Dubai Properties to launch Dh.40bn Mudon development at Cityscape
Tuesday, September 30, 2008
Dubai Properties, a subsidiary of Dubai Properties Group (DPG) has announced that it will release details about its new projects and display existing developments at Cityscape 2008, one of the largest business-to-business realty investments and development events in the world.
One of the developments to be released during the event is the Dh.40bn Mudon master development, which will be displayed on one of the stands of Dubai properties. The first phase of Mudon, the 348 Cairo Townhouses will be made available for sale during the event.
The Mudon Cairo Townhouses are a cluster of two storey, four-bedroom villas, covering 1.4mn square foot of space within the Cairo section of the project. Each villa would include a garage for two cars, a garden and patio and the first-floor terrace. The project will be complete in 2010.
The Deputy CEO of Dubai Properties, Yaqoob Al Zarooni, said that Dubai Properties is eagerly looking for participation at this edition of Cityscape Dubai. Cairo Townhouses, the first aspect of Mudon is an exciting project, sure to attract major investor interest, and Cityscape is the right time and place to launch it onto the market.
The Cityscape Dubai 2008 exhibition has been scheduled to be held between the 6th and 9th October at the Dubai International Exhibition Center (DIEC). It is the seventh edition of Cityscape Dubai, and will bring together industry professionals including investors, property developers, government and property development authorities, designers, architects and consultants from over 130 countries.
With several unique developments such as the Culture village, Business Bay, Tijara Town, The Villa and now the Mudon to its credit, the Dubai Properties is all set to become a Dh.1trillion master developer.
Labels: Cityscape, Townhouses
Sunland Group issues LoI to Arabtec for construction of The Atrium
Monday, September 29, 2008
Arabtec Construction, a subsidiary of Arabtec Holding has received a Letter of Intent (LoI) from the Sunland Group in Dubai, for construction of The Atrium at the Waterfront, the new Madinat Al Arab precinct of Nakheel's Dubai Waterfront development at Jebel Ali.
The project, worth more than Dh.2.4bn, will consist of all associated civil, structural and electromechanical works, commissioning and external works.
The project, covering more than 3million square feet, will include three basement levels and 68 storey residential towers.
The project will be complete by 2013.
Arabtec, together with Emirates Sunland, a joint-venture group between Sunland and Emirates International Holdings, is now working on two major projects in Culture Village.
One of these projects is the D1 Tower - an 80 storey luxury residential building, and Palazzo Versace Dubai - a 215 room luxury hotel and 169 condominiums.
Madinat Al Arab forms the first phase of the Waterfront project by Nakheel. This premier beachfront precinct will transform the 1.4bn square feet of space into an international community with hotel, residential, retail and commercial developments.
The Waterfront, developed on the last 15km of natural coastline in Dubai, will provide about 70km of coastline in all, including the 23 percent of Arabian Canal. The ideal location of the Waterfront, in proximity to the new Jebel Ali Airport, makes the new precinct completely accessible to the local and international scale.
The Atrium project will be unveiled during the forthcoming Cityscape 2008 to be held in Dubai.
Labels: Arabtec, New Contracts
Dubai realty will not see any more project delays: Land Department
Sunday, September 28, 2008
With more new regulations introduced, which holds developers accountable for delays in projects, investors in Dubai's real estate sector will no longer have to worry about frustrating project delays, reports the Gulf News.
The Law No.13 and 14, intends to increase transparency in the property market. According to officials in the Dubai Land Department, following registration and approval, all property information will be fed into the system. Hence all details of the project will be readily available and there will be no reason for delays. Law No.13 mandates all developers to pre-register their off-plan properties with the Land Department to form a full database of property transactions. Law No.14 makes it easier for Banks to obtain proof of land titles.
Both Law No. 13 and 14 were made effective last week. Law No.13 ensures that developers register all their projects before launching sales. No one can release a project unless approvals are done, and the approval must be sought from five specified government bodies including Dewa, RTA, Dubai Municipality, Land Department and RERA, said Bin Galita, the CEO of RERA.
Currently few developers are seen demanding a deposit on the unit prior to giving a purchase agreement. As per Law No.13, as soon as the deposit is paid, the sales and purchase agreement should be given immediately.
The new law also stipulates a certain acceptable increase in floorplan of a unit. On completion, however, if the floorplan is smaller than stipulated, the buyer can claim compensation.
The Law No.8 states that developers are given six months time from registration to begin construction of a project. The developers are not allowed to cancel a project without informing the Land Department.
To further increase transparency in the market, the property court will begin operations during first week of October. So far about 96 cases have been solved through mediation by the Land Department. About Dh.200bn worth of transactions are so far registered with the Land Department.
Social BookmarkingThe Law No.13 and 14, intends to increase transparency in the property market. According to officials in the Dubai Land Department, following registration and approval, all property information will be fed into the system. Hence all details of the project will be readily available and there will be no reason for delays. Law No.13 mandates all developers to pre-register their off-plan properties with the Land Department to form a full database of property transactions. Law No.14 makes it easier for Banks to obtain proof of land titles.
Both Law No. 13 and 14 were made effective last week. Law No.13 ensures that developers register all their projects before launching sales. No one can release a project unless approvals are done, and the approval must be sought from five specified government bodies including Dewa, RTA, Dubai Municipality, Land Department and RERA, said Bin Galita, the CEO of RERA.
Currently few developers are seen demanding a deposit on the unit prior to giving a purchase agreement. As per Law No.13, as soon as the deposit is paid, the sales and purchase agreement should be given immediately.
