Drop in property prices & cancellation of projects, unlikely: Sulayem
Friday, October 31, 2008
Sultan Ahmed bin Sulayem, the Chairman of Dubai World, has denied the possibility of any drop in Dubai property prices, and assured that the global financial crisis, will not cause cancellation of any project announced by the group.
When speaking to bankers at the Dubai International Financial Center, Sulayem pointed out that the Gulf economies enjoy a stronger foundation, unlike the problems faced in Iceland or any other place.
"We have taken loans, most of which are borrowed locally. All projects launched are funded by the banks within the region," he pointed out.
Dubai property market continues to remain strong despite the global liquidity crunch. Although the demand-supply imbalance continues, there is no downward trend being noticed in prices, despite few desperate investors trying to sell at lower prices.
With reference to the slowdown in property sales, Sulayem said that the market sure has appetite, but lacks the will.
According to Sulayem, the biggest challenge faced now is not liquidity, but fear. The dropping confidence levels are causing people to react in an irrational manner.
Speaking about the Dubai real estate sector, Sulayem said "We are optimistic about the sector, and are committed towards delivering all projects that we have announced. However, the cost of funding has increased, and we are intelligently managing our finance."
He continued that the investor fear is hindering the recovery of stock market. With the share prices being down, nobody wants to buy. He requested banks to curb speculative practices and focus on their conventional role of lending.
Sulayem also took the opportunity to hail the Gulf central banks that restricted lending, which has protected the banking system.
Social BookmarkingWhen speaking to bankers at the Dubai International Financial Center, Sulayem pointed out that the Gulf economies enjoy a stronger foundation, unlike the problems faced in Iceland or any other place.
"We have taken loans, most of which are borrowed locally. All projects launched are funded by the banks within the region," he pointed out.
Dubai property market continues to remain strong despite the global liquidity crunch. Although the demand-supply imbalance continues, there is no downward trend being noticed in prices, despite few desperate investors trying to sell at lower prices.
With reference to the slowdown in property sales, Sulayem said that the market sure has appetite, but lacks the will.
According to Sulayem, the biggest challenge faced now is not liquidity, but fear. The dropping confidence levels are causing people to react in an irrational manner.
Speaking about the Dubai real estate sector, Sulayem said "We are optimistic about the sector, and are committed towards delivering all projects that we have announced. However, the cost of funding has increased, and we are intelligently managing our finance."
He continued that the investor fear is hindering the recovery of stock market. With the share prices being down, nobody wants to buy. He requested banks to curb speculative practices and focus on their conventional role of lending.
Sulayem also took the opportunity to hail the Gulf central banks that restricted lending, which has protected the banking system.
Labels: Latest News, Market Trends
Region's first LEED Platinum certified Eco Towers unveiled at Abu Dhabi
An Abu Dhabi-based property development company, Connection Real Estate, has launched a Dh.1bn mixed-use sustainable project in the capital, the 'Eco Towers', which comprise luxury apartments and commercial property. The property, which claims to meet the environmental challenges, also offers essential residential property in Abu Dhabi.Located within the prestigious community of Dhanet Abu Dhabi, the Eco Towers are the first mixed-use towers in the Middle East with LEED (Leadership in Energy and Environmental design) Platinum Certification.
LEED is an internationally recognized green building rating system that establishes environmentally sustainable construction criteria. It brings about a common standard of building designs that minimize risks on the environment and increases awareness among consumers about the benefits of green construction. Platinum is the highest level.
The plots cover an area of 787,000 square feet and are located along the Airport Road. The commercial tower is aimed to offer about 36,485 square meters of office space, while the residential tower will offer 36,685 square meters for healthy living.
The 23 storey twin towers will be cost-effective, safe for environment, and healthy to live and work in, with air purification systems, toxic-free materials, renewable energy, dual glaze windows, water efficiency, waste reduction and other eco-friendly features incorporated. The other noteworthy aspects about the tower are the Smart Home Technology enabled, linked underground car park and proximity to the Holiday Inn at Dhanet Abu Dhabi.
Abed Al Zeera, the Chairman of the Board of Directors, Connection Real Estate, revealed that the leveling work on the two plots where the project is likely to come up, will begin within a month.
The towers will be ready by 2011.
The towers will be ready by 2011.
"We are currently holding discussions with banks for financing of the project. The project will receive 70 percent finance from regional banks from the Gulf States," Al Zeera said.
The starting prices proposed for the towers are yet to be announced. The project aims to meet the residential and commercial property scarcity in Abu Dhabi, as there is a huge demand for this sector from the end-users, Al Zeera explained.
A senior executive, associated with the project, when speaking about Eco Towers, mentioned that the towers advocate the rapidly emerging consensus that green buildings are more healthy and less expensive to operate, and is more appealing to end-users and the public, and on the whole, more profitable.
Labels: Abu Dhabi, eco-friendly
Mayadeen launches Dh1.6bn Aurora in Abu Dhabi
Wednesday, October 29, 2008
National Ranges Company (Mayadeen) has launched Aurora, the Dh.1.6bn landmark project in Abu Dhabi, which is now open for sales.
Located along the Shams on Al Reem Island, the project includes two residential towers of 53 storey each, standing high at 208 meters. The towers house 960 apartments on the whole, ranging from single bedroom to four bedrooms, penthouses and duplex rooms.
The project will also include a 14 storey commercial tower, offering about 112,000 square feet of commercial space. A canal promenade and retail space, apart from 12-storey parking facility to accommodate 1674 cars will also be a part of the project.
