Solanki Holdings forays into UAE property sector
Sunday, November 30, 2008
Solanki Holding and Investments Limited, leading UAE-based conglomerate, forayed into proper sector with the launch of their new entity, Solanki Real Estate, projected to invest Dh.12bn into the sector.
Among their landmark developments will be the Dh.9bn worth project at Al Marjan Islands in Ras Al Khaimah.
Comprising 1500 apartments, several commercial units, and 100 villas, spread across 1.5million square feet of retail space, and a hotel, the development is likely to be launched in three phases. It will also include an elaborate shopping mall and several retail outlets.
Phase One is scheduled for launch within next three to four months, depending on market conditions.
Despite the bleak market conditions within the property sector, Solanki is confident that the long-term picture is bright, with the banks sure to facilitate financing.
Other development plans by the company include projects in the International City, Dubailand, Dubai Silicon Oasis and Jumeirah Village.
The Phase One of the International City is worth Dh.80million, comprising 140 units in a 10 storey development. About 60 percent of the project is now complete, said Abdul Rahman Esmail Solanki, the Chairman of the Company.
"We have been operating diverse business in the UAE for 35 years now. We are proud to announce our first real estate venture. The spectacular Al Marjan Islands of RAK has been an obvious location choice for us, which serves as beautiful backdrop for a mixed-use community, while also giving us an opportunity to cater to the growth of the emirate in terms of tourism, activity and population," said Abdulrahman Ismail Solanki, Chairman of Solanki Holdings.
Although Solanki did not announce any immediate launch of projects, they are confident about the GCC market and UAE, in particular, as the fundamentals are all here, said Emad Pattni, the CEO of Solanki Real Estate.
Social BookmarkingAmong their landmark developments will be the Dh.9bn worth project at Al Marjan Islands in Ras Al Khaimah.
Comprising 1500 apartments, several commercial units, and 100 villas, spread across 1.5million square feet of retail space, and a hotel, the development is likely to be launched in three phases. It will also include an elaborate shopping mall and several retail outlets.
Phase One is scheduled for launch within next three to four months, depending on market conditions.
Despite the bleak market conditions within the property sector, Solanki is confident that the long-term picture is bright, with the banks sure to facilitate financing.
Other development plans by the company include projects in the International City, Dubailand, Dubai Silicon Oasis and Jumeirah Village.
The Phase One of the International City is worth Dh.80million, comprising 140 units in a 10 storey development. About 60 percent of the project is now complete, said Abdul Rahman Esmail Solanki, the Chairman of the Company.
"We have been operating diverse business in the UAE for 35 years now. We are proud to announce our first real estate venture. The spectacular Al Marjan Islands of RAK has been an obvious location choice for us, which serves as beautiful backdrop for a mixed-use community, while also giving us an opportunity to cater to the growth of the emirate in terms of tourism, activity and population," said Abdulrahman Ismail Solanki, Chairman of Solanki Holdings.
Although Solanki did not announce any immediate launch of projects, they are confident about the GCC market and UAE, in particular, as the fundamentals are all here, said Emad Pattni, the CEO of Solanki Real Estate.
Labels: Real Estate Company
JBR's Murjan cluster, the heart of emerging New Dubai
The Jumeirah Beach Residence (JBR) by Dubai Properties is said to be the centre to New Dubai. Consequently, the Murjan cluster is the heart of the emerging New Dubai.
JBR comprises 36 residential towers, divided into six clusters -Murjan, Amwaj, Rimal, Bahar, Sadaf and Shams, that offers studios, single, double, triple and four bedroom apartments to penthouses to terraced apartments, duplex apartments, loft apartments with garden.
Located along the edge of Dubai and Jebel Ali, Murjan is away from the pounding traffic of Deira, Sharjah and Bur Dubai. It takes less than an hour to reach Abu Dhabi from Murjan.
Murjan, a part of JBR, is a freehold property, built last year. The towers are of top quality comprising sleek studios, double bedroom, four bedroom and penthouses.
Murjan also offers 'The Walk', a village comprising jewelry stones, beach clubs, bespoke tailors, high-end restaurants and night clubs. This is apart from access to several gyms and private beach and luxury living for the layman. Apart from the said, for the shopping lovers, the Mall of Emirates and the Ibn Battutta Mall are located adjacent to Murjan locality.
The six clusters of JBR offers other amenities such as the Saville Row and Saks Fifth Avenue and low-cost food outlets located on the plaza level of Murjan. Two of the gymnasiums are already open, and three more are likely to be opened by the first quarter of next year. There is also personalized taxi service, secure parking and crèche on the offer.
Social BookmarkingJBR comprises 36 residential towers, divided into six clusters -Murjan, Amwaj, Rimal, Bahar, Sadaf and Shams, that offers studios, single, double, triple and four bedroom apartments to penthouses to terraced apartments, duplex apartments, loft apartments with garden.
Located along the edge of Dubai and Jebel Ali, Murjan is away from the pounding traffic of Deira, Sharjah and Bur Dubai. It takes less than an hour to reach Abu Dhabi from Murjan.
Murjan, a part of JBR, is a freehold property, built last year. The towers are of top quality comprising sleek studios, double bedroom, four bedroom and penthouses.
Murjan also offers 'The Walk', a village comprising jewelry stones, beach clubs, bespoke tailors, high-end restaurants and night clubs. This is apart from access to several gyms and private beach and luxury living for the layman. Apart from the said, for the shopping lovers, the Mall of Emirates and the Ibn Battutta Mall are located adjacent to Murjan locality.
The six clusters of JBR offers other amenities such as the Saville Row and Saks Fifth Avenue and low-cost food outlets located on the plaza level of Murjan. Two of the gymnasiums are already open, and three more are likely to be opened by the first quarter of next year. There is also personalized taxi service, secure parking and crèche on the offer.
