Amlak Finance and Tamweel signs deal to function as escrow agents
Friday, August 31, 2007
Amlak and Tamweel, the two mortgage lenders in Dubai, have entered into deals with the Land Department to become escrow account agents.
Amlak Finance has been assigned to launch trust account services from the Dubai Land Department. Apart from this, Amlak will also enhance the financial flexibility of the end-user and provide unit sales services, sales monitoring, construction finance, legal documentation and customer service to major developers.
Tamweel has been assigned the task of an official escrow account agent by the Land Department, and this is for the first time that a mortgage provider has got this designation.
Tamweel said that it plans to convert the current projects of seventy five real estate developers into an authorized escrow structure.
The Director General of the Land Department, Sultan Butti Bin Mejren said "The Dubai Land Department plans to promote regulations that will contribute to the development of the property market in the emirate. The agreement between Amlak finance and the department ensures the users with ultimate protection."
The CEO of RERA (Real Estate Regulatory Agency), Marwan Bin Ghalita has commented that with the approval of a trust manager for the leading institutes in the market, one can rest assured that the Dubai property market will grow to provide deep rooted confidence and security to all its investors.
Social BookmarkingAmlak Finance has been assigned to launch trust account services from the Dubai Land Department. Apart from this, Amlak will also enhance the financial flexibility of the end-user and provide unit sales services, sales monitoring, construction finance, legal documentation and customer service to major developers.Tamweel has been assigned the task of an official escrow account agent by the Land Department, and this is for the first time that a mortgage provider has got this designation.
Tamweel said that it plans to convert the current projects of seventy five real estate developers into an authorized escrow structure.
The Director General of the Land Department, Sultan Butti Bin Mejren said "The Dubai Land Department plans to promote regulations that will contribute to the development of the property market in the emirate. The agreement between Amlak finance and the department ensures the users with ultimate protection."The CEO of RERA (Real Estate Regulatory Agency), Marwan Bin Ghalita has commented that with the approval of a trust manager for the leading institutes in the market, one can rest assured that the Dubai property market will grow to provide deep rooted confidence and security to all its investors.
Labels: Dubai Real Estate, Mortgages, Real Estate News
Abu Dhabi Municipality announces unique EMERALD GATEWAY Project
Thursday, August 30, 2007
The Abu Dhabi Municipality has announced the unique, prestigious Emarald Gateway Project, worth Dh.7 billion dollars, being developed in partnership with the private sector. The project will be located along the main highway Coast Road, right in between the Abu Dhabi International Airport and Abu Dhabi downtown, through a main artery highway that leads to the city.
The development comprises 88 Towers, which will be developed on either sides of a 3.5 kilometer segment on the Highway. The Site has all the necessary potential to develop into a high-end residential and hotel destination.
The Abu Dhabi Municipality got the Master Plan for the project, tailor-made by KEO International Consultants. The plan was recently approved by H.H. Sheikh Mohammed Bin Zayed. In one look, the plan puts before us a powerful vision for "green" residential communities, besides including hotel complexes and a business park.
The Emerald Gateway rather than being just a development, also takes into consideration the community level desires and national level aspiration, with dramatic enhancement of all its surroundings. It will be a wonderful experience for all those who enter and leave Abu Dhabi, while they pass through the extensively shaped landscaped highway corridor, imprinting an ever-lasting memory about their drive along the stretch of the road of the Emerald Gateway.
In the center, one gets to see a giant artistically designed sculpture, inspired by the wings of falcon, which will be located inside the Sculpture Park. Resting on a reflecting pool, this will make an attractive gateway to the city during the day, while at night, it will be all lighted up to glow as two translucent forms. Their surging forms will be a mark of respect to the high achievements of the nation, and will celebrate the national pride of the City of Abu Dhabi. On the whole, the scheme is an integration of many landscaped features through numerous pedestrian links to adjoining communities.
The 88 Towers of the Emerald Gateway are located in two separate development districts; the Canal Park Neighbourhood and the Recreational Park Neighbourhood.
The Canal District, located along an existing water canal, will be developed with walkways and rich green spaces so as to form a Canal Park Neighbourhood for 42 tower plots along the edge of the canal. It will include numerous green gardens, restaurants and retails, terraces for ground level cafes, and a roundabout boardwalk. It stretches from the western edge of the Canal District to the eastern edge, ending with a fountain promenade that serves not only the tower residents, but also those in Al Maqta area.
The Recreational Park Neighbourhood, located along the Southern edge of the site, comprises 46 tower plots in a richly landscaped surrounding. The Park begins at the western edge, that includes two football field sized green areas and stretches to the east incorporating children's play areas, tennis courts, gardens and walkways.
The development also includes a Ceremonial Entrance with a Gateway Reflecting Pool, located along its western edge.
According to the Abu Dhabi Municipality officials, the development is likely to be one of the major public-private partnering developments ever launched by the Abu Dhabi Government. The Government will invest another billion ($242.4 million) for the landscaping and infrastructure services.
The Municipality and KEO officials have confirmed that a binding design and construction guideline will be issued to every plot owner to ensure the quality of design and construction, and their adherence to the master plan.
The CEO of KEO, Donna Sultan, the lead for creation of the Master Plan commented "Rather than looking at the site as the one filled with constraints, we foresaw a fantastic opportunity of putting together the master plan of the site, with its geographical prominence, being located between the City of Abu Dhabi and the airport, and came up with a world-class setting of the Emerald Gateway, which speaks about high national and community goals."
Social BookmarkingThe development comprises 88 Towers, which will be developed on either sides of a 3.5 kilometer segment on the Highway. The Site has all the necessary potential to develop into a high-end residential and hotel destination.
