23 Marina witnesses ninety percent sales
Monday, July 30, 2007
About ninety percent of the residential apartments of 23 Marina has been sold out with a fifty percent appreciation in price after the launch of the luxury tower in March 2005.
The Hircon International Director, Darshan Hiranandani, is said to have stated that, the product has marked a new beginning for high-rise living, and has drawn large number of end-users. Majority of the buyers are expatriates from Europe, GCC and India, who have actually purchased the units with an intention to live in the ninety storey tower.
The ETA Star Executive Director, Abid Junaid considers this as a major achievement, and has mentioned that 23 Marina, being the first project of Hircon International in the UAE, the accomplishment has been possible mainly due to the attention paid to minute details that provides an enhanced and good living experience for its residents.
The construction of 23 Marina has proceeded as scheduled, and on completion during mid-2009, it will be the tallest residential building in the world, measuring more than 380 meters in height. It comprises 48 duplex apartments on the top twenty four floors, three penthouses on top of the tower and a total of 288 apartments. It boasts of its own private plunge pool, internal elevator and Jacuzzi, landscaped gardens, temperature controlled swimming pool, jogging track, coffee parlour and such high-end luxury. The entrance of the tower will feature a six storey high lobby with panoramic elevators. Prices range from Dh.1,700,000 to Dh.8,500,000 for the duplexes.
23 Marina has also won the prestigious "CNBC Arabian Property Award for Best Architecture in 2006."
Social BookmarkingThe Hircon International Director, Darshan Hiranandani, is said to have stated that, the product has marked a new beginning for high-rise living, and has drawn large number of end-users. Majority of the buyers are expatriates from Europe, GCC and India, who have actually purchased the units with an intention to live in the ninety storey tower.
The ETA Star Executive Director, Abid Junaid considers this as a major achievement, and has mentioned that 23 Marina, being the first project of Hircon International in the UAE, the accomplishment has been possible mainly due to the attention paid to minute details that provides an enhanced and good living experience for its residents.
The construction of 23 Marina has proceeded as scheduled, and on completion during mid-2009, it will be the tallest residential building in the world, measuring more than 380 meters in height. It comprises 48 duplex apartments on the top twenty four floors, three penthouses on top of the tower and a total of 288 apartments. It boasts of its own private plunge pool, internal elevator and Jacuzzi, landscaped gardens, temperature controlled swimming pool, jogging track, coffee parlour and such high-end luxury. The entrance of the tower will feature a six storey high lobby with panoramic elevators. Prices range from Dh.1,700,000 to Dh.8,500,000 for the duplexes.
23 Marina has also won the prestigious "CNBC Arabian Property Award for Best Architecture in 2006."
Labels: Apartments, Latest News, New Developments, Residential, Sales
Construction work on Palm Deira Corniche- Phase I begins
Sunday, July 29, 2007
The construction work on the first phase of Palm Deira Corniche, on the larges Palm-shaped Island, The Palm Deira, has begun and is being developed at a cost of nearly Dh.300 million.
The Corniche which is expected to be nine kilometers in length and 30 meters in width will comprise series of leisure facilities, a marina and parks. The entire development will comprise of twenty four islands that have the capacity to accommodate around 200,000 inhabitants.
Chaiman of Dubai World and Nakheel Properties, Sultan Ahma bin Sulayem, the developers of Palm Deira, said "Unique projects, such as the Palm Islands will boost the tourism industry in Dubai, and the Corniche will allow visitors and residents to enjoy better lifestyle facilities."
The project, supported by world-class infrastructure, lays emphasis on the social and economic development of Dubai. It has been designed to attract families by offering water fountains, large green open spaces, flower beds and advanced lighting system, thereby ensuring a relaxed atmosphere.
The Phase I of the project will stretch over four kilometers along the Old Deira Corniche. This will be separated by a 170 meter wide water channel from the Old Deira Corniche and the two will be inter-linked by a two-way passage for pedestrians and vehicles.
The Palm Deira Executive Director - Operations, Abdullah Bin Sulayem, said "The Corniche which spreads over five million square meters comprises about eleven percent of the total project of Palm Deira. This will be developed in multiple phases and each phase will have several stages. We are currently constructing the Stage I of the first phase that is 900 meters in lenth, facing Hyatt Regency Complex. The work is likey to be complete by this December."
The Corniche which is expected to be nine kilometers in length and 30 meters in width will comprise series of leisure facilities, a marina and parks. The entire development will comprise of twenty four islands that have the capacity to accommodate around 200,000 inhabitants.
Chaiman of Dubai World and Nakheel Properties, Sultan Ahma bin Sulayem, the developers of Palm Deira, said "Unique projects, such as the Palm Islands will boost the tourism industry in Dubai, and the Corniche will allow visitors and residents to enjoy better lifestyle facilities."
The project, supported by world-class infrastructure, lays emphasis on the social and economic development of Dubai. It has been designed to attract families by offering water fountains, large green open spaces, flower beds and advanced lighting system, thereby ensuring a relaxed atmosphere.
The Phase I of the project will stretch over four kilometers along the Old Deira Corniche. This will be separated by a 170 meter wide water channel from the Old Deira Corniche and the two will be inter-linked by a two-way passage for pedestrians and vehicles.
The Palm Deira Executive Director - Operations, Abdullah Bin Sulayem, said "The Corniche which spreads over five million square meters comprises about eleven percent of the total project of Palm Deira. This will be developed in multiple phases and each phase will have several stages. We are currently constructing the Stage I of the first phase that is 900 meters in lenth, facing Hyatt Regency Complex. The work is likey to be complete by this December."
Labels: Latest News, Nakheel, Palm Deira
Al Burj may not be taller than Burj Dubai
Nakheel, the developer of Al Burj skyscraper has pointed out that Al Burj may not be taller than Burj Dubai.
