Monday, June 30, 2008

Emaar expands further with the launch of Warsan Estate

Warsan Estate
Emaar Properties has unveiled an exclusive residential community, Warsan Estate, at Al Awir Road. This project marks Emaar's expansion into new geographic locale in the city.

Located along an exclusive residential community on Al Awir Road, Warsan Estate is a medium-sized community whose master-plan is being finalized. Spreading across 3.4million square feet, Warsan Estate will include 500 single family townhomes, which is just apt for residents seeking the privacy of villa in a well-planned residential community.

Warsan Estate is located away from the bustle of the city, and is in close proximity with leisure avenues such as Global Village, Dubai Autodrome, while
also being easily accessible to Abu Dhabi, Sharjah and the rest of Dubai. Warsan Estate offers various lifestyle options that are usually found in Emaar communities.
The Managing Director of Emaar Properties - UAE, Ahmad Al Matoushi said "Warsan Estate is a reiteration of our commitment to develop world-class master-planned communities in Dubai.

Followed by four successful mega-projects in Dubai including the Arabian Ranches, Emirates Living, Downtown Burj Dubai and Dubai Marina, which are either handed over or in their final stages, we are now focusing on building a core competency of master-planned communities."

By developing new townhomes, Emaar caters to the fast-growing demand for villas and townhomes in the city.

Nakheel completes major milestone on Jumeirah Village

Nakheel has completed a major milestone in the development of Jumeirah Village, with 60 percent of infrastructure already completed.

Jumeirah Village, which spreads across 811 hectares, comprises several residences, commercial property, offices, and retail and leisure amenities accommodating a population of about 300,000.
Following the announcement of the project in 2004, the development has made tremendous progress with its new management team. The master-plan design incorporates the principles of 'new urbanism'. The combination of distinct architecture, the vast landscape, and the associated parks and boulevards are expected to create a balanced community.

The Jumeirah village has been planned with a focus on sports fields, parks, mosques, schools, cafes, shopping centers and restaurants, with easy access to community service, hubs and public open spaces. With all these amenities the community feel of the Village will be retained.

Jumeirah village targets the specific shortfalls in Dubai property market. By being located in the center of emirate, it is easily accessible to most other parts of Dubai, and has a huge demand for variety housing, retail, leisure and office space.

The General Manager of Jumeirah Village, Marwan Al Naqi, said "Being the largest inland project in our portfolio, the Jumeirah village is a major part of Nakheel's vision to convert the desert of Dubai to into a cluster of vibrant communities. With this project reaching 60 percent completion, it is a major accomplishment that reflects the pace at which the development is progressing."

Sunday, June 29, 2008

ACI and Escan Real Estate to develop Dh2bn Escan Tower

Escan Commercial Tower
ACI Real Estate, the German developer, together with Escan Real Estate, has announced their plan to develop the only freehold commercial tower, the Escan Tower, on Sheikh Zayed Road at a cost of Dh.2billion.

The Escan Tower comprising 60 storey will offer a mixed-use space of 570,000 square feet on Shaikh Zayed Road, opposite Mazaya Center. The storey one to twenty will be exclusively reserved for office space, while floors twenty one to sixty will be set aside as residential units, apart from high-end retail and dining facilities.

Escan Tower owns the credit of holding "rare freehold status on prime real estate", reveals the Chairman of Escan, Saeed Mattar Bin Belaila. It is also the first freehold commercial building on the highway, which contributes significantly to the landscape of Sheikh Zayed Road.

The tower also includes a five-storey business center, and currently talks are on regarding the company which will brand the center. The selected company will be announced during the coming weeks, reveals the Managing Director of ACI, Robin Lohmann.

Ever-since its entry into the Dubai realty market in 2004, ACI Real Estate has invested more than Dh.10bn in Dubai. ACI is planning several new exciting projects by end of the year.
Escan has a portfolio of more than Dh.13bn but this year it is set to jump higher, and plans to touch Dh.20bn.

Saturday, June 28, 2008

Claren 2 residential towers unveiled by Emaar

Emaar Properties Claren 2
Emaar Properties has recently launched Claren 2, the mid-rise residential towers, which form a part of Claren district.

Designed by renowned architects, the Claren 2 residential towers comprise studios, single, double and triple bedroom apartments, which are located in easy access to lifestyle events at the Burj Dubai Boulevard.

Claren 2, located in close proximity to the Burj Dubai, the world's tallest building, and the new fountain in Burj Dubai Lake, offers a unique 'boulevard lifestyle'. The claren homes focus on maximizing the privacy of residents, are distinct in their own way due to their elegant design focus.

The sales for registered customers will take place on June 21st, 2008 at the Downtown Living Sales Center at the Abu Dhabi Sales Center from 9am to 6pm. Several financial institutions have come forward to offer easy home finance options.

Claren is the most sought-after residential zones within Burj Dubai due to its architectural elegance and access to lifestyle amenities. Claren 2 features two towers with 21 and 25 storeys.

The residents can look forward to a wide spread array of retail outlets, restaurants, and other entertainment options at Burj Dubai Boulevard, apart from a range of podium level amenities such as landscaped pool deck, swimming pools, children’s play area, fully-equipped gymnasium, and multipurpose rooms. Basement floors offer ample parking space, and connectivity to Burj Dubai Tram system.

Residents can also enjoy access to The Dubai Mall, the largest shopping and entertainment destinations in Dubai, due to open by end of this year, apart from Souk Al Bahar mall and other hotels.

Dubai houses world's first revolving 'Dynamic Tower'

Revolving dynamic tower in Dubai
Dubai now houses the world's first revolving, pre-fabricated tower, worth $3billion, designed by the Italian Architect, David Fisher. The 'Dynamic Tower' comprising 80 storey will be 420 meters tall.

Located on Shaikh Zayed Road, the Dynamic Tower will spread across an area of 1.2million Square Feet. The tower is said to have a central core for lifts, and there are lifts particularly for cars, hence it is possible for residents to drive into their apartments.

