Commercial property prices will continue to decline globally
Sunday, June 28, 2009
Commercial property prices will continue to plunge this year in the global market, and will not bounce back until next year, according to the DTZ Money into Property report 2009.
The report, which was launched yesterday at the Ritz-Carlton Bahrain hotel and Spa last night, revealed that the number of global investments have fallen by 85 percent from their peak during the third quarter of 2007, till the present day.
The report, which includes 38 countries worldwide, offers detailed review about the trends and performances of the global property investment markets during the past year.
According to the report, commercial property prices will fall once more, as they continue to decline globally throughout this year, and will stabilize only next year. The London City office market will be the only key office market, globally, to offer investors attractive returns at current values.
DTZ also predicts that globally, total office returns will be about minus 20 percent this year, and will be zero or slightly positive next year, going to above 10 percent from 2011 onwards.
Being first published in 1975, Money into Property is the longest running annual report of its kind, providing detailed breakdown of the property investment markets globally, considering the different sources of capital, debt and investor interest.
Having already made its presence in six GCC countries, DTZ is currently undergoing aggressive expansion, across the region, offering complete range of real estate services, staffed with qualified expatriates and experienced nationals.
The report, which was launched yesterday at the Ritz-Carlton Bahrain hotel and Spa last night, revealed that the number of global investments have fallen by 85 percent from their peak during the third quarter of 2007, till the present day.
The report, which includes 38 countries worldwide, offers detailed review about the trends and performances of the global property investment markets during the past year.
According to the report, commercial property prices will fall once more, as they continue to decline globally throughout this year, and will stabilize only next year. The London City office market will be the only key office market, globally, to offer investors attractive returns at current values.
DTZ also predicts that globally, total office returns will be about minus 20 percent this year, and will be zero or slightly positive next year, going to above 10 percent from 2011 onwards.
Being first published in 1975, Money into Property is the longest running annual report of its kind, providing detailed breakdown of the property investment markets globally, considering the different sources of capital, debt and investor interest.
Having already made its presence in six GCC countries, DTZ is currently undergoing aggressive expansion, across the region, offering complete range of real estate services, staffed with qualified expatriates and experienced nationals.
Labels: Commercial Property, Market Trends
Commercial rents drop by 40 percent in DIFC
Thursday, May 28, 2009
The Dubai International Finance Centre (DIFC) has seen 40 percent drop in commercial rents during the past six months, reports CB Richard Ellis (CBRE), a leading property consultancy.
The rents have dropped from Dh.750 per square foot to Dh.450 per square foot, and few private landlords are offering further deduction in rents, the report said.
DIFC, being the prime business centre located in the heart of Dubai, commercial rents are far better here, compared to several other areas in the emirate, says Matthew Green, Associate Director-Research, CBRE.
DIFC offers excellent business amenities with high quality office space, generating considerable demand. There was a lengthy wait-list for space in 2008 and the consistency in demand has been continuing since 2004. This is because the firms are seeking quality offices, located in proximity to Sheikh Zayed Road.
The Managing Director of CBRE, Nicholas Maclean, says that the drive in the market is mainly from the financial sector during the past one yea, as the firms want to be located close to DIFC.
Apart from DIFC, the Emaar Square, a business district at Downtown Burj Dubai has also been generating considerable demand, although the Business Bay is the most popular, when it comes to office buildings. Both these projects are on the Sheikh Zayed Road. These properties will soon face stiff competition from the new World Trade Center, he said.
The CBRE report this month said that the prime office rents in Dubai dropped by 18 percent during the first quarter this year, in comparison to the final quarter of last year, dropping from Dh.550 per square foot to Dh.450 per square foot.
The areas most affected by the decline in occupancy and lease rates are Jumeirah Lake Towers and Site C, the areas developed by TECOM, located close to The Greens.
The report states that landlords with properties in localities away from business districts are offering incentives such as relaxed payment terms, to attract tenants.
The rents have dropped from Dh.750 per square foot to Dh.450 per square foot, and few private landlords are offering further deduction in rents, the report said.
DIFC, being the prime business centre located in the heart of Dubai, commercial rents are far better here, compared to several other areas in the emirate, says Matthew Green, Associate Director-Research, CBRE.
DIFC offers excellent business amenities with high quality office space, generating considerable demand. There was a lengthy wait-list for space in 2008 and the consistency in demand has been continuing since 2004. This is because the firms are seeking quality offices, located in proximity to Sheikh Zayed Road.
The Managing Director of CBRE, Nicholas Maclean, says that the drive in the market is mainly from the financial sector during the past one yea, as the firms want to be located close to DIFC.
Apart from DIFC, the Emaar Square, a business district at Downtown Burj Dubai has also been generating considerable demand, although the Business Bay is the most popular, when it comes to office buildings. Both these projects are on the Sheikh Zayed Road. These properties will soon face stiff competition from the new World Trade Center, he said.
The CBRE report this month said that the prime office rents in Dubai dropped by 18 percent during the first quarter this year, in comparison to the final quarter of last year, dropping from Dh.550 per square foot to Dh.450 per square foot.
The areas most affected by the decline in occupancy and lease rates are Jumeirah Lake Towers and Site C, the areas developed by TECOM, located close to The Greens.
The report states that landlords with properties in localities away from business districts are offering incentives such as relaxed payment terms, to attract tenants.
Labels: Commercial Property, DIFC, Rentals
Limitless confirms handover of 600 units at Jebel Ali this year
Wednesday, April 15, 2009
Limitless has announced handover of 600 residential units and about 900,000 square foot of commercial space in the Dh.70bn township development of Downtown Jebel Ali.
The 600 residential units of the two buildings and the 900,000 square feet commercial space would be handed over by the end of the year on lease-basis.
The Downtown Jebel Ali plot comprises 329 plots, with about 300 of them being sold out to third party developers. The rest of the plots will be retained by the company for its own development.
The Downtown Jebel Ali project includes four blocks and there are plazas located in the center of each zone. The ground-breaking on the first plaza will be done by the end of this year. Speaking about the project, Salah Ameen, Project Director said that there are already four commercial buildings built within Downtown Jebel Ali, and 60 percent of these are either leased or occupied completely.
By the end of the year, eight buildings in Downtown Jebel Ali would be leased. The final date of completion of construction is yet to be announced, Ameen said. Limitless said that so far there are several enquiries from people interested in the residential units of the master development.
Early this month, Limitless had made 38 percent of its staff redundant, while also delaying the second phase of Arabian Canal project, owing to global financial crunch.
The 600 residential units of the two buildings and the 900,000 square feet commercial space would be handed over by the end of the year on lease-basis.
The Downtown Jebel Ali plot comprises 329 plots, with about 300 of them being sold out to third party developers. The rest of the plots will be retained by the company for its own development.
The Downtown Jebel Ali project includes four blocks and there are plazas located in the center of each zone. The ground-breaking on the first plaza will be done by the end of this year. Speaking about the project, Salah Ameen, Project Director said that there are already four commercial buildings built within Downtown Jebel Ali, and 60 percent of these are either leased or occupied completely.
By the end of the year, eight buildings in Downtown Jebel Ali would be leased. The final date of completion of construction is yet to be announced, Ameen said. Limitless said that so far there are several enquiries from people interested in the residential units of the master development.
Early this month, Limitless had made 38 percent of its staff redundant, while also delaying the second phase of Arabian Canal project, owing to global financial crunch.
Labels: Commercial Property, Limitless
Damac unveils XL Tower at Business Bay
Tuesday, January 06, 2009
Damac Properties has announced the launch of 'XL Tower', a modern, elegant commercial tower, located at Dubai's Business Bay.
The tower, which has reached Podium level 3, has been in records for utilizing maximum concrete pour ever, in the company's history, when about 5,500 cubic meters of concrete was poured in less than 25 hours.
Covering 153,000 square feet of space and with 8,700 square feet of retail space at the ground level, including shopping arcade, and covered walkway and parking for staff and customers, the modern, the XL Tower is an apt business location.
The XL Tower is equipped with all modern amenities such as hi-speed internet, 24-hour security cameras, swipe access, parking on 7 levels and 3 basements, swimming pool, gymnasium, aerobics room, outdoor jogging track, cafeteria, and health club.
Speaking about the progress of the tower, CEO of Damac Properties, Peter Riddoch said that being an emerging and most sought-after district for freehold residential and commercial properties, all the 13 properties by Damac at Business Bay, have received commendable response.
He revealed that CSHK Dubai Contracting (LLC), a group member of China State Construction Engineering (Hong Kong) Limited have been appointed as contractors for XL Tower.
So far, about 120 nationalities have purchased properties from Damac Properties, and the property developer has provided good support services. The company offers solutions through its vast regional network with offices location in UAE, Saudi Arabia, Kuwait, Qatar, Iraq, Jordan, Egypt, UK and Lebanon.
The tower, which has reached Podium level 3, has been in records for utilizing maximum concrete pour ever, in the company's history, when about 5,500 cubic meters of concrete was poured in less than 25 hours.
Covering 153,000 square feet of space and with 8,700 square feet of retail space at the ground level, including shopping arcade, and covered walkway and parking for staff and customers, the modern, the XL Tower is an apt business location.
The XL Tower is equipped with all modern amenities such as hi-speed internet, 24-hour security cameras, swipe access, parking on 7 levels and 3 basements, swimming pool, gymnasium, aerobics room, outdoor jogging track, cafeteria, and health club.
Speaking about the progress of the tower, CEO of Damac Properties, Peter Riddoch said that being an emerging and most sought-after district for freehold residential and commercial properties, all the 13 properties by Damac at Business Bay, have received commendable response.
He revealed that CSHK Dubai Contracting (LLC), a group member of China State Construction Engineering (Hong Kong) Limited have been appointed as contractors for XL Tower.
So far, about 120 nationalities have purchased properties from Damac Properties, and the property developer has provided good support services. The company offers solutions through its vast regional network with offices location in UAE, Saudi Arabia, Kuwait, Qatar, Iraq, Jordan, Egypt, UK and Lebanon.
Labels: Business Bay, Commercial Property, Damac Properties
Commercial property prices in Dubai may slow down
Saturday, October 18, 2008
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.
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.
Labels: Commercial Property, Dubai Real Estate, Property Prices
Tiger Properties launches the luxurious condominium Tiger Towers
Wednesday, September 17, 2008
Tiger Properties have announced the launch of its latest project, Tiger Towers at the core of Dubai Waterfront development.
The twin condominium towers, 170 and 185 meters in height, will be located at the Madinat Al Arab of the Dubai Waterfront development. The towers would cover a built-up area of 121,500 square meters and the buildings will be joined together by 3000 square meters of retail space at the street level and a four-storey podium building.
The towers will also share four levels of underground parking. The towers will the exclusive corner units that offer breath taking views while also maximizing daylight exposure. The towers have a wide array of amenities, including children's playroom, concierge services, club facilities, lounge for relaxing, a spa, exercise room and swimming pool. The club facilities also include roof-top restaurant at the 48th floor and landscaped areas on the ground level.
The CEO of Tiger Properties, Taha Mohammed, said "With Tiger Towers we will establish a new benchmark for buildings in the Waterfront district - one of the most successful urban neighborhoods of Dubai."
According to Tiger Properties, this high-rise project is an icon in the city, likely to be the most luxurious urban condominium building in Dubai.
The twin condominium towers, 170 and 185 meters in height, will be located at the Madinat Al Arab of the Dubai Waterfront development. The towers would cover a built-up area of 121,500 square meters and the buildings will be joined together by 3000 square meters of retail space at the street level and a four-storey podium building.
The towers will also share four levels of underground parking. The towers will the exclusive corner units that offer breath taking views while also maximizing daylight exposure. The towers have a wide array of amenities, including children's playroom, concierge services, club facilities, lounge for relaxing, a spa, exercise room and swimming pool. The club facilities also include roof-top restaurant at the 48th floor and landscaped areas on the ground level.
The CEO of Tiger Properties, Taha Mohammed, said "With Tiger Towers we will establish a new benchmark for buildings in the Waterfront district - one of the most successful urban neighborhoods of Dubai."
According to Tiger Properties, this high-rise project is an icon in the city, likely to be the most luxurious urban condominium building in Dubai.
Labels: Commercial Property, New Developments, Water front
Dubai likely be most expensive commercial property location in the world
Friday, September 05, 2008
Dubai, popularly known as the city of tall towers, may soon prove to be the most expensive commercial real estate location in the world, reports The Gulf News.
The latest reports have already placed Dubai as the sixth among the list of most expensive office space in the world, behind other commercial big-hitters such as London, Moscow, Hong Kong, Tokyo and Mumbai.
The world's most expensive location at present, London, has noticed that investors are getting timid, as they are passing through the effects of a global credit crunch. The gloomy financial predictions and stringent measures, have led to a plunge in commercial property values, with a recent 20 percent decline noticed in values.