The Nakheel CEO, Chirs O'Donnell is said to have stated that "height isn't everything" and that iconic buildings is what matters.
Burj Dubai, built by Emaar, is at present the tallest building in the world. Earlier, there were rumours that Al Burj could end up with 1200 meters in height and would therefore be the world's tallest tower.
Al Burj, earlier known as Pinnacle, was conceived as the focal point of Palm Jumeirah. It was later moved to the Dubai Waterfront and was re-named as Al Burj, and was subjected to major overhauling.
Al Burj the super-tall skyscraper escalates towards the sky, forming a centerpiece that represents the magnitude, vision and ambition of the development. The iconic tower features mesmerizing views of the harbour from the luxury duplex apartments.
Labels: Al Burj, Burj Dubai, Latest News, Nakheel
New Property Law to boost institutional investments
Saturday, July 28, 2007
Developers and Analysts in Dubai are of the opinion that Dubai real estate could witness more institutional investment, due to the regulation issued by the government regarding safeguarding the payments of property buyers.
As per the regulation, published recently in the Official Gazette, the payment installments for off plan property will be paid into escrow accounts (also called guarantee accounts or trust accounts), which are authorized by the Dubai Land Department, along with an approved bank. The capital in the account will be released to the developer only when the construction milestones are met.
Prior to the issuance of this law, the investors money was unfettered. In the opinion of Tom O'Grady, a real estate partner at the Dubai office of global legal services, the regulation would prompt institutional investors such as insurance companies, banks and fund managers to invest huge sums into the Dubai property sector. He mentioned that the increase in the number of institutions entering the market, by itself, strongly indicates their growing confidence. And as far as Dubai is concerned, this could be another step forward in the right direction.
In fact, an article in the law states that a percentage of the project value should be retained in the escrow account for a year after the registration of all units. O'Grady mentioned that this will surely boost investor confidence, as end users could be confident about the quality of their property and they will have a hold over the developer in case any rectification of structural problems is required.
The President and CEO of Omniyat Holdings, Mehdi Amjad, mentioned that the law could potentially alter the investors profile in the Dubai property sector, and the realty market will witness a new flow of overseas investors with a very different demographic profile, in comparison to the investors who have been currently investing in the Dubai property sector from the time the property market was open to foreigners. Amjad mentioned that institutional investors, until now, were hesitant to invest in off-plan developments due the lack of security of their investments.
Even the developers seem to have spoken favoring the law, despite the fact that escrow accounts would restrict the developers’ access to any off-plan payments, leading to possible cash flow problems.
Sanjeet Joher, the COO of KM Holding, said "Such legislation is required for protecting the legitimate developers and consumers. This will help the Dubai real estate market and will leave a positive impact on the economy."
Social BookmarkingAs per the regulation, published recently in the Official Gazette, the payment installments for off plan property will be paid into escrow accounts (also called guarantee accounts or trust accounts), which are authorized by the Dubai Land Department, along with an approved bank. The capital in the account will be released to the developer only when the construction milestones are met.
Prior to the issuance of this law, the investors money was unfettered. In the opinion of Tom O'Grady, a real estate partner at the Dubai office of global legal services, the regulation would prompt institutional investors such as insurance companies, banks and fund managers to invest huge sums into the Dubai property sector. He mentioned that the increase in the number of institutions entering the market, by itself, strongly indicates their growing confidence. And as far as Dubai is concerned, this could be another step forward in the right direction.
In fact, an article in the law states that a percentage of the project value should be retained in the escrow account for a year after the registration of all units. O'Grady mentioned that this will surely boost investor confidence, as end users could be confident about the quality of their property and they will have a hold over the developer in case any rectification of structural problems is required.
The President and CEO of Omniyat Holdings, Mehdi Amjad, mentioned that the law could potentially alter the investors profile in the Dubai property sector, and the realty market will witness a new flow of overseas investors with a very different demographic profile, in comparison to the investors who have been currently investing in the Dubai property sector from the time the property market was open to foreigners. Amjad mentioned that institutional investors, until now, were hesitant to invest in off-plan developments due the lack of security of their investments.
Even the developers seem to have spoken favoring the law, despite the fact that escrow accounts would restrict the developers’ access to any off-plan payments, leading to possible cash flow problems.
Sanjeet Joher, the COO of KM Holding, said "Such legislation is required for protecting the legitimate developers and consumers. This will help the Dubai real estate market and will leave a positive impact on the economy."
Labels: Investment Property, Latest News, Property Law, Real Estate News
Prices of commercial and residential space in Burj Dubai to soar high
Thursday, July 26, 2007
The prices of residential and commercial space in the world's tallest tower, Burj Dubai, are touching new heights, with current rates estimated between Dh.4000 to Dh.8000.
The Chief Executive of Coldwell Banker, Hisham El Far said "The residential space in the tower is being sold for Dh.4000 to Dh.6000 per square foot, while the commercial space is being sold for Dh.5000 to Dh.8000 per square foot. The prices have gone up by nearly 25 percent during the last few months, and are sure to increase further, with Burj reaching greater heights."
The company has entered into two deals worth Dh.45 million, and is being approached by many investors looking to invest in Burj Dubai.
El Far mentioned that it is difficult to disclose an average rate, as the prices are yet to be finalized and they tend to increase with the increase in the number of floors.
However, El Far is of the opinion that leasing the property would prove beneficial to the developer, than selling it, as there are chances of better returns from the property over the years.
Meanwhile, Emaar Properties, in their statement, said that the prices of apartments would vary depending on the level in which the apartment is based, and its finishes. They mentioned that so far, the investor responses to their homes are strong, and that they are in the process of streamlining further sale queries to accommodate this.
However, according to Dubai Land Department, there is not yet a single deal in Burj Dubai that has been registered with them. The Department mentioned that they undertake registration deals only when the building is completely finished, and that, currently all deals are only internally registered with the developer, Emaar Properties.