Labels: New-Dubai
Al Madar Group launches the Dh1.4bn Suhail Tower
A leading property developer in GCC, Al Madar Investments, an arm of the Al Madar Group, has launched the Dh.1.4bn worth residential project, the 'Suhail Tower', at the Madinat Al Arab area of Dubai Waterfront.
The 47 storey tower with studios, single, double and triple bedroom apartments is expected to be complete by 2011. The apartments would consist of state-of-the-art home automation system, swimming pools, badminton court, gymnasium, cafes, retail outlets and concierge services.
According to the Sales and Marketing Director of Al Madar Investments, Keith Pepperdine, the ideal location of Suhail Tower is a major aspect for its selling point.
Speaking during the launch of the tower, he pointed out that the project is located in tranquil surroundings in close proximity to several major destinations in Dubai, offering wonderful views over the Arabian Gulf from all levels, with the open Parkland and Canal running alongside the back of the project.
Suhail Tower is the latest inclusion to Al Madar's portfolio. The other major projects by the developer in Dubai are the mixed-use development 'Coopet' in Arjan in Dubailand, the 'Siraj Tower' also located in Arjan, the 'Bellagio Tower' a commercial development in Liwan at Dubailand, and a residential tower called Scala Tower at Business bay.
Madinat al Arab is one of the ten locations in the Dubai Waterfront, being developed by an international group of planners, architects and developers. The area is poised to be the new downtown of Dubai and Central Business District. It will feature residential, commercial, retail spaces and resorts, linked by an integrated transport system.
Labels: Madinat-Al-Arab, Residential
Dubai developers defer sale of new properties
Friday, November 28, 2008
Leading developers in Dubai are putting on hold the sales of their properties, until the situation improves in the real estate market of the emirate.
Nakheel's Palm Jebel Ali- Project Director, Ali Mansour, said that they plan to reassess sales strategies in light of the prevailing market conditions. "We are reviewing everything now, and have no new plans for the near future," said Ali Mansour.
Palm Jebel Ali is the second project of the Palm trilogy developed by Nakheel, located in the center of Jebel Ali, close to Al Maktoum International Airport and the Dubai Waterfront development. Featuring signature villas, garden villas, luxury apartments, town homes and penthouses, it is expected to house a population of 300,000.
Limitless has also not launched the sales of its Arabian Canal project. The Project Director for the Arabian Canal, Rainelan Raine, said that the company is watching the market carefully, and will judge the right time to commence sales.
"There is a huge interest in the Arabian Canal project but, the sales will have to wait," Raine said. Arabian Canals is one of the longest man-made canals, the excavation of which, will begin near Dubai Marina, and will flow inland around the Al Maktoum International Airport. Financing for the first stage of the project has already been completed, the developer said.
The Dubai-based real estate developer, Rufi Real Estate too, said that it is reviewing its strategies and has postponed the launch of few of its realty projects until the second quarter of 2009.
The developer was due to launch two of its residential towers in Meydaan and The World, where, three islands had been purchased. But, it has deferred all that for now. Rufi expressed hope about real estate prices picking up towards middle of 2009 in the emirate.
Social BookmarkingNakheel's Palm Jebel Ali- Project Director, Ali Mansour, said that they plan to reassess sales strategies in light of the prevailing market conditions. "We are reviewing everything now, and have no new plans for the near future," said Ali Mansour.
Palm Jebel Ali is the second project of the Palm trilogy developed by Nakheel, located in the center of Jebel Ali, close to Al Maktoum International Airport and the Dubai Waterfront development. Featuring signature villas, garden villas, luxury apartments, town homes and penthouses, it is expected to house a population of 300,000.
Limitless has also not launched the sales of its Arabian Canal project. The Project Director for the Arabian Canal, Rainelan Raine, said that the company is watching the market carefully, and will judge the right time to commence sales.
"There is a huge interest in the Arabian Canal project but, the sales will have to wait," Raine said. Arabian Canals is one of the longest man-made canals, the excavation of which, will begin near Dubai Marina, and will flow inland around the Al Maktoum International Airport. Financing for the first stage of the project has already been completed, the developer said.
The Dubai-based real estate developer, Rufi Real Estate too, said that it is reviewing its strategies and has postponed the launch of few of its realty projects until the second quarter of 2009.
The developer was due to launch two of its residential towers in Meydaan and The World, where, three islands had been purchased. But, it has deferred all that for now. Rufi expressed hope about real estate prices picking up towards middle of 2009 in the emirate.
Labels: Latest News, Sales
Major Abu Dhabi firms join together to launch new mortgage finance provider
Major investment, real estate and finance companies in Abu Dhabi have joined together to announce the launch of Abu Dhabi Finance, a new entity formed to serve the real estate market of the emirate, and to serve the demand for mortgage finance by consumers.
With a capital of Dh.500million, the objective of the company is to help Abu Dhabi meet its long-term strategies of sustainable economic growth by financing the growing demand for real estate.
Following one year of planning, Abu Dhabi Finance has been launched with a complete range of mortgage products to appeal to a wide range of borrowers.
The Chairman of Abu Dhabi Finance, Ali Eid Al Mehairi, said "The huge demand for real estate in Abu Dhabi implies that there would be greater demand for mortgage financing. Our team has been working towards creating attractive, innovative mortgage products to meet requirements of all types of homeowners."
Abu Dhabi Finance plan to offer mortgages with a range of benefits, including loan-to-value ratios of up to 85 percent, flexible payment methods, loan terms between three and thirty years, and debt service ratios of up to 55 percent.
