New rule for offshore companies in Dubai
Thursday, March 11, 2010
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The Dubai Land Department will shortly announce a new legislation for offshore companies investing in Dubai Freehold market. This move aims to improve transparency in the market.
Due to lack of transparency, the Land Department had halted the transaction of offshore companies for a month.
The Director-General of the Dubai Land Department, Mohammad Sultan Thani, said that at present there are guidelines for offshore companies. A new set of regulations is now awaiting approval, and will be introduced by this week-end.
An offshore business company is one that is incorporated outside the jurisdiction of its primary operations. In the UAE, the Jebel Ali Free Zone Authority in Dubai and Ras Al Khaimah Free Zone offer offshore licenses.
Industry experts consider the new regulations as a welcome measure. The Managing Director at Jones Lang LaSalle, when speaking to the media, mentioned that the relationships between corporate units and regulators needs understanding of their issues, obligations and opportunities to strengthen their requirements for their companies to operate in Dubai and UAE.
There needs to be more transparency during these turbulent times, and understanding about the manner of doing business. A regulator can contribute its best to improve this clarity, and that will be well received, he added.
The registration of titles for freehold firms in the name of foreign offshore companies were suspended throughout the month of February, while the Land Department updated its system.
Effective February 1st, the new directive had instructed the transaction department not to register the titles in the name of foreign offshore firms. However, the ownership of properties registered in the name of foreign offshore firms prior to the said date remained unaltered.
Due to lack of transparency, the Land Department had halted the transaction of offshore companies for a month.
The Director-General of the Dubai Land Department, Mohammad Sultan Thani, said that at present there are guidelines for offshore companies. A new set of regulations is now awaiting approval, and will be introduced by this week-end.
An offshore business company is one that is incorporated outside the jurisdiction of its primary operations. In the UAE, the Jebel Ali Free Zone Authority in Dubai and Ras Al Khaimah Free Zone offer offshore licenses.
Industry experts consider the new regulations as a welcome measure. The Managing Director at Jones Lang LaSalle, when speaking to the media, mentioned that the relationships between corporate units and regulators needs understanding of their issues, obligations and opportunities to strengthen their requirements for their companies to operate in Dubai and UAE.
There needs to be more transparency during these turbulent times, and understanding about the manner of doing business. A regulator can contribute its best to improve this clarity, and that will be well received, he added.
The registration of titles for freehold firms in the name of foreign offshore companies were suspended throughout the month of February, while the Land Department updated its system.
Effective February 1st, the new directive had instructed the transaction department not to register the titles in the name of foreign offshore firms. However, the ownership of properties registered in the name of foreign offshore firms prior to the said date remained unaltered.
Labels: Freehold Property, Property Law
Ajman to announce sales price index for freehold areas soon
Monday, May 11, 2009
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Ajman is on its way to introduce a sales price index for freehold areas in the emirate towards the end of the year, followed by a rent index.
The Director-General of ARRA (Ajman Real Estate Regulatory Agency), confirmed the launch of sales price index for freehold areas this year, and said that the prices of the properties will be determined on the basis of supply and demand.
Established in January this year, ARRA has been introducing measures to regulate the emirate's property sector. The agency said that developers who failed to meet the registration deadline on 1st May 2009 will be liable for a fine of Dh.100,000 per month.
Dubai's RERA was the first regulatory body in the UAE to announce a rent index in January, as a reference point for rent regulation.
The Associate Director of CB Richard Ellis Middle East, Matt Green, said that the creation of a price index in Ajman is a good positive sign. The declining real estate and economic situation in the emirate has had a big negative impact during the past nine months, and this will go a long way in instilling confidence in the Ajman market.
The index released by ARRA reflects the true market status, so that landlords, investors and end-users have the necessary tools to make good decisions in a market where the transparency levels are low, he added.