But, the department plans to tie-up with the company to implement the primary registration system, and the company will then have to register their sales when agreements between the parties are being done.
Social BookmarkingThe Chief Executive of Coldwell Banker, Hisham El Far said "The residential space in the tower is being sold for Dh.4000 to Dh.6000 per square foot, while the commercial space is being sold for Dh.5000 to Dh.8000 per square foot. The prices have gone up by nearly 25 percent during the last few months, and are sure to increase further, with Burj reaching greater heights."
The company has entered into two deals worth Dh.45 million, and is being approached by many investors looking to invest in Burj Dubai.
El Far mentioned that it is difficult to disclose an average rate, as the prices are yet to be finalized and they tend to increase with the increase in the number of floors.
However, El Far is of the opinion that leasing the property would prove beneficial to the developer, than selling it, as there are chances of better returns from the property over the years.
Meanwhile, Emaar Properties, in their statement, said that the prices of apartments would vary depending on the level in which the apartment is based, and its finishes. They mentioned that so far, the investor responses to their homes are strong, and that they are in the process of streamlining further sale queries to accommodate this.
However, according to Dubai Land Department, there is not yet a single deal in Burj Dubai that has been registered with them. The Department mentioned that they undertake registration deals only when the building is completely finished, and that, currently all deals are only internally registered with the developer, Emaar Properties.
But, the department plans to tie-up with the company to implement the primary registration system, and the company will then have to register their sales when agreements between the parties are being done.
Labels: Burj Dubai, Dubai Real Estate, Latest News, Property Prices
Emaar to stop short-term rentals in its properties
Wednesday, July 25, 2007
The residents residing in homes constructed by Emaar Properties are not permitted to let their properties on short-term basis.
Emaar has sent circulars placing certain restrictions and has asked the residents to keep tab on illegal activities. The circulars were sent to residents in Emaar communities of The Greens, The Springs and such others. The circular states that the villas and apartments should not be let for short periods or used as bachelor accommodation. The circular has also asked residents to keep Emaar informed in case anyone violates the rules or employs housemaids without a sponsor.
When the residents were contacted, it was found that while majority of residents supported the neighbourhood watch-style appeals, they were not supportive of the ban against letting out their homes while on vacation.
A UK designer living in the Springs community mentioned that she agrees with Emaar about the neighbourhood watch, but expressed unhappiness that while on a vacation, she would want to rent her property, just as she would do in any other place.
However, according to Emaar, the rules are being enforced keeping the interest of safety and security of the residents and homeowners. The circular mentions that short-term holiday lets are not permitted as per the agreement signed between the developer and the purchaser. However, despite this, short-term accommodation of Emaar properties is being frequently advertised on websites and newspapers.
According to Walter Halt, an independent property consultant, this was being done, due to the fact that there is no federal law on the subject.
"A law concerning how communities are managed is yet to be finalized, which indicates that all master developers bring up their own rules regarding community management."
Social BookmarkingEmaar has sent circulars placing certain restrictions and has asked the residents to keep tab on illegal activities. The circulars were sent to residents in Emaar communities of The Greens, The Springs and such others. The circular states that the villas and apartments should not be let for short periods or used as bachelor accommodation. The circular has also asked residents to keep Emaar informed in case anyone violates the rules or employs housemaids without a sponsor.
When the residents were contacted, it was found that while majority of residents supported the neighbourhood watch-style appeals, they were not supportive of the ban against letting out their homes while on vacation.
A UK designer living in the Springs community mentioned that she agrees with Emaar about the neighbourhood watch, but expressed unhappiness that while on a vacation, she would want to rent her property, just as she would do in any other place.
However, according to Emaar, the rules are being enforced keeping the interest of safety and security of the residents and homeowners. The circular mentions that short-term holiday lets are not permitted as per the agreement signed between the developer and the purchaser. However, despite this, short-term accommodation of Emaar properties is being frequently advertised on websites and newspapers.
According to Walter Halt, an independent property consultant, this was being done, due to the fact that there is no federal law on the subject.
"A law concerning how communities are managed is yet to be finalized, which indicates that all master developers bring up their own rules regarding community management."
Labels: Emmar, Investment Property, Property Law, Rentals
Dh.100m hotel to be built by Landmark in Dubai Industrial Park
Landmark Real Estate Investment Management (LRIM) plans to invest Dh.100 million in a three star hotel in the Dubai Industrial Park (DIP).
LRIM, is a fund manager based in Dubai, and is making investment through its Landmark Real Estate Opportunity Fund launched during September 2005.
The fund has been invested in nearly ten real estate projects throughout UAE. According to Landmark's COO, Riyaz Jivanjee, this is the first hotel project in their portfolio.
The property will be managed by Copthorne Hotels and Millennium hotels under the brand Kingsgate Hotel and Resorts.
The property is expected to comprise 200 hotel rooms and forty suites. The preliminary design works has been agreed, and the hotel is expected to open during second quarter of 2009.
The Chief Executive Officer of LRIM, Chris Purdon, said "The project has been designed to meet the needs of leisure and business travelers and capture an investment opportunity due to the difference in demand and supply for mid-scale accommodation of business visitors to Dubai."
Social BookmarkingLRIM, is a fund manager based in Dubai, and is making investment through its Landmark Real Estate Opportunity Fund launched during September 2005.
The fund has been invested in nearly ten real estate projects throughout UAE. According to Landmark's COO, Riyaz Jivanjee, this is the first hotel project in their portfolio.
The property will be managed by Copthorne Hotels and Millennium hotels under the brand Kingsgate Hotel and Resorts.
The property is expected to comprise 200 hotel rooms and forty suites. The preliminary design works has been agreed, and the hotel is expected to open during second quarter of 2009.
The Chief Executive Officer of LRIM, Chris Purdon, said "The project has been designed to meet the needs of leisure and business travelers and capture an investment opportunity due to the difference in demand and supply for mid-scale accommodation of business visitors to Dubai."