The new law also stipulates a certain acceptable increase in floorplan of a unit. On completion, however, if the floorplan is smaller than stipulated, the buyer can claim compensation.
The Law No.8 states that developers are given six months time from registration to begin construction of a project. The developers are not allowed to cancel a project without informing the Land Department.
To further increase transparency in the market, the property court will begin operations during first week of October. So far about 96 cases have been solved through mediation by the Land Department. About Dh.200bn worth of transactions are so far registered with the Land Department.
Labels: Dubai Real Estate, Latest News, Property Law
Plots at Ajman's Al Helio Downtown development sold soon after launch
Friday, September 26, 2008
Great Properties, the UAE-based real estate agency, has announced that its share of 'Al Helio Downtown' development in Ajman, has been sold out only two months after its launch.
The real estate sales and marketing agency has been given exclusive rights to sell the plots at Al Helio Downtown, thereby making it the second project promoted by Great Properties and sold on behalf of Al Rashed Real Estate.
The Sales Director for Great Properties, Mohammed Mirza, said "Savvy investors have realized that Ajman is the next great investment opportunity in the UAE. The attractive terms of sale offered by Great Properties and the unparalleled value for money offered on investments in Ajman is one of the main reasons for properties being snapped away so quickly."
About 32 commercial and residential plots have been offered by Great Properties in the development, with a 10 percent down payment option and a special interest-free introductory offer.
The plots were available for Dh.85 per square foot, in comparison to Dh.350 per square foot for similar developments in Dubai. Investors were also given contractual rights to resell the property after making down payment.
Al Helio Downtown is a mixed-use, self-sustained community, spreading across 115 acres. It is just five minutes away from Ajman Downtown development, which will reconfigure the main business in the emirate's business and residential districts. The development will include a nursery, schools, gardens, lakes and health care facilities, mosque and a shopping district.
The Sharjah International Airport is just seven minutes away, and Dubai is just 20 minutes away from Ajman.
Great Properties is managing Dh.2bn worth of projects in Ajman, out of a total six major investment projects worth Dh.40.8bn in Ajman. This makes Great Properties one of the leading real estate agencies in the booming emirate.
Social BookmarkingThe real estate sales and marketing agency has been given exclusive rights to sell the plots at Al Helio Downtown, thereby making it the second project promoted by Great Properties and sold on behalf of Al Rashed Real Estate.
The Sales Director for Great Properties, Mohammed Mirza, said "Savvy investors have realized that Ajman is the next great investment opportunity in the UAE. The attractive terms of sale offered by Great Properties and the unparalleled value for money offered on investments in Ajman is one of the main reasons for properties being snapped away so quickly."
About 32 commercial and residential plots have been offered by Great Properties in the development, with a 10 percent down payment option and a special interest-free introductory offer.
The plots were available for Dh.85 per square foot, in comparison to Dh.350 per square foot for similar developments in Dubai. Investors were also given contractual rights to resell the property after making down payment.
Al Helio Downtown is a mixed-use, self-sustained community, spreading across 115 acres. It is just five minutes away from Ajman Downtown development, which will reconfigure the main business in the emirate's business and residential districts. The development will include a nursery, schools, gardens, lakes and health care facilities, mosque and a shopping district.
The Sharjah International Airport is just seven minutes away, and Dubai is just 20 minutes away from Ajman.
Great Properties is managing Dh.2bn worth of projects in Ajman, out of a total six major investment projects worth Dh.40.8bn in Ajman. This makes Great Properties one of the leading real estate agencies in the booming emirate.
Labels: Ajman, Investment Property, Sales
Aqaar plans increase in Ajman portfolio through new major developments
Aqaar Properties, the Ajman-based developer, is hoping to increase its portfolio to Dh.7bn towards end of this year, following announcements of two major developments in Ajman next month.
Aqaar will launch phase two of its first project, the Dh.2.7bn Ajman One, a mixed use development, covering 775,001 square feet.
Ajman is getting highly popular as an investment opportunity and more luxury developments are coming up in the emirate. In line with this, Aqaar is likely to launch the first waterfront development early next month.
The Chairman of Municipality Planning Department, Shaikh Rashid Bin Humaid Al Nuaimi, said "With the launch of phase two of Ajman One and new luxury development, Ajman is entering into a new era of exciting progress and growth. Ajman is transforming itself from a quite emirate into a progressive, vibrant tourism and business destination."
The Phase two Ajman One is located at the core of the new freezone in Ajman, the Ajman One Business District. It will include residential units, four-star hotel with serviced apartments, three office towers and other hospitality facilities.
The office towers are called Apex Business Towers, and will house 640 offices on the whole. The towers one and three will have 27 storeys, while tower two will have 26 storeys. The sizes of office range from 1292 square feet to 2174 square feet. It will also include a four-star hotel, convention center, all of which will be operated by French hotel group Accor SA under the Novotel brand.
The new development targets high-end markets and include retail units, a luxury hotel, a health spa and a souq.
Social BookmarkingAqaar will launch phase two of its first project, the Dh.2.7bn Ajman One, a mixed use development, covering 775,001 square feet.
Ajman is getting highly popular as an investment opportunity and more luxury developments are coming up in the emirate. In line with this, Aqaar is likely to launch the first waterfront development early next month.
