Monday, February 28, 2011

Hills Abu Dhabi - new super-luxury villas ready for handover

Work on Hills Abu Dhabi, the 147 super-luxury villas have been successfully completed, marking the successful completion of another major real estate project in Abu Dhabi, announced the Green Emirates Properties, the leading real estate provider in the UAE.

Located along the Khaleej Al Arabi Street adjacent to Shaikh Zayed Mosque and Abu Dhabi Officers Club, Hills Abu Dhabi overlooks the waterfront and is designed to reflect the rich architectural heritage of UAE.
It is a gated villa development offering several recreational amenities including swimming pools, playgrounds, fitness centres, parks and jogging track.

Hills Abu Dhabi will be another major landmark in the region, offering residents the best in lifestyle and community living, agreed Jasim Al Ali, CEO of Green Emirates Properties.

Tuesday, February 22, 2011

RERA rental index to be updated every quarter

The Dubai Real Estate Regulatory Authority (RERA) announced that the rental index tables framed by the Dubai Land Department two years ago will be updated every four months to enable proper execution of the decree of capping the rent rate within the emirate.

Announced in January, the decree had fixed the rates of maximum possible rent increase on properties leased out prior to its implementation. But, this varies depending on rental values.

The Article 2 of the decree emphasizes that RERA be the main reference to determine the average rent in the emirate.

Monday, February 21, 2011

More U-Bora Towers units on sale at Business Bay

The developer of U-Bora Towers in Business Bay, the Bando Housing Corp, a South Korean company, will soon put on sales the remaining 100 residential units that were unsold while the local real estate market crashed in late 2009.

The developer has already completed the huge mixed-use development at Business Bay and has got utility connections in place. There are 225 apartments constituting the residential portion of the property, with the ones that were sold during their peak having fetched more than Dh.1200 per sq.ft.

According to J.M.Park, the Project Manager for U-Bora Towers, the units will be priced at starting rate of Dh.1000 per sq.ft., for the available units, given the location and the quality of the building.

Even if there are no buyers for all of the units, it could be made available for rent, or there are several other options that are open, Park said.

The U-Bora Towers, worth Dh.1.65bn, has a plot are of 19,833sq.mts. It is one of the more substantial ones in Business Bay, with built-up area of 228,400 sq. mts., and with offices comprising 97,900sq.mts and residences comprising another 37,000 sq. mts. It offers a total of 225 apartments, with 111 single bedroom units and 87 double bedroom units.

Business Bay, being one of the prime locations for a mixed-use development, potential buyers will surely appreciate it, Park said.

Apart from U-Bora Towers, there are several other privately-owned projects in Business Bay that are nearing completion in the next one to two years. One of the factors to be noted is whether there are sufficient buyers willing to commit Dh.1000 or more per square foot in the master development.

However, although with a slow start, Business Bay is beginning to draw a growing base of residents, with several of them residing as tenants, particularly at the Executive Towers by Dubai Properties.

Thursday, February 17, 2011

Baniyas to develop new 2030 Tower at Sowwah Square

Baniyas Investment and Development Company (BID), an investment arm of Bani Yas Sports Club, has been awarded the contract to develop the residential and commercial 2030 Tower, worth Dh.170mn, by the Real Estate Investment Company, at the Sowwah Island, Abu Dhabi's new business district.

Baniyas Towers
The new 20 storey residential and commercial tower, located at the heart of Sowwah Square, across Cleveland Clinic, will cater to the requirements of people working on the Island. The tower will comprise luxurious single, double and triple bedroom apartments, coffee shops, retail spaces and state-of-the-art gymnasium and Jacuzzis.

Being a specialized business center, the Sowwah Island will cater to the requirements of the business community in Abu Dhabi, given, its modern infrastructure and dedicated business environment.

According to Real Estate Investment Company, Sowwah Island will grow to the new business hub in Abu Dhabi, and the 2030 Tower, will be the first-of-its-kind commercial and residential tower in Sowwah Square.

The units in the 2030 Tower will be available on a freehold basis for both nationals and expatriates at competitive rates, BID revealed.

BID is now developing another Dh.3bn mixed-use community project in Bani Yas City. The project offers luxurious apartments and villas with state-of-the-art sports and healthcare amenities, shopping mall, a FIFA standard football stadium with capacity to hold 20,000 spectators.

Construction of the first phase of this project, comprising 56 villas and 164 apartments has been completed and the Bawabat Al Sharq shopping mall will be unveiled in May 2011. The units in this phase will be delivered to their owners as soon as the infrastructure works, now being developed by Al Jaber Group are completed.

Tuesday, February 15, 2011

Dubai to announce an investor-friendly Law this year

The Real Estate Investor Protection Law will be announced this year, which will enable investors to seek cancellation of contracts, in case the developer fails to fulfil his contractual obligations, revealed the Director-General of Dubai Land Department.

Sultan Butti bin Mirjin said that the new law would comprise nearly 30 articles, with much focus on investors, offering them complete and comprehensive legal support to protect their property purchases. The law will be released this year.

The law is also likely to look into matters such as developer's refusal to link payments to construction milestones, or in case he makes material changes to specifications. It also deals with refund issues in the event of any material defect and financial penalties for delay in delivery of the property.

According to Mirjin, the law will empower the investors to resort to cancellation of sales and purchase contract with the developer and even recover dues in full.

Further, the Land Department has established a mediation committee that offers solutions, only if the developer and investor agree to settle their issues amicably. In case of disagreement, the issue is settled in court.

Tuesday, February 08, 2011

Nakheel resumes work on all its Dubai projects

Nakheel has begun work on all its projects in Dubai, it has been reported.

The Nakheel CEO, Chris O'Donnel, speaking to reporters in Dubai, mentioned that the contractors are back to work on all the projects. The first projects to be delivered to customers will be the portions of Jumeirah Park and Al Furjan during 2011 and 2012 respectively.

Chris agreed that the funding from the Dubai government has helped Nakheel to move forward. Nakheel received funds from Dubai Financial Support Fund in December to repay sukuk that had matured in January.

Chris also said that Nakheel was on target to issue sukuk during first quarter of 2011. Nakheel is also seeking re-structuring of $10.5bn with international creditors. Nakheel has no plans to issue IPOs.

Chris said that opening of the club in Jumeirah Islands were delayed as Nakheel was busy with debt re-structuring process. The club, worth Dh.10mn has been finally delivered to the community this week. This is the third club unveiled by Nakheel, apart from Jumeirah Gold Estates Club and Jebel Ali Recreational Club.
Nakheel also plans to launch two more clubs at the Palm Jumeirah soon.

Tuesday, February 01, 2011

UAE property market bottoms out; Recovery by end of 2011

The UAE real estate market has bottomed out and will begin showing recovery signs towards end of this year, said Sultain Al Mansouri, the Minister of Economy.

The worst is over for the UAE realty market, and by the end of 2011, a positive movement is expected, he said.

Although, the growth graph will not be at the same levels as before, the market will surely witness a gradual and realistic growth, Al Mansouri confirmed.

Mansouri said the concern about a possible oversupply situation has weakened, with several project cancellations thinning down the real estate pipeline.

Several of the issues that the market faced in 2010 is now resolved with several projects being either re-designed or stopped. Hence the market is better organized, offering a relief from a possible oversupply situation, he pointed out.

As for economic growth in the UAE during 2011, it will surely witness growth and a positive one, although every aspect of global economy cannot be predicted in advance, Al Mansouri said.