Labels: Dubai Industrial City, Investment Property, New Hotels, Real Estate Projects
Burj Dubai stands highest in the world
Tuesday, July 24, 2007
Burj Dubai stands high as the tallest tower in the world at 512.1 meters, announced Emaar Properties on Saturday, the 21st July.
The Skyscraper with 141 storeys, has overtaken the Taiwan's 509m Taipei 101. The Burj also overtook the next highest, the Petronas Towers of Malaysia standing at 452m.
The tower forms a part of the Dh.73billion Downtown Dubai Complex, located off Sheikh Zayed Road, which is due to be completed during the year 2009.
However, Burj Dubai, will not be officially recognized as the tallest tower, until it is occupied. This condition is imposed by the Council for Tall Buildings and Urban Habitat, the organization that ranks the highest structures in the world.
On its completion during 2008, Burj Dubai, will also be the tallest tower in the world on the basis of all four criteria, listed by the Council on Tall Buildings and Urban Habitat.
The council measures the height until the top of the structure, the height upto the highest occupied floor, the height until the roof, and till the tip of the antenna, flag pole or the mast.
Burj Dubai took just 1276 days to be known as the tallest building in the world.
During the process of construction, Burj Dubai overtook the skyscrapers that were previously known as the tallest architecture around the world, such as the Empire State Building in New York with 381 m, the Jin Mao Building at Shanghai with 421m, the Sears Tower of Chicago (442 meters), and the Petronas Towers of Malaysia (452 meters).
The Chairman of Emaar Properties Mohamed Ali Alabbar, said "Four years ago, Burj Dubai was conceived as a ninety storey structure. But, with the inspiration from the UAE Vice President and Prime Minister and Ruler of Dubai, High Highness Shaikh Mohammed Bin Rashid Al Maktoum, to construct a global icon, we went ahead with further works on Burj Dubai."
He said "Burj Dubai is not only an architectural and engineering masterpiece in concrete, steel and glass. It is a human achievement that cannot be equaled. Burj Dubai will surely inspire the future generations to think and look beyond the ordinary and to challenge their mind and spirit."
The Council plans to hold its eighth world congress in Dubai next year, and will use Burj Dubai as a case study to point out to what extent the modern-day structures are pushing boundaries.
Social BookmarkingThe Skyscraper with 141 storeys, has overtaken the Taiwan's 509m Taipei 101. The Burj also overtook the next highest, the Petronas Towers of Malaysia standing at 452m.
The tower forms a part of the Dh.73billion Downtown Dubai Complex, located off Sheikh Zayed Road, which is due to be completed during the year 2009.
However, Burj Dubai, will not be officially recognized as the tallest tower, until it is occupied. This condition is imposed by the Council for Tall Buildings and Urban Habitat, the organization that ranks the highest structures in the world.
On its completion during 2008, Burj Dubai, will also be the tallest tower in the world on the basis of all four criteria, listed by the Council on Tall Buildings and Urban Habitat.
The council measures the height until the top of the structure, the height upto the highest occupied floor, the height until the roof, and till the tip of the antenna, flag pole or the mast.
Burj Dubai took just 1276 days to be known as the tallest building in the world.
During the process of construction, Burj Dubai overtook the skyscrapers that were previously known as the tallest architecture around the world, such as the Empire State Building in New York with 381 m, the Jin Mao Building at Shanghai with 421m, the Sears Tower of Chicago (442 meters), and the Petronas Towers of Malaysia (452 meters).
The Chairman of Emaar Properties Mohamed Ali Alabbar, said "Four years ago, Burj Dubai was conceived as a ninety storey structure. But, with the inspiration from the UAE Vice President and Prime Minister and Ruler of Dubai, High Highness Shaikh Mohammed Bin Rashid Al Maktoum, to construct a global icon, we went ahead with further works on Burj Dubai."
He said "Burj Dubai is not only an architectural and engineering masterpiece in concrete, steel and glass. It is a human achievement that cannot be equaled. Burj Dubai will surely inspire the future generations to think and look beyond the ordinary and to challenge their mind and spirit."
The Council plans to hold its eighth world congress in Dubai next year, and will use Burj Dubai as a case study to point out to what extent the modern-day structures are pushing boundaries.
Labels: Burj Dubai, Dubai Real Estate, Emmar, Latest News
Victory Heights Villa contract awarded to Al Jaber
Al Jaber, the Abu Dhabi-based group, has been awarded the Dh.977 million contract for construction of 579 villas in the Victory Heights cluster of the Dubai Sports City.
The Victory Heights Golf Residential Development is a joint-venture between the Dubai Sports City and Arcapita, a Bahrain-investment bank.
The Phase one comprises construction of the 579 of the total 935 villas of the prestigious victory heights golf course villa community, located within Dubai Sports City.
The total value of the contract is Dh.977million, and the first set of homes will be delivered during April 2008.
The General Manager of Victory Heights, Yasser Abdullah, said "The Victory Heights development is a unique endeavour and choosing the right contractors is imperative to ensure first-class quality. Al Jaber met our stringent requirements with their excellent track record and experience with other high level developments across the region."
Apart from a few five-bedroom A and B type villas, majority of the Phase one of the golf course villas and townhouses have already been sold out.
Social BookmarkingThe Victory Heights Golf Residential Development is a joint-venture between the Dubai Sports City and Arcapita, a Bahrain-investment bank.
The Phase one comprises construction of the 579 of the total 935 villas of the prestigious victory heights golf course villa community, located within Dubai Sports City.
The total value of the contract is Dh.977million, and the first set of homes will be delivered during April 2008.
The General Manager of Victory Heights, Yasser Abdullah, said "The Victory Heights development is a unique endeavour and choosing the right contractors is imperative to ensure first-class quality. Al Jaber met our stringent requirements with their excellent track record and experience with other high level developments across the region."