The Abu Dhabi Municipality got the Master Plan for the project, tailor-made by KEO International Consultants. The plan was recently approved by H.H. Sheikh Mohammed Bin Zayed. In one look, the plan puts before us a powerful vision for "green" residential communities, besides including hotel complexes and a business park.
The Emerald Gateway rather than being just a development, also takes into consideration the community level desires and national level aspiration, with dramatic enhancement of all its surroundings. It will be a wonderful experience for all those who enter and leave Abu Dhabi, while they pass through the extensively shaped landscaped highway corridor, imprinting an ever-lasting memory about their drive along the stretch of the road of the Emerald Gateway.
In the center, one gets to see a giant artistically designed sculpture, inspired by the wings of falcon, which will be located inside the Sculpture Park. Resting on a reflecting pool, this will make an attractive gateway to the city during the day, while at night, it will be all lighted up to glow as two translucent forms. Their surging forms will be a mark of respect to the high achievements of the nation, and will celebrate the national pride of the City of Abu Dhabi. On the whole, the scheme is an integration of many landscaped features through numerous pedestrian links to adjoining communities.
The 88 Towers of the Emerald Gateway are located in two separate development districts; the Canal Park Neighbourhood and the Recreational Park Neighbourhood.
The Canal District, located along an existing water canal, will be developed with walkways and rich green spaces so as to form a Canal Park Neighbourhood for 42 tower plots along the edge of the canal. It will include numerous green gardens, restaurants and retails, terraces for ground level cafes, and a roundabout boardwalk. It stretches from the western edge of the Canal District to the eastern edge, ending with a fountain promenade that serves not only the tower residents, but also those in Al Maqta area.
The Recreational Park Neighbourhood, located along the Southern edge of the site, comprises 46 tower plots in a richly landscaped surrounding. The Park begins at the western edge, that includes two football field sized green areas and stretches to the east incorporating children's play areas, tennis courts, gardens and walkways.
The development also includes a Ceremonial Entrance with a Gateway Reflecting Pool, located along its western edge.
According to the Abu Dhabi Municipality officials, the development is likely to be one of the major public-private partnering developments ever launched by the Abu Dhabi Government. The Government will invest another billion ($242.4 million) for the landscaping and infrastructure services.
The Municipality and KEO officials have confirmed that a binding design and construction guideline will be issued to every plot owner to ensure the quality of design and construction, and their adherence to the master plan.
The CEO of KEO, Donna Sultan, the lead for creation of the Master Plan commented "Rather than looking at the site as the one filled with constraints, we foresaw a fantastic opportunity of putting together the master plan of the site, with its geographical prominence, being located between the City of Abu Dhabi and the airport, and came up with a world-class setting of the Emerald Gateway, which speaks about high national and community goals."
Labels: Abu Dhabi, Emerald-Gateway, Latest News, Luxury Homes, New Developments, Residential
Sky Tower development progresses as scheduled
The Abu Dhabi based real estate firm, Sorouh Real Estate has confirmed that the construction of its Sky Tower development is going along as per schedule.
The elliptically shapped 74 storey tower, which is a part of the Gate District project in Shams, Abu Dhabi was launched last April and is expected to be complete by 2009.
All the three basements of the tower is complete including the work on the core walls of the ground floor. The tower is expected to touch 300 meters in height on completion.
Social BookmarkingThe elliptically shapped 74 storey tower, which is a part of the Gate District project in Shams, Abu Dhabi was launched last April and is expected to be complete by 2009.
All the three basements of the tower is complete including the work on the core walls of the ground floor. The tower is expected to touch 300 meters in height on completion.
Labels: Abu Dhabi, Business Tower, New Developments, Sorouh
Emaar and Dubai Holdings join hands for prime land developments in Dubai
The leading Dubai-based real estate developer, Emaar Properties, and the largest Dubai-based business conglomerate in the Middle East, Dubai Holding, have together announced a joint-venture arrangement for development of land in major locations in Dubai.
The Executive Chairman of Dubai Holding, Mohammad Al Gergawi, said that both Dubai Holding and Emaar are of the belief that both companies would benefit from working together on real estate projects in Dubai. Both firms are currently holding advanced discussions over the matter, for development of world-class projects in major locations in Dubai.
After its launch in 2004, Dubai Holding operates in various sectors ranging from technology, real estate, finance, health, energy, communication, tourism, hospitality, biotechnology and industry. Emaar on the other hand, powered by its vision 2010, is all set to become the most renowned names in the property market across the world, and is in the process of creating master-planned communities in international markets. It is also into developing new competencies in leisure malls, hospitality, healthcare, finance, and education which has evolved from its integrated approach to real estate development and customer service.
Both companies have strong fundamentals and their potential growth displays a great promise for investors.
Social BookmarkingThe Executive Chairman of Dubai Holding, Mohammad Al Gergawi, said that both Dubai Holding and Emaar are of the belief that both companies would benefit from working together on real estate projects in Dubai. Both firms are currently holding advanced discussions over the matter, for development of world-class projects in major locations in Dubai.
After its launch in 2004, Dubai Holding operates in various sectors ranging from technology, real estate, finance, health, energy, communication, tourism, hospitality, biotechnology and industry. Emaar on the other hand, powered by its vision 2010, is all set to become the most renowned names in the property market across the world, and is in the process of creating master-planned communities in international markets. It is also into developing new competencies in leisure malls, hospitality, healthcare, finance, and education which has evolved from its integrated approach to real estate development and customer service.
Both companies have strong fundamentals and their potential growth displays a great promise for investors.
Labels: Dubai Holdings, Dubai Real Estate, Emmar, Real Estate News
Groundbreaking ceremony held in Business Bay for The Pad tower
Wednesday, August 29, 2007
Omniyat Properties, the real estate development branch of Omniyat Holdings recently held a groundbreaking ceremony of their prestigious Dh.550 million hi-tech tower, The Pad, in Business Bay.