The Chief Executive of Abu Dhabi Finance, Philip Ward, said "We are aiming to become the leading supplier of mortgage products. We have invested heavily in developing our products and in training our Mortgage Advisors, so that clients can rest assured about getting the right mortgage for them."
Social BookmarkingThe Abu Dhabi Commercial Bank, Mubadala Development Company, Aldar, Tourism Development and Investment Company (TDIC) and Sorouh Real Estate PJSC are the shareholders of the new finance company, which will initially offer mortgages toThe companies are estimated to represent about more than two-thirds of the new units under-construction in Abu Dhabi.
buyers in the emirate.
With a capital of Dh.500million, the objective of the company is to help Abu Dhabi meet its long-term strategies of sustainable economic growth by financing the growing demand for real estate.
Following one year of planning, Abu Dhabi Finance has been launched with a complete range of mortgage products to appeal to a wide range of borrowers.
The Chairman of Abu Dhabi Finance, Ali Eid Al Mehairi, said "The huge demand for real estate in Abu Dhabi implies that there would be greater demand for mortgage financing. Our team has been working towards creating attractive, innovative mortgage products to meet requirements of all types of homeowners."
Abu Dhabi Finance plan to offer mortgages with a range of benefits, including loan-to-value ratios of up to 85 percent, flexible payment methods, loan terms between three and thirty years, and debt service ratios of up to 55 percent.
The Chief Executive of Abu Dhabi Finance, Philip Ward, said "We are aiming to become the leading supplier of mortgage products. We have invested heavily in developing our products and in training our Mortgage Advisors, so that clients can rest assured about getting the right mortgage for them."
Ritaj Community development, up for sale
Dubai Investments Real Estate Company (DIREC), one of the largest investment companies listed in the UAE Stock Exchange, in partnership with Gowealthy.com, the leading global property lifestyle brand in the region, have announced sales of the latest phase of the Ritaj Community development.
The construction of this unique five-storey project is progressing as scheduled towards its completion and handover to purchasers during June 2009, the official spokesman revealed.
The project comprising 360 studio units would be just right for small families and local companies seeking alternatives to rising rents and operating costs. The prices of apartments begin with Dh.498,000 with a down payment of just2.5 percent.
Ritaj is targeted towards end-users seeking to convert their rent payments into ownership of an appreciating asset and corporations seeking to convert their HRA (Housing Rent Allowance) into a capital asset.
The payment plan permits a payment of just 25 percent to be paid during construction period and the rest 75 percent to be paid at the time of handover, funded through readily available mortgage facility.
A sprawling service wing facility at the ground floor is one of the most enviable features of the development, which the residents are bound to enjoy, in addition to common amenities such as the gymnasium and swimming pool.
The project, along with community as a whole, has the advantage of being in close proximity to the amenities of Green Community, including its shopping arcade, restaurants, supermarket, and The Marriott Courtyard hotel.
Designed by Al Jabal Engineering Consultants, the residents of Ritaj get to enjoy necessary amenities as it forms a part of a fully equipped community center planned by DIRC, and hence can gain access to cafes, restaurants, supermarket, shops, pharmacy, Mosque, clinic, games room and theatre-style movie room.
The Center would be the focal point for residents offering essential services during the day, followed by relaxation and entertainment services offered in the evening.
Social BookmarkingThe construction of this unique five-storey project is progressing as scheduled towards its completion and handover to purchasers during June 2009, the official spokesman revealed.
The project comprising 360 studio units would be just right for small families and local companies seeking alternatives to rising rents and operating costs. The prices of apartments begin with Dh.498,000 with a down payment of just2.5 percent.
Ritaj is targeted towards end-users seeking to convert their rent payments into ownership of an appreciating asset and corporations seeking to convert their HRA (Housing Rent Allowance) into a capital asset.
The payment plan permits a payment of just 25 percent to be paid during construction period and the rest 75 percent to be paid at the time of handover, funded through readily available mortgage facility.
A sprawling service wing facility at the ground floor is one of the most enviable features of the development, which the residents are bound to enjoy, in addition to common amenities such as the gymnasium and swimming pool.
The project, along with community as a whole, has the advantage of being in close proximity to the amenities of Green Community, including its shopping arcade, restaurants, supermarket, and The Marriott Courtyard hotel.
Designed by Al Jabal Engineering Consultants, the residents of Ritaj get to enjoy necessary amenities as it forms a part of a fully equipped community center planned by DIRC, and hence can gain access to cafes, restaurants, supermarket, shops, pharmacy, Mosque, clinic, games room and theatre-style movie room.
The Center would be the focal point for residents offering essential services during the day, followed by relaxation and entertainment services offered in the evening.
Labels: Community, Residential, Sales
Developers waive-off 30 percent payment before re-sale of units
Thursday, November 27, 2008
Emaar Properties has waived off the clause of paying 30 percent of the total property value before sale of their units in the markets.
According to the Chief Executive of Blu Realty International, Amr Soliman, the restriction of 30 percent payment of total property value before sale of units, no longer exists. Yet, another realty agent is also said to have waived off the clause.
The transfer and sale of off-plan properties was so far permitted only after the 30 percent of total property value had been paid, and no transfer was permitted until the payment was done. According to Emaar, this move was adopted to ensure that the investors and end-users purchasing their properties are genuine.
Early this month, Emaar launched two more payment schemes. One of the schemes permitted property payments for more than five years after handover. Another allowed potential investors to rent a property before they take a decision on whether to purchase it or not. This was done to offer investors with more options and revive property sales.
Property developer, Union Properties, however, has not announced any change, but, has stated that the company will not permit buyers to re-sell their units until they have paid atleast 20 percent of their property value.
