EEA). The award was launched during the initial months of this year, as a recognition for the best implemented practices in energy conservation and management, with measures that are cost effective, showcase innovative, and replicable energy efficiency methods, inclusive.

The Director of the Design Group, Abdulrahman Kalantar, accepted the award during a ceremony conducted at The Grand Hyatt Hotel in Dubai. Expressing his pleasure in receiving the award on behalf of his team, he mentioned that it was the result of great effort and determination.

He continued, "Nakheel is not only developing some of the world's most visionary projects, but also continues to lead the way in terms of designing and implementing Safety, Health and Environmental policies."

Nakheel, who is the developer of iconic projects such as The World, and The Pal Jumeirah, was awarded the Runner-Up in the Major Energy Project Award. This was awarded for implementing a series of energy saving measures by the Design Group during the construction of the 20 Shoreline Apartment buildings in the Palm Jumeirah, particularly, in the three main areas of cooling, hot water preparation, lighting and power.

Dubai Sports City projects progress as scheduled

The Dubai Sports City, scheduled to be unveiled in late 2007, will be exactly what it implies: a city built to serve the purpose, and dedicated to everything related to sports. The development on completion will be the first of its kind that has been built for sports, and will be the base for a large number of events in sporting, while also including residential and commercial space into the mix.

gallery villas in dubai sports city

With hi-tech stadiums, art academies and sports arenas under construction, the best names in the world of sport has given their support to a number of facilities, including Ernie EI's first golf course and the Manchester United Soccer School. The sub-developments in the Sports city will be scattered around the various facilities that are made to create a lifestyle that can be matched by no other.

Life in Sports City is all about having the best in luxury living, while also maintaining an active lifestyle. With projects such as the Oasis Tower, Gallery Villas, The Cube, and Victory Heights, buyers have an option to choose from villas and apartments, and they get to decide on whether to live in a serene atmosphere or to choose the one that faces a golf course.

Being a part of the immense Dubailand project, the residents get the best of both worlds: a luxurious lifestyle in beautiful surroundings, with all the necessary amenities and entertainments that one could ever ask for. Shops, restaurants, cafes, schools, and retail outlets are available round the clock within vicinity, and life in Dubai Sports City is all about balancing an active lifestyle, work, and calmness of your own spacious freehold property.

Located just 20 minutes outskirts of Dubai, the entire development is under the ownership of Dubai Properties, the Sports City is expected to be in a unique entertainment complex, with Sports City as an integral part of the new and exciting project.

Sunday, September 16, 2007

ETA Star to support RCA in their noble endeavor

ETA Star, a leading real estate development company in Dubai has confirmed its support to the Red Crescent Authority (RCA), a primary humanitarian organization of the UAE to raise money for building homes for destitute.

Any property that is purchased from ETA Star and any of its joint venture partners Star Giga and Hircon, during the holy month of Ramadan, one percent of the total sales value will be donated to the RCA who will utilize the money to build houses for the needy.

The Executive Director of ETA Star, Abid Junaid says "ETA Star is pleased to have been associated with RCA in this campaign. Our mission is to adopt the cause of providing homes to the homeless, particularly, those who live under inhuman conditions. The campaign has been particularly introduced during the holy month of Ramadan, as it represents the 'month of giving'. We are sure that out customer will support us in this endeavor and contribute for the purpose."

ETA Star Property Developers LLC is the property branch of the ETA-Ascon Group. The prime objective of the company is to exploit the increasing commercial opportunity in the freehold realty market in Dubai. Already, developments comprising more than 10 million square feet in area are under way and many more are being planned in the coming months. The current portfolio of ETA includes the prestigious residential and commercial properties like Liberty House, 23 Marina, Goldcrest Executive, The Belvedere, The Palladium and the Goldcrest Views-2.

Saturday, September 15, 2007

Dubai World Central joins hands with Amlak Finance

Dubai World Central
The Dubai World Central (DWC), the major urban aviation community under construction in Jebel Ali, covering an area of 140 square kilometers, has entered into an MOU with Amlak Finance PJSC, the largest real estate financier offering Sharia'a solutions in UAE, to finalize the financing agreement of DWC customers. The agreement will cover the cost of real estate sales of all three major components, namely the DWC Commercial City, DWC Golf City and DWC Residential City.

