Saturday, May 31, 2008

Sunland Group unveils Nur - a boutique residential tower

The Sunland Group, a Dubai-based realty developer, has announced plans to unveil 'Nur', a Dh.725m, 27-storey completely furnished boutique residential tower, at Dubai's Culture Village. Being Sunland's third project, this project raises Sunland's portfolio to more than Dh.13bn.

'Nur', which implies 'light' in Arabic, follows the success of the company's earlier developments, D1 and Palazzo Versace, also in Culture Village.

The project is launched through joint-venture with London's Peacock Ventures Limited, and comprises 191 single and double bedroom apartments, two luxurious five bedroom penthouses, split at two levels. The sizes of the apartments vary from 767 square feet for a single bedroom apartment, to 1412 square feet for a double bedroom apartment, with additional private space for balcony.

The Founder and Managing Director of Sunland Group, Soheil Abedian, said "We have pre-sold about 70 percent of Nur, without any major marketing campaign, due to the cachet and quality of the apartments, the value for money, and the proven success track of the Sunland brand."

Abyaar, Mada'in join hands to launch $817m worth projects

The Dubai-based Mada'in Properties, together with Kuwait-based Abyaar, have together ventured into launch of new development projects in Dubai. To begin with, two projects worth Dh.3 billion will be launched.

According to the Abyaar Vice-Chairman and Managing Director, Al-Rashdan, the projects mark the beginning of a long-term partnership between the two companies, specializing in state-of-the-art high-end development.

The first project will be located at the prestigious Dubai Marina, and comprises 107 exclusive units, along with townhouses. The construction of the tower is due to begin by second half of this year.

The next project would be the Meydan master development, which has been long-awaited. Meydan, located near Nad Al Sheba in Dubai, is an area renowned for hosting of Dubai World Cup.

Combined plots with total built-up area of 884,815 square feet, will be developed as mixed-use development and will comprise residential, commercial and retail segments. The design and conceptualization work has already commenced.

Al-Rashdan has confirmed that the high-end quality will be maintained throughout their project, which targets the discerning, niche investor.

The CEO of Mada'in properties Abdulaziz Al Alwar said that the company has already made its presence felt with their first launch Marina Arcade at Dubai Marina. The 64 storey development was one-of-its-kind offering smart home technology, landscaped roof top gardens, largest health and fitness centers, full scale jogging track, rooftop townhouses with Jacuzzis, penthouses, duplexes and Sky Palace.

Dubai office rents tenth most expensive in the world


Office rents in Dubai have soared 30.7% during the past twelve months, making Dubai the tenth most expensive in the world, in fact, more expensive than New York's Manhattan, and could soon exceed those in the white hot Mumbai market, reports CB Richard Ellis (CBRE), a global commercial property services firm.

Mumbai rents had increased by just over 11.3% during the same period, and the city slipped down from the second to the fourth position in the world rankings.

The price per square foot this year in Dubai is $128.45, as against Mumbai at $210.97. An office for 30 people, based on 100 square feet per person, will now cost at $309,600 per year in Dubai, up from $294,960 about a year ago.

London's West End has once again been recorded as the most expensive office market in the world, followed by Moscow, Inner Central Five Wards of Mumbai, and Outer Central Five Wards of Tokyo.

On the whole, Europe, Middle East and Africa (EmeA) region dominated the list of world's fastest growing occupancy costs, accounting for five of the top ten, and nineteen out of the top fifty markets.

Worldwide, about 88% of the 173 office markets monitored, reported higher occupancy costs.

"Office occupancy costs are continuing to resist sluggish economic conditions, and the credit crunch, as they rise even faster than global inflation," said CBRE's global Chief Economist, Raymond Torto.

With the increase in cost being dominated by emerging markets, due to supple-demand imbalance, and dollar depreciation, the Class A office space is seriously lacking in few of these emerging markets.

Friday, May 30, 2008

New global realty firm Property House launched in Dubai

A new $1billion global realty firm, Property House, which aims to establish itself as one of the top five realty companies in the region, was launched in Dubai last week.

With a landbank of about six million square feet in Dubai and Ajman, Property House plans to launch several new projects in UAE this year.

The Chief Executive Officer and Managing Director of Property House, Mohammad Nazir, said "Dubai is a market brimming with high yield potential. It has been said that development is the only constant thing in the real estate market, and Dubai, no doubt, is the best examples of this theory."

The General Project Manager of Property House, Amit Kochar, revealed that among the projects to be launched, the first two projects will be one residential and one commercial, out of which, one will be launched in Dubai next month.

The first residential project, will be worth Dh.250mn to Dh.500mn.

Property House has also invested heavily in the 115-acre Al Helio Downtown City of Ajman. This mini-city will be based on Chicago's and New York's grid system and aims to house 32000 residents and attracts an additional 24000 for work purposes.

Developed by South Korean developer, DSECO, the construction of the mini-city will commence this year and will be complete by 2013.

The company also announced future expansion plans to the rest of UAE.

Thursday, May 29, 2008

Deyaar launches Mirar Residences in DuBiotech

Mirar Residences
The fastest growing real estate company in the region, Deyaar, has launched the 'Mirar Residences', a three tower residential project at the the Dubai Biotechnology and Research Park (DuBiotech).

Being ideally located minutes away from the Sheiikh Zayed Road, the Jebel Ali Airport, Dubai Internet City, Dubai Media City, and Dubailand, Emirates Road and Al Khail Road, the residential project offers 414 single, double and triple bedroom apartments, comprising a range of luxurious recreational amenities such as the rooftop swimming pools, ample parking space, mordern gymnasiums and high-speed internet connectivity.

The project will be situated amidst five-star restaurants, shopping malls, and major business hubs such as Dubai Media City, Dubai Internet City and Dubai Metro.

The Managing Director of Deyaar, Saeed Al Qatami, said "Mirar Residences is one of the first residential offerings in the centrally located DuBiotech Park. Deyaar is well-known for its commitment towards high customer service and product excellence, which proves attractive to both end-users and investors."

The project is already well under construction, and is due for delivery by end of 2010.
The buyers of Mirar Residences can avail financing from a series of home finance providers such as Amlak Finance, Abu Dhabi Commercial Bank, Dubai Islamic Bank, RAK Bank and Tamweel.
DuBiotech is a master development aimed toward creating an advanced technical and community infrastructure to accelerate the growth of life science industry within the region.