In the meanwhile, in the shiny and optimistic skyscrapers of Dubai, the sky is the limit, as far as real estate is concerned. High demand for office space is driving the prices sky-high, while the supply has been lagging behind.
It is likely that the companies may think twice before setting up large headquarter type of offices in Dubai, due to the spiraling costs. This may prompt establishment of smaller businesses, giving investors a presence in the Middle East, although not a head office.
A drop in prices is unlikely before 2012, but the status of UAE thereafter, is not known. At present, Dubai has 19.1mn square feet of commercial space, boasting a 98 percent occupancy rate. Most of the commercial properties being sold are given off off-plan to developers, striving to keep pace with the demand.
About 75.8mn square feet of space is likely to enter the market within 2012, and then with more office space finally made available, it should be watched as to what happens to prices here and abroad.
There may not be many other places, other than Dubai and UAE, which has so much development planned. The Dubai International Financial Center, Burj Dubai complex and Business Bay, are all places specifically designed to lure companies towards establishing their shops in Dubai.
The cost of building supplies will continue to rise, as the global market continues to slow down, but, this may push prices even higher. Although this could also bear an impact on the building schedules here, a quick glance at the mixed-use and office specific developments being announced regularly in UAE, indicates the buoyancy and optimism in the market.
Although the inflation touched 11.3 percent towards end of last year, while the rent surged 17.5 percent, these have never hindered the growth of property market in 2008. According to recent study, Dubai has witnessed a 136 percent rise in property sales during the first half of this year, and this is bound to continue.
The latest reports have already placed Dubai as the sixth among the list of most expensive office space in the world, behind other commercial big-hitters such as London, Moscow, Hong Kong, Tokyo and Mumbai.
The world's most expensive location at present, London, has noticed that investors are getting timid, as they are passing through the effects of a global credit crunch. The gloomy financial predictions and stringent measures, have led to a plunge in commercial property values, with a recent 20 percent decline noticed in values.
In the meanwhile, in the shiny and optimistic skyscrapers of Dubai, the sky is the limit, as far as real estate is concerned. High demand for office space is driving the prices sky-high, while the supply has been lagging behind.
It is likely that the companies may think twice before setting up large headquarter type of offices in Dubai, due to the spiraling costs. This may prompt establishment of smaller businesses, giving investors a presence in the Middle East, although not a head office.
A drop in prices is unlikely before 2012, but the status of UAE thereafter, is not known. At present, Dubai has 19.1mn square feet of commercial space, boasting a 98 percent occupancy rate. Most of the commercial properties being sold are given off off-plan to developers, striving to keep pace with the demand.
About 75.8mn square feet of space is likely to enter the market within 2012, and then with more office space finally made available, it should be watched as to what happens to prices here and abroad.
There may not be many other places, other than Dubai and UAE, which has so much development planned. The Dubai International Financial Center, Burj Dubai complex and Business Bay, are all places specifically designed to lure companies towards establishing their shops in Dubai.
The cost of building supplies will continue to rise, as the global market continues to slow down, but, this may push prices even higher. Although this could also bear an impact on the building schedules here, a quick glance at the mixed-use and office specific developments being announced regularly in UAE, indicates the buoyancy and optimism in the market.
Although the inflation touched 11.3 percent towards end of last year, while the rent surged 17.5 percent, these have never hindered the growth of property market in 2008. According to recent study, Dubai has witnessed a 136 percent rise in property sales during the first half of this year, and this is bound to continue.
Labels: Commercial Property, Market Trends
Al Fara'a Properties announces launch of Dh.1bn Burj Al Fara'a
Sunday, July 27, 2008
Al Fara'a Properties, the flagship subsidiary of Al Fara'a Construction, Industrial and Property Group has announced the launch of Burj Al Fara'a, worth Dh.1billion, the state-of-the-art commercial tower located at the heart of Jumeirah Village.
The launch of this project is aimed at meeting the strong demand for commercial space in Dubai. It is expected that about 86million square feet of built space will be covered for office space by the year 2010.
The state-of-the-art 38 storey commercial tower will see its ground breaking by December 2008, and is likely to be complete by December 2011. Burj Al Fara'a, will be a highly impressive business location that caters to both local and multinational businesses, seeking to establish their strong presence at commercial business district Jumeirah Village, which is nearing 60 percent completion.
The Director of Al Fara'a Properties, Natasha Gangaramani, said that priority would be given for timely completion of the project, which will be constructed to match the highest industry standards.
Studies indicate that Dubai ranks second to Moscow in terms of commercial floor space, with limited stock of quality office space in Dubai. The insufficient supply and comparatively cheaper rates compared to other property destinations such as London continue to be a major factor behind the growth of Dubai as a premier business hub.
Burj Al Fara'a construction will progress as per rigid timetable set up by the company for timely completion of the project. Al Fara'a Properties also plans to undertake several other project launches as a part of their expansion plan for 2008, intended to bolster the company's portfolio and establish position as the top developer in the UAE.
Labels: Business Tower, Commercial Property, Jumeriah Village, Office Space
Mada'in announces first commercial venture 'The Domain'
Monday, July 07, 2008
Mada'in Properties has announced the venture of their first commercial project, 'The Domain', a 14 storey tower, at Dubai Silicon Oasis, worth Dh.400 million.
Spreading across a land area of 7.2million square meters, with a built-up area of 303,159 square feet, The Domain is an integral part of series of projects to be launched by the company during the course of the year.
The Prices of the tower begin with Dh.1650 per square foot. Conveniently located in the Dubai Silicon Oasis, The Domain is easily accessible from the Dubai International Airport, Sheikh Zayed Road, the City Center, Al Khail Road and Emirates Road.
The Domain, located within a rich corporate ambience, is best suited for multinational companies, and includes a series of impressive facilities with 647 parking spaces, state-of-the-art gymnasium, swimming pools, restaurants, retail outlets and cafes. The fifth floor of the tower will feature a garden spreading across 18,348 square feet. The offices within The Domain will be equipped with smart office software, for better convenience of its occupants.
The Chief Operating Officer of Mada'in Properties, Kieron O'Connor revealed the plans of the company to launch few more projects, with a total value of nearly Dh.3billion, in Gulf this year.
"With this architectural wonder, we offer multinational companies with an ideal platform for conducting their businesses. Just as all our other properties, The Domain, too, will include the same aesthetic elements and sophistication that Mada’in has been known for," said Abdul Aziz Al Awar, the CEO of Mada'in Properties.
The development is due for completion in 2010. Mada'in had recently announced a Dh.1.25bn development, Marina Arcade in Dubai Marina.
At present, out of about 65 projects being developed in Dubai Silicon Oasis, 40 percent are commercial.
Spreading across a land area of 7.2million square meters, with a built-up area of 303,159 square feet, The Domain is an integral part of series of projects to be launched by the company during the course of the year.
The Prices of the tower begin with Dh.1650 per square foot. Conveniently located in the Dubai Silicon Oasis, The Domain is easily accessible from the Dubai International Airport, Sheikh Zayed Road, the City Center, Al Khail Road and Emirates Road.
The Domain, located within a rich corporate ambience, is best suited for multinational companies, and includes a series of impressive facilities with 647 parking spaces, state-of-the-art gymnasium, swimming pools, restaurants, retail outlets and cafes. The fifth floor of the tower will feature a garden spreading across 18,348 square feet. The offices within The Domain will be equipped with smart office software, for better convenience of its occupants.
The Chief Operating Officer of Mada'in Properties, Kieron O'Connor revealed the plans of the company to launch few more projects, with a total value of nearly Dh.3billion, in Gulf this year.
"With this architectural wonder, we offer multinational companies with an ideal platform for conducting their businesses. Just as all our other properties, The Domain, too, will include the same aesthetic elements and sophistication that Mada’in has been known for," said Abdul Aziz Al Awar, the CEO of Mada'in Properties.
The development is due for completion in 2010. Mada'in had recently announced a Dh.1.25bn development, Marina Arcade in Dubai Marina.
At present, out of about 65 projects being developed in Dubai Silicon Oasis, 40 percent are commercial.
Labels: Commercial Property, Dubai Silicon Oasis
Emaar expands further with the launch of Warsan Estate
Monday, June 30, 2008
Emaar Properties has unveiled an exclusive residential community, Warsan Estate, at Al Awir Road. This project marks Emaar's expansion into new geographic locale in the city.
Located along an exclusive residential community on Al Awir Road, Warsan Estate is a medium-sized community whose master-plan is being finalized. Spreading across 3.4million square feet, Warsan Estate will include 500 single family townhomes, which is just apt for residents seeking the privacy of villa in a well-planned residential community.
Warsan Estate is located away from the bustle of the city, and is in close proximity with leisure avenues such as Global Village, Dubai Autodrome, while
also being easily accessible to Abu Dhabi, Sharjah and the rest of Dubai. Warsan Estate offers various lifestyle options that are usually found in Emaar communities.
The Managing Director of Emaar Properties - UAE, Ahmad Al Matoushi said "Warsan Estate is a reiteration of our commitment to develop world-class master-planned communities in Dubai.
Followed by four successful mega-projects in Dubai including the Arabian Ranches, Emirates Living, Downtown Burj Dubai and Dubai Marina, which are either handed over or in their final stages, we are now focusing on building a core competency of master-planned communities."
By developing new townhomes, Emaar caters to the fast-growing demand for villas and townhomes in the city.
Labels: Commercial Property, Emaar, Residential, Townhouses
ACI and Escan Real Estate to develop Dh2bn Escan Tower
Sunday, June 29, 2008
ACI Real Estate, the German developer, together with Escan Real Estate, has announced their plan to develop the only freehold commercial tower, the Escan Tower, on Sheikh Zayed Road at a cost of Dh.2billion.
The Escan Tower comprising 60 storey will offer a mixed-use space of 570,000 square feet on Shaikh Zayed Road, opposite Mazaya Center. The storey one to twenty will be exclusively reserved for office space, while floors twenty one to sixty will be set aside as residential units, apart from high-end retail and dining facilities.
Escan Tower owns the credit of holding "rare freehold status on prime real estate", reveals the Chairman of Escan, Saeed Mattar Bin Belaila. It is also the first freehold commercial building on the highway, which contributes significantly to the landscape of Sheikh Zayed Road.
The tower also includes a five-storey business center, and currently talks are on regarding the company which will brand the center. The selected company will be announced during the coming weeks, reveals the Managing Director of ACI, Robin Lohmann.
Ever-since its entry into the Dubai realty market in 2004, ACI Real Estate has invested more than Dh.10bn in Dubai. ACI is planning several new exciting projects by end of the year.
Escan has a portfolio of more than Dh.13bn but this year it is set to jump higher, and plans to touch Dh.20bn.
Escan has a portfolio of more than Dh.13bn but this year it is set to jump higher, and plans to touch Dh.20bn.
Labels: Commercial Property, Freehold Property, Office Space, Sheikh-Zayed-Road
SIT Tower -new hitech commercial destination at Dubai Silicon Oasis
Thursday, June 19, 2008
Dubai Silicon Oasis has witnessed the launch of another commercial project, the S.I.T. Tower, which is expected to be Dubai's new hi-tech commercial destination.
According to developer of the project, Muhammad Nasir Muhammad Iqbal, the development is likely to meet considerable success due to its unique features, and the prime location.
It has been formed through strategic partnership with Sherwoods Independent Property Consultants and First Choice Real Estate, which further boosts confidence in the project, he added.
The S.I.T Tower, which was unveiled at the Westin Dubai Mina Seyahi Beach Resort and Serdaal Ballrom, features a good combination of excellent business location with world-class amenities, and attractive payment schemes that make it an attractive investment among investors.
About 25% of the tower is already complete. An escrow account has been opened, which has gained the approval of Dubai's RERA (Real Estate Regulatory Authority). Other key amenities of the tower are high-end retail shops, and complete range of restaurants and cafes.
Being located in Dubai Silicon Oasis, the tower appears to be an attractive investment option to foreign investors, as it permits 100 percent foreign ownership with zero personal and corporate taxation, and many other privileges of free-zone.
The commercial complex will take advantage of a thriving urban community, with a master-planned residential environment nearby, apart from a world-class infrastructure, and easy access to Dubai's International Airport, Jebel Ali sea port and Dubai's central business district.
The developer of the project has already made a mark through projects such as International City -Phase 3 and Al Ittihad Village and other developments in Limitless, Downtown Jebel Ali and Dubai Waterfront.
Labels: Commercial Property, Dubai Silicon Oasis, Freehold Property
Aldar launches second phase of Al Mamoura, Baniyas Towers
Sunday, June 08, 2008
The leading integrated property developer, Aldar Properties, has launched the second phase of Al Mamoura and Baniyas Towers at Abu Dhabi.
The two commercial developments, located at the heart of Abu Dhabi, offer about 62,000 square meters of office space, thereby helping to meet the high demand for office space in Abu Dhabi.
