Thursday, May 30, 2013

Dubai rental growth leads to increased demand for properties in Sharjah

According to new report by Cluttons, the real estate consultant, the rates of properties are growing fast, partly due to higher rents in Dubai. This in-turn has spurred real estate market revival in Sharjah.

Landlords in the emirate are once again benefiting from the high residential rents in Dubai, and due to influx of people who are being priced out of the market accordingly, says report by Cluttons.

The firm said that the recent launch of a new apartment building in Sharjah indicated that rental rates are close to those seen in 2007. The new Arenco Golden Sands Tower in Al Nahda area of the emirate, now plans to sell apartments for at least Dh.41,000 a year.

Although this tower alone does not necessarily establish the market rate, other properties in the area are available for Dh.32,000 annually. This indicates a major shift in the market.

Further, for those seeking new accommodation, landlords in the emirate are tightening their terms, the report said. Cluttons said that a trend of accepting only a single cheque to cover rent of one whole year, and demanding an additional 20 percent of the annual rate as security deposit, is being noticed among landlords in Sharjah, which comes as further challenge to those seeking new accommodation.

Sharjah is considered as the most suitable alternative to those finding themselves out-priced by the growing rentals in Dubai, with demand surpassing supply for the first time since the global financial crisis. Cluttons anticipates further strengthening of the residential market, and rentals for both apartments and villas set to grow over the next six months.

Monday, May 27, 2013

Emaar to begin Burj Vista II sales in Downtown Dubai on 29th May

Global real estate developer, Emaar Properties has launched the sale of Burj Vista II, one of the latest architectural master-piece in Downtown Dubai, the 500-acre flagship mega development.

Comprising two identically designed towers, this second tower of Burj Vista features 20 storeys which can house 120 luxury apartments, making it the latest and most stunning addition to the dynamic skyline of Dubai.

The online registrations will remain open from 10am on 29th May with sale on first-come, first-serve basis from 9am on 1st June.  Potential customers can register online for single, double and triple bedroom apartments in Burj Vista II from 10am on Wednesday, the 29th May at The sales event will begin at 9am on Saturday, the 1st June, at the Emaar Sales Centre in Emaar Square, Downtown Dubai.
Burj Vista II, located centrally along Mohammed Bin Rashid Boulevard, will offer residents with unparalleled vies of Downtown Dubai and beyond, and offers easy access to some of the most sought-after tourist destinations including The Dubai Mall.

Burj Vista II aims to establish a benchmark in sustainable living and implements a greener lifestyle by promoting energy-use efficiency.

Among the amenities here are, fully-equipped gymnasium, multimedia hall, children play area, business centre, play room, swimming pool and kid’s pool, badminton and basketball court, relaxing reading areas and lush landscapes.

Friday, May 24, 2013

Acacia Villas Phase I and II delivered at Dubai’s Jumeirah district

The Abyaar Real Estate Development Company has announced the delivery of Phase I and II of Acacia Villas project located at Acacia Avenues, the first freehold development in prime Jumeirah district of Dubai.

The Abyaar Chairman, Marzooq Al-Rashdan, said that the Dubai property market is showing recovery signs by enacting new laws and regulations to grant more protection and security to investors.

Al-Rashdan further said that Acacia Avenues, being the first project by the company in Jumeirah, gives an opportunity for investors to own property. Launched by Abyaar in 2007, the project worth Dh.2bn is a full-service complex containing 50 villas and six towers spread across an area of 94,000 square meters near the Knowledge Village.

As for the completion of Hilliana Tower at Acacia Avenues, Al-Rashdan said that a strategic partnership between Abyaar and Naif Saleh Alrajhi Investment Company has been signed to develop Hilliana Tower and other real estate projects in Dubai.

Work is now underway and construction works will be completed soon, he said.

Al-Rashdan further said that the current year will be promising for real estate investors due to growth, stability and availability of investment opportunities in Dubai real estate market, which has been long regarded as a favourite for investors in the Middle East.

Wednesday, May 22, 2013

The Lagoons project in Dubai to be revived

A global investment holding company, Dubai Holding, has confirmed that it plans to revive The Lagoons project on the Dubai Creek through a joint venture.

Dubai Holding confirmed that it will work jointly with another real estate developer, Emaar Properties, to deliver the project, details of which will be revealed soon.

The Lagoons master development will be home to a 1000-metre tower. If progressed, this will be their second jointly launched initiative, following the announcement of Mohammed Bin Rashid City, the master development, which will be home to world's biggest mall, a theme park with Universal Studios, and a park larger than London's 350-acre Hyde Park.

The Group Chief Executive Officer of Dubai Properties Group (DPG), Khalid al Malik, said that the real estate arm of Dubai Holding, said that the Dh.64bn project by Sama Dubai, has not been cancelled.

He confirmed that the plot owners will not be granted refunds, and The Lagoons project will be developed.
Back in 2010, DPG had confirmed that even the plan to develop the iconic Signature Towers, earlier known as Dancing Towers, which is the centre piece of the master development had not been scrapped.
The Emaar Chairman, Mohamed Alabbar, recently said that they are considering building another world-record breaking tower, bigger than Burj Khalifa, which is currently the world’s tallest building.

The Lagoons will house seven islands, comprising housing units, office buildings, shopping centres and marinas. These detached islands will be interlinked with bridges.

Last year, Emaar acquired a plot of land in July, beside its Arabian Ranches development from DPG and has already launched two projects, namely, Casa and Mira townhouses.

Thursday, May 16, 2013

Emaar to launch new Sky View II project in Downtown Dubai

Dubai's largest developer, Emaar, will be launching The Address Residence Sky View II in Downtown Dubai on 18th May. However, the launch will also happen simultaneously in three other cities – Doha, London and Riyadh.

