Thursday, October 31, 2013

Emaar's latest Sky Collection homes launched in Downtown Dubai

Leading Dubai developer, Emaar, has launched its latest ‘Sky Collection’ apartments in Downtown Dubai.

Located in the highest level of the 76-storey tower, the ‘Sky Collection’ apartments open to majestic views of The Dubai Fountain, the world’s tallest performing fountain, and the world’s tallest building, Burj Khalifa.

The limited collection of spacious, elegant furnished apartments will be serviced by The Address Hotels and Resorts.  The ‘Sky Collection’ homes located in The Address Residence Fountain Views III is the latest masterpiece by Emaar in Downtown Dubai.

The Address Residence Fountain Views III forms part of the three-tower dedicated serviced apartment development, and is the only one of its kind in Downtown Dubai. The discerning customers get to choose four and five bedrooms, furnished duplexes and apartments from the Sky Collection, which range in area from 2000 sq ft to more than 17,000 sq. ft., and includes expansive suites and balcony areas.

The residents form part of thriving lifestyle with scenic vistas from their homes spanning the city and the Gulf, remarked Ahmad Matrooshi, the Emaar Managing Director.

The Sky Collection of The Address Residence Fountain Views III offers good value preposition, particularly for families, with its spectacular location, the luxurious range of amenities, elegant finishings, and superb service offered by The Address Hotels and Resorts, he said.

Monday, October 28, 2013

Jumeirah Corniche development to be longest in the emirate

The Vice-President and Prime Minister of UAE and Ruler of Dubai has sanctioned the Jumeirah Corniche Development project to be built along the beach, adjoining six residential districts, beginning from the area behind Dubai Marina Beach Resort, down to Burj Arab Hotel, stretching 14 kilometres in length, thereby constituting longest corniche in the emirate.

Sheikh Mohammad has instructed to link both the walkway and the jogging track with Dubai Canal project and for Corniche project to be completed in a year's time.  Sheikh Mohammed said that the project aims to offer improved quality of life to nationals and expats, and these developmental projects are integrating to attain this ultimate goal.

Shaikh Mohammed asserted that the walking and jogging tracks are necessary to have healthy and productive individual.  More such amenities will be created and developed to serve various residential areas in Dubai, so that residents of Dubai can make use of these to practice sports and to keep their bodies and minds fit, Sheikh Mohammed said.

Sheikh Mohammad made this statement during his tour to project site, accompanied by HH Shaikh Maktoum bin Mohammad bin Rashid Al Maktoum, Deputy Ruler of Dubai and His Excellency Mohammad Ibrahim Al Shaibani, the Director-General of HH the Ruler's Court of Dubai.

On completion of development, the Jumeirah Corniche will be the longest in the emirate, giving the public a bigger area to enjoy several activities. The project serves big sectors of the community, especially families and also offers public utility services, particularly beaches, parks and outstanding touristic attractions.
Apart from the value of project as a recreational and entertainment addition to the emirate, Jumeirah Corniche represents a major contribution to the public’s health and in developing social infrastructure in Dubai. On completion, the project facilitates variety of sports including walking, jogging, swimming, rowing and other activities aimed at contributing to family fitness.

Thursday, October 24, 2013

Solar Park goes live, creates historical milestone

Dubai has made history this week by making its new Dh.120million worth Solar Power Station go live, to feed electricity harnessed from the sun into Dubai power grid, in the presence of leaders and energy officials as witness.

This is a major milestone achieved on way to sustainable development, strengthening Dubai’s power generating capacity, which will help the emirate on its journey to diversify energy sources.

The 13 megawatt solar project, with phase one of Shaikh Mohammed bin Rashid Solar Park spanning 280,000 square metre was unveiled by HH Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of UAE and Ruler of Dubai at Seih Al Dahal, located 50kms south of Dubai.

The project is undertaken by Dubai Supreme Council of Energy (DSCE), and operated by Dubai Electricity and Water Authority (DEWA), and is expected to generate 24mn kilowatts of power per year.