The Chairman of Municipality Planning Department, Shaikh Rashid Bin Humaid Al Nuaimi, said "With the launch of phase two of Ajman One and new luxury development, Ajman is entering into a new era of exciting progress and growth. Ajman is transforming itself from a quite emirate into a progressive, vibrant tourism and business destination."
The Phase two Ajman One is located at the core of the new freezone in Ajman, the Ajman One Business District. It will include residential units, four-star hotel with serviced apartments, three office towers and other hospitality facilities.
The office towers are called Apex Business Towers, and will house 640 offices on the whole. The towers one and three will have 27 storeys, while tower two will have 26 storeys. The sizes of office range from 1292 square feet to 2174 square feet. It will also include a four-star hotel, convention center, all of which will be operated by French hotel group Accor SA under the Novotel brand.
The new development targets high-end markets and include retail units, a luxury hotel, a health spa and a souq.
Labels: Ajman, Real Estate Company
Capitala awards construction contract for Dh1.9bn Rihan Heights
Thursday, September 25, 2008
The Abu Dhabi-based developer, Capitala, has announced that it has awarded the construction contract of first phase of its Arzanah project, the Dh.1.9bn 'Rihan Heights'.
The construction contract has been awarded to a joint venture partnership between Sunway Construction (SunCon), part of international Sunway Group, a leading Malaysian-based multi-disciplinary conglomerate and Silver Coast Construction & Boring Est., a leading Abu Dhabi-based contractor.
The 25-month main construction contract includes all construction activities, and the associated electrical, mechanical and plumbing works.
Located at the gateway point on the Abu Dhabi Island, the $6bn Arzanah project is an integrated, mixed-use development spreading across 1.4mn square feet bordering the Zayed stadium. It offers a unique blend of quality residential properties with sports, leisure and retail amenities which focus on promoting an active urban lifestyle for its residents and community.
Rihan Heights comprises five residential towers, with 14 exclusive villas and 854 apartments. The enabling works have already begun and piling is completed a month ahead of schedule.
The Acting Chief Executive Officer of Capitala, Heang Fine Wong, said "This is a milestone for both Capitala and our major project Arzanah. With the enabling works complete ahead of schedule, and main construction works due to commence in November, we have already achieved a significant advantage."
Rihan Heights is progressing on track, and the gradual handover of residences to buyers are expected during first quarter of 2011, he added.
Labels: Abu Dhabi, New Contracts
Majority of investments in the GCC region flows into property sector
Wednesday, September 24, 2008
About 50 percent of all investments in the UAE, and the rest of GCC region, goes into the property sector, as against just 30 percent in other Arab states, noted a development expert.
Also, it should be pointed out at this juncture that the Gulf is not subject to the risk of sub-prime crisis, such as that experienced in the United States, said Dr. Refat Abdelhalim Alfaouri, Director-General, Arab Administrative Development Organization (AADO).
Speaking to the media, Dr. Al Faouri, said any crisis would be the result of an excessive supply of residential units, and political problems, which could lead to possibility of instability in the region.
These factors are not predominant in the UAE and other GCC states, right now, as the states are enjoying security and political stability. Also, the gap between supply and demand of residential units is still large.
The AADO, on monitoring the currently flow of investments into the Arab world's property sector, noticed that about $90bn worth of total investments flowed into the real estate sector each year.
The best areas for investment in the Arab World currently are gold and real estate, both of which, offer safety and stability. The property sector has several benefits, the most prominent of which is the availability of large amount of capital, due to huge increase in prices of oil and high demand for residential units due to growth in population in the Arab countries.
But, shortage of skilled manpower to run properties, and weakness of laws governing the industry and property finance institutions are few of the challenges faced by realty sector.
A study by the Abu Dhabi Chamber of Commerce and Industry (ADCCI) reveals that projects in excess of Dh.1.300 trillion are underway and will be implemented in Abu Dhabi in the next few years. This includes construction and property ventures worth more than Dh.752bn.
The construction boom in Abu Dhabi and several other parts of UAE has helped boost the value of the sector over the past couple of years. The contribution to the gross domestic product of the country has increased from Dh.25bn in 2002 to Dh.45.5bn in 2007, and is expected to touch a maximum of Dh.53.3bn this year.
The property sector contributes an approximate of 6.5 percent of the nominal GDP of the UAE, and about Dh.697bn in 2007.
Social BookmarkingAlso, it should be pointed out at this juncture that the Gulf is not subject to the risk of sub-prime crisis, such as that experienced in the United States, said Dr. Refat Abdelhalim Alfaouri, Director-General, Arab Administrative Development Organization (AADO).
Speaking to the media, Dr. Al Faouri, said any crisis would be the result of an excessive supply of residential units, and political problems, which could lead to possibility of instability in the region.
These factors are not predominant in the UAE and other GCC states, right now, as the states are enjoying security and political stability. Also, the gap between supply and demand of residential units is still large.
The AADO, on monitoring the currently flow of investments into the Arab world's property sector, noticed that about $90bn worth of total investments flowed into the real estate sector each year.
The best areas for investment in the Arab World currently are gold and real estate, both of which, offer safety and stability. The property sector has several benefits, the most prominent of which is the availability of large amount of capital, due to huge increase in prices of oil and high demand for residential units due to growth in population in the Arab countries.
But, shortage of skilled manpower to run properties, and weakness of laws governing the industry and property finance institutions are few of the challenges faced by realty sector.
A study by the Abu Dhabi Chamber of Commerce and Industry (ADCCI) reveals that projects in excess of Dh.1.300 trillion are underway and will be implemented in Abu Dhabi in the next few years. This includes construction and property ventures worth more than Dh.752bn.
