Rents for commercial properties in Dubai continue to soar
Thursday, February 28, 2008
As per reports, Dubai continued to witness huge demand for office space last year, with the emirate reflecting one of the highest global rental yields for commercial premises, ranging 17 to 18 percent.
Asteco, in its quarterly market research, reported that there was a huge increase in capital values, particularly, in locations where the new buildings were nearing completion.
The rents for office space grew by five percent on an average in comparison to the last quarter. The highest rent rates were noticed in Oud Metha and Sheikh Zayed Road, with 6 and 12 percent respectively, as per the fourth quarter report of Asteco.
When compared to the rates during the corresponding period in 2006, the office rents in Dubai last year saw a considerable increase of 44 percent, and the occupancy rates continued to touch 97 to 99 percent, the report revealed.
The Director at the Research Valuation and Consultancy at Asteco, John Allen, says "The increase in prices indicate the fact that the commercial sector of Dubai does not have a liquid secondary market at present. The limited delivery of new office premises over the last couple of years has brought about an undersupply in the market, resulting in strong surge in office rents and sales prices."
Asteco anticipates that the commercial units would witness another surge in prices, as the buildings near completion next year. However, according to Asteco, a shortfall in supply of of nearly 18million square feet of office space would be experienced next year due to delay in construction.
"We expect that landlords would get more competitive with increase in supply. More high quality finishes that are being offered, will be tailor-made to suit the requirement of tenants, and most important, the rents will stabilize reflecting true market values," Allen said.
A new factor that will have a major impact in the commercial property market during this year, will be, the implementation of the new 'green rules', which would become effective this year.
Social BookmarkingAsteco, in its quarterly market research, reported that there was a huge increase in capital values, particularly, in locations where the new buildings were nearing completion.
The rents for office space grew by five percent on an average in comparison to the last quarter. The highest rent rates were noticed in Oud Metha and Sheikh Zayed Road, with 6 and 12 percent respectively, as per the fourth quarter report of Asteco.
When compared to the rates during the corresponding period in 2006, the office rents in Dubai last year saw a considerable increase of 44 percent, and the occupancy rates continued to touch 97 to 99 percent, the report revealed.
The Director at the Research Valuation and Consultancy at Asteco, John Allen, says "The increase in prices indicate the fact that the commercial sector of Dubai does not have a liquid secondary market at present. The limited delivery of new office premises over the last couple of years has brought about an undersupply in the market, resulting in strong surge in office rents and sales prices."
Asteco anticipates that the commercial units would witness another surge in prices, as the buildings near completion next year. However, according to Asteco, a shortfall in supply of of nearly 18million square feet of office space would be experienced next year due to delay in construction.
"We expect that landlords would get more competitive with increase in supply. More high quality finishes that are being offered, will be tailor-made to suit the requirement of tenants, and most important, the rents will stabilize reflecting true market values," Allen said.
A new factor that will have a major impact in the commercial property market during this year, will be, the implementation of the new 'green rules', which would become effective this year.
Labels: Commercial Property, Latest News, Rentals
Construction likely to commence this year on Nakheel's Greece project
Wednesday, February 27, 2008
The Island of Greece, in Nakheel's mega project, 'The World', will turn out to be a luxurious boutique resort, with construction due to commence in December 2008.
Speaking during the launch of Greece, Baron Jean Van Gysel de Meise, said "The World is an ideal location as it is a little haven located away from the stress of Dubai."
Spread across 45,000 square feet of space, Greece will have 65 units on the whole, worth about $170 million, and an estimated sales value of $200 million. Investors will be given access to the property for two months in a year. They will also receive 50% of the gross revenue of the property for the remaining 10 months.
According to Van Gysel, the construction will begin next December and the hotel would be open by 2010 December. He said, V…..Greece on 'the World' would be the launch-pad for boutique brands in the GCC, as other projects are currently underway in Oman and Abu Dhabi. The resort will have a marina that spreads across 1000 foot, with moorings for 16 private boats, apart from several restaurants and a spa.
Van Gysel said "Service in Dubai is not up to the mark, in comparison to the five-star services that one experiences in other parts of Europe. V….Greece aims to be a benchmark for service in Dubai."
Social BookmarkingSpeaking during the launch of Greece, Baron Jean Van Gysel de Meise, said "The World is an ideal location as it is a little haven located away from the stress of Dubai."
Spread across 45,000 square feet of space, Greece will have 65 units on the whole, worth about $170 million, and an estimated sales value of $200 million. Investors will be given access to the property for two months in a year. They will also receive 50% of the gross revenue of the property for the remaining 10 months.
According to Van Gysel, the construction will begin next December and the hotel would be open by 2010 December. He said, V…..Greece on 'the World' would be the launch-pad for boutique brands in the GCC, as other projects are currently underway in Oman and Abu Dhabi. The resort will have a marina that spreads across 1000 foot, with moorings for 16 private boats, apart from several restaurants and a spa.
Van Gysel said "Service in Dubai is not up to the mark, in comparison to the five-star services that one experiences in other parts of Europe. V….Greece aims to be a benchmark for service in Dubai."
Boris Becker Tower unveiled in Dubai
Tuesday, February 26, 2008
A leading German real estate developer and affiliate of Alternative Capital Investments, ACI real estate, has announced completion of its Dh.2.2 billion worth 'Triology Project', through the launch of 'Boris Becker Business Tower'.
The Boris Becker Business Tower includes three commercial towers with each being 19 storey high, covering an area of 250,000 square feet in area and a gross commercial space of 452,000 square feet.