On the other hand, Deyaar Development Company, revealed that the company has never insisted on any percentage payment before permitting resale, rather, it emphasizes on certain amount of down payment only.
Social BookmarkingAccording to the Chief Executive of Blu Realty International, Amr Soliman, the restriction of 30 percent payment of total property value before sale of units, no longer exists. Yet, another realty agent is also said to have waived off the clause.
The transfer and sale of off-plan properties was so far permitted only after the 30 percent of total property value had been paid, and no transfer was permitted until the payment was done. According to Emaar, this move was adopted to ensure that the investors and end-users purchasing their properties are genuine.
Early this month, Emaar launched two more payment schemes. One of the schemes permitted property payments for more than five years after handover. Another allowed potential investors to rent a property before they take a decision on whether to purchase it or not. This was done to offer investors with more options and revive property sales.
Property developer, Union Properties, however, has not announced any change, but, has stated that the company will not permit buyers to re-sell their units until they have paid atleast 20 percent of their property value.
On the other hand, Deyaar Development Company, revealed that the company has never insisted on any percentage payment before permitting resale, rather, it emphasizes on certain amount of down payment only.
Labels: Off-plan, Real Estate News
Tameer, Omniyat, Emaar axe jobs
Leading UAE-based developer Tameer has announced job lay-offs involving half of its workforce in view of the slowdown in the UAE property sector caused by the global financial turmoil.
Tameer handed over redundancy notices to about 180 employees last week. The company has a total of 350 employees. The main projects by the developer include the Podium in Dubailand, Platinum Towers in Business Bay, Tameer Towers in Al-Reem Island in Abu Dhabi.
The news of job cuts came on the same day when Omniyat Properties confirmed job cuts affecting one-third of its workforce, in order to ride out the real estate downturn. The company axed 69 jobs, and also called back few of its previously announced projects.
Damac Holding, the largest property developer in Dubai, also announced plans to lay off 200 employees.
In the meanwhile, the Chairman of Emaar Properties, Mohammed Ali Alabbar, said that there are possibilities of redundancies, due to the current slowdown witnessed in the market.
The financial crisis has hit the demand for properties in Dubai from foreign investors, which constitute the bulk of buyers, while tightening liquidity has made home financing seem more difficult.
According to reports by HSBC, the property prices in Dubai fell 4 percent between September and October this year, with the villa prices dropping by 19 percent.
Social BookmarkingTameer handed over redundancy notices to about 180 employees last week. The company has a total of 350 employees. The main projects by the developer include the Podium in Dubailand, Platinum Towers in Business Bay, Tameer Towers in Al-Reem Island in Abu Dhabi.
The news of job cuts came on the same day when Omniyat Properties confirmed job cuts affecting one-third of its workforce, in order to ride out the real estate downturn. The company axed 69 jobs, and also called back few of its previously announced projects.
Damac Holding, the largest property developer in Dubai, also announced plans to lay off 200 employees.
In the meanwhile, the Chairman of Emaar Properties, Mohammed Ali Alabbar, said that there are possibilities of redundancies, due to the current slowdown witnessed in the market.
The financial crisis has hit the demand for properties in Dubai from foreign investors, which constitute the bulk of buyers, while tightening liquidity has made home financing seem more difficult.
According to reports by HSBC, the property prices in Dubai fell 4 percent between September and October this year, with the villa prices dropping by 19 percent.
Labels: Emaar, Latest News, Omniyat
Nakheel's Forbidden City Phase I contract awarded to Gammon & Billimora
Wednesday, November 26, 2008
Nakheel's new project in International City, namely, the 'Forbidden City' has been awarded for construction of its first phase, to Gammon and Billimoria.The new affordable housing cluster draws inspiration from the legendary Royal Court Palace of Imperial China. Forbidden City will comprise 4000 low-rise studio, single and double bedroom apartments. Located at the core of the development will be a landscaped vista, leading its way to an ornate grand Mosque, the spiritual centerpiece of the community.
The work on the development, which began last April would be complete by 2011. The project would be completed in four phases.
The prices of studio is nearly Dh.730,000 while that of single bedroom apartments would be Dh.950,000 and double bedroom would bear a starting price of Dh.1.4million.
According to Rashid Obaid Al Helli, General Manager, Nakheel's International City, about 40 percent of the units at the Forbidden City have already been sold out. Here, a buyer is forbidden to purchase more than three properties, so as to eliminate speculators and help end-users enter the market.
However, Nakheel plans to retain few rental units in the project. Apart from 40,000 homes, the project includes 50 retail stores, restaurants, food outlets, boutiques and internet cafes. The close proximity to the Dragon Mart (the wide range of Chinese merchandise outside mainland China) and the Lake District (a well-planned residential community offering wonderful views of Al Warsan Lake) are few other attractions for residents. The Al Warsan Lake is one of the few freshwater wetlands in UAE, housing 190 species of birds, including the rarest ever known to Arabian Peninsula. Nakheel plans to introduce suitable amenities here, which would enable public to enjoy the wildlife there.
Gammon & Billimoria LCC is the new joint-venture company by two of the leading Indian construction companies, who have joined hands in Dubai, and is all set to undertake general construction projects in the UAE and GCC countries, with their immense wealth of experience on all kinds of civil and building engineering works.
Labels: Forbidden-city, International City, New Contracts
Landmark project Atlantis, The Palm officially launched amidst grand ceremony
Tuesday, November 25, 2008
The official launch ceremony of the Atlantis at Palm Jumeirah has created landmarks in Dubai.
The entire island of the Palm Jumeirah and its flagship resort Atlantis, The Palm, were lit up with a display of fireworks tonight, which marked the official launch of this iconic landmark resort.