Followed by the pre-letting of the 37,000 square meters of entire Al Mamoura A, another 20,000 square meters at Al Mamoura B, is also due for completion, and will be open for lease by the end of this year.
Baniyas Towers will have another 42,000 square meters of grade A office space to offer in two buildings, that are due for completion by January 2009.
Al Mamoura B and Baniyas Towers will offer 'grade A' office accommodation, including high-end amenities, together with units of flexible size, available for lease. Both developments will have ample parking for its tenants and will be serviced by a high standard of building management.
"Aldar Properties hopes to provide the market with a considerable amount of international grade office space by the year 2009. These projects are being done inline with Aldar’s initiative to meet the requirements of this rapidly evolving city and its high demand for quality office accommodation," said Ahmed Ali Al Sayegh, Chairman, Aldar Properties.
The two commercial developments, located at the heart of Abu Dhabi, offer about 62,000 square meters of office space, thereby helping to meet the high demand for office space in Abu Dhabi.
Followed by the pre-letting of the 37,000 square meters of entire Al Mamoura A, another 20,000 square meters at Al Mamoura B, is also due for completion, and will be open for lease by the end of this year.
Baniyas Towers will have another 42,000 square meters of grade A office space to offer in two buildings, that are due for completion by January 2009.
Al Mamoura B and Baniyas Towers will offer 'grade A' office accommodation, including high-end amenities, together with units of flexible size, available for lease. Both developments will have ample parking for its tenants and will be serviced by a high standard of building management.
"Aldar Properties hopes to provide the market with a considerable amount of international grade office space by the year 2009. These projects are being done inline with Aldar’s initiative to meet the requirements of this rapidly evolving city and its high demand for quality office accommodation," said Ahmed Ali Al Sayegh, Chairman, Aldar Properties.
Labels: Abu Dhabi, Aldar, Commercial Property, Construction Projects
JMS unveils luxury hotel & commercial tower -Sharjah Jewel
Monday, May 26, 2008
JMS has announced plans to unveil a luxury hotel and commercial tower, called the 'Sharjah Jewel', worth Dh.1.5bn, at the Al Mamzar Lagoon in Sharjah.
The tower, which is ideally located at the pristine beaches of Al Mamzar Lagoon, will heighten the sense of luxury for anybody working or residing there, and afford good accessibility to Dubai and Sharjah.
The unique 'hanging' form of the Sharjah jewel will continue to rise dramatically at ground floor plus 55 floors. The top eleven floors of the Sharjah Jewel is comprise of furnished residences, connected directly to hotel, with access to office tower. The floors at the office space are likely to be the most sought-after in the UAE, due to the magnificent views of Al Mamzar Lagoon and the Sharjah skyline.
The JMS Chief Executive, Randa Kamal, said "The unique and outstanding architecture, coupled with the top quality construction and fittings, makes Sharjah Jewel the ideal landmark development in the emirate."
The work on the development is due to begin in the first quarter of 2009. The project is likely to be complete within 30 months after the commencement of construction.
Labels: Commercial Property, New Hotels, Sharjah
Plus Properties unveils The Blue Dolphin Center -landmark commercial project in Abu Dhabi
Sunday, May 18, 2008
Plus Properties has launched Dh.300million worth landmark commercial project in Abu Dhabi. The announcement came during the second edition of Cityscape Abu Dhabi that kicked off on 13th May at the Abu Dhabi National Exhibition Center.
The world-class Dh.300mn project namely 'The Blue Dolphin Center', which was unveiled at the exhibition, has been designed by Hilal and Partners, and is expected to the first freehold office and retail centers at Abu Dhabi's Al Raha Beach.
The project includes mostly executive suites designed as per highest quality standards and equipped with latest technology services and superior amenities that are ideal for any type and size of the company. The office suites range from 1200 to 6000 square feet in area, and enjoy beautiful views of waterfront.
The Al Raha Beach, which forms the magnificent new gateway of Abu Dhabi, also promises to be the most spectacular new address of the Gulf. Spreading across 500 hectares of land, the development is located on the beach side of the main highway which connects to Abu Dhabi from Dubai.
Comprising 11 precincts, the Al Raha Beach is home to a variety of dynamic commercial projects and relaxed beachfront communities.
The development aims to be a leading waterfront home to residents and tourists offering its customers the best parks, hotels, marinas, and other leisure amenities linked together by a wonderful network of bridges and canals.
The CEO of Plus Properties, Georges Chehwane, said "Being a major player in the booming real estate market of the region, with primary focus on UAE, we look forward to consolidate our presence and strengthen our ties with current and prospective business associates and regional and international investors."
"Through Cityscape Abu Dhabi, Plus Properties has got an opportunity to contribute towards the buoyant real estate scene in Abu Dhabi. We also look forward to share some of out future launches including the Ashrafieh and Verdun Residential Towers with professionals in industry and the general public."
In a span of less than a year since its inception, the Plus Properties now owns more than Dh.14.16 billion worth of prestigious projects to its credit.
The world-class Dh.300mn project namely 'The Blue Dolphin Center', which was unveiled at the exhibition, has been designed by Hilal and Partners, and is expected to the first freehold office and retail centers at Abu Dhabi's Al Raha Beach.
The project includes mostly executive suites designed as per highest quality standards and equipped with latest technology services and superior amenities that are ideal for any type and size of the company. The office suites range from 1200 to 6000 square feet in area, and enjoy beautiful views of waterfront.
The Al Raha Beach, which forms the magnificent new gateway of Abu Dhabi, also promises to be the most spectacular new address of the Gulf. Spreading across 500 hectares of land, the development is located on the beach side of the main highway which connects to Abu Dhabi from Dubai.
Comprising 11 precincts, the Al Raha Beach is home to a variety of dynamic commercial projects and relaxed beachfront communities.
The development aims to be a leading waterfront home to residents and tourists offering its customers the best parks, hotels, marinas, and other leisure amenities linked together by a wonderful network of bridges and canals.
The CEO of Plus Properties, Georges Chehwane, said "Being a major player in the booming real estate market of the region, with primary focus on UAE, we look forward to consolidate our presence and strengthen our ties with current and prospective business associates and regional and international investors."
"Through Cityscape Abu Dhabi, Plus Properties has got an opportunity to contribute towards the buoyant real estate scene in Abu Dhabi. We also look forward to share some of out future launches including the Ashrafieh and Verdun Residential Towers with professionals in industry and the general public."
In a span of less than a year since its inception, the Plus Properties now owns more than Dh.14.16 billion worth of prestigious projects to its credit.
Labels: Abu Dhabi, Al Raha Beach, Commercial Property, Freehold Property
IRIS launches IRIS Crystal commercial tower at Business Bay
Saturday, May 03, 2008
IRIS, a leading property developer in the region, has officially launched the Dh.600mn IRIS Crystal, during an event held at the InterContinental Hotel on 28th April.
Located at the heart of Business Bay, the 25-storey five-star luxury business development is a freehold office tower, covering 300,000 Square Feet of floor space and 12,000 Square Feet of retail space on the ground level.
Designed by well-known international architects, Aedas, IRIS Crystal will be a commercial tower with prominent architectural features and rich interiors with finest fittings and innovative technologies incorporated. The tenants will have access to a wide range of amenities including health and fitness facilities, state-of-the-art business center, retail outlets all complemented by modern office infrastructure.
The interior will be so designed that it ensures efficient usage of space and light, accommodating six high-speed elevators, nine levels of parking with sufficient parking space for 672 cars, 24 hours secturity, high-speed internet connectivity in all units, state-of-the-art CCTV systems, Smart Card access control, apart from offering unparalleled aesthetics, which ensures high return on investments.
The starting prices of units at IRIS Crystal is nearly Dh.2,976 per Sq. Ft.
The IRIS CEO and the Managing Director of Sheth Estate, Ashwin Sheth, when speaking during the launch, mentioned that the impressive growth of Dubai economy has led to increased demand for office space at prime locations, and that IRIS is proud to introduce another iconic development in Dubai's prime business hub.
The IRIS CEO and the Managing Director of Sheth Estate, Ashwin Sheth, when speaking during the launch, mentioned that the impressive growth of Dubai economy has led to increased demand for office space at prime locations, and that IRIS is proud to introduce another iconic development in Dubai's prime business hub.
Labels: Business Bay, Business Tower, Commercial Property, Freehold Property
Arabtec wins the $112.2m Sanctuary Falls contract
Sunday, March 30, 2008
Arabtec Holding, the largest construction firm in UAE, has been awarded a $112.2million worth residential contract, the 'Sanctuary Falls', the first resort-style residential golf community in the UAE.
Launched in July 2007, the Dh.850million Sanctuary Falls aims to establish a new benchmark in community living, says the project developer, Shaikh Holdings.
The development, which has been awarded as the 'Best Golf Development' by CNBC Arabian Property Awards in 2007, has already drawn the attention of investors around the world.
Arabtec will begin construction of 96 distinctly styled resort villas of Sanctuary Falls in April 2008, which will be complete towards the first quarter of 2010.
"We consider Arabtec to be the ideal partner for this project, as they have demonstrated commitment to excellence and in-depth experience in projects such as the custom luxury villas in Emirates Hills and the world's tallest tower, Burj Dubai," said Emran Shaikh, CEO, Shaikh Holdings.
With 96 resort-style villas, overlooking the Earth golf course, Sanctuary Falls feature a selection of various architectural views and styles, with each home meticulously designed to provide unique and inspired living experience. The development provides access to two signature golf courses designed by Greg Norman, apart from offering panoramic views of cascading waterfalls, golf course or nature views. Spreading over an area of 5,600 to 10,600 square feet, it comprises five and six bedroom villas, designed with three various architectural designs - traditional, modern and contemporary. Other amenities include arrival water fountains, swimming pools, landscaped gardens and outdoor seating areas, Scavolini designer kitchen, Bang and Olufesen home theatre and a dedicated concierge.
"The Sanctuary Falls Villas will be built on par with highest construction standards, with latest building materials and efficiency systems. The project emphasizes the high demand for signature lifestyle developments in the booming GCC real estate market, and we look forward to work closely with Shaikh Holdings to create the most dynamic and vibrant communities in UAE," said Riad Kamal, CEO of Arabtec Construction.
Launched in July 2007, the Dh.850million Sanctuary Falls aims to establish a new benchmark in community living, says the project developer, Shaikh Holdings.
The development, which has been awarded as the 'Best Golf Development' by CNBC Arabian Property Awards in 2007, has already drawn the attention of investors around the world.
Arabtec will begin construction of 96 distinctly styled resort villas of Sanctuary Falls in April 2008, which will be complete towards the first quarter of 2010.
"We consider Arabtec to be the ideal partner for this project, as they have demonstrated commitment to excellence and in-depth experience in projects such as the custom luxury villas in Emirates Hills and the world's tallest tower, Burj Dubai," said Emran Shaikh, CEO, Shaikh Holdings.
With 96 resort-style villas, overlooking the Earth golf course, Sanctuary Falls feature a selection of various architectural views and styles, with each home meticulously designed to provide unique and inspired living experience. The development provides access to two signature golf courses designed by Greg Norman, apart from offering panoramic views of cascading waterfalls, golf course or nature views. Spreading over an area of 5,600 to 10,600 square feet, it comprises five and six bedroom villas, designed with three various architectural designs - traditional, modern and contemporary. Other amenities include arrival water fountains, swimming pools, landscaped gardens and outdoor seating areas, Scavolini designer kitchen, Bang and Olufesen home theatre and a dedicated concierge.
"The Sanctuary Falls Villas will be built on par with highest construction standards, with latest building materials and efficiency systems. The project emphasizes the high demand for signature lifestyle developments in the booming GCC real estate market, and we look forward to work closely with Shaikh Holdings to create the most dynamic and vibrant communities in UAE," said Riad Kamal, CEO of Arabtec Construction.
Labels: Commercial Property, Golf property, Jumeirah Golf Estates, Villas in Jumeira
Omniyat awards The Opus contract to Multiplex
Thursday, March 27, 2008
The main construction contract of Omniyat's Dh.1.7bn 'The Opus', a commercial and retail development at Business Bay, has been awarded to Multiplex, one of the leading commercial construction contractors in the region.As per the contract, Multiplex has been given the responsibility of managing the development's construction and timely and on-budget delivery of the development.
The President and Chief Executive of Omniyat, Mehdi Amjad, said "The main factor behind awarding the contract of The Opus to Multiplex, is their excellent track record of delivering highly complex, prestigious and challenging projects. We are confident that Multiplex and Omniyat can work together to complete construction of The Opus in a timely and cost-effective manner."
The Opus, located on a unique 'Island' plot, is ideally positioned to provide tenants exclusivity, with a spectacular view of Burj Dubai and the Signature Towers, without any adjoining properties or projects.
Designed with the commercial tenant in mind, The Opus will be ready by 2010. At present more than 80 percent of the development has been sold out.
The project, designed by Zaha Hadid, the renowned architect, will enhance the Business Bay skyline with its unique, iconic, and artistic architectural structure.