The Dynamic Tower is a slender, rotating skyscraper, with its luxury apartments being energy-self-sufficient. The tower offers endless design possibilities, with each floor rotating independently so as to form a building that constantly changes shape, and results in a unique, ever-evolving structure. Each rotating floor will have horizontal wind turbines, so that the towers can generate sufficient energy to power the other five towers of same size.

The tower will be pre-fabricated with parts made in Italy, and the time will be considerably reduced.

Fisher says "It takes only six days for completion of one floor, as against six weeks taken to complete a floor of traditional building."

It has been estimated that it will take about 20 months for completing the Dynamic Tower. It is said that a similar tower is also being planned at Moscow, followed by New York.

Thursday, June 26, 2008

Emaar unveils The Grand Boulevard homes at Downtown Burj Dubai

Grand Boulevard
Emaar Properties has announced the launch of The Grand Boulevard, an architecturally spectacular twin-tower residential complex on the Burj Dubai Boulevard.

Designed by internationally renowned architects, the towers maximize views of Burj Dubai, the world's tallest building. They feature a theater, an extensive range of leisure amenities, and two storeys of retail, apart from a vast array of leisure amenities.

Emaar has called prospective buyers and investors to register on-line at beginning 8am on 25th June till 11am on 27th June. Sales for registered customers will be done on the day of launch, i.e., 28th June 2008 at the Downtown Living Sales Center and at Emaar's Abu Dhabi sales center from 9am to 6pm.

Easy home finance options are being offered by several finance institutions on purchase of studios, single, double and triple bedroom apartments and duplexes. The entry to the towers is through a spacious and luxurious lobby area, with the podium featuring a theatre along with wide range of retail options, apart from five levels of parking space.

The Grand Boulevard, located at Downtown Burj Dubai, is known for its unique design, making it an urban destination, which is one-of-a-kind within Downtown Burj Dubai. The observation rooms and terraces of the complex draw inspiration from the architectural experience of Burj Dubai.

The Grand Boulevard also abides by Emaar's commitment towards Green Dubai vision. The duplex units have double-height which ensures full-height views of the tower, while the large terraces permit al fresco activities with views of Burj Dubai.

Among the other amenities are the multi-sports area, swimming pools for adults and children, and lush landscapes. All units feature smart-home capabilities, and all residences have the provision of advanced telecom, entertainment and internet connectivity.

All homes are done with quality finishes, with the porcelain ceramic floor tiles and full-height wooden floors. The floor-to-ceiling and wall-to-wall windows will roll down shades that help manage solar heat consumption while also reducing the glare. Even the kitchens and bathrooms are fitted with quality modern fittings.

Apart from enjoying the royal amenities at The Boulevard homes, the residents also gain an easy access to Dubai World Trade Center, Dubai International Financial Center, and other business nerve-centers in the city.

Downtown Burj Dubai is the latest neighborhood in Dubai offering a community lifestule. The 500-acre development includes three world-class hotels, a shopping mall with traditional Arab architectural elements, apart from quite a few noteworthy amenities. The residential projects that have been launched in Downtown Burj Dubai have so far received overwhelming response.

Wednesday, June 25, 2008

World's first Turning Timepiece Building in Dubai

For the first time in the history of architecture, a structure in Dubai has been designed in a manner such that it moves in synch with earth, sun and time.

Turning Timepiece Building
Positioned on the 550 east longitude line, Dubai is more than just an exotic getaway, on the north-eastern coast of Arabian Peninsula. Although the residents and tourists in Dubai will have to face soaring temperatures, the new structure unveiled has brought about a new dimension to living, by bringing in some cool to Dubai.

The 3600 Time World TM has announced the world's first Turning Timepiece Building - 550 Time Dubai TM which is ready to break ground on 8th August 2008 in Dubai.

550 Time Dubai TM is an accurate 'Timepiece Building' that is powered by the sun and scientific imagination. It turns 360 degrees in 7 days, offering 3600 panoramic penthouse views to all apartments offering a new view of the city each day.

Being a winner of international CNBC award for the best 'high rise' architecturally designed building in 2007, the building will be the first of 24 Timepiece Buildings likely to be constructed around the world, with all turning in total synchronization, with unique rotation technology under license from 3600 Time World TM. Each of the individual Timepiece Buildings will be made by internationally renowned designers and architects, with latest eco-friendly technology.

The Director of 3600 Time World TM Tay Singh, said "Press conferences are being planned for New York, Delhi, Moscow and Hong Kong, to enable the architectural vision behind the Timepiece Buildings to be brought to the notice of the world. The approach will explain the manner in which buildings can harness the power of nature, making them iconic, architecturally unique and eco-friendly."

550 Time Dubai TM is approved by Dubai Government's RERA (Real Estate Regulatory Authority). The developer, along with Meraas Holdings Limited, a newly established leading entity in Dubai, are finalizing a joint venture agreement for the development of the 550 Time Dubai TM tower.

The development team plans to begin mobilization of the project by 8th August 2008, aiming to complete the structure by 10th October 2010, and the handing over of apartments by 11th November 2011.

3600 Time World TM plans to build 24 Turning Timepiece mixed use developments (residential and hotel), that are sustainable, eco-friendly and unique signature buildings in leading cities of the world. On completion, these buildings will operate with the power of nature, in sync with the hour, offering a 24 hour world time view in real time. These eco-friendly buildings are likely to be located and named by the natural mathematical longitudinal line of the planets.

Regulation banning automatic residency visa for property buyers may be a major knock for Dubai realty sector

The expatriates are less likely to buy properties in Dubai henceforth, following the new regulation by the emirate's real estate regulator, that homeowners are not automatically entitled for long-term residency rights, reveals media reports.

Marwin bin Ghalita of RERA (Real Estate Regulatory Authority) in Dubai, had mentioned that Dubai will introduce short-term visas for foreign investors in the realty sector, and that "there is no direct link" between owning a property in Dubai and obtaining long-term residency rights.

These comments were quite contrary to the earlier statements made by local developers such as Emaar Properties, the leading real estate firm of Arab world.

