Wednesday, October 31, 2007

Al Fara'a kick-starts construction of Manhattan Apartments at Jumeirah

Al Fara'a Properties recently held the ground breaking ceremony to mark the commencement of construction works of their Dh.353mn Manhattan Luxury Apartments in Jumeirah Village.

The Manhatten ApartmentsThe groundbreaking ceremony was conducted just after the successful launch of Manhattan Luxury Apartments at the recent Cityscape Dubai 2007, when the project generated considerable buyer interest, with more than 72 percent of the project, being sold out.

The construction contract for the luxury apartments has been handed over to Al Fara'a General Contracting Company (AFGCO) and their team of qualified professionals. AFGCO has a successful history of more than 26 years in implementing projects around UAE, such as the Al Attar Tower, Rotana Hotel, and the Sheikh Mansoor bin Zayed Tower, among others.

Alongside the sidelines of groundbreaking ceremony, Al Fara'a Properties has registered for an Escrow Account with Emirates Islamic Bank, in compliance with regulations stipulated by Dubai Land Department.

The Manhattan Luxury Apartments draws inspiration from the 1930's urban residences of New York, comprising 355 elegant units with a classic selection of studio, single, double and triple bedroom apartments. These apartments, coupled with the stunning landscapes of Jumeirah Village, have been so designed to include well-planned master bedrooms, generous walk-in closets, beautifully appointed bathrooms, and spacious and comfortable interiors with distinctive accent lighting. The other amenities within the complex include state-of-the-art gymnasium, a swimming pool with sauna and steam facilities, and children play area.

The General Manager for AFGCO, Ahmad Maarouf said "Our vast experience in construction business has provided us with utmost confidence in handling a high-profile project like Manhattan Apartments. The strength of our expertise will ensure that we live up to our reputation of delivering quality work within prescribed time frame."

The company has committed that the works would be complete within 24 months, towards end of 2009.

Tuesday, October 30, 2007

Aldar's new Head Quarters to be opened at Al Raha Beach

Aldar Properties, the first and fully-integrated development company in Abu Dhabi, has announced the commencement of construction works on their commercial office space of 51,000 square meters in the Al Raha Beach, the mixed-use water front beach. The new commercial development will be the headquarters of Aldar Properties.

The contract for the construction works has been handed over to a joint-venture company between Aldar and Laing O'Rourke. The new building with be the first spherical building in the Middle East, and will cater to the international business elite. The commercial building features aluminium and glass exterior with underground parking facility, marble floors and walls and turnstile security, considered to be Category A International Office.

With 110 meters in height, Aldar will occupy about 20 percent of the building and the rest will be leased out to multinational corporations in the city. Out of the total net area of 51,361 sq mt., the gross floor area of Aldar will cover 61,900 square meters. The building, despite its round shape, boasts of high-floor usage efficiency of 78 percent. The average footplate per floor is 1600 square meters. The signature development of Aldar, on completion, will comprise hotels, offices and retail space, all of which encompass a large public marina.

The CEO of Aldar Properties, Ronald Barrot, said "Aldar is the benchmark for quality commercial space in Abu Dhabi. Al Raha Beach, the most extensive of projects, is the ultimate location for our offices and growth in the future."

The Project Director of Al Raha Beach project, Michael Cox, said "The geometric shape of the building is a symbol of rationality, modernity, stability and unity. While providing a headquarters for Aldar, we also look forward to welcome other companies seeking offices that meet international standards."

The development is slated for completion towards end of 2009.

Masdar City Phase One, scheduled for completion by 2010

The Chief Executive of Masdar has announced that the first phase of the proposed six square kilometer development, Masdar City, will be ready by 2010.

masdar city dubai
The Chief Executive of Masdar, Sultan Al Jaber, mentioned that Masdar City, located adjacent to Abu Dhabi Airport will be complete towards the fourth quarter of 2009. He said that the Masdar Special Free Zone (SFZ) will promote the synergy between research facilities, academic resources, family businesses, the financial community and entrepreneurs.

The zone will have upto 1500 companies with attractive incentive packages, transparent laws, a one-stop-shop programme, tax-free environment, 100 percent foreign ownership and intellectual property protection. The zone has the added advantage of being located close to suppliers, manufacturers and markets.

Masdar is designed to ensure that Abu Dhabi grows its own share of global energy market by fostering the development and commercialization of innovative and advanced technologies in alternative, renewable and sustainable energies for a safer, cleaner environment and future.

Emaar launches Armani Residences at Burj Dubai

Emaar Properties, the leading Dubai-based realty developer, has launched their Armani Residences, in the world's tallest building, Burj Dubai.

Armani ResidencesDesigned by Giorgio Armani, the 144 units of Armani Residences offer a unique lifestyle experience, and are the first ever residences to be designed by Giorgio Armani. The Armani Residences complement the Armani Hotel, likely to be opened in 2008 in Dubai, and are the first to be opened on collaboration between Giorgio S.p.A and Emaar.

The single and double bedroom luxury residential suits of the Armani Residences, range from 99 sq. mt. to 208 sq. mt. in size, and are decorated with a wide range of Armani/casa home furnishings, clean lines, and the finishes and materials range from zebrawood, stone, fabric, venetian plaster and leather wall coverings. The smart-home technology is the main highlight of the residences that include 100% automated systems for temperature and drapery control, security, lighting and air-conditioning.

Every floor of the Armani Residences has its own elevator access, with full-glass panoramic windows that offer spell-binding views of the Downtown Burj Dubai.

The residents at Armani Residences also have the added benefit of enjoying the amenities at the Armani Hotel Dubai, which complements the Armani Residences, has 160 rooms offering the ultimate in hospitality standards. It offers facilities such as 24-hour room service, concierge, housekeeping, access to library spa, swimming pool and gymnasium and cigar club.

Burj Dubai, by itself, is a mixed-use tower, featuring commercial offices, leisure amenities, and serviced apartments. On its completion during late 2008, the Burj Dubai will be a perfect complement to a vast array of lifestyle options in Burj Dubai, featuring the Burj Dubai Boulevard, The Dubai Mall and various other hospitality and residential projects.

Monday, October 29, 2007

Dheeeraj East Coast LLC forays into UAE realty sector through a Dh.250m project

Dheeraj and East Coast LLC (DEC) have announced their plans to enter the booming hospitality sector of UAE though the launch of their first exclusive service apartment project, the Dh.250m Harbour Residences at Dubai Marina.

Harbour residence at Dubai marinaThe project includes a G+19 storey apartment tower and twin two and three bedroom duplex villas. DEC has also entered into an MOU with global majors such as EMCOR Facilities Services for management of its facilities across all projects in the region, which is currently more than 6.5million square feet of development area. The MOU also stipulates that EMCOR will manage the operations, maintenance, and technical services of Harbour Residences, while also providing soft support services such as ongoing maintenance, concierge, housekeeping, laundry, grocery stocking, 24 hour call centers, security and help desk facilities.

The construction work on Harbour Residences will commence during first quarter of 2008. The hotel apartment project will include 187 rooms, a shopping arcade, restaurants and cafes.

The Managing Director of DEC, Dheeraj Wadhawan, mentioned that the this project 'Harbour Residences' will be a valuable addition to the flourishing tourism sector in Dubai, wherein the hospitality sector is currently witnessing tremendous demand for rooms to cater to the increasing tourist traffic.

The project is slated for completion by the year 2010.

Sunday, October 28, 2007

Ground breaking ceremony held for Dh.85m Champions Tower II

Champions Tower II
Memon Investments, an arm of leading international business group, Memon Group of Companies recently held a groundbreaking ceremony for the commencement of construction works of the Champions Tower II, worth Dh.85million, in Dubai Sports City.

During the occasion, Memon Investments handed over the shoring and excavation contract of the tower to Stromek Emirates Foundation (SEF). SEF is a subsidiary of M'sharie, and a private equity branch of Dubai Investments.

The first phase of construction works, which include excavation, shoring and foundation, will be carried out by the piling company. SEF has assured the completion of the first phase in record time. This the second assignment that SEF is handling with Memon Investments, as currently SEF is also taking care of the foundations works on Champions Tower III development.

The Managing Director of Memon Investments, Ahmed Shaikhani, quoted that considering the expertise with which SEF had completed most other projects, Memon Investments, have no hesitation in handing over the project to SEF. He added that the company is confident that SEF will maintain their quality standard as in all other previous developments and work with true dedication.

ALDAR draws high customer interest at Cityscape Dubai 2007

Leading Abu Dhabi developer, ALDAR Properties, has been receiving good feedback from the visitors who gathered at the Cityscape Dubai 2007 property exhibition.