The Chief Executive of Mayadeen, Ali Al Attar, said that the initial phase of shoring and piling work has been completed and the company is now planning its second phase, which includes working on foundation structure.
Mayadeen has signed five new contractors for working on the project, and the work is progressing as planned. This venture is one of the largest of its kind in the region, and is hoped to be an all-encompassing real estate project that caters to all facets of day-to-day life.
This project is a milestone to Mayadeen's journey in establishing itself as major player in the property development industry across the region, Ali Attar said.
Al Attar pointed out that following introduction of new laws and establishment of several local and foreign companies in the market, Abu Dhabi is witnessing huge demand in its residential sector, which is still surpassing the supply. The Abu Dhabi property market is continuing to witness large number of investments, and this trend is likely to continue until the next decade.
Shams Abu Dhabi is all set to be a part of what is known as "New Abu Dhabi". The concept is aimed to include several hospitals, schools, hotels, retail outlets, family entertainment venues, canals and parks, creating a self-sustained city, incorporating world-class master planning practices and further extending lush greenery into Abu Dhabi's landscape.
Labels: Abu Dhabi, Al Reem Island, Sales
The six-year property boom in Dubai may slow down, fear agents
The six year property boom that Dubai witnessed has almost ended, with the sales collapsing amidst fears of global economic downturn, reveal agents.
"Last month was the worst, a real disaster," said Mehdi Zoghbi, a property agent at the Middle East Real Estate Consultants, who spoke to Zawya.com.
The sellers are desperate and are now offering their off-plan properties on the secondary market for zero premium, despite the loss on investment, just to offload quickly, it is said.
Dubai, being the first emirate to permit foreigners to purchase homes, will also be the first to see a drop in property prices, with the global credit crunch and region's prospects undermining investor confidence.
According to a property agent at Al Jabal Real Estate, the commissions have dropped by 70 percent currently. Dubai needs to apply caution to curb the practice of "flipping" property and payment of "key money" to reserve real estate, the agent said.
However, the biggest developers in the city, such as Nakheel and Emaar are confident that sales will remain robust. The Chairman of Emaar, Mohammed Alabbar, in his statement, expressed confidence about the fundamentals and future growth of the company.
Despite this, Emaar's stock has fallen 62 percent since the beginning of the year, which is more than 48 percent fall in Dubai Financial market's main index during the same period. Colliers International reported that property price growth in Dubai dropped to 16 percent during second half of the year from 42 percent during the first quarter of the year.
Even Morgan Stanley had warned a drop in prices by 10 percent in Dubai towards 2010.
A drop in property prices of Dubai, would also burden the Dubai economy further, considering the fact that it does not profit from the vast oil income otherwise enjoyed by its neighboring emirate Abu Dhabi. At present property and construction contribute to about 30 percent of the economy in the emirate.
The strong economic condition in the region which had supported the property boom in Dubai, too, has now been badly hit.
Considering all such factors, whether buyers would still continue to respond amidst the current depressing economic stance is yet to be ascertained.
Social Bookmarking"Last month was the worst, a real disaster," said Mehdi Zoghbi, a property agent at the Middle East Real Estate Consultants, who spoke to Zawya.com.
The sellers are desperate and are now offering their off-plan properties on the secondary market for zero premium, despite the loss on investment, just to offload quickly, it is said.
Dubai, being the first emirate to permit foreigners to purchase homes, will also be the first to see a drop in property prices, with the global credit crunch and region's prospects undermining investor confidence.
According to a property agent at Al Jabal Real Estate, the commissions have dropped by 70 percent currently. Dubai needs to apply caution to curb the practice of "flipping" property and payment of "key money" to reserve real estate, the agent said.
However, the biggest developers in the city, such as Nakheel and Emaar are confident that sales will remain robust. The Chairman of Emaar, Mohammed Alabbar, in his statement, expressed confidence about the fundamentals and future growth of the company.
Despite this, Emaar's stock has fallen 62 percent since the beginning of the year, which is more than 48 percent fall in Dubai Financial market's main index during the same period. Colliers International reported that property price growth in Dubai dropped to 16 percent during second half of the year from 42 percent during the first quarter of the year.
Even Morgan Stanley had warned a drop in prices by 10 percent in Dubai towards 2010.
A drop in property prices of Dubai, would also burden the Dubai economy further, considering the fact that it does not profit from the vast oil income otherwise enjoyed by its neighboring emirate Abu Dhabi. At present property and construction contribute to about 30 percent of the economy in the emirate.
The strong economic condition in the region which had supported the property boom in Dubai, too, has now been badly hit.
Considering all such factors, whether buyers would still continue to respond amidst the current depressing economic stance is yet to be ascertained.
Labels: Dubai Real Estate, Latest News, Market Trends, Property Prices
Nakheel unveils Forbidden City in Dubai
Tuesday, October 28, 2008
The Dubai-based master real estate developer, Nakheel, yesterday unveiled the 'Forbidden City' in the Dubai International City.Being home to 4000 low-rise studio, single and double bedroom apartments, work on Dubai's Fobidden City will commenced in April 2008 and will be complete by April 2011.
Drawing inspiration from the legendary Royal Court Palance of Imperial China, the Forbidden City will offer an extensive range of community amenities, further enhanced by a series of leisure and retail offerings at the Dragon Mart and International City. At the heart of the development will be a landscaped vista, leading to Ornate Grand Mosque, the spiritual centerpiece of the community.
The City will feature about 50 retail stores including internet cafes, food outlets, restaurants and boutiques. The residents get to enjoy the proximity to Dragon Mart, offering a wide range of Chinese merchandise, and a range of affordable accommodation options in an accessible living environment.