The CEO-Real Estate of Dubai World Central, Khalid bin Harib, says "Being a project that accounts for development concerns over the next fifty years, we plan to put together a prospective plan which ensures the customers about a finance option being provided, even before the commencement of sales during 2009. The MOU will cover all possible financing options within Amlak’s Islamic financing range, and the first of such agreements to ever happen in the next decade. "

"With a diverse portfolio of villas, plots and apartments on sale, the MOU will look at the best possible alternatives for future investors taking into consideration the huge real estate boom in the region."

DWC, with an infrastructure cost of $33 billion, comprises six real estate clustered zones, namely the Dubai Logistics City (DLC), DWC Commercial City, DWC International Airport (JXB), DWC Aviation City, DWC Residential City and DWC Golf City.

DWC has been endorsed by the Government of Dubai, and is Chaired by H.H. Shekh Ahmed bin Saeed Al Maktoum, the Chairman of Dubai World Central and Dubai Aviation Corporation, Government of Dubai.

Schon Properties extends promotional offer for 'Dubai Lagoon' purchasers

Schon Properties, the developers of Dh.3billion Dubai Lagoon Development, has announced their special promotion offer during the holy month of Ramadan. Customers who purchase an apartment at Dubai Lagoon during the holy month, can rest assured that their existing rent will be paid for one year.

Considering the increasing rent rates faced by residents in Dubai, Schon Properties launched a campaign, in line with their campaign "we are listening," with an intention to gift something to all its new customers who buy an apartment during Ramadan.

On purchase of the apartment during the Ramadan period, 15% down-payment is required and then the rent rebate will start to occur on quarterly basis, after three months from the date of purchase.

The Vice President of Schon Properties, Danial Husaid said "Ramadan is a very special period for people in the region, and after our extensive market research, we understand that sky-rocketing rent prices is the biggest issue faced by the public in Dubai today. Hence, we have decided to offer any customer who purchases his home during Ramadan, any existing rent for full year. As, for most residents in Dubai, not having to pay rents will make a huge difference in their savings towards new home!"

The special offer from Schon Properties is valid only for the month of Ramadan, and until the stocks last. There are more than 100 apartments available for this promotion, and the stock includes mostly single and double bedroom apartments, with limited studio apartments too.

Friday, September 14, 2007

Construction works to commence as scheduled on Damac's Smart Heights

Damac Properties has announced that the construction works of its 'Smart Heights' project at Tecom, would commence as scheduled. The project is due to be completed by August 2009.

Earlier, Damac launched the Executive Heights project in Tecom, and went on to become the first to announce an office tower in Tecom. Smart Heights is the second project of the company in Tecom.

The enabling works, including excavation and piling for development of the infrastructure, was completed on 24th July this year. The enabling works were carried out by International Foundation Group (IFG), who are the leaders in the field of geotechnical and foundation engineering.

Currently, Engineering and Contracting Company (ECC), the leading contractors in the industry will begin construction of 'Smart Heights' as scheduled.

Smart Heights will offer a state-of-the-art office space that covers 288,000 square feet of area, with 22,000 square feet of prime retail outlets, six levels of parking, and other amenities such as day-care and healthcare center. The project will offer businesses too, the ultimate in smart technology.

The Smart technology feature comprises a smart card for controlled access anywhere within the building, smart technology featuring eye-biometric recognition, smart lighting energy management system, fully automated business lounge and boardroom, a touch pad request and LCD screen response in smart elevators.

Damac Properties recently won three prestigious awards at the CNBC Arabian Property Awards 2006. Damac won the best development award for its 'Oceanscape', best architecture award for 'Ocean Heights 2' and best website award for the company website- The company also received IREF ME award for being the best residential development in UAE.

Thursday, September 13, 2007

Bavaria launches its Sandoval townhouses in Jumeirah Village

Baveria sadowal townhouses in Jumeirah, Dubai
Bavaria Gulf, a German boutique developer, has revealed the launch of Phase I of its first realty project in the Emirate, the Sandoval Townhouses, at Jumeirah Village. This project signals the German firm's foray into the Dubai property sector.

The Chairman of Bavaria Gulf, Dr. Shahriar Daneshoo, mentioned that the under-explored mid-segment in Dubai has high potential and continued buoyancy and that the property sector is sure to witness twice or thrice the current growth during the next five to seven years.