The construction boom in Abu Dhabi and several other parts of UAE has helped boost the value of the sector over the past couple of years. The contribution to the gross domestic product of the country has increased from Dh.25bn in 2002 to Dh.45.5bn in 2007, and is expected to touch a maximum of Dh.53.3bn this year.
The property sector contributes an approximate of 6.5 percent of the nominal GDP of the UAE, and about Dh.697bn in 2007.
Labels: Investment Property, Latest News, Middle-East, UAE
Canal Residence West at the Dubai Sports City all set for launch
Dubai Sports City (DSC), the first integrated sports city, will release the fifth and final building of its signature Mediterranean style real estate development, Canal Residence West, at Cityscape Dubai 2008.
The Canal Residence West is located in the heart of vibrant downtown district, across the waterway, is designed to offer residents with everything they would require in terms of recreation, facilities and entertainment.
With stunning views of the Els Club Golf Course and the canal, each of the buildings offers a range of amenities, including children play area, swimming pools, health clubs and outdoor landscaped barbeque area.
Apart from studios, single, double, triple bedroom and terrace apartments, duplexes and penthouses, the Canal Residence West has been designed to accommodate everyone from singles to large families, and has been appealing to local and international buyers.
Residents can enjoy access to tree-lined promenade running through the length of the canal, accommodating upscale restaurants, cafes and boutiques, apart from sport and leisure activities.
This Arabian-inspired residence will be open to investors for off-plan purchase fro 6th October.
Khalid al Zarooni, the President, Dubai Sports City, stated that considerable investment and research has been deployed to ensure a balance that enhances the lifestyle of Dubai Sports City's residents. A positive atmosphere, thriving community and access to green spaces have all been carefully thought about and considered.
The Dubai Sports City includes international schools, medical facilities, playgrounds, Arena Mall, hotels, the largest retail destination in the city, and emergency services, making it a perfect fit for community lifestyle.
The sports amenities incorporated within the city are Next Generation Clubs, state-of-the-art stadia, world class sports and entertainment venues, apart from internationally-renowned sports academies such as the Manchester United Soccer Schools.
The residential and commercial properties at the Dubai Sports City will all be displayed during the upcoming Cityscape Dubai 2008 on stand 7G20.
Labels: Cityscape, Dubai Sports City
Tameer's Princess Tower progressing as scheduled
Tameer Holding, a pioneer property developer, has announced that its 107-storey luxury residential tower, the Princess Tower, located in Dubai Marina, has successfully completed 30 storeys, and is progressing as scheduled.
The Princess Tower (also known as Al Ameera Tower) is one of the many freehold towers in Dubai Marina, opposite to Jumeirah Lake Towers, adjacent to American University of Dubai. It is positioned on the same side of marina, as that of Dubai Marina Towers, in close proximity to the Torch Tower. On completion, the Princess Tower is hoped to be one of the tallest all-residential buildings in the world, standing high at 414 meters.
The Princess Tower, covering 37,410 square feet of space, rising more than 400 meters in height, would be the world's tallest residential building, with a total of 100 storeys. It includes 750 luxury residential apartments, including double, triple and four bedrooms apart from duplex villas and penthouses.
Among the other amenities at the Princess Tower are the gymnasium, swimming pools, a sauna club, child day-care, private car parking area and prayers area, for each resident apart from luxurious reception area.
The Princess Tower will be the most expensive apartments in the world, costing about US$85,000,000.00. The ground floor of the building (the entrance hall), will be glided with white gold, one of the most rare and expensive type in the world. This will be supplemented with opals, diamonds, sapphires, rubies and crystals.
The Managing Director of Tameer Dubai, Abdul Hamid Moukayed, said "Despite the difficulties experienced by real estate and construction sectors, such as the rising costs of material and labour, apart from increasing competition for contractors, construction on the Princess Tower is progressing as scheduled. The tower would be a testament to strengthen Tameer's position as the most trusted in the property sector."
Labels: Dubai Marina, Freehold Property, Luxury Homes, Tameer
Tameer completes foundation works of Elite Residence at Dubai Marina
Monday, September 22, 2008
Tameer Holding, the leading real estate developer in the region has announced completion of foundation raft of Elite Residence, the ultra-luxurious residential tower located at Dubai Marina.
The foundation raft of the Elite Residence has been completed in less than five months after the commencement of construction.
Abdul Hamid Moukayed, the Managing Director of Tameer Dubai, expressed his satisfaction over the progress of construction on the Elite Residence, and emphasized on the efforts made by Tameer in avoiding obstacles that have been faced currently by developers.
"We have undertaken strategic planning methods and have entered into alliances to avoid getting caught in the trap of lagging behind schedule. This is our commitment towards customers through our projects," Moukayed said.
The Arabian Construction Company (ACC) has been awarded as the main contractors of the project, while the designing and engineering works have been assigned to ASE consultants.
Located on the heart of Dubai Marina, the Elite Residences is one of the most prestigious addresses that offer residence the ultimate in elegance, luxury, and service. The towers are wonderfully positioned to offer eye-catching views of the Arabian Gulf, with a unique design exhibiting a rare blend of Victorian architecture, finished in its finest form.
Standing high at 380 meters, the 91 storey structure, features state-of-the-art fixtures from across the world, with ground-breaking technology being available in each unit, making each day an ultramodern experience.