Speaking during the occasion of the launch, the tennis legend, Boris Becker, stated that the Dubai city, with its state-of-the-art-infrastructure matches the offerings of this tower, and the regional investment climate is founded on valid economic fundamentals.
He continued, "I have been fortunate enough to have a career, but, just as in any athlete's life, the end is inevitable. So now, I can plan my second career, and travel to most exciting destinations like Dubai."
The ACI Managing Director, Robin Lohmann revealed that ACI plans to expand its portfolio with new projects expected at Ajman and Abu Dhabi.
"We have long term commitments in the UAE market, which is reflected in our recent project launches and branch expansion to Abu Dhabi. The initial five projects on Reem Island in Abu Dhabi are due for launch shortly, and another ACI office will be open in Doha, towards the second half of this year. These developments provide investors with the opportunity to participate in a city, known and respected throughout the world."
The ACI real estate project, The Sports Legends Triology, is backed by Nikki Lauda, Michael Schumacher and Boris Becker who have lent their names to the project.
The tower is worth around Dh.500 million, with all the units already sold out. The project is due for completion by 2009 or 2010, in Business Bay.
Social BookmarkingThe Boris Becker Business Tower includes three commercial towers with each being 19 storey high, covering an area of 250,000 square feet in area and a gross commercial space of 452,000 square feet.
Speaking during the occasion of the launch, the tennis legend, Boris Becker, stated that the Dubai city, with its state-of-the-art-infrastructure matches the offerings of this tower, and the regional investment climate is founded on valid economic fundamentals.
He continued, "I have been fortunate enough to have a career, but, just as in any athlete's life, the end is inevitable. So now, I can plan my second career, and travel to most exciting destinations like Dubai."
The ACI Managing Director, Robin Lohmann revealed that ACI plans to expand its portfolio with new projects expected at Ajman and Abu Dhabi.
"We have long term commitments in the UAE market, which is reflected in our recent project launches and branch expansion to Abu Dhabi. The initial five projects on Reem Island in Abu Dhabi are due for launch shortly, and another ACI office will be open in Doha, towards the second half of this year. These developments provide investors with the opportunity to participate in a city, known and respected throughout the world."
The ACI real estate project, The Sports Legends Triology, is backed by Nikki Lauda, Michael Schumacher and Boris Becker who have lent their names to the project.
The tower is worth around Dh.500 million, with all the units already sold out. The project is due for completion by 2009 or 2010, in Business Bay.
Labels: Business Bay, Business Tower, Commercial Property
ACI plans expansion in UAE property market
Monday, February 25, 2008
ACI, the real estate firm that is an affiliate of Alternative Capital Investments, has revealed its plans to expand into Dubai, with its Dh.10billion worth development portfolio of new projects, and also make its foray into Abu Dhabi and Ajman property markets.
The Managing Director of ACI, Robin Loh-mann, said "There will be a total of seven buildings in the Abu Dhabi project, with first five likely to be launched shortly on Reem Island. We plan to diversify. We are on the look out for strategic alliances with major players in Abu Dhabi and Ajman. We will also focus on the Dubai Waterfront and Dubai Laggons this year."
Lohmann said that the company also holds another development on The World, and are keen on entering the Ajman market. He opinioned that all emirates are likely to benefit from the UAE market, as the Abu Dhabi market is picking up at a rapid pace.
He continued "Abu Dhabi is being developed in a manner that is a little different from Dubai. They are trying to include a little culture also in their projects, with things like the Guggenheim and the Louvre. They are trying to do things differently."
Lohmann said property prices in Abu Dhabi have nearly doubled during the past seven to eight months.
"We are eyeing on Abu Dhabi, as it is a totally different market," he said.
As for Ajman, Lohmann said that the development would begin with one residential and one commercial tower. The value of the Ajman project is yet to be revealed.
ACI is also planning to open another office in Doha during second half of the year. The 'Trilogy Towers', worth Dh.2.2bn, involving German sporting legends, Michael Schumacher and Nikki Lauda, will conclude on Sunday, after the launch of the Boris Becker Business Tower.
Social BookmarkingThe Managing Director of ACI, Robin Loh-mann, said "There will be a total of seven buildings in the Abu Dhabi project, with first five likely to be launched shortly on Reem Island. We plan to diversify. We are on the look out for strategic alliances with major players in Abu Dhabi and Ajman. We will also focus on the Dubai Waterfront and Dubai Laggons this year."
Lohmann said that the company also holds another development on The World, and are keen on entering the Ajman market. He opinioned that all emirates are likely to benefit from the UAE market, as the Abu Dhabi market is picking up at a rapid pace.
He continued "Abu Dhabi is being developed in a manner that is a little different from Dubai. They are trying to include a little culture also in their projects, with things like the Guggenheim and the Louvre. They are trying to do things differently."
Lohmann said property prices in Abu Dhabi have nearly doubled during the past seven to eight months.
"We are eyeing on Abu Dhabi, as it is a totally different market," he said.
As for Ajman, Lohmann said that the development would begin with one residential and one commercial tower. The value of the Ajman project is yet to be revealed.
ACI is also planning to open another office in Doha during second half of the year. The 'Trilogy Towers', worth Dh.2.2bn, involving German sporting legends, Michael Schumacher and Nikki Lauda, will conclude on Sunday, after the launch of the Boris Becker Business Tower.
Labels: Abu Dhabi, Ajman, Real Estate Projects, UAE
Dubai records high real estate sales of Dh.2.28bn
The real estate sales in Dubai during the week touched Dh.2.28bn, according to Dubai Land Department.