Situated in proximity to Dubailand, DuBiotech houses state-of-the-art laboratories, manufacturing units, core research amenities and prime residential and commercial space.

Tuesday, May 27, 2008

Region's investment in theme parks exceeds Dh.11 trillion

The region's leisure and tourism sector is likely to receive a major boost with the planned investment of Dh.11 trillion on theme parks and other leisure and tourism projects in the Middle East, over the next twenty years.

Theme parks in Dubailand
The forthcoming attractions in the region include the Restless Planet and Universal Studios in Dubailand, Entertainment City in Qatar, Ferrari World in Abu Dhabi, Aquaventure Waterpark at Atlantis in Dubai, Warner Bros theme park at Abu Dhabi, Marvel Entertainment Theme Park in dubai, Paramount Pictures-branded theme park in Dubai and the WOW RAK theme park comples in Ras Al Khaimah.

As per the region's current estimates, the entertainment and leisure sector is witnessing an annual growth of 20 to 25 percent, touching Dh.36billion.

Dubailand, the Dh.235bn tourism and entertainment project is being built in the emirate, announced that it would be located at new Dream Works Animation theme park, through a strategic alliance with the US studio. Comprising a collection of 24 theme parks, Dubailand will be the biggest leisure attractions in the world.

The construction of theme parks will happen in phases. The preliminary design work and site planning is underway and the first phase is likely to open by 2012.

The massive investment on theme parks is expected to increase demand for gardening equipment and products and services of landscape design companies and landscape artists too are likely to increase considerably over the next couple of years in the region.

Al Barakah real estate group to build tallest tower in Ajman

Manara Ajman
The Dubai-based Al Barakah real estate group, which has made its strong presence felt in all segments of real estate sector, and which currently holds a project portfolio of more than Dh.8billion, has now announced the launch of 'Manara Ajman', which is likely to be the tallest tower in Ajman.

The 95-storey tower will be a part of Dh.4bn mixed-use development in Marmooka City, being developed by Al Barakah group. Although, the exact height of the tower is yet to be revealed, Manara Ajman, adds an interesting vertical dimension to Ajman's skyline.

Manara Ajman, known as 'Lighthouse of Ajman' in Arabic, will be a part of the large multi-storeyed project -The Crest. The Crest comprises freehold commercial, residential and retail segments along with modern entertainment, lifestyle, leisure and fine dining opportunities.

The CEO of Al Barakah, Imran Khan, said "The Crest is the most ambitious project that Al Barakah has ever done till date. It is an iconic development that renders Ajman with its first tallest tower ever. Manara Ajman adds a distinct advantage to the project, and is ideally positioned as the gateway to Markmooka City."

Manara Ajman, the 6 million square feet development will include four other towers - the Burj Regal, the Burj Royale, the Burj Monarch and the Burj Regent. The Burj Regent and Burj Monarch will share a common podium, incorporating diverse retail opportunities that spreads across more than one million square feet of area, with a dedicated car parking for the retail sector.

Designed by Primatec International, the project is scheduled to be complete by 2012.

Monday, May 26, 2008

JMS unveils luxury hotel & commercial tower -Sharjah Jewel

JMS has announced plans to unveil a luxury hotel and commercial tower, called the 'Sharjah Jewel', worth Dh.1.5bn, at the Al Mamzar Lagoon in Sharjah.

The tower, which is ideally located at the pristine beaches of Al Mamzar Lagoon, will heighten the sense of luxury for anybody working or residing there, and afford good accessibility to Dubai and Sharjah.

The unique 'hanging' form of the Sharjah jewel will continue to rise dramatically at ground floor plus 55 floors. The top eleven floors of the Sharjah Jewel is comprise of furnished residences, connected directly to hotel, with access to office tower. The floors at the office space are likely to be the most sought-after in the UAE, due to the magnificent views of Al Mamzar Lagoon and the Sharjah skyline.

The JMS Chief Executive, Randa Kamal, said "The unique and outstanding architecture, coupled with the top quality construction and fittings, makes Sharjah Jewel the ideal landmark development in the emirate."

The work on the development is due to begin in the first quarter of 2009. The project is likely to be complete within 30 months after the commencement of construction.

Saturday, May 24, 2008

Julfar Towers in Ras Al Khaimah completes 30 storeys

Julfar Towers
Leading real estate developer in Ras Al Khaimah, RAK Properties, has announced the completion of construction works on its three-storey podium and utility networks of its 'Julfar Towers'. This was revealed during the second Ras Al Khaimah Real Estate and Investment Show, being held at the Ras Al Khaimah Exhibition Center between 22nd and 24th May 2008. RAK Properties is the sponsor of the show that brings together the region's leading contractors, developers and realty companies.

The construction work of the twin tower realty project, is on par with the residential tower, which now stands at 30 floors and the office tower which stands at 28 floors.

Centrally located in Ras Al Khaimah with adjacent creek, mangroves and a mountainour backdrop, both towers offers stunning views. The development is also only minutes away from the Hilton Hotel, Manar Mall, the beaches and the golf club. The project also offers 100% foreign ownership to investors of Julfar Business Tower.

The Julfar Towers real estate project in Ras Al Khaimah, worth Dh.500million comprises two 43 storey towers. One among this is a residential tower with 349 apartments and the other is an office tower with 468 units, built on a three-level podium. The podium also inclued an advanced business center, retail and food outlets. It is considered to be the nerve center for common facilities utilities.

The Managing Director and CEO of RAK Properties, Mohammed Sultan Al Qadi, said "The completion of the podium and utility networks is a major milestone in the construction of Julfar Towers. We are pleased with the manner in which the work has been progressing and we are confident of completing the project by next year."

Freehold residential development The Residences unveiled at Jumeirah

A Dh.4billion worth UAE-based realty development, Al-Duaa Holdings, the advisory and investment company, together with A&A Investments, a regional leader in investment services, has launched Dh.240million freehold residential project at Dubai's Jumeirah Village, namely 'The Residences'.

The development which offers 277,929 square feet of premium quality residential and retail space with ample parking, comprises 10 storeys which accommodates 146 units. There are 23 studios, 95 single bedrooms, 21 double bedrooms and 7 lofts. The project offers easy access to hotspots in Dubai such as the Dubai Marina, the Dubai Sports City and the Dubai Internet City (DIC).