The ASE, and the ACC teams that are currently working on the Elite Residences are also continuing work on Tameer's Princess Towers, the tallest residential towers in the world, located in close proximity to the Elite Residence at Dubai Marina.
Tameer has established itself as one of the pioneers in the real estate market, due to its dedication towards meticulous creation of comfortable living spaces and inspirational working environments.
Abdul Hamid Moukayed, the Managing Director of Tameer Dubai, expressed his satisfaction over the progress of construction on the Elite Residence, and emphasized on the efforts made by Tameer in avoiding obstacles that have been faced currently by developers.
"We have undertaken strategic planning methods and have entered into alliances to avoid getting caught in the trap of lagging behind schedule. This is our commitment towards customers through our projects," Moukayed said.
The Arabian Construction Company (ACC) has been awarded as the main contractors of the project, while the designing and engineering works have been assigned to ASE consultants.
Located on the heart of Dubai Marina, the Elite Residences is one of the most prestigious addresses that offer residence the ultimate in elegance, luxury, and service. The towers are wonderfully positioned to offer eye-catching views of the Arabian Gulf, with a unique design exhibiting a rare blend of Victorian architecture, finished in its finest form.
Standing high at 380 meters, the 91 storey structure, features state-of-the-art fixtures from across the world, with ground-breaking technology being available in each unit, making each day an ultramodern experience.
The ASE, and the ACC teams that are currently working on the Elite Residences are also continuing work on Tameer's Princess Towers, the tallest residential towers in the world, located in close proximity to the Elite Residence at Dubai Marina.
Tameer has established itself as one of the pioneers in the real estate market, due to its dedication towards meticulous creation of comfortable living spaces and inspirational working environments.
Labels: Dubai Marina, Luxury Homes, Residential, Tameer
Credit Crunch in the US will impact property sectors in Gulf
The current credit crunch being witnessed in the US, with Lehman Brothers Holdings Inc being the latest victim, is sure to have its impact across property markets across the world, particularly with banks getting more cautious to lend, commented the Chief Executive of a top real estate company in Abu Dhabi last week.
Ronald Barrot, the Chief Executive of Aldar Properties, when speaking to the media, revealed that "The ongoing crisis will influence the climate of property markets across the world. It will impact the margins and conditions for lending, and banks will get more cautious on matters associated with lending."
Property companies in the Gulf are currently enjoying an economic boom due to high oil prices that have been untouched by the global credit crunch. However, a reluctance by banks to lend in the region could hinder $2.3tn infrastructure, and thereby, real estate investments across the region.
According to Barrot, despite the probability of stringent lending criteria, Aldar would continue with its plans as usual, as the company is confident of being able to maintain business inline with their plans. However, smaller companies may face problems, Barrot said.
Aldar is eyeing real estate opportunities in the US and European sectors during the current situation of global economic recession.
Barrott said that it is too early to predict the impact that the collapse of Lehman Brothers would have on real estate market in the UAE, but "confidence levels were key."
"Markets in the region are amongst the most robust, and will continue to be interesting for people willing to invest. Our market is more insulated from the slowdown than others," said Barrot.
However, a few analysts warn that increasing borrowing costs and tightening liquidity could dampen the developer investment and buyer interest in the UAE. This advance perception of risk will limit the ability of raising funds by the Bank, and will dampen their ability to finance future real estate investment and mortgages. Higher mortgage cost may also slow buyer demand, said Robert McKinnon, a real estate analyst, who is also the Head of Equity Research at Al Mal Capital.
Property shares in the UAE have declined considerably with fears of economic slowdown gripping the region, and the numbers of police probes in real estate companies are growing.
Social BookmarkingRonald Barrot, the Chief Executive of Aldar Properties, when speaking to the media, revealed that "The ongoing crisis will influence the climate of property markets across the world. It will impact the margins and conditions for lending, and banks will get more cautious on matters associated with lending."
Property companies in the Gulf are currently enjoying an economic boom due to high oil prices that have been untouched by the global credit crunch. However, a reluctance by banks to lend in the region could hinder $2.3tn infrastructure, and thereby, real estate investments across the region.
According to Barrot, despite the probability of stringent lending criteria, Aldar would continue with its plans as usual, as the company is confident of being able to maintain business inline with their plans. However, smaller companies may face problems, Barrot said.
Aldar is eyeing real estate opportunities in the US and European sectors during the current situation of global economic recession.
Barrott said that it is too early to predict the impact that the collapse of Lehman Brothers would have on real estate market in the UAE, but "confidence levels were key."
"Markets in the region are amongst the most robust, and will continue to be interesting for people willing to invest. Our market is more insulated from the slowdown than others," said Barrot.
However, a few analysts warn that increasing borrowing costs and tightening liquidity could dampen the developer investment and buyer interest in the UAE. This advance perception of risk will limit the ability of raising funds by the Bank, and will dampen their ability to finance future real estate investment and mortgages. Higher mortgage cost may also slow buyer demand, said Robert McKinnon, a real estate analyst, who is also the Head of Equity Research at Al Mal Capital.
Property shares in the UAE have declined considerably with fears of economic slowdown gripping the region, and the numbers of police probes in real estate companies are growing.
Labels: Latest News, Market Trends, Middle-East
Celestial Heights at Downtown Jebel Ali progressing as scheduled
Sunday, September 21, 2008
One of the fastest growing real estate developers in Dubai, Cirrus Developments LLC, has announced that their 'Celestial Heights' project is progressing as scheduled.