Designed by James Law Cybertecture International, The Pad, will set an example for the rest of the world, with its unique, sophisticated residential buildings, due for completion by 2009.
This totally integrated residential complex is essentially a mix of advanced technology and perfection in design and architecture that personifies 21st century living in everyway. Through its innovative use of technology and design The Pad will offer its inhabitants a unique lifestyle experience not found anywhere else.
The President and CEO of Omniyat Properties, Mehdi Amjad, said "This marks the beginning of a new era, which will see us push boundaries of futuristic lifestyles. The Pad will set new standards of design in the Middle East and beyond. The project has already drawn huge media attention all over the world, particular the markets which are mesmerized by scope of developments in Dubai. This residential complex personifies the 21st century lifestyle in every way."
'The pad' is expected to comprise 231 apartments ranging from studios, one and two bedroom units, and a range of loft homes. The apartments will have various interesting features, including an inspirational clubhouse, which is meant exclusively for its residents. The exclusive club-house will comprise state-of-the-art gym, basketball court, running track, swimming pool with underwater audio system and more. The club will also offer its residents with a big meeting lounge, games room, party room, outdoor sunset terrace and library.
Social BookmarkingDesigned by James Law Cybertecture International, The Pad, will set an example for the rest of the world, with its unique, sophisticated residential buildings, due for completion by 2009.
This totally integrated residential complex is essentially a mix of advanced technology and perfection in design and architecture that personifies 21st century living in everyway. Through its innovative use of technology and design The Pad will offer its inhabitants a unique lifestyle experience not found anywhere else.The President and CEO of Omniyat Properties, Mehdi Amjad, said "This marks the beginning of a new era, which will see us push boundaries of futuristic lifestyles. The Pad will set new standards of design in the Middle East and beyond. The project has already drawn huge media attention all over the world, particular the markets which are mesmerized by scope of developments in Dubai. This residential complex personifies the 21st century lifestyle in every way."
'The pad' is expected to comprise 231 apartments ranging from studios, one and two bedroom units, and a range of loft homes. The apartments will have various interesting features, including an inspirational clubhouse, which is meant exclusively for its residents. The exclusive club-house will comprise state-of-the-art gym, basketball court, running track, swimming pool with underwater audio system and more. The club will also offer its residents with a big meeting lounge, games room, party room, outdoor sunset terrace and library.
Labels: Business Bay, Latest News, Luxury Homes, Omniyat, Residential
Al Madar's Scala Towers proves successful
Al Madar Property Investments, the real estate branch of Al Madar Group, announced that its 22 storeyed 'Scala Tower' in business bay has been more than 80 percent sold out.
The tower comprises of eighteen storey of residential units with studios, single and double bedroom apartments. It has world-class features such as a hi-tech health club, high-speed internet connectivity, cafeterias, shopping area, recreation area, closed-circuit television, high-speed elevators, 24 hours security and maintenance, car parking and more. The tower will be ready for delivery by 2009.
The Sales and Marketing Director of Al Madar Group, Keith Pepperdine, expressing his happiness over the success of Scala Tower, mentioned that the ideal location of the tower in Business Bay with eye-catching view of the Burj Dubai, coupled with modern amenities offered by the tower has been the major factors for the success of Scala Towers.
After a series of hig-profile realty projects in the UAE and Dubai, Al MAdar is now looking forward to regional expansion. The company has a rich portfolio of being involved in the property sector for more than fifteen years and has already completed 125 developments throughout the Middle East.
Social BookmarkingThe tower comprises of eighteen storey of residential units with studios, single and double bedroom apartments. It has world-class features such as a hi-tech health club, high-speed internet connectivity, cafeterias, shopping area, recreation area, closed-circuit television, high-speed elevators, 24 hours security and maintenance, car parking and more. The tower will be ready for delivery by 2009.The Sales and Marketing Director of Al Madar Group, Keith Pepperdine, expressing his happiness over the success of Scala Tower, mentioned that the ideal location of the tower in Business Bay with eye-catching view of the Burj Dubai, coupled with modern amenities offered by the tower has been the major factors for the success of Scala Towers.
After a series of hig-profile realty projects in the UAE and Dubai, Al MAdar is now looking forward to regional expansion. The company has a rich portfolio of being involved in the property sector for more than fifteen years and has already completed 125 developments throughout the Middle East.
Labels: Apartments, Business Bay, Luxury Homes, New Developments, Residential, Sales
ALDAR marks sale of first phase of Al Raha Gardens in Abu Dhabi
Monday, August 27, 2007
ALDAR Properties, a major real estate development, based in Abu Dhabi, has commenced the handing over process of its completed properties in the Al Raha Gardens development in Abu Dhabi.
ALDAR has already handed over the keys of the first phase to the owners, which will be hundred percent complete in another year.
To mark the occasion, ALDAR Properties held a ceremony with a few new residents of Al Raha Gardens. The ALDAR Chairman, Ahmed Al Sayegh, said "The delivery of our first-ever project in Abu Dhabi property market, is a matter of pride for us. We have proven our commitment and dedication to the UAE, ensuring that we always strive to achieve our developmental aims."
Al Raha Gardens comprises luxurious villas, townhouses, community retail, schools, dining outlets and much more in a posh landscaped area covering 665,000 square meters of land, making it the most integrated residential development in Abu Dhabi.
The delivery of the first phase of Al Raha Villas also indicates the potential for attractive villa rentals and the secondary sales opportunities for owners. All properties were sold on the day of the launch, and the development is one of the highly desired locations in Abu Dhabi, particularly, for the crowd who commute to Dubai often, as Jebel Ali is just forty five minutes away.