Dubai, being the commercial hub of Arab world, has been witnessing a property boom ever-since the government permitted foreigners to invest in properties during 2002. Thereafter, a real estate regulation issued during 2006 permitted foreign freehold ownership in certain localities.
Expatriates from neighboring countries such as Pakistan, Lebanon and Iran, who have been facing political instabilities in their respective countries, were being lured to Dubai, over the assumption that owning a property here would ensure long-term visas to them, as it would prove to be a huge asset for them if situation in their own countries turned sour. Dubai was the only market in the region, offering such a link.

The recent comments by bin Ghalita, has now left the foreigners doubtful about the promise of residency from developers, including the Dubai Properties and Nakheel, which are state-owned and has legal backing.

"Developers should not lure investors to property sector with the promise of a residence visa," bin Ghalita commented.

The existence of "safety homes" in Dubai was a main factor for the huge property demand, and any decision on the part of regulators to review the visa status of existing homeowners would bring about "legal hazzles" and may badly hit the image of the emirate, says the media.

Owners are likely to feel that they have been offered a worthless investment, particularly, with the developers being close linked to the state in Dubai.

Already the shares of Emaar Properties slipped 0.45 percent and that of Union Properties by 2.68 percent, following the announcement by RERA on Tuesday.

In the meanwhile, the regulator has submitted a proposal to the government to grant visit visas to foreign homeowners, which may also be made applicable to existing homeowners if approved, revealed bin Ghalita.

About 80 percent to of UAE population are foreigners, with majority from the Indian subcontinent, Iran, and other Arab countries.

Tuesday, June 24, 2008

Jumeirah Golf Estates bestowed with prestigious international awarded

Jumeirah Golf Estates
Dubai's premier golf-themed realty development, Jumeirah Golf Estates, has been awarded with two awards in the prestigious CNBC Arabian Property Awards 2008. The premier residential golf-based realty development in Dubai has also been awarded the Best Interior Design Award for its luxurious fireside by Greg Norman Villas.

The awards will be presented at the Madinat, Dubai on 19th October. The CNBC Arabian Property Awards 2008 is the highest level of achievement in various sectors in the Gulf realty industry.

David Spencer, the Chief Executive - Leisurecorp, the parent company of Jumeirah Golf Estates said "This is a fantastic achievement for us. Last year, we were the best golf development in the region. We have taken a major step forward this year. We are recognized beyond golf. Jumeirah Golf Estates is now the best residential developments on the international state."

Jumeirah Golf Estates will now be entitled to display the CNBC Arabian Property Awards' Logo in its marketing materials.

Jumeirah Golf Estates has brought together the leading golf and course design superstarts, to create premier residential golfing community. The four courses - Earth, Fire, Water and Wind, will be an acknowledgement for power of nature, with each employing the distinctive characteristics of its own surroundings to deliver a unique challenge.

Jumeirah Golf Estates is owned by Istithmar PJSC, the investment company of Dubai World.

Monday, June 23, 2008

Construction work commences on Dubai Towers

Dubai Towers
Sama Dubai, a member company and subsidiary of Dubai Holding (a holding company established by Dubai government), yesterday announced about the commencement of construction work on its Dubai Towers.

Placed amidst beautifully landscaped islands in the heart of Dubai, the cluster of towers will represent most sophisticated architecture. The center-piece of Dubai Towers - The Lagoons Central Business District will comprise four residential, commercial, retail and hospitality towers.
Developed at a cost of Dh.20billion, the development is easily accessible from the metro station, and is connected to The Lagoons.

The Executive Chairman of Sama Dubai, Farhan Faraidooni, said "At Sama Dubai we have gained necessary resources to undertake architectural and engineering models that transform skyscrapers to a reality. We will include all measures so as to make it the new icon of real estate development and innovation on a global level."

The ground breaking for the towers was done on 21st June, and the enabling works will continue till 2009. Comprising 60 to 91 storeys, the towers are likely to be delivered by 2014.

Spreading across a built-up area of more than 12.5million square feet, the towers will include health spas, restaurants, entertainment facilities, high-end retail, gymnasiums, hotels and apartments.

The Dubai Towers are so designed that they symbolize a candlelight movement, and each aspect of the design contributes to the creation of this visual fa├žade. The towers will comprise spiraling structures that rotate elliptically around vertical axis and produce an visually distinctive outline for each of the four towers.

With the increase in height of the building, the floor size progressively diminishes, with the floor plate design of each towers being unique.

A scale model of the Dubai Towers and The Lagoons are being displayed at the Central Boulevard of Emirates Towers.

Located adjacent to Ras Al Khor Wildlife Sanctuary, The Lagoons, an award-winning development, offers harmonious existence with surrounding eco-systems. The Lagoons, which features museums, theatres, arts center, Dubai Opera House and music conservatory, will be highly appealing to residents and tourists alike.

Dubai Towers too will have the same level of environmental consciousness and will be LEED certified.

Sunday, June 22, 2008

High demand for villas in Dubai, leads to 78% surge in prices

The scarcity of villas in Dubai, has resulted in increased demand for villas, reports Collier International UAE.

According to the House Price Index (HPI) of Colliers International, the demand for villas have continued to remain high as against the demand for apartments and townhouses, and this has resulted in surge in prices of villas by 78%.

The CEO of Colliers International UAE, John Davis, says "Demand for villas have remained particularly high, given the relative scarcity of villas as against in the case of apartments. More dwellings are currently under construction, likely to be delivered by end of 2008 and in 2009. The villas constitute 21 percent of total mortgaged properties used to collate the index."

The quarterly overall villa index had increased throughout 2007 till the first quarter of 2008, with an 85 percent increase during the period, it has been reported. The average rate per square foot for villas in Dubai during the first quarter has been Dh.1338.

The growth of townhouses during the period was far slower than the apartments and villas. The annual index saw an increase by 29 percent, while apartments saw an increase by 82 percent. Townhouses constitute 15 percent of the total mortgaged properties.

Dubai saw an increase in the number of completed apartments being delivered into the market during first quarter of 2008, particularly in Dubai Marina, Downtown Burj Dubai and The Palm Jumeirah. This additional supply input available for purchase saw a positive affect on the average rate per square foot for apartments, increasing it to Dh.1841 during the first quarter.