Labels: Business Bay, Commercial Property, New Contracts, Omniyat
Rents for commercial properties in Dubai continue to soar
Thursday, February 28, 2008
As per reports, Dubai continued to witness huge demand for office space last year, with the emirate reflecting one of the highest global rental yields for commercial premises, ranging 17 to 18 percent.
Asteco, in its quarterly market research, reported that there was a huge increase in capital values, particularly, in locations where the new buildings were nearing completion.
The rents for office space grew by five percent on an average in comparison to the last quarter. The highest rent rates were noticed in Oud Metha and Sheikh Zayed Road, with 6 and 12 percent respectively, as per the fourth quarter report of Asteco.
When compared to the rates during the corresponding period in 2006, the office rents in Dubai last year saw a considerable increase of 44 percent, and the occupancy rates continued to touch 97 to 99 percent, the report revealed.
The Director at the Research Valuation and Consultancy at Asteco, John Allen, says "The increase in prices indicate the fact that the commercial sector of Dubai does not have a liquid secondary market at present. The limited delivery of new office premises over the last couple of years has brought about an undersupply in the market, resulting in strong surge in office rents and sales prices."
Asteco anticipates that the commercial units would witness another surge in prices, as the buildings near completion next year. However, according to Asteco, a shortfall in supply of of nearly 18million square feet of office space would be experienced next year due to delay in construction.
"We expect that landlords would get more competitive with increase in supply. More high quality finishes that are being offered, will be tailor-made to suit the requirement of tenants, and most important, the rents will stabilize reflecting true market values," Allen said.
A new factor that will have a major impact in the commercial property market during this year, will be, the implementation of the new 'green rules', which would become effective this year.
Asteco, in its quarterly market research, reported that there was a huge increase in capital values, particularly, in locations where the new buildings were nearing completion.
The rents for office space grew by five percent on an average in comparison to the last quarter. The highest rent rates were noticed in Oud Metha and Sheikh Zayed Road, with 6 and 12 percent respectively, as per the fourth quarter report of Asteco.
When compared to the rates during the corresponding period in 2006, the office rents in Dubai last year saw a considerable increase of 44 percent, and the occupancy rates continued to touch 97 to 99 percent, the report revealed.
The Director at the Research Valuation and Consultancy at Asteco, John Allen, says "The increase in prices indicate the fact that the commercial sector of Dubai does not have a liquid secondary market at present. The limited delivery of new office premises over the last couple of years has brought about an undersupply in the market, resulting in strong surge in office rents and sales prices."
Asteco anticipates that the commercial units would witness another surge in prices, as the buildings near completion next year. However, according to Asteco, a shortfall in supply of of nearly 18million square feet of office space would be experienced next year due to delay in construction.
"We expect that landlords would get more competitive with increase in supply. More high quality finishes that are being offered, will be tailor-made to suit the requirement of tenants, and most important, the rents will stabilize reflecting true market values," Allen said.
A new factor that will have a major impact in the commercial property market during this year, will be, the implementation of the new 'green rules', which would become effective this year.
Labels: Commercial Property, Latest News, Rentals
Boris Becker Tower unveiled in Dubai
Tuesday, February 26, 2008
A leading German real estate developer and affiliate of Alternative Capital Investments, ACI real estate, has announced completion of its Dh.2.2 billion worth 'Triology Project', through the launch of 'Boris Becker Business Tower'.
The Boris Becker Business Tower includes three commercial towers with each being 19 storey high, covering an area of 250,000 square feet in area and a gross commercial space of 452,000 square feet.
Speaking during the occasion of the launch, the tennis legend, Boris Becker, stated that the Dubai city, with its state-of-the-art-infrastructure matches the offerings of this tower, and the regional investment climate is founded on valid economic fundamentals.
He continued, "I have been fortunate enough to have a career, but, just as in any athlete's life, the end is inevitable. So now, I can plan my second career, and travel to most exciting destinations like Dubai."
The ACI Managing Director, Robin Lohmann revealed that ACI plans to expand its portfolio with new projects expected at Ajman and Abu Dhabi.
"We have long term commitments in the UAE market, which is reflected in our recent project launches and branch expansion to Abu Dhabi. The initial five projects on Reem Island in Abu Dhabi are due for launch shortly, and another ACI office will be open in Doha, towards the second half of this year. These developments provide investors with the opportunity to participate in a city, known and respected throughout the world."
The ACI real estate project, The Sports Legends Triology, is backed by Nikki Lauda, Michael Schumacher and Boris Becker who have lent their names to the project.
The tower is worth around Dh.500 million, with all the units already sold out. The project is due for completion by 2009 or 2010, in Business Bay.
The Boris Becker Business Tower includes three commercial towers with each being 19 storey high, covering an area of 250,000 square feet in area and a gross commercial space of 452,000 square feet.
Speaking during the occasion of the launch, the tennis legend, Boris Becker, stated that the Dubai city, with its state-of-the-art-infrastructure matches the offerings of this tower, and the regional investment climate is founded on valid economic fundamentals.
He continued, "I have been fortunate enough to have a career, but, just as in any athlete's life, the end is inevitable. So now, I can plan my second career, and travel to most exciting destinations like Dubai."
The ACI Managing Director, Robin Lohmann revealed that ACI plans to expand its portfolio with new projects expected at Ajman and Abu Dhabi.
"We have long term commitments in the UAE market, which is reflected in our recent project launches and branch expansion to Abu Dhabi. The initial five projects on Reem Island in Abu Dhabi are due for launch shortly, and another ACI office will be open in Doha, towards the second half of this year. These developments provide investors with the opportunity to participate in a city, known and respected throughout the world."
The ACI real estate project, The Sports Legends Triology, is backed by Nikki Lauda, Michael Schumacher and Boris Becker who have lent their names to the project.
The tower is worth around Dh.500 million, with all the units already sold out. The project is due for completion by 2009 or 2010, in Business Bay.
Labels: Business Bay, Business Tower, Commercial Property
Goldcrest Business Vista project worth Dh.360mn launched in Ajman
Tuesday, January 08, 2008
The joint-venture by Mazyood Giga International and ETA Star, Star Giga, yesterday unveiled the 'Goldcrest Business Vistas', a Dh.360 million project in Ajman. Falling into the category of world-class real estate projects, the Goldcrest Business Vistas provides the best most commercial environment to companies at the regional and international levels, investors and other multinational business establishments.The project is being built in the Emirates City, the new mixed-use development on the Emirates Road in Ajman, and is just 20 minutes away from Dubai and Sharjah International Airport.
The 29 storey commercial tower will include five offices of various sizes, ranging from 845 square feet to 1544 square feet in area, which the investors could choose from. The offices are designed in an open plan, offering space for more interaction and team work. The upscale tower, at its podium level, offers a multi cuisine restaurant, and features a rooftop gymnasium, and pool, for the fitness conscious corporate world.
The Star Giga Executive Director, Amir Pardesi, said Emirates City on Emirates Road in Ajman, being one of the most coveted new developments in UAE, is the most ideal environment to launch a business. The Goldcrest Business Vistas is an ambitious project, with a potential to attract large numbers of business firms, seeking to operate in a modern business environment.
Labels: Ajman, Commercial Property, Goldcrest, Office Space
Indigo properties begins construction of Indigo Optima 1 and 2 at Dubai Industrial City
Saturday, November 24, 2007
One of the fastest growing real estate development companies, Indigo Properties, has announced the construction of two developments, Indigo Optima 1 and 2, at the Dubai Industrial City.
Both the mid-rise developments will offer business space within the International City Phase 1.
The Director of Indigo Properties, Ramesh Sawlani, expressing his pleasure over the commencement of construction work, said that Indigo Optima will bring about a new dimension to the already diverse portfolio of the company. He pointed out that Indigo Properties has been providing exciting and relevant projects for Dubai.
Indigo Optima 1 and 2 will feature 'mix and match' commercial and retail space, designed to provide the exact flexibility that the Dubai businesses are currently looking for.
The project is expected to be complete by July 2009.
Both the mid-rise developments will offer business space within the International City Phase 1.The Director of Indigo Properties, Ramesh Sawlani, expressing his pleasure over the commencement of construction work, said that Indigo Optima will bring about a new dimension to the already diverse portfolio of the company. He pointed out that Indigo Properties has been providing exciting and relevant projects for Dubai.
Indigo Optima 1 and 2 will feature 'mix and match' commercial and retail space, designed to provide the exact flexibility that the Dubai businesses are currently looking for.
The project is expected to be complete by July 2009.
Labels: Business Tower, Commercial Property, Dubai Industrial City, New Developments
Emaar Malls Group completes Gold and Diamond Park expansion
Tuesday, November 20, 2007
The Emaar Malls Group, a subsidiary of Emaar Properties PJSC, has completed the second and third phase of Gold and Diamond Park expansion, with the number of gold and jewellery retailers, being tripled, with new office blocks being established to house 118 manufacturing units and 350 commercial units.
Most of these are located between the residential and commercial developments near Sheikh Zayed Road and Interchange 4 in Dubai.
The Gold and Diamond Park, launched in May 2001, offers various commercial and retail business opportunities. It also comprises a restaurant, several cafes, and an underground parking with a capacity to park more than 750 cars. Apart from jewelery and gold trade, businesses from all sectors have opened offices within this commercial hub.
The General Manager of Gold & Diamond Park, Taher Badri, said that the Gold & Diamond Park has expanded significantly in size, and this will further enhance its reputation as a much sought-after location for a variety of businesses. The range and diversity of the business offerings in Gold and Diamond Park, makes it a leading destination and a centralized place, to conduct business of diamond and gold jewellery.
Most of these are located between the residential and commercial developments near Sheikh Zayed Road and Interchange 4 in Dubai.The Gold and Diamond Park, launched in May 2001, offers various commercial and retail business opportunities. It also comprises a restaurant, several cafes, and an underground parking with a capacity to park more than 750 cars. Apart from jewelery and gold trade, businesses from all sectors have opened offices within this commercial hub.
The General Manager of Gold & Diamond Park, Taher Badri, said that the Gold & Diamond Park has expanded significantly in size, and this will further enhance its reputation as a much sought-after location for a variety of businesses. The range and diversity of the business offerings in Gold and Diamond Park, makes it a leading destination and a centralized place, to conduct business of diamond and gold jewellery.
Labels: Commercial Property, Dubai City, Emmar
Deyaar Park first phase sold out on the day of its launch
Thursday, November 01, 2007
The first phase of Deyaar Development, the Deyaar Park, was sold during the first day of launch, generating sales of more than Dh.1.3billion, reveal company officials.
The first phase of the Dh.3billion project includes eight towers for commercial and residential purposes, built within an area of two million square feet. The project is also the single largest mixed use development by the company till date, comprising offices, homes and retail stores.
Deyaar Park is situated in the Green Trellis District of Downtown Jebel Ali, amidst lush green landscape, urban plazas and the shaded avenues. The park offers customers a choice of single, double and triple bedroom apartments apart from state-of-the-art office spaces which range from 691 sq ft to 2356 sq.ft. The residents of the park will have access to a range of amenities including a swimming pool, a landscaped courtyard, multi-purpose hall, well-equipped spa, high-speed internet connectivity, ample parking space, and 24 hours security, among many other amenities.
The first phase of the Dh.3billion project includes eight towers for commercial and residential purposes, built within an area of two million square feet. The project is also the single largest mixed use development by the company till date, comprising offices, homes and retail stores.Deyaar Park is situated in the Green Trellis District of Downtown Jebel Ali, amidst lush green landscape, urban plazas and the shaded avenues. The park offers customers a choice of single, double and triple bedroom apartments apart from state-of-the-art office spaces which range from 691 sq ft to 2356 sq.ft. The residents of the park will have access to a range of amenities including a swimming pool, a landscaped courtyard, multi-purpose hall, well-equipped spa, high-speed internet connectivity, ample parking space, and 24 hours security, among many other amenities.
Labels: Business Tower, Commercial Property, Deyaar, Jebel-Ali
Omniyat Properties commences ground-breaking work on 'The Opus' project
Thursday, October 25, 2007
Omniyat Properties, the developer of exclusive real estate projects in Dubai, has begun the ground-breaking work on their commercial development, 'The Opus' situated in the heart of Business Bay. More than 60% of the project has already been sold out.
Designed by the Pritzker Prize winning architect, Zaha Hadid, 'The Opus' is worth more than Dh.1.7billion, and has been set to adorn the Dubai skyline with artistic and iconic architecture. The project, spreading over 85,000 square meters, was unveiled by the CEO of Dubai Properties, Mohammed Binbrek.
Being a perfect blend of art and technology, 'The Opus' forms a structure resembling cube with a fluid for "void" in the middle. The Opus will comprise of three individual towers, that are fused together to create the illusion of a single structure.