Social BookmarkingALDAR has already handed over the keys of the first phase to the owners, which will be hundred percent complete in another year.
To mark the occasion, ALDAR Properties held a ceremony with a few new residents of Al Raha Gardens. The ALDAR Chairman, Ahmed Al Sayegh, said "The delivery of our first-ever project in Abu Dhabi property market, is a matter of pride for us. We have proven our commitment and dedication to the UAE, ensuring that we always strive to achieve our developmental aims."Al Raha Gardens comprises luxurious villas, townhouses, community retail, schools, dining outlets and much more in a posh landscaped area covering 665,000 square meters of land, making it the most integrated residential development in Abu Dhabi.
The delivery of the first phase of Al Raha Villas also indicates the potential for attractive villa rentals and the secondary sales opportunities for owners. All properties were sold on the day of the launch, and the development is one of the highly desired locations in Abu Dhabi, particularly, for the crowd who commute to Dubai often, as Jebel Ali is just forty five minutes away.
Labels: Abu Dhabi, Al Raha Beach, Aldar, Luxury Homes, Residential, Sales, Villa Projects
New Dubai Property Forum @ Propertyportal.ae
To add to the launch of our portal last week we have now added a brand new Dubai property forum. We have been working on this concept for months now to provide a comprehensive medium to basically unite buyers, sellers, agents, investors and anybody else who has an interest in the local Dubai property market. We have sections that are dedicated to specific developments in Dubai, as well as general real estate topics on there that will hopefully keep users interested and in discussion about all things property.
Here is a list of some of the great sections that we have so far:
Introduce Yourself, General Real Estate Chat, Ask An Agent, Buyers Questions, Sellers Questions, Rental Questions, Dubai Developments, International Property, Abu Dhabi Property, Ajman Property, Fujairah Property, Ras Al Khaimah Property, Sharjah Property, Umm Al Quwain Property, Other Emirates, The Coffee Shop, Announcements & News, Banking, Finance, Mortgages & Home Loans, Real Estate Investment, Legal & Solicitors, Home Insurance, Property Laws, Home Relocation, Rentals, Short Term & Holiday Homes, New To Dubai, Feedback & Suggestions, Support. Given the popularity of the site so far, we will definitely be branching out upon these.
The response so far has been very encouraging and we are glad see more visitors to the site everyday, as well as new users joining. It has also been a nice surprise to see some keen interest from realtors in other parts of the world, both because they are looking to deal with properties here and just out of interest in this unique property market.
There are so many new developments here in the Dubai Real Estate market that we have made one page dedicated just to these so that we also have the option to expand this page more when announcements of up and coming projects hit the news.
The best feature of this forum, however, is the advice and suggestions that members can offer each other and visitors. This is something we can’t create on our own and it is fantastic to see the topics that people are really debating about. The questions, the answers and the suggestions are an integral part of making this site a success and in such a short space of time we are happy to see such a good response, updates will be available as time goes on and new members join our Dubai Property Forum.
Social BookmarkingHere is a list of some of the great sections that we have so far:
Introduce Yourself, General Real Estate Chat, Ask An Agent, Buyers Questions, Sellers Questions, Rental Questions, Dubai Developments, International Property, Abu Dhabi Property, Ajman Property, Fujairah Property, Ras Al Khaimah Property, Sharjah Property, Umm Al Quwain Property, Other Emirates, The Coffee Shop, Announcements & News, Banking, Finance, Mortgages & Home Loans, Real Estate Investment, Legal & Solicitors, Home Insurance, Property Laws, Home Relocation, Rentals, Short Term & Holiday Homes, New To Dubai, Feedback & Suggestions, Support. Given the popularity of the site so far, we will definitely be branching out upon these.
The response so far has been very encouraging and we are glad see more visitors to the site everyday, as well as new users joining. It has also been a nice surprise to see some keen interest from realtors in other parts of the world, both because they are looking to deal with properties here and just out of interest in this unique property market.
There are so many new developments here in the Dubai Real Estate market that we have made one page dedicated just to these so that we also have the option to expand this page more when announcements of up and coming projects hit the news.
The best feature of this forum, however, is the advice and suggestions that members can offer each other and visitors. This is something we can’t create on our own and it is fantastic to see the topics that people are really debating about. The questions, the answers and the suggestions are an integral part of making this site a success and in such a short space of time we are happy to see such a good response, updates will be available as time goes on and new members join our Dubai Property Forum.
Labels: Dubai Real Estate, Latest News, Property Portals
DIP awards office tower project worth Dh.200 million to DCC
Sunday, August 26, 2007
The construction contract of Dubai Investment Properties (DIP) LLC Office Tower in Business Bay district of Dubai has been awarded to Dubai Contracting Company (DCC), a major international construction company in Dubai.
The project involves development of a luxurious forty five storey commercial tower, with a separate fourteen storey car park and two basements on Sheikh Zayed Road.
The Investment and Marketing Manager of DCC, Wissam Otaky, said "The DIP tower is a great addition to our projects portfolio, and provides office space solutions with premium quality finishing."
The commercial project will spread over an area of 70,172 square meters, and will comprise of the latest and state-of-the-art technologies, meant for business purposes with supreme functionality, without any kind of compromise on elegance and aesthetics.
DCC, along with Arkiteknik International Consulting Engineers, who are also the architects behind projects such as the Twin Towers Deira, Flora Creek, and the Grand Hyatt Dubai, will together carry the project forward. The tower is in preliminary stages of construction and is due to be completed by 2009.
Social BookmarkingThe project involves development of a luxurious forty five storey commercial tower, with a separate fourteen storey car park and two basements on Sheikh Zayed Road.
The Investment and Marketing Manager of DCC, Wissam Otaky, said "The DIP tower is a great addition to our projects portfolio, and provides office space solutions with premium quality finishing."