The HPI index report includes details on built-up area of these properties and total value of transactions per month. Depending on coverage of thirteen developments in Dubai, the weighting has been given on the basis of unit type - apartments, villas and townhouses at the rate of 55 percent, 34 percent and 11 percent respectively.

The index reveals that property prices in foreign ownership zones continue to increase - driven by strong demand for properties from end-users. The reason behind the increased demand for these properties are due to factors such as the high growth in UAE economy, particularly in Dubai, with high growth rate being achieved at the rate of 11 percent per annum, and due to numerous profitable finance options being offered to residents and non-residents.

"The index report is across expatriate free zone, and the numbers are likely to grow. It is an on-going process over a period of time," Davis said.

As per the index, the high residential rates in Dubai, currently averaging at Dh.950 per square foot is getting more attractive and cost-effective for end-users. Further, the decline in value of dollar-pegged dirham, as against other global currencies has enhanced the attractiveness of the property in Dubai, particularly for expatriates.

Further surging construction costs are also causing an increase in sales price of newly launched developments in Dubai, with costs expected to rise by 18 to 20 percent towards end of the year, states the report.

Sweet Homes launches Dh1.3bn mixed-use luxury development in Ajman

A leading UAE-based developer, Sweet Homes, has announced the launch of Dh.1.3billion development in Ajman.

The project includes seven commercial and residential towers, and 1504 villas and townhouses spread across 4m sq. ft., within the Dh.2.5billion 'Ajman Uptown' community development, which is likely to accommodate the first freehold residential villas in Ajman.

Sweet Homes will build five mixed-use luxury towers, including a 42,936 Sq. Mt. building - 'Heliconia', which comprises 352 studio, single and double bedroom flats, and 30 prime retail spaces on the ground floor. The other developments are the 'Iris' - a 22,741 sq. mt. development including 188 flats and 15 commercial spaces; 'Jatropha' - a 21,751 sq. mt. mid-rise structure including 184 residential and 14 commercial units; 'Kentia' - a 30,430 sq. mt. development with 224 residential flats, 28 business spaces; and 'Ludisia' - a 17,321 sq. mt. development with 148 apartments and 14 retail units.

Ajman Uptown will also include two office towers - 'Freesia' and 'Gardenia'. They will prove to be an ideal location for commercial and retail projects, accessible directly from the Emirates Road.

Spreading across 20,733 sqm, Freesia will house 152 offices and 13 showrooms, while 'Gardenia' which spreads across 26,619 sqm of space will have 212 offices and 16 showrooms. Both these towers will include a health club at rooftop, and basement parking facility.

The residential development will include amenities such as a healthcare center, school, fire fighting station, several mosques, health and recreation club, swimming pool, parks, shopping mall, retail shops, boutique offices, hotels, food courts all surrounded by a single 1.15km pedestrian pathway.

Saturday, June 21, 2008

UAE realty market likely to stabilize by 2010

The UAE property market will attain a demand-supply balance during 2010-2011, as vast supplies of properties are expected during the coming years, reveal recent reports.

The UAE realty market has seen major growth over the past couple of years, due to several factors at the micro and macro economic levels. However, the prices of real estate products is likely to increase during the coming years, with the high demand from expatriates, and due to increase in cost of labour and construction materials, says Bilal A Kanbar, Business Line Manager, Impaqta.

According to a property report released by a Saudi-based management advisory services company and Great Properties, a real estate sales and marketing agency, based in Dubai, the real estate boom in UAE is likely to face a major hindrance which will seriously affect completion of projects across the emirates.

As per the report, one major problem is the ready-mix concrete suppliers, struggling with huge backlog due to massive shortage in cement supplies. To add to this, the prices of cement and steel have surged by 50 and 70 percent respectively last year. Increasing labour costs, which has gone up by three times over last year, is another factor.

The report states that delay in delivery of new properties has resulted in rent and price increases, by 40 to 50 percent over the past couple of years in Dubai.

According to Kanbir, most projects are still under construction, and the next series of supply will hit the market by 2010, and this will is expected to bring in stabilization in property prices.

Triple Towers - a Dh 500mn project launched in Ajman

Triple Towers Ajman
An Abu Dhabi-based developer, Saleh Amer Al Katheeri, together with International Capital Trust (ICT), the German investors, have launched a Dh.500mn project - Triple Towers at Park View development in Ajman.

Being a cluster of three towers, it includes 1160 units comprising studio, single, and double bedroom apartments, spread across a built-up area of 65,400 square meters.

The Chairman of High Sky Properties, Saleh Amer Al Katheeri, said "These are being offered at a pre-launch price of Dh.465 to Dh.480 per square feet, which is an attractive option for investors. The total value of the project exceeds Dh.500million. We see strong investor response for these projects."

The construction of the development is likely to begin in August and will be ready by end of 2010.

High Sky plans to launch a 120-plot residential community in Ajman within next five years, and is aiming a portfolio of more than Dh.37billion ($10billion).

In the meanwhile, there is increasing concern about the shortage of power supply on completion of the buildings. But, Katheeri has assured that the government has promised a steady power supply, and in case of any shortage, a generator will be installed to power the buildings.

Located just thirty minutes from Dubai, it is easily accessible to Dubai Media City, Dubailand, and Dubai Internet City. Residents can have an easy access to major roads such as the Emirates road and Sheikh Zayed Road.

ICT is a new German investment house established for conception and marketing of closed-end funds and leading investment vehicles. High Sky Properties is a local developer, which brings in affordable apartments to expatriate population.

Thursday, June 19, 2008

SIT Tower -new hitech commercial destination at Dubai Silicon Oasis

SIT Tower commercial tower at Dubai Silicon Oiasis
Dubai Silicon Oasis has witnessed the launch of another commercial project, the S.I.T. Tower, which is expected to be Dubai's new hi-tech commercial destination.

According to developer of the project, Muhammad Nasir Muhammad Iqbal, the development is likely to meet considerable success due to its unique features, and the prime location.