Located on an island plot in Business Bay, Dubai, The Opus, depicts a waterfront location, offering the most exclusive office real estate in Dubai, The eye-catching views of Burj Dubai, will further enhance the value of the development.
'The Opus' is expected to be completed during early 2010.
Designed by the Pritzker Prize winning architect, Zaha Hadid, 'The Opus' is worth more than Dh.1.7billion, and has been set to adorn the Dubai skyline with artistic and iconic architecture. The project, spreading over 85,000 square meters, was unveiled by the CEO of Dubai Properties, Mohammed Binbrek.Being a perfect blend of art and technology, 'The Opus' forms a structure resembling cube with a fluid for "void" in the middle. The Opus will comprise of three individual towers, that are fused together to create the illusion of a single structure.
Located on an island plot in Business Bay, Dubai, The Opus, depicts a waterfront location, offering the most exclusive office real estate in Dubai, The eye-catching views of Burj Dubai, will further enhance the value of the development.
'The Opus' is expected to be completed during early 2010.
Labels: Business Bay, Commercial Property, Construction Projects, Office Space, Omniyat
Retail space in Dubai to exceed four million square meters by 2010
Thursday, October 18, 2007
The shopping malls in Dubai, particularly the old and small ones, will soon begin to experience the pressure of decline in rents, as the city is all set to create an additional two million square meters of leasable area within a three year period, a real estate consultancy has revealed.
In that case, the supply of retail space for shopping malls in Dubai will exceed four million square meters by 2010, as against the current 1.8million square meters. Colliers International, in its report, mentioned that this huge supply of retail space will bring-forth short-term oversupply in the market. The smaller and older malls will then see sharp increase in vacancies, coupled with fall in rentals.
With an aim to be a top tourist and shopping destination, Dubai is building large shopping centers. UAE ranks next to Hong Kong in recreational shopping. The report states "These mega malls will strongly root the Dubai dominance in the retail industry across the region."
In that case, the supply of retail space for shopping malls in Dubai will exceed four million square meters by 2010, as against the current 1.8million square meters. Colliers International, in its report, mentioned that this huge supply of retail space will bring-forth short-term oversupply in the market. The smaller and older malls will then see sharp increase in vacancies, coupled with fall in rentals.With an aim to be a top tourist and shopping destination, Dubai is building large shopping centers. UAE ranks next to Hong Kong in recreational shopping. The report states "These mega malls will strongly root the Dubai dominance in the retail industry across the region."
Labels: Commercial Property, Real Estate News, Shopping Mall
German Business Park at Dubai Silicon Oasis
Monday, October 08, 2007
The German Business Park FZCO has entered into a contract with Fischer Architects of Mannheim, Germany, to prepare the conceptual designs and preliminary engineering for its Dh.750million mixed-use real estate development at Dubai Silicon Oasis Head Quarters.
The German Business Park FZCO is a joint-venture between Bin Jabr Group of Abu Dhabi and Dubai Silicon Oasis Authority. The Dubai Silicon Oasis, where the project is likely to come up, is the premier integrated innovations hub in the region for high-tech industries.
The German Business Park, worth Dh.750million, covering an area of 82,000 square meters, comprises a large three-level podium, bordered by two slender towers with twelve floors each, up to a height of 60 meters.
The Park will offer German companies with a business class hotel, commercial space for sale, serviced apartments, luxury retail and restaurant area, and underground parking space for about 1700 cars.
A part of the real estate development will also house the German Center Dubai, an exclusive business environment with networks, offices and other services initially established by Landesbank Baden-Wurttemberg (LBBW). The German Center aims to provide office space and comprehensive support to medium and small-sized German companies looking to establish their operations with Dubai as the base.
The General Manager and Managing Director of the German Business Park, Dagmar Abdelatif, said "We foresee German Business Park and German Center Dubai to form an effective platform for considerable business transactions for both German companies and the companies seeking to operate in the UAE. The development will also offer a lively and attractive environment for Dubai to enjoy the German hospitality and culture all under a single roof."
Dagmar revealed that the company plans to launch the project on 8th to 10th October 2007, at Expo Real in Munich, Germany. A special venue has been allotted to interact with German companies and the team of consultants of the group, so as to incorporate any suggestions into the final design of the German Business Park, to make it truly unique.
The Park has been scheduled for completion by late 2009.
The German Business Park FZCO is a joint-venture between Bin Jabr Group of Abu Dhabi and Dubai Silicon Oasis Authority. The Dubai Silicon Oasis, where the project is likely to come up, is the premier integrated innovations hub in the region for high-tech industries.The German Business Park, worth Dh.750million, covering an area of 82,000 square meters, comprises a large three-level podium, bordered by two slender towers with twelve floors each, up to a height of 60 meters.
The Park will offer German companies with a business class hotel, commercial space for sale, serviced apartments, luxury retail and restaurant area, and underground parking space for about 1700 cars.
A part of the real estate development will also house the German Center Dubai, an exclusive business environment with networks, offices and other services initially established by Landesbank Baden-Wurttemberg (LBBW). The German Center aims to provide office space and comprehensive support to medium and small-sized German companies looking to establish their operations with Dubai as the base.
The General Manager and Managing Director of the German Business Park, Dagmar Abdelatif, said "We foresee German Business Park and German Center Dubai to form an effective platform for considerable business transactions for both German companies and the companies seeking to operate in the UAE. The development will also offer a lively and attractive environment for Dubai to enjoy the German hospitality and culture all under a single roof."
Dagmar revealed that the company plans to launch the project on 8th to 10th October 2007, at Expo Real in Munich, Germany. A special venue has been allotted to interact with German companies and the team of consultants of the group, so as to incorporate any suggestions into the final design of the German Business Park, to make it truly unique.
The Park has been scheduled for completion by late 2009.
Labels: Commercial Property, Dubai Silicon Oasis, New Developments, Office Space
Indigo Properties launches 'Indigo Central' in Dubai
Thursday, October 04, 2007
Indigo Properties, the leading real estate development companies in the UAE, has contributed a valuable addition to the growing realty developments in UAE, through the launch of 'Indigo Central' in Dubai. The development, which ranges from 39,000 to 52,000 square feet in size, comprises eight eye-catching buildings, featuring commercial offices and retail showrooms.
Located at Al Manara and Al Safa, positioned either side of Interchange 3 in Sheikh Zayed Road, Indigo Central has the proposed Dubai Metro Station as its nearest landmark.
The Director of Indigo Properties, Anand Lakhiani, expressed his confidence that these distinctive low-rise developments will soon turn out to be the landmarks on the road, and with their easy access, location, quality and size, they will surely be known as one of the leading developments in Dubai.
The eight striking buildings will be constructed in two phases combining blue-hued glass and steel. The real estate development is perfect for corporate headquarters, multinational companies, banks, wholesale or retail Car Showrooms.
Indigo Central development is expected to be complete by December 2008.
Located at Al Manara and Al Safa, positioned either side of Interchange 3 in Sheikh Zayed Road, Indigo Central has the proposed Dubai Metro Station as its nearest landmark.The Director of Indigo Properties, Anand Lakhiani, expressed his confidence that these distinctive low-rise developments will soon turn out to be the landmarks on the road, and with their easy access, location, quality and size, they will surely be known as one of the leading developments in Dubai.
The eight striking buildings will be constructed in two phases combining blue-hued glass and steel. The real estate development is perfect for corporate headquarters, multinational companies, banks, wholesale or retail Car Showrooms.
Indigo Central development is expected to be complete by December 2008.
Labels: Commercial Property, New Developments, Office Space, Real Estate Company
Mall of Arabia phase 1 contract awarded to Dubai Contracting
Wednesday, September 26, 2007
Dubai Contracting, a construction company, is said to have been awarded with a construction contract to build the Phase One of the Mall of Arabia, the major retail component of the $2billion City of Arabia project in Dubailand.
The project on completion will be the biggest shopping malls in the world, with 4.2million Square Feet of retail space in its Phase One with 1200 retail outlets.
The project is likely to be built within the next 21 months, with 10,000 or more workers. The Vice Chairman and Managing Director of City of Arabia, developer Elyas and Mustafa Galadari Group, said that the company has worked hard on choosing the right people for the job and Dubai Contracting has the reputation of being a company capable of delivering the projects on schedule, apart from having the right skill mix and equipment resources.
On completion, the mall will be readily accessible to the Restless Planet Dinosaur Theme Park and will be linked to the rest of the complex through a mix of hotels, restaurants and shops, commercial and residential units through small electrically powered boats.
A total of 85 percent of the total leasable area of the mall is committed to retailers.
The project on completion will be the biggest shopping malls in the world, with 4.2million Square Feet of retail space in its Phase One with 1200 retail outlets.The project is likely to be built within the next 21 months, with 10,000 or more workers. The Vice Chairman and Managing Director of City of Arabia, developer Elyas and Mustafa Galadari Group, said that the company has worked hard on choosing the right people for the job and Dubai Contracting has the reputation of being a company capable of delivering the projects on schedule, apart from having the right skill mix and equipment resources.
On completion, the mall will be readily accessible to the Restless Planet Dinosaur Theme Park and will be linked to the rest of the complex through a mix of hotels, restaurants and shops, commercial and residential units through small electrically powered boats.
A total of 85 percent of the total leasable area of the mall is committed to retailers.
Labels: Commercial Property, Construction Projects, Dubailand, Mall-of-Arabia, Office Space, Shopping Mall
Emaar Malls Group to unveil Souk Al Bahar soon
Sunday, September 23, 2007
The leading real estate developer in Dubai, Emaar Properties, has announced that their shopping mall subsidiary, Emaar Malls Group LLC, will soon unveil the Souk Al Bahar, the new shopping, dining and entertainment destination in the Downtown Burj Dubai.
Scheduled to be unveiled in December this year, the uniquely positioned in The Old Town Island, facing the Burj Dubai Lake, the Souk Al Bahar, will turn out to be a lively waterside hotspot for visitors and residents of Dubai, comprising more that 130 stores, a waterfront promenade, and the best of 25 cafes and restaurants.
The Chief Executive Office of Emaar Malls Group, Rashid Doleh, said "Souk Al Bahar will surely be a vibrant entertainment and shopping concept for the city, and a perfect style component that meets the requirement of all sections of the society. Located in the heart of Dubai City, the Souk Al Bahar provides one with the joy of living in the most dynamic cities in the world."
Souk Al Bahar is the most ideal complement that matches the most ambitious developments in the world such as the Burj Dubai and the Dubai Mall. A direct footbridge, which connects the Dubai Mall with the Souk Al Bahar, will see visitors having a convenient access to the best dining, shopping and recreational avenues in Dubai.
Covering an area of 164,700 square feet, the Souk Al Bahar has an electric retail mix which depicts the Arabian heritage through a genuine mix of perfumes, furnishings, jewelry, fashion and carpet deals.
Scheduled to be unveiled in December this year, the uniquely positioned in The Old Town Island, facing the Burj Dubai Lake, the Souk Al Bahar, will turn out to be a lively waterside hotspot for visitors and residents of Dubai, comprising more that 130 stores, a waterfront promenade, and the best of 25 cafes and restaurants.
The Chief Executive Office of Emaar Malls Group, Rashid Doleh, said "Souk Al Bahar will surely be a vibrant entertainment and shopping concept for the city, and a perfect style component that meets the requirement of all sections of the society. Located in the heart of Dubai City, the Souk Al Bahar provides one with the joy of living in the most dynamic cities in the world."Souk Al Bahar is the most ideal complement that matches the most ambitious developments in the world such as the Burj Dubai and the Dubai Mall. A direct footbridge, which connects the Dubai Mall with the Souk Al Bahar, will see visitors having a convenient access to the best dining, shopping and recreational avenues in Dubai.
Covering an area of 164,700 square feet, the Souk Al Bahar has an electric retail mix which depicts the Arabian heritage through a genuine mix of perfumes, furnishings, jewelry, fashion and carpet deals.
Labels: Commercial Property, Emmar, New Developments, Shopping Mall
Dubai International Financial Center (DIFC) - high quality commercial office space
Monday, September 17, 2007
The Dubai International Financial Center (DIFC) is a free trade zone located in the heart of Dubai's new business district, and is designed to be an on-shore alternative with off-shore features. The DIFC lures firms and investors with its high standards, world-class regulations and transparency. Apart from this, it brings with it, the added advantage of being a tax-free environment in Dubai, the major business hub of Middle East and the current major business center in Asia.
DIFC already houses the finest multinational companies in the world, and with more developments including commercial projects in pipeline, it will be home to even more. The hundred percent foreign ownership and lack of taxation on income or profits have been a major motivation for numerous multinational companies and locals, to base their worldwide operations here.
DIFC features modern advanced technology on all scales, with operational support, strict enforcement of anti money laundering laws, high quality finishing standards on commercial office space, and amenities such as gymnasium, cafes, restaurants, amiable working atmosphere with 24 hours security.