The commercial project will spread over an area of 70,172 square meters, and will comprise of the latest and state-of-the-art technologies, meant for business purposes with supreme functionality, without any kind of compromise on elegance and aesthetics.
DCC, along with Arkiteknik International Consulting Engineers, who are also the architects behind projects such as the Twin Towers Deira, Flora Creek, and the Grand Hyatt Dubai, will together carry the project forward. The tower is in preliminary stages of construction and is due to be completed by 2009.
Labels: Business Bay, Construction Projects, New Contracts
Shaikh Holdings determined to establish realty projects in the UAE
Shaikh Holdings, a Dubai-based private company, led by Imran Shaikh, is all set to establish itself in the UAE Realty market.
The company has a rich portfolio of commercial, residential and hospitality realty projects, and is a leading institutional investor in the Dubai property sector since 2002. The company has made considerable investments in developments such as Emirates Hills, Business Bay, The Palm Islands, Jumeirah Golf Estates and the Dubai Waterfront, and such other leading projects by developers such as Emaar, Nakheel and Dubai Properties.
During the month of July, Shaikh Holdings already launched its first project, Sanctuary Falls, which is a luxury residential golf development, located in Jumeirah Golf Estates worth $200 million (Dh.734m), and more such projects are in pipeline.
Shaikh says "The UAE property market is still not saturated, and is a very lucrative investment destination. The market provides plenty of opportunities and the proposed regulatory procedures will ensure better stability of the property sector."
Speaking on the new project, Sanctuary Falls, Sheikh mentioned, Sanctuary Falls is a community comprising 96 resort-style villas facing the Earth Golf-course. The project includes modern, contemporary and traditional architectural styles, and hence, the buyers could choose three interior design themes and two kitchen designs.
The architecture for the villas has been designed by DSA Architects, while the home interiors are done by Hirsch Bedner Associates.
Sheikh mentioned that the construction work at Sanctuary Falls will commence in October this year, and is due for completion by May 2009.
"We are trying to introduce new concepts for community living and the resort home concept is one such thing. Although our focus is Dubai, we are also exploring Ras Al Khaimah and Abu Dhabi markets. We are also interested in exploring opportunities within the GCC and plan to make use of a variety of financial structures to develop projects during the next five years," he said.
Sheikh Holdings is likely to invest $1.2bn (Dh.4.04bn) during the next five years to develop waterfront and gold communities in the UAE.
The company has a rich portfolio of commercial, residential and hospitality realty projects, and is a leading institutional investor in the Dubai property sector since 2002. The company has made considerable investments in developments such as Emirates Hills, Business Bay, The Palm Islands, Jumeirah Golf Estates and the Dubai Waterfront, and such other leading projects by developers such as Emaar, Nakheel and Dubai Properties.
During the month of July, Shaikh Holdings already launched its first project, Sanctuary Falls, which is a luxury residential golf development, located in Jumeirah Golf Estates worth $200 million (Dh.734m), and more such projects are in pipeline.
Shaikh says "The UAE property market is still not saturated, and is a very lucrative investment destination. The market provides plenty of opportunities and the proposed regulatory procedures will ensure better stability of the property sector."
Speaking on the new project, Sanctuary Falls, Sheikh mentioned, Sanctuary Falls is a community comprising 96 resort-style villas facing the Earth Golf-course. The project includes modern, contemporary and traditional architectural styles, and hence, the buyers could choose three interior design themes and two kitchen designs.
The architecture for the villas has been designed by DSA Architects, while the home interiors are done by Hirsch Bedner Associates.
Sheikh mentioned that the construction work at Sanctuary Falls will commence in October this year, and is due for completion by May 2009.
"We are trying to introduce new concepts for community living and the resort home concept is one such thing. Although our focus is Dubai, we are also exploring Ras Al Khaimah and Abu Dhabi markets. We are also interested in exploring opportunities within the GCC and plan to make use of a variety of financial structures to develop projects during the next five years," he said.
Sheikh Holdings is likely to invest $1.2bn (Dh.4.04bn) during the next five years to develop waterfront and gold communities in the UAE.
Labels: Golf property, Jumeirah Golf Estates, Real Estate Company, Villa Projects
Emaar to launch new residential units at Burj Dubai Boulevard
Saturday, August 25, 2007
Leading property developer, Emaar Properties, has announced plans to launch the second tower, a part of 29, Burj Dubai Boulevard, which is an architectural marvel, that has been designed by Frank Williams and Partners, the New-York based Architects.
The launch has been planned for 25th August, 2007. Emaar will simultaneously launch the sale of its Boulevard Apartments, situated in podium of 29, Burj Dubai Boulevard.
The Sales Director, Emaar Properties, Saif Al Mansoori, said "Apart from its ideal location on Burj Dubai Boulevard, the hub of entertainment and leisure activity, the elegant design, makes it an unique attraction to the residential offering in Dubai. The Tower 2 and the Boulevard Apartments on the podium are unique and different from each other in their architectural brilliance."
Burj Dubai Boulevard comprises studios, one, two and three bedroom apartments. Easy finance for purchase of homes is being offered by various financial institutions.
The homes have a wide range of modern amenities and world-class fittings and finishes. The development features separate, spacious lobby entrances for both residential towers, in addition to other amenities such as gymnasium, pool deck, basement parking, swimming pool, communal area, children's wading pool, and multi-purpose rooms.
Social BookmarkingThe launch has been planned for 25th August, 2007. Emaar will simultaneously launch the sale of its Boulevard Apartments, situated in podium of 29, Burj Dubai Boulevard.
The Sales Director, Emaar Properties, Saif Al Mansoori, said "Apart from its ideal location on Burj Dubai Boulevard, the hub of entertainment and leisure activity, the elegant design, makes it an unique attraction to the residential offering in Dubai. The Tower 2 and the Boulevard Apartments on the podium are unique and different from each other in their architectural brilliance."