Located on the Zone One, Trellis District, at Downtown Jebel Ali, the Dh.1bn development will now enter the next phase of construction and has been scheduled towards completing the construction on time.
The mixed-use development would include three towers, namely, Capella, Polaris and Orion. Celestial Heights comprises mid-rise towers, beautiful parks and shaded walkways. The property development is located in proximity to the Waterfront, Jebel Ali Free Zone, Dubai World Central Airport, and Techno Park.
Designed to accommodate a population of 200,000 the Downtown Jebel Ali will be a living, breathing community comprising public spaces, parks, streets and plazas that are as vital as the buildings themselves.
Celestial Heights is the first development to be launched by Cirrus Developments, and is the first by the sub-developer in Downtown Jebel Ali. The company has thereafter launched another commercial and residential project -the Dh.3bn Aquarius Gate, and the Dh.550mn Sienna Square in Downtown Jebel Ali.
Cirrus Developments was also the first developer to purchase plots in the Canal Districts of Waterfront during July 2008, through a sealed bin auction conducted by Nakheel.
The Chairman and CEO of Cirrus Developments, Behnam Eshragh, said "Cirrus Developments is focusing on creating reliable investments by delivering high-quality, innovative, commercial, residential and mixed-use properties as per schedule and on plan."
Labels: Construction Projects, Jebel-Ali
Rental properties in UAE witnessing massive demand
Thursday, September 18, 2008
Boasting 365 days of sunshine, population growth and reliable economic growth, apart from a booming tourism hub, the UAE is also witnessing massive demand for rental properties. This comes as a tempting package for prospective buyers, states a report in Gulf News.
The new property law which regulates the mortgage process, protecting the rights of borrowers and lenders, making considerable advancements in the home financing market of UAE, offers more choice to consumers than before.
The UAE market is rapidly developing, when compared to markets in places such as the US and the UK, with the central bank data revealing that the mortgage lending in the UAE jumped 55 percent in the year till March.
Another factor worth noting when talking about home ownership in the UAE is the huge demand for rentals in the residential sector. Even the business men who have relocated to the emirates are getting disposed towards purchasing homes in the UAE.
Mortgage lenders are agreeing to offer finance to both end-user and investment purchases, and this makes the prospect of buying-to-rent and second-home purchases even more attractive.
Some confident owner-occupiers who comprise 70 percent of the market are willing to take out finance against existing property to raise cash for secondary purchases which indicates the fair manner in which UAE market is being perceived.
Home financiers, led by Islamic organizations are enjoying a 60 percent slice of the market, and are facing tough competitions from foreign banks keen on getting a slice of the action.
International and local mortgage lenders are striving to make it easier than ever to borrow money for property purchase in the UAE and most mortgage providers can offer customers a list of lenders to choose from.
Flexible and varied home loans are available from various sources, and it is getting all the more easier, to finance commercial, off-plan and under-construction properties, given that the planned property is registered with Dubai Land Department as per the terms of new mortgage law.
Also, it is worth pointing out at this instance that UAE market is standing firm, when the markets elsewhere is witnessing the impact of global slowdown, with the dirham still being pegged to the dollar. This implies that although supply is surpassing demand, rates are sizeable, and the UAE central bank can be forced to track number of US interest rate cuts and home loan rates are lower than during the same period three years ago.
Recent reports state that property prices in Dubai have grown over 70 percent beginning 2007, and more than 20 percent since the beginning of this year. So currently, buyers in the UAE are not looking at two to three percent profit gain in a year, but, the margins expected have grown considerably high. With such profits, interest rates are a secondary consideration.
Social BookmarkingThe new property law which regulates the mortgage process, protecting the rights of borrowers and lenders, making considerable advancements in the home financing market of UAE, offers more choice to consumers than before.
The UAE market is rapidly developing, when compared to markets in places such as the US and the UK, with the central bank data revealing that the mortgage lending in the UAE jumped 55 percent in the year till March.
Another factor worth noting when talking about home ownership in the UAE is the huge demand for rentals in the residential sector. Even the business men who have relocated to the emirates are getting disposed towards purchasing homes in the UAE.
Mortgage lenders are agreeing to offer finance to both end-user and investment purchases, and this makes the prospect of buying-to-rent and second-home purchases even more attractive.
Some confident owner-occupiers who comprise 70 percent of the market are willing to take out finance against existing property to raise cash for secondary purchases which indicates the fair manner in which UAE market is being perceived.
Home financiers, led by Islamic organizations are enjoying a 60 percent slice of the market, and are facing tough competitions from foreign banks keen on getting a slice of the action.
International and local mortgage lenders are striving to make it easier than ever to borrow money for property purchase in the UAE and most mortgage providers can offer customers a list of lenders to choose from.
Flexible and varied home loans are available from various sources, and it is getting all the more easier, to finance commercial, off-plan and under-construction properties, given that the planned property is registered with Dubai Land Department as per the terms of new mortgage law.
Also, it is worth pointing out at this instance that UAE market is standing firm, when the markets elsewhere is witnessing the impact of global slowdown, with the dirham still being pegged to the dollar. This implies that although supply is surpassing demand, rates are sizeable, and the UAE central bank can be forced to track number of US interest rate cuts and home loan rates are lower than during the same period three years ago.
Recent reports state that property prices in Dubai have grown over 70 percent beginning 2007, and more than 20 percent since the beginning of this year. So currently, buyers in the UAE are not looking at two to three percent profit gain in a year, but, the margins expected have grown considerably high. With such profits, interest rates are a secondary consideration.
