Wednesday, December 15, 2010

Construction sectors on path to quick recovery

The Dubai's construction and real estate sector is well on its way to recovery, with about 3500 buildings worth Dh.25bn or more, being completed during first nine months of the year, reveal official data.

This is an all-time high when considering the value and number of completed buildings, according to data by Dubai Municipality.

The data published by the Dubai Statistics Center (DSC) of Dubai Municipality, the value of construction cost of the Dubai buildings during the first three quarters of the year, touched Dh.25.48bn, an increase by 24percent in comparison to all buildings completed during the corresponding period of 2009.

Further, the number of completed buildings in Dubai also touched nine-month period stood at 3486, an all-time high, in comparison with previous high of 2008, when a total of 2728 buildings were completed during the whole year.

On the whole, the value of buildings completed during initial nine months of this year, surpasses the total value of whole of 2009, which stood at Dh.24.89bn, shows DSC data. Further, the 2010 value is nearly double the value for same period in 2008, before global economic crisis caused the slowdown in the real estate and construction sectors.

Further, with Qatar winning the bid to host 2022 FIFA World Cup, the contractors in UAE are going to get a major share of projects, as the Qatar government is likely to invest more than $57bn in infrastructure development projects during the coming decade.

Further, the latest Dubai World announcement about reaching an agreement with all its creditors on $24.9bn worth debt re-structuring is likely to act as major boost for real estate sector in the emirate, which had recently witnessed decline in values of delivered properties owing to global economic recession.

Further, experts are of the opinion that with the government strongly supporting this major sector and companies within it, real estate in Dubai is likely to be back to limelight very soon. In fact, the government bodies, including municipality have funded atleast one-fifth of total value of completed buildings in 2010.

Monday, December 13, 2010

DIFC's new rental structure to offer 50% discount in 2011

Dubai International Financial Centre (DIFC) will introduce its new rental pricing structure in January 2011, offering at least 50 percent discounts for few tenants, the officials here revealed.

The tax-free business hub, also home to 780 businesses, including global financial service firms, will introduce new fee structure to increase transparency.

The Deputy Chief Executive and Head of Business Development, Marwan Ahmad Lufti, said that even earlier there were no standard rates across the entire DIFC.

Few clients will even receive discount of more than 50percent, said Lufti.

The DIFC rental prices per square foot will vary, depending on long-term leases signed by officials, ahead of centre's opening in 2004.

According to new structure, the most expensive DIFC-owned property will cost about $76 per square foot. The real estate consultancy, Jones Lang LaSalle (JLL), in their September report said that vacancy rates in Dubai’s financial district, including DIFC and Burj Khalifa, as defined by JLL, will grow from 12percent to a peak of 30 to 40 percent in the next 12 to 18 months. According to JLL, the rate was likely to go back to 10 to 15 percent levels by 2014.

However, the DIFC officials clarified that the office occupancy rate is 95percent in DIFC-owned buildings. The non-DIFC owned buildings constitute only 35percent of leasable office space in DIFC.

The tenants get to choose between new contracts from January or wait for their existing leases to expire. This will permit clients to plan for their long-term growth. Several clients have held back their decisions due to uncertainty over pricing and operational costs. This will remove the uncertainty, said Ahmad Lufti.

Wednesday, December 08, 2010

Champions Towers III (CT III) model apartment displayed

A leading Dubai-based real estate developer, Memon Investments, an arm of the leading international business conglomerate, Shaikhani Group, has launched a model apartment at Champions Towers III (CT III).

The Dh.145mn high-profile residential development project has been designed by leading design and engineering firm, Adnan Saffarini. The leading real estate developer has prepared a fully furnished unit, with complete furniture, fixtures, appliances and accessories, giving customers a look of the world class features of the model apartment.

The Dh.1.34bn portfolio comprises mainly of high-profile residential projects that include ‘Frankfurt Sports Towers’, and 'Champions Towers'.

The 15-storey tower stands on a total built-up area of 283,671 square feet and offers 254 units comprising studios, single bedroom and double bedrooms. The show apartment highlights key features such as high-speed elevators, basement and ground covered floor parking, valet services, health and wellness amenities, and 24-hour concierge services. The tower promotes healthy lifestyle among its future residents offering health club, swimming pool, juice bar, gymnasiums, sauna and steam room.

The external structure of the tower is fully completed with continuing internal work and block work expected to meet its scheduled deadline. CT III boasts of excellent location that is both premium and serene, where residents have easy access to world class stadiums, educational, religious and healthcare amenities, restaurants, cafes, and sports-themed mall have been built within Dubai Sport City's gated community.

This rapid pace of construction highlights the commitment by Memon Investment towards timely completion of its projects. The first residents will be handover the keys on third and fourth quarter of 2011.

Thursday, December 02, 2010

World's tallest residential tower to come up in Dubai by Q4 2011

The world's tallest residential tower will stand high at Dubai Marina, by fourth quarter of 2011, developer Tameer Holding announced yesterday.

The 107storey Princess Tower located at Dubai Marina is billed to be the world’' tallest residential tower on completion. Further, located in Dubai Marina will also be a 91-storey Elite Residence which is also due for completion and handover by fourth quarter of next year, also developed by Tameer Holding.

The President of the Company, Federico Tauber, said that the Princess Tower 414 meters in height with 763 units, and the 381-meter Elite Residence comprising 696 units in Dubai Marina, and an Imperial Residence with 510 units in Jumeirah Village South by fourth quarter of 2011, is being planned.

According to Council on Tall Buildings and Urban Habitat, Q1, located along the Gold Coast, Australia, is the tallest residential building in the world at present, with 323 meters in height and 78 storeys.

Tameer will be delivering the 31 storey Silver Tower in Business Bay, and 180-unit Al Jawzaa Tower in International City towards end of this year. During first quarter of 2011, Tameer will also deliver the 32-storey Regal Tower at Business Bay.

Wednesday, December 01, 2010

More than 160 families occupy The Villa units of DPG

The Dubai Properties Group (DPG) had recently announced completion and handover of The Villa- Phase II, comprising 219 Spanish-style villas in a residential community.

Surrounded by the desert landscapes, and an exclusive enclave located off the Al Ain Highway, The villa is a wonderful retreat in the heart of Dubailand.

Speaking during the occasion held to mark the event, the DPG held a ‘Know Your Neighbour’ event for all Phase I and 2 home owners at The Villa.

The CEO of DPG, Khalid Al Malik, expressed his happiness over welcoming more than 160 families into their new homes in The Villa, and said that this community complements the diverse real estate portfolio of the group and reflects the company’s commitment in contributing to the growth of Dubai by delivering diversified communities across the emirate.

Featuring 540 villas in Spanish-style, The Villa development is a prestigious community with plots ranging from 5,500sq. ft to 12,000 sq. ft., it offers a striking architecture based on legendery cities of Granada, Cordoba, Marbella, Valencia and Mallorca.

DPG is planning to further improve the amenities in the community at The Villa with additional landscaping, a local supermarket, security, retail amenities, and children playgrounds.