Apart from a few five-bedroom A and B type villas, majority of the Phase one of the golf course villas and townhouses have already been sold out.
Labels: Dubai Sports City, New Contracts, Real Estate Projects, Villa Projects
Tenants permitted to stay for three years in their rented homes
Monday, July 23, 2007
The Dubai Rent Committee has cleared air, and announced that landlords who wish to move back into their homes that have been rented out, cannot do so, until the tenants completes three years of contract.
Despite the fact that the standard rental contracts last one year, unless the agreement signed by both parties state otherwise, the rent committee would still stand in support of the leaseholder.
The General Secretary of the Committee, Mohammad Ahmad Al Shaikh, said the tenants have the right to stay in the property, due to the money invested in furnishing the house.
"It is no doubt, the prerogative of the house owners to live in their own house. But, in case, they have decided to let out the house for rent, they should understand that it is for a minimum of three years, though the contract is signed only for a year," Al Shaikh said.
Many landlords are said to have approached the rent committee as the tenants are refusing to vacate the property. But, according to Al Shaikh, the case will move in favour of landlord, only if, the contract clearly states that the house will have to be vacated after a year.
In the meanwhile, the landlords have branded the rule as "absurd" and "against the basic principles of ownership laws", as it prevents them from moving into their own house, but, the tenants have welcomed the policy.
As per the guidelines issued by the rent committee, the landlords who wished to move back into their own homes, could do so, provided, they do not rent our their house again.
The committee says that in case the landlord wishes to move back to their own house, their intention behind doing so, should be proven, and the landlord should ensure that the tenants are provided with sufficient notice period.
Any landlords violating these conditions will have to bear the consequences, the rent committee said.
Social BookmarkingDespite the fact that the standard rental contracts last one year, unless the agreement signed by both parties state otherwise, the rent committee would still stand in support of the leaseholder.
The General Secretary of the Committee, Mohammad Ahmad Al Shaikh, said the tenants have the right to stay in the property, due to the money invested in furnishing the house.
"It is no doubt, the prerogative of the house owners to live in their own house. But, in case, they have decided to let out the house for rent, they should understand that it is for a minimum of three years, though the contract is signed only for a year," Al Shaikh said.
Many landlords are said to have approached the rent committee as the tenants are refusing to vacate the property. But, according to Al Shaikh, the case will move in favour of landlord, only if, the contract clearly states that the house will have to be vacated after a year.
In the meanwhile, the landlords have branded the rule as "absurd" and "against the basic principles of ownership laws", as it prevents them from moving into their own house, but, the tenants have welcomed the policy.
As per the guidelines issued by the rent committee, the landlords who wished to move back into their own homes, could do so, provided, they do not rent our their house again.
The committee says that in case the landlord wishes to move back to their own house, their intention behind doing so, should be proven, and the landlord should ensure that the tenants are provided with sufficient notice period.
Any landlords violating these conditions will have to bear the consequences, the rent committee said.
Labels: Property Law, Rentals
The Aldar Resort deal awarded to Six Construct
Sunday, July 22, 2007
Aldar Properties, the leading Abu Dhabi developer, has awarded the construction contract of its Al Gurm Resort Residential villas to Six Construct.
The construction will include the supervision of the infrastructure development, and its related service. The luxury villas will be developed in different phases and is scheduled for completion by May 2009.
The Al Gurm Resort will be located in the tropical mangrove forests of Abu Dhabi, on the edge of waters with lagoons and indigenous wildlife, with about sixty species of birds. The resort will consist of seventy three luxury homes, and about 158 five-star suites and will be managed by the Banyan Tree Hotel Resorts.
The Aldar Chariman, Ahmad Al Sayegh, said "Aldar is proud of the Al Gurm Resort project. Apart from being an icon for Abu Dhabi, the stunning residential development will significantly add to the already expanding tourism sector of the emirate, through the world-class hotel that is likely to be established."
Social BookmarkingThe construction will include the supervision of the infrastructure development, and its related service. The luxury villas will be developed in different phases and is scheduled for completion by May 2009.
The Al Gurm Resort will be located in the tropical mangrove forests of Abu Dhabi, on the edge of waters with lagoons and indigenous wildlife, with about sixty species of birds. The resort will consist of seventy three luxury homes, and about 158 five-star suites and will be managed by the Banyan Tree Hotel Resorts.
The Aldar Chariman, Ahmad Al Sayegh, said "Aldar is proud of the Al Gurm Resort project. Apart from being an icon for Abu Dhabi, the stunning residential development will significantly add to the already expanding tourism sector of the emirate, through the world-class hotel that is likely to be established."
Labels: New Contracts, New Hotels, Resorts
Reef Real Estate Investment Company plans to expand overseas
The Reef Real Estate Investment Company, worth Dh.700 million, plans to invest Dh.2 billion in the overseas market during the next five years.
This will include both residential and hotel projects. The company is currently evaluating a few investments in the high-end developments in both hotel and residential sectors.
The Managing Director of Reef Real Estate Investments, Sheikh Ahmed Mohammed Zaued Sager Al Nahyan, said "We would also like to expand our base to markets like Europe and North America in future. In the Middle East, we are evaluating investment options in Egypt and Jordan, where we expect to spend about Dh.1.5bn."
Sheikh Ahmed was speaking during the occasion of the launch of the First Corp Executive Hotel in Al Barsha in Dubai, being developed by Reef Real Estate Investment Company. The Dh.120 million property, is being positioned along the lines of hotel apartments, with rents ranging from Dh.650 to Dh.1200 and houses single and double bedroom apartments and studios.
The Corp Executive Hotel, which is positioned as a four-star, is expected to generate about 95 percent occupancy during its first year of operations.
The second Corp property is being built in Business Bay and is scheduled to be opened during mid 2009 and will comprise office and hotel space.