The entire island of the Palm Jumeirah and its flagship resort Atlantis, The Palm, were lit up with a display of fireworks tonight, which marked the official launch of this iconic landmark resort.
A note-worthy guest line of 2000 or more from across the globe were seen during the inaugural ceremony, including the music legend -Kylie Minogue, the Middle East pop sensation -Nawal, Bollywood actoress -Priyanka Chopra, Mary-Kate Olsen, Charlize Theron, Lindsay Lohan, Agyness Deyn, Petra Nemcova, Dame Shirley Bassey, John Abraham, Rani Mukherjee, Preity Zinta, Janet Jackson, Robert DeNiro, Mischa Barton, Michael Jordan, Bipasha Basu, Boris Becker, The Duchess of York, the Dubai Royal Family and Lily Allen.
The display of fireworks across the full 520 kilometers stretch of Palm Jumeirah, lit up the entire island and Atlantis resort, creating a display visible from space. Custom-made shells shipped in from across the globe, created a light spectacle taking off from the 716 firing locations around the island, including 400 balconies at the resort.
The display followed an unprecedented high definition video illumination sequence, beginning with the Bollywood star Priyanka Chopra, who enacted as The Goddess of Atlantis.
Guests dined on signature dished made by the multi Michelin-starred chefs of the Atlantis.
Sol Kerzner, the Chairman and CEO of Kerzner International, said "Atlantis, The Palm is the realization of a vision shared with our partners at Nakheel. Tonight was a landmark event for us, and we thank worldwide guests for coming here to be a part of this occasion."
Sol Kerzner, the Chairman and CEO of Kerzner International, said "Atlantis, The Palm is the realization of a vision shared with our partners at Nakheel. Tonight was a landmark event for us, and we thank worldwide guests for coming here to be a part of this occasion."
The Chairman of Dubai World and Executive Chairman of Nakheel, H.E. Sultan Ahmed bin Sulayem, said "The partnership between Nakheel and Kerzner is a testament of the belief in Dubai having grown to be one of the top destinations in the world. Atlantis has come to the right place, and we invite all visitors of Dubai to revel in the magnificent entertainment, hospitality and service it has to offer."
The guests also had the opportunity to rejoice themselves in the various activities that the resort had to offer, including the Aquaventure Water Park, Dolphin Bay, Atlantis Spa, The Lost Chambers, and the Royal Pool of the resort.
An exclusive cocktail party was hosted in the Royal Towers Lobby, and the even concluded with a culinary tour dinner on Friday night at the resort's restaurants, followed by an after party at the private night club, Sanctuary, at the resort.
Labels: Palm Jumeirah, Resorts
Amlak, Tamweel merge to form new entity
Two leading real estate finance providers of UAE, Tamweel and Amlak Finance PJSC, would merge into a new entity under the umbrella of Real Estate Bank, the Ministry of Finance announced. The merger is hoped to create a strong unit likely to be a major boos to Dubai property finance market.
The merger would match international standards, following involvement of all financial and legal formalities, separate assessment and approval for integration between the companies.
The Chairman of Tamweel, Shaikh Khalid Bin Zayed Bin Saqr Al Nahyan, said that the merged unit would boost the confidence of investors in both financial and property sectors in the UAE.
Mohammed Alabbar, a member of ruling council of the Gulf emirate and Chairman of Emaar Properties, speaking about a four way tie-up between the two Dubai-based Islamic lenders, the Real Estate Bank and the Emirates Industrial Bank, said that the new entity would be called 'Emirates Development Bank'.
The new entity would be supported by capital and funding, Alabbar assured. According to the Finance Ministry, the merger is a major landmark development for the UAE financial market. It will form a new entity that serves as cornerstone of the real estate finance market, which has great fundamentals.
Social BookmarkingThe merger would match international standards, following involvement of all financial and legal formalities, separate assessment and approval for integration between the companies.
The Chairman of Tamweel, Shaikh Khalid Bin Zayed Bin Saqr Al Nahyan, said that the merged unit would boost the confidence of investors in both financial and property sectors in the UAE.
Mohammed Alabbar, a member of ruling council of the Gulf emirate and Chairman of Emaar Properties, speaking about a four way tie-up between the two Dubai-based Islamic lenders, the Real Estate Bank and the Emirates Industrial Bank, said that the new entity would be called 'Emirates Development Bank'.
The new entity would be supported by capital and funding, Alabbar assured. According to the Finance Ministry, the merger is a major landmark development for the UAE financial market. It will form a new entity that serves as cornerstone of the real estate finance market, which has great fundamentals.
Labels: Mortgages, Real Estate News
RERA announces new online software for off-plan sales transactions
Dubai's RERA (Real Estate Regulatory Authority) announced that all real estate companies in Dubai should henceforth use the new online software 'Oqood' for off-plan property sales and transactions.
Any off-plan property sales through registered agents or brokers with RERA should be done online using the software through the agency. The software will offer a unified template of property sales contracts between sellers and buyers, duly designed and approved by the Agency.
The property developers are given a time period of three months to train their employees on this new system. The training will be provided by Emirates Real Estate Solutions (ERES), who designed the software.
In the opinion of Sultan Butti bin Mijrin, Director General, Land Department, and developer of the Oqood system, this is an important tool to regulate the property market.
Social BookmarkingAny off-plan property sales through registered agents or brokers with RERA should be done online using the software through the agency. The software will offer a unified template of property sales contracts between sellers and buyers, duly designed and approved by the Agency.
The property developers are given a time period of three months to train their employees on this new system. The training will be provided by Emirates Real Estate Solutions (ERES), who designed the software.
In the opinion of Sultan Butti bin Mijrin, Director General, Land Department, and developer of the Oqood system, this is an important tool to regulate the property market.