Labels: Market Trends, Mortgages, Rentals, UAE
Global credit crunch prompts property developers to consider Islamic financial instruments
With global credit crisis being noticed everywhere in the tough financial world, several property developers in the GCC are turning to Islamic financial instruments for getting a good start for their projects.
According to Swati Taneja, Conference Director of International Islamic Finance Forum, financing carried out as per Islamic rules emphasizes that gains should be derived from ethical, shared investment, rather being interest-based, and hence, this has sidestepped the credit crunch.
The International Islamic Forum, usually held twice a year, will be conducted in Istanbul from 13th to 17th October this year.
The slowdown in the international property market has hit conventional property firms, as investors have begun to scale back their exposure, particularly in highly leveraged markets,Swati said.
There are several instances of emerging developers worldwide adopting the Islamic model to finance their projects. The most recent among these is the biggest property developer of South East Asia, based in Singapore, which is expected to issue $700mn Islamic bond towards end of this year, as the first portion of investment, targeting the Middle East investors.
Taneja pointed out that there are only few competitive sources of finance available in the conventional financial world right now, but, there are several billions of dollars in the Islamic financial sector of the Middle East, seeking investments. However, unless developers plan their projects to be Shariah compliant, they will remain unnoticed.
In recognition of the high competitive alternative offered currently by Islamic finance to the conventional interest-based structures, the forum this year focuses on a special workshop about Islamic real estate deals.
The workshop will offer better understanding of Islamic finance and structures required for real estate development, and will examine the foundation of Islamic finance, and its applicability for real estate transactions.
The forum will identify new markets for Islamic finance and examine Sukuk structures and capital markets, Islamic jurisprudence, emerging Takaful development, alternative asset classes including private equity and real estate, and sustainability with greening of Islamic finance.
Social BookmarkingAccording to Swati Taneja, Conference Director of International Islamic Finance Forum, financing carried out as per Islamic rules emphasizes that gains should be derived from ethical, shared investment, rather being interest-based, and hence, this has sidestepped the credit crunch.
The International Islamic Forum, usually held twice a year, will be conducted in Istanbul from 13th to 17th October this year.
The slowdown in the international property market has hit conventional property firms, as investors have begun to scale back their exposure, particularly in highly leveraged markets,Swati said.
There are several instances of emerging developers worldwide adopting the Islamic model to finance their projects. The most recent among these is the biggest property developer of South East Asia, based in Singapore, which is expected to issue $700mn Islamic bond towards end of this year, as the first portion of investment, targeting the Middle East investors.
Taneja pointed out that there are only few competitive sources of finance available in the conventional financial world right now, but, there are several billions of dollars in the Islamic financial sector of the Middle East, seeking investments. However, unless developers plan their projects to be Shariah compliant, they will remain unnoticed.
In recognition of the high competitive alternative offered currently by Islamic finance to the conventional interest-based structures, the forum this year focuses on a special workshop about Islamic real estate deals.
The workshop will offer better understanding of Islamic finance and structures required for real estate development, and will examine the foundation of Islamic finance, and its applicability for real estate transactions.
The forum will identify new markets for Islamic finance and examine Sukuk structures and capital markets, Islamic jurisprudence, emerging Takaful development, alternative asset classes including private equity and real estate, and sustainability with greening of Islamic finance.
Labels: Dubai Real Estate, Mortgages, Real Estate News
First marina on Palm Jumeirah to open to public in December
The first marina on Palm Jumeirah will be open to public in December this year, announced Island Global Yachting (IGY), the luxury marina developer and management company.
IGY has confirmed launch of an exclusive online auction site to lease berths to owners and residents of the Palm Jumeirah. Anchor Marina, the result of partnership with Nakheel, signifies one of the most prestigious projects by IGY.
The 590 berths of the marina will offer private yachts 10 to 30m in length, apart from modern infrastructural elements such as spacious concrete pontoons, together with some of the most modern technology available to boat owners, such as underwater lighting, LED illumination, wireless internet connections and concierge services.
Michael Horrigan, the CEO of IGY -Middle East and Europe, said that to reflect the prestige associated with Palm Jumeirah, great care has been taken to ensure that the quality of service and structure. The experience one gets at Anchor Marina will position it as one of the most well-appointed marinas in the world.
The guests will be offered with a choice of two clubhouses, one near Anchor Marina East and another near Anchor Marina West. The former will be designed for families, while the later will have a more sophisticated ambience with fine dining restaurants.
Horrigan announced that the Anchor Marina has been scheduled for opening this December, and that this fantastic product is likely to propel Dubai to the global forefront as a 'yachting destination of '.
"We are looking forward to a huge demand for berths and the idea of online auction site is considered as the most transparent and fair way of launching the first tier of leases," he added.
The dedicated auction site www.igyauctions .com is now developed to undertake the week long auction from 1st to 7th November, exclusively for owners and residents of the Palm Jumeirah. The owners/residents will get to lease one berth per property and the leases will be granted for a five year period. The berths for auction will be open to both East and West site of the Anchor Marina for yachts of 10-30m length.
Prospective bidders can begin registrations from 15th October and from then on they will be considered pre-qualified. Thereafter, the users can exclusively browse the site and place bids on unique selection of berths available for long-term leasing.
Social BookmarkingIGY has confirmed launch of an exclusive online auction site to lease berths to owners and residents of the Palm Jumeirah. Anchor Marina, the result of partnership with Nakheel, signifies one of the most prestigious projects by IGY.