The future of DIFC will continue with new additions of freehold towers including the Park Towers, Limestone House, Sky Gardens and easy accessibility to nearby Burj dubai developments, and Business Bay. No doubt, DIFC is a financial center with a difference.
DIFC already houses the finest multinational companies in the world, and with more developments including commercial projects in pipeline, it will be home to even more. The hundred percent foreign ownership and lack of taxation on income or profits have been a major motivation for numerous multinational companies and locals, to base their worldwide operations here.DIFC features modern advanced technology on all scales, with operational support, strict enforcement of anti money laundering laws, high quality finishing standards on commercial office space, and amenities such as gymnasium, cafes, restaurants, amiable working atmosphere with 24 hours security.
The future of DIFC will continue with new additions of freehold towers including the Park Towers, Limestone House, Sky Gardens and easy accessibility to nearby Burj dubai developments, and Business Bay. No doubt, DIFC is a financial center with a difference.
Labels: Business Tower, Commercial Property, DIFC, Investment Property
Omniyat Properties appointed CSCEC as main contractor for Bayswater project
Tuesday, September 11, 2007
Omniyat Properties, the real estate branch of the UAE-based 'Omniyat Holdings', has awarded its AED345 million (US$92million) 'Bayswater' project, a 25 storey commercial tower, to China State Construction Engineering Corporation (CSCEC), appointing them as the main contractor for the project.
The project, which is expected to come up on a prime waterfront location in Business Bay district, Dubai, has now stepped into its second phase, after the enabling works were completed by Al Dhafra Piling Contracting Company (APCC). At present, about 25 percent of the main construction and 33 percent of the overall development have already been completed.
Omniyat Properties have agreed that the work is progressing as scheduled, and the work is likely to be completed by the third quarter of 2008.
CSCED is the most successful and one of the largest international contractors in the world, bringing with it the rich experience of working in landmark properties across the glove, and have received numerous awards for timely delivery of projects, and for meeting quality standards.
The contract has been handed-over just after the confirmation from the developer that the first phase of construction work on this freehold commercial tower has been completed.
The Managing Director, CSCEC, Yu Tao, expressing the company's excitement to be involved in the unique and innovative project, said that they are proud to be associated with a developer such as Omniyat Properties, who has been developing the most technologically advanced properties.
The tower, designed by Dubarch, the leading Dubai-based architects, is unique in its shape and is an optical illusion which looks like two slim towers side by side to the viewer, taking the shape of the letter X.
The tower projects hi-tech features such as multiple access points, high ratios of parking to office space, 825 bays spread over the four podium floors and two basement. The building comprises two penthouse office floors, a podium with terrace, and a few waterfront loft-style offices.
The project, which is expected to come up on a prime waterfront location in Business Bay district, Dubai, has now stepped into its second phase, after the enabling works were completed by Al Dhafra Piling Contracting Company (APCC). At present, about 25 percent of the main construction and 33 percent of the overall development have already been completed.
Omniyat Properties have agreed that the work is progressing as scheduled, and the work is likely to be completed by the third quarter of 2008.
CSCED is the most successful and one of the largest international contractors in the world, bringing with it the rich experience of working in landmark properties across the glove, and have received numerous awards for timely delivery of projects, and for meeting quality standards.
The contract has been handed-over just after the confirmation from the developer that the first phase of construction work on this freehold commercial tower has been completed.
The Managing Director, CSCEC, Yu Tao, expressing the company's excitement to be involved in the unique and innovative project, said that they are proud to be associated with a developer such as Omniyat Properties, who has been developing the most technologically advanced properties.
The tower, designed by Dubarch, the leading Dubai-based architects, is unique in its shape and is an optical illusion which looks like two slim towers side by side to the viewer, taking the shape of the letter X.
The tower is targeted to medium-sized companies looking for Grade-A office space.
The tower projects hi-tech features such as multiple access points, high ratios of parking to office space, 825 bays spread over the four podium floors and two basement. The building comprises two penthouse office floors, a podium with terrace, and a few waterfront loft-style offices.
Labels: Business Bay, Business Tower, Commercial Property, New Contracts, Office Space, Omniyat
Downtown Dubai – urban living with style and luxury
Monday, September 10, 2007
The Downtown Dubai development, which surrounds the prestigious Burj Dubai Tower, is designed to provide an urban living to Dubai with style and luxury, and is also a vital part of New Dubai. The wide variety of projects in this development is exclusive and unique, and inclusive of the ones that suit all scales, be it the high-rises or low-rises, highly priced or affordable. With the entire development being encased by a massive artificial lake, Downtown renders city life and tranquility in one place.
The key features of Downtown include a wide range of amenities available in and around the development, apart from the eye'catching view of the world's tallest building. This includes the Dubai Mall, which is one of the largest shopping malls in the world, which offers all the shopping, dining and entertainment that you would ever wish for. The residential properties are offered with a choice of amenities such as gyms, swimming pools, sauna and spas, and other entertainment centers that are scattered across the development. Downtown also houses several hotels, such as the Burj Dubai Armani hotel, and other cafes and restaurants that line the streets outside to offer wonderful views of the surrounding buildings and landscaped gardens.
The Downtown Dubai is the ultimate piece of property for a city living with a difference.
The key features of Downtown include a wide range of amenities available in and around the development, apart from the eye'catching view of the world's tallest building. This includes the Dubai Mall, which is one of the largest shopping malls in the world, which offers all the shopping, dining and entertainment that you would ever wish for. The residential properties are offered with a choice of amenities such as gyms, swimming pools, sauna and spas, and other entertainment centers that are scattered across the development. Downtown also houses several hotels, such as the Burj Dubai Armani hotel, and other cafes and restaurants that line the streets outside to offer wonderful views of the surrounding buildings and landscaped gardens.
The development includes studio, one, two, three and four bedroom apartments, penthouses, villas, townhomes and commercial space, all available within the surroundings that project an elegant urban lifestyle with the calmness of lake and scenic gardens.
The Downtown Dubai is the ultimate piece of property for a city living with a difference.
Labels: Apartments, Burj Dubai, Commercial Property, Downtown, New-Dubai, Townhouses
AAKAR to deliver CBC Tower worth Dh.200 million, as scheduled
Sunday, September 09, 2007
AAKAR Developers Limited, a prominent property developer based in Canada, has revealed the completion of works on its Canada Business Center (CBC) Tower, worth Dh.200 million in Business Bay. The shoring and piling works of the tower has been completed and the commercial tower located in the heart of Business Bay, Dubai has been scheduled for delivery in December 2008.
The completion of works including the guide wall, the contiguous pile wall, the temporary shoring, capping beam, anchors, excavation and dewatering works have been completed by the IFG team due to the state-of-the-art equipment in use at site.
The CBC Tower development offers its occupants the required space for work and lifestyle, comprising, nineteen storeys of offices and about 7,500 square feet of retail space, apart from fitness amenities such as gymnasium, rooftop pool, steam room, Jacuzzi, food courts, shopping space, and six-level parking facilities. The Tower also includes modern hi-tech business amenities and conference rooms. The tower is centrally located in Business Bay, next to Burj Dubai, offering unobstructed views to all its offices.
The CEO & President of AAKAR, Yadvinder Singh, mentioned that AAKAR was among the first developers to buy into the Business Bay concept with the launch of their Canada Business Center during 2006. Expressing his complete satisfaction with the progress and construction of Business Bay, he mentioned that the company coul visualize that they are moving closer to their dream of delivering the commercial tower, which will be unique in most aspects.
Moreover, through the partnership of industry leaders such as IFG & Cansult, the project will be completed and delivered on schedule, he said.
The completion of works including the guide wall, the contiguous pile wall, the temporary shoring, capping beam, anchors, excavation and dewatering works have been completed by the IFG team due to the state-of-the-art equipment in use at site.The CBC Tower development offers its occupants the required space for work and lifestyle, comprising, nineteen storeys of offices and about 7,500 square feet of retail space, apart from fitness amenities such as gymnasium, rooftop pool, steam room, Jacuzzi, food courts, shopping space, and six-level parking facilities. The Tower also includes modern hi-tech business amenities and conference rooms. The tower is centrally located in Business Bay, next to Burj Dubai, offering unobstructed views to all its offices.
The CEO & President of AAKAR, Yadvinder Singh, mentioned that AAKAR was among the first developers to buy into the Business Bay concept with the launch of their Canada Business Center during 2006. Expressing his complete satisfaction with the progress and construction of Business Bay, he mentioned that the company coul visualize that they are moving closer to their dream of delivering the commercial tower, which will be unique in most aspects.
Moreover, through the partnership of industry leaders such as IFG & Cansult, the project will be completed and delivered on schedule, he said.
Labels: Business Bay, Business Tower, Commercial Property
Vision Tower to be unveiled in 2009
Saturday, September 08, 2007
According to Dubai Properties, the Dh.1.2 billion 'Vision Tower' will bring about 500,000 square feet of commercial space when it opens for business during the year 2009.
The construction at the moment is progressing as scheduled with more than 25 percent of the project complete.
Dubai Properties has provided its investors and corporate users with an exclusive opportunity for purchase of the first 38 floors of the 52 storey glass tower at Business Bay.
The Vision Tower will be situated at the entrance of the Business Bay master development, offering eye-catching waterfront views on the Shaikh Zayed Road and the Dubai Creek.
Apart from four floors that offer room for two office units each, the remaining floors are best suited for an integrated office. The average floor size of each unit of the 51 units for sale is 10,575 sq.ft., with the top two floors interconnected as a single unit.
The CEO of Dubai Properties, Mohammad Binbrek, describing Dubai Properties as an innovative master developer that provides financially secure and feasible investments with highest yields on investments, mentioned that, through the launch of Vision Tower, Dubai Properties intends to cement the position of Business Bay, as the prime choice for local, regional and international businesses.
Acting as the gateway to Business Bay, Vision Tower is the only commercial tower developed by Dubai Properties. The hi-tech transparent glazing of the tower with bent glass façade will be internally lit to create a luminous feel at night-time.
Vision Tower is connected to the Executive Towers through a pedestrian bridge, and thereby links the offices to the Bay Avenue, and the hotel and residential towers.
The construction at the moment is progressing as scheduled with more than 25 percent of the project complete.Dubai Properties has provided its investors and corporate users with an exclusive opportunity for purchase of the first 38 floors of the 52 storey glass tower at Business Bay.
The Vision Tower will be situated at the entrance of the Business Bay master development, offering eye-catching waterfront views on the Shaikh Zayed Road and the Dubai Creek.
Apart from four floors that offer room for two office units each, the remaining floors are best suited for an integrated office. The average floor size of each unit of the 51 units for sale is 10,575 sq.ft., with the top two floors interconnected as a single unit.
The CEO of Dubai Properties, Mohammad Binbrek, describing Dubai Properties as an innovative master developer that provides financially secure and feasible investments with highest yields on investments, mentioned that, through the launch of Vision Tower, Dubai Properties intends to cement the position of Business Bay, as the prime choice for local, regional and international businesses.
Acting as the gateway to Business Bay, Vision Tower is the only commercial tower developed by Dubai Properties. The hi-tech transparent glazing of the tower with bent glass façade will be internally lit to create a luminous feel at night-time.
Vision Tower is connected to the Executive Towers through a pedestrian bridge, and thereby links the offices to the Bay Avenue, and the hotel and residential towers.
Labels: Business Bay, Business Tower, Commercial Property
Construction of 72 Business Bay Towers under progress
Saturday, August 04, 2007
Construction work on phase one of 72 towers in Business Bay is in progress. This comprises one third of the total number of buildings in the master development that covers 64 million square meters.
More than eighty percent of Business Bay comprises developments by third-party investors, including international and regional property developers. The plots in the phase one of the multi-phase project are reported to have been completely sold out.
The Master developer of Business Bay, Dubai Properties, is building eighteen towers on the whole, including, Porsche Design Towers, Vision towers, Executive Towers, Signature Towers, Aspect Towers and more in pipeline.
The Executive Towers comprises eleven buildings out of which one is for commercial purpose and the rest nine for residential purposes. It also includes a Hotel with 303 rooms.
The overall project, on completion, will comprise residential units, office towers and retail and hotel areas. However, this is a commercial project, and aims to consolidate Dubai’s position as a global business hub and aims to meet the increasing demand for office space.
The other mixed-use master developments of Dubai Properties include The Villa, The Tijara Town, Culture Villas and Jumeirah Beach Residence.
More than eighty percent of Business Bay comprises developments by third-party investors, including international and regional property developers. The plots in the phase one of the multi-phase project are reported to have been completely sold out.
The Master developer of Business Bay, Dubai Properties, is building eighteen towers on the whole, including, Porsche Design Towers, Vision towers, Executive Towers, Signature Towers, Aspect Towers and more in pipeline.
The Executive Towers comprises eleven buildings out of which one is for commercial purpose and the rest nine for residential purposes. It also includes a Hotel with 303 rooms.