Burj Dubai Boulevard comprises studios, one, two and three bedroom apartments. Easy finance for purchase of homes is being offered by various financial institutions.
The homes have a wide range of modern amenities and world-class fittings and finishes. The development features separate, spacious lobby entrances for both residential towers, in addition to other amenities such as gymnasium, pool deck, basement parking, swimming pool, communal area, children's wading pool, and multi-purpose rooms.
Labels: Apartments, Burj Dubai, Emmar, Luxury Homes, Residential
Nakheel to re-develop Jebel Ali Village
Thursday, August 23, 2007
Nakheel has announced plans to re-develop Jebel Ali Village, and the residents hope to purchase their own homes in the new project. Work is expected to commence towards the end of the year, and will be completed by 2013. Earthworks on the surrounding vacant land have already begun.
The re-developed village will offer a range of medium-density housing which will be supported by commercial, community and retail facilities. However, the size and pricing of the residential units are yet to be revealed.
Nakheel, in their statement, mentioned that the re-development has been planned to take care of quality accommodation requirement, with access to the existing and proposed amenities in the neighbouring area such as the Ibn Battuta Mal and the Dubai Metro Station, being projected.
The current 299 villas in the village will be demolished and the existing tenants were already given a years notice until August 2008, to vacate the premises. These tenants apart from being eligible to purchase homes in the new development, will also be eligible for priority reservation in certain other projects of Nakheel, such as the Discovery Gardens and the International City.
The Jebel Ali Village was constructed in 1977 for providing accommodation to expatriates who are working on the construction of Jebel Ali Port. Certain parts of the existing village such as the Jebel Ali Recreational Club and the Mosque will be retained, although, the Central Park will be expanded to twelve hectares.
The re-development will also comprise a primary school and a range of medium-density housing.
Social BookmarkingThe re-developed village will offer a range of medium-density housing which will be supported by commercial, community and retail facilities. However, the size and pricing of the residential units are yet to be revealed.
Nakheel, in their statement, mentioned that the re-development has been planned to take care of quality accommodation requirement, with access to the existing and proposed amenities in the neighbouring area such as the Ibn Battuta Mal and the Dubai Metro Station, being projected.
The current 299 villas in the village will be demolished and the existing tenants were already given a years notice until August 2008, to vacate the premises. These tenants apart from being eligible to purchase homes in the new development, will also be eligible for priority reservation in certain other projects of Nakheel, such as the Discovery Gardens and the International City.
The Jebel Ali Village was constructed in 1977 for providing accommodation to expatriates who are working on the construction of Jebel Ali Port. Certain parts of the existing village such as the Jebel Ali Recreational Club and the Mosque will be retained, although, the Central Park will be expanded to twelve hectares.
The re-development will also comprise a primary school and a range of medium-density housing.
Labels: Dubai Real Estate, Jebel-Ali, Nakheel, New Developments, Real Estate News
Emaar launches sales of its Samarah Dead Sea Jordanian project in Dubai
The country-subsidiary of Emaar Properties, Emaar International Jordan, has launched the sale of its hi-tech residential project, Samarah Dead Sea Golf & Beach Resort in Dubai on August 18th.
The project, overlooking the Dead Sea, comprises Mediterranean styled homes, within a vibrant retail center and a Spa and Wellness Village.
The Emaar International Jordan General Manager, Steve McCartt, said "The Samarah Hillside homes will provide a lifestyle experience for Jordan through integration of several leisure amenities in close proximity. Jordan has witnessed keen interest from Dubai investors including the Jordanian community in Dubai. Through this sales launch in Jordan and Dubai, we wish to offer a purchase opportunity for Jordan and international investors."
Samarah Dead Sea Golf & Beach Resort is owned by The Dead Sea Touristic and Real Estate Company, a venture of Emaar Properties PJSC. The project aims to energize the Jordanian economy with particular focus on tourism growth and luxury property development.
At present, Emaar is launching the sales of homes within the Hillside comprising two and three bedrooms ranging 314 to 404 sq. mts., in size. The multi-functional residential community is situated opposite to the King Hussein Bin Talal Convention Center.
Social BookmarkingThe project, overlooking the Dead Sea, comprises Mediterranean styled homes, within a vibrant retail center and a Spa and Wellness Village.
The Emaar International Jordan General Manager, Steve McCartt, said "The Samarah Hillside homes will provide a lifestyle experience for Jordan through integration of several leisure amenities in close proximity. Jordan has witnessed keen interest from Dubai investors including the Jordanian community in Dubai. Through this sales launch in Jordan and Dubai, we wish to offer a purchase opportunity for Jordan and international investors."
Samarah Dead Sea Golf & Beach Resort is owned by The Dead Sea Touristic and Real Estate Company, a venture of Emaar Properties PJSC. The project aims to energize the Jordanian economy with particular focus on tourism growth and luxury property development.
At present, Emaar is launching the sales of homes within the Hillside comprising two and three bedrooms ranging 314 to 404 sq. mts., in size. The multi-functional residential community is situated opposite to the King Hussein Bin Talal Convention Center.
Labels: Emmar, International, Investment Property, New Developments, Resorts, Sales
Dubai Industrial City rents out land for construction of factories
Wednesday, August 22, 2007
Dubai Industrial City, a subsidiary of Dubai Holding, has rented out its land for an investment worth Dh.777million. Thirty new factories are expected to come up next year.
About 25% of first phase infrastructure is already completed and by 2015, work within Industrial City will be ready.