He continued to add that the properties in Dubai are moderately priced as against those in other international cities, and hence one can expect a constant appreciation in property prices during the coming years.

As revealed by him, the Phase I of the Bavaria Gulf's project will comprise of 36 townhouses. The second and third phases include a total of 260 apartments, which will be announced later during the year. Each of the 36 scrupulously designed townhouses will be separately TUeV-certified. TUeV is one of the most independent and trusted quality evaluators in the world.

The approximate price for the residential units will begin fromDh.1.88 million.
Raymond Lefevre, the Bavaria Gulf General Manager explained that Sandoval, being one of the best developments in Jumeirah Village, the company plans to introduce the stringent German standards to the region, at an affordable price, particularly targeting the mid-segment market in Dubai.

  • Family friendly designed floorplans
  • 2 bedroom and 3 bedroom townhouses
  • Extra maid and family room
  • Original German brands and products
  • Energy saving green concept
  • Sizes from 2,747 sq.ft. to 4,157 Sq.ft.
  • Independent German quality control with quality certificate for each unit
  • Choice of custom design interiors
He told that Bavaria instills confidence among the buyers by providing copies of original product specifications and agreements, and give them a sense of security during the course of signing the ownership deal. Hence the customers can remain confident that all the materials that are used in the projects have long life and need low maintenance.

Each of the Sandoval homes are expected to have original German/European brands as fittings and appliances. The homeowners will also get the opportunity to choose from the custom-designed interiors. Certain additional features include shaded balconies, extra storage space, and walk-in wardrobes. Only insulated building material will be used for saving energy. The houses will be provided with bay windows and sunlight shaft so as to ensure that the natural light provides a bright and spacious ambience.

Dubai Internet City all set for major expansion

The Dubai Internet City is looking forward to undergo major five fold expansion with the zone as the base for most companies, said a top executive of the company.

Expansion at Dubai Internet City

The Executive Director of Dubai Internet City, Jamal Abdul Salam, said "At present we house a little more than 1000 companies in the Internet City zone, covering an area of one million square feet. Plans are on for the expansion of the zone, and we would be able to increase the number of companies at least five times, in the next two to three years," he said.

The expansion will take place as a result of joint venture entered in May this year between Dubai Properties, and Tecom Investments, to create additional space to house companies.

Both Dubai Properties and Tecom investments, entered into a real estate joint-venture during the month of May this year, to undertake developments in the free zone clusters of Dubai Internet City, Dubai Media City, Dubai International Academic City and International Media Production Zone.

Wednesday, September 12, 2007

Dubai Maritime City progresses on track

maritime city dubaiThe works on the development and construction of Dubai Maritime City, the first maritime center specially designed to serve the purpose, has been progressing swiftly with the six-lane causeway linking the mega project to Dubai, which is proceeding as scheduled.

In fact, about 50% of the planned industrial zone (managed by JADAF Dubai) in the Maritime City is now complete and has become operational. The landmark received green signal about three months prior to the original Dubai Maritime City development program schedule. The progress in the development of the industrial zone is the latest milestone to be reached in Dubai Maritime City. It is currently physically accessible to traffic through a causeway that is 1.2km long, and has been completed as scheduled, connecting Dubai with the Maritime City.

maritime city dubaiThe Maritime City CEO, Amer Ali, said "We are pleased with the significant progress which has been made by our projects so far. The fact that we have been able to achieve this ahead of schedule is one of our proudest accomplishments so far."

There are numerous other infrastructure developments in the industrial zone that are currently under progress, such as the 3000 tonne ship lift which is operational, the larger 6000 tonne ship lift which is 70% completed. More than half the warehouses and workshops are also operational, and on hundred percent completion, the zone will have the capacity to hold more than 80 vessels.

The establishment of Dubai Maritime City Authority is another significant event for Dubai Maritime City. The Authority was established on the basis of a law passed by H.H. Sheikh Mohammed Bin Rashid Al Maktoum, the UAE Vice President and Prime Minister and Ruler of Dubai. The law established the Dubai Maritime City as an official independent maritime authority and regulatory body in Dubai, with jurisdiction over maritime operations and activities.

Tuesday, September 11, 2007

Omniyat Properties appointed CSCEC as main contractor for Bayswater project

Bayswater Tower
Omniyat Properties, the real estate branch of the UAE-based 'Omniyat Holdings', has awarded its AED345 million (US$92million) 'Bayswater' project, a 25 storey commercial tower, to China State Construction Engineering Corporation (CSCEC), appointing them as the main contractor for the project.

