Dubai Properties launches final phase of Shorooq units at Mirdiff
Saturday, December 26, 2009
";
Dubai Properties Group (DPG), a member of Dubai Holding, has launched the last phase of Shorooq Community in Mirdiff. The announcement follows the successful leasing of first two phases.
The family-focused development offers 1428 residential units, with studios, single and double bedroom apartments. The development is located in one of the most sought after neighbourhoods in Dubai, with annual leases of Dh.49,000 for studios, Dh.65,000 for single bedroom and Dh.79,000 for double bedroom apartments. Additional discounts are granted for limited time for early bookings.
According to Khalid Al Malek, the CEO of the group, the launch of the last phase of Shorooq Mirdif is a proof to the project's success in meeting the market demand for affordable and quality family accommodation.
Shorooq is currently a thriving dynamic community offering a range of real estate options from studio apartments to four bedroom villas. The final phase of the community will feature 42 apartment buildings and is a unique alternative to high-rise living, offering easy access to schools, shopping centers, popular Uptown Mirdiff and the new Mirdiff City Center malls.
The development is strategically located in proximity to Rashidiya Metro Station, Dubai International Airport, and is easily accessible from arterial highways including Al Awir Road and Emirates Road.
Salwan Property Management, a subsidiary of Dubai Properties Group, currently manages more than 14,000 residential and commercial units in various locations in Dubai.
At present, the group is leasing residential and commercial units at Jumeirah Beach Residence, Al Khail Gate, Cordoba Villas, Al Razi Residence and Office Park at the Dubai Internet City.
Dubai Properties Group (DPG), a member of Dubai Holding, has launched the last phase of Shorooq Community in Mirdiff. The announcement follows the successful leasing of first two phases.The family-focused development offers 1428 residential units, with studios, single and double bedroom apartments. The development is located in one of the most sought after neighbourhoods in Dubai, with annual leases of Dh.49,000 for studios, Dh.65,000 for single bedroom and Dh.79,000 for double bedroom apartments. Additional discounts are granted for limited time for early bookings.
According to Khalid Al Malek, the CEO of the group, the launch of the last phase of Shorooq Mirdif is a proof to the project's success in meeting the market demand for affordable and quality family accommodation.
Shorooq is currently a thriving dynamic community offering a range of real estate options from studio apartments to four bedroom villas. The final phase of the community will feature 42 apartment buildings and is a unique alternative to high-rise living, offering easy access to schools, shopping centers, popular Uptown Mirdiff and the new Mirdiff City Center malls.
The development is strategically located in proximity to Rashidiya Metro Station, Dubai International Airport, and is easily accessible from arterial highways including Al Awir Road and Emirates Road.
Salwan Property Management, a subsidiary of Dubai Properties Group, currently manages more than 14,000 residential and commercial units in various locations in Dubai.
At present, the group is leasing residential and commercial units at Jumeirah Beach Residence, Al Khail Gate, Cordoba Villas, Al Razi Residence and Office Park at the Dubai Internet City.
Labels: Dubai Holdings
Emaar and Dubai Holding back off merger plans
Saturday, December 12, 2009
";
Emaar Properties, and Dubai Holding, announced that they have called off merger plans, which was planned few months ago.
The joint statement said that the decision is based on findings through feasibility studies prepared by renowned economists and analysts under the supervision of company officials.
The statement mentioned that studies showed that the merger initiative is not 'economically viable for now'. The move comes few months after Dubai Holding mentioned that it was restructuring its companies into four verticals, by preparing its real estate entities for a possible merger.
The merger was planned for October this year, according to Dubai Government's announcement in June. According to Analysts, Emaar has taken steps to retain shareholder value and move ahead with its own projects.
Emaar and Dubai Holding had been engaged in detailed evaluation on viability of the proposed consolidation of their activities, including assessment of various portfolios and proposed structure for transaction. The regulatory authorities were also consulted during the talks.
This initiative indicates that Emaar aims to face the current economic downturn in its own terms and is seeking to retain its shareholder value, said Sudhir Kumar, Managing Director, Realtor's International, a property consultancy.
The joint statement said that the decision is based on findings through feasibility studies prepared by renowned economists and analysts under the supervision of company officials.
The statement mentioned that studies showed that the merger initiative is not 'economically viable for now'. The move comes few months after Dubai Holding mentioned that it was restructuring its companies into four verticals, by preparing its real estate entities for a possible merger.
The merger was planned for October this year, according to Dubai Government's announcement in June. According to Analysts, Emaar has taken steps to retain shareholder value and move ahead with its own projects.
Emaar and Dubai Holding had been engaged in detailed evaluation on viability of the proposed consolidation of their activities, including assessment of various portfolios and proposed structure for transaction. The regulatory authorities were also consulted during the talks.
This initiative indicates that Emaar aims to face the current economic downturn in its own terms and is seeking to retain its shareholder value, said Sudhir Kumar, Managing Director, Realtor's International, a property consultancy.
Labels: Dubai Holdings, Emaar
Moody's reaction to Emaar, Dubai Holding merger
Thursday, July 02, 2009
";
There is a certain uncertainty surrounding the proposed consolidation between real estate giant Emaar and three other property developers under the government-owned Dubai Holding, and this has led to questions about the possible financial implications for the two companies.
Moody's yesterday reacted to this scenario by downgrading its credit rating on Dubai Holding from level A2 to A3 and placed it on review for further downgrade. Similarly, Emaar has been put on review for possible downgrade from the current Baa1.
Although Moody's acknowledges that Dubai property market have almost bottomed out, the financial implications of its decline have taken its toll on both companies 'debt protection metrics', said Phillip Lotter, Senior Vice President at Moody's and Lead Analyst for Dubai Holding.
In Moody's opinion, these will continue to weaken further, before the effects of market recovery translates into stronger cash flows, irrespective of the announced merger.
One of the concerns is that analysts have a divided opinion on its impact on Emaar. Moody's has expressed concern that Dubai government has accepted diluting Emaar with a weaker business in support of wider market consolidation.
Fitch Ratings has announced that it would monitor Dubai Holding and Emaar ratings for action, as further details emerge. Standard and Poors has adjusted their CreditWatch rating on Emaar to developing from the previous negative.
According to a statement by Standard and Poors, the rating action reflects the possible benefits on Emaar's credit profile from a merger with the real estate business of Dubai Holding Group. The developing implications reflect the downward pressure on the ratings from the weak Dubai real estate markets when the merger is incomplete, S&P said.
Moody's yesterday reacted to this scenario by downgrading its credit rating on Dubai Holding from level A2 to A3 and placed it on review for further downgrade. Similarly, Emaar has been put on review for possible downgrade from the current Baa1.
Although Moody's acknowledges that Dubai property market have almost bottomed out, the financial implications of its decline have taken its toll on both companies 'debt protection metrics', said Phillip Lotter, Senior Vice President at Moody's and Lead Analyst for Dubai Holding.
In Moody's opinion, these will continue to weaken further, before the effects of market recovery translates into stronger cash flows, irrespective of the announced merger.
One of the concerns is that analysts have a divided opinion on its impact on Emaar. Moody's has expressed concern that Dubai government has accepted diluting Emaar with a weaker business in support of wider market consolidation.
Fitch Ratings has announced that it would monitor Dubai Holding and Emaar ratings for action, as further details emerge. Standard and Poors has adjusted their CreditWatch rating on Emaar to developing from the previous negative.
According to a statement by Standard and Poors, the rating action reflects the possible benefits on Emaar's credit profile from a merger with the real estate business of Dubai Holding Group. The developing implications reflect the downward pressure on the ratings from the weak Dubai real estate markets when the merger is incomplete, S&P said.
Labels: Dubai Holdings, Emaar
Sama Dubai refuses to comment on Lagoon Project dispute
Saturday, September 13, 2008
";
Sama Dubai, leading real estate developer and a division of Dubai Holding, has refused to comment about the news reports that Al Arabiya, the Kuwaiti real estate firm is seeking arbitration proceedings against Sama Dubai for blocking sale of plots in the Lagoon Project to United National Bank (UNB).
The media had last week carried reports stating that Al Arabiya claimed that the deal with the Abu Dhabi-based UNB and Sama Dubai had been fixed in June.
Refusing to comment on the issue, the Executive Chairman of Sama Dubai, Farhan Farid-ooni, in his statement to The Gulf News, has been reported as saying that commenting on an investors relationship with the company, breaches the contractual agreement between the company and the investor.
Several analysts in Dubai when trying to predict the future of housing and property in Dubai during the next couple of years have predicted that a notable correction is likely.
Al Arabiya has already spent about Dh.1bn on 18 plots since 2007 at the Lagoons development in Ras Al Khor. But, last week, Sama Dubai is said to have returned payment cheques after holding them for three months, although it refused to clarify as to why the cheques were held back for so long.
Al Merri, the Chief Executive of the Lagoons Project, is under investigation, and was questioned last month.
The Kuwaiti firm, Al Arabiya, which has been listed on the Kuwait Stock Exchange, in their note to Sama Dubai, emphasized that they intend to go ahead with arbitration at the Dubai International Arbitration Center, within Dubai's Chamber of Commerce.
UNB is also considering legal proceedings, it has been said. This is another addition to the long series to cracks to appear in the fragile property sector of Dubai, which unsettles all those, interested in the market. The Police have investigated several officials of major companies such as Tamweel, Nakheel and Deyaar.
The media had last week carried reports stating that Al Arabiya claimed that the deal with the Abu Dhabi-based UNB and Sama Dubai had been fixed in June.
Refusing to comment on the issue, the Executive Chairman of Sama Dubai, Farhan Farid-ooni, in his statement to The Gulf News, has been reported as saying that commenting on an investors relationship with the company, breaches the contractual agreement between the company and the investor.
Several analysts in Dubai when trying to predict the future of housing and property in Dubai during the next couple of years have predicted that a notable correction is likely.
Al Arabiya has already spent about Dh.1bn on 18 plots since 2007 at the Lagoons development in Ras Al Khor. But, last week, Sama Dubai is said to have returned payment cheques after holding them for three months, although it refused to clarify as to why the cheques were held back for so long.
Al Merri, the Chief Executive of the Lagoons Project, is under investigation, and was questioned last month.
The Kuwaiti firm, Al Arabiya, which has been listed on the Kuwait Stock Exchange, in their note to Sama Dubai, emphasized that they intend to go ahead with arbitration at the Dubai International Arbitration Center, within Dubai's Chamber of Commerce.
UNB is also considering legal proceedings, it has been said. This is another addition to the long series to cracks to appear in the fragile property sector of Dubai, which unsettles all those, interested in the market. The Police have investigated several officials of major companies such as Tamweel, Nakheel and Deyaar.
Labels: Dubai Holdings, Lagoon, Latest News
Construction work commences on Dubai Towers
Monday, June 23, 2008
";
Sama Dubai, a member company and subsidiary of Dubai Holding (a holding company established by Dubai government), yesterday announced about the commencement of construction work on its Dubai Towers.
Placed amidst beautifully landscaped islands in the heart of Dubai, the cluster of towers will represent most sophisticated architecture. The center-piece of Dubai Towers - The Lagoons Central Business District will comprise four residential, commercial, retail and hospitality towers.
Developed at a cost of Dh.20billion, the development is easily accessible from the metro station, and is connected to The Lagoons.
The Executive Chairman of Sama Dubai, Farhan Faraidooni, said "At Sama Dubai we have gained necessary resources to undertake architectural and engineering models that transform skyscrapers to a reality. We will include all measures so as to make it the new icon of real estate development and innovation on a global level."
The ground breaking for the towers was done on 21st June, and the enabling works will continue till 2009. Comprising 60 to 91 storeys, the towers are likely to be delivered by 2014.
Spreading across a built-up area of more than 12.5million square feet, the towers will include health spas, restaurants, entertainment facilities, high-end retail, gymnasiums, hotels and apartments.
The Dubai Towers are so designed that they symbolize a candlelight movement, and each aspect of the design contributes to the creation of this visual façade. The towers will comprise spiraling structures that rotate elliptically around vertical axis and produce an visually distinctive outline for each of the four towers.
With the increase in height of the building, the floor size progressively diminishes, with the floor plate design of each towers being unique.
A scale model of the Dubai Towers and The Lagoons are being displayed at the Central Boulevard of Emirates Towers.
Located adjacent to Ras Al Khor Wildlife Sanctuary, The Lagoons, an award-winning development, offers harmonious existence with surrounding eco-systems. The Lagoons, which features museums, theatres, arts center, Dubai Opera House and music conservatory, will be highly appealing to residents and tourists alike.
Dubai Towers too will have the same level of environmental consciousness and will be LEED certified.
Labels: Business Tower, Construction Projects, Dubai Holdings
Emaar and Dubai Holdings join hands for prime land developments in Dubai
Thursday, August 30, 2007
";
The leading Dubai-based real estate developer, Emaar Properties, and the largest Dubai-based business conglomerate in the Middle East, Dubai Holding, have together announced a joint-venture arrangement for development of land in major locations in Dubai.
The Executive Chairman of Dubai Holding, Mohammad Al Gergawi, said that both Dubai Holding and Emaar are of the belief that both companies would benefit from working together on real estate projects in Dubai. Both firms are currently holding advanced discussions over the matter, for development of world-class projects in major locations in Dubai.
After its launch in 2004, Dubai Holding operates in various sectors ranging from technology, real estate, finance, health, energy, communication, tourism, hospitality, biotechnology and industry. Emaar on the other hand, powered by its vision 2010, is all set to become the most renowned names in the property market across the world, and is in the process of creating master-planned communities in international markets. It is also into developing new competencies in leisure malls, hospitality, healthcare, finance, and education which has evolved from its integrated approach to real estate development and customer service.
Both companies have strong fundamentals and their potential growth displays a great promise for investors.
The Executive Chairman of Dubai Holding, Mohammad Al Gergawi, said that both Dubai Holding and Emaar are of the belief that both companies would benefit from working together on real estate projects in Dubai. Both firms are currently holding advanced discussions over the matter, for development of world-class projects in major locations in Dubai.
After its launch in 2004, Dubai Holding operates in various sectors ranging from technology, real estate, finance, health, energy, communication, tourism, hospitality, biotechnology and industry. Emaar on the other hand, powered by its vision 2010, is all set to become the most renowned names in the property market across the world, and is in the process of creating master-planned communities in international markets. It is also into developing new competencies in leisure malls, hospitality, healthcare, finance, and education which has evolved from its integrated approach to real estate development and customer service.
Both companies have strong fundamentals and their potential growth displays a great promise for investors.
Labels: Dubai Holdings, Dubai Real Estate, Emmar, Real Estate News
Tecom Investments to launch Energy and Environment Park
Sunday, June 10, 2007
";
Tecom Investments, a member of Dubai Holding, is said to be launching the Energy and Environment Park, which is a comprehensive eco-friendly community for residential and commercial use. It will symbolize the commitment of Dubai to sustainable development and create an eco-friendly community while also ensuring a good quality of living for its workers and residents.
The project which is likely to cover eight million square feet in area will provide a business environment that fosters clean energy and sustainable development. The commercial aspects will comprise commercial office space, boutique and retail facilities, showrooms for energy saving technologies etc. It will also include energy efficient residential units, conference rooms, and a green hotel. The energy efficient residential area will offer various real estate options for a sustainable lifestyle and community.
ENPARK, an academic component will provide environment and renewable energy related education programmes. It will house a sustainable development research center to show the latest sustainable technology and energy applications.
The park has been launched at a time when the global renewable energy market predicts to exceed $220 billion annually over the next five years. Phase I of this ENPARK project is due for completion 2010.
The project which is likely to cover eight million square feet in area will provide a business environment that fosters clean energy and sustainable development. The commercial aspects will comprise commercial office space, boutique and retail facilities, showrooms for energy saving technologies etc. It will also include energy efficient residential units, conference rooms, and a green hotel. The energy efficient residential area will offer various real estate options for a sustainable lifestyle and community.
ENPARK, an academic component will provide environment and renewable energy related education programmes. It will house a sustainable development research center to show the latest sustainable technology and energy applications.
The park has been launched at a time when the global renewable energy market predicts to exceed $220 billion annually over the next five years. Phase I of this ENPARK project is due for completion 2010.
Labels: Dubai Holdings, Real Estate Projects