The property transactions including villa, land and apartment sales were high between 17th and 20th February 2008. The land sales, particularly, was the highest on 20th Feb, 2008. The total amount of transactions on 20th February, alone, touched Dh.1.13million.
The total value of land sales during the period was Dh.2.17 billion, while the apartments recorded a sale of Dh.92.2 millions, and villas recorded a sale of Dh.9.5 million.
Highest land sale was registered at Emirates Hills First (Dh. 380 million), followed by Al Hamriya (Dh.350 million).
The total value of mortgage sales during the 19th and 20th February was Dh.998.07 million
Social BookmarkingThe property transactions including villa, land and apartment sales were high between 17th and 20th February 2008. The land sales, particularly, was the highest on 20th Feb, 2008. The total amount of transactions on 20th February, alone, touched Dh.1.13million.
The total value of land sales during the period was Dh.2.17 billion, while the apartments recorded a sale of Dh.92.2 millions, and villas recorded a sale of Dh.9.5 million.
Highest land sale was registered at Emirates Hills First (Dh. 380 million), followed by Al Hamriya (Dh.350 million).
The total value of mortgage sales during the 19th and 20th February was Dh.998.07 million
Labels: Dubai Real Estate, Latest News, Sales
Sobha Group breaks ground for their 'Daffodil' project in Dubai
Saturday, February 23, 2008
Leading Indian real estate developer, Sobha Group, has broken ground for its first residential development, the 'Sobha Daffodil' in Dubai.
Located in Jumeirah Village, the Sobha Daffodil comprises 178 apartments, ranging from studios to three bedrooms. The four and ten storey complex offers a contemporary living environment featuring a roof top garden, large temperature-controlled swimming pool, and a Club House which is completely equipped.
Followed by the ground breaking, building work has commenced on Sobha Daffodil at Jumeirah Village.
The Vice-Chairman of the group, Ajay Rajendran said "Sobha Daffodil marks our foray into residential real estate market in the Middle East. We are pleased to celebrate its ground breaking today. Now that construction has begun, we shall work continuously to ensure timely completion of the project. This is our pledge to all buyers, who are keen on taking delivery of their new homes."
Sobha is striving to ensure that its families would have their home in 'Sobha Daffodil' before end of 2009.
The Sobha Group is on its way to announce a regional portfolio of more than Dh.3.5bn towards mid-2008, including a range of residential and commercial properties at prime locations in Dubai.
Social BookmarkingLocated in Jumeirah Village, the Sobha Daffodil comprises 178 apartments, ranging from studios to three bedrooms. The four and ten storey complex offers a contemporary living environment featuring a roof top garden, large temperature-controlled swimming pool, and a Club House which is completely equipped.Followed by the ground breaking, building work has commenced on Sobha Daffodil at Jumeirah Village.
The Vice-Chairman of the group, Ajay Rajendran said "Sobha Daffodil marks our foray into residential real estate market in the Middle East. We are pleased to celebrate its ground breaking today. Now that construction has begun, we shall work continuously to ensure timely completion of the project. This is our pledge to all buyers, who are keen on taking delivery of their new homes."
Sobha is striving to ensure that its families would have their home in 'Sobha Daffodil' before end of 2009.
The Sobha Group is on its way to announce a regional portfolio of more than Dh.3.5bn towards mid-2008, including a range of residential and commercial properties at prime locations in Dubai.
Labels: Construction Projects, Jumeriah Village, Residential
Dubai's Falcon City on its way to create records
Thursday, February 21, 2008
Dubai's Falconcity is on its way to create records, as few of its attractions are bound to be bigger than the original landmarks.
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With the total project value worth Dh.7.5million and being shaped like a Falcon, the project incorporates not only residential units, hotels and theme park, but also imitation of world-famous landmarks, which include Pyramids of Giza, Eiffel Tower, Venice, Hanging Gardens of Babylong, Taj Mahal, and leaning Tower of Pisa.
The Eiffel Tower will be 20 meters taller than that of original in Paris. The largest pyramid will be 40 storeys and 150 meters in height, which is slightly taller than Khufu, the largest of three pyramids in Egypt.
The Chairman of Falconcity, Salem Al Moosa, said "The Great Wall of China will stretch 1.7kms approximately, but, this figure could change based on developments within the theme park. The wall will be higher than a three-storey building, but, on completion, it will be more than quadruple the length of an Olympic running track. The theme park will stretch over an area of 4 million square feet."
Al Moosa says that there will be two museums within the smallest pyramid, which "honour the great civilizations of the world. The Theme park will be one of its kind, and with our own movies and characters, we too can have a great civilization. In March, something, further big could be expected."
Labels: Dubailand, Falcon-city, Theme-Parks
Rakeen's 'Bab Al Bahr' project progressing as scheduled
Rakeen, one of the most dynamic real estate developers in the region, has revealed that construction of its international standard apartment units in 'Bab al Bahr', the idyllic resort development on Al Marjan Island, is on track. Rakeen is one among the.
Piling is underway at present, while the apartment buildings are on its way to completion by the fourth quarter of 2009, revealed an official spokesman.
'Bab Al Bahr' (Your gateway to island living), the Dh.1.2 billion development, comprises 710 apartments in five buildings, that are available for freehold purchase. An additional 120 apartments are open for timeshare ownership.
The confirmation that the construction is progressing as scheduled, indicates a vital step in the development of the project that will finally encompass the residential buildings, a hotel, a timeshare building, an office tower, and a shopping mall, rendering an exclusive lifestyle.
