Thursday, April 17, 2014

Emaar to launch Mira Oasis Townhomes in Reem

The Dubai-based master developer, Emaar Properties, have announced the launch of new collection of Mira Oasis Townhomes in Reem, which follows the earlier launch of Dh 988,888 Miratownhouses on 13th April 2013.

Reem is a master-planned neighbourhood located in proximity to Arabian Ranches at the crossroads of Al Qudra Road and Emirates Road.

Emaar said that the new launch follows strong investor demand to earlier launches of Mira Oasis residences, wherein several hundred townhouses were snapped up by investors and end-users early this year.

This new phase of Mira Oasis includes 480 triple and four bedroom townhouses. Located along the Arabian Ranches, Mira oasis will also feature a school, a retail plaza, a Mosque, all lined by walkways and bicycle pathways. Sales will be launched simultaneously in Dubai, Abu Dhabi, and Karachi at www.emaar.com.

Sales will be held on 19th April at 10am in Dubai (at Emaar Pavilion, Downtown) and Abu Dhabi (Emaar Sales Centre at Al Nahda Tower). The sale in Karachi will take place at 11am at the Crescent Bay Emaar Sales centre.

Emaar is also offering long-term investors and end-users the opportunity to register for ‘Emaar Preferred Access Programme’. Investors, who make down-payment of 30percent of the total value of property and maintain ownership until handover is completed, will be offered preferred access and opportunity to own homes, subject to conditions, through its new customer-oriented initiative. Interested investors can event register for the programme on the day of launch.

Emaar also said that residents of Mira oasis will have accessibility to several leisure activities including rock climbing wall, Skate Park for adventures, Cricket Pitch, go-kart track, Football field, dune-park for surfing, camel riding, dune-bugging and camping.

Located at the heart of the development is a Central Park with interactive fountains, walkways, captivating water features, a large botanical park all of which, showcases the diverse flora in the region.

The Chief Commercial officer of Emaar, Arif Amiri, said that Reem has defined its credentials as the most sought-after residential projects in Dubai. The launch of Mira Oasis has generated huge interest from international investors too, and is an ideal place for families seeking a relaxed lifestyle that is in sync with nature. This latest launch by Emaar once again confirms the company’s focus on offering an attractive range of residential choices in Dubai.

Wednesday, April 16, 2014

Nakheel invites bids for Palm Jumeirah Crescent Boardwalk

Leading Dubai-based real estate developer, Nakheel has invited tenders for a new attraction that will stretch the entire length of the outer breakwater of Palm Jumeirahs Crescent.

The pedestrian pathway, namely, The Boardwalk, will stretch 11km and will be 6m wide, and will be a leisure and entertainment destination for residents and tourists alike.

It would feature 100m piers that stretch into the waters of Gulf and offer excellent views of the Palm Jumeirah and Dubai skyline.

The work would include designing and building an elevated boardwalk on the outer side of the Palm Jumeirah Crescent, with additional modification works to the existing breakwater, two piled deck piers including restaurant buildings.

To obtain the tender document, a non-refundable tender fee of Dh.30,000 will have to be submitted from 20th April at Nami offices in Dubai. 28th May 2014 is the deadline for submission of completed bids.

Monday, April 07, 2014

Vision tower at Business Bay top office deals in Dubai

Business Bay has topped the list of top 10 biggest office deals completed during the first quarter of 2014 in Dubai, with Dh 15mn transaction in Vision Tower in Business Bay.

The information provided by Reidin.com reveals that Business Bay and Jumeirah Lakes Towers (JLT) each shared the honour of registering the four biggest transactions of top 10 deals with Tecom C registering two transactions.

A 10,195 sq. ft. office located in Vision Tower topped the list with a Dh.15mn deal, followed by sale of a 6,091 sq. ft unit in the same tower for Dh.8.67mn, taking the second spot.

The third place was for Almas Tower at JLT, spanning 3,314 sq. ft. being sold for Dh.7.17mn.
iRise Tower in Tecom C witnessed fourth and fifth largest transactions with units sold for Dh.6.80mn and Dh.6.35 mn respectively.

An office unit that covers 5,778 sq. ft. in JLT was sixth on the list with Dh.5.70million transaction value, while the Plaza Boutique at Business Bay stood seventh with sale value of Dh.5.15mn.

This was followed by Executive Towers and Towers D at Business Bay, and Almas Tower in JLT being sold at Dh.5.07mn, Dh.4.53mn and Dh.4.49mn respectively.

Reidin.com is the exclusive primary data source for property markets in the emerging economy.

Nearly half of the forthcoming office supplies will be located in Business Bay, while other areas that are likely to see considerable completions by 2016 include Dubai International Financial Centre, Dubai Design District, JLT and Dubai World Central.

Friday, April 04, 2014

Tamweel Tower all set to begin restoration works with RERA's approval

Tamweel Tower is ready to be restored after 16 months of being partially engulfed by fire in November 2012.

A major fire had engulfed the mixed-use tower at 2am on 1\8th November 2012, which left hundreds of families homeless. Investigations reveal that a discarded cigarette butt that fell on a pile of waste was the cause of fire.

According to the Board of Owners Association (OA), the 34-storey building in Jumeirah Lakes Towers (JLT) officially invited contractors’ participation in the tender to restore the building. The move was made following series of legal hurdles and procedures from various agencies.

According to an e-mailed statement from the association, RERA has approved the request by the association to open an Escrow Account under its name. Once formalized, the association can begin awarding contracts.
According to the OA statement, this is a positive step for owners, as when the account is opened and details are transmitted to RERA, a full certificate of OA registration will be issued. This will enable OA to sign contractors to begin restoration process.

The Tamweel Towers is a freehold property, owned by finance company Tamweel, and several other owners. Although the OA was re-elected in 2012 to co-ordinate restoration of the building, the association was not fully recognized by RERA at that time. Therefore, it did not have the legal capacity to decide on the interest of the owners and residents, nor sign contracts for building repairs. With green light from RERA now, all that will change.

The OA has been assured that the funds from the insurers would be channelled into the newly opened account, thereby, enabling them to pay easily for complete restoration. The insurance cover has been confirmed to be more than sufficient for restoration works.

Although there is no specific time-frame for restoration process as yet, the final contract is likely to be awarded in next six to eight weeks. At least 70 residential flats, four commercial offices, two retail offices on the first floor and common areas at the top floors will be restored.