The Residential District of the project is divided into 10 themed communities representing France, England, China, Italy, Greece, Persia, Russia, Italy, Morocco and Spain.
Located adjacent, is the Lake District, the residential community, which shares wonderful views of Al Warsan Lake, one of the few freshwater wetlands in the UAE. The lake houses about 190 species of birds, including the rarest birds known to Arabian Peninsula and its neighboring regions.
Nakheel has taken precautions to ensure the long-term protection of this habitat, and suitable amenities are being planned that will enable the public to enjoy the wildlife here.
According to Eng. Rashid Al Helli, Director, International City, the low-rise residential community will be unique in its design and has been well-planned to taking into consideration all aspects required by the residents in terms of leisure and retail amenities, to build a thriving and sustainable community.
Labels: Apartments, Community, International City, Nakheel
Memon Group to launch Gardenia I & II at Jumeirah Village South
An arm of the renowned international business conglomerate the Memon Group of Companies, Memon Investments, has announced the launch of Dh.150mn project at Jumeirah Village South - Gardenia I & II.
The luxurious residential development is the first property by the developer at Jumeirah Village South, followed by the previous projects at Dubai Sports City and the Dubai Silicon Oasis. The project forms a part of the ambitious plan by the developer to unveil projects worth total of Dh.2.5bn towards second half of this year.
An Escrow Account for the project is already in place, through partnership with the Commercial Bank of Dubai, and in compliance with requirements by RERA (Real Estate Regulatory Agency) and DLD (Dubai Land Department). Two payments schemes have been devised which makes the project more investor-friendly. Investors get to choose between making a 10 percent down payment and availing 80 percent finance, or making 10 percent down payment and making 80 percent payment through quarterly installments.
The project focuses on energy saving methods such as special insulation that reduces air-conditioning power consumption, mood lighting in all common areas, temperature-controlled retail arcade, recycling unit, and garbage disposal managements.
Situated within Jumeirah Village South, near the Cultural Center and renowned Central Park, Gardenia project is designed to offer a Mediterranean experience to its residents. Including a mix of residential, retail and commercial spaces, the project features about 170 residential apartments, including 68 single bedroom units, 60 studios, 22 double bedroom units, 13 loft apartments and 7 lavish townhouses and 8 retail units on the ground floor.
Spread along a 90,000 square feet plot with total built-up area of 157,265 square feet, residents have access to world-class amenities, including the two roof-top health clubs, communal swimming pools, steam, sauna, spas, party halls, outdoor terraces, Jacuzzis, basement parking, hi-speed elevators, gymnasiums, boutiques, restaurants, cafes and travel agency. All this apart from other necessary amenities such as 24 hours concierge desk, Wi-Fi technology, mood lighting, keyless entry, mood lighting, intercom system for each apartment, hi-speed internet access, and an in-house maintenance team and valet parking.
The tower is due for completion by 2010.
The Chairman of Memon Group, Abu Baker Shaikhani, said "This is our maiden project in Jumeirah Village South. We are confident about the sales prospects of the project, particularly considering factors such as the high quality of development, excellent location, easy access to Emirates Road, Al Khail road and other such major roads."
The project designer, Dimensions and Engineering Consultants (DEC), are an award-winning architectural and engineering services company, catering to a range of private and public clients across the region.
With about 8 locations across the UAE, Egypt and rest of the Gulf, the company offers value-added professional solutions. The other renowned structures in the company's portfolio include the Palm Jebel Ali, Jumeirah Lake Towers, Dubai Health Care City, Dubai International City, Falcon City of Wonders and others.
With over more than two decades of industry experience, DEC has successfully completed more than 500 projects within the region, and is carrying on with about 100 projects in hand.
The luxurious residential development is the first property by the developer at Jumeirah Village South, followed by the previous projects at Dubai Sports City and the Dubai Silicon Oasis. The project forms a part of the ambitious plan by the developer to unveil projects worth total of Dh.2.5bn towards second half of this year.
An Escrow Account for the project is already in place, through partnership with the Commercial Bank of Dubai, and in compliance with requirements by RERA (Real Estate Regulatory Agency) and DLD (Dubai Land Department). Two payments schemes have been devised which makes the project more investor-friendly. Investors get to choose between making a 10 percent down payment and availing 80 percent finance, or making 10 percent down payment and making 80 percent payment through quarterly installments.
The project focuses on energy saving methods such as special insulation that reduces air-conditioning power consumption, mood lighting in all common areas, temperature-controlled retail arcade, recycling unit, and garbage disposal managements.
Situated within Jumeirah Village South, near the Cultural Center and renowned Central Park, Gardenia project is designed to offer a Mediterranean experience to its residents. Including a mix of residential, retail and commercial spaces, the project features about 170 residential apartments, including 68 single bedroom units, 60 studios, 22 double bedroom units, 13 loft apartments and 7 lavish townhouses and 8 retail units on the ground floor.
Spread along a 90,000 square feet plot with total built-up area of 157,265 square feet, residents have access to world-class amenities, including the two roof-top health clubs, communal swimming pools, steam, sauna, spas, party halls, outdoor terraces, Jacuzzis, basement parking, hi-speed elevators, gymnasiums, boutiques, restaurants, cafes and travel agency. All this apart from other necessary amenities such as 24 hours concierge desk, Wi-Fi technology, mood lighting, keyless entry, mood lighting, intercom system for each apartment, hi-speed internet access, and an in-house maintenance team and valet parking.