The Client Representative and Project Manager, Wahid Attalla, who is also the CEO of Spectrum Consultants, said "Available directly from Rakeen, with 100 percent freehold ownership, the Bab Al Bahr apartments are housed in six stunning buildings, with a dramatic architecture, complementing the natural beauty of the island. Open private beachfronts, landscaped surroundings and 360-degree sea views, add to the feeling of openness and the freedom that Bab Al Bahr adds to daily life."
The Bab Al Bahr hotel and timeshare apartments will be operated and managed by B&G Hotels and Resorts, a premium hotel and resort management company. The units will be exlusively sold by the leading property management and real estate company, Asteco, while, 90 percent mortgages will be offered to buyers of Bab Al Bahr apartments by the Union National Bank.
Social BookmarkingPiling is underway at present, while the apartment buildings are on its way to completion by the fourth quarter of 2009, revealed an official spokesman.
'Bab Al Bahr' (Your gateway to island living), the Dh.1.2 billion development, comprises 710 apartments in five buildings, that are available for freehold purchase. An additional 120 apartments are open for timeshare ownership.
The confirmation that the construction is progressing as scheduled, indicates a vital step in the development of the project that will finally encompass the residential buildings, a hotel, a timeshare building, an office tower, and a shopping mall, rendering an exclusive lifestyle.The Client Representative and Project Manager, Wahid Attalla, who is also the CEO of Spectrum Consultants, said "Available directly from Rakeen, with 100 percent freehold ownership, the Bab Al Bahr apartments are housed in six stunning buildings, with a dramatic architecture, complementing the natural beauty of the island. Open private beachfronts, landscaped surroundings and 360-degree sea views, add to the feeling of openness and the freedom that Bab Al Bahr adds to daily life."
The Bab Al Bahr hotel and timeshare apartments will be operated and managed by B&G Hotels and Resorts, a premium hotel and resort management company. The units will be exlusively sold by the leading property management and real estate company, Asteco, while, 90 percent mortgages will be offered to buyers of Bab Al Bahr apartments by the Union National Bank.
Labels: Construction Projects, Freehold Property, Ras Al Khaima
Dubai World Central Phase II land sales registrations begins at IPS 2008
Tuesday, February 19, 2008
Registrations have commenced for the Phase II of the freehold land sales at Dubai World Central, the urban land project in Jebel Ali. The registrations are open at the International Property Show (IPS) 2008 being held in the Dubai International Exhibition Center, between the 17th and 19th February 2008.
Actual land sales for the plots with sizes ranging from 5000 to 12000 Sq. Mts., will however, commence only next month.
With over 184 hectares of land, being available in Phase 2, the Residential City of the DWC, the largest phase of the city, is expected to house around 53,000 people. The Phase 2 will have about 19 plots, meant for mixed-use, while 9 plots will be reserved for public and commercial purposes, such as malls, schools, hotels, mosques, health centers, fuel stations and parks.
The Dubai World Central, CEO, Khalid bin Harib, said "With the first phase of the project completely sold out last year, yielding sales worth Dh.2.5bn, the second phase has now produced about 700 potential customers. We expect the same response during the registration at the IPS Dubai event. "
Social BookmarkingActual land sales for the plots with sizes ranging from 5000 to 12000 Sq. Mts., will however, commence only next month.
With over 184 hectares of land, being available in Phase 2, the Residential City of the DWC, the largest phase of the city, is expected to house around 53,000 people. The Phase 2 will have about 19 plots, meant for mixed-use, while 9 plots will be reserved for public and commercial purposes, such as malls, schools, hotels, mosques, health centers, fuel stations and parks.
The Dubai World Central, CEO, Khalid bin Harib, said "With the first phase of the project completely sold out last year, yielding sales worth Dh.2.5bn, the second phase has now produced about 700 potential customers. We expect the same response during the registration at the IPS Dubai event. "
Labels: land, Property-show, Sales
Dubai's International Property Show 2008 kicks-off
Dubai's International Property Show (IPS) 2008 kicked off yesterday, at the Dubai International Exhibition Center, and real estate developers in Dubai expecting multi-billion dollar investments.
Shaikh Hasher Maktoum, the Dubai Director of Information, who inaugurated the event, said "The regional property sector and the IPS have grown by 50 percent this year, which indicates the excellent potential of real estate market in the region. With the event continuing to reflect the real landscape of this industry with huge potential, the show has seen the presence of huge and diverse projects from all over the world, for years."
This year, the event expects to draw in atleast 27,000 visitors and exhibitors from about 200 real estate firms all over the globe.
IPS 2008 is expected to be the biggest in the region, probably due to high boost in investor confidence in the property market, due to the establishment of RERA (Real Estate Regulatory Authority). Few countries like Russia, Panama, Ireland, Iran and Saudi Arabia, will be participating in the event, this year, for the first time.
Hussain Sajwani, the Chairman of Damac Holding, the region's leading private sector real estate developer, said "This is another opportunity for us to display our world-class luxury projects and concepts. This is an opportunity for investors to learn in detail about our projects. This will be the right opportunity for the investors to learn more about the most luxurious real estate projects, such as Marina Bay in Abu Dhabi, Ocean Heights in Dubai, Al Jawharah in Jeddah, Business Heights in Amman or the Hyde Park in Cairo, among other luxurious projects of DAMAC."
The show is expected to conclude on 19th February 2008.
Social BookmarkingShaikh Hasher Maktoum, the Dubai Director of Information, who inaugurated the event, said "The regional property sector and the IPS have grown by 50 percent this year, which indicates the excellent potential of real estate market in the region. With the event continuing to reflect the real landscape of this industry with huge potential, the show has seen the presence of huge and diverse projects from all over the world, for years."