Labels: Latest News, Off-plan
Habtoor Group announces sale of Harbour Island Resort & Spa apartments
For the first time, Habtoor Group has announced sale of its 24 freehold apartments of 'Harbour Island Resort & Spa' development on the Crescent, at the Palm Jumeirah.The announcement was made by Mohammed K. Al Habtoor, the Chief Executive of the group.
The project, currently estimated to be worth of Dh1.2billion, may go up further, depending on prices of materials. The apartments of this exclusive project, has all the amenities of a hotel. Depending on the demand for the project, more units will be offered, Al Habtoor said.
The Habtoor Island will house 6-7 restaurants, out of which one of the biggest will be managed by a UK firm. The Chairman of the group, Khalaf Al Habtoor said that the company aims to offer a property that would gain recognition as one of the finest developments in the plant. The company is also aiming for LEED Gold Rating certification for its environmental friendliness.
"The fact that we are committed to deliver an unparalleled lifestyle is evident now, as we have allocated 70 percent of the development towards gardens and water features," Al Habtoor pointed out.
Labels: Environment-friendly, Freehold Property, Palm Jumeirah, Sales
Nakheel tops list of property owners at The Big 5 event
Monday, November 24, 2008
The Big 5, one of the world's largest trade fair for the construction industry in the Arabian Gulf and the associated suppliers, was unveiled on 23rd November 2008 at the Dubai International Exhibition and Convention Center.
The five-day event involves participation of 53 countries with more than 3000 exhibiting companies with $800bn worth of construction projects and about 50,000 visitors from around the world. The organizers of The Big 5 event, dmg World Media Dubai, revealed the top five owners, managers, contractors, financiers and architects involved in the construction projects of the UAE.
Out of the tables released today, companies from the UAE, Belgium, Netherlands, United States, United Kingdom, India and Australia, are among the top in terms of ranking of the value of projects with which they are associated.
Leading real estate developer in Dubai, Nakheel tops the list of property owners in the UAE, with Dh.360.44billion worth projects, revealed the organizers. The biggest projects by Nakheel are the Palm Deira, the World, Nakheel Harbour, Dubai Waterfront and Tower development.
This is followed by a Belgian dredging company who is the Principal Contractor, the US-based Hill International tops the Project Managers list, the Abu Dhabi Commercial Bank leads the Project Financiers list, and the Australian firm tops the list of Project Architects with the development of a small emirate of Umm Al Quwain.
The civil construction projects continue to dominate projects that are currently in progress, topped by Jumeirah Gardens ($95bn), Dubailand ($54bn), Palm Deira ($40bn), Yas Island ($38bn) and White Bay Umm Al Quwain ($29bn).
The rankings are done on the basis of analysis of active construction projects that are currently in progress in the UAE across all sectors including oil and gas, civil construction, water, power, industrial and petrochemical sectors contained within the database of Proleads, the Research Partner of The Big 5.
Social BookmarkingThe five-day event involves participation of 53 countries with more than 3000 exhibiting companies with $800bn worth of construction projects and about 50,000 visitors from around the world. The organizers of The Big 5 event, dmg World Media Dubai, revealed the top five owners, managers, contractors, financiers and architects involved in the construction projects of the UAE.
Out of the tables released today, companies from the UAE, Belgium, Netherlands, United States, United Kingdom, India and Australia, are among the top in terms of ranking of the value of projects with which they are associated.
Leading real estate developer in Dubai, Nakheel tops the list of property owners in the UAE, with Dh.360.44billion worth projects, revealed the organizers. The biggest projects by Nakheel are the Palm Deira, the World, Nakheel Harbour, Dubai Waterfront and Tower development.
This is followed by a Belgian dredging company who is the Principal Contractor, the US-based Hill International tops the Project Managers list, the Abu Dhabi Commercial Bank leads the Project Financiers list, and the Australian firm tops the list of Project Architects with the development of a small emirate of Umm Al Quwain.
The civil construction projects continue to dominate projects that are currently in progress, topped by Jumeirah Gardens ($95bn), Dubailand ($54bn), Palm Deira ($40bn), Yas Island ($38bn) and White Bay Umm Al Quwain ($29bn).
The rankings are done on the basis of analysis of active construction projects that are currently in progress in the UAE across all sectors including oil and gas, civil construction, water, power, industrial and petrochemical sectors contained within the database of Proleads, the Research Partner of The Big 5.
Labels: Nakheel, Property-show
Damac's The Crescent development close to completion
Damac Properties, the leading Dubai-based developer said that their The Crescent project is nearing completion, and is the first project to be finished at the International Media and Production Zone, Dubai.
According to a company statement, the customers are now carrying on final inspections of their apartments, in co-ordination with the Damac Properties Customer Relations Management Team. The occupants can move into their new homes in December.
The completion of 'The Crescent' follows the completion of Lake View project, the second tower to be completed by Damac in Jumeirah Lake Towers.
The Crescent development comprising three storeys is located adjacent to Emirates Road, amidst green landscaping. The development which include studio, single and double bedroom apartments is completely sold out. All apartments are designed with an innovative floor plan so as to catch a glimpse of the wonderful surrounding landscape.
According to Peter Riddoch, the CEO of Damac, this marks a significant step for Damac Properties, and contributes to the double achievement of two of the properties being finished within weeks of each other.
He added that the company is eagerly awaiting to welcome its first residents, while also simultaneously focusing on delivery of their third property Terra Del Sol at Discovery Gardens, which is also due for completion by the end of this year.
Damac Properties awarded a total of Dh.2.5bn worth contracts during the first nine months of this year.