The tower is due for completion by 2010.
The Chairman of Memon Group, Abu Baker Shaikhani, said "This is our maiden project in Jumeirah Village South. We are confident about the sales prospects of the project, particularly considering factors such as the high quality of development, excellent location, easy access to Emirates Road, Al Khail road and other such major roads."
The project designer, Dimensions and Engineering Consultants (DEC), are an award-winning architectural and engineering services company, catering to a range of private and public clients across the region.
With about 8 locations across the UAE, Egypt and rest of the Gulf, the company offers value-added professional solutions. The other renowned structures in the company's portfolio include the Palm Jebel Ali, Jumeirah Lake Towers, Dubai Health Care City, Dubai International City, Falcon City of Wonders and others.
With over more than two decades of industry experience, DEC has successfully completed more than 500 projects within the region, and is carrying on with about 100 projects in hand.
Labels: Jumeriah Village, New Developments
Ajman Gate hoped to be a major boost to Ajman property sector
Friday, October 24, 2008
The UAE-based realty developer, Falcon Eye, together with Estate 400, a full service consultancy, sales and management firm, is investing Dh.1.5bn into development of a commercial and residential development, 'Ajman Gate' in Ajman.
Located along the main entrance of Eye of Ajman, off the Emirates Road, the 'Ajman Gate' comprises two towers with connecting cable work between them, creating a gate-like structure that overlooks master development.
Each tower would spread along a total built-up area of 872,000 square feet, for a combined 1,750,000 square feet. About 2400 units and office units would spread across the area, with an equal amount of parking bays.
Adnan Saffarini, the Architect, designer and Engineering Consultant of Ajman Gate, when speaking about the property sector in Ajman, said that the Ajman freehold property sector is more than just a residential hub for the low-income group. It is fast developing to be an alternative for the upper middle class, as a convenient residential and commercial community with everything located within 20 minutes drive from Emirates Road.
There is also considerable demand from the commercial sector, owing to the success of residential projects. Hence the Ajman Gate is aptly designed to offer a blend of both residential apartments and office modules, he added.
Residential units of Ajman Gate will be sold at a starting price of Dh.600 per square feet, while commercial units would be sold at a starting price of Dh.750 per square feet.
The construction and delivery of the entire project would happen within the next four years.
According to Khan, Ajman's booming real estate sector is growing to be popular among investors due to its competitive prices and rapid appreciation in market value and minimal risks.
Labels: Ajman, Latest News
Prices of Dubai villas surge 50 percent in two years
Thursday, October 23, 2008
The prices of villas in Dubai have sky-rocketed in the recent past. The last two years have seen an increase of 50 percent in the prices of villas. About 13,800 more villas are likely to hit the market within the next two years at various locations of the emirate, say experts.
Majority of these villas will be located in the Al Furjan development by Nakheel, while the others would come up in the Jumeirah Village, Waterfront, Dubai Silicon Oasis and Jumeirah Golf Estate.
Recent report by EFG-Hermes, titled "The Brave New World" states that the year 2008 has seen delivery of about 30,000 housing units so far, and another 50,000 are expected to be delivered by the year end.
The villas in Dubai that have already attained completion are the Springs, Emirates Hills, Arabian Ranches, Meadows, Jumeirah Island, The Lakes, and the Palm Jumeirah. The villa are classified into sub-categories, such as independent villas, townhouses, and signature villas, which has seen escalation in selling price by 50 percent during the last two years.
According to Vineet Kumar, the Head of Sales, Asteco Property Management, the prices of townhouses have risen by 45 to 65 percent during the past two years, while prices of luxury villas have escalated by 50 to 55 percent.
An Asteco research reveals that the prices of single to triple bedroom townhouses in Dubai, currently, are in the range of Dh.1.6mn to Dh.3.8mn. Signature villas of four to 12 bedrooms fall in the range of Dh.18mn to Dh.130mn.
A report by Colliers International reveals that the price increases are mainly contributed by the projects that are nearing completion. Colliers has recorded a 73 percent increase in villa prices during the second quarter of 2008, compared to same period last year. The townhouses have recorded 38 percent price increase during the second quarter of this year. The report indicated a 76 percent year-on-year increase during the same periods in residential prices in Dubai.
According to Asteco, although the past two years has seen a dearth of villas in the market, the coming years will narrow down this gap, through supply of several new developments such as The Villa in Dubailand, Veneto in Dubai, Waterfront, and Jumeirah Golf Estates.
Asteco feels that the current demand in the Dubai villa market is highest for mid-range villas which generate interest from both investors and end-users, as they are sold easily and return reasonable rentals.
The international buyers prefer waterfront or golf-course facing villas, but, on the whole, the villa market in the UAE and GCC markets have seen wide absorption. The villas have recorded strong demand from expatriates and the local population.
Premium on properties nearing completion have commanded higher premium than off-plan properties. The rental rates on villas in Dubai, too, have seen an increase of an average 30 percent.
Even the apartment prices in Dubai have risen by 83 percent during second quarter of this year, in comparison to same period last year.
Asteco, however, believes that UAE is witnessing an undersupply of affordable accommodation.
The current average prices of affordable apartments in Dubai are in the range of Dh.900 and Dh.1200 per square foot. The mid-range villas are priced in the range of Dh.1500 and Dh.2500 per square foot. Luxury apartments are priced in the range of Dh.3500 and Dh.14000 per square foot.
According to Kumar, based on the trend of regional and international demands, increased interest is seen among buyers for the mid-range products.