According to statistics received so far, there has been a major demand for Khor Al Raha and Al Bandar, the two realty projects that were showcased at the exhibition. The registered booking confirmation for Khor Al Raha touched more than Dh.750million, and another Dh.300million worth bookings were from investors for land plots.

ALDAR is the Platinum sponsor of Cityscape Dubai 2007 that focuses on the property boom in UAE. ALDAR has a rich portfolio that includes Coconut Island, Al Raha Beach, Al Gurm Resort, Noor Al Ain, and Al Mamoura, including the YAS Island Project.

The CEO of ALDAR, Ronald Barott expressing his pleasure over the level of customer interest shown towards ALDAR's projects, mentioned that this demonstrates the confidence and trust that people have posed on ALDAR to deliver quality properties that meet international standards.

Saturday, October 27, 2007

Ajman's first smart building project Goldcrest Dreams3 launched

The real estate giants, ETA Star and Mayzood Giga, have launched their latest joint-venture project, Goldcrest Dreams3, in Ajman, which was announced during a press conference on the 22nd October'07. A sales exhibition for the new residential project is currently scheduled, which began yesterday and will take place until the 27th of this month.

Goldcrest Dreams 3The exhibition will showcase single, double and triple bedroom apartments, which offers a unique opportunity to buyers to experience real living environment, comprising fully furnished ultra modern residential towers with contemporary German furniture from GBK. The project is equipped with home management solutions from LG Homenet offering a safe and efficient living, thereby making the Goldcrest Dreams3, the first smart project in Ajman.

The towers with 25 Storey each are surrounded by waterways, lakes and fountains, and the most affordable five-year interest free plan with installments are being offered, beginning from Dh.2999 per month. The dining and the living rooms are designed by Seidenbacher Mobel. The bedrooms have an attractive and unique design done by HB Collections, and the Kitchens done by Nobila. The LG Homenet solutions offers easy access control of the common entrance and household, by notifying the owners about arrivals of visitors during the owner's absence, vehicle arrival notifications, and such other unique and safe features.

Amir Pardesi, the Vice Chairman of Mazyood Giga International, says "After the huge success of Goldcrest Dreams and Dreams2, we have decided to take community living in Ajman to another level. The Emirates City is a well-planned township, and the Goldcrest Dreams3, with its luxurious offerings will make it an ideal residential community."

Friday, October 26, 2007

Dubai Maritime City project emphasizes on the green concept

The first purpose-built maritime center in the world, and a member of Dubai World Group of companies, the Dubai Maritime City (DMC), has instructed all its developers and contractors to include the concept of green in the construction and designing of all developments within the city, so as to ensure strict environmental and long-term sustainability.

Dubai Maritime City

As per the Maritime City's Master Plan, all developers are required to obtain the green building certification under BREEAM (BRE Environmental Assessment Method) or LEED (Leadership in Energy and Environmental Design). Thereafter, all the buildings within the Maritime City will be reviewed to assess the level of compliance with the environmental requirements in terms of operations, design and best practices.

The green building design will mainly focus on energy consumption and conservation measures such as minimal use of non-renewable sources, minimal production of indoor environmental waste, and use of solar energy.

The final phase of construction work on the Dubai Maritime City is currently in progress and involves infrastructural development. On completion of works in 2009, DMC will house the Maritime Center, Harbour residences, Harbour offices, an Academic Quarter, a Marina District, and Jadaf Dubai, and industrial quarter.

The CEO of Dubai Maritime City, Amer Ali, said "It is imperative that implementation of strict environmental standards be maintained, as the concept of green offers considerable long-tern investment returns, while also ensuring optimized living and working conditions protecting health of the occupants and effective utilization of resources."

Construction work commences on Abu Dhabi's biggest labour accommodation

Construction work has begun on the biggest labour accommodation facility in Abu Dhabi, worth Dh.418million, with a capacity to host more than 32,000 workers, supervisors, and technicians. Al Rayan Investments are carrying on this work in the Al Mafraq area of Abu Dhabi, located 45kms away from Abu Dhabi City Center.

The Chairman of Al Rayan Investment Company, Fardan Hassan Al Fardan, told that the labour accommodation is being built based on the directives by the Abu Dhabi Crown Prince and Deputy Supreme Commander of UAE Armed Forces, General Shaikh Mohammad Bin Zayed Al Nahyan, for creating a safe healthy environment for all workers across UAE.

The contract of the project has been awarded to Abu Dhabi Supplies and Commercial Services. The project will be constructed over a span of nine months, covering an area of 202,000 square meters. The project will feature six compounds encompassing the main building, ranging from shops, banks, modern hypermarkets, dental clinics, medical clinics, post office, travel agency, mosque, food courts, laundry, parts, public spaces and playgrounds.

Construction will take place in two phases, the firs phase will be complete in February 2008 and the second by April 2008.

Thursday, October 25, 2007

Omniyat Properties commences ground-breaking work on 'The Opus' project

Omniyat Properties, the developer of exclusive real estate projects in Dubai, has begun the ground-breaking work on their commercial development, 'The Opus' situated in the heart of Business Bay. More than 60% of the project has already been sold out.

Opus Business Tower DubaiDesigned by the Pritzker Prize winning architect, Zaha Hadid, 'The Opus' is worth more than Dh.1.7billion, and has been set to adorn the Dubai skyline with artistic and iconic architecture. The project, spreading over 85,000 square meters, was unveiled by the CEO of Dubai Properties, Mohammed Binbrek.

Being a perfect blend of art and technology, 'The Opus' forms a structure resembling cube with a fluid for "void" in the middle. The Opus will comprise of three individual towers, that are fused together to create the illusion of a single structure.

Located on an island plot in Business Bay, Dubai, The Opus, depicts a waterfront location, offering the most exclusive office real estate in Dubai, The eye-catching views of Burj Dubai, will further enhance the value of the development.

'The Opus' is expected to be completed during early 2010.

Wednesday, October 24, 2007

Aldar's projects Al Muneera and Al Bandar on schedule

The first leading integrated property developer in Abu Dhabi, ALDAR Properties, has announced completion of land reclamation, ground improvement and development of diaphragm sea walls on its Al Muneera and Al Bandar projects.

Al Muneera Tower
The foundations of these projects have been laid, and are well-under construction. These projects were show-cased at the Cityscape Dubai 2007 by Aldar. Aldar's participation in the Cityscape could be considered a timely opportunity to focus on construction projects being undertaken by Aldar in Abu Dhabi.

The two projects on the Al Raha Beach are also progressing as scheduled, and are heading towards other construction milestones. The Al Muneera and the Al Bandar construction works are also likely to reach their targets for completion. The Al Bandar construction is in full swing with the piling work and infrastructure works being carried out, and is likely to be completed towards end of 2009.

The highway interchanges, the canal bridge crossings are all bound to be complete within the scheduled completion date. The access roads and the boulevard are gaining incremental target dates. Now with the subcontractors being finalized, the contracts are on schedule and will be complete towards end of 2007.

The Al Raha Beach Development Director, Michael Cox said "Aldar is committed towards timely delivery of projects, and we are pleased with the progress of Al Muneera and Al Bandar, so far. Our experiences in the industry, coupled with the strong relationship that we maintain with quality supplies, allows the team to concentrate in meeting quality standards desired by our customers, while also staying on the schedule initially announced."

Al Qudra announces plans to launch a leisure-cum-healthcare community Ain Al Faydah

Ain Al Faydah
A subsidiary of Al Qudra Holding, Al Qudra Real Estate, has exhibited Ain Al Faydah, a leisure and healthcare community development in the Dubai Cityscape exhibition 2007. Ain Al Faydah is the first destination of well-being in the region, with a focus aimed towards combining leisure and healthcare with a mix of recreation, residential, retail and tourism.

Located at the base of Al Ain, Ain Al Faydah is the perfect setting for wellness amenities such as anti-aging oasis, rehabilitation center, holistic healthcare, postgraduate medical and paramedical education facility, wellness center and a list of available healthcare services. Majority of the development constitutes the residential segment, which is expected to draw expatriates and UAE nationals, alike, who are in search of balanced lifestyle.

The Al Qudra CEO and General Manager, Victor Orth, revealed that at present Al Qudra is working on various projects that meet the requirements of UAE residents. Ain Al Faydah is one such project, that combines tourism, healthcare, residential and retail sectors, all within a single community. The layout and amenities in the development form a one-stop destination for those desiring a healing and peaceful present-day community.

Active Realty Projects in Gulf region crosses $1trillion mark

According to recent reports on current active realty projects in the region, the Arabian Gulf real estate construction boom has crossed the $1trillion mark.