The developer will sell properties only to individuals who are locals or residents of these three countries.
Emaar has not disclosed the number of units being sold or their prices. The developer, in March, sold units in ‘The Address Residence Sky View I’ at an average price of Dh.2600 per square feet, with all units in the project being released during the launch.

Construction of The Address Residence Sky View, a 50-storey hotel, residence and serviced apartment twin-tower complex, in Downtown Dubai will begin in August this year, and is due for completion by August 2016. The handover of the towers would begin in December 2016.

Standing at a height of more than 230 metres, the Sky view tower will have 532 serviced apartments fully furnished with floor to ceiling windows, linked directly to Dubai Metro and The Dubai Mall through the new air-conditioned travelator.

Sky View II, designed by Skidmore, Owings and Merrill, will include a hotel with 180 rooms and an observation deck. Spanning the tower complex, will be a ‘Sky Bridge’, which would comprise a signature restaurant, ballroom, infinity pool with amenity deck, offering 360-degree vistas of Downtown Dubai.
The Emaar Chairman, Mohammed Alabbar, said they would continue to launch new properties and projects on a regular basis.

Emaar held roadshows on 14th and 15th May at 4 Season Hotel Park Lane on a first-come-first-serve basis. Over the past few months, Emaar has held road shows in Mumbai, Doha, India, Qatar and Singapore.

Monday, May 13, 2013

New Law on land registration fee issued

In his capacity as the Ruler of Dubai, the UAE Vice President and Prime Minister, HH Sheikh Mohammed bin Rashid Al Maktoum, has issued a new law on land registration fees.

The New Law No.2 for 2013 amends Law No.7 for 1997 on land registration fee. This new law sets registration fee for a storehouse sale contract at Dh.10 per square metre of land area, in which, the facility was built, provided, the fee should not be less than Dh.10,000. This revised fee is lower than previous rate of 2 percent of the sale contract.

The Director General of Government of Dubai Land Department, Sultan Butti bin Mejren, said that the new fee will leave a positive impact on the industrial sector in Dubai, as the new move will considerably contribute to help in supporting the small and medium enterprises, improve industrial investment and attract industrial companies to Dubai.

The revised fee will also support the Department’s drive to deliver the leadership vision for a diversified knowledge-driven economy, which would be consistent with the UAE Vision 2021, by stimulating the macro-economy and promoting Dubai as a favourite destination for industrial and logistic businesses at regional and international levels.

Sunday, May 12, 2013

Construction contracts for Jumeirah Village Circle villas project awarded

Leading UAE developer Nakheel has awarded Dh.106mn worth contract to United Engineering Construction LLC (UNEC) for construction of 90 homes at its sell-out Jumeirah Village Circle Villas project.

The work will begin by the end of this month, and the project is likely to be ready by end of 2014.
The 90 four-bedroom villas will be sold for a total value of Dh.275mn, and will be built in a circular pattern on a round, green, landscaped area, within the 569 hectare master developed Jumeirah Village Circle community.

Each villa spans a gross floor area of 3655 square feet, and features indoor and outdoor living space, and an expansive roof terrace.

Jumeirah Village is a collection of more than 2000 villas and townhouses built in classic Arabian and Mediterranean styles.

In 2012, Najheel awarded construction contracts worth more than Dh.1.4bn for several new projects including Palma Residences, Dragon Mart Phase 2, Jumeirah Park Legacy Villas, Palm Views, retail and community centres at Discovery Gardens and Jumeirah Park.

Monday, May 06, 2013

Damac to build new Trump golf course in Dubai

Leading property developer Damac Properties said that it would work with Donald Trump, the American real estate mogul, to build new golf course in Dubai, which would further add to growing list of project announcements in the emirate.

The developers in Dubai are reviving stalled projects and announcing new ones, as the real estate market in the emirate recovers gradually following the real estate crash by 50 percent in 2008.

The Trump International Golf Club in Dubai will come up at the heart of Damac’s 28 million square foot development called ‘Akoya’ by Damac. The construction is already underway and the course will be ready by next year.

Damac further said that it will be the owner and developer of the property and the property will be named ‘Trump’, as per the terms of a management agreement.

Donald Trump had earlier cancelled its previous foray into real estate market in Dubai, a project to build an international hotel tower on the Palm Jumeirah in Dubai, following the property downturn in the emirate.
Ever-since its establishment in 2002, Damac has already completed 37 buildings and has another 66 under construction across the MENA region.

Wednesday, May 01, 2013

Damac launches its biggest ever project at Dubailand

Damac Properties has launched its biggest ever project in Dubai, the 28million square feet golf community project in Dubailand. This launch follows the recent launch of luxury towers in partnership with international brands Fendi and Paramount.

Christened “Akoya” by Damac, and dubbed as the most luxurious Golf community in Asia, Damac said the project will offer premium branded mansions, townhouses, villas and apartments.

The project will include an 18-hole PGA Championship Golf Course, in addition to a spa, boutique hotels and international schools from kindergarten to secondary level.

The Chairman of Damac, Hussein Sajwani, said that the Akoya development by Damac will be the most desirable living environment for aspirational professionals who recognize ultimate luxury.

The development will help bring in a blend of high-end five-star living, with unrivalled facilities, creating a haven for families seeking to make Dubai their home.  The development will also include spa, boutique hotels, leisure offerings and a sports complex.

Sajwani said that Damac is holding talks with several leading global brands to make the project most sought-after area in Dubai.

Damac has completed land purchase and has received requisite paperwork. However, no details were given on when work will begin or the number of housing units to be built in the master community.