Labels: Latest News, Property Prices
Nakheel awards Jumeirah Heights residential contract to ASGC
Wednesday, October 22, 2008
Al Shafar General Contracting (ASGC) has been awarded the prestigious Dh.1.1bn contract for construction of a mixed-use residential development in Jumeirah Heights, by Nakheel.
ASGC, together with Arenco will work on the project, which is due for completion in August 2010.
ASGC, together with Arenco will work on the project, which is due for completion in August 2010.
Jumeirah Heights is a spacious, urban community with several mid to low-rise apartments and townhouses that render bird's eye view of nearby parklands and water in New Dubai. ASGC will work on one of the two identical clusters, which include mid-rise apartment buildings, three low-rise buildings with double and triple bedroom apartments and private gardens, and 17 townhouses (Frond B).
Established in 1989, ASGC is the fifth largest contractor in the UAE, according to MEED (Middle East Economic Digest), and is handling an order book worth Dh.9bn at present. The company was named as the "Company of the Year" by Construction Week, when the company made a rapid growth by 377% between 2005 and 2007.
ASGC is today one of the top contracting companies in Dubai. The leading projects by ASGC include Dubai Internet City-Phase III, new Dubai Police Head Quarters, Emirates Airlines Staff Accommodation, Greens -Phase II, Jumeirah Beach Residence - Sector 6, Al Tayer Tower, Golden Sands Tower, Lamcy Plaza, Windsor Manor, Vision Tower, Bay Square, Dubai Studio City, The Villa and the Golden Mile.
Labels: Construction Projects, jumeirah Heights, Nakheel
Dubailand breaks ground for the region's first spa lifestyle community 'Palmarosa'
Dubailand, the tourism destination and member of Tatweer, announced that it has broken ground for the first spa lifestyle community in the Middle East, the Dh.1.5bn 'Palmarosa Project.'
The Senior Vice-President of Dubailand, Mohammed Al Habbai, and Chief Executive Officer of Palmarosa, Gaurav Goel, together held the groundbreaking for the 2.5mn square feet project.
The project would include 217 villas and townhouses, club houses, offices, serviced apartments, five-star hotel and a spa mall. The well-designed villas and townhouses at Palmarosa inspire a feeling of tranquility, security and contentment. The residents at Palmarosa will get to enjoy the legendary hospitality at one of the most idealistic five-star retreats in the world, the 'Palmarosa Luxury Hotel'.
The development also features one of the largest spa treatment amenities in the region, along with a blend of traditional and advanced therapy treatments.
Located off Emirates Road, behind the Arabian Ranches, featuring the majestic palms, bubbling fountains and unique variety of plants and flowers, the Palmarosa will be the primary botanical wonder of Dubai, the company revealed.
"The groundbreaking for Palmarosa project indicates our commitment towards delivering projects on schedule, and our keenness in offering integrated complementary services that cater to the entire family," said Al Habbai.
"At Dubailand, we aim to offer a range of diverse offerings from leisure and entertainment to arts, sports and culture, complemented by a luxurious lifestyle. We are confident that Palmarosa will contribute considerably to the well-being of residents and seek holistic retreat, even when remaining in contact with the vibrancy of city life," he said.
Social BookmarkingThe Senior Vice-President of Dubailand, Mohammed Al Habbai, and Chief Executive Officer of Palmarosa, Gaurav Goel, together held the groundbreaking for the 2.5mn square feet project.
The project would include 217 villas and townhouses, club houses, offices, serviced apartments, five-star hotel and a spa mall. The well-designed villas and townhouses at Palmarosa inspire a feeling of tranquility, security and contentment. The residents at Palmarosa will get to enjoy the legendary hospitality at one of the most idealistic five-star retreats in the world, the 'Palmarosa Luxury Hotel'.
The development also features one of the largest spa treatment amenities in the region, along with a blend of traditional and advanced therapy treatments.
Located off Emirates Road, behind the Arabian Ranches, featuring the majestic palms, bubbling fountains and unique variety of plants and flowers, the Palmarosa will be the primary botanical wonder of Dubai, the company revealed.
"The groundbreaking for Palmarosa project indicates our commitment towards delivering projects on schedule, and our keenness in offering integrated complementary services that cater to the entire family," said Al Habbai.
"At Dubailand, we aim to offer a range of diverse offerings from leisure and entertainment to arts, sports and culture, complemented by a luxurious lifestyle. We are confident that Palmarosa will contribute considerably to the well-being of residents and seek holistic retreat, even when remaining in contact with the vibrancy of city life," he said.
Labels: Dubailand, Luxury Homes, Villa Projects
Schon Properties announces final schedule of Dubai Lagoon project
In a bid to calm frustrated investors, Schon Properties, finally announced their final, brief schedule of their Dh.4bn Dubai Lagoon project.
This announcement came after a series of complaints from investors about the distinct lack of refunds, despite the promises made. One of the investors had purchased four properties since 2005, with none of them being ready as yet, and so the investor continues to pay rent.
Another investor, who purchased an entire floor in phase seven, Quartet, in Dubai Lagoons is also said to be suffering.
About 51 investors, out of the total 2400 applicants in the Lagoon project have sought refunds, said Nasir Husain, the Co-chairman, Schon Properties.
The total refunded amount so far totals to about Dh.11million. So far about two applicants have been fully refunded and five have retracted applications.
Husain revealed that the investors have contributed to about 15 percent of the project value into the escrow account so far.
Husain said that the Lagoon project would be complete towards first quarter of 2011.