The scale of new developments in the GCC countries of Oman, Qatar, Saudi Arabia, UAE and Bahrain has been quite impressive. As per data from Proleads, the Dubai-based research company, there are about 885 active civil building projects in the region on the whole, with values of more than $10million each.

The total value of the real estate projects alone, covering more than $1trillion, includes commercial and residential sectors, educational establishments, cinemas, theatres, healthcare facilities, sports facilities, theme parks, hotels and mixed-use and retail developments. Among the active projects that have been included in the reports are those in which there has been some amount of study, planning, designing, construction or bidding. The report excludes buildings that are already complete and those that are in conceptual stage.

During the recent Cityscape 2007, the biggest business-to-business real estate show in Dubai, the Saudi Arabia and UAE accounted for lion's share of civil building developments. The UAE alone recorded a total of 390 projects, with a total value of more than $430billion. This was followed by Saudi Arabia with 330 projects worth $409 billion.

Among the top five active civil projects in the GCC worth more than $358billion are:
  • The King Abdullah Economic City in Saudi Arabia worth $120 billion
  • Kuwait's Silk City project worth $86 billion
  • Dubai Investment's Dubailand worth $60 billion
  • The Prince Abdulaziz Bin Mousaed Economic City in Saudi Arabia worth $53 billion
  • Abu Dhabi's Yas Island development worth $39 billion

The World - most exclusive piece of real estate

The World is considered to be the most extravagant project by Nakheel, with an archipelago of 300 manmade islands, set to be another icon for Dubai. With islands located just off the shore of Jumeirah beach, it is the most exclusive piece of real estate that one can own. The islands are constructed using the same techniques as in other popular Nakheel developments, the Palm Jebel Ali and the Palm Jumeirah.

The World Dubai
The islands are so arranged as to form a globe, and draws attention from celebrities, wealthy businessmen, and even royalty to purchase a major island representing a specific country. Only recently, the island of Greece has been sold for $15.5mn dollars to an anonymous bidder in Greece. Depending on the location and size, the islands are priced anywhere between $15mn and $50mn. However, it caters only to the super-rich. The placement of infrastructure is left to the choice of the buyers, and this has resulted in the islands being pursued for residential and tourism purposes.

The only form of transport to the island is by boat and sea plane, hindering access to authorized visitors or residents, and this unique selling point has led to more than 60% of the islands being sold already. Despite the expense, the opportunity to own an island is an idea that can be realized only in few parts of the world, and Dubai is one such place.

Tuesday, October 23, 2007

Emaar, Bawadi join hands for Dh.60bn realty development

Bawadi Leisure Land
Emaar Properties, together with Bawadi, a member of the subsidiary of Dubai Holding, Tatweer, have announced their joint-venture, worth Dh.60bn, towards development of 70million square feet of land in Bawadi, the largest hospitality and leisure development in the world, at Dubailand.

This realty project is expected to turn out to be a signature development with equal equity participation by both parties. While Bawadi is expected to transfer land rights to the joint venture, Emaar will contribute equivalent portion of cash in the joint venture. The venture is likely to yield its returns by 2009.

The joint venture will be managed by Emaar, through management and technical services agreement. This venture will bring about 15million square feet of family-oriented theme park, lush green parks and lakes with a wide range of attractions matching global standards. It will also include six hotels and 1200 serviced apartments. The project will be located at the heart of Bawadi, and in close proximity to Arabian Ranches, an Emaar flagship project.

The Emaar Properties, Chairman, Mohamed Ali Alabbar, said "As a pioneer of master-planned communities in Dubai, with an accomplished track record of creating world-class developments, Emaar has established credentials in property development. Our partnership with Bawadi will increase our land bank in Dubai by 76%. This transaction is ideal as per the Dubai Strategic Plan, which has been outlined by H.H. Sheikh Mohammed, highlighting the need for Dubai taking leadership position by leveraging its strengths."

The Executive Chairman of Dubai Holding, Mohamed Al Gergawi, mentioned that as per the Strategic Plan by H.H. Sheikh Mohammed, the focal areas of the plan is tourism development, and the abilities of the two companies together, will effectively contribute to this sector.

RAK Properties, Millennium Group signs deal for managing Mina Al Arab Resort

The leading real estate developer in Ras Al Khaimah, RAK Properties, has entered into a deal with Millennium Hotels and Resorts, an international hospitality group, for managing the Millennium Mina Al Arab Resort in Mina Al Arab, the multi-billion realty development. At present, Millennium manages nine hotels in the UAE.

Mina Al Arab real estate development, launched in May 2006, is a Dh.10billion waterfront community, covering 30 square feet of the development, with a variety of facilities, ranging from residential buildings, hotels, marinas, and theme parks, to restaurants, shopping arcades and cafes.

The Managing Director of RAK Properties, Mohammad Sultan Al Qadi says "Millennium is the most recognized hospitality brands in the world. Millennium Mina Al Arab will be an exciting and refreshing experience for its visitors, as it is a combination of top quality hospitality of Millennium, with Mina Al Arab's emphasis on heritage and nature."

Sobha Group launches first luxury residential project Sobha Daffodil at Jumeirah Village

The Sobha Group, a renowned Indian real estate development firm, delivering international quality products, has announced the launch of Sobha Daffodil, their first residential project, at Jumeirah Village in Dubai.

Daffodil apartments JumeirahSobha Daffodil consists of a four storey front block and ten storey rear block comprising 178 apartments. Sobha Daffodil offers a range of studios, single, double and triple bedroom apartments, all done up with high-quality finishes. Other recreational amenities here are the Barbeque area, the Club House, the Roof top, the Children's play area, the health club, gymnasium, Jacuzzi, a swimming pool, steam room, sauna and games room.

The Vice Chairman of Sobha Real Estate LLC, Ajay Rajendran, expressing his happiness over the launch of the company's first residential project in Dubai, stated that the Sobha Daffodil at the Jumeirah Village is expected to be another landmark addition to the Sobha portfolio, rendering high-quality lifestyle at the heart of New Dubai.

Reclamation of first and largest development in The World islands complete

The World Islands
Oqyana World First has announced 100% reclamation of their islands from the Arabian Gulf. Oqyana World First is the first and largest development of the World Islands in Dubai. This project, constitutes the Australasian islands of The World, and is expected to set a benchmark for all other World developers.

The land reclamation process, which has been completed, comprises twenty islands, which are embedded into four separate land masses serving as construction platforms. On completion, these sand platforms will be scoured out to form twenty individual islands.

Oqyana Islands were initially purchased during 2005, and are being created as a lifestyle destination community, with 2500 apartments, 2 hotels constituting a seven-star and a luxury spa resort, and 200 villas.

Other features in the development include leisure facilities, performing arts, a conference center, cafes, restaurants and island lifestyle specific retail.

Oqyana World First, located 4kms from Dubai coastline, will occupy a total area of 1.87million square meters, and a total upland area of 417,000 square meters. It will contain 17kms of inter-linked walkways, with more than 1500 private yacht berths and 15,000 meters of shore front and marina.

The COO of Oqyana Limited, Dr. Wadad Al Suwayeh, expressing his excitement over achieving the milestone, said "It has been achieved earlier than planned, and as far as Dubai terminology goes, this is a great feat. We have worked closely with The World LLC, and are pleased to be ahead to schedule."

Monday, October 22, 2007

Projects worth Dh.70b launched at Cityscape Dubai 2007

The largest real estate exhibition in the region, Cityscape Dubai 2007, concluded on 18th, with projects worth Dh.70billion being announced, according to information from sources.

Cityscape property showThis is inclusive of the Dh.40billion Mudon project by Dubai Properties, Remraam project worth Dh.15billion by Mizin, an arm of Tatweer. Apart from this, there were numerous small announcements being made during the three-day event, making it a grand success.

Towards mid-day of last day, the number of visitors crossed 34,000. On an average a minimum of 50,000 visitors, exhibitors and participants thronged the show.

The Middle Eastern developers, who look to expand and diversify their interests beyond the region, could use a new report commissioned by Cityscape Market Intelligence Service (CMIS) launched at Cityscape Dubai.