This year, the event expects to draw in atleast 27,000 visitors and exhibitors from about 200 real estate firms all over the globe.
IPS 2008 is expected to be the biggest in the region, probably due to high boost in investor confidence in the property market, due to the establishment of RERA (Real Estate Regulatory Authority). Few countries like Russia, Panama, Ireland, Iran and Saudi Arabia, will be participating in the event, this year, for the first time.
Hussain Sajwani, the Chairman of Damac Holding, the region's leading private sector real estate developer, said "This is another opportunity for us to display our world-class luxury projects and concepts. This is an opportunity for investors to learn in detail about our projects. This will be the right opportunity for the investors to learn more about the most luxurious real estate projects, such as Marina Bay in Abu Dhabi, Ocean Heights in Dubai, Al Jawharah in Jeddah, Business Heights in Amman or the Hyde Park in Cairo, among other luxurious projects of DAMAC."
The show is expected to conclude on 19th February 2008.
Labels: Dubai Real Estate, Latest News, Property-show
DCC to construct new tower in Meydan City
Monday, February 18, 2008
Dubai Contracting Company (DCC) has been awarded a contract to construct new mixed-use tower in the Meydan City.
Located in the heart of Dubai's urban frontier, the project includes a total built-up area of 300,000 square feet, dedicated to luxurious, residential, commercial, and office spaces.
The tower would form a significant contribution to the Meydan City development, which includes 26 storeys, with two basements, a ground level and five podium floors.
Meeting both professional and residential needs, the modern high-quality tower will depict the standards applied to all other DCC turnkey projects.
"Located just about 7kms from the Dubai International Airport, the Meydan City, is a major future hub for Dubai, with high expectations for the project," said the DCC Contracts Director, Ian Harper.
Social BookmarkingLocated in the heart of Dubai's urban frontier, the project includes a total built-up area of 300,000 square feet, dedicated to luxurious, residential, commercial, and office spaces.
The tower would form a significant contribution to the Meydan City development, which includes 26 storeys, with two basements, a ground level and five podium floors.
Meeting both professional and residential needs, the modern high-quality tower will depict the standards applied to all other DCC turnkey projects.
"Located just about 7kms from the Dubai International Airport, the Meydan City, is a major future hub for Dubai, with high expectations for the project," said the DCC Contracts Director, Ian Harper.
Labels: Business Tower, Construction Projects, New Contracts
Aldar, Investment Holdings, signs deal for Al Khubeira
Aldar Properties, the real estate developer, has announced their Dh.1.2bn joint venture with Investment Holdings, a local company, to develop 'Al Khubeira' at its Al Raha Beach development.
The deal will develop an area of about 50,000 square meters. The Al Khubeira development will include waterfront villas and residential towers, open to both nationals and expatriates. Being developed on a reclaimed land at the Al Raha Beach complex, it occupies an area of 6.8 million square meters, with a total built-up area of 12 million square meters.
Al-Kubeira, which is due for completion during the first quarter of 2011, will have a world-class interior design, including ceramic, stone, timber, finishes, providing natural setting for residents.
Al-Khubeira will be a gated community, with state-of-the-art video entry system, a concierge serve and CCTV security.
The Al Raha Beach development is a beachfront project that is currently under development in Abu Dhabi, along the Dubai-Abu Dhabi highway. This development with be a new city district, expected to serve as a new gateway to Abu Dhabi city, housing 120,000 people.
Social BookmarkingThe deal will develop an area of about 50,000 square meters. The Al Khubeira development will include waterfront villas and residential towers, open to both nationals and expatriates. Being developed on a reclaimed land at the Al Raha Beach complex, it occupies an area of 6.8 million square meters, with a total built-up area of 12 million square meters.
Al-Kubeira, which is due for completion during the first quarter of 2011, will have a world-class interior design, including ceramic, stone, timber, finishes, providing natural setting for residents.
Al-Khubeira will be a gated community, with state-of-the-art video entry system, a concierge serve and CCTV security.
The Al Raha Beach development is a beachfront project that is currently under development in Abu Dhabi, along the Dubai-Abu Dhabi highway. This development with be a new city district, expected to serve as a new gateway to Abu Dhabi city, housing 120,000 people.
Labels: Abu Dhabi, Aldar, Residential, Villa Projects
Al Barakah announces aggressive expansion plans
Saturday, February 16, 2008
Al Barakah, the latest real estate developer to enter Dubai property market, with a portfolio of Dh.3bn to Dh.5 bn, is on an aggressive expansion plan, aiming to be one of the top ten developers in the region, within the next couple of years.
According to Imran Khan, the Chief Executive of the company, the company has established new values to the property industry. Now, with the new RERA regulations in place, it has been developed into a level playing field, wherein all developers require being transparent and accountable.
The first acquisition of Al Barakah was the Sanali business tower in Dubailand, worth Dh.1.3bn, covering a floor space of one million square feet and a retail space of 100,000.
According to Khan, 80 percent of the office space, was sold in a three-day period in January, with an average price of Dh.1,150 to Dh.1,200 per square foot. Dubai, being the cheapest place in the world, will have to buy real estate per square foot. With more investors coming in, particularly from the Europe and US, at present, Al Barakah has more confidence in the market.
Groundbreaking for their first residential development, Crimson Court, at the Emirates City in Ajman, will begin in April, and is due to be complete by mid-2010. The project value is Dh.150 million, and covers 381,000 square feet of residential space.