It has been formed through strategic partnership with Sherwoods Independent Property Consultants and First Choice Real Estate, which further boosts confidence in the project, he added.

The S.I.T Tower, which was unveiled at the Westin Dubai Mina Seyahi Beach Resort and Serdaal Ballrom, features a good combination of excellent business location with world-class amenities, and attractive payment schemes that make it an attractive investment among investors.

About 25% of the tower is already complete. An escrow account has been opened, which has gained the approval of Dubai's RERA (Real Estate Regulatory Authority). Other key amenities of the tower are high-end retail shops, and complete range of restaurants and cafes.

Being located in Dubai Silicon Oasis, the tower appears to be an attractive investment option to foreign investors, as it permits 100 percent foreign ownership with zero personal and corporate taxation, and many other privileges of free-zone.

The commercial complex will take advantage of a thriving urban community, with a master-planned residential environment nearby, apart from a world-class infrastructure, and easy access to Dubai's International Airport, Jebel Ali sea port and Dubai's central business district.

The developer of the project has already made a mark through projects such as International City -Phase 3 and Al Ittihad Village and other developments in Limitless, Downtown Jebel Ali and Dubai Waterfront.

Burj Dubai to grow taller: Emaar

Burj Dubai - tallest tower in the world
Emaar Properties, the developer of the world’s tallest building 'Burj Dubai', has announced that the height of Burj Dubai will be increased further, and the work towards realizing this is already progressing. The final height will however, be revealed on its completion in September 2009.

Construction of two communication floors has already begun, and the structural steel work has started. Apart from increase in height, Burj Dubai is also likely to have its interior finishes upgraded. International designers from California have been revisiting the designs to make the residences more attractive and functionally superior. This process is being carried out over the past three months, with prominence given to maintaining high-quality standards.

The Chairman of Emaar, Mohamed Ali Alabbar, said "Burj Dubai is an unparalleled accomplishment in the history of mankind. The tower has been setting new benchmarks in architecture with its driving forces such as cutting edge innovation, breakthrough technology and creativity. It is now pushing its own record breaking standards further, through enhancements in height and design."

"The enhancements on Burj Dubai are being done through advanced technology and qualitative improvements. Several aspects of Burj Dubai, such as the interiors were decided in 2004. With current enhancement, we intend to introduce latest in quality considerations that will keep Burj Dubai truly exclusive," he added.

Standing high at 636 meters, Burj Dubai is already the tallest building and structure in the world. The tower has the largest number of floors than in any building. About 7500 professionals and skilled workers are employed on-site, and various infrastructure building works are being undertaken.

Wednesday, June 18, 2008

Crescent Towers unveiled in Ajman's Marmooka City

Crescent Towers Ajman
A luxurious residential project, Crescent Towers, has been officially unveiled by Al Jabal Holdings in Ajman's Marmooka City.

Comprising 18 storey towers, the development has been designed by one of the oldest and most renowned architectural firms in UAE, Adnan Saffarini Engineering Consultants.

Al Jabel Real Estate development has forayed into the UAE realty sector through the launch of Crescent Towers, which is due for completion in October 2011. Each floor of the tower will have nine spacious apartments, including studios, single bedroom, double bedrooms and triple bedrooms.

Crescent Towers is located on the 12 lane Emirates Road highway, connecting Ajman to Dubai, with the Crescent Towers being ideally positioned at a short distance from one of the most unique coastlines in the UAE. Marmooka City, in particular, has drawn the attention of home seekers due to its unique master-plan and amenities.

"Marmooka City is developing its own city within a city comprising shopping malls, mosques, schools, and lush gardens at affordable prices, which is perhaps the most lucrative investment potential in the realty market today," says Saeed Ali Currimjee, the Managing Director, Al Jabal Real Estate.

The apartments will make maximum use of natural light, reflecting the environmentally friendly approach of Crescent Towers. Residents can enjoy the access to world-class amenities such as rooftop pool, state-of-the-art gym, and ample covered parking.

The Crescent Towers will be one of the most admired developments in the Marmooka City, offering spacious, tranquil and refined living, explains CEO of Adnan, Ahmad Saffarini. The Ajman government envisions the city as an international tourist destination and business hub.

Tuesday, June 17, 2008

Abu Dhabi realty prices to appreciate more than in Dubai

A strong growth, backed by huge demand, a growing population and liberalization of the real estate sector, is likely to keep prices strong in the Abu Dhabi real estate sector for the next seven years, reports EFG-Hermes, a regional investment bank.

The report states that the longevity and strength of the real estate phase in Abu Dhabi, is supported by shortages of all types of real estate, controlled by delivery of supply to avoid a surplus, coupled with greater economic liberalization, and creation of a unique identity.

According to the Author of the report, Sana Kapadia, "A strong government presence supports and caps on the amount of real estate that can be built on any given year to mitigate the risk of an oversupply of property."

No major additions of residential units are likely in Abu Dhabi until late 2009, and with the ever-growing demand, the residential market will remain under-supplied until the end of 2009.
It has been estimated that the average price of residential properties will increase by 20 to 25 percent, during the rest of this year, and by 15 to 20 percent in 2009.

Demand for office space, too, will remain strong, with current vacancy rates at 1 percent, and with newer businesses seeking to make their presence in Middle East, it has been predicted.
However, considerable supplies that are likely to come in during 2009, will help cool the rising rents and prices, it is said.

Meanwhile, in a survey conducted by DSL Exhibitions, an international firm, specializing in organizing conferences and exhibitions, real estate investors expect that prices of properties in Abu Dhabi are likely to appreciate more than that in Dubai and other northern emirates.
The survey was done to find out if there exist any differences in the perceptions and attitudes of real estate buyers, between choosing Dubai, Abu Dhabi or one of the Northern Emirates and to underline any apparent trends.

The survey has revealed considerable differences in the attitudes and perception of investors, who choose between the three regions - Abu Dhabi, Dubai and Northern Emirates.

New property law issued in Ajman

A new property law has been issued in Ajman, which is expected to take the property sector in Ajman to further heights.