Dubai World Central (DWC) announces real estate projects worth $33bn

The massive planned logistics and airport complex, Dubai World Central (DWC) has announced plans to introduce three new real estate projects, worth $33billion.
The company revealed that it is in the process of discussions with potential buyers for the sale of phase two of two plots in Residential City, the leasing of Staff Village units, and the leasing of first phase of its office space at Dubai Logistics City.
Dubai World CentralAll three projects are expected to be officially launched next spring, revealed Abdullah Ahmad Al Falasi, Director - Marketing and Corporate Communications, to the media at the Cityscape Property Show.
The launch may be coincidental with the start of the International Property Show, but may happen before or after depending on the demand from buyers, Al Falasi mentioned.
The first phase of Residential City was sold within two days last March, after its launch. Residential City will be sold in five phases. On the whole about 250,000 people are expected to live in the city, and another 20,000 are expected to work there. The accommodation comprises a mix of luxury apartments and two storey villas, in about 24 storeys.
Dubai Residential City
The residential units in DWC are so designed to accommodate labourers, employees, executives working at the logistics and aviation complex, apart from separate buildings designed for female tenants. Staff Village Units have been designed for low and mid-income categories, including 68 buildings with 547 rooms.
The commercial buildings at the Dubai Logistics City, on the other hand, comprise 18 buildings that are to be sold in two phases. The construction works on five-storey buildings that began about a year ago, is likely to be complete by end of 2008 or mid-2009.
The projects are a part of Dubai's second international airport in Jebel Ali, which when completed, will have six parallel runways, two terminals, and six concourses that serve about 120 million passengers by 2015.

Dubai rentals tripled during the past two years

According to reports by Asteco, a leading property consultancy, the rental rates in Dubai has almost tripled and has increased to an astounding Dh.270 to Dh.280 per square feet from Dh.90 to Dh.100 per square feet during the year 2005.

The commercial property sector in Dubai has witnessed major boost in office rents during the past few years, due to the high-demand generated by continuous influx of multinationals setting up their base in Dubai and the growth in existing businesses.

The Director -Research Valuation & Consultancy at Asteco has stated that this increase in commercial rents will continue until 2008, due to the delay in construction. But towards the year 2009, majority of new supplies will hit the market, thereby easing rental hikes.

The Asteco report reveals that rent on Shaikh Zayed Road has risen to Dh.350-Dh.375 per square foot, as against Dh.220-Dh.240 during 2006. Few other areas witnessing increased rentals are the Karama, and Bur Dhbai at Dh.265 and Dh.280 per square foot respectively. This reveals a corresponding increase of 51 and 24 percent respectively, over the rates of third quarter 2006.

The rents in Dubai apartments have increased by 25 percent from 2005 to 2006 and by 18 percent from 2006 to 2007.

Sunday, October 21, 2007

Dubai properties unveils Dh.4billion Bay Square at Business Bay

The most recent development of Dubai Properties, the Bay Square, worth Dh.4billion, has been unveiled at Business Bay in Dubai.

The development that stretches over five million square feet in area is considered a new-age community project, targeting residents, retailers and businessmen who wish to lead a stress-free lifestyle within a corporate environment.

Bay Square Business Bay

A boutique hotel with a 'downtown setting' and a residential tower, will be the center of attraction of the thirteen building development. Remaining eleven buildings will comprise mixed-use projects that feature commercial and retail space, terraced apartments and two storeys of rooftop apartments.

The Chief Executive Officer of Dubai Properties, Mohammad Bin Braik, said that Bay Square will be a prestigious business landmark for companies, offering business professionals and visitors an unmatched experience about modern Dubai. He revealed that about 60 percent of the project has been exclusively earmarked for commercial investors alone.

Dubai Properties has also placed before its investors, an opportunity for purchasing five to ten floors, covering nearly one million square feet of commercial space, which ranges from 1500 to 17000 square feet.

The Bay Square forms the core of Business Bay. The height of the building and the Bay Square towers will range from 10 to 14 floors featuring studios, single-bedroom and loft-style apartments that overlook the Square and the rest of Business Bay. Apart from being a pedestrian-only zone, the Bay Square will comprise retail outlets, a central plaza, restaurants, hosting cafes, and state-of-the-art gym.

Bay Square is scheduled for completion by 2009.

Saturday, October 20, 2007

Sorouh launches Al Ghadeer development at Dubai-Abu Dhabi border

The Abu Dhabi-based real estate developer, Sourouh Real Estate, has launched Al Ghadeer, a new development at Saih As Sidirah, located at Dubai-Abu Dhabi border.

Al Ghadeer is a self-sustaining mixed-use development, driving home the concept of 'easy living', and hosts a range of recreational, commercial, educational and social amenities. Stretching about three million square meters in area, Al Ghadeer comprises apartments, townhouses and villas that make an affordable luxury living, designed for convenience of residents working in Dubai.

Al Ghadeer developments from Sorouh

The CEO of Sorouh Real Estate, Mounir D. Haidar, said "This is a prominent site with tremendous potential due to its easy accessibility to major highways that link most commercial centers in the UAE. The ideal location of the site at the Dubai-Abu Dhabi border helps in meeting the commercial and residential demand from a broad area, including new industrial developments. Considering the increased housing prices and cost of living in Dubai, Al Ghadeer is a welcome relief due to its reasonable pricing and extensive onsite facilities."

Apart from advanced technological features such as WiFi, covering the entire community, Al Ghadeer comprises three schools (2 local and 1 international), apart from four junior schools. Other recreational facilities such as hotels, retail outlets, outdoor sporting facilities, cinemas and cafes, all networked through the green spaces and shimmering water bodies including a feature lake, together make a perfect living for those yearning to lead an active lifestyle.

The development is open for registration at the Cityscape 2007.

Friday, October 19, 2007

KM Properties to launch Dh.1.3bn Tamani Arts Offices in Business Bay

The real-estate development branch of Dubai-based KM Holding, KM Properties, has unveiled a Dh.1.3billion tower at Dubai's Business Bay, the prime commercial district in the emirate.

The tower named 'Tamani Arts Offices', will include a twenty storey glass and steel building in the Artisan cluster of Business Bay.

The Chairman and CEO of KM Holding, Mohammad Haddad, is quoted as having said that the Tamani Arts Offices will be the most significant address for business in New Dubai.

The Artisan Cluster that covers a built-up area of two million square feet comprises numerous commercial, residential and hotel towers.

Another development of KM Properties is the Tamani Arts hotel, which is located adjacent to Tamani Arts Offices.

KM Holding is the owner of numerous properties in the UAE, and is planning to enter the Indian and Saudi Arabian markets, scheduling a six-year growth plan.

Voluntary rent caps could turn the situation in favour of Landlords

Analysts are of the opinion that imposing a 'voluntary' rent cap, could turn the current situation in favour of Landlords, leading to a rampant increase in rent rates.

This statement came, following a leading government official's statement that Dubai's rent cap may become voluntary, permitting landlords to adjust rents on par with current market rates.

The CEO of RERA (Real Estate Regulatory Authority), Marwan bin Ghalita, said that the cap on price increases for renewed rents, when being renewed during the following year, should be done at a lower level than the current seven percent.

However, he emphasized that in case the commercial or residential property Landlords are of the opinion that the cap is responsible for keeping rents below the market prices, they can argue for an adjustment, based on benchmark rate, recommended by RERA.

According to Bin Ghalita, this system could be successful in reducing situations where the Landlords tend to evict tenants under silly pretexts for the sole reason of getting better rents.

"We will have a rent cap, but will permit the Landlord to adjust the rent based on market value. Both parties should be happy. If you are a tenant staying in an under-priced property, then there should be a way to resolve this. Currently, landlords feel that they have the option of kicking the tenant out of the property and re-renting it. We want to stop this," Bin Ghalita quoted.

He added that despite this, landlords will not be in a position to increase rents during the second year of a contract. In case the Landlords feel that the rent cap is responsible for keeping prices below market rates, they could seek help of Rent Committee to argue their case.

RERA has been assigned the task of registering all rental contracts in Dubai, allowing it to build up annual produced rental price index for every community in the emirate - a benchmark for rental rates.

Currently most residents feel that Landlords with an intention to avoid rent cap for renewal of contracts, are re-leasing the properties to new tenants at a higher rate.

Thursday, October 18, 2007

Retail space in Dubai to exceed four million square meters by 2010

The shopping malls in Dubai, particularly the old and small ones, will soon begin to experience the pressure of decline in rents, as the city is all set to create an additional two million square meters of leasable area within a three year period, a real estate consultancy has revealed.

Dubai MallIn that case, the supply of retail space for shopping malls in Dubai will exceed four million square meters by 2010, as against the current 1.8million square meters. Colliers International, in its report, mentioned that this huge supply of retail space will bring-forth short-term oversupply in the market. The smaller and older malls will then see sharp increase in vacancies, coupled with fall in rentals.

With an aim to be a top tourist and shopping destination, Dubai is building large shopping centers. UAE ranks next to Hong Kong in recreational shopping. The report states "These mega malls will strongly root the Dubai dominance in the retail industry across the region."