The overall project, on completion, will comprise residential units, office towers and retail and hotel areas. However, this is a commercial project, and aims to consolidate Dubai’s position as a global business hub and aims to meet the increasing demand for office space.
The other mixed-use master developments of Dubai Properties include The Villa, The Tijara Town, Culture Villas and Jumeirah Beach Residence.
Labels: Business Bay, Commercial Property, Construction Projects, Real Estate News
Dubai yields better returns on commercial investments
Friday, August 03, 2007
Although the office rents in Dubai are on the lower side in comparison to the global standards, the office market in Dubai has generated a return of more than twenty percent on investment, which is considered to be one of the highest in the world.
Increasing demand for Grade A office space, coupled with minimal vacancies, has led to a situation wherein new projects are grabbed away within days. To add to this, healthy policies and economic conditions have resulted in more companies getting settled in Dubai, boosting up the rental values further.
The highest increase have been recorded in Sheikh Zayed Road and New Dubai areas, with rental rates ranging from Dh.300 to Dh.350 per square foot on an average, due to minimal vacancies.
Although, due to increasing rentals, there are probabilities of the small and medium sized companies relocating their offices to other emirates such as Abu Dhabi, Ajman or Ras Al-Khaimah, where the rents are comparatively lower, the continued supply of office space in the market is expected to stablilize the prices. As of now, about 50 million square feet of office space is expected to come up by 2010.
Increasing demand for Grade A office space, coupled with minimal vacancies, has led to a situation wherein new projects are grabbed away within days. To add to this, healthy policies and economic conditions have resulted in more companies getting settled in Dubai, boosting up the rental values further.
The highest increase have been recorded in Sheikh Zayed Road and New Dubai areas, with rental rates ranging from Dh.300 to Dh.350 per square foot on an average, due to minimal vacancies.
Although, due to increasing rentals, there are probabilities of the small and medium sized companies relocating their offices to other emirates such as Abu Dhabi, Ajman or Ras Al-Khaimah, where the rents are comparatively lower, the continued supply of office space in the market is expected to stablilize the prices. As of now, about 50 million square feet of office space is expected to come up by 2010.
Labels: Commercial Property, Dubai Real Estate, Investment Property, Office Space
Damac launches Water's Edge, ninth Business Bay project
Wednesday, July 18, 2007
Damac Properties has announced its ninth project, 'Water's Edge' in Business Bay.
Water's Edge is basically a twenty storey commercial waterfront development, but the company has not yet divulged the value of the project.
The Chairman of Damac Holding, Hussain Sajwani, said "Our presence in Business Bay is due to deep-rooted belief in the extremely dynamic and vibrant master-plan being created for the development. The launch of the project is due to the impressive success experienced by the previous eight projects launched by the company in Business Bay, like, Business Tower, Executive Bay, Capital Bay, The Corner, Business Central, HAZ Tower, XL Tower and the Park Central."
Water's edge is expected to be a self-contained development with office space, retail space and recreational facilities.
Damac CEO, Peter Riddoch, has mentioned that Water’s Edge would be the ideal location for those who enjoy being in the midst of all action, like the pleasure of working in an office tower, which perfectly complements the various advantages that a self-contained development has to offer.
"Water's Edge is a perfect commercial eco-system with wonderful waterfront views. An exclusive world of boutique retails space that adds zest to the environment. The project will also have a serene and beautiful landscape with parking at five levels," he added.
Damac also recently launched 'The Signature Series', featuring the most expensive penthouse in the region, with each penthouse costing more than eight million euros.
Water's Edge is basically a twenty storey commercial waterfront development, but the company has not yet divulged the value of the project.
The Chairman of Damac Holding, Hussain Sajwani, said "Our presence in Business Bay is due to deep-rooted belief in the extremely dynamic and vibrant master-plan being created for the development. The launch of the project is due to the impressive success experienced by the previous eight projects launched by the company in Business Bay, like, Business Tower, Executive Bay, Capital Bay, The Corner, Business Central, HAZ Tower, XL Tower and the Park Central."
Water's edge is expected to be a self-contained development with office space, retail space and recreational facilities.
Damac CEO, Peter Riddoch, has mentioned that Water’s Edge would be the ideal location for those who enjoy being in the midst of all action, like the pleasure of working in an office tower, which perfectly complements the various advantages that a self-contained development has to offer.
"Water's Edge is a perfect commercial eco-system with wonderful waterfront views. An exclusive world of boutique retails space that adds zest to the environment. The project will also have a serene and beautiful landscape with parking at five levels," he added.
Damac also recently launched 'The Signature Series', featuring the most expensive penthouse in the region, with each penthouse costing more than eight million euros.
Labels: Business Bay, Commercial Property, Damac Properties, New Developments, Office Space
Marina Plaza, the first commercial tower in Dubai Marina, launched
Saturday, July 14, 2007
Emaar Properties, the Dubai-based developer, has launched Marina Plaza, the first commercial tower in the Dubai Marina master-development.
The freehold tower with twenty eight storey, forms a part of the Dubai Marina Mall Complex, and is seated on a podium of eight storey, facing the marina. The sales for office space within the tower, begins on Thursday, and the project is due for completion during 2009.
The Sales Director of Emaar, Saif Al Mansoori, said "Marina Plaza addresses the rising demand for business space in Dubai. Investors will be benefited from its ideal location within the most sought-after developments in the city."
The tower is expected to have 160 units, with six units in each floor and a complete penthouse floor.
Each floor will be wholly available for sale. The project will come up adjacent to the Dubai Marina Mall Complex.
The freehold tower with twenty eight storey, forms a part of the Dubai Marina Mall Complex, and is seated on a podium of eight storey, facing the marina. The sales for office space within the tower, begins on Thursday, and the project is due for completion during 2009.
The Sales Director of Emaar, Saif Al Mansoori, said "Marina Plaza addresses the rising demand for business space in Dubai. Investors will be benefited from its ideal location within the most sought-after developments in the city."
The tower is expected to have 160 units, with six units in each floor and a complete penthouse floor.
Each floor will be wholly available for sale. The project will come up adjacent to the Dubai Marina Mall Complex.
Labels: Commercial Property, Dubai Marina, Emmar, Freehold Property, Office Space
Schon Properties launches Business Park worth $200 million
Wednesday, July 11, 2007
A business park, worth $200 million, has been launched by Schon Properties, near Jebel Ali International Airport in Dubai Investments Park (DIP). Schon Business Park, approximately 1.1 million Square Foot in area, comprises three storey building with 410 offices having a capacity to accommodate 4000 employees.
The ground floor comprises furnished offices and 80,000 square feet of retail area. The other three levels of the park are divided into shell and core space, and a business center featuring executive board rooms and video conferencing.
Danial Husain, Vice President, Schon Properties, said "Our extensive market research revealed that Jebel Ali Free Zone Area and Dubai Investments Park face a major shortage of office space, and plenty of companies are keen on shifting offices to New Dubai."
"We chose Dubai Investments Park due to its high demand and close proximity to the Jebel Ali Free Zone and Dubai World Central," he added.
Schon Properties is a newly formed holding company, with various realty projects in the UAE, including the Dh.3billion Dubai Lagoon project in the Dubai Investment Park.
The ground floor comprises furnished offices and 80,000 square feet of retail area. The other three levels of the park are divided into shell and core space, and a business center featuring executive board rooms and video conferencing.
Danial Husain, Vice President, Schon Properties, said "Our extensive market research revealed that Jebel Ali Free Zone Area and Dubai Investments Park face a major shortage of office space, and plenty of companies are keen on shifting offices to New Dubai."
"We chose Dubai Investments Park due to its high demand and close proximity to the Jebel Ali Free Zone and Dubai World Central," he added.
Schon Properties is a newly formed holding company, with various realty projects in the UAE, including the Dh.3billion Dubai Lagoon project in the Dubai Investment Park.
Labels: Commercial Property, Schon-Properties
Commercial space much in demand in Abu Dhabi
Sunday, July 08, 2007
The density of Abu Dhabi is almost five times that of the global average, and more than doubles that of Dubai, and hence finding a suitable office space is getting extremely difficult in Abu Dhabi, say new reports.
The HSBC Global Research has stated that "The office market in Abu Dhabi is tighter than the residential market, with ninety nine percent occupancy rates. Even the vacancy rates are as low as one percent in comparison to the global average of nine percent and two percent in Dubai."
Also, apart from quality of supply being low, most office buildings require renovation. According to Colliers International, approximately 744,580 Sq.mts of office space is likely to enter Abu Dhabi market by 2012, doubling the existing supply.
As per reports though the occupancy rates of Dubai and Abu Dhabi are ninety nine percent and ninety eight percent respectively, the office density is more than double in Abu Dhabi when compared to Dubai.
The Bank expects the upward trend in rents and prices to continue until the demand and supply meets equilibrium. According to Colliers International, office rents in Abu Dhabi have increased by more than thirty percent in comparison to 2006.
Though the rental rates of Dubai and Abu Dhabi seem to be moderate, the rental yields are on the higher side, at 7.8% and 8% respectively.
According to HSBC, however, the rents are expected to stabilize over the long term, though prices continue to rise until yields fall closer to the US risk-free rate, and thereafter, the prices may stabilize.
HSBC says "Similar to what has been observed earlier for office space, rental rates though comparatively cheap, yields are on the higher side. This trend could be noticed in most emerging markets, though the opposite is true in developed markets."
The HSBC Global Research has stated that "The office market in Abu Dhabi is tighter than the residential market, with ninety nine percent occupancy rates. Even the vacancy rates are as low as one percent in comparison to the global average of nine percent and two percent in Dubai."
Also, apart from quality of supply being low, most office buildings require renovation. According to Colliers International, approximately 744,580 Sq.mts of office space is likely to enter Abu Dhabi market by 2012, doubling the existing supply.
As per reports though the occupancy rates of Dubai and Abu Dhabi are ninety nine percent and ninety eight percent respectively, the office density is more than double in Abu Dhabi when compared to Dubai.
The Bank expects the upward trend in rents and prices to continue until the demand and supply meets equilibrium. According to Colliers International, office rents in Abu Dhabi have increased by more than thirty percent in comparison to 2006.
Though the rental rates of Dubai and Abu Dhabi seem to be moderate, the rental yields are on the higher side, at 7.8% and 8% respectively.
According to HSBC, however, the rents are expected to stabilize over the long term, though prices continue to rise until yields fall closer to the US risk-free rate, and thereafter, the prices may stabilize.
HSBC says "Similar to what has been observed earlier for office space, rental rates though comparatively cheap, yields are on the higher side. This trend could be noticed in most emerging markets, though the opposite is true in developed markets."
Labels: Abu Dhabi, Commercial Property, Real Estate News
Sheffield plans to invest Dh.5bn or more in Dubai realty
Monday, June 25, 2007
The Managing Director of Sheffield Real Estate, Abuali Malik Shroff, says he plans to invest more than Dh.5bn in the Dubai property market towards 2009, banking on the expected boom of the tourism sector in the emirate.
Shroff says "We are looking towards en-cashing the potential of the tourism sector in the near future, so that our investors could be benefited."
Sheffield is confident about a return of 8.33 percent every year to its investors, for the initial three years in its Dh.1.4 billion Marina 101 project, expected to be complete during the first quarter of 2010.
"We will manage the property on behalf of our investors, promising them of a 25 percent return over a period of three years on their investment. An investor can be certain to get back his money in a span of five to six years," he says.
"We are looking at short-term rentals, as tourists from Kuwait, Qatar, Bahrain, and Saudi Arabia could seek accommodation for fifteen days to one month. These people would prefer to stay in furnished apartments, where they are provided with facilities of a five star hotel at reasonable costs."
According to Department of Tourism and Commerce Marketing (DTCM) statistics, the number of hotel guests in Dubai almost touched 6.3million during 2006, in comparison to 6.1 million during 2005. The number is expected to rise further as Dubai is now focusing on becoming a regional education and financial center.
As of now, Sheffield has a land bank of 500,000 million Sq. Ft., valued at more than Dh.1billion. The company recently launched the Corporate Tower, its first commercial project, in the Jumeirah Lake Towers community of Dubai worth more than Dh.300m.
Shroff said "Commercial properties have always stood out as a stable investment all over the world. We are witnessing a continuous surge in demand in this segment in Dubai, and our project is equipped to offer better returns to our investors."
Corporate Tower is the seventh project of Sheffiled in Dubai. The company is also in the process of making investment plans in various other residential projects, and plans to invest Dh.700m for construction of a gold and diamond retail mall in Dubailand.
Shroff says "We are looking towards en-cashing the potential of the tourism sector in the near future, so that our investors could be benefited."
Sheffield is confident about a return of 8.33 percent every year to its investors, for the initial three years in its Dh.1.4 billion Marina 101 project, expected to be complete during the first quarter of 2010.
"We will manage the property on behalf of our investors, promising them of a 25 percent return over a period of three years on their investment. An investor can be certain to get back his money in a span of five to six years," he says.