Designed by Dimension Engineering Consultants, the project offers various amenities such as the gymnasium, steam room, swimming pool, sauna and Jacuzzi. The Loft apartments on the top floors of the project have their own private
swimming pool.
The Managing Director of Al-Duaa Holdings, Noreen Khan, said "We take special care in the design phase to ensure that unit layouts reflect unique features that offer a sense of individuality to them. The Residences enjoy its share of privacy, natural light and views of the city."

As per recent studies, the demand for The Residences in Dubai is likely to grow by an average of 24,000 units by end of 2008 and potentially by further 45,000 units towards the year 2015 so as to cater to the expected 1.4million increase in population.

Al Duaa launched The Plaza, a mixed-use development on February. Al Duaa plans to launch another ambitious project 'Al Duaa World Islands' on The World Island during September this year.

Thursday, May 22, 2008

Al Fara'a announces complete sales of Image Residences first phase

Al Fara'a Properties, a flagship subsidiary of Al Fara'a Construction, Industrial and Property Group, has announced complete sales of the first phase of Dh.505mn 'Image Residences', within days after launch.

Being a luxury residential project, it generated interest from global and regional investors. The developer seeks to leverage the project's sales to further strengthen their expansion plans.

The success of the project has been attributed to its high quality and wide range of offerings, which include studio, single, double, and triple bedroom apartments and townhouses. Comprising 17 storey and 11 storey tower, the development boasts of smart home technology, apart from other amenities such as landscaped leisure deck on the podium, swimming pool, childrens pool, fully-equipped gym, and outdoor seating, and BBQ area.

The retail outlets on the groundfloor are also available for benefit of future residents. Image Residences are the perfect fit at the Downtown Jebel Ali development, which is a 200 hectare mixed-use urban community, stretching 11km across Sheikh Zayed Road and comprises three individual districts- The Trellis District, the Urban Center and Medina. The Medina District will be the ideal backdrop to Image Residences and other mid and low-rise residential neighborhoods.

Small cafes, courtyards, plazas and local shops actually accentuate the overall family-friendly environment of the district, that boasts of cobblestone streets and pathways which entice residents to walk around and experience the tranquility of new residential hub.

AAA Appraisers launches the Eclipse Tower in Dubai

Eclipse Tower Jumeirah
A development arm of AAA International Group, AAA Appraisers, yesterday launched the $200million Eclipse Tower in Dubai Jumeirah Village.

The project, which covers a gross built-up area of 350,000 square feet, with an additional 55,000 square feet of retail space, will also feature a sky golf course.

"This is a record of sorts. Dubai has never experienced a sky golf course, featuring bunkers, water hazards and pioneering water management system that maintains the golf course with minimal wastage of water," said Ebrahim, the General Manager of AAA.

The project also introduces another new concept in Dubai, wherein, the moment investors buy an office in the tower, they will be able to move into a fully furnished office. In the normal course projects, on the other hand, businesses will have to wait for two to three years before the keys of their office are handed over. The company aims to introduce a paradigm shift in the realty industry this way.

Featuring high standard modern amenities that promote both convenient and professional business standards, it also includes options for relaxation after the hectic working hours. The officer offer stunning views of the canal within the Jumeirah Village South, while the five high-speed elevators carry employees to their respective offices in a fast and comfortable manner. The golf course in the tower is the first-of-its-kind to be built in a commercial office tower in Dubai, which offers clients and businessmen a unique working environment.

Ideally located amongst the major roads in Dubai - the emirates road and Al Khail Road, the commuters no doubt will be benefited from the new metro too, which links the Dubai International Airport to its new residential development. The prime location is sure to attract foreign investors who further promote the growth of Dubai's currently blossoming economy.

Construction of the project is likely to commence by end of September 2008, and will be complete by end of 2010.

The sales of the tower will be launched within the next few months at the rate of Dh.1600 per square foot.

The Eclipse Tower, has already received approval from Dubai's RERA (Real Estate Regulatory Authority) and has an escrow account with Emirates Islamic Bank.

Tuesday, May 20, 2008

Worldwide Property Show on May 22-24 at Grand Hyatt Dubai

With recent local property shows attracting record crowds, the UAE is becoming the place to be for foreign developers to sell their projects.

Cityscape Abu Dhabi which closed last week is just one example of why the world's battered real estate industry is putting the Gulf States and in particular the United Arab Emirates high on their sales and marketing agendas.

With the subprime crisis taking its toll across the States, and the knock on effect also hitting Europe, builders and agents are desperately looking for new territories to shift their residential and commercial property stock.

Dubai based organiser Mike Bridge from Dubai Shows Ltd said, "In the past 15 years, since we have been running our Worldwide Property Shows, we have never had some many agents and developers from such a wide area abroad requesting to participate. This week's show has in fact broken all records for us, with over 85 exhibitors representing 34 countries taking part, many travelling across the globe to market their projects to buyers here in Dubai."

With home owners across the States would be lucky if even one buyer walks up their garden path just to view, exhibitors in Abu Dhabi last week were actually having to employ security guards just to hold back eager buyers and investors all pushing to grab a piece of the latest tower block in the capital. Even the UAE government asked the organisers to extend the show by a day, to allow buyers the time to put down their deposits!

Bridge added, "This weeks Worldwide Property Show has a large number of US exhibitors taking part. One agent from Orlando told us that where in the past buyers were paying top dollar for his villas, developers are now offering the same homes at knock down prices and will include all the furnishings plus the pool as well. He added that due to the weak dollar this region has actually seen an increase in rental income as Europeans in particular flock to the theme parks. Mickey he told us is it seems...subprime proof!"

"Many UAE based residents who have made a reasonable returns on their property portfolios here, are prepared to spread their buying power, and are now able to pick up some exceptional deals overseas, while remaining active in the local market as well," said Bridge.

The Worldwide Property Shows are being held on May 22nd-24th at the Grand Hyatt Dubai and on May 28th-31st at the Bahrain International Exhibition Centre.

For further inforamtion contact: Dubai Shows Ltd, Tel +9714 321 6166, Mobile +97150 6535623, Email: Pooja@dubaishows.com

Damac delivers 572 units of Lake Terrace project

lake-terrace-dubai
Damac, the leading Dubai-based developer has announced the completion and hand-over of 572 units of its Lake Terrace project at the Jumeirah Lake Towers. This marks their first step in handing over of around 16 projects by 2010.

Damac is expected to deliver five projects in 2008 and 11 projects in 2009 - 2010.