The 590 berths of the marina will offer private yachts 10 to 30m in length, apart from modern infrastructural elements such as spacious concrete pontoons, together with some of the most modern technology available to boat owners, such as underwater lighting, LED illumination, wireless internet connections and concierge services.
Michael Horrigan, the CEO of IGY -Middle East and Europe, said that to reflect the prestige associated with Palm Jumeirah, great care has been taken to ensure that the quality of service and structure. The experience one gets at Anchor Marina will position it as one of the most well-appointed marinas in the world.
The guests will be offered with a choice of two clubhouses, one near Anchor Marina East and another near Anchor Marina West. The former will be designed for families, while the later will have a more sophisticated ambience with fine dining restaurants.
Horrigan announced that the Anchor Marina has been scheduled for opening this December, and that this fantastic product is likely to propel Dubai to the global forefront as a 'yachting destination of '.
"We are looking forward to a huge demand for berths and the idea of online auction site is considered as the most transparent and fair way of launching the first tier of leases," he added.
The dedicated auction site www.igyauctions .com is now developed to undertake the week long auction from 1st to 7th November, exclusively for owners and residents of the Palm Jumeirah. The owners/residents will get to lease one berth per property and the leases will be granted for a five year period. The berths for auction will be open to both East and West site of the Anchor Marina for yachts of 10-30m length.
Prospective bidders can begin registrations from 15th October and from then on they will be considered pre-qualified. Thereafter, the users can exclusively browse the site and place bids on unique selection of berths available for long-term leasing.
Labels: Latest News, Palm Jumeirah
Bollywood superstar, Shah Rukh Khan, to venture into UAE property sector
The Indian film industry's uncrowned King, Shah Rukh Khan is said to have ventured into the UAE realty sector as a real estate developer.
The Bollywood superstar has started conceptualizing few properties in Ras Al Kahimah emirate of the UAE, and will begin with the Shah Rukh Khan Boulevard, located in the island of Al Dana in Ras Al Khaimah.
The superstar is expected to arrive in Dubai for the forthcoming Cityscape exhibition to be held between 6th and 9th October.
Shah Rukh Khan has teamed up with Nakheel, the leading property developer in the UAE to purchase a house on the man made island of Palm Jumeirah, located off the coast of Dubai.
The property in Ras Al Khaimah will include studio, single and double bedroom apartments, designed by well-known architect Toni Ashai. The superstar, himself, is said to have associated with the development via TSA International Investments, a leading property financial consultancy in the UAE.
Social BookmarkingThe Bollywood superstar has started conceptualizing few properties in Ras Al Kahimah emirate of the UAE, and will begin with the Shah Rukh Khan Boulevard, located in the island of Al Dana in Ras Al Khaimah.
The superstar is expected to arrive in Dubai for the forthcoming Cityscape exhibition to be held between 6th and 9th October.
Shah Rukh Khan has teamed up with Nakheel, the leading property developer in the UAE to purchase a house on the man made island of Palm Jumeirah, located off the coast of Dubai.
The property in Ras Al Khaimah will include studio, single and double bedroom apartments, designed by well-known architect Toni Ashai. The superstar, himself, is said to have associated with the development via TSA International Investments, a leading property financial consultancy in the UAE.
Labels: Latest News, Ras Al Khaima, UAE
Tiger Properties launches the luxurious condominium Tiger Towers
Wednesday, September 17, 2008
Tiger Properties have announced the launch of its latest project, Tiger Towers at the core of Dubai Waterfront development.
The twin condominium towers, 170 and 185 meters in height, will be located at the Madinat Al Arab of the Dubai Waterfront development. The towers would cover a built-up area of 121,500 square meters and the buildings will be joined together by 3000 square meters of retail space at the street level and a four-storey podium building.
The towers will also share four levels of underground parking. The towers will the exclusive corner units that offer breath taking views while also maximizing daylight exposure. The towers have a wide array of amenities, including children's playroom, concierge services, club facilities, lounge for relaxing, a spa, exercise room and swimming pool. The club facilities also include roof-top restaurant at the 48th floor and landscaped areas on the ground level.
The CEO of Tiger Properties, Taha Mohammed, said "With Tiger Towers we will establish a new benchmark for buildings in the Waterfront district - one of the most successful urban neighborhoods of Dubai."
According to Tiger Properties, this high-rise project is an icon in the city, likely to be the most luxurious urban condominium building in Dubai.
Social BookmarkingThe twin condominium towers, 170 and 185 meters in height, will be located at the Madinat Al Arab of the Dubai Waterfront development. The towers would cover a built-up area of 121,500 square meters and the buildings will be joined together by 3000 square meters of retail space at the street level and a four-storey podium building.
The towers will also share four levels of underground parking. The towers will the exclusive corner units that offer breath taking views while also maximizing daylight exposure. The towers have a wide array of amenities, including children's playroom, concierge services, club facilities, lounge for relaxing, a spa, exercise room and swimming pool. The club facilities also include roof-top restaurant at the 48th floor and landscaped areas on the ground level.
The CEO of Tiger Properties, Taha Mohammed, said "With Tiger Towers we will establish a new benchmark for buildings in the Waterfront district - one of the most successful urban neighborhoods of Dubai."
According to Tiger Properties, this high-rise project is an icon in the city, likely to be the most luxurious urban condominium building in Dubai.
Labels: Commercial Property, New Developments, Water front