The CEO of Dubai Industrial City, Rashid Al Ansari, said "There are 388 new world investors in town and the infrastructure contracts worth Dh.777 million have been signed to construct a network of roads and primary services. The city has six main sectors namely metallurgy, chemicals, equipment, food resources and beverages, construction materials, communication, equipment and machinery. The city will offer lands on lease for 49 years, which could be later renewed for another fifty years."
The Dubai Industrial City Real Estate Development will cover an area of 62 million Square meters and with the first phase of the project worth Dh.734 million. The city will contribute Dh.36.7billion to Dubai's GDP by 2010. The city will construct 87,000 housing units worth Dh.1.65 billion for labourers.
Social BookmarkingAbout 25% of first phase infrastructure is already completed and by 2015, work within Industrial City will be ready.
The CEO of Dubai Industrial City, Rashid Al Ansari, said "There are 388 new world investors in town and the infrastructure contracts worth Dh.777 million have been signed to construct a network of roads and primary services. The city has six main sectors namely metallurgy, chemicals, equipment, food resources and beverages, construction materials, communication, equipment and machinery. The city will offer lands on lease for 49 years, which could be later renewed for another fifty years."
The Dubai Industrial City Real Estate Development will cover an area of 62 million Square meters and with the first phase of the project worth Dh.734 million. The city will contribute Dh.36.7billion to Dubai's GDP by 2010. The city will construct 87,000 housing units worth Dh.1.65 billion for labourers.
Labels: Dubai Industrial City, Latest News
Bavaria Gulf to launch its first project in Dubai Jumeirah Village
Bavaria Gulf, a German boutique property developer, has announced plans to begin its first real estate project in Jumeirah Village South, Dubai.
The company has already completed construction of about 1000 residential units, since its establishment, during the past twelve years. Since then, it has grown at an annual rate of 30 percent.
Being a boutique developer, it is well-known for providing home solutions ranging from apartments and condominiums to villas and gated communities.
All homes constructed by Bavaria Gulf in Germany, have been certified by TUeV, the most stringent certifications in the world.
Dr.Shahriar Daneshjoo, Bavaria Gulf Chairman said, "Through our focus on medium range developments, Bavaria Gulf, aims at contributing to the long-term vision of housing for all, as outlined in the Dubai strategic plan by H.H.Shaikh Mohammad bin Rashid Al MAktoum, the Vice President and Prime Minister of UAE and Ruler of Dubai."
Dubai, being well positioned to reach the goal of being a leading Arab and global city, as per industry estimates, the total value of real estate projects in Dubai, will touch $230billion. Also, as per predictions, demand will foresee supply, despite the supply of 175,000 residential units by the year 2010. This by-itself provides enough scope for a company like Bavaria Gulf, which engages in a range of home solutions, said Dr. Shahriar.
The Bavaria Gulf has already been well-accepted in Europe. Dubai is the global headquarters of Bavaria Gulf.
Social BookmarkingThe company has already completed construction of about 1000 residential units, since its establishment, during the past twelve years. Since then, it has grown at an annual rate of 30 percent.
Being a boutique developer, it is well-known for providing home solutions ranging from apartments and condominiums to villas and gated communities.
All homes constructed by Bavaria Gulf in Germany, have been certified by TUeV, the most stringent certifications in the world.
Dr.Shahriar Daneshjoo, Bavaria Gulf Chairman said, "Through our focus on medium range developments, Bavaria Gulf, aims at contributing to the long-term vision of housing for all, as outlined in the Dubai strategic plan by H.H.Shaikh Mohammad bin Rashid Al MAktoum, the Vice President and Prime Minister of UAE and Ruler of Dubai."
Dubai, being well positioned to reach the goal of being a leading Arab and global city, as per industry estimates, the total value of real estate projects in Dubai, will touch $230billion. Also, as per predictions, demand will foresee supply, despite the supply of 175,000 residential units by the year 2010. This by-itself provides enough scope for a company like Bavaria Gulf, which engages in a range of home solutions, said Dr. Shahriar.
The Bavaria Gulf has already been well-accepted in Europe. Dubai is the global headquarters of Bavaria Gulf.
Labels: Jumeriah Village, New Developments, Real Estate Company
Residents of Westside Marina- the first to abide by the new Strata Law
Dubai property owners are gearing up for the new Strata Law, likely to be implemented shortly.
As a preparation for the forthcoming introduction of the law, the residents of Westside Marina Building, along with the support of their developer, Tulip Developments, have signed a joint submission from AUAE Strata Global and Better Homes to manage the property and homeowners association of the building.
As per law, the developers will handover the ownership and control of common areas of the building, rather than handing over just the individual units.
At the moment, property owners have legal ownership only on the actual unit purchased by them, and have no claim on common areas such as the gym or the pool. The new law will divide the common areas by the number of units and will handover an equal share of every owner.
Through Strata, ownership, management and maintenance will be in the hands of the homeowners, and it will be their responsibility thereafter to ensure that these areas are managed and maintained in an effective manner. Every building will elect committee members group, who inspect such matters.
Social BookmarkingAs a preparation for the forthcoming introduction of the law, the residents of Westside Marina Building, along with the support of their developer, Tulip Developments, have signed a joint submission from AUAE Strata Global and Better Homes to manage the property and homeowners association of the building.
As per law, the developers will handover the ownership and control of common areas of the building, rather than handing over just the individual units.
At the moment, property owners have legal ownership only on the actual unit purchased by them, and have no claim on common areas such as the gym or the pool. The new law will divide the common areas by the number of units and will handover an equal share of every owner.
Through Strata, ownership, management and maintenance will be in the hands of the homeowners, and it will be their responsibility thereafter to ensure that these areas are managed and maintained in an effective manner. Every building will elect committee members group, who inspect such matters.
