Dubai Real Estate News
UAE Property Market Trends and Reviews

Iris, a leading property developer in the region, on Sunday, unveiled their new Dh.2.5bn residential development, Iris Mist at Dubai Maritime City.

Designed by the renowned architects, WS Atkins, this 200-meter tall structure is the first in the region to have taken the shape of patterned sea waves. The façade of the tower is to be built in layers of white pre-cast, glass and aluminium with various texture and colors.

Ideally located on plot R6 in the 'Harbour Residence District of Maritime City, the Iris Mist will be in proximity to Jumeirah Beach Road, Sheikh Zayed Road, Dubai International Airport and Bur Dubai.

On completion, this freehold development spreading across a built-up area of 850,000 square feet, will include 54 residential storey comprising 355 luxurious single, double and triple bedroom apartments, six retail outlets, apart from 28 units allocated as office space.

The residents will get to enjoy a wide spectrum of state-of-the-art facilities including health and fitness centers with swimming pools and retail area.

The Chief Executive of IRIS and Managing Director of Sheth Estate, Ashwin Sheth, mentioned that with this launch, the company has reconfirmed its interest to meet and surpass the expectation of investors who seek unique properties at competitive prices in a mixed-use locality.

He added that IRIS Mist has been designed to surpass the highest and safest international construction standards, and is thereby an ideal place to live in.

The tower will be ready for hand-over to residents by July 2011. Being a 'green building', the design of the tower makes use of amenities that reduce use of non-renewable resources, while also shutting down on pollutants and maximizing opportunities for passive cooling and ventilation.

Till date, IRIS has successfully launched various residential projects at Culture Village and Dubai Marina, including the IRIS Blue, which has been recently handed over to residents and investors.

IRIS has developed several luxurious residential and good quality commercial developments in UAE and India. The portfolio of IRIS in Dubai is worth US$1250mn and includes about US$250mn worth projects in India. IRIS aims to reach a portfolio of US$2.3bn during the next three to five years.

Durar Properties, a UAE-based developer, together with Abu Dhabi-based 'Ali and Sons' and other Saudi groups, has launched its first joint venture residential project, Durar 1 twin tower, worth Dh.250mn in Dubailand.

Spreading across 63,000 Square Feet, Durar 1 is a 19-storey twin tower development at Residence Complex in Dubailand. Comprising 236 units of single, double and triple bedroom apartments, the prices begin from Dh.1050 per Square Foot to Dh.1175 per Square foot on the 19th floor.

Ideally located at the region's largest tourism, leisure, entertainment and lifestyle destination, Dubailand, Durar 1 promises the ultimate in contemporary living.

The tower has been designed as a family-friendly development, which is evident when one glances at the positioning of its facilities and the comfort and security that it offers to the homeowners. Several financing options too are on the offer to ensure total satisfaction and reassurance to customers, said Miqdadi, the General Manager, Durar Properties.

Durar 1 is a freehold real estate project in Dubai, and includes sky gardens, temperature-controlled roof-top pools, high-speed elevators, reception lobby, sauna and steam rooms, gymnasium rooms, round-the-clock concierge facilities, children play area and nursery, excellent communication amenities and ample parking space.

The General Manager of Durar Properties, Mohammad Miqdadi, said the company is planning for Durar 2 and Durar 3.

Durar 2 will be a commercial building in Jumeirah Village, and will be launched during the next three months. Durar 2 is worth around Dh.190mn to Dh.200mn. The construction of Durar 3 will commence in the next two to three months time and will take 22 months for completion.
Construction of Durar 1 commenced in May 2008 and is due to be completed in December 2009.
To further enhance its portfolio, Durar Properties has entered into a partnership with Ali and Sons, and Durar 1 is the result of this collaboration. Durar Al Emarat Properties will operate and manage properties, apart from purchase and sale of land, property maintenance, property leasing, carrying on feasibility study as and when required.

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.

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.

A member of the Giga Group, which is also one of the leading property developers in the region, namely Goldcrest Properties, has unveiled the Dh.2bn Smart City project - a freehold residential development, in Ajman.

Comprising eight luxury towers, across a built-up area of 4.2million square feet, along the Emirates Road, Smart City offers about 3500 luxury apartments including studios, single and double bedroom units.

The Managing Directors of Goldcrest Properties, Amir Giga is of the opinion that Smart City will surely be a picture of inspiration and the quality of planning and attention to detail employed in the project, will be highly appreciated by the residents of the community, both in terms of aesthetics and function.

The Giga Group is also offering in-house interest-free financing options with flexible payment options for the development.

Leading real estate developer in Ras Al Khaimah, RAK Properties, has announced the completion of construction works on its three-storey podium and utility networks of its 'Julfar Towers'. This was revealed during the second Ras Al Khaimah Real Estate and Investment Show, being held at the Ras Al Khaimah Exhibition Center between 22nd and 24th May 2008. RAK Properties is the sponsor of the show that brings together the region's leading contractors, developers and realty companies.

The construction work of the twin tower realty project, is on par with the residential tower, which now stands at 30 floors and the office tower which stands at 28 floors.

Centrally located in Ras Al Khaimah with adjacent creek, mangroves and a mountainour backdrop, both towers offers stunning views. The development is also only minutes away from the Hilton Hotel, Manar Mall, the beaches and the golf club. The project also offers 100% foreign ownership to investors of Julfar Business Tower.

The Julfar Towers real estate project in Ras Al Khaimah, worth Dh.500million comprises two 43 storey towers. One among this is a residential tower with 349 apartments and the other is an office tower with 468 units, built on a three-level podium. The podium also inclued an advanced business center, retail and food outlets. It is considered to be the nerve center for common facilities utilities.

The Managing Director and CEO of RAK Properties, Mohammed Sultan Al Qadi, said "The completion of the podium and utility networks is a major milestone in the construction of Julfar Towers. We are pleased with the manner in which the work has been progressing and we are confident of completing the project by next year."

A Dh.4billion worth UAE-based realty development, Al-Duaa Holdings, the advisory and investment company, together with A&A Investments, a regional leader in investment services, has launched Dh.240million freehold residential project at Dubai's Jumeirah Village, namely 'The Residences'.

The development which offers 277,929 square feet of premium quality residential and retail space with ample parking, comprises 10 storeys which accommodates 146 units. There are 23 studios, 95 single bedrooms, 21 double bedrooms and 7 lofts. The project offers easy access to hotspots in Dubai such as the Dubai Marina, the Dubai Sports City and the Dubai Internet City (DIC).

Designed by Dimension Engineering Consultants, the project offers various amenities such as the gymnasium, steam room, swimming pool, sauna and Jacuzzi. The Loft apartments on the top floors of the project have their own private
swimming pool.

The Managing Director of Al-Duaa Holdings, Noreen Khan, said "We take special care in the design phase to ensure that unit layouts reflect unique features that offer a sense of individuality to them. The Residences enjoy its share of privacy, natural light and views of the city."

As per recent studies, the demand for The Residences in Dubai is likely to grow by an average of 24,000 units by end of 2008 and potentially by further 45,000 units towards the year 2015 so as to cater to the expected 1.4million increase in population.

Al Duaa launched The Plaza, a mixed-use development on February. Al Duaa plans to launch another ambitious project 'Al Duaa World Islands' on The World Island during September this year.

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.

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 ground-breaking ceremony for a residential community, 'Flamingo Creek', located at 'The Lagoons' master development in Dubai Creek, took place yesterday.

The project is being developed by National Properties, a wholly-owned real estate subsidiary of National Bonds Corporation.

The freehold project comprises 244 low-rise villa-style apartments and townhouses, which also marks the entry of National Properties into the luxury residential market. 'Flamingo Creek' will be an easy access to retail, education, leisure and entertainment facilities, including the Dubai Opera House.

The National Properties CEO, ABdulsalam Almarri, and Mohammed Qassim, CEO of The Lagoons, together with Buti Al Jumairi, the CEO of National Bonds Corporation, along with other senior management staff of National Properties, participated in the groundbreaking ceremony held at the project site in 'The Lagoons'.

"With the rapid expansion of Dubai City, the longing for serene spaces is bound to grow stronger, and Flamingo Creek will bring in a new dimension to life. It will offer all the comforts of city life without losing the charm and beauty of nature," said Lootah.

The Dubai-based Sternon Group, involved in the local and international property market for the past twenty years, has announced their plan to develop real estate projects in Dubai, worth Dh.300mn.

The Sternon Developers, the new arm of the group, will implement a series of mixed-use projects across Dubai during the next couple of months.

Their first project 'Sternon Tower' will be a mixed-use development in the Jumeirah Village South, in close proximity to the Dubai Autodrome. The construction of the 16-storey development will commence in June 2008. The tower will house residential units with studio, single, double and triple bedroom apartments, apart from penthouses, retail segments and offices with high-end amenities and world-class construction standards. The units will be freehold, and will be accompanied by a residence visa.

"Sternon, has so far focused only on underwriting and promoting properties of other developers in Dubai, but now, we plan to develop our own real estate projects, backed by our expertise in implementing high-end commercial and residential projects in United States and India," said Hussaini Nalwalla, Managing Director.

He mentioned that the robust real estate growth in Dubai is a true reflection of the amazing vibrancy of Dubai, and nearly 35 percent of growth is expected annually. The appreciation in value of projects in Dubai that have been promoted by Sternon, has prompted the company to enter into full-fledged property development.

The Sternon Tower in Dubai, which will commence construction in June this year, will be ready by December 2009.

Sobha Group, the well-known Indian-based realty developer, is making swift progress with its first two commercial projects, recently launched in Dubai.

The construction work is progressing in full swing at the Sobha Ivory I and Sobha Ivory II towers at Business Bay, as the Indian realty giant continues to leave its impression in the Middle East market.

The sales of Sobha Ivory I and Ivory II real estate projects were complete within 8 months, which indicates the growing popularity of Sobha with investors and end-users. The iconic and modern business towers offer commercial and retail space that has been sold on a freehold basis.
The Vice Chairman of the Group, Ajay Rajendran, said that Sobha Ivory I and II have marked the entry of the group into Dubai, as a property developer, and that they are thrilled by the phenomenal success of the projects, which were sold in record time.