Damac Chairman, Hussain Sajwani, said "The year 2007 witnessed a slower pace of completed projects with only 11000 units being handed over our of the 57000 units across the region. The region has been facing a steep challenge in delivery of projects due to shortage of quality contractors and rise in costs of construction material."

Damac will deliver more than 2300 new units in 2008 and we expect to deliver an additional 7100 units in 2009-2010, he added.

Followed by the delivery of 572 units in Lake View at Jumeirah Lake Towers in 2008, the company plans to deliver 192 units in Executive Heights at Tecom, 198 units in Tera Del Sol 1 and 2, and 848 units at The Crescent at IMPZ.

Sajwani revealed that nearly 2100 projects are planned or are underway in the Gulf region, with more than 23 percent of these in Dubai.

"The property boom in the region, particularly Dubai, has outgrown the region's capabilities to develop projects on time. The delivery of out Lake Terrace projects is a major step towards our commitment on timely completion of projects," he added.

Monday, May 19, 2008

MBI unveils first landmark project Deerfields Town Square in the Capital

Mubarak and Brother Property and Financial Investments (MBI), a major real estate, construction and infrastructure company, has announced the unique aspects of their first landmark project, Deerfields Town Square, at the Abu Dhabi Cityscape Exhibition 2008. The exhibition is likely to conclude today, the 16th May 2008.

The Deerfields Town Square, set to be nestled at Abu Dhabi's Al Bahia area amidst developments such as the Yas Island, Al Raha Beach, and Khalifa A and B Cities, is all set to offer tenants, residents, and shoppers a holistic experience in working, shopping, and entertainment, all within a single community district.

The close proximity of Deerfields to the Abu Dhabi International Airport, and Abu Dhabi's largest entertainment park -Warner Brothers, and the Formula One Race Track, makes the project more prominent.

Reflecting a true classic Victorian-style architecture, the project features commercial, retail, residential and hospitality components, all spreading across 840,000 square meters of land, covering a total built-up area of 3.2million Square Feet.

The project will also house a mall with a capacity to accommodate more than 200 retailers, and a gamut of anchor shops, food courts, casual and fine dining restaurants, stand alone retail boxes, hyper market, coffee shops and 12-screen multiplex.

The development also houses offices, serviced and residential apartments, hotel and a bird conservatory, which is said to be one-of-its-kind in the country's history.

The CEO of MBI, Mohammed Al Haj, said "Being MBI's first landmark project in Abu Dhabi, the mixed-use community development, Deerfields Town Square, will add a distinctive architectural element to the UAE retail sector, and aims to craft an ideal blend of high-demand retail offerings with an elegant layout and expansive landscaping."

The Deerfields Town Square will merge the alluring charm of the past with the glamour of new age living, offering a year-round of 'quality family time' to the close knit communities and tourists in Abu Dhabi, said Banu Tas, General Manager of Deerfields Town Square.

Sunday, May 18, 2008

Plus Properties unveils The Blue Dolphin Center -landmark commercial project in Abu Dhabi

Blue Dolphin Center
Plus Properties has launched Dh.300million worth landmark commercial project in Abu Dhabi. The announcement came during the second edition of Cityscape Abu Dhabi that kicked off on 13th May at the Abu Dhabi National Exhibition Center.

The world-class Dh.300mn project namely 'The Blue Dolphin Center', which was unveiled at the exhibition, has been designed by Hilal and Partners, and is expected to the first freehold office and retail centers at Abu Dhabi's Al Raha Beach.

The project includes mostly executive suites designed as per highest quality standards and equipped with latest technology services and superior amenities that are ideal for any type and size of the company. The office suites range from 1200 to 6000 square feet in area, and enjoy beautiful views of waterfront.

The Al Raha Beach, which forms the magnificent new gateway of Abu Dhabi, also promises to be the most spectacular new address of the Gulf. Spreading across 500 hectares of land, the development is located on the beach side of the main highway which connects to Abu Dhabi from Dubai.

Comprising 11 precincts, the Al Raha Beach is home to a variety of dynamic commercial projects and relaxed beachfront communities.

The development aims to be a leading waterfront home to residents and tourists offering its customers the best parks, hotels, marinas, and other leisure amenities linked together by a wonderful network of bridges and canals.

The CEO of Plus Properties, Georges Chehwane, said "Being a major player in the booming real estate market of the region, with primary focus on UAE, we look forward to consolidate our presence and strengthen our ties with current and prospective business associates and regional and international investors."

"Through Cityscape Abu Dhabi, Plus Properties has got an opportunity to contribute towards the buoyant real estate scene in Abu Dhabi. We also look forward to share some of out future launches including the Ashrafieh and Verdun Residential Towers with professionals in industry and the general public."

In a span of less than a year since its inception, the Plus Properties now owns more than Dh.14.16 billion worth of prestigious projects to its credit.

Saturday, May 17, 2008

Emaar Bawadi unveils key components of first mixed-use project Asmaran

Asmaran Emaar
Emaar Bawadi, the Emaar Properties and Bawadi (a member of Tatweer Group) joint-venture, has announced the key components of its first mixed-use project, Asmaran.

The project, which spans over 70 million square feet, will be a part of Bawadi, and will be located within Dubailand, adjacent to best landmarks in Dubai, and will be easily accessible to the Dubai Byepass and Emirates Road. Asmaran is also ideally located adjacent to the largest hotel in the world with 6500 rooms, apart from the largest convention center in the world, which is also located within Bawadi. The residents can also enjoy the easy access of airports and the highway.

This unique location of Asmaran is likely to make it a spectacular mixed-use destination, and the close proximity of Asmaran to Emaar's signature project, Arabian Ranches, makes it a major attraction for potential customers seeking homes or business investments.

The project will be completed in phases, and on completion, Asmaran is likely to house more than 55,000 people, apart from setting aside 4 million Sq. Ft. of commercial space, 3.2 million Sq. Ft of retailing space, and a family-based theme park with vast array of attractions, all integrated within a lush green landscape.

As for the hospitality aspect, Asmaran comprises more than 5300 serviced apartments, nine world class hotels with more than 5150 rooms.

The residential community will cover 19000 residences, mainly comprising villas and townhouses amidst gardens.

Al facilities within the project will be linked by internal roads and walkways that lead to central community center. The project will also have ample parking facilities that enhance the convenience of visitors and residents.