According to a company statement, the customers are now carrying on final inspections of their apartments, in co-ordination with the Damac Properties Customer Relations Management Team. The occupants can move into their new homes in December.
The completion of 'The Crescent' follows the completion of Lake View project, the second tower to be completed by Damac in Jumeirah Lake Towers.
The Crescent development comprising three storeys is located adjacent to Emirates Road, amidst green landscaping. The development which include studio, single and double bedroom apartments is completely sold out. All apartments are designed with an innovative floor plan so as to catch a glimpse of the wonderful surrounding landscape.
According to Peter Riddoch, the CEO of Damac, this marks a significant step for Damac Properties, and contributes to the double achievement of two of the properties being finished within weeks of each other.
He added that the company is eagerly awaiting to welcome its first residents, while also simultaneously focusing on delivery of their third property Terra Del Sol at Discovery Gardens, which is also due for completion by the end of this year.
Damac Properties awarded a total of Dh.2.5bn worth contracts during the first nine months of this year.
Labels: Construction Projects, Damac Properties
Master developers getting more lenient with property developers
Eager to put an end to the confusion and panic prevailing currently in the market, the master developers are said to be offering payment extensions to property developers in Dubai.
A developer in Dubai, when speaking to the media, revealed that when they requested their master developer to defer their land payment, they were readily granted a three-month extension.
The extension granted was for a plot of land on the waterfront development, for which, the developer had remitted 50 percent of total value at the time of purchase.
In the meanwhile, the infrastructure projects in Dubai, such as the plans by Roads and Transport Authority and the new Al Maktoum International Airport in Jebel Ali, would all proceed as stipulated in Dubai Strategic Plan 2015.
According to Nasser Al Shaikh, the Director General of Dubai Department of Finance, a growth rate of 11 percent annually, is expected until 2015, but with the current situation, Dubai would continue to witness economic growth, although at lower rates.
The government and financial institutions are getting highly transparent in their operations and transactions. This is more evident, with Dubai initiating new laws to regulate its banking and property sectors, and this is no-doubt a positive outcome of the global crisis.
Social BookmarkingA developer in Dubai, when speaking to the media, revealed that when they requested their master developer to defer their land payment, they were readily granted a three-month extension.
The extension granted was for a plot of land on the waterfront development, for which, the developer had remitted 50 percent of total value at the time of purchase.
In the meanwhile, the infrastructure projects in Dubai, such as the plans by Roads and Transport Authority and the new Al Maktoum International Airport in Jebel Ali, would all proceed as stipulated in Dubai Strategic Plan 2015.
According to Nasser Al Shaikh, the Director General of Dubai Department of Finance, a growth rate of 11 percent annually, is expected until 2015, but with the current situation, Dubai would continue to witness economic growth, although at lower rates.
The government and financial institutions are getting highly transparent in their operations and transactions. This is more evident, with Dubai initiating new laws to regulate its banking and property sectors, and this is no-doubt a positive outcome of the global crisis.
Labels: Infrastructure, Latest News
Palm Jumeirah property prices plummet 40 percent
Inflated property prices on the Palm Jumeirah have plummeted 40 percent, real estate brokers reveal.
However, villas and apartments are still selling at prices higher than original. Most property owners are hurrying up to sell their properties, said Robert Macnair, Sales Director, Elysian Real Estate.
The urgency could be due to the fact that there is a large payment coming up, or the market has dropped over the last few months. The Executive Director of ETA Star, Abid Junaid, said that the current downturn is a reflection of the market correcting itself, and this is a good thing, with the prices getting more realistic.
However, in the opinion of Amlak, the mortgage lender, it is temporarily halting new mortgages and rubbing salt in the wound. This could prove counterproductive, as this is the time to channel more funds into mortgages so that end-users can purchase, said Junaid.
According to few analysts however, this scenario does not reflect the sliding property market. Others are confident that it is a temporary condition, which is likely to be resolved soon.
Social BookmarkingHowever, villas and apartments are still selling at prices higher than original. Most property owners are hurrying up to sell their properties, said Robert Macnair, Sales Director, Elysian Real Estate.
The urgency could be due to the fact that there is a large payment coming up, or the market has dropped over the last few months. The Executive Director of ETA Star, Abid Junaid, said that the current downturn is a reflection of the market correcting itself, and this is a good thing, with the prices getting more realistic.
However, in the opinion of Amlak, the mortgage lender, it is temporarily halting new mortgages and rubbing salt in the wound. This could prove counterproductive, as this is the time to channel more funds into mortgages so that end-users can purchase, said Junaid.
According to few analysts however, this scenario does not reflect the sliding property market. Others are confident that it is a temporary condition, which is likely to be resolved soon.
Labels: Market Trends, Palm Jumeirah, Property Prices
Property agents optimistic about Dubai property market
Thursday, November 20, 2008
Several property agents in Dubai predict a bright property market, with the sector expected to pick-up within next six months.
The CEO of Dubai Properties, Mohammed Binbrek, said that the current issue is more due to public sentiment, than due to liquidity or resource availability. Once the fears and concerns of the people are addressed, the business would return to normal.
The same optimism was seen among the respondents of a survey, involving 170 Dubai-based property agents, out of which 77 percent felt that the issues currently plaguing the Dubai real estate sector would vanish in six months time.
Pointing out to other markets, the Managing Director of Better Homes, Ryan Mahoney, said that the markets had a slow phase for a couple of months, and then improved in terms of transactions, depending on the availability of financial lending.
But Mahoney predicts that although the transactions may not rise to previous levels within next six months, the prices would stop falling, and then grow again, which may take about a year.
Social BookmarkingThe CEO of Dubai Properties, Mohammed Binbrek, said that the current issue is more due to public sentiment, than due to liquidity or resource availability. Once the fears and concerns of the people are addressed, the business would return to normal.