The project, which is expected to come up on a prime waterfront location in Business Bay district, Dubai, has now stepped into its second phase, after the enabling works were completed by Al Dhafra Piling Contracting Company (APCC). At present, about 25 percent of the main construction and 33 percent of the overall development have already been completed.

Omniyat Properties have agreed that the work is progressing as scheduled, and the work is likely to be completed by the third quarter of 2008.

CSCED is the most successful and one of the largest international contractors in the world, bringing with it the rich experience of working in landmark properties across the glove, and have received numerous awards for timely delivery of projects, and for meeting quality standards.

The contract has been handed-over just after the confirmation from the developer that the first phase of construction work on this freehold commercial tower has been completed.

The Managing Director, CSCEC, Yu Tao, expressing the company's excitement to be involved in the unique and innovative project, said that they are proud to be associated with a developer such as Omniyat Properties, who has been developing the most technologically advanced properties.

The tower, designed by Dubarch, the leading Dubai-based architects, is unique in its shape and is an optical illusion which looks like two slim towers side by side to the viewer, taking the shape of the letter X.
The tower is targeted to medium-sized companies looking for Grade-A office space.

The tower projects hi-tech features such as multiple access points, high ratios of parking to office space, 825 bays spread over the four podium floors and two basement. The building comprises two penthouse office floors, a podium with terrace, and a few waterfront loft-style offices.

The Oberoi - Al Raha Beach and The Oberoi - Al Yas from Aldar Properties

The Oberoi Group of India, which manages and owns 32 hotels and luxury cruises across five countries, has revealed its foray into a strategic relationship with Aldar Properties, to develop two luxury hotels in Abu Dhabi.

Aldar properties
The two hotel properties are being planned at the Al Raha beach and the Al Yas beach in Abu Dhabi, and will be entirely funded by Aldar, the largest real estate company in Abu Dhabi by market capitalization.

Aldar will be the sole owner of the two properties. The estimate of the two hotel properties are yet to be revealed by Aldar.

The hotels will be under the management of Oberoi Group under a long-term contract for a minimum of 20 years. The properties will be referred to as "The Oberoi – Al Raha Beach" and "The Oberoi – Al Yas".

The Oberoi-Al Raha beach property is expected to consist of 250 rooms and 50 serviced apartments and The Oberoi-Al Yas will have 120 villas. The properties will cater to top, luxury-end of the market. The Al Raha property is scheduled to be opened by 2010, while the Al Yas will be opened by 2013.

Monday, September 10, 2007

Downtown Dubai – urban living with style and luxury

downtown dubai properties
The Downtown Dubai development, which surrounds the prestigious Burj Dubai Tower, is designed to provide an urban living to Dubai with style and luxury, and is also a vital part of New Dubai. The wide variety of projects in this development is exclusive and unique, and inclusive of the ones that suit all scales, be it the high-rises or low-rises, highly priced or affordable. With the entire development being encased by a massive artificial lake, Downtown renders city life and tranquility in one place.

The key features of Downtown include a wide range of amenities available in and around the development, apart from the eye'catching view of the world's tallest building. This includes the Dubai Mall, which is one of the largest shopping malls in the world, which offers all the shopping, dining and entertainment that you would ever wish for. The residential properties are offered with a choice of amenities such as gyms, swimming pools, sauna and spas, and other entertainment centers that are scattered across the development. Downtown also houses several hotels, such as the Burj Dubai Armani hotel, and other cafes and restaurants that line the streets outside to offer wonderful views of the surrounding buildings and landscaped gardens.

The development includes studio, one, two, three and four bedroom apartments, penthouses, villas, townhomes and commercial space, all available within the surroundings that project an elegant urban lifestyle with the calmness of lake and scenic gardens.

The Downtown Dubai is the ultimate piece of property for a city living with a difference.

City of Arabia appoints Hill International for supervision of Mall of Arabia construction

City of Arabia, the milestone project in the heart of Dubailand, has announced the appointment of Hill International, a leading global consulting firm, as the Construction Managers for the mega shopping complex, Mall of Arabia, which is one of the largest and ambitious retail outlets in the world.