Asmaran will, no-doubt, benefit from the vast experience of both Emaar and Tatweer, both being, the leading developers of world-class projects in Dubai, said Issam Galadari, the Managing Director of Emaar Bawadi.

"Asmaran emphasizes Emaar Bawadi's commitment to develop world-class projects, which is the main objective of the company. Work is underway on the masterplan, while other details of the project too, are being considered on a fast track basis to deliver our promises," he added.

The CEO of Bawadi, Arif Mubarak, says "Bawadi is considered to be the longest hospitality, shopping and entertainment boulevard in the world. Now, Asmaran will add to the vast range of mixed-use offerings, focusing on integrating leisure, residences, hospitality and commercial space. It is likely to further boost the tourism and property sectors in Dubai."

Thursday, May 15, 2008

Mubadala to launch multi-billion business hub at Sowwah Island

Mubadala Development Company, the Abu Dhabi Investment Group, announced the launch of a new multi-billion dirham real estate development at the Sowwah Island in Abu Dhabi.

The project, named Sowwah Square, truly reflects the target that has been designated to Sowwah as the central business district of the city, as per the strategic urban plan of Abu Dhabi. It will host the new headquarters of Abu Dhabi Securities Exchange (ADX) and major Banking and Financial Institutions.

Developed through a joint venture between John Buck International (JBI) and Mubadala, the Sowwah Square comprises a total building area of 585,000 square meters, and houses the ADX headquarters at its center.

Offering advanced infrastructure, surrounded by four Grade A commercial towers with 30 to 36 storeys, ADX will occupy the new premises on lease basis, and offers hotel, office and retail amenities. Out of a total of 585,000 square meters of the development, about 285,000 square meters comprises office space.

This is the second mega realty project of Mubadala in Abu Dhabi within a month, after the joint-venture with Singapore's Capital last month, which reflects the growing interest the company has in investing in the promising realty sector of the capital.

The Chief Finance Officer of Mubadala, Carlos Obeid, says "What has been achieved in Abu Dhabi during the past couple of years is nothing compared to the growth expected during the next few years, and we are capitalizing on the growing demand for real estate in this context."

Wednesday, May 14, 2008

Bawabat Al Sharq - mixed-use development unveiled in Abu Dhabi


Bawabat Al Sharq, a 108-hectare mixed-use development, worth Dh.2.2bn, has been launched by Bani Yas Investment and Development (BID) in Bani Yas City of Abu Dhabi.

The project which include residential, entertainment, retail and sporting amenities, also houses the new headquarters and sports amenities for Bani Yas Sports Club, including the FIFA-standard Football stadium, with a seating capacity of more than 20,000 spectators.

The Phase one of this project is likely to be complete towards early 2010.

Bawabat Al Sharq also features a 134,409 square meters shopping center, and a parking space for more than 2200 vehicles. It includes other amenities such as medical center, schools, health club, speciality training clubs, international hypermarket, 16 food court outlets, pharmacies, banks, cinemas and coffee shops.

The BID Chairman, Jawaan Al Khaili, says "Bawabat Al Sharq, apart from enhancing the leisure and tourism appeal of Bani Yas, will also offer a major impetus to the economy of the region."

Tuesday, May 13, 2008

The Dh.3.5bn Eye of Ajman launched in Ajman by Bonyan

Eye of Ajman
A Dubai-based realty company, Bonyan International Investment Group, has launched a Dh.3.5billion development, Eye of Ajman, which is also Bonyan's first realty project in Ajman.

The project, which covers 6.27million square feet of space, comprises 109 multi-purpose plots, comprises residential, hospitality, office and retail segments.

Located just 20 minutes away from Dubai, the project includes residential towers, lakes, and garden views with ample parking spaces allocated to residents and visitors alike.

Bonyan in its statement, revealed that a number of plots are designed to take the shape of a human eye, and the plots will house a mosque, hotels, schools, health club, a clinic and an electric sub station located amidst a sprawling urban landscape.

The Company Chairman, Abduallah Atatreh, said "We have identified Ajman to be the perfect location for our flagship project, due to its rapid advancement in infrastructure and land ownership legislation. We are confident that Eye of Ajman will be a major step in the positive direction towards continuing growth of Ajman as a business hub by drawing huge foreign investments and investments from across the region."

Sunday, May 11, 2008

The Boulevard - new signature community development in Ajman

A member of Ajman Holding and leading property developer in the Middle East, aaproperty.ae, has announced the launch of its Dh.1.5bn signature community development, 'The Boulevard', in Ajman. The property will be marketed and sold through Gowealthy.com, the global property and lifestyle brand in the region.

Aimed at young professionals and families, The Boulevard, will offer potential home owners and investors elegant residential accommodation, apart from dynamic business environment and modern office amenities.
The Boulevard community developments in Ajman

This signature development in Ajman will comprise fourteen residential and commercial towers, conference facility and world class hotel, apart from retail shopping mall with leading popular brands, chic cafes and boutique shops.

The development features residential units with an attractive starting price of AED 191,500 and a range of single and double bedroom apartments and duplex penthouses.

Situated at just 25 minutes away from Emirates Road and Dubai Internaitonal Airport, and 10 minutes from Sharjah International Airport, the Boulevard, offers spacious and affordable residential apartments with good amenities.

A three storey shopping mall which spreads across 170,000 square foot of space, a hotel, a shopping zone, a spa, roof gardens and food court are the other amenities featured in the development. The project also offers health clubs, rooftop swimming pools, five storey podium parking that can accommodate 3300 vehicles, an high-speed internet café, apart from cable TV to each unit and 24-hour security service.

The two commercial towers in the community comprises 29 storey each, apart from two facilities floors, while the residential towers are 10 to 20 storey each. Each of the residential and commercial tower features their own health club facilities too.

Established in 2007, aaproperty.ae is a leading property development group (particularly for mixed-use projects) in the Middle East. Being a real estate arm of Ajman Holding, aa property offers innovative design and construction of luxury freehold apartments, malls, offices and hotels.

Saturday, May 10, 2008

The Crown unveiled at Palm Jebel Ali to promote family tourism

The Crown Jebel Ali
Dubai's leading property developer, Nakheel, together with Busch Entertainment Corporation, is planning a 380-acre development across the Palm Jebel Ali, called The Crown, targeting the families and conservation.