The first series of project will begin in the next three to six months, with a total amount of Dh.3bn to Dh.5bn.
Khan mentioned that with Ajman, catching up at a rapid pace with Dubai, at half the price, Al Barakah can offer affordable high-quality housing for the low income group, with easy access to Dubai.
Social BookmarkingAccording to Imran Khan, the Chief Executive of the company, the company has established new values to the property industry. Now, with the new RERA regulations in place, it has been developed into a level playing field, wherein all developers require being transparent and accountable.
The first acquisition of Al Barakah was the Sanali business tower in Dubailand, worth Dh.1.3bn, covering a floor space of one million square feet and a retail space of 100,000.
According to Khan, 80 percent of the office space, was sold in a three-day period in January, with an average price of Dh.1,150 to Dh.1,200 per square foot. Dubai, being the cheapest place in the world, will have to buy real estate per square foot. With more investors coming in, particularly from the Europe and US, at present, Al Barakah has more confidence in the market.
Groundbreaking for their first residential development, Crimson Court, at the Emirates City in Ajman, will begin in April, and is due to be complete by mid-2010. The project value is Dh.150 million, and covers 381,000 square feet of residential space.
The first series of project will begin in the next three to six months, with a total amount of Dh.3bn to Dh.5bn.
Khan mentioned that with Ajman, catching up at a rapid pace with Dubai, at half the price, Al Barakah can offer affordable high-quality housing for the low income group, with easy access to Dubai.
Labels: Dubailand, Latest News
Dubai Properties to lease commercial, residential and retail units
Dubai Properties, the developer owned by Dubai government, have announced their plans to launch about 5000 commercial, residential and retail units from a vast range of projects for leasing this year.
Apart from this, Dubai Properties will open about 100 outlets at 'The Walk' in Jumeirah Beach Residence by April, including Mothercare, Fat Face, Starbucks, Subway, Boots, Damas, Giordano, Bata, Tips & Toes, and Al Rasasi. An additional 300 outlets will be opened by June, says a company statement.
The Chief Executive, Mohammad Bin Braik, said "Apart from developing unique communities, the Dubai Properties remains committed in ensuring the timely release of its completed units. Following the huge success last year, we look forward to a year of massive business expansion and project handovers."
He continued that, the commercial and residential units, and the launch of other new projects, will meet the increasing demand of the emirate. In the meanwhile, DP will lease about 2568 units out of the 2611 units, available in various areas in Dubai, including, Cordoba Villas, JBR, Dubai HealthCare City, Al Quoz Community, Housing and DP staff accommodation.
In 2007, the jumeirah Beach Residence was the first freehold project to be completed, when about 6500 apartments across 36 residential towers, were delivered, housing more than 2000 families.
The year 2008 will be another milestone for Dubai Properties, with 5028 flats, and villas, being added to its leasing portfolio in Mirdif areas, and additional units in the Office Park Building, Executive Towers, and Al Quoz Community Housing. With this, the total number of units for leasing at Dubai Properties will touch 7600 in number.
Social BookmarkingApart from this, Dubai Properties will open about 100 outlets at 'The Walk' in Jumeirah Beach Residence by April, including Mothercare, Fat Face, Starbucks, Subway, Boots, Damas, Giordano, Bata, Tips & Toes, and Al Rasasi. An additional 300 outlets will be opened by June, says a company statement.
The Chief Executive, Mohammad Bin Braik, said "Apart from developing unique communities, the Dubai Properties remains committed in ensuring the timely release of its completed units. Following the huge success last year, we look forward to a year of massive business expansion and project handovers."
He continued that, the commercial and residential units, and the launch of other new projects, will meet the increasing demand of the emirate. In the meanwhile, DP will lease about 2568 units out of the 2611 units, available in various areas in Dubai, including, Cordoba Villas, JBR, Dubai HealthCare City, Al Quoz Community, Housing and DP staff accommodation.
In 2007, the jumeirah Beach Residence was the first freehold project to be completed, when about 6500 apartments across 36 residential towers, were delivered, housing more than 2000 families.
The year 2008 will be another milestone for Dubai Properties, with 5028 flats, and villas, being added to its leasing portfolio in Mirdif areas, and additional units in the Office Park Building, Executive Towers, and Al Quoz Community Housing. With this, the total number of units for leasing at Dubai Properties will touch 7600 in number.
Labels: Dubai Real Estate, Real Estate News
Masdar City - the 'no-carbon' urban district
Thursday, February 14, 2008
Masdar, the State-controlled Abu Dhabi Future Energy, has announced it would cost $22billion to develop a "no-carbon" urban district, which it plans in the UAE.
The Masdar City, located on the edge of Abu Dhabi, will house 50,000 people and 1500 businesses on completion, although no cars will be allowed.
The Masdar CEO, Sultan Al-Jaber, when speaking on the occasion of ground-breaking ceremony, told to the press, that Abu Dhabi, being the world's fifth largest oil exporter, will invest $4billion of equity in the project, and borrow some of the rest.
He added, that the company plans to monetize all carbon emission reductions, and such an innovative financing has never been applied on the scale of entire city. The license to emit the carbon, which Masdar City will not produce, will be sold, and the money will be utilized to fund the development.
Masdar City will be built in seven phases, including educational and research institutes, laboratories and production facilities for new advanced energy products. Masdar City will require a quarter of the typical power-generating capacity, needed for a small-size community. The water needs of the city will be 60% lesser, said the company.
Social BookmarkingThe Masdar City, located on the edge of Abu Dhabi, will house 50,000 people and 1500 businesses on completion, although no cars will be allowed.