The Member of Supreme Council and Ruler of Ajman, H.H. Shaikh Humaid Bin Rashid al Nuaimi, issued Amiri Decree No.7 and 8, 2008, to regulate the land and property sector in the emirate last week.

The prices in Ajman's property sector have climbed up from Dh.350 per square foot to Dh.500 per square foot over the past six months. Billions of dollars are being invested in the property sector of the emirate, and the growing housing sector in Ajman has drawn considerable interest from the investors.

The 34 articles in the decree legalizes freehold ownership of property and land for UAE and GCC citizens, and the companies wholly owned by them, as well as to the public stock companies. GCC buyers and developers also have the right to own land and properties on freehold basis or on 50-year leasehold basis, renewable in designated areas to be determined and approved by the Ajman Ruler.

The law designates the Department of Land and Property to regulate the sector, and the department is entirely responsible for registration of property rights and long-term leasing contracts.

The bank guarantees need to be deposited for those wishing to invest in Ajman, and that amount should be used only for the project. An amount of five percent of project value will be frozen and will not be released until completion of construction of the project.

The Law stipulates that a developer cannot advertise projects without written approval from the department. The developers will be responsible for maintaining the project for ten years, following handover.

The law mandates a fine of Dh.100,000 on those who practice real estate business in the emirate without license.

Sunday, June 15, 2008

ICD unveils new iconic 36-storey mixed-use development One Za'abeel

Investment Corporation of Dubai (ICD) has launched an iconic 36-storey mixed-use development One Za'abeel at the World Trade Center roundabout.

One Zaabeel development Sheikh Zayed road, Dubai
One Za'abeel has been rightly named, as it is strategic ally positioned between the old and new business districts in the Sheikh Zayed Road of Dubai. Comprising three separate towers, One Za'abeel will be interlinked at the top, and will share a common podium at the base. It is for the first time in the region that a highway will run through the development. One Za'abeel will offer easy access to both Metro stations.

The unique residential tower will include 450 apartments, a 370-room five-star hotel tower, and a commercial tower covering 500,000 square feet of space. The commercial tower too, will be interlinked at the top with 133 serviced apartments, and will feature a swimming pool, meeting rooms and other amenities making it an ideal hub for Dubai's business community.

The retail area, covering 270,000 square feet, will have a retail podium that connects the three towers at the ground level. One Zaabeel will have a car parking space for 2300 cars.

Construction of the project is likely to begin shortly and will be complete during early 2011. Due to its prime location on the Sheikh Zayed road, One Za'abeel will turn out to be a symbol of Dubai's rich trading roots, and will rapidly rise to be a modern international financial and business hub. One Za'abeel is planned such that it turns out to be an environment-friendly project, abiding by the green buildings initiative launched by Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of UAE and ruler of Dubai.

Saturday, June 14, 2008

The Mansion - residential tower launched at Burj Dubai by Emaar

The Mansion - Burj Khalifa
One of the most magnificent residential complexes, The Mansion, has been unveiled by Emaar Properties at Burj Dubai, the world's tallest building.

Being an architectural masterpiece by itself, it is unique in the sense that all homes with 60-storey tower, open to receive direct views of Burj Dubai, and the magnificent fountain on the Burj Dubai Lake.

Located on the Burj Dubai Boulevard and Lakefront, The Mansion, has a private access and security, to create an exclusive neighborhood choice for interested buyers. Being a true luxury residential complex with in-tower retail options, The Mansion at Burj Dubai, is designed by the renowned Adrian Smith, the designer of Burj dubayy, the world's tallest building.

The Mansion features spacious, elegantly designed studios, single, double and triple bedroom apartments that render unparalleled views of Downtown Burj Dubai, the fountain in Burj Dubai Lake, the stellar water and music spectacle from the terraces and balconies of every unit.
On the 58th storey of the tower is a stunning penthouse with two large terraces, which is the perfect place for entertainment. The Mansion also includes an international restaurant at its lobby, which directly opens to render magnificent views of the fountain.

According to the Sales Director, Emaar Properties, Saif Al Mansoori, The Mansion will be one of the crowning residential projects at Downtown Burj Dubai, as it blends three appealing elements - central location in Downtown Burj Dubai, magnificent views of Burj Dubai and the fountain in the Burj Dubai Lake, and a rich blend of retail and lifestyle amenities.

The Mansion, apart from being a gateway between the commercial and residential zones in Downtown Burj Dubai, is also an elegant work of architecture, which adopts subtle, alternating pattern of directionality on its window units, creating a dynamic woven texture. The vertical stone ribbons lining the southern facade will protect the units from harsh sun which also allowing light to pass through.

Residents can avail a range of lifestyle amenities at the Burj Dubai Boulevard, and enjoy the shopping and leisure options at the Dubai Mall, one of the largest shopping and entertainment zone in the world. Various other retail outlets and food and beverage facilities will also be available at the tower's retail plaza. Among the other amenities in the tower are the business center, fully-equipped gymnasium, entertainment area, swimming pool and sundeck.

The Mansion units will be open for sales at Burj Dubai from 14th June at Downtown Living Sales Center and at Abu Dhabi Sales Center at Emaar.

Ras Al Khaimah curbs new rent law

Ras Al Khaimah has passed an order freezing the new rent law, and has announced that the earlier law would remain effective until 1st October 2008. In the meanwhile, new amendments will be done to the new legislation.

A senior government official revealed that the controversial Law No.8 for 2008, issued during 26th May 2008 required amendments, as it was vague.

The new law which states capping of rent increases at five percent for residential properties and seven percent for commercial properties has been criticized as it leaves landlords with an upper hand.

According to the official, Article No.24 of the new law has many interpretations, which gives landlords the right to evict their tenants. This aspect is being reviewed. Besides, the residents had been approaching the Rental Dispute Authority, and the Courts, with enquiries, questions and complaints.

The Rental Dispute Authority is yet to invoke the new law in any dispute, and has not accepted any dispute cases, as it has been awaiting the clarification of the new law from the Emiri Court.
The official revealed that by re-imposing the earlier law with 15 percent rent cap is being done to protect the rights of both tenants and landlords.