The Crown will include resorts, hotels, and four theme parks namely the Busch Gardens, Aquatica, Seaworld and the Discovery Cove. Construction of The Crown is expected to begin by the end of the year. It will be linked to the Palm Jebel Ali's main crescent through a tunnel on the western side and through a bridge on the eastern side.

The Corporate Vice President and Chief Marketing Officer of Busch, Joseph A Couceiro said "It makes a statement even for Dubai."

The Palm Jebel Ali has a unique marine life with 504 water-homes, which is the biggest number of water-homes in the world. Shaikh Mohammed's Floating proverb too, is likely to begin construction by the end of this year, he added.

Busch Gardens will mainly house African animals which can thrive in Dubai temperatures and the Seaworld and Discovery Cove will include dolphins and other marine life.

The Crown will be open for visitors by the year 2012, and will be mainly family-oriented, as Nakheel and Dubai intend to promote family tourism.

The project is still in the planning stages, but Couceiro revealed that they expect several million people in the parks every year.

The Palm Jebel Ali development, including The Crown, is likely to house 57 hotels and 23,000 rooms on the whole, out of which The Crown will contribute 3000 to 4000 rooms.

Emaar unveils sale of unique signature residences

Emaar Properties plans to unveil a series of exclusive signature residences in its well-known master planned communities on 10th May 2008. The special sale of premium residences within The Views, The Lakes, Dubai Marina and Downtown Burj Dubai will be open for a day, and will be allotted on a 'first-come, first-serve-basis, offering easy home finance options to several financial institutions.

Among the portfolio of homes for sale are the villas, apartments, and townhouses that are distinguished from each other by their architectural elegance, location, and easy access to amenities such as the Deema townhouses with terraces overlooking The Lakes, the Tanaro apartments at The Views that offer wonderful golf course views, and a group of apartments in Downtown Burj Dubai and Dubai Marina.

The Views and The Lakes, that form a part of Emirates Living, are a group of established communities by Emaar. The Deema townhouses in The Lakes are situated amidst placid lakes and are easily accessible to world-class golf courses. The tranquil parks and waterways add to the quality of living in the community. The Views offer spectacular views of the nearby golf course. The Tanaro is a residential tower that is highly in demand, due to its easy access to Emaar Business Park commercial building cluster.

The Downtown Burj Dubai is another mega-flagship project of Emaar, which anchors Burj Dubai, the tallest building in the world, and The Dubai Mall, the largest shopping and entertainment destination in the world, among many other attractions. The customers get to choose from a wide range of apartments ideally located in elegantly designed residential projects, with most homes offering views of Burj Dubai.

Dubai Marina is one of the first and largest waterfront projects in the region, offering Riviera-styled lifestyle against the backdrop of Marina, and the 11km stretch boardwalk, which includes a rich spread of retail outlets and restaurants. The residential projects by Emaar located on the waterfront location, offers wide array of amenities for residents.

Emaar's residential communities are one among the most desired properties in Dubai, and the sale is considered to be a good and unique opportunity for potential home-owners to be a part of the vibrant Emaar community.

Potential customers are welcome to visit the Downtown Living Sales Center and Abu Dhabi Sales Center on 10th May between 9am and 6pm, or call toll-free 800-EMAAR or log on to www.emaar.com for details.

Thursday, May 08, 2008

Rakeen rolls out development worth Dh 110bn at Ras Al Khaimah

Rakeen township in Ras Al Khaima
A property developer, Rakeen, owned by the Ras Al Khaimah Government, is soon likely to launch a Dh.110 billion master-planned development in the northernmost emirate of UAE, reports Gulf News.

The Chief Operating Officer of Rakeen, Dr. Imad Haffar, when speaking to Gulf News, revealed that on completion the integrated township community would accommodate a population of 120,000 to 150,000n people. The land value of the project is estimated to be about $6 to $7bn, and Rakeen is investing about $1bn to $2bn in its infrastructure.

Rakeen has also rolled out numerous other projects at Ras Al Khaimah (RAK), which is likely to help the government in materializing their economic growth plan and also helps in raising the standard of the emirate to a major tourism destination in the region.

Among the recent projects unveiled by Rakeen at RAK are the Bab Al Bahr and the Al Marjan Island, a $1.8bn mixed-use development to be built on a patch of reclaimed island on the Arabian Gulf.

In the meanwhile, Rakeen has unveiled a Dh.1.4bn RAK Convention and Exhibition Center, spread across 50,000 square meters of rentable area, and include five exhibition halls with a seating capacity of about 400 to 600 in each hall. It also includes three hotels with 750 keys, and a green park, all located between three towers - 62 storeyed 'The Tower' (5star), 12 storeyed 'The Oasis' tower, and 12 storeyed 'The Expo' (3 star) tower, apart from three storey shopping mall, food courts, seven cinemas, restaurants and cafes.

This mixed-use project will have an iconic look with superior high-quality finish using technologically advanced ceramics, developed by RAK ceramics.

"The RAK Convention and Exhibition Center will be the best of its kind in the region, and will be more than just a place of function. It will be an outstanding architectural masterpiece designed meticulously permitting future expansion," said Dr. Imad.

Established in April 2006, with an authorized capital of Dh.4mn, Rakeen has emerged to be the leading land master planner and developer, and has numerous high-profile local and international projects that are currently in progress.

Wednesday, May 07, 2008

Deyaar unveils Oakwood Residency at IMPZ, Dubai

Deyaar, the fastest growing realty company in the region has unveiled Oakwood Residency, a Dh.450million residential tower at the International Media Production Zone (IMPZ) in Dubai.
Oakwood Residency offers 344 single and double bedroom apartments, few of which are inclusive of maid's accommodation and study room. Located amidst excellent residential and business community, the tower features vast array of amenities such as fully equipped gymnasium, separate sauna and steam rooms for men and women, rooftop swimming pool, ample parking space and round the clock security.
Potential buyers can avail a finance of upto 90 percent from a range of home finance providers, including Amlak, Abu Dhabi Commercial Bank, National Bank of Dubai, Dubai Islamic Bank and Tamweel.
Located in close proximity to most major destinations in Dubai, the 1-storey tower is likely to be ready by second quarter of 2010. Located conveniently off Emirates Roads, the residents of Oakwood Residency will get an easy access to the major gateways in the emirate such as Al Khail road and Sheikh Zayed Road.
Deyaar, already owns several plots in IMPZ and is one of the largest developer in the mixed-use community, situated in close proximity to Dubai Internet City, Dubai Landmarks, Mall of Emirates, Knowledge Village, Dubai Media City and the upcoming al Maktoum International Airport in Jebel ali.
"Oakwood Residency is another landmark project for this fast-paced company, which continues to reflect its commitment to customer service, timely delivery and product excellence. Oakwood Residency will be an unique opportunity for investors and homeowners to participate in the emirate's booming realty sector," said Saeed Al Qatami, the Managing Director of Deyaar.
Deyaar continues to maintain its leading position in the property development sector of Dubai, with most of its projects being sold within hours of launch. The projects of Deyaar enjoy a high demand in the secondary market, and spread across prominent locations in Dubai such as the Downtown Jebel Ali, Jumeirah Lake towers, Dubai Marina, Business Bay, and the like, where Deyaar is the single largest developer.