Wednesday, October 17, 2007

Saraya to launch sales of its major projects at Cityscape Show

The up-coming Cityscape event in Dubai, will see Saraya Islands launch the sale of its two new upcoming projects, 'Saraya Village' and 'Al Marsa Island'.

Saraya Island project
Saraya will also reveal the latest developments happening in the company at its stand at the expo, expected to take place from the 16th to 18th October in Dubai. The Saraya Islands will be developing four distinct islands- Al-Boum, Al-Sahab, Al-Marsa and Al-Wahat, and a mainland village, the Saraya Village.

Saraya Island project will occupy a 5.5kms long natural island forming a Lagoon, bordered by the islands and its corresponding mainland site which is nearly 16 hectares. The unique landscape offers impressive mountain view, and two different waterfront experiences.

The project stands on an area of nearly 1.4million square meters, out of which, 65 percent will be developed, and 35 percent will be dedicated to common landscaped areas, beaches and open air activities.

Saraya Islands will be located in Ras Al Khaimah, between the Arabian Gulf Waters and Hajjar mountain series. The island provides all forms of luxury to meet the needs and expectations of tourists and residents.

Saraya will offer modern accommodations that range from high-end villas, lagoon view townhouses, terraced apartments, palatial villas, exotic bungalows, world-class themed hotels, serviced residential units, luxury spas and retreats, private and semi-private gardens, high quality retail, entertainment outlets and restaurants, amusement water park, pedestrian roads and bridges, walking and bicycle trails, amphitheatre and a marina.

Al Fara'a to launch apartment complex 'The Manhattan' at Jumeirah Village

The subsidiary of Al Fara'a Construction Group, Al Fara'a Properties, has announced plans to launch the Dh.353mn luxury apartment complex, 'The Manhattan', at the Jumeirah Village, during the coming Cityscape Dubai 2007.

The Manhatten Jumeirah
This latest venture by Al Fara'a Properties is coincidental with their participation at Cityscape Dubai, the largest real estate event pertaining to investments and developments in the region, due to be held between the 16th and 18th of October, 2007 at the Dubai International Exhibition Center.

The developer is also expected to reveal details about their partnership with the Abu Dhabi Commercial Bank (ADCB) and the Emirates Islamic Bank (EIB), wherein investors get to avail their flexible payment plans with a maximum of 90% finance.

'The Manhattan' in Jumeirah Village draws inspiration from the urban residence during 1930's in New York, with about 355 elegant units, comprising studio, single bedroom, double bedrooms and triple bedroom apartments with high-end finishing, in a variety of styles.

The Chairman and Managing Director of Al Fara'a Construction Group, Gangaramani, said "This is a premium site easily accessible to Dubai Commercial Centers and other finest attractions. 'The Manhattan' will live up to our corporate ethos, while also building excellence through partnerships, offering urban convenience, privacy, luxury and access to first-class road networks, amenities and planned Dubai metro."

The Jumeirah Village is a luxurious and secure community with a wide range of facilities for leisure and retail, which includes, clubs, schools, medical centers, sports, promenades, parks, scenic trails, gardens and tranquil waterways, all located at the core of Dubai's commercial district.

Al Fara'a Properties brings with them solid 27 years of expertise in offering quality-bound construction solutions in UAE, apart from indulging in leasing, property purchase and sales, development and management, investment portfolio, corporate client consultancy and facilities management.

Dubai Real Estate Corporation chalks out plans for further strengthening Dubai real estate sector

Dubai Real Estate Corporation (DREC) has begun operations towards development of Dubai real estate sector, so as to fill in the niche market gaps and boost urban growth of Dubai. DREC was recently established following a verdict by H.H. Sheikh Mohammad bin Rashid Al Maktoum, the Vice President and Prime Minister of UAE and Ruler of Dubai.

DREC is a full-solution real estate company, responsible for offering various value-added services, such as leasing and facility management services, real estate management services, and asset management consultancies, for properties that are registered in the name of Dubai Government or any of its departments. Even investments within the entertainment, hospitality and leisure sectors are all based on DREC's operations, and the company has confirmed its plan to develop these specific areas in future.

The Chief Executive Officer of DREC, Hisham Al Qassim, says "DREC has been established to further strengthen the real estate assets in Dubai, and we intend to accomplish this by concentrating on major areas, targeting niche market gaps, and complementing the urban growth by focusing the underdeveloped areas. We are planning a country-wide expansion in the near future, and hope to play a major role in the next chapter of UAE's development."

Currently, DREC is carrying on preliminary studies on the Dubai property sector, and the results will indicate the key areas for development, depending on market demand and growth potential. The company has revealed its intentions to begin operations by focusing on prime areas, while also maintaining strong market in commercial, residential, industrial, and tourism sectors.

Tuesday, October 16, 2007

The $3bn Ajman Marina project to supply 8000 residential units

Ajman Marina
Tanmiyat's Ajman Marina Project, worth $3billion, is expected to add another 8000 residential units to the market. The project will be constructed in two phases over a period of five years.

According to the Project Manager, Azad Nouri, the residential units, covering 14million square feet of built-up area, are offered on a freehold basis. The sale of the units will begin shortly once the designs are finalized.

Nouri invited all the investors and residents to be part of this ambitious project, which offers perfect style and quality, with reasonable pricing.

According to developers, the residential buildings will be one of the modern architectural wonders. The units will be positioned facing the marina, and are expected to comprise hi-tech gadgetry which provides the option for residents to monitor their properties, even when they are out of country.

Apart from this, Ajman Marina provides ample berths and best marine management, including boat cleaning and repairs, loading assistance and dock masters. Other facilities on offer are covered car parks, 24 hours security and close proximity to schools and healthcare centers.

The Springs - community of townhouses

Dubai Springs townhouses
The Springs, is a gated community of townhouses surrounded by scenic gardens and waterways, offering a harmonious and serene environment for small families and couples. It is located within the Emirates Living Community, surrounded by The Meadows and Emirates Hills developments.

The residents could choose any of the three, four or five bedroom units, with areas ranging from 1772 square feet to 3030 square feet. Residents will have their own car ports with ample space for two Cars, in addition to balconies and private gardens, which overlook other picturesque developments. Other amenities available in The Springs include Nurseries, Spas, Parks, Swimming Pools, Gyms and Community Centers.

The Springs is ideally located in close proximity to other major freehold developments, such as the Dubai Marina, which is just across the road, the Mall of Emirates in Sheikh Zayed Road, and hence can easily access other major amenities such as restaurants, with quite a few five star hotels nearby, and supermarkets.

The Springs is one of the large developments by Emaar, constructed in seven phases. The project is now complete, and with its competitive prices and affordability, The Springs is home to thousands of residents.

Al Naboodah awarded the construction of Dh.555mn i-Rise Tower

A leading Dubai real estate developer, Realty Capital Middle East FZ LLC, has awarded to Al Naboodah Contracting, a contract worth Dh.555 million for construction and implementation of the i-Rise Tower. The 37 storey commercial realty project is located in the TECOM (Technology and Media Free zone) in Dubai.

i-rise tower DubaiThe tower will be the largest in the region, comprising a built-up area of more than 1 million and eight hundred square feet. The unique wave-like profile of the tower reflects the advanced infrastructure and the technology-focused vision of the development.

The i-Rise Tower will provide office modules that begin from 700 sq ft in size, in a free-zone location. The development also comprises the best amenities. The commercial project is so designed to include executive and corporate offices, coffee shops, restaurants, 18 high speed elevators, fitness center, retail space, a multi-storey car park and a helipad.

The CEO of Realty Capital - Middle East, Marwan G. Mansour, said "Time is critical for this project, as investors expect timely delivery of the project. With Al NAboodah on their wheels, we are confident about delivering the project in time, while also meeting the highest quality in standards. Currently the phase one of the project is progressing smoothly, and hence we expect a smooth transition to the second phase of construction."

BV International to unveil world's most luxurious floating residences at Cityscape Dubai 2007

Buyers will soon be able to own homes on a luxury ship, which could sail to all locations, including Antartica and Amazon, and attend the Monaco Grand Prix or the London Olympics, the cost of which would be equivalent to nearly 2000 years rent in a Bur Dubai apartment, reports Gulf News.

BV International Ocean Holdings Limited will launch a scale model of the 719 foot vessel during the Dubai Cityscape exhibition on 16th to 18th October 2007. The company is expecting a strong reaction from the Middle East to the 112 luxury homes, the prices of which range from Dh.15.69mn for a single bedroom apartment to Dh.52.30mn for a triple bedroom. Penthouses are limited in numbers, with prices ranging from Dh.57.5mn to Dh.155.69mn for a multi-floor penthouse. The sizes of the residence would range from 800 sq ft to approximately 8000 sq. ft.