Ever-since the announcement of the new law, people have been complaining that it is vague and unfair to the tenants, as it gives the landlords the right to evict them and re-rent the properties.
Several landlords had approached the courts to file eviction cases, but their cases were put on hold, until the government decided to enforce the older law.

Thursday, June 12, 2008

e-myproperty forays into property development with its iconic project Bab Al Badr

Property Management and Consultancy Company, e-myproperty, has forayed into property development, with the launch of its first iconic project, a Dh.1.1bn island property, Bab Al Badr, an offshore man-made development, at Al Marjan Islands in Ras Al Khaimah.

The senior officials of e-myproperty, revealed that the development will contribute a value of Dh.6.6billion to Al Marjan Islands, which spreads across 29 million square feet on the south west of the emirate.

Comprising 12 storey elliptical twin towers, the iconic island property will be linked by a sky bridge to an 8 storey building, and will offer a blend of high-end luxury residential units, serviced apartments and vibrant retail zone.

Bab Al Badr (Gateway to the moon) is a first-of-its-kind project, with all-round architectural excellence that blends tradition with modern amenities. The components of Bab Al Badr will offer modern amenities under one canopy. The project will include three levels of basement parking, podium parking, private gardens, restaurants, coffee shops, gymnasium, property management services, sauna, apart from studios, single, double and triple bedroom units, duplexes, and townhouses.

The construction of the project will begin in August 2008, and is likely to be complete by 2011.

Wednesday, June 11, 2008

Aldar unveils Al Ruwais retail realty in Abu Dhabi

The leading real estate firm in Abu Dhabi, Aldar Properties, has announced the launch of Dh.500million double-storey shopping center in the Al Ruwais industrial city, located 240 kilometers west of Abu Dhabi.

The project is expected to cater to a growing population of 40,000 by 2010. The Al Ruwais shopping center will house 99 retail outlets, a supermarket, children's entertainment center, food and beverage outlets, and Warner Brothers Cinema Complex.
Al Ruwais shopping mall, Abu Dhabi

The Phase One of the project is expected to be complete by October 2010. The second phase would commence next year, the date of which, will be announced later this year. The cost of construction of Phase 2 would be double the cost of Phase one.

According to Ronald Stephen Barrot, the Chief Executive Officer of Aldar, the project is a part of the company's plan to develop other areas in the capital that has the development potential.

"We will own the asset and lease the retail outlets. The built-up area of the shopping center will be about 41,000 square meters." he added.

"We are pleased to see Al Ruwais grow from an industrial complex into a full-fledged urban center, and we feel duty-bound to contribute to the growth. It is a top priority for Aldar to cater to the needs of all residents in the Abu Dhabi emirate," said Ahmed Ali Al Sayegh, Chairman, Aldar Properties.

Al Ruwais retail realty is likely to serve residents in the neighboring cities such as Delma Island, Al Marfaa, Al Ghowifat, Gyathi and Sella, as currently residents of these cities travel to Abu Dhabi for shopping and leisure.

Tuesday, June 10, 2008

Completion of Burj Dubai delayed further

Burj Dubai - tallest tower in the worldDeveloper of the world's tallest tower, Emaar Properties, yesterday stated that the Burj Dubai tower will be delayed by another eight to nine months.

Earlier this year, the company had stated that the completion of the tower is four months behind schedule. However, the company had said that it plans to complete the tower in 2008.

Burj Dubai, the tallest building in the world, is a part of $20billion Burj Dubai development, being developed by Emaar Properties. The iconic project, which includes a shopping mall, residential buildings and hotels, is pushing the frontiers of engineering, architecture and construction. The Dubai Mall, which forms a part of Burj Dubai development, will have 100 storeys on completion.

According to the company spokesman the luxury finishes that were arrived upon when the tower was conceptualized in 2004, is now receiving its final upgraded touches, and the design of the apartments too, are being enhanced to render a more attractive, aesthetic appeal.

"By ensuring upgraded apartments and living environment in Burj Dubai, Emaar emphasizes its commitment towards offering world-class, one-of-its-kind projects," the company said.

Rakeen's Dh.15billion Dana Island launched in RAK

Dana Island in RAK
Rakeen, the property developer and real estate arm of Ras Al Khaimah government, has launched a Dh.15billion mixed-use island around the shoreline to the Ras Al Khaimah coast. The island is expected to add about 53kms to the Ras Al Khaimah shoreline, and stretches seven kilometers into the Arabian Gulf.

Dana Island, which measures five kilometers by six kilometers, will include
three main islands, and ten leaf-shaped islands. The island will have the
capacity to accommodate several world-class hotels, commercial and residential
complexes. It will include a theme park, the construction of which is already in
progress. The park would cover about 400,000 square meters and will be open in
another two years.

The island will be completed in two phases, and will cater to a population of 40,00. According to Massad, the Chairman of Rakeen Board of Directors and Chief Executive Officer of Ras Al Khaimah Investment Authority (Rakia), Ras Al Khaimah has good demand and investment potential and has witnessed a growth of 14 percent per year.

"Dana Island is likely to be the most sought-after multipurpose developments in the UAE. Rakeen has adopted the most sophisticated construction technologies so as to ensure that Dana Island will preserve the marine environment. As Ras Al Khaimah continues to gain prominence as the preferred holiday and business destination in the region, we believe that Dana Island will add considerable value to the global appeal of the emirate," said Wahid Atta Alla, a member of Rakeen Board.

With a current portfolio of Dh.5billion, the other projects of Rakeen at Ras Al Khaimah are the Al Marjan Island, RAK Financial City, Gateway City and the Banyan Tree Resort. Rakeen also plans to develop projects in Esfahan in Iran, and also at Tbilisi Uptown and Tbilisi Heights in Georgia.

Sunday, June 08, 2008

Aldar launches second phase of Al Mamoura, Baniyas Towers

The leading integrated property developer, Aldar Properties, has launched the second phase of Al Mamoura and Baniyas Towers at Abu Dhabi.