Announced in January 2012, the Solar Park is likely to generate 100 megawatts of power by the year 2030, and will be completed in several phases.

The Phase Two of the project was also launched this week, which is a 100 megawatt installation to be done under public-private partnership. The work on this phase will begin in six months and will be completed in three years time.

The Solar Park in Dubai forms part of Dubai Integrated Energy Strategy 2030, which aims to have an energy mix comprising five percent solar, 12 percent nuclear, 12 percent clean coal and 71 percent natural gas by 2030.  

This is the first milestone on way to achieve energy strategy. The plant will go a long way in establishing the trend for non-conventional energy resources in the region, and towards the year 2020, more than 1 percent of electricity will be generated through solar energy, said Saeed Mohammad al Tayer, Vice Chairman of DSCE and Managing Director of DEWA.

The sustainability programme includes constructing a self-sustaining solar-powered landmark tower at the park. Apart from building the infrastructure, the project aims to instil values of sustainability among local population, while also building local capacity.

In the next phase, DEWA and DSCE are jointly considering options to have rooftop solar installations that can help in further reducing dependency on fossil fuels.

Solar energy is the most abundant resource in UAE, and it is the best and most sustainable way to generate electricity in the region, and Mohammad bin Rashid Solar Park in Dubai has established new trend and landmark for the region.

The solar plant makes use of a combination of photovoltaic and concentrated solar power technologies. The phase one has 152000 photocells linked to 13 step-up transformers in inverter buildings. The plant enables carbon-dioxide emissions by 15,000 tonnes annually. On completion, the solar park will be one of the largest solar installations in the region.

Tuesday, October 15, 2013

Meydan, Meraas sign deals to develop Dubai Water Canal projects

The Dubai Road and Transport Authority (RTA) has entered into project deals with leading real estate groups, Meydan and Meraas Holding, to develop projects around the Dubai Water Canal, offering 14million sq ft of unique retail, hospitality, dining and residential lifestyle.

According to the deal, the companies will take up construction of real estate developments around the two banks of Dubai Water Canal, stretching from the Business Bay District, across the Sheikh Zayed Road and up to the Jumeirah Park, with extension to the existing park.

The canal moves along the Al Wasl Road, Jumeirah 2 District, Al Safa Park, and Jumeirah Road, before stopping at the Arabian Gulf near Jumeirah Beach Park.

The real estate developments likely to come up on 14million sq ft of land include shopping malls, hotels, and other retail and dining outlets and residential units, said Mattar Al Tayer, the RTA Chairman and Executive Director.

The RTA will take care of the drilling works of the canal, and construction of cross-roads and pedestrian paths, Al Tayer said.

He further said that project works have been divided into three contracts. The first and second pertain to the construction of crossings over the Canal that links with major roads that intersect at the canal course, which are the Sheikh Zayed Road, comprising eight lanes in each direction, apart from Jumeirah Road, and Al Wasl Road with three lanes in each directions apiece.

The bridges will be 8.5mts above water level to permit free navigation at all times. The third contract will pertain to drilling and landscaping works in addition to the construction of pedestrian crossings and 4-minute transport stations to ease the movement of the public and promote the mass transport and tourist business.
The marine transit modes are likely to ferry more than six million passengers per annum as per the plan mapped out in Dubai, he said.

The RTA will implement several improvements in the main roads, including construction of roads along the banks of the canal to ease the mobility in these areas.  As for pedestrians, a safe traffic movement will be provided through construction of four pedestrian crossings over the canal, with one of them housing retail and dining outlets.

There will be dedicated lanes for practicing light sports such as jogging and cycling, along either sides of the canal. Landscaping works will also be undertaken on either sides of the canal offering greens, sitting areas and various types of relaxation and tourist facilities, Al Tayer said.