The 13-deck ship will move around the glob maintaining an average cruising speed of 18.5 knots, visiting cosmopolitan centers and anchoring near remote locations that are accessible only to a limited number of smaller yachts.

The residences on board that are hundred percent furnished, are designed to the standards of Four Seasons Hotel and Resorts, which was also launched by BV International. The residences will be designed by Tillberg Design, the company behind the development 'Queen Mary 2'.

Major features on board include four restaurants, fitness rooms and spas, a gourmet, a casino, business center with video conferencing and meeting rooms, a helipad, a wine cellar, golf simulator, putting greens, a retractable marina that provides ship to shore services, launch of jet skis or sailboats and scuba expeditions.

The first journey has been scheduled for 2010. The initial two years will have a fixed itinerary that covers the Amazon and Antartica, the Grand Prix in Monaco and the 2012 Olympics in London.

The company mentioned that its target clientele are people who are extremely successful and are at the high-end of social scale, and would like to treat themselves to the ultimate travel and luxury. The company is expecting atleast five percent sales from the Middle East market.

The project is due for completion and delivery in 2010.

Monday, October 15, 2007

Tameer announces 73 storey skyscraper worth Dh.7bn in Abu Dhabi

Tameer, the Sharjah-based real estate developer has announced the construction of a 73 storey skyscraper 'Tameer Towers' worth Dh.7 billion in Abu Dhabi. It is a mixed-use development which is located on prime location on Shams, between the sea and the Central Park.

Tameer TowersThe development, apart from the state-of-the-art commercial skyscraper, also includes, four well-designed residential towers, serviced apartment building, a seven star luxury hotel, stepped villas and townhouses, a canal and promenade with dining and retail grounds with plenty of parking space and amenities, and a private marina.

The project has been designed by Gensler, the largest and well-renowned architectural firm in the world. The project consists of a gorgeously designed 73-storey international commercial tower which is more than 3000 feet, supported by a 640 foot prismatic atrium. The structure towers over the canal, which passes through its two legs, meets the private marina of the building, together forming a remarkable architectural masterpiece.

The tower provides the ultimate in flexibility with an option of customized offices or floors, with VIP offices in the upper 20 floors, in addition to services offices and executive floors that have their own private entrances and elevators. Also there are four residential towers of varying heights that surround the interior finishing and the luxurious design.

The Managing Director of Tameer in Abu Dhabi, Dr. Abdallah Shaaban, says "Tameer's foray into the UAE's capital property market was coincidental with the launch of the seven-star Tameer Towers project, one of the few developments in Abu Dhabi, providing freehold title to buyers of all nationalities. We are proud to launch this project for investors from all around the world and residents of Abu Dhabi, who would like to be associated with such prime property. The commercial tower will re-define the manner of conducting a business, while the residential towers will offer a lifestyle that cannot be found elsewhere in the world."

Dubai will see 150,000 new residential units: Colliers

According to a report by Colliers International, the Dubai realty sector will shortly see 150,000 new residential units.

Out of these about 134,838 units will be constructed in various 'foreign ownership zones', with about 3415 units in Al Barsha and 4609 units in the Tecom areas. Thirty percent of the Dubai Marina is empty, with owners living in 33 percent of the houses, and the remaining 37 percent are rented out.

The report highlighted the fact that a lot of attention is being focused on the development of high-end products, while the low and middle-income segments are being given only minimal attention. Highlighting the consequences of an oversupply, the report mentioned that high-end residential segment may assume a top-down nature, leading to market-wide relaxation in lease terms, which are currently heavily weighed in favour of landlords."

The report stated that with the landlords getting more competitive, the yearly advance rent payments will be widely replaced by quarterly, or probably, by monthly advance payments within eighteen months. However, this will lead to tightening of regulations, governing the policies of real estate brokerage firms, to ensure the income security of landlords.

Sunday, October 14, 2007

Dubai Properties to unveil two new projects at Cityscape Dubai 2007

Leading real estate developer, Dubai Properties, has announced their plans to unveil two new real estate projects in Dubailand and Business Bay, costing Dh.40 billion, during the Cityscape Dubai 2007, the largest mega-event pertaining to business and property in the region.

Bay AvenueDubai Properties will showcase its signature developments, including the Executive Towers, Business Bay Vision Tower, The Villa and the freehold residential community in Mediterranean Style, and the Al Waha Villas in Dubailand.

The CEO of Dubai Properties, Mohamed Binbrek, said "Cityscape is a valuable platform for the real estate sector. The participation will help us network with international investors and serious buyers. The event will also be an ideal opportunity for visitors to gain information on the recent sales offerings in our flagship products."

This is the sixth year of the Cityscape show, and this year, about 45,000 or more international and regional investors, governmental and development authorities, real estate developers, consultants, designers, leading architects and senior industry professionals are expected from more than 120 countries.

The Dubai Properties is participating in the show for the fourth consecutive year, this year. The Cityscape Dubai 2007 has been scheduled from 16th October to 18th October 2007 at the Dubai International Convention and Exhibition Center.

Friday, October 12, 2007

ETA Star to unveil its first master development project La Italia at the Cityscape 2007

ETA Star, the major property developer in UAE, is expected to display its first master development project, La Italia, worth Dh.2.5billion, at the Cityscape 2007 show. The Cityscape show will be held between the 16th and 18th of October, at the Dubai International Exhibition Center.

La Italia
La Italia is an authentic Italian themed residential community expected to be launched at the FalconCity of Wonders, Dubailand. According to sources, La Italia will comprise of low-rise, traffic-free residences in the Rome, London and Venice clusters.

Apart from La Italia master development, ETA Star will showcase its other recent projects, such as Center Court located at Jumeirah Village South, and a mixed-use development projects currently in its initial stages in Oman and Muscat. Center Court is a mixed-use project with retail and residential units that form a private community, which will render an unmatched quality of life with a serene atmosphere for family living.

On the whole, projects worth Dh.5 billion will be displayed at the ETA Cityscape stall.

The Executive Director of ETA Star, Abid Junaid, said "We aim to showcase the flagship project of ETA at this prestigious event. We believe that there would be not better platform to showcase our first ever master development project, than Cityscape, The event has been an excellent marketing platform for developers like us, as it allows us to interact with international and regional investors and developers."

Cityscape is an ideal platform for local property developers to showcase their projects, acting as window to potential investors from around the world, to catch a glimpse of the booming property market. The mega-event offers a view of future landscape in Dubai.

Currently, ETA Star is developing several millions of Square Feet of property across several countries in Middle East, UAE, India, Qatar, Turkey and South-East Asia.

Thursday, October 11, 2007

Dh.224b Arabian Canal expected to be a 'wonder' of the engineering world

Arabian Canal
Dubai, on Tuesday, unveiled a 75-km canal, which would re-shape the southern part of Dubai, transforming the huge Jebel Ali land mass into an island.

This latest mega-project of New Dubai, the Arabian Canal, will turn out to be the biggest and most expensive engineering feats in the world, costing $61 billion (Dh.224 billion).

The giant project will be built in two phases - the first phase is the 75kms canal, worth $11 billion that connects Palm Jebel Ali to the Palm Jumeirah, and the second phase is a 'city within a city' worth $50billion, which covers 20,000 hectares across the southern flank of the canal.

The global real estate branch of Dubai World, which is developed by Limitless, will also bring about a transformation on the arid terrain which stretches from outskirts of New Dubai to Jebel Ali.

"The Arabian Canal, will no doubt, be one of the wonders of the Engineering world," commented Saeed Ahmad Saeed, CEO of Limitless.

The canal, measuring about 150 meters in width and six meters in depth, will flow locally from Dubai Waterfront, through east of new Dubai World Central International Airport and finally will turn back to Palm Jumeirah.

The entire canal project is due for completion towards 2010.

Omniyat announces Dh.6bn worth real estate projects in Dubai

Omniyat Properties on Monday announced three real estate projects in Dubai, worth Dh.6 billion, as it tries to build its place as one of the leading developers in the emirate.

The Opus DubaiThe first among three projects is an office complex, worth Dh.1.5billion in Business Bay. The other two are mixed-use developments which would comprise residential units, shopping malls and hotels, with one on Dubai Waterfront worth Dh.2 billion, adjacent to the Palm Jebel Ali, and the other, worth Dh.2.5 billion, in The Lagoons, overlooking the Wildlife Sanctuary.

All the three projects are scheduled for completion by mid-2008. Omniyat expects that the launches will bring in a real estate investment of nearly Dh.10 billion by 2008.