"We are looking at short-term rentals, as tourists from Kuwait, Qatar, Bahrain, and Saudi Arabia could seek accommodation for fifteen days to one month. These people would prefer to stay in furnished apartments, where they are provided with facilities of a five star hotel at reasonable costs."
According to Department of Tourism and Commerce Marketing (DTCM) statistics, the number of hotel guests in Dubai almost touched 6.3million during 2006, in comparison to 6.1 million during 2005. The number is expected to rise further as Dubai is now focusing on becoming a regional education and financial center.
As of now, Sheffield has a land bank of 500,000 million Sq. Ft., valued at more than Dh.1billion. The company recently launched the Corporate Tower, its first commercial project, in the Jumeirah Lake Towers community of Dubai worth more than Dh.300m.
Shroff said "Commercial properties have always stood out as a stable investment all over the world. We are witnessing a continuous surge in demand in this segment in Dubai, and our project is equipped to offer better returns to our investors."
Corporate Tower is the seventh project of Sheffiled in Dubai. The company is also in the process of making investment plans in various other residential projects, and plans to invest Dh.700m for construction of a gold and diamond retail mall in Dubailand.
Labels: Commercial Property, Dubai Real Estate, Real Estate Company
First Gulf Bank launched Westbury Square
Wednesday, May 16, 2007
According to reports, the First Gulf Bank is likely to foray into real estate business, with its own subsidiary.
The Vice President of First Gulf Bank, Ibrahim Eskiocak, mentioned that after developing and managing the real estate projects for quite sometime now, they feel that they posses the necessary expertise to enter the real estate market.
This move was taken based on the decision of the UAE Central Bank to permit the banks to take up real estate subsidiaries. As per the current regulations, Banks can now finance and manage real estate works through joint venture subsidiaries, with sixty percent of stake being held by general shareholders.
The subsidiaries are eligible to buy, sell and develop projects, apart from financing and managing them.
Eskiocak mentioned that they plan to launch projects in Abu Dhabi and Dubai.
The Bank, yesterday, launched Dh.600million 'Westbury Square' comprising commercial and residential units at the Business Bay in Dubai.
The project will basically consist of two residential towers with thirty nine floors each and a thirty five storey commercial tower. The project, which is designed by National Engineering Bureau, is due for completion by the end of 2009.
The Vice President of First Gulf Bank, Ibrahim Eskiocak, mentioned that after developing and managing the real estate projects for quite sometime now, they feel that they posses the necessary expertise to enter the real estate market.
This move was taken based on the decision of the UAE Central Bank to permit the banks to take up real estate subsidiaries. As per the current regulations, Banks can now finance and manage real estate works through joint venture subsidiaries, with sixty percent of stake being held by general shareholders.
The subsidiaries are eligible to buy, sell and develop projects, apart from financing and managing them.
Eskiocak mentioned that they plan to launch projects in Abu Dhabi and Dubai.
The Bank, yesterday, launched Dh.600million 'Westbury Square' comprising commercial and residential units at the Business Bay in Dubai.
The project will basically consist of two residential towers with thirty nine floors each and a thirty five storey commercial tower. The project, which is designed by National Engineering Bureau, is due for completion by the end of 2009.
Labels: Business Bay, Commercial Property, Residential
Festival City retail and office space launch on July
Saturday, April 21, 2007
The first retail phase of Dubai Festival City will be completed in July this year, providing shoppers with 2.1m square feet of shopping, dining and entertainment. This will encompass 550 shops, 90 restaurants and a 12-screen cinema. Festival City is situated on the banks of Dubai Creek beside the newly opened Ras Al Khor Bridge.
The 1,300-acre project will be completed in 2015, with 12 per cent already finished. On completion, it will feature three million square feet of office space. The City’s first commercial property, the 550,000 square feet Festival Tower, will be released in July. More than two thirds of this office space has so far been rented.
Miles said developers Al Futtaim Group would see how the market develops before finalising plans for further commercial developments. “The reaction has been very positive. We are close to the airport and minutes from Business Bay.
“One of the major issues for office workers is getting something to eat at lunchtime and having nearly 100 restaurants in Dubai to choose from is very attractive,” said Miles. Festival City’s first hotels will open in September, with the Crowne Plaza and the Intercontinental providing 800 rooms between them.
Four more hotels will follow, including Four Seasons, to boost the City’s room number to 2,500. Miles admitted to minor delays because of difficulties sourcing building materials. “There is no place like Dubai in terms of construction of new projects so it has been a constant challenge for materials. Sometimes it has been a struggle, but in the final analysis we have come up with an excellent project,” he added.
The first two phases of the City’s 21,000-unit residential development have been released to tenants. Al Futtaim will retain ownership of all properties. On completion, Festival City will house more than 70,000 people.
A long-term complaint of Dubai’s boat lovers has been a lack of mooring space and the Festival City Marina will go some way to alleviating this when it opens later this year. It will have space for 70 full time berths, plus 100 spaces for transient boats, enabling Dubai’s elite to moor up for dinner or shopping. Aside from shopping and leisure, Festival City is also expected to become a venue for entertainment and special events.
Purpose-built areas ranging from the waterfront promenades to the Festival Square will play host to international entertainers and local talent at the City.
[Source Emirated Today]
The 1,300-acre project will be completed in 2015, with 12 per cent already finished. On completion, it will feature three million square feet of office space. The City’s first commercial property, the 550,000 square feet Festival Tower, will be released in July. More than two thirds of this office space has so far been rented.
Miles said developers Al Futtaim Group would see how the market develops before finalising plans for further commercial developments. “The reaction has been very positive. We are close to the airport and minutes from Business Bay.
“One of the major issues for office workers is getting something to eat at lunchtime and having nearly 100 restaurants in Dubai to choose from is very attractive,” said Miles. Festival City’s first hotels will open in September, with the Crowne Plaza and the Intercontinental providing 800 rooms between them.
Four more hotels will follow, including Four Seasons, to boost the City’s room number to 2,500. Miles admitted to minor delays because of difficulties sourcing building materials. “There is no place like Dubai in terms of construction of new projects so it has been a constant challenge for materials. Sometimes it has been a struggle, but in the final analysis we have come up with an excellent project,” he added.
The first two phases of the City’s 21,000-unit residential development have been released to tenants. Al Futtaim will retain ownership of all properties. On completion, Festival City will house more than 70,000 people.
A long-term complaint of Dubai’s boat lovers has been a lack of mooring space and the Festival City Marina will go some way to alleviating this when it opens later this year. It will have space for 70 full time berths, plus 100 spaces for transient boats, enabling Dubai’s elite to moor up for dinner or shopping. Aside from shopping and leisure, Festival City is also expected to become a venue for entertainment and special events.
Purpose-built areas ranging from the waterfront promenades to the Festival Square will play host to international entertainers and local talent at the City.
[Source Emirated Today]
Labels: Commercial Property, Office Space
Nakheel Retails centralise retail property
Wednesday, March 28, 2007
Dubai World has created Nakheel Retail to centralise its retail property division under one brand. The new entity will incorporate the existing Istithmar Retail and will seek to maximise opportunities within its residential developments.
These will include the opening of neighbourhood convenience malls and further large scale regional shopping centres to support The Palm Jebel Ali, Dubai Waterfront and Palm Deira.
“Dubai World is committed to the development and delivery of world-class shopping facilities to meet the varying needs of our residential customers and the growing tourist market in Dubai,” said Nakheel Chief Executive Chris O’Donnell.
“As such, the group feels that its retail property business will be fully realised under the Nakheel name.” Nakheel Retail will comple ment another Dubai World company, Retail Corp, which is charged with bringing world-class brands to Dubai, both within Nakheel developments and third party venues.
“Nakheel Retail is about developing and managing property in an effective way,” said Nakheel Retail Chief Executive David Thurling.
“If Retail Corp brings musthave brands to Dubai then we will want them in our malls, but a successful brand cannot be limited to one landlord.” Retail Corp will compete in an open market for space in Nakheel developments.
Thurling said: “Ibn Battuta Mall is already one of the leading retail facilities in the region and it will benefit from population growth being driven by Nakheel’s residential property developments within the mall’s trade area.”
[Source : Emirates Today]
These will include the opening of neighbourhood convenience malls and further large scale regional shopping centres to support The Palm Jebel Ali, Dubai Waterfront and Palm Deira.
“Dubai World is committed to the development and delivery of world-class shopping facilities to meet the varying needs of our residential customers and the growing tourist market in Dubai,” said Nakheel Chief Executive Chris O’Donnell.
“As such, the group feels that its retail property business will be fully realised under the Nakheel name.” Nakheel Retail will comple ment another Dubai World company, Retail Corp, which is charged with bringing world-class brands to Dubai, both within Nakheel developments and third party venues.
“Nakheel Retail is about developing and managing property in an effective way,” said Nakheel Retail Chief Executive David Thurling.
“If Retail Corp brings musthave brands to Dubai then we will want them in our malls, but a successful brand cannot be limited to one landlord.” Retail Corp will compete in an open market for space in Nakheel developments.
Thurling said: “Ibn Battuta Mall is already one of the leading retail facilities in the region and it will benefit from population growth being driven by Nakheel’s residential property developments within the mall’s trade area.”
[Source : Emirates Today]
Labels: Commercial Property, Nakheel
Dunes Village launched; targeted at corporate buyers
Sunday, February 18, 2007
Dunes Village, which is a cluster of nineteen mid-rise towers and which houses about 950 apartments, has been launched at the Dubai Investment Park yesterday, by Manazel Real Estate and Al Serkal Properties.
Covering a land area of 460,000 Square Feet, Dunes Village is worth more than Dh.300 million, and is located in close proximity to Dubailand and Global Village with access through Sheikh Zayed Road. The Dunes Village apartments are being targeted at corporate buyers, who are being encouraged to offer the apartment to their employees as a part of their remuneration package.
The Chairman of Al Serkal Properties, Ahmad Al Serkal, said that as the apartments are competitively priced, and coupled with quick easy financing options, they could be easily afforded by the small and medium companies. He added that purchase of Dunes Village apartments will be an easy goal for the companies located in and around the Dubai Investment Park.
Dunes Village, which consists of nineteen towers with about 950 one, two, three bedroom apartments and studios which is likely to be sold through their agents, The Real Estate Specialists, is due for possession within two years.
Covering a land area of 460,000 Square Feet, Dunes Village is worth more than Dh.300 million, and is located in close proximity to Dubailand and Global Village with access through Sheikh Zayed Road. The Dunes Village apartments are being targeted at corporate buyers, who are being encouraged to offer the apartment to their employees as a part of their remuneration package.
The Chairman of Al Serkal Properties, Ahmad Al Serkal, said that as the apartments are competitively priced, and coupled with quick easy financing options, they could be easily afforded by the small and medium companies. He added that purchase of Dunes Village apartments will be an easy goal for the companies located in and around the Dubai Investment Park.
Dunes Village, which consists of nineteen towers with about 950 one, two, three bedroom apartments and studios which is likely to be sold through their agents, The Real Estate Specialists, is due for possession within two years.
Labels: Commercial Property
Omniyat Properities open Gemini sales
Saturday, October 28, 2006
Omniyat Properties, the real estate development arm of Almasa Holdings, has opened its fourth commercial project, Gemini, a Dh500 million freehold office tower in Dubai’s Business Bay.
Gemini will be completed in the second quarter of 2009 and will raise 20 storeys and will comprise of 260,237 square feet of office space. It is aimed to be a unique structure with the façade being constructed from solid black granite blocks with meandering aluminium and white glass.
It will have twin towers which will be linked by a 15-storey central block with house freehold offices, serviced offices, a tranquility zone, retail and medical facilities. The building is designed to have four underground parking levels, and will promote the ‘everything-under one-roof’.
Gemini will aid efficiency as staff will not have to leave the office to pay bills, go to the dentist or visit the travel agent. All these tasks can be done in one place with minimal effort which will enhance workplace productivity.
Gemini will be completed in the second quarter of 2009 and will raise 20 storeys and will comprise of 260,237 square feet of office space. It is aimed to be a unique structure with the façade being constructed from solid black granite blocks with meandering aluminium and white glass.
It will have twin towers which will be linked by a 15-storey central block with house freehold offices, serviced offices, a tranquility zone, retail and medical facilities. The building is designed to have four underground parking levels, and will promote the ‘everything-under one-roof’.
Gemini will aid efficiency as staff will not have to leave the office to pay bills, go to the dentist or visit the travel agent. All these tasks can be done in one place with minimal effort which will enhance workplace productivity.
Labels: Commercial Property, Freehold Property
New Projects in Dubai
Monday, September 11, 2006
Looking for apartments, villas or commerical properties in Dubai? Begin your Real Estate search now using our comprehensive directory of Property Rentals and Sale. Just enter your specific search requirements and view your individual results with complete property details and photos.
Check out here Dubai Property Search
Check out here Dubai Property Search
Labels: Commercial Property