As per the schedule, Zone one will include 442 apartments, due for completion by September 2009, Zone two will comprise 491 apartments, which will be complete by April 2009. Zone three with 688 apartments will be complete by September 2010, while zone four and five with total of 837 apartments will be complete by January 2011.
Social BookmarkingThis announcement came after a series of complaints from investors about the distinct lack of refunds, despite the promises made. One of the investors had purchased four properties since 2005, with none of them being ready as yet, and so the investor continues to pay rent.
Another investor, who purchased an entire floor in phase seven, Quartet, in Dubai Lagoons is also said to be suffering.
About 51 investors, out of the total 2400 applicants in the Lagoon project have sought refunds, said Nasir Husain, the Co-chairman, Schon Properties.
The total refunded amount so far totals to about Dh.11million. So far about two applicants have been fully refunded and five have retracted applications.
Husain revealed that the investors have contributed to about 15 percent of the project value into the escrow account so far.
Husain said that the Lagoon project would be complete towards first quarter of 2011.
As per the schedule, Zone one will include 442 apartments, due for completion by September 2009, Zone two will comprise 491 apartments, which will be complete by April 2009. Zone three with 688 apartments will be complete by September 2010, while zone four and five with total of 837 apartments will be complete by January 2011.
Labels: Lagoon, Schon-Properties
Over 40% say it is still a good time to buy property in Dubai
Monday, October 20, 2008
Since the recent dramatic events in the financial world around the globe, the organisers of this weeks' Worldwide Property Show being held in Dubai have just announced the results of a recent survey on investor confidence conducted in association with YouGovSiraj.
The survey shows an optimistic view, with one fourth of respondents feeling that the global crisis will only have a minor impact on the local UAE Property Market. 56% surveyed felt that there may be a slowdown but will not have the same impact as in Europe and US.
The survey further revealed that Dubai residents are more confident than those living in Abu Dhabi and Sharjah however 40% of all respondents felt that now is still a good time to invest as they can pick up a bargain. 16% of respondents were not sure and were sitting on the fence.
When deciding on the developer -value for money, ability to adhere to promises and transparency of information are the attributes that people look at. The least important attribute is public information available either on a website or in the media. This indicates that consumers are anxious about cost of ownership and the inherent investment value of the property.
Respondents were also asked what were their top destinations for real estate investment around the world - 55% favoured Asia, 40% for Middle East, 32% for Europe & UK and 27% for North America.
George Betz ,International Sales Director at Dubai Shows Limited organisers of the Worldwide Property Show said: "Considering our survey has literally been completed in the last few days since the global meltdown, it is very encouraging to see that people still understand the merit in investing in real estate and that now is still a good time to buy as prices are low."
Betz continued: "The Worldwide Property Show which started in 1995 has received a record number of developers and estate agents wishing to participate in this season's show and will feature 85 exhibitors from 32 countries including USA, Egypt, Morocco and UK, as well as emerging Asian markets such as Philippines and Thailand and a very wide variety of UAE developers and agents."
Mike Bridge, Business Development Director at Dubai Shows Limited said: "With developers feeling the pinch, it is definitely a buyers market with great opportunities to select prime property in some of the best locations in the world. You cannot take away the benefits, even in a crisis, of a fabulous city or beautiful coastline."
Bridge added: "It is also good news that the banks have recently received Governments' support and are more likely to be in a position to fund property investment again".
The Worldwide Property Show and UAE Developer, the UAE's longest running consumer property exhibition opens 23rd to 25th October 2008 at the Grand Hyatt Dubai.
Social BookmarkingThe survey shows an optimistic view, with one fourth of respondents feeling that the global crisis will only have a minor impact on the local UAE Property Market. 56% surveyed felt that there may be a slowdown but will not have the same impact as in Europe and US.
The survey further revealed that Dubai residents are more confident than those living in Abu Dhabi and Sharjah however 40% of all respondents felt that now is still a good time to invest as they can pick up a bargain. 16% of respondents were not sure and were sitting on the fence.
When deciding on the developer -value for money, ability to adhere to promises and transparency of information are the attributes that people look at. The least important attribute is public information available either on a website or in the media. This indicates that consumers are anxious about cost of ownership and the inherent investment value of the property.
Respondents were also asked what were their top destinations for real estate investment around the world - 55% favoured Asia, 40% for Middle East, 32% for Europe & UK and 27% for North America.
George Betz ,International Sales Director at Dubai Shows Limited organisers of the Worldwide Property Show said: "Considering our survey has literally been completed in the last few days since the global meltdown, it is very encouraging to see that people still understand the merit in investing in real estate and that now is still a good time to buy as prices are low."
Betz continued: "The Worldwide Property Show which started in 1995 has received a record number of developers and estate agents wishing to participate in this season's show and will feature 85 exhibitors from 32 countries including USA, Egypt, Morocco and UK, as well as emerging Asian markets such as Philippines and Thailand and a very wide variety of UAE developers and agents."
Mike Bridge, Business Development Director at Dubai Shows Limited said: "With developers feeling the pinch, it is definitely a buyers market with great opportunities to select prime property in some of the best locations in the world. You cannot take away the benefits, even in a crisis, of a fabulous city or beautiful coastline."
Bridge added: "It is also good news that the banks have recently received Governments' support and are more likely to be in a position to fund property investment again".
The Worldwide Property Show and UAE Developer, the UAE's longest running consumer property exhibition opens 23rd to 25th October 2008 at the Grand Hyatt Dubai.