Hill International has worked on major construction management projects such as the Shams in Abu Dhabi, Palm Jumeirah in Dubai, New York Hotel & Casino in Las Vegas and Comcast Center in Philadelphia.

Mall of Arabia
"We are delighted to appoint Hill International as our Construction Managers. We have had a long standing relationship with Hill since 2005, and hence we appointed them as the Project Managers for City of Arabia development. We are confident that Hill can manage the construction of mega Mall of Arabia, with the progress of this challenging and innovative project further," say Ilyas Galadari, the Chairman, Ilyas & Mustafa Galadari Group.

The City of Arabia is the largest private property projects in the major development in Dubailand. The downtown Dubailand comprises the Mall of Arabia, the largest shopping mall in the region, a dinosaur theme park with 100 animatronic dinosaurs, the Restless Planet; and a 10km Wadi Walk, with Mediterrancean style apartments, shops and cafes apart from the canal - thirty four tower blocks for mixed use i.e., hotel, residential, commercial.

This realty project in Dubai, on its completion, will provided housing for about 35000 residents.

Deyaar to fund its $7bn overseas projects utilizing its share sale proceeds

deyaar properties
Deyaar, an affiliate of Dubai Islamic Bank, has revealed that it has been working on overseas real estate projects, worth $7billion, utilizing the cash from its share sale proceeds.

Although Deyaar was able to raise most of the cash through Islamic bonds and loans, the initial financing will come from the IPO and through the sale of property off the plan, said the Deyaar CEO, Zach Shahin.

Deyaar is currently working on 100 buildings in the UAE, which worth Dh.25billion, revealed Shahin. However, following the footsteps of its rival Emaar Properties, Deyaar too, is pushing itself out of the crowded home market.

Deyaar has projects worth Dh.2billion in pipeline outside the UAE, and a Dh.6billion deal is under negotiation in Abu Dhabi. Shahin says "Although UAE will be our flagship we are bullish about the international markets."

At present, Deyaar is developing projects in Lebanon, Kazakhstan and Turkey and a $5billion township in India with Ansal Properties and Infrastructure Limited. Deyaar also hopes to develop commercial and residential projects in Saudi Arabia on a partnership basis.

Sunday, September 09, 2007

Dubailand holds discussions to set up a pre-registration system

Dubailand, a member of Tatweer, has announced that it is in advanced stages of processing a pre-registration system with the Land Department so as to completely abide by the new requirements and regulations.

dubailandThe move has been initiated following an agreement between the Land Department and Tatweer which was signed in the month of June this year. Tatweer has formed a project committee comprising representatives from various departments to provide necessary assistance to the Land Department Authority to compile the necessary data to test run the pre-registration system.

The pre-registration system will adhere to the new law completely and will help Tatweer in tracking all registrations carried out by secondary developers in the areas that fall under its purview. This system will also ensure that any engineering specifications are strictly followed, as per the original master plan.

The CEO of Dubailand, Mohammad Al Habbai, said "The announcement of Law No.8 that pertains to real estate development trust accounts has had a positive knock-on effect for Tatweer. Through our partnership with the land department, we aim to establish a registration system for all Dubailand projects, including the ones developed by third parties."

He added that, the developers will get to interact with the registration system of the Land Department directly, right from the first day of their deal.

Through the introduction of the law pertaining to escrow accounts, the Land Department has put an end to any developer trying to launch a project and collect deposits, without sufficient guarantee that the funds will be utilized only for the intended purpose. The law also ensures that the construction work begins at the stipulated time.

AAKAR to deliver CBC Tower worth Dh.200 million, as scheduled

AAKAR Developers Limited, a prominent property developer based in Canada, has revealed the completion of works on its Canada Business Center (CBC) Tower, worth Dh.200 million in Business Bay. The shoring and piling works of the tower has been completed and the commercial tower located in the heart of Business Bay, Dubai has been scheduled for delivery in December 2008.

CBC tower in Business Bay from AAKAR
The completion of works including the guide wall, the contiguous pile wall, the temporary shoring, capping beam, anchors, excavation and dewatering works have been completed by the IFG team due to the state-of-the-art equipment in use at site.

The CBC Tower development offers its occupants the required space for work and lifestyle, comprising, nineteen storeys of offices and about 7,500 square feet of retail space, apart from fitness amenities such as gymnasium, rooftop pool, steam room, Jacuzzi, food courts, shopping space, and six-level parking facilities. The Tower also includes modern hi-tech business amenities and conference rooms. The tower is centrally located in Business Bay, next to Burj Dubai, offering unobstructed views to all its offices.