The Managing Director of Corp Executive Hotels and Coral International Hotels, Michel Noblet, said the Corp is planning aggressive expansion plans.
Noblet said, "We are currently considering five to six different markets and we are open to projects in any part of the world, though, our current aim, is to invest in hotels in every commercial district in Asia and the Middle East. We are contemplating expanding the brand in Malaysia, Asia, Indonesia and Africa."
Social BookmarkingThis will include both residential and hotel projects. The company is currently evaluating a few investments in the high-end developments in both hotel and residential sectors.
The Managing Director of Reef Real Estate Investments, Sheikh Ahmed Mohammed Zaued Sager Al Nahyan, said "We would also like to expand our base to markets like Europe and North America in future. In the Middle East, we are evaluating investment options in Egypt and Jordan, where we expect to spend about Dh.1.5bn."
Sheikh Ahmed was speaking during the occasion of the launch of the First Corp Executive Hotel in Al Barsha in Dubai, being developed by Reef Real Estate Investment Company. The Dh.120 million property, is being positioned along the lines of hotel apartments, with rents ranging from Dh.650 to Dh.1200 and houses single and double bedroom apartments and studios.
The Corp Executive Hotel, which is positioned as a four-star, is expected to generate about 95 percent occupancy during its first year of operations.
The second Corp property is being built in Business Bay and is scheduled to be opened during mid 2009 and will comprise office and hotel space.
The Managing Director of Corp Executive Hotels and Coral International Hotels, Michel Noblet, said the Corp is planning aggressive expansion plans.
Noblet said, "We are currently considering five to six different markets and we are open to projects in any part of the world, though, our current aim, is to invest in hotels in every commercial district in Asia and the Middle East. We are contemplating expanding the brand in Malaysia, Asia, Indonesia and Africa."
Labels: Latest News, Real Estate Company
Rent rates soar high with 292,000 new entrants to Dubai each year
Saturday, July 21, 2007
According to officials, the house rents in Dubai will continue to escalate in the coming years due to the influx of about 292,000 new entrants (residents and employees) each year.
Despite the market showing signs of softening during the recent past, the issuance of more than 800 residence and work visas everyday will continue to push the demand upwards.
Investors, landlords and developers could consider this to be a good news, but it is not so for thousands of tenants who are struggling to make ends meet, making life in Dubai, dearer.
According to JAJ Consulting, Shahid Umerani, told Dubai Quality Group that the prices of a few apartments in UAE have already been settled in 2007 with a downward adjustment of close to ten percent. But, with Dubai, continuing to remain a topmost business destination, and the inflation remaining high, coupled with low interest rates and increase in mortgage business, a strong outlook for positive growth is still expected in the long term.
This, in turn, will have an impact on companies, with employees demanding salary hike. Sensing this scenario, Abu Dhabi announced a new housing scheme for bachelors with a capacity of 110,000 people, indicating a shift in future demographics.
However the panel hopes that the rent rates would come down in the near future, as it is almost getting out of reach for majority of the residents.
Social BookmarkingDespite the market showing signs of softening during the recent past, the issuance of more than 800 residence and work visas everyday will continue to push the demand upwards.
Investors, landlords and developers could consider this to be a good news, but it is not so for thousands of tenants who are struggling to make ends meet, making life in Dubai, dearer.
According to JAJ Consulting, Shahid Umerani, told Dubai Quality Group that the prices of a few apartments in UAE have already been settled in 2007 with a downward adjustment of close to ten percent. But, with Dubai, continuing to remain a topmost business destination, and the inflation remaining high, coupled with low interest rates and increase in mortgage business, a strong outlook for positive growth is still expected in the long term.
This, in turn, will have an impact on companies, with employees demanding salary hike. Sensing this scenario, Abu Dhabi announced a new housing scheme for bachelors with a capacity of 110,000 people, indicating a shift in future demographics.
However the panel hopes that the rent rates would come down in the near future, as it is almost getting out of reach for majority of the residents.
Labels: Latest News, Property Prices, Rentals
Dubai Industrial City takes initiative to introduce lease regulations to realty agents
Friday, July 20, 2007
Dubai Industrial City (DI), also a Tatweer member, has organized a meeting with more than hundred real estate agents operating in the emirate as participants, with an intention to introduce the agents to the land lease regulations of the city and to introduce them to the new property developments that are taking shape in the major industrial destination.
The DI's CEO, Rashed Al Ansari, informed the agents that the developments of the city has picked up pace over the past six months, and more than ninety five percent of the industrial land has been leased out to over four hundred investors. He re-iterated that the DI was formed with an intention of establishing an industrial base in Dubai, and the city is more than willing to extend its full support to serious investors. Al Ansari explained that the industrial land, however, could not be sub-leased to third parties and the investors would risk their land in case they fail to abide by the project plans approved by DI previously.
Pointing out the fact that DI has completed the construction of four office buildings which has the capacity to accommodate the investor needs, and the needs of companies operating in Dubai and Abu Dhabi, he added that this meeting was an important step to help real estate agents understand the objectives behind the development of the city in a better manner.
Dubai Industrial City is a dedicated industrial destination with six industrial clusters. In other words, DI is a one stop-shop destination for warehousing, logistics, labour cities, and entertainment, industrial and residential zones. The free zone offers tenants a critical competitive edge in logistics, human resources and business operations.
The DI's CEO, Rashed Al Ansari, informed the agents that the developments of the city has picked up pace over the past six months, and more than ninety five percent of the industrial land has been leased out to over four hundred investors. He re-iterated that the DI was formed with an intention of establishing an industrial base in Dubai, and the city is more than willing to extend its full support to serious investors. Al Ansari explained that the industrial land, however, could not be sub-leased to third parties and the investors would risk their land in case they fail to abide by the project plans approved by DI previously.
Pointing out the fact that DI has completed the construction of four office buildings which has the capacity to accommodate the investor needs, and the needs of companies operating in Dubai and Abu Dhabi, he added that this meeting was an important step to help real estate agents understand the objectives behind the development of the city in a better manner.