None of the three projects will, however be displayed in the Cityscape real estate expo in Dubai, as Omniyat plans to showcase 'The Opus', a Business Bay development at the expo.

Few other projects that Omniyat is currently working on, includes Bayswater, One Business Bay, The Gemini, The Binary, The Pad and The Square.

'Demand could surpass supply during the next decade in Abu Dhabi' say reports

According to a report by The National Investor, the demand for housing in Abu Dhabi, is likely to surpass supply for the next decade, spiraling rent rates.

"We expect a situation of oversupply to threaten the value of local property market," reports the Investment Bank.

The Bank advised that investors who are interested in getting the best out of Abu Dhabi property market, need to stay away from single, direct equity investments, which will bring significant risk and volatility.

About 140,000 units are expected to be supplied in the market by 2009 and 2010, in comparison to just 10,000 during 2008 and 2009. Also, the demand during these three years, could average to about 18,000 units per year.

"The next two years are likely to be slow in terms of residential supply, and hence rents would continue to remain stable," the Bank said.

Companies such as Sorouh Real Estate, and Aldar Properties, are developing about $121 billion worth of properties in Abu Dhabi, reported the Bank.

Wednesday, October 10, 2007

Emaar to display flagship international real estate projects at EXPO REAL 2007

Expo Real 2007
Emaar Properties, the leading global real estate developer, has announced its decision to display its flagship and international real estate projects at the EXPO REAL 2007 global trade exhibition. The exhibition will be held at New Munich Trade Fair Center, from 8th October to 10th October 2007.

Emaar will be making its second appearance in this international event, highlighting master projects including King Abdullah Economic City in Saudi Arabia, Downtown Burj Dubai, and various other master-planned communities in its international markets such as Morocco, Syria and Egypt.

The major attractions at the Emaar stand will include mixed-use real estate projects such as Burj Dubai, Downtown Burj Dubai community, including the world's tallest free-standing structure, Burj Dubai. Other developments that will be displayed include the Eighth Gate master planned community project in Damascus, the Marassi residential development in Egypt, the ongoing expansive developments, Amelkis II and III in Morocco, Tinja, Oukaimeden, Bahia Bay and Saphira Communities.

The Managing Director of Emaar, Issam Galadari said "As a trade fair hosting some of the high-profile developers of the world, global industry professionals and investors, EXPO REAL is the perfect venue for enhancing the awareness of projects on a global scale. It displays the ever expanding, inspirational architecture in Dubai, to a wide global audience, creating an invaluable networking platform for key investors."

Cirrus Development- the first in Dubai to form a Trust Account, prior to announcing a single property

cirrus developments
Cirrus Developments, a leading Dubai real estate developer, has entered into a Partnership with Badr Al-Islami, the Islamic Banking Division of Mashreq, to form a Trust Management Account for the security of property buyers.

The Partners have announced an awareness campaign to keep the public informed about the new Emirate of Dubai Property Law (Law No.8, 2007) that offers protection for investors buying 'off-plan'.

Cirrus Developments holds the credit of being the first property developer in Dubai to have set up a Trust Account even before announcing a single property offering in the market. Also, Badr Al Islami becomes the first finance house to receive approval from Dubai Land Department to provide these accounts.

The account has been activated based on the new Law No.8 of 2007 that guarantee accounts of real estate developments in Dubai that came into effect in July 2007. The law aims to protect purchasers in off-plan transactions by creating trust accounts so that the installation payments are managed.

The Chairman & CEO of Cirrus Developments, Behnam Eshragh, said "As a developer, we volunteered to be part of the Trust Management account six months prior to the time when the law was passed. The new property law is welcome news for property buyers in Dubai. We aim to offer our best possible experience for our customers, and this is a mark of our commitment in this area."

Tuesday, October 09, 2007

Rental Disputes Committee warns landlords against change residential buildings to hotel apartments

A senior official in the Abu Dhabi Rental Disputes Resolution Committee has clarified that Landlords cannot evict tenants for the sole purpose of change of business, from residential buildings to hotel apartments.

The Chairman of the Resolution Committee, Mohammad Rashid Al Hameli, said "Changing business from residential building to hotel apartments is not a legal ground to evict tenants".

Al Hameli mentioned that legally landlords do not own the right to evict tenants, unless in specific cases, such as approved demolishing for personal use, or for tenants failure to pay the rent, or subletting the property without the approval from landlord or for violating public norms.

In case of demolishing the building, the tenant should be informed about it six months in advance, and in case it is found that the landlord has not been living in the property after evicting the tenants under the pretext of personal use, or if the property has been re-rented to another party, the tenant can place a complaint before the committee, said Al Hameli.

Al Hameli also clarified that tenants should not obey any eviction orders by the landlords or other authorities, unless the eviction order has been approved by the Rental Disputes Resolution Committee. Speaking on eviction notices, Al Hameli advised that tenants have the right to receive notices but should sign clearly that although they are in receipt of the notice, the eviction order was rejected. At the end of tenancy contract, the tenants can then submit a complaint to the committee and deposit the rent or any installment pertaining to the building, as per the terms of contract in cash, so that it could be renewed.

It has been found that off-late, there is an increasing tendency for landlords to give away the building to hotel operators on a yearly lump sum rental basis so as to convert the building to hotel apartments.

Tenants have requested the Rental Dispute Resolution Committee to issue clear guidelines for tenants to understand their rights, particularly the circumstances under which they could be evicted from the building.

Monday, October 08, 2007

German Business Park at Dubai Silicon Oasis

German business park Dubai
The German Business Park FZCO has entered into a contract with Fischer Architects of Mannheim, Germany, to prepare the conceptual designs and preliminary engineering for its Dh.750million mixed-use real estate development at Dubai Silicon Oasis Head Quarters.

The German Business Park FZCO is a joint-venture between Bin Jabr Group of Abu Dhabi and Dubai Silicon Oasis Authority. The Dubai Silicon Oasis, where the project is likely to come up, is the premier integrated innovations hub in the region for high-tech industries.

The German Business Park, worth Dh.750million, covering an area of 82,000 square meters, comprises a large three-level podium, bordered by two slender towers with twelve floors each, up to a height of 60 meters.

The Park will offer German companies with a business class hotel, commercial space for sale, serviced apartments, luxury retail and restaurant area, and underground parking space for about 1700 cars.

A part of the real estate development will also house the German Center Dubai, an exclusive business environment with networks, offices and other services initially established by Landesbank Baden-Wurttemberg (LBBW). The German Center aims to provide office space and comprehensive support to medium and small-sized German companies looking to establish their operations with Dubai as the base.

The General Manager and Managing Director of the German Business Park, Dagmar Abdelatif, said "We foresee German Business Park and German Center Dubai to form an effective platform for considerable business transactions for both German companies and the companies seeking to operate in the UAE. The development will also offer a lively and attractive environment for Dubai to enjoy the German hospitality and culture all under a single roof."

Dagmar revealed that the company plans to launch the project on 8th to 10th October 2007, at Expo Real in Munich, Germany. A special venue has been allotted to interact with German companies and the team of consultants of the group, so as to incorporate any suggestions into the final design of the German Business Park, to make it truly unique.

The Park has been scheduled for completion by late 2009.

Sunday, October 07, 2007

The Jumeirah Lake Towers at Dubai Marina

The Jumeirah Lake Towers is yet another development, situated across the Dubai Marina development, equally impressive in size, comprising high-rises that are scattered around the man-made lakes. The buildings depict a range of residential and commercial freehold properties, marking an extension of growing business community in Dubai.

Jumeirah Lake Towers
There will be a total of 87 towers, most of which are either under construction, or to be completed soon, and will be situated among four purpose built manmade landscaped gardens. Residents will get to catch a glimpse of newest part of Dubai, including the freehold communities like Emirates Living that are nearby.

The upcoming towers of the development include the Al Seef, Lake Plaza, Armada, Concorde Tower, Al Waleed, Dubai Arch, Dubai Gate, Falcon Tower, Flamingo, Fortune Executive, Fortune Tower, Global Lake, Goldcrest Views, Green Lakes towers, HDS Tower, Indigo, Laguna Tower, Lake City, Lake Shore Tower, Lake Terrace, Lake View, Madina Tower, Manchester Tower, Ocean Heights, Palladium, Saba Tower, Tamweel Tower, The Icon, Vista de Lago, Vue du Lac and Wind Tower.

Jumeirah Lake Tower aims to combine working and living in perfect harmony. All the buildings have good finishing, and offer the best in services and amenities. The commercial buyers can rest assured of excellent office accommodation that is hundred percent secure, and good services from the neighbouring facilities. Residents too, get to enjoy good amenities within their buildings, from swimming pools to gymnasiums, to saunas to conference centers.