Labels: Property Law, Real Estate News, UAE
Armani Hotels to be launched in Burj Dubai
Tuesday, August 21, 2007
The Armani Hotels and Resorts and Armani Residences, are a joint venture between Giorgio Armani, an Italian fashion designer and Emaar Properties. It is scheduled to launch its first property in Burj Dubai during 2009.
During the time of entering into the venture in 2005, Emaar had agreed for an investment of $1billion for development of ten Armani luxury hotels and resorts in major global cities. Under the terms of the agreement, Giorgio Armani S.p.A. is awarding a long term license to Emaar Hotel & Resorts LLC for the operation of a collection of luxury hotels and resorts, whereby Emaar will be fully responsible for real estate, construction, management and operations, with Giorgio Armani overseeing all aspects of content, design and style, including interiors and amenities, incorporating the various Armani fashion, beauty collections and furnishings.
The next Armani hotel has been planned in Milan, which will be followed by Marrakesh and New York.
Mohammad Al Abbar, the Emaar Chairman, said The Emaar Hotels and Resorts are in the process of undertaking several prestigious developments across the region to take advantage of the booming tourism sector.
The company has announced that Dardenne, who is currently the CEO of Emaar Hospitality Group, will guide the development of luxury projects in major cities and other emerging markets.
Social BookmarkingDuring the time of entering into the venture in 2005, Emaar had agreed for an investment of $1billion for development of ten Armani luxury hotels and resorts in major global cities. Under the terms of the agreement, Giorgio Armani S.p.A. is awarding a long term license to Emaar Hotel & Resorts LLC for the operation of a collection of luxury hotels and resorts, whereby Emaar will be fully responsible for real estate, construction, management and operations, with Giorgio Armani overseeing all aspects of content, design and style, including interiors and amenities, incorporating the various Armani fashion, beauty collections and furnishings.
The next Armani hotel has been planned in Milan, which will be followed by Marrakesh and New York.
Mohammad Al Abbar, the Emaar Chairman, said The Emaar Hotels and Resorts are in the process of undertaking several prestigious developments across the region to take advantage of the booming tourism sector.
The company has announced that Dardenne, who is currently the CEO of Emaar Hospitality Group, will guide the development of luxury projects in major cities and other emerging markets.
Labels: Burj Dubai, Emmar, New Hotels
Property owners follow new trends while renting out flats
Monday, August 20, 2007
Renting out flats or rooms with preference attached to caste, religion or nationality has not been uncommon in Dubai until the recent past.
This trend however, seems to be changing with time, as now, certain property firms also prefer to rent out entire buildings to people belonging to the same nationality. Although, this could be considered as discrimination, the officials do not necessarily think so.
The officials are of the opinion that, as more and more individuals from various nationalities are being drawn to Dubai, when people of the same nationality live together, there is likely to be more harmony and peace.
For instance, the new building in Rigga Al Buteena Area, has eighteen flats comprising studio, and one to four bedrooms halls which has been set aside only for the Filipino nationals.
Talking on this issue, Nizam Hasan, a bachelor, is said to have mentioned that a building in such a prime location would attract huge bachelor crowds, particularly, with the rule imposed by the civic body that bachelors could live anywhere, except villas. He said "I though the company just preferred the Filipinos more than other nationalities, but on enquiry got to know that it was set aside only for Filipino community. This is not a good idea, as bachelors are already facing accommodation problems. This is discrimination, and the authorities should look into the matter."
However, Mohsen Kafri, the Manager of Pearl Island Real Estate, who manages the building, mentioned "We respect individuals of all nationalities. However, having been in this business for the past couple of years, we have seen that people of same nationalities live more harmoniously as they share same culture and communicate easily with one another."
Khafri also mentioned that they plan to acquire more residential properties which they wish to rent out to other nationalities in the same manner, and in future they intend to rent out flats exclusive for 'women' and 'men' separately.
The Head of Buildings Inspection Section of Dubai Municipality, Omar Mohammed Abdul Rahman, mentioned that although they have not come across a situation like this as yet, the real estate companies have the right to rent out the flats to anybody of their choice, and that, any such grievances could be brought to the notice of the rent committee.
Social BookmarkingThis trend however, seems to be changing with time, as now, certain property firms also prefer to rent out entire buildings to people belonging to the same nationality. Although, this could be considered as discrimination, the officials do not necessarily think so.
The officials are of the opinion that, as more and more individuals from various nationalities are being drawn to Dubai, when people of the same nationality live together, there is likely to be more harmony and peace.
For instance, the new building in Rigga Al Buteena Area, has eighteen flats comprising studio, and one to four bedrooms halls which has been set aside only for the Filipino nationals.
Talking on this issue, Nizam Hasan, a bachelor, is said to have mentioned that a building in such a prime location would attract huge bachelor crowds, particularly, with the rule imposed by the civic body that bachelors could live anywhere, except villas. He said "I though the company just preferred the Filipinos more than other nationalities, but on enquiry got to know that it was set aside only for Filipino community. This is not a good idea, as bachelors are already facing accommodation problems. This is discrimination, and the authorities should look into the matter."
However, Mohsen Kafri, the Manager of Pearl Island Real Estate, who manages the building, mentioned "We respect individuals of all nationalities. However, having been in this business for the past couple of years, we have seen that people of same nationalities live more harmoniously as they share same culture and communicate easily with one another."
Khafri also mentioned that they plan to acquire more residential properties which they wish to rent out to other nationalities in the same manner, and in future they intend to rent out flats exclusive for 'women' and 'men' separately.
The Head of Buildings Inspection Section of Dubai Municipality, Omar Mohammed Abdul Rahman, mentioned that although they have not come across a situation like this as yet, the real estate companies have the right to rent out the flats to anybody of their choice, and that, any such grievances could be brought to the notice of the rent committee.
Labels: Latest News, Market Trends, Rentals