The two commercial developments, located at the heart of Abu Dhabi, offer about 62,000 square meters of office space, thereby helping to meet the high demand for office space in Abu Dhabi.
Baniyas Towers Abu Dhabi

Followed by the pre-letting of the 37,000 square meters of entire Al Mamoura A, another 20,000 square meters at Al Mamoura B, is also due for completion, and will be open for lease by the end of this year.

Baniyas Towers will have another 42,000 square meters of grade A office space to offer in two buildings, that are due for completion by January 2009.

Al Mamoura B and Baniyas Towers will offer 'grade A' office accommodation, including high-end amenities, together with units of flexible size, available for lease. Both developments will have ample parking for its tenants and will be serviced by a high standard of building management.

"Aldar Properties hopes to provide the market with a considerable amount of international grade office space by the year 2009. These projects are being done inline with Aldar’s initiative to meet the requirements of this rapidly evolving city and its high demand for quality office accommodation," said Ahmed Ali Al Sayegh, Chairman, Aldar Properties.

Saturday, June 07, 2008

Lake Signature development unveiled in Ajman

Lake Signature Tower
A leading real estate developer in the UAE, Gr8 Real Estate, has revealed the launch of Lake Signature, a residential project located at the Emirates Lake Towers, in Emirates City, Ajman.

The 30 storey development offers a range of studios, single and double bedroom units, with 100% ownership benefit, and UAE residence visa.

Other noteworthy features of this state-of-the-art residential tower are the 24 residential floors, G + 5 podium parking, provision for sporting such as Table Tennis, and Billiards, apart from Gymnasium, Sauna Room, Jacuzzi, Ladies Aerobic Hall, separate swimming pool for adults and children, an exclusive lobby, guest room, wireless internet and round the clock security.

Gr8 Holding is a subsidiary of Gr8 Group, which has made its significant presence felt in various industries over the last thirty years. Established in 2004, the company has carved a niche for itself in the UAE realty sector, and has been handling property sales, property management, leasing and brokerage.

Thursday, June 05, 2008

Rents in Abu Dhabi to continue to soar

Rents in Abu Dhabi, although have reached their maximum best, are likely to increase further, during the next few years, in view of the worsening shortage in supply, reveal recent reports.

According to the Abu Dhabi Chamber of Commerce and Industry The low and middle income expatriates will be the worst affected with the increase in rents, which have more than doubled during the past three years, while the salaries have remained the same.

After years of stability during 1990s and 2000, the property market in Abu Dhabi witnessed a jerk in 2006, due to the strong domestic demand, caused by an economic upsurge that shot up rents to sky-high levels, despite the introduction of rent caps by the government.

The Chamber reports that although the real estate market in the capital was more or less stabilized in 2005, with the 287,000 housing units being able to cover the domestic demand, a surge in demand during 2006, did not meet a similar supply growth. This resulted in a shortage of 3000 units. During the year 2007, the demand-supply gap was more than doubled and touched nearly 8000 and is further expected to touch 20,000 by this year.

The Chamber, in its report, states "Most housing units which will enter the market this year will cater to the hig-income sector, while the low and middle-income category will be the victims of shortage and rent increases."

"We expect a record supply shortage in housing units, which exceeds 20,000. This will aggravate the property situation in the emirate, pushing it from bad to worse, which in turn will affect the economic activities in the emirate and push inflation to new record levels," the report said.

According to property dealers, rents in the capital have increased by more than 25 percent in 2007, and by 15 percent during first quarter of this year. The increase has been attributed to the huge increase in demand and rapid growth in population, an intensifying influx of expatriate workers due to surge in projects in the Capital, failure by landlords to abide by the rent caps, and the concentration of property developers on costlier properties that caters to high-income sector.

"Buildings that are under construction in Abu Dhabi will cater to only 20 percent of the demand. This will only widen the supply shortage, and when coupled with the population growth, it will push rents to record high levels. As rents account for more than 40 percent of consumer spending, this increase will further aggravate inflation in the emirate," states the Chamber report.

Abu Dhabi has one of the highest per-capita incomes in the world, projected to touch Dh.225,000 in 2008. As per figures by the Abu Dhabi Department of Planning and Economy, population in Abu Dhabi has grown by 12.6 percent, and is likely to grow by 7.5 percent his year, which is one of the highest in the world.

Wednesday, June 04, 2008

Ajman unveils Dh 2bn Smart City development

Smart City Ajman
A member of the Giga Group, which is also one of the leading property developers in the region, namely Goldcrest Properties, has unveiled the Dh.2bn Smart City project - a freehold residential development, in Ajman.

Comprising eight luxury towers, across a built-up area of 4.2million square feet, along the Emirates Road, Smart City offers about 3500 luxury apartments including studios, single and double bedroom units.

The Managing Directors of Goldcrest Properties, Amir Giga is of the opinion that Smart City will surely be a picture of inspiration and the quality of planning and attention to detail employed in the project, will be highly appreciated by the residents of the community, both in terms of aesthetics and function.

The Giga Group is also offering in-house interest-free financing options with flexible payment options for the development.

Tuesday, June 03, 2008

Define Properties forays into Dubai's realty sector

Define Properties
The latest entrant to the competitive realty market of Dubai is Define Properties. Define Properties has entered the Dubai real estate sector by acquiring 13 plots, with their first three project being already finalized at around Dh.8billion.

With a capital of Dh.500 million, Define Properties has 12 plots at the Dubai Waterfront, and one at Business Bay. The company also owns assets worth Dh.1.7billion.

According to Tarek Kandil, the President and Chief Executive Officer of the company, a Dh.600 million project at Business Bay is already under progress.

The company's Nikki Lauda Twin Towers was sold just after the launch, and enabling and foundation works have already commenced. The project is likely to be ready by third quarter of 2010.

At present Define Properties is finalizing three projects at the Waterfront, which is totally worth Dh.8billion. The launch and construction will commence in seven months time.

The Director of Sales and Marketing at Define Properties, Walid Abdul Latif, revealed that among the three projects at the Waterfront, two are mixed-used projects and one is residential.

The company plans to focus on Dubai at present, and will expand to the rest of UAE and to the wider region in future.