Green pointed out that transparency is on the increase in the UAE, with few initiatives from the government which has helped in the flow of information into the public. The trend is likely to flow into other emirates too, during the year, and more regulations will be passed which will help in further evolution of the local property market.
The Director-General of ARRA (Ajman Real Estate Regulatory Agency), confirmed the launch of sales price index for freehold areas this year, and said that the prices of the properties will be determined on the basis of supply and demand.
Established in January this year, ARRA has been introducing measures to regulate the emirate's property sector. The agency said that developers who failed to meet the registration deadline on 1st May 2009 will be liable for a fine of Dh.100,000 per month.
Dubai's RERA was the first regulatory body in the UAE to announce a rent index in January, as a reference point for rent regulation.
The Associate Director of CB Richard Ellis Middle East, Matt Green, said that the creation of a price index in Ajman is a good positive sign. The declining real estate and economic situation in the emirate has had a big negative impact during the past nine months, and this will go a long way in instilling confidence in the Ajman market.
The index released by ARRA reflects the true market status, so that landlords, investors and end-users have the necessary tools to make good decisions in a market where the transparency levels are low, he added.
Green pointed out that transparency is on the increase in the UAE, with few initiatives from the government which has helped in the flow of information into the public. The trend is likely to flow into other emirates too, during the year, and more regulations will be passed which will help in further evolution of the local property market.
Labels: Ajman, Freehold Property, Property Law
UAE Government steps-in to streamline property sector
Thursday, March 26, 2009
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The UAE Government has established a Federal Real Estate Regulatory Authority in order to co-ordinate regulatory efforts at the local and federal level, revealed a senior official at the Federal National Council (FNC) yesterday.
The Minister of State for Financial Affairs, Obaid Humaid Al Tayer, said "There are local real estate regulatory authorities and the government considers assuming a role at the federal level to co-ordinate between them."
While Dubai and Ajman have already set up regulatory bodies to govern the property sectors of their respective emirates, the concern is about foreign property developers, who wholly finance their projects from local banks, without sufficient capital.
A FNC member from Abu Dhabi, said that few foreign developers, even depend on the local banks for complete funding, putting the lenders at risk of losing their finances, when the developer fails to complete their projects, or flee the country, leaving behind a huge debt.
The member urged that a regulation is required to limit the finance being made available to foreign developers, who do not have a stake in the capital of their projects.
According to Al Tayer, the Central Bank and the UAE banking system are committed to a loan ratio of nearly 20 percent. The government is striving hard to keep its property sector safe even during such tough times.
The Minister emphasized that UAE has a free economy. Although the global economic and financial difficulties may prompt certain precautions in all sectors, including real estate, the investments in private sector should not be restricted.
He added that the banks are already following some precautions towards financing the real estate sector, and hence no additional restrictions are required for this sector, unless deemed necessary in future.
The Minister revealed that the government is also considering issuing freehold property visas with respect to foreign ownership of properties in various emirates. Several emirates have developed their own freehold visa arrangements as of now. Efforts are on to regulate this process at the federal level, by announcing a unified guideline for all emirates.
Such a measure was thought about, when leading developers like Emaar and Nakheel, who were earlier helping foreign buyers to gain a three-year renewable residence visas on purchase of freehold properties, suddenly stopped facilitating them.
The Minister of State for Financial Affairs, Obaid Humaid Al Tayer, said "There are local real estate regulatory authorities and the government considers assuming a role at the federal level to co-ordinate between them."
While Dubai and Ajman have already set up regulatory bodies to govern the property sectors of their respective emirates, the concern is about foreign property developers, who wholly finance their projects from local banks, without sufficient capital.
A FNC member from Abu Dhabi, said that few foreign developers, even depend on the local banks for complete funding, putting the lenders at risk of losing their finances, when the developer fails to complete their projects, or flee the country, leaving behind a huge debt.
The member urged that a regulation is required to limit the finance being made available to foreign developers, who do not have a stake in the capital of their projects.
According to Al Tayer, the Central Bank and the UAE banