Monday, January 27, 2014

Emaar launches new Spanish-style villas in Arabian Ranches

Emaar Properties in Dubai has announced the launch of Rasha, a new Spanish-style villa community, in its popular development, Arabian Ranches.

It has been designed to reflect the architectural features of Spanish Coastal Villas, and comprises 140 villas of four to six bedroom units. The community also includes lifestyle amenities such as grocery store, salon, medical clinic, daycare centre, schools, multi-cuisine food and beverage outlets.

Rasha is the latest addition to the Arabian Ranches extension, featuring CASA, Palma, Rosa and Lila villas. The development was launched following strong customer response, Emaar said.

The Managing Director of Emaar, Ahmad Al Matrooshi, said that led by the reputation of Dubai as a family destination, and supported by the strong economic growth, the real estate market witnessed increased demand for villas.

The sales for Rasha will be launched in Dubai and Abu Dhabi on 1st February 2014, and online registration for sales in the two cities will commence on 29th January.

Emaar has launched several new projects last year, including the first development for the forthcoming Expo 2020 in Dubai. In January alone this year, Emaar has launched three projects – the Spanish-themed 219 villa community ‘Lila’ in Arabian Ranches, the 63-storey tower project ‘the Boulevard Point’ in Downtown Dubai, and the 320 unit ‘Vida Residence’ in Downtown Dubai, likely to be ready by 2018.

Prices of Dubai homes surge 45percent within a year in key areas

Leading property portal in the UAE, propertyfinder.ae, has reported that housing prices in key areas in Dubai has seen a 45 percent surge in a span of one year.  The UAE’s leading property portal released the findings of its Q4 2013 report recently.

The top residential communities in Dubai in terms of consumer search behaviour on the portal, indicates a 45 percent hike in average property values in Dubai’s key residential districts over the past one year. The portal also saw a 23 percent surge for studios in the Marina, and increase of 26 percent for single bedroom, 27 percent for double bedroom and 15 percent for triple bedroom apartments.

Speaking about the growing house values in the waterfront community, the CEO and Founder of Propertyfinder.ae, Michael Lahyani, said that ‘The Marina’ has always been on the hotspot due to its great lifestyle, picturesque setting and a range of accommodation options, ranging from studios, apartments facing the waterfront.

The Downtown clocked up 11 percent of the searches on the website and was placed second on the list of most searched communities in Q4 last year, with price gain of 20 percent for studios, 16 percent, 11 percent and 5 percent for single, double and triple bedroom residences respectively.

As per the analysis by the portal, the Palm Jumeirah properties topped the growth in prices. Although studios did not show much increase, the triple bedroom properties showed close to 30 percent growth in values, followed by single bedrooms at 24 percent and double bedrooms at 18 percent.

The Dubai Sports City, an up-coming hotspot also saw surge in price with studios presenting 35 percent growth, followed by double bedroom properties at 24 percent, and single and triple beds at 19 percent and 12 percent respectively.

The Jumeirah Village Circle is another emerging neighbourhood which registered a huge 42 percent surge in sale prices of studios, 45 percent growth for double bedroom apartments.

Another emerging neighbourhood that registered a dramatic 42 percent surge in sale price of studios and a 45 percent surge in double bedroom apartments last year is Jumeirah Village Circle.

Although such upturns in property values seem good for homeowners and prospective sellers, stability in prices between buyers and sellers is expected this year, and despite the huge stock likely to come up during the year, the new off-plan sales rules and holiday homes rules will ensure that the market does not enter into another bubble, said Lahyani.

Monday, January 20, 2014

Nakheel embarks on mega-project launches

Nakheel has once again announced mega-projects and has embarked on a launch mode. Among the mega-projects are 1.5 to 2 million square feet shopping mall, located off the Deira coastline, in proximity to the “night market”.

The dimensions of the mall, places it among the top three in terms of gross leasable area, just behind The Dubai Mall and the Mall of Emirates. Anything that spans more than 800,000 square feet is defined as “super-regional mall” in retail sector.

Further, this year, Nakheel is all set to launch Dh.6 to Dh.8 billion worth of projects, including multiple hotels, which is now the major focus area.

Nakheel reported 27 percent gain in net profit to Dh.2.57 billion last year, on revenues of Dh.9.4 billion, marking an increase of 20 percent over that in 2012. The Nakheel Chairman, Ali Rashid Lootah, said that the company has pumped in Dh.12.3 billion into the market and will continue to do that with more projects.
There will not be any land bank additions, and the new projects will come up only where the infrastructure is advanced, so as to minimize costs. This implies that existing, short-term areas and not Palm Jebel Ali or Waterfront, he clarified.

About 80 percent or more of the buyers with exposure to Nakheel’s long-term stalled projects have been shifted to current ones, officials revealed.

The company also announced, early this month that it was bringing forward its repayment obligations to creditor banks with first tranche, Dh.2.35 billion to be handed over next month, and another of Dh.1.65bn in third quarter. It further said that it would not be using funds on offer from Dubai Government as part of its restructuring.

Nakheel plans to top-up its retail and hospitality assets, and will offer the developer with consistent income generating possibilities, that residential and office realty markets.

This year will also include launch of 3500 new homes within its communities. By mid-year, the handover of first project announced post-crisis, Dragon Mart phase 2, and by mid-year, the handover of first project which was announced post-crisis, namely the Palma Residences. Further, Dragon Mart Phase 2 is also heading towards completion. Meanwhile, a hotel in Deira is also likely to be ready by 2016. 

Sunday, January 19, 2014

Emaar launches Boulevard Point at Downtown Dubai

Master developer, Emaar Properties has launched ‘Boulevard Point’ in Downtown Dubai, the iconic mega-development by the company.

The ‘Boulevard Point’ homes have direct access to The Dubai Mall, and feature 297 single to triple bedroom residences across 63 storeys, and will be offered to discerning investors on the 25th January 2014.
Select apartments in the project will have open views to Burj Khalifa, the world’s tallest building, and The Dubai Fountain, the world’s tallest performing fountain.

“Boulevard Point” boasts of a lifestyle that is known to few, and with its stone countertops, pendant lights, and glass panelling, is designed to reflect the true diversity and vibrancy of Downtown Dubai.
It is known to enhance living space with tasteful, modern and aesthetic touch, said Emaar statement.
The new ‘Boulevard Point’ will include amenities such as swimming pools, fully-equipped gymnasium, dedicated children’s area, community-centric lawn and barbecue deck.

Speaking about the new project, the Emaar Managing Director, Ahmad Al Matrooshi said that ‘Boulevard Point’ will offer residents a spectacular mix of arts and culture, in the world’s most prestigious square kilometre.

Potential investors get to register their interest for homes in ‘Boulevard Point’ online at www.emaar.com from 22nd January. The sales for homes will be held at the Emaar Pavilion on Mohammed Bin Rashid Boulevard, Downtown Dubai and in Abu Dhabi at the Emaar Sales Centre in Al Nahda Tower, from 10am and also at the Marina Bay Sands in Singapore from 2pm.

The dedicated displays will be held on 25th January at Four Seasons Hotel Doha and Riyadh from 9am on first-come-first-serve basis.