The Masdar CEO, Sultan Al-Jaber, when speaking on the occasion of ground-breaking ceremony, told to the press, that Abu Dhabi, being the world's fifth largest oil exporter, will invest $4billion of equity in the project, and borrow some of the rest.
He added, that the company plans to monetize all carbon emission reductions, and such an innovative financing has never been applied on the scale of entire city. The license to emit the carbon, which Masdar City will not produce, will be sold, and the money will be utilized to fund the development.
Masdar City will be built in seven phases, including educational and research institutes, laboratories and production facilities for new advanced energy products. Masdar City will require a quarter of the typical power-generating capacity, needed for a small-size community. The water needs of the city will be 60% lesser, said the company.
Labels: Environment-friendly, Masdar-city
Aldar's Al Raha project crosses major milestone
Aldar has achieved a major milestone in their Al Raha Beach development, with the eastern precinct protected by a completed sea wall.
The Al Raha Beach project, comprises 11 precincts, with a total development area of 12 million square meters. Each of these precinct or village is unique, and stands apart from its neighbouring village in the development.
Social BookmarkingThe Al Raha Beach project, comprises 11 precincts, with a total development area of 12 million square meters. Each of these precinct or village is unique, and stands apart from its neighbouring village in the development.
The Chief Operating Officer, Ronald S. Barrot said "Al Raha Beach Development has made steady and resounding progress, and we are pleased to witness this much anticipated forward move of the waterfront development to achieve this milestone. Soletanche Bachy - NSCC has done an excellent job and has met all challenges created by this fast-track project."
Followed by the completion of this milestone, the basement excavation has been progressed at the building site, followed by ground slab construction.
Covering about 570 hectares of land, the Al Raha Beach development will be the new gate way to the Capital.Labels: Al Raha Beach, Aldar, Construction Projects
Al Osaimi launches The Dusit Emirates Saray at Palm Jumeirah
Tuesday, February 12, 2008
Al Osaimi Investments and Real Estate, a Kuwaiti developer, on Sunday, launched Dh.1.5bn flagship development, 'The Dusit Emirates Saray' at the Palm Jumeirah, Dubai.
The development, which spreads across one million square feet of land, along 11.5kms of the crescent of Palm Jumeirah, comprises three projects on the whole: 'The Dusit Devarana' - a seven-star Indian themed hotel with 116 rooms spreading across 26,000 square feet of space, 'The Dusit Thani' - a five-star Moroccan-themed resort with 292 rooms spread across 34,000 square feet of space, and 'The Residence' - 178 Arabian-themed freehold units spreading across 57,000 square feet of space. The development will also have a 51,000 square feet size basement.
'The Dusit Thani' apart from the 292 guest rooms, will comprise suites, restaurants and a business center, will have three pools around the Palm Lagoon, will comprise 10 freestanding chalets and business center.
The high-light of the development will be the Arabian-themed 178 freehold units of 'The Residence', comprising two-storey townhouses, three-bedroom penthouses and apartments, a spacious terrace, pool, garden and parking for each unit, with maximum exclusivity for residential investors. The development will also include four freestanding restaurants and water sports facility.
The project will be complete towards the first quarter of 2010. The sale of the project, which began yesterday, will move to Saudi Arabia, Kuwait and other GCC countries after three days.
Social BookmarkingThe development, which spreads across one million square feet of land, along 11.5kms of the crescent of Palm Jumeirah, comprises three projects on the whole: 'The Dusit Devarana' - a seven-star Indian themed hotel with 116 rooms spreading across 26,000 square feet of space, 'The Dusit Thani' - a five-star Moroccan-themed resort with 292 rooms spread across 34,000 square feet of space, and 'The Residence' - 178 Arabian-themed freehold units spreading across 57,000 square feet of space. The development will also have a 51,000 square feet size basement.
'The Dusit Thani' apart from the 292 guest rooms, will comprise suites, restaurants and a business center, will have three pools around the Palm Lagoon, will comprise 10 freestanding chalets and business center.
The high-light of the development will be the Arabian-themed 178 freehold units of 'The Residence', comprising two-storey townhouses, three-bedroom penthouses and apartments, a spacious terrace, pool, garden and parking for each unit, with maximum exclusivity for residential investors. The development will also include four freestanding restaurants and water sports facility.
The project will be complete towards the first quarter of 2010. The sale of the project, which began yesterday, will move to Saudi Arabia, Kuwait and other GCC countries after three days.
Labels: Freehold Property, Investment Property, Palm Jumeirah, Residential
Al Raha Gardens, Phase-one completed
The leading real estate developer in Abu Dhabi, Aldar Properties, has announced completion of their first phase of Al Raha Gardens, a residential community in Abu Dhabi.
The first phase comprises 280 villas, which has been already sold, and is now partially occupied. The company has also completed 15 million safe hours on-site, without any accidents, revealed the company officials.
"Al Raha Gardens is one among the most prestigious residential developments of Aldar, which offers the first freehold properties to nationals in Abu Dhabi and UAE. We, as developers, respect the heritage of our Emirate, and have introduced two schools and a kindergarten, ensuring that Emirati customers get to enjoy a premium integrated lifestyle," said Ronald Barott, CEO of Aldar.
The town houses and villas are available on a freehold basis to UAE nationals. The handing over of keys to these spacious family dwellings, began during August 2007, and at present, 37 are occupied with 121 handed over to purchasers.
There is an ongoing construction in the remaining 1100 villas, and it is expected to be complete by 2009. The delivery of phase two is scheduled for February 2008.