Dubai Industrial City is a dedicated industrial destination with six industrial clusters. In other words, DI is a one stop-shop destination for warehousing, logistics, labour cities, and entertainment, industrial and residential zones. The free zone offers tenants a critical competitive edge in logistics, human resources and business operations.
Labels: Dubai Industrial City, Property Law
Al Qasimi Group to invest in budget hotel in Dubai
A 370 room budget hotel, worth Dh.140million will be built in Dubai, by the Sharjah-based Al Qasimi Group, announced the company's Chairman.
"Budget hotels are increasing in popularity these days. Dubai is facing shortage of hotel rooms to meet the growing tourist demand, which has resulted in increased hotel fares. Hence, there is need for budget hotels to meet the increasing demand, while also serving those on the look out for a bargain," said Faisal bin Khalid Al Qasimi, of the Al Qasimi group.
The group already has a three-star hotel "Princess Ramee' in Dubai. The construction of the budget hotel, will be close to Mall of Emirates, and will begin in August and will be completed by 2009.
According to the company, the room rates of the budget hotel will be less than Dh.367, though the exact rate is yet to be decided on, as the construction of the hotel will take another two years to be complete.
Shaikh Fasal mentioned that they have branches in Sharjah, Oman and Abu Dhabi, apart from Dubai, and are looking to expand into Qatar and Bahrain too.
Social Bookmarking"Budget hotels are increasing in popularity these days. Dubai is facing shortage of hotel rooms to meet the growing tourist demand, which has resulted in increased hotel fares. Hence, there is need for budget hotels to meet the increasing demand, while also serving those on the look out for a bargain," said Faisal bin Khalid Al Qasimi, of the Al Qasimi group.
The group already has a three-star hotel "Princess Ramee' in Dubai. The construction of the budget hotel, will be close to Mall of Emirates, and will begin in August and will be completed by 2009.
According to the company, the room rates of the budget hotel will be less than Dh.367, though the exact rate is yet to be decided on, as the construction of the hotel will take another two years to be complete.
Shaikh Fasal mentioned that they have branches in Sharjah, Oman and Abu Dhabi, apart from Dubai, and are looking to expand into Qatar and Bahrain too.
Labels: New Hotels, Real Estate Company
Burj Dubai become tallest tower in the world by 21st of July 2007
Thursday, July 19, 2007
This Saturday will make The Burj Dubai, the tallest tower in the world. The huge structure will overtake Taipei 101 in Taiwan, which is the current record holder of being the tallest tower in the world.
This announcement was made during a talk with the Dubai Civil Defence officials regarding the safety measure being adopted at the construction site.
Under the new safety guidelines, each project and development in Dubai will have its own fire station, operated by the Civil Defence officials.
The Director of Dubai Civil Defence Department, Brigadier Rashid Thani Al Matrooshi, after visiting the site, mentioned that most major builders including Emaar, Nakheel and Dubai Holding have agreed to set up fire stations, which will help in reducing damage considerably.
"Most of emergency and safety techniques is in black and white. We are completely satisfied with what we have done," said Brig. Al Matrooshi. Even during the construction, the structure had a comprehensive safety system, with an emergency staircase suspended from top of the building, and a siren.
The Safety Manager for Burj Dubai, Mohammad Moizuddin, said that in most structures, the safety system is built after construction. But we did it during the construction process itself, just as a precautionary measure.
The system is supported by two water reserve tanks on the ground floor and the seventy third floor with 10,000 gallon capacity each.
There are also three cranes on the top floor that operates with their own power and are not affected by any power failures caused by fires. The cranes have the capacity to evacuate the staff in the site using five emergency cages.
The Civil defence officials could also call helicopters to rescue cane drivers and in the event of a fire, the entire building could be evacuated in thirty two minutes.
This announcement was made during a talk with the Dubai Civil Defence officials regarding the safety measure being adopted at the construction site.
Under the new safety guidelines, each project and development in Dubai will have its own fire station, operated by the Civil Defence officials.
The Director of Dubai Civil Defence Department, Brigadier Rashid Thani Al Matrooshi, after visiting the site, mentioned that most major builders including Emaar, Nakheel and Dubai Holding have agreed to set up fire stations, which will help in reducing damage considerably.
"Most of emergency and safety techniques is in black and white. We are completely satisfied with what we have done," said Brig. Al Matrooshi. Even during the construction, the structure had a comprehensive safety system, with an emergency staircase suspended from top of the building, and a siren.
The Safety Manager for Burj Dubai, Mohammad Moizuddin, said that in most structures, the safety system is built after construction. But we did it during the construction process itself, just as a precautionary measure.
The system is supported by two water reserve tanks on the ground floor and the seventy third floor with 10,000 gallon capacity each.
There are also three cranes on the top floor that operates with their own power and are not affected by any power failures caused by fires. The cranes have the capacity to evacuate the staff in the site using five emergency cages.
The Civil defence officials could also call helicopters to rescue cane drivers and in the event of a fire, the entire building could be evacuated in thirty two minutes.
Labels: Burj Dubai, Latest News
Arabtec awarded the Dh.1billion hotel contract
Arabtec, together with Dubai Contracting Company (DCC) have won a contract, worth Dh.1 billion for working on a hotel on Shaikh Zayed Road in Dubai.
The work includes the main hotel building construction, comprising four basement levels, mezzanine and ground floors and fifty one storeys, Arabtec has revealed.
The contract is worth Dh.1,076 million, but the company who has awarded the work is yet to be disclosed.
Arabtec Holding, Managing Director, Riad Kamal, said "The participation of DCC with Arabtec in this joint venture is due to the successful track record of earlier joint-venture for the construction work of the Fairmont Hotel in Dubai."
Arabtec, established in 1975, employs more than 24,000 people.