According to the Chief of Meydan Group, under partnership with Meraas, the group will be the prime developer to create a distinctive development that embrace the unique canal and waterfront lifestyle.
The Jumeirah Beach Park will increase by 25percent with additional length of public beach.

The canal project is another example of Dubai leadership’s vision and zeal to use infrastructure as catalyst for growth and development of the economy. The project will help to increase further investor interest in real estate market of Dubai and offer growth in job opportunities, the UAE developer said.

The Dubai Water Canal project is likely to attract 30 to 36 million visitors per annum, and comprises recreational and sport facilities that are capable of constituting an important addition to the Dubai tourist map, creating an attraction for the entire community comprising nationals, residents and tourists.

The Canal Gate Tower located at the intersection of Sheikh Zayed Road and the canal, unifies either sides of the canal and the shopping mall with an enclosed multi-level retail bridge that comprises retail, F&B and entertainment venues.

The tower is a mixed-use development comprising more than 3.5mn square feet of area which includes 468 apartments, 617 hotel rooms, and more than 400,000 sq ft of retail and 735,000 sq ft of commercial office space.

Tuesday, October 08, 2013

Dubai property market still way behind the 2008 peak

The real estate sales and prices in Dubai registered solid growth over the past one year and is set for further increase, while the prices are still unlikely to touch the 2008 peak in the short to mid-term, a report said.

The rentals are lagging 38 percent for apartments and 31 percent for villas, over the same period, revealed a leading property expert, Asteco.

Although prices will increase further, it is unlikely that they will hit their 2008 peaks in the short to mid-term, the Asteco mentioned in its third quarter report for Dubai this year.

Asteco reported that the villa and apartment sale prices in the emirate soared year-on-year by 26 percent and 42 percent respectively, although, they still remain 42 percent lower than third quarter of 2008.
The Asteco report highlights that political stability, trade links and a buoyant and diversified economy, regulatory infrastructure and attractive tax environment have all led to resurgence in transactional activity over the past year, which has led to considerable increase in sales and rental prices.

The Asteco Managing Director, John Stevens, agreed that despite several project launches and increased interest among buyers to purchase off-plan properties, projects with favourable payment plans in good locations saw the bulk of demand.

The best performing areas for apartment sales prices were Discovery Gardens, and Jumeirah Lakes Tower, over the past one year.

When taking into account the 2008-13 performance, Jumeirah Beach Residences and The Greens are below their 2008 peaks. Downtown Dubai is the most expensive area to purchase an apartment at Dh.1700 per square feet on an average.

The outstanding performance in terms of villas over the past one year is the Jumeirah Village, followed by Jumeirah Islands and Springs, Stevens said. But, the most exclusive locations for villa owners is Palm Jumeirah, which commands Dh.2000 per sq ft, with Dh.700 per sq ft more than Jumeirah Islands, and almost double of that in any freehold area in Dubai.

The apartment and villa rentals too, are still below the 2008 Q3 levels by 38 and 31 percent respectively. But, recovery is well underway with 23 percent average rental growth for apartments and 19 percent for villas year-on-year, he said.

The International City outperformed the market over the past 12 months with 35 percent increase.  Downtown Dubai is just 25 percent below its 2008 peak levels, while Palm Jumeirah remains most expensive of the areas surveyed in terms of rents.

In terms of villa rentals, The Springs fared best over the past year, recording 34 percent increase to Dh.165,000 per annum for a triple bedroom house, while villas of same size in Mirdiff grew 31 percent to Dh.120,000 per annum. However, the Pam Jumeirah remains the most expensive places to rent a triple bedroom villa at Dh.350,000, which is below 10 percent of its 2008 peak.

As for the office sector, Stevens said that sales prices have seen little improvement in the past five years, and is still 63 percent lower than the Q3 2008, while the last 12 months saw only minimal increase of 8 percent on average.

Despite the office rental rates being 66 percent lower than during third quarter 2008, the office sector has outperformed residential sector over the past year, rising 43 percent from a low base, the report said.