Labels: Dubai Real Estate, Latest News, Property-show
Abu Dhabi to emulate Dubai in introduction of real estate laws
With an aim to introduce major transformations in Abu Dhabi property market, Abu Dhabi plans to introduce real estate regulations as that prevailing in its neighbouring emirate Dubai.
Al Tamini, the Dubai-based Law firm, is on discussions with the Department for Municipal Affairs in Abu Dhabi, which handles real estate legislation for the emirate. The firm has suggested introduction of strata, escrow and broker laws, to improve regulation, and provide investors the much-required confidence when investing in the region.
During the year 2002, Dubai introduced freehold ownership of property in chosen areas, sparking its six-year real estate boom. The proposed introduction of laws would essentially focus on the change in freehold ownership of land.
The Associate Lawyer at Al Tamini's Abu Dhabi office, Walter Robinson, said that the investors comfort was the most important and that it is vital for the investors to know that they are investing in a property that has a real estate title deed, the system of ownership of which, is recognized on par with the best international practices.
According to Robinson introduction of freehold ownership rights is a vital and fundamental change to property laws in Abu Dhabi.
"An Escrow Law protects investors and ensures that developers actually deliver projects. This legislation is being considered by Abu Dhabi to cover residential and commercial properties," he revealed.
Social BookmarkingAl Tamini, the Dubai-based Law firm, is on discussions with the Department for Municipal Affairs in Abu Dhabi, which handles real estate legislation for the emirate. The firm has suggested introduction of strata, escrow and broker laws, to improve regulation, and provide investors the much-required confidence when investing in the region.
During the year 2002, Dubai introduced freehold ownership of property in chosen areas, sparking its six-year real estate boom. The proposed introduction of laws would essentially focus on the change in freehold ownership of land.
The Associate Lawyer at Al Tamini's Abu Dhabi office, Walter Robinson, said that the investors comfort was the most important and that it is vital for the investors to know that they are investing in a property that has a real estate title deed, the system of ownership of which, is recognized on par with the best international practices.
According to Robinson introduction of freehold ownership rights is a vital and fundamental change to property laws in Abu Dhabi.
"An Escrow Law protects investors and ensures that developers actually deliver projects. This legislation is being considered by Abu Dhabi to cover residential and commercial properties," he revealed.
Labels: Abu Dhabi, Property Law
State-of-the-art Soccer Tower to be launched in Dubai Sports City
Sunday, October 19, 2008
Infinity Emirates Investments plans to launch the state-of-the-art 'Soccer Tower' development at the Dubai Sports City.
The Infinity Emirates Investments handles a wide range of business sectors such as the textile, real estate and construction. The group carries a solid experience of more than 20 years in international markets, and has worked with several largest companies around the world.
Briefing about the new Soccer Tower launch, the Managing Director of Infinity Emirates Investments, Sadia Butt, said "We are pround to introduce the world-class project, the Soccer Tower, offers several state-of-the-art amenities which add to luxury and comfort of contemporary lifestyle."
Strategically located within the Dubai Sports City, the Soccer Tower is a 25-storey master-piece. The development offers single, double and triple bedroom apartments, penthouses, and also enjoys a series of innovative amenities, such as LG Home Net, open air gardens, health club, swimming pool, and other luxury-driven amenities.
"We are proud about being involved in such unique investment. Its strategic location would be an important factor for generating strong sales and First Choice Real Estate has always ensured that its clients interest comes first, and have endeavored to bring to them viable projects, which are trustworthy and offer good returns on investments." said Najeeb Haroon, Managing Director, First Choice Estate.
Labels: Dubai Sports City, Residential
Al Barari properties earn good demand from world's super-rich
Saturday, October 18, 2008
According to a property developer in Dubai, its new $6.4bn luxury residential development has drawn more billionaires than in any other part of the world.
Located off the Emirates Road in Dubailand, the villas and apartments of the Al Barari mixed-use development, in the Nad Al Sheba area, are being snapped up by the super-rich.
The Chairman of Al Barari, Zaal Mohammad Zaal, agreed that Al Barari has more billionaires per square meter, than anywhere else.
"Most of our buyers are what you call 'old money'. They are the end-users and we hardly have speculators," he said.
Mohammad Zaal refused to give details, but said that the people here love their privacy. About 300 secluded villas, amidst lakes and trees, are spread across 14.2million square feet of space. Al Barari is one of the lowest density developments in the region, and more than 80 percent of it is in the un-built area.
The villas have a starting price of $10.3mn, and the apartment prices range from $1.4mn to $4mn. Phase one of the project, which includes 300 villas, is about 75 percent complete. The earthworks and infrastructure will begin towards the end of the year during phase two, which includes 32 villas, a six-star boutique hotel, apartments, spa and resort, gardens, shopping areas, apartments, culture village and a grand mosque.
About 200 villas of phase have already been sold, and a huge demand is being witnessed for phase two of the project. The entire scheme would be complete towards end of 2011.
Social BookmarkingLocated off the Emirates Road in Dubailand, the villas and apartments of the Al Barari mixed-use development, in the Nad Al Sheba area, are being snapped up by the super-rich.
The Chairman of Al Barari, Zaal Mohammad Zaal, agreed that Al Barari has more billionaires per square meter, than anywhere else.
"Most of our buyers are what you call 'old money'. They are the end-users and we hardly have speculators," he said.
Mohammad Zaal refused to give details, but said that the people here love their privacy. About 300 secluded villas, amidst lakes and trees, are spread across 14.2million square feet of space. Al Barari is one of the lowest density developments in the region, and more than 80 percent of it is in the un-built area.