A waterfront promenade surrounds the towers, where the working community and the residents get to enjoy an extensive range of outdoor restaurants and cafes all through the day and until late in the night. Retail outlets will also be easily available, to ensure all essential provisions are available on fingertips for the residents in the development.

Emaar Properties launches 'Polo Homes'- an exclusive villa community

Emaar Properties has launched the 'Polo Homes Community', an exclusive collection of villas at the Dubai Polo and Equestrian Club.

Polo Homes Dubai
Located adjacent to the Arabian Ranches, the Polo Homes are limited in number, with just 71 polo fields, and makes one of the most opulent and impressive residential communities by Emaar till date. Residents could also enjoy the close proximity to Dubai Internet City, Dubai Media City and Jebel Ali Free Zone.

Apart from meeting the increasing demand for villas in Dubai, and being a part of the Arabian Ranches community, the Polo Club offers vast leisure facilities and easy access to the Arabian Ranches Golf Course. The residents at Polo Homes get to enjoy a range of amenities such as health and fitness facilities, retail outlets, schools, children play areas, all within the Arabian Ranches development.

The Polo Homes offer the option of choosing the interior themes between 'Classic' and 'Traditional', The decorative coving, hand-made Mashrebia screens, and contrasting marble inlaid floors are the features incorporated in traditional-themed homes, while the classic-themed homes includes understated elements of design from classic wall mouldings, displaying clean lines, hand-made joinery etc.

The 71 detached two-storey villas range from four to six bedrooms, with sizes ranging from 6,777 square feet to 15,563 Square Feet and plot sizes ranging from 15,551 to 39,611 Square Feet of space. The villas are placed alongside the polo fields of Dubai Polo and Equestrian Club, which stretches over a desert landscape of 68 acres, featuring a clubhouse, two polo fields, show jumping arenas, one practice filed and two riding fields.

Saturday, October 06, 2007

Union Properties launches UPTOWN Motor City Phase II

Union Properties PJSC (UP), the leading real estate development company, has launched Phase II of the UPTOWN Motor City development to the public, following remarkable success of Phase I. The UPTOWN MotorCity Real Estate Project, which is located on Emirates Road, includes Dubai Autodrome, F1 Theme Park, Green Community Motor City and Business Park Motor City.

UPTOWN Motor City
UPTOWN Motorcity is a freehold master development with amenities such as swimming pools, schools, play areas, park areas, sports facilities and retail outlets. The UPTOWN MotorCity Phase II comprises studios, single, double and triple bedroom apartments.

The General Manager of UP, Lesley Sayle, expressing his pleasure over the sales results, said that ever since it's launch, the development has sparked interest of various home owners, and recreation of brands has always brought success and increased demand for the properties has given UP an edge for having a complete project like UPTOWN Midriff as the benchmark.

Finance options are also available for the development subject to affiliate bank terms and conditions.

Le Grand Chateau from Al Fara'a Properties meets hundred percent sales

Al Faraa Properties
The flagship subsidiary, Al Fara'a Properties, of the Al Fara'a Construction Group, has announced hundred percent sale of its signature project Le Grand chateau, worth Dh.225million. Al Fara'a is progressing as scheduled and is expected to be delivered in the last quarter of 2008, thereby being the first to deliver a project in Jumeirah Village.

This success by Al Fara's group comes at the right time, when the region has been witnessing unparalleled growth in real estate developments, says Gangaramani, the MD and CEO of Al Fara'a Construction Group.

"Dubai has developed into a major tourist destination in Middle East with 2100 construction projects being planned or under construction across the Gulf, touching $1.5trillion mark in value. Hence, keeping our developments apart in terms of timely delivery, service and quality and value are the major factors behind the success of Al Fara'a Properties," says Gangaramani.

Le Grand Chateau is much sought-after, due to its ideal location at the heart of Jumeirah Village Community, adjacent to green belt, and its timeless architectural splendor that depicts the 16th Century Chateaux of the Loire Valley in France.

The development consist of luxurious four bedroom G+2 townhouses, and an apartment block with 185 studios, single, double and triple bedroom apartments, overlooking the landscaped courtyard.

Friday, October 05, 2007

ETA Star, ADCB sign MOU for construction of Taj Exotica Resort and Spa at Palm Jumeirah

The Taj Exotica Resort
ETA Star, together with the Abu Dhabi Commercial Bank (ADCB) has announced the construction of Taj Exotica Resort and Spa at The Palm Jumeirah, and has entered into an agreement to this effect.

As per the agreement, ADCB will lend Dh.275million to ETA Star for construction of this superb resort complex. ETA Star plans to construct Taj Exotica Resort & Spa through a partnership with Taj Group of Hotels.

The Taj Exotica Resort & Spa is a luxurious five-star hotel development, depicting the style of conventional Palaces of Rajasthan. The highlight of the entire development is the 262 room 'Jiva Spa', which is likely to be the largest in the Middle East. The Spa comprises single and double treatment suites, meditation and yoga pavilions, beauty treatment rooms, fully equipped gyms and relaxation pools. Other facilities include Tennis Courts and Private beaches, and the swimming pools.

The Executive Director, ETA Star, Abid Junaid said that ETA Star has always aimed to provide only the best to its customers, by delivering state-of-the art projects without any comprises being made. The Taj Exotica Resort & Spa, on completion, will be the 'abode for modern-day royalty'. He assured that the project will provide its occupants all perks that a regal hospitality would offer.

The Palm Jumeirah Signature Villas

Shaped like a Palm Tree, The Palm Jumeirah, consists of a trunk, a crown with 17 fronds, and a surrounding crescent island which forms a 11-kilometer-long breakwater. The island covers 5kilometers by 5 kilometers in area, and is larger than 800 football pitches. The mainland and the crown are linked by a 300-meter long bridge, and the top of the palm is connected to the crescent by a subsea tunnel.

Palm Signature Villas
By the next three years time, with the development of tourism phases, The Palm Jumeirah is touted as the premier resorts in the world. The Palm Island is the self-declared "Eight Wonder of the World". The island is expected to double the Dubai coastline. Currently, with the completion of most apartments and villas, the first residents have already moved in, and have begun experiencing the lifestyle of living in an island.

The Palm Jumeirah is expected to feature the best themed boutique hotels, beaches, restaurants, marinas, cafes and various retail outlets. More than 30 beachfront hotels will be opened towards the end of 2009, few of which include Atlantis, The Trump International Hotel and Tower, The Taj Exotica Hotel & Resort, The Palm, Tiara Residence, Grandeur Residences, The Fairmont Palm Residence, Tiara Residence, Oceana Residence, The Fairmont Palm Hotel and Resort, The Dubai Estates Hotel and Park, Hotel Missori, Dubai, Kempinski Emerald Palace, Kempinski Emarald Palace Residences.

Jumeirah Freehold property is already available to move in, which also includes Signature villas, Garden villas, Shoreline Apartments, Oceana apartments, Marina Apartments, Canal Cove townhomes and Golden Mile Apartments.

Apart from featuring unique designs that are finished to suit individual specifications, the Signature Villas, offer numerous other amenities including private swimming pool, a private beach, and access to all other facilities of the Palm residences.

Thursday, October 04, 2007

Dubai World joins hand with 'One & Only' for luxurious Zanzibar Resorts

Dubai World has announced its partnership with 'One& Only Resorts' for development and management of its new luxury resort in Zanzibar, worth $150million, due to be opened in 2009. Dubai World, managers and supervises the portfolio of real estate projects and businesses for the Dubai Government.

'One&Only Zanzibar' will feature a 50-room residence, a 150-room luxury hotel, and a spa retreat, on a 76-Hectare site at Muyuni Beach in Zanzibar. Located on an exclusive part of Zanzibar, facing an island of coral reefs, the Muyuni Beach houses some of the leading dive sites in Africa.

The resort is situated just 45 minutes away from the island's renowned world heritage site, The Stone Town. It is just 15-minutes away by flight from Dar Es Salam, and is easily accessible by flight from Dubai and Nairobi.

The Chairman of Dubai World, Sultan bin Sulayem says "Zanzibar resort aims to be known as the most luxurious and beautiful resort destinations in the world. Hence our choice of partners is of utmost importance for this project. We are delighted about our relationship with One & Only and its Parent company, Kerzner International. One&Only Resorts will be known as the hallmark of excellence and a truly spectacular property."

The One&Only Resorts is one among the premier luxury hotel brands with six resort properties in the Maldives, Mexico, Mauritius, Bahamas and Dubai.