Tuesday, May 06, 2008

Supertowers with unique concepts to adorn Dubai skyline

Dubai's skyline is all set to be re-defined with numerous supertowers which comprise more than 100 storey and are more than 600 meters in height, which totals up to an estimated value of more than $7bn (Dh.25bn).

The projects, that are likely to be announced towards end of this year, will form a part of master-planned development, which will increase the Dubai's standards of urban development and masterplanning.

The projects titled as AC Towers, EP Site 07, 09 and 15, are designed by Adrian smith and Gordon Gill, and have been approved by the Dubai Government. The projects will be complete in five years time.

The Lead Architect, Smith also owns the credit of designing the Burj Dubai, the world's tallest tower.

"Dubai has already become host to maximum number of supertowers in the world. We plan to add a few more to the city's growing skyline. Among the 13 supertowers being designed by us, five will be located in the UAE and one in Qatar," Smith said.

These towers will stand out among all the other towers currently being developed in Dubai, due to their eco-friendliness, sustainability, energy efficiency and intelligent building systems.

According to new technology being employed by Smith, the buildings will draw air from the top floors that are 10 degree cooler and will spray them to lower levels where the temperature is higher. This unique technique has never been employed in any other supertowers in the world till date.

The new buildings have been so designed that they save energy by 40 to 60 percent and get zero level in energy consumption.

AC Towers:
AC Towers Dubai
AC is a cluster of three supertowers rising above 100 storeys and are connected at the base with an atrium, and skybridges. Being a mixed use project, it spreads over an area of 800,000 to 900,000 square meters and comprises residential, commercial, hotel, and entertainment space, with a capacity to accommodate upto 6000 people. A canal and waterway that pass through the AC Towers will create open space for educational and theatrical activities.

EP 07 Tower

EP 07 Tower
As for the EP projects, EP 07 will be as high as 125 storeys and will be a true reflection of the pearl trading and farming heritage of Dubai. This mixed-use project will be nearly 600 meters in height and cover a built-up area of 350,000 square meters. EP 07 will be covered by ribbons of steel that help in utilizing the solar energy and making it sustainable. Also, the buildings are so designed that they withstand the wind pressure, managing it in a more effective manner.


EP 09 Tower

The curved structures of the EP 09 tower hosts two buildings each and includes six towers with 30 to 40 floors, spreading across a built-up area of 450,000 square meters. The mixed-use community will have one purely residential community and the other two which include retail, commercial, hospitality and entertainment amenities. All these are connected at the base, but separated above by a distance spanning 175 meters. The smart energy-efficient buildings will open up to landscaped roof, garden and podium. The energy save by one tower could be passed on the other, and hence the buildings complement the use of energy. This concept too, is unique to Dubai and is being implemented for the first time ever.

EP 15 Tower

EP 15 Tower
The EP 15 tower blends together simple geometric principles with new, upcoming technologies to create a modern, soaring tower of light. The tower has a series of faceted surfaces which increase light and air travelling through the building and maximizes energy generation in building systems.

The tower filters light and wind and the prism shape helps in withstanding high wind pressures, minimizing risks. The six holes in the building helps wind pass through the building, with 25 percent less cost.

With a built-up area of more than 300,000 square meters, the tower will increase to more than 101 floors in height. It will be a mixed-use project featuring commercial and retail spaces and hotel and convention facilities.

Sunday, May 04, 2008

Ground breaking ceremony held for Sungwon's Santeview project

South Korea's Sungwon Corporation held the groundbreaking ceremony of its second property in the region, the Dh.1.5bn 'Santeview' at Culture Village.

Santeview is a mixed-use complex project, which includes G+32 storey commercial tower, and a G+40 storey residential tower. Dubai Properties is the strategic partner and master developer of Culture Village.

Santeview
The first two levels will be dedicated to retail space, accommodating few of the best brands in the world, revealed a Sungwon official.

Santeview, with its high-tech security features, smart home and office features, intelligent space design, and contemporary design with an Arabic touch, makes it an ideal creek-side location, and located adjacent to the Culture Village Metro Station, Santeview is the most sought after property development in the area.

The CEO of Sungwon's Middle East Headquarters, Chang-Pyo Park, said "Being one of our unique property projects in the Middle East, we are confident that Santeview will set a benchmark in property development in the region, which will reflect the best architectural and engineering expertise drawn through years of experience in the construction industry."

Sungwon is a large integrated real estate, construction and engineering company, built on solid reputation as property developer and contractor of award-winning luxury high-rises (both residential and mixed-use complexes). Sungwon has more than 130,000 apartments and 1000 high-rise towers.

Santeview is a part of $1.2bn investments which Sungwon has allocated for property development in the region. Sungwon is also carrying out various civil works in other GCC nations.

First phase of construction begins at the $3.8bn Pearl Dubai

Al Fahim Group, the developers of the Dh.14bn Dubai Pearl Project, have announced the commencement of first phase of construction of their world-class mixed-use development, the $3.8bn Pearl Dubai.

Dubai PearlPearl Dubai has completed the scaffolding and site hoarding and has obtained mobilization permit from Tecom Investments. It is currently mobilizing contractors for the foundation works of the project. The preliminary piling test is scheduled for mid-May.

The Chairman of Pearl Dubai, Abdul Majeed Al Fahim, revealed that the project received an overwhelming response from investors during the first two launches of its residential and commercial units this year.

He confirmed that the construction work of Pearl Dubai, too, is progressing as scheduled and the project is gaining momentum for another exciting launch of an exclusive residential component which would be an additional incentive for investors.