The Head of health and safety division at Aldar, Andrew Broderick, said "Achieving these milestones has been a joint-effort from all those involved in the project, beginning from Senior management to site operatives, improving standards through education during all stages of construction."
The land bank of Aldar is the largest in Abu Dhabi with $60billion worth developments including the Al Raha Beach, Central Market, Noor Al Ain, Coconut Island, Yas Island project with Ferrari theme park and Warner Bros, and the Al Gurm Resort.
Social BookmarkingThe first phase comprises 280 villas, which has been already sold, and is now partially occupied. The company has also completed 15 million safe hours on-site, without any accidents, revealed the company officials.
"Al Raha Gardens is one among the most prestigious residential developments of Aldar, which offers the first freehold properties to nationals in Abu Dhabi and UAE. We, as developers, respect the heritage of our Emirate, and have introduced two schools and a kindergarten, ensuring that Emirati customers get to enjoy a premium integrated lifestyle," said Ronald Barott, CEO of Aldar.
The town houses and villas are available on a freehold basis to UAE nationals. The handing over of keys to these spacious family dwellings, began during August 2007, and at present, 37 are occupied with 121 handed over to purchasers.
There is an ongoing construction in the remaining 1100 villas, and it is expected to be complete by 2009. The delivery of phase two is scheduled for February 2008.
The Head of health and safety division at Aldar, Andrew Broderick, said "Achieving these milestones has been a joint-effort from all those involved in the project, beginning from Senior management to site operatives, improving standards through education during all stages of construction."
The land bank of Aldar is the largest in Abu Dhabi with $60billion worth developments including the Al Raha Beach, Central Market, Noor Al Ain, Coconut Island, Yas Island project with Ferrari theme park and Warner Bros, and the Al Gurm Resort.
Labels: Abu Dhabi, Al Raha Beach, Aldar, Community, Villa Projects
Luxury Villas, much in demand in Dubai
Sunday, February 10, 2008
The exciting response for Polo Homes developed by Emaar Properties, one again strongly highlights the need for luxury lifestyles and exclusive living in Dubai.
Villas being more sought-after, the elite Polo Homes, recorded unprecedented home-owner interest, the company mentioned in their statement.
Located within the Arabian Ranches, the Polo Homes, which are just 71 in number, is one of the most luxurious residential communities, ever launched by Emaar. It is a true reflection of the vast range of home options that the company offers to satisfy customer requirements. The owners of Polo Homes get to enjoy various membership privileges at the Dubai Polo and Equestrian Club, inclusive of access to modern clubhouse with specialty restaurants and spa, international equestrian events, an array of leisure and recreational facilities, and two polo fields.
The Sales Director of Emaar, Saif Al Mansoori says "Villas sell like hot cakes in Dubai, and the overwhelming customer response for Polo Homes, highlights the demand for exclusive homes with distinctive lifestyles. Polo Homes signify Emaar's competency to deliver fresh perspective to property development. The development has been created focusing on the requirements of residents, who enjoy being linked to the current equestrian-related events at their doorstep."
Apart from the leisure facilities at the Equestrian Club, the residents also get easy access to the Arabian Ranches Golf Course, schools, retail outlets, children play areas, and health and fitness amenities, located in close proximity within the Arabian Ranches development.
The two-storey villas of the Polo Homes remain detached, and comprise five to six bedrooms that reflect Andalusian architecture with every minute detail being taken care off. The villas possess spacious central courtyards, terracotta roof tiles and are spacious enough for unique and inspirational landscaping opportunities.
Polo Homes can be accessed from three ring roads that lead to Sharjah and Abu Dhabi. It is located in close proximity to the main centers of Dubai, including, the Dubai Internet City, Dubai Media City, and the Jebel Ali Free Zone.
Social BookmarkingVillas being more sought-after, the elite Polo Homes, recorded unprecedented home-owner interest, the company mentioned in their statement.
Located within the Arabian Ranches, the Polo Homes, which are just 71 in number, is one of the most luxurious residential communities, ever launched by Emaar. It is a true reflection of the vast range of home options that the company offers to satisfy customer requirements. The owners of Polo Homes get to enjoy various membership privileges at the Dubai Polo and Equestrian Club, inclusive of access to modern clubhouse with specialty restaurants and spa, international equestrian events, an array of leisure and recreational facilities, and two polo fields.
The Sales Director of Emaar, Saif Al Mansoori says "Villas sell like hot cakes in Dubai, and the overwhelming customer response for Polo Homes, highlights the demand for exclusive homes with distinctive lifestyles. Polo Homes signify Emaar's competency to deliver fresh perspective to property development. The development has been created focusing on the requirements of residents, who enjoy being linked to the current equestrian-related events at their doorstep."
Apart from the leisure facilities at the Equestrian Club, the residents also get easy access to the Arabian Ranches Golf Course, schools, retail outlets, children play areas, and health and fitness amenities, located in close proximity within the Arabian Ranches development.
The two-storey villas of the Polo Homes remain detached, and comprise five to six bedrooms that reflect Andalusian architecture with every minute detail being taken care off. The villas possess spacious central courtyards, terracotta roof tiles and are spacious enough for unique and inspirational landscaping opportunities.
Polo Homes can be accessed from three ring roads that lead to Sharjah and Abu Dhabi. It is located in close proximity to the main centers of Dubai, including, the Dubai Internet City, Dubai Media City, and the Jebel Ali Free Zone.
Labels: Emaar, Luxury Homes, Real Estate News, Villa Projects