The villas have a starting price of $10.3mn, and the apartment prices range from $1.4mn to $4mn. Phase one of the project, which includes 300 villas, is about 75 percent complete. The earthworks and infrastructure will begin towards the end of the year during phase two, which includes 32 villas, a six-star boutique hotel, apartments, spa and resort, gardens, shopping areas, apartments, culture village and a grand mosque.
About 200 villas of phase have already been sold, and a huge demand is being witnessed for phase two of the project. The entire scheme would be complete towards end of 2011.
Labels: Al-Barari, Dubailand, Luxury Homes
Commercial property prices in Dubai may slow down
With more supply hitting the market, the rise in commercial property prices are bound to slow down, indicate recent reports.
Dubai has begun discouraging short-term investors, with few commercial buildings being listed at a negative premium. A commercial review by Better Homes, suggests that with the liquidity being squeezed in global markets, more such instances are likely to occur.
The global recession has created panic in terms of sentiment. Several projects being launched this year are exceptionally highly-priced in the range of Dh.4000 to Dh.5000 per square foot, when compared to last year.
Such prices are agreeable when things are going good and fine, but when the projects are three to five years away from completion, a slowdown is inevitable, says Niraj Masand, Managing Director-Commercial Advisory, Better Homes.
In the third quarter of this year, an increase in activity, and better interest towards commercial properties in Jumeirah Lake Towers, Meydan, Dubai Waterfront and Dubai Maritime have been noticed.
Rents are however, very high for both primary and secondary offices. The rates for office space range from Dh.250 to Dh.275 per square foot in old commercial areas such as Bur Dubai and Deira, while the rent is Dh.500 to Dh.550 in new places such as the DIFC and Jumeirah Lake Towers.
Just as is the case with residential sector, the demand continues to surpass supply in the commercial sector too, which has led to inflated rents. This indicates that on purchase of such properties, investors gain good returns for their investments, and this is a huge opportunity for speculators, Masand pointed out.
Social BookmarkingDubai has begun discouraging short-term investors, with few commercial buildings being listed at a negative premium. A commercial review by Better Homes, suggests that with the liquidity being squeezed in global markets, more such instances are likely to occur.
The global recession has created panic in terms of sentiment. Several projects being launched this year are exceptionally highly-priced in the range of Dh.4000 to Dh.5000 per square foot, when compared to last year.
Such prices are agreeable when things are going good and fine, but when the projects are three to five years away from completion, a slowdown is inevitable, says Niraj Masand, Managing Director-Commercial Advisory, Better Homes.
In the third quarter of this year, an increase in activity, and better interest towards commercial properties in Jumeirah Lake Towers, Meydan, Dubai Waterfront and Dubai Maritime have been noticed.
Rents are however, very high for both primary and secondary offices. The rates for office space range from Dh.250 to Dh.275 per square foot in old commercial areas such as Bur Dubai and Deira, while the rent is Dh.500 to Dh.550 in new places such as the DIFC and Jumeirah Lake Towers.
Just as is the case with residential sector, the demand continues to surpass supply in the commercial sector too, which has led to inflated rents. This indicates that on purchase of such properties, investors gain good returns for their investments, and this is a huge opportunity for speculators, Masand pointed out.
Labels: Commercial Property, Dubai Real Estate, Property Prices
Sheffield plans portfolio expansion with Dh3.5bn new Waterfront projects
Friday, October 17, 2008
Sheffield Real Estate FZC, the Dubai-based property developer launched a major expansion of their project portfolio by embarking on three new projects at the Dubai Waterfront, worth a total of Dh.3.5bn.
The Chairman of Sheffield Real Estate, Abu Ali Malik Shroff, said "The company has carved a niche for itself over the years, as a real estate developer, focusing on master communities which have helped boost the stature of Dubai, as the world’s best destination for freehold realty investments. The Dubai Waterfront is another opportunity from Nakheel offering huge potential for maximizing returns from investments."
The Dubai Waterfront properties will now join with Sheffields developments such as residential properties in Dubai Marina International City, Shopping Mall in Mizin, and the commercial real estate development in Jumerah Lake Towers. The Dh.1.7bn Marina 101, one among the tallest towers in Dubai, is also a major real estate development by Sheffield.
The Nakheel Waterfront will transform the 1.4bn square feet of empty desert and sea, into an international community, housing about 1.5mn people, which would be twice the size of Hong Kong Island. It is developed along Dubai’s natural coastline, stretching 15kms, and will offer 70km of coastline in total.
Shroff revealed that Sheffield has received the concept approval to finalize the three residential developments within t
The Chairman of Sheffield Real Estate, Abu Ali Malik Shroff, said "The company has carved a niche for itself over the years, as a real estate developer, focusing on master communities which have helped boost the stature of Dubai, as the world’s best destination for freehold realty investments. The Dubai Waterfront is another opportunity from Nakheel offering huge potential for maximizing returns from investments."
The Dubai Waterfront properties will now join with Sheffields developments such as residential properties in Dubai Marina International City, Shopping Mall in Mizin, and the commercial real estate development in Jumerah Lake Towers. The Dh.1.7bn Marina 101, one among the tallest towers in Dubai, is also a major real estate development by Sheffield.
The Nakheel Waterfront will transform the 1.4bn square feet of empty desert and sea, into an international community, housing about 1.5mn people, which would be twice the size of Hong Kong Island. It is developed along Dubai’s natural coastline, stretching 15kms, and will offer 70km of coastline in total.
Shroff revealed that Sheffield has received the concept approval to finalize the three residential developments within t