The same optimism was seen among the respondents of a survey, involving 170 Dubai-based property agents, out of which 77 percent felt that the issues currently plaguing the Dubai real estate sector would vanish in six months time.
Pointing out to other markets, the Managing Director of Better Homes, Ryan Mahoney, said that the markets had a slow phase for a couple of months, and then improved in terms of transactions, depending on the availability of financial lending.
But Mahoney predicts that although the transactions may not rise to previous levels within next six months, the prices would stop falling, and then grow again, which may take about a year.
Labels: Estate Agents, Latest News, Market Trends
Middle East to account for 50 percent of global waterfront projects
Out of Dh.1.84trillion global waterfront projects, about 50 percent would be accounted to by the region. According to industry analysts these projects are in pipeline for next five years.
With more than 50 percent of the projects in hand, UAE tops the list of global waterfront projects, said Gavin Boyd, the Director of Palm Deira development.
During the early 1990s Dubai had only 70kms of coastline. This is expected to go up to 1000kms by 2015, revealed Hamad Bin Mejren, the Executive Director of Business Tourism at the Department of Tourism and Commerce, Dubai.
Companies will be glad to move their headquarters to waterfront destinations, said Boyd, who was speaking during the Urban Waterfront Conference.
According to Al Mejren, the waterfront developments would be a major boost to tourism and their contribution to Dubai's GDP. The residential and land real estate will be split equally, and waterfront projects would attract more commercial buyers. This is mainly due to the fact that waterfront projects such as the Palm Deira will help ease the clogged traffic even in busiest areas of Dubai, Boyd said.
Social BookmarkingWith more than 50 percent of the projects in hand, UAE tops the list of global waterfront projects, said Gavin Boyd, the Director of Palm Deira development.
During the early 1990s Dubai had only 70kms of coastline. This is expected to go up to 1000kms by 2015, revealed Hamad Bin Mejren, the Executive Director of Business Tourism at the Department of Tourism and Commerce, Dubai.
Companies will be glad to move their headquarters to waterfront destinations, said Boyd, who was speaking during the Urban Waterfront Conference.
According to Al Mejren, the waterfront developments would be a major boost to tourism and their contribution to Dubai's GDP. The residential and land real estate will be split equally, and waterfront projects would attract more commercial buyers. This is mainly due to the fact that waterfront projects such as the Palm Deira will help ease the clogged traffic even in busiest areas of Dubai, Boyd said.
Labels: Middle-East, Water front
Dubai Tower named as one of the Best 50 inventions of the Year
Wednesday, November 19, 2008
The worlds first rotating skyscraper, 'The Dynamic Tower', has been named as one among the "Best 50 inventions of the Year" by the TIME Magazine, due to its revolutionary design and innovation.
Created by David Fisher, the renowned Italian architect, the tower was one of the first choices in a list of ground-breaking inventions. Every floor of the tower rotates independently so as to form a building that constantly changes its shape and appearance, resulting in a unique and evolving architectural landmark.
The environment-friendly tower is the first building to be completely self-powered with wind turbines, positioned horizontally between each floor. The photovoltaic cells on the roof of each rotating floor, produces solar energy.
The Dynamic Tower in Dubai will also be the first high-rise to be built completely from prefabricated parts that are custom-built in a workshop and then installed on site.
This method comes with several benefits, including environmentally clean on-site construction, reduced time and cost of construction, less onsite accidents. Residents of the tower can park their cars at the entrance of the apartments with voice activated systems.
The residents can get a glimpse of the world rotating around them when looking through the glass wall of the buildings. These buildings will also be the first wherein construction begins at the top, with each floor mechanically installed from top to bottom.
Labels: Dubai City, Environment-friendly, Latest News
Wasl plans expansion of key projects in Dubai
Tuesday, November 18, 2008
The Dubai Real Estate Corporation (DREC)-owned asset management group, 'Wasl', announced plans for expansion initiatives for several landmark properties in Dubai. This is a part of its directive to monitor and ensure the sustainable development of property sector for Dubai Government.
The HSBC Bank building in the Bani Yas market and the Dubai International Marine Club (DIMC) are few of the properties likely to witness a new dimension under the latest plan by Wasl, which focuses on hospitality, tourism and healthcare sectors.
Even the Ras Al Khor area will be revamped bringing about 2500 residential units on stream for Wasl employees. The project will be completed in 18 months.
The asset management group is conducting a thorough study of the tourism sector to identify projects, including the star hotels, so as to meet the objective of Dubai in attracting 15 million visitors towards the year 2015.
According to Hesham Al Qassem, CEO of Wasl and DREC, Dubai is beginning to gain a strong foothold on the global tourist landscape and is one of the most frequented destinations. Hence, it is vital that the status of Dubai be complemented by giving a fresh impetus to key developments.
"Our current efforts will help in successfully bridging any d
The HSBC Bank building in the Bani Yas market and the Dubai International Marine Club (DIMC) are few of the properties likely to witness a new dimension under the latest plan by Wasl, which focuses on hospitality, tourism and healthcare sectors.
Even the Ras Al Khor area will be revamped bringing about 2500 residential units on stream for Wasl employees. The project will be completed in 18 months.
The asset management group is conducting a thorough study of the tourism sector to identify projects, including the star hotels, so as to meet the objective of Dubai in attracting 15 million visitors towards the year 2015.
According to Hesham Al Qassem, CEO of Wasl and DREC, Dubai is beginning to gain a strong foothold on the global tourist landscape and is one of the most frequented destinations. Hence, it is vital that the status of Dubai be complemented by giving a fresh impetus to key developments.
"Our current efforts will help in successfully bridging any d