Located at the heart of Dubai Technology and Media Free Zone, the Dubai Pearl project overlooks Palm Jumeirah. The Dubai Pearl is expected to be ready by 2010, and covers a built-up area of 15 million square feet, combining an active business district with quality urban lifestyle.

Dubai Pearl offers easy access to major commercial and residential areas, such as the Dubai Knowledge Village, Dubai Internet City and Dubai Media City. It also houses a state-of-the-art theatre, with sufficient capacity to seat 2000 people, a luxury fashion precinct, sky penthouses, sky palaces and temperature-controlled pedestrian walkways.

Saturday, May 03, 2008

IRIS launches IRIS Crystal commercial tower at Business Bay

IRIS launches IRIS Crystal commercial tower
IRIS, a leading property developer in the region, has officially launched the Dh.600mn IRIS Crystal, during an event held at the InterContinental Hotel on 28th April.

Located at the heart of Business Bay, the 25-storey five-star luxury business development is a freehold office tower, covering 300,000 Square Feet of floor space and 12,000 Square Feet of retail space on the ground level.

Designed by well-known international architects, Aedas, IRIS Crystal will be a commercial tower with prominent architectural features and rich interiors with finest fittings and innovative technologies incorporated. The tenants will have access to a wide range of amenities including health and fitness facilities, state-of-the-art business center, retail outlets all complemented by modern office infrastructure.

The interior will be so designed that it ensures efficient usage of space and light, accommodating six high-speed elevators, nine levels of parking with sufficient parking space for 672 cars, 24 hours secturity, high-speed internet connectivity in all units, state-of-the-art CCTV systems, Smart Card access control, apart from offering unparalleled aesthetics, which ensures high return on investments.

The starting prices of units at IRIS Crystal is nearly Dh.2,976 per Sq. Ft.

The IRIS CEO and the Managing Director of Sheth Estate, Ashwin Sheth, when speaking during the launch, mentioned that the impressive growth of Dubai economy has led to increased demand for office space at prime locations, and that IRIS is proud to introduce another iconic development in Dubai's prime business hub.

Escape launches Saddle Homes in Ajman

Escape, an equestrian community which is currently under development in Ajman, has now launched a new housing concept to the market, through the launch of Saddle Homes.

Saddle Homes Ajman
The Saddle Homes are two-storey residences that are more like spaciously designed small villas that blend convenience and ease of an apartment. Being attractively priced, they are positioned in configurations of four, and will be amidst creative landscaping in the eight million square foot project.

Saddle Homes are situated on a subtle rise, facing the expanse of the community, and feature private parking bays, gardens, terraces, community swimming pools, and the wooden fencing that retains a fusion of Arabian, Mediterranean and Ottoman design influences and color schemes.

The two-bedroom units offer slightly different floor plan variations, and maximize the use of natural light, offering Spanish terra cotta flooring and high quality finishing. All residential options are a true blend of modern comfort with top quality details, while also retaining the traditional Islamic and Arabian architecture.

The Escape Sales Consultant, Aadil Sher said "Saddle Homes has been conceptualized to fit a niche in the market. These homes are ideal as a starter home for young couples, professional singles, or a holiday retreat for residents of other emirates or abroad. They are designed in a manner that provides maximum space, good value, and are attractive and easy to care for. This is a winning combination."

Launched during early 2007, villas at Escape witnessed rapid sales. The Saddle Homes are the next sales phase of the project. Apart from the 140 Saddle Homes, Escape offers about 500 three to four bedroom villas, and terraced and low-rise apartments, due to be released for sale in a couple of months.

The development also includes a boutique hotel, Hoofbeatz Activities Center Clubhouse, an equine spa, several multipurpose indoor and outdoor sports or riding arenas, and a mix of health, sports, and leisure amenities all focused on family entertainment. Located adjacent to Emirates Road on the Sharjah and Ajman border, Escape is easily accessible to major urban business and transportation hubs in Dubai and other Northern Emirates.

Escape is set to break ground in May 2008, and is due to be complete by December 2010

Thursday, May 01, 2008

Emaar's "M" Burj Dubai residential project unveiled

"M" Burj Dubai is another latest inclusion in the list of trendy homes launched by Emaar Properties in Downtown Burj Dubai.

"M" Burj Dubai is a monumental residential project with two towers of 50 and 22 storey each. With its exceptional design by renowned award-winning architects, "M" Burj Dubai redefines the home experience with rich amenities, suited for the trendy lifestyle of home-owners.

The sale of studios, single and double bedroom apartments of "M" Burj Dubai will be opened from May 3rd at the Downtown Burj Dubai Sales Center and Abu Dhabi Sales Center on a first-come first-serve basis.

Many financial institutions have come forward with easy home finance solutions for the homes.

The close proximity of M Burj Dubai to Burj Dubai, the world's tallest building and The Dubai Mall, the largest shopping and entertainment destinations in the world, will render a stand-out value to "M" Burj Dubai.

The most unique aspect of "M" Burj Dubai, is the grand entrance lobby with ceilings that are 13mts in height, supported by elegantly carved columns. The ambience created by space and light runs though apartments, which render panoramic views of Downtown Burj Dubai. Every house features modern finishes, luxury fittings and advanced telecom and entertainment connectivity.

Residents of "M" Burj Dubai can get to enjoy the shopping opportunities at the neighboring Dubai Mall, due to open shortly, and also the retailing options at 'Souk Al Bahar', an Arabesque architecture inspired shopping mall. Other attractions include hotels such as The Palace, Qamardeen, Al Manzil and The Old Town, apart from easy connectivity to the business nerve-centers of Dubai.

The Sales Director at Emaar, Saif Al Mansoori, says "Downtown Burj Dubai is the most sought after home destination in Dubai, with its central location and a rich spread of lifestyle amenities. It is an excellent sterling addition to the residential components of the project, with its elegant architecture, range of amenities, including the shopping plaza within the towers, rooftop garden and extensive health and leisure choices."

"M" Burj Dubai is believed to define the evolution of residential property sector in Dubai, where demand is driven by three main factors, such as location, design and amenities.

Potential customers can visit Downtown Burj Dubai Sales Center and Abu Dhabi Sales Center on 3rd May from 9am to 6pm.

Downtown Burj Dubai is Emaar's mega flagship project, and the new center of the city, which constantly gains overwhelming customer response for its various commercial and residential project launches.