Social BookmarkingThe work includes the main hotel building construction, comprising four basement levels, mezzanine and ground floors and fifty one storeys, Arabtec has revealed.
The contract is worth Dh.1,076 million, but the company who has awarded the work is yet to be disclosed.
Arabtec Holding, Managing Director, Riad Kamal, said "The participation of DCC with Arabtec in this joint venture is due to the successful track record of earlier joint-venture for the construction work of the Fairmont Hotel in Dubai."
Arabtec, established in 1975, employs more than 24,000 people.
Labels: Arabtec, Construction Projects, New Contracts
Damac launches Water's Edge, ninth Business Bay project
Wednesday, July 18, 2007
Damac Properties has announced its ninth project, 'Water's Edge' in Business Bay.
Water's Edge is basically a twenty storey commercial waterfront development, but the company has not yet divulged the value of the project.
The Chairman of Damac Holding, Hussain Sajwani, said "Our presence in Business Bay is due to deep-rooted belief in the extremely dynamic and vibrant master-plan being created for the development. The launch of the project is due to the impressive success experienced by the previous eight projects launched by the company in Business Bay, like, Business Tower, Executive Bay, Capital Bay, The Corner, Business Central, HAZ Tower, XL Tower and the Park Central."
Water's edge is expected to be a self-contained development with office space, retail space and recreational facilities.
Damac CEO, Peter Riddoch, has mentioned that Water’s Edge would be the ideal location for those who enjoy being in the midst of all action, like the pleasure of working in an office tower, which perfectly complements the various advantages that a self-contained development has to offer.
"Water's Edge is a perfect commercial eco-system with wonderful waterfront views. An exclusive world of boutique retails space that adds zest to the environment. The project will also have a serene and beautiful landscape with parking at five levels," he added.
Damac also recently launched 'The Signature Series', featuring the most expensive penthouse in the region, with each penthouse costing more than eight million euros.
Water's Edge is basically a twenty storey commercial waterfront development, but the company has not yet divulged the value of the project.
The Chairman of Damac Holding, Hussain Sajwani, said "Our presence in Business Bay is due to deep-rooted belief in the extremely dynamic and vibrant master-plan being created for the development. The launch of the project is due to the impressive success experienced by the previous eight projects launched by the company in Business Bay, like, Business Tower, Executive Bay, Capital Bay, The Corner, Business Central, HAZ Tower, XL Tower and the Park Central."
Water's edge is expected to be a self-contained development with office space, retail space and recreational facilities.
Damac CEO, Peter Riddoch, has mentioned that Water’s Edge would be the ideal location for those who enjoy being in the midst of all action, like the pleasure of working in an office tower, which perfectly complements the various advantages that a self-contained development has to offer.
"Water's Edge is a perfect commercial eco-system with wonderful waterfront views. An exclusive world of boutique retails space that adds zest to the environment. The project will also have a serene and beautiful landscape with parking at five levels," he added.
Damac also recently launched 'The Signature Series', featuring the most expensive penthouse in the region, with each penthouse costing more than eight million euros.
Labels: Business Bay, Commercial Property, Damac Properties, New Developments, Office Space
Falconry and Lifestyle project planned in Abu Dhabi
Tuesday, July 17, 2007
A multi-million Dirham, desert village project, show-casing traditional Bedouin lifestyles and falconry is expected to come up in Abu Dhabi shortly. It is said to develop into a major tourist attraction and draw keen interest from future Emiratis generations.
The scheme is being innovated by General Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and the Deputy Supreme Commander of UAE Armed Forces. The project will be developed by Environment Agency - Abu Dhabi (EAD).
The plans were disclosed during the International Festival of Falconry at the Englefield estate in the British county of Berkshire.
"We are currently in the process of designing the concept, and we do not know precisely how big it will be, though, we know it will be. But it will depict the way people once live, and interacted with nature. It will be a place where we can take our children and show them our culture and the lifestyle of yester years," said Al Mansouri, who represented the UAE at the festival.
The development will be located at a site in the interior of Abu Dhabi, though the exact location is yet to be decided. It will comprise of residential areas, a museum, and hotels.
The development is expected to be complete in the next four years. Eight researchers from the EAD and the National Falconry Club, are planning for the educational and interactive center. It will also include certain zones that reflect scenes of Bedouin lifestyles, an old souk, and a desert oasis.
Al Mansouri added, "One of the major focuses will be education. We need this project for teaching children, as these are part of our culture, which might otherwise be missed out. This project is being created for education, conservation and cultural preservation."
Following the announcement of the project, other global attractions such as Guggenheim and Louvre art galleries are to be built in Abu Dhabi.
Social BookmarkingThe scheme is being innovated by General Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and the Deputy Supreme Commander of UAE Armed Forces. The project will be developed by Environment Agency - Abu Dhabi (EAD).
The plans were disclosed during the International Festival of Falconry at the Englefield estate in the British county of Berkshire.
"We are currently in the process of designing the concept, and we do not know precisely how big it will be, though, we know it will be. But it will depict the way people once live, and interacted with nature. It will be a place where we can take our children and show them our culture and the lifestyle of yester years," said Al Mansouri, who represented the UAE at the festival.
The development will be located at a site in the interior of Abu Dhabi, though the exact location is yet to be decided. It will comprise of residential areas, a museum, and hotels.
The development is expected to be complete in the next four years. Eight researchers from the EAD and the National Falconry Club, are planning for the educational and interactive center. It will also include certain zones that reflect scenes of Bedouin lifestyles, an old souk, and a desert oasis.
Al Mansouri added, "One of the major focuses will be education. We need this project for teaching children, as these are part of our culture, which might otherwise be missed out. This project is being created for education, conservation and cultural preservation."
Following the announcement of the project, other global attractions such as Guggenheim and Louvre art galleries are to be built in Abu Dhabi.
Labels: Abu Dhabi, Latest News, New Developments