The CEO & President of AAKAR, Yadvinder Singh, mentioned that AAKAR was among the first developers to buy into the Business Bay concept with the launch of their Canada Business Center during 2006. Expressing his complete satisfaction with the progress and construction of Business Bay, he mentioned that the company coul visualize that they are moving closer to their dream of delivering the commercial tower, which will be unique in most aspects.

Moreover, through the partnership of industry leaders such as IFG & Cansult, the project will be completed and delivered on schedule, he said.

Saturday, September 08, 2007

Escrow Law leaves developers at risk: Trowers & Hamlins

There are probabilities that the recently announced Trust Account Law in Dubai could pose problems for its developers, as they may be unable to use investors money for constructing projects, say experts.

trowers and hamlins property law firm
The international law firm, Trowers & Hamlins are of the opinion that the recent Escrow Law could pose troubles to developers who usually release payments in stages from purchasers to contractors.

The delay in delivery of projects has been a major issue in Dubai. Now, with the new law, such cases could be more common, and the developers could be compelled to turn to Banks for seeking finance. The Dubai Government has launched the RERA (Real Estate Regulatory Authority) to fix such problems.

As per the new law, the developers should keep the deposits of the buyers in escrow accounts rather than allowing them to release funds to pay money early to contractors, with the progress of the project. This in turn, could also lead to contractors refusing to continue their works until the promised payment has been made.

During the last financial year, 2005-06, the total values of residential and commercial projects have touched $90 billion.

According to Trowers & Hamlins, the construction boom is causing problems that are more serious than the advertised shortages of sand and steel. Currently there is a shortage experienced in capacity among engineering firms, subcontractors and skilled contractors, and the contractors can even negotiate better deals at the risk of the developer.

Vision Tower to be unveiled in 2009

According to Dubai Properties, the Dh.1.2 billion 'Vision Tower' will bring about 500,000 square feet of commercial space when it opens for business during the year 2009.

The construction at the moment is progressing as scheduled with more than 25 percent of the project complete.

Dubai Properties has provided its investors and corporate users with an exclusive opportunity for purchase of the first 38 floors of the 52 storey glass tower at Business Bay.

The Vision Tower will be situated at the entrance of the Business Bay master development, offering eye-catching waterfront views on the Shaikh Zayed Road and the Dubai Creek.

Apart from four floors that offer room for two office units each, the remaining floors are best suited for an integrated office. The average floor size of each unit of the 51 units for sale is 10,575 sq.ft., with the top two floors interconnected as a single unit.

The CEO of Dubai Properties, Mohammad Binbrek, describing Dubai Properties as an innovative master developer that provides financially secure and feasible investments with highest yields on investments, mentioned that, through the launch of Vision Tower, Dubai Properties intends to cement the position of Business Bay, as the prime choice for local, regional and international businesses.

Acting as the gateway to Business Bay, Vision Tower is the only commercial tower developed by Dubai Properties. The hi-tech transparent glazing of the tower with bent glass fa├žade will be internally lit to create a luminous feel at night-time.

Vision Tower is connected to the Executive Towers through a pedestrian bridge, and thereby links the offices to the Bay Avenue, and the hotel and residential towers.

ACC wins largest single building construction contract worth Dh2.7bn

ACC - Arabian Construction CompanyAldar Properties has awarded the contract worth Dh.2.7billion to Arabian Construction Company (ACC) for construction of three towers including an eighty eight storey structure at the Central Market located in the core of Abu Dhabi's Central Business District. This is the largest contract ever for single building to be awarded in Abu Dhabi.

Designed by Foster & Partners, the leading UK architects, the project comprises a five star hotel tower, a residential tower, commercial tower and a four-star restaurant, in addition to the residual retail podium, which is due for an award next month.

The Residential Tower with 88 storeys measuring 382 meters in height, will be the tallest tower on the Abu Dhabi skyline, housing 489 luxury apartments.

The five-star hotel tower will comprise 55 storeys with 279 rooms and 132 serviced apartments.
The commercial tower will have 58 storeys with sufficient office space.

The smallest tower with 16 storeys, will be a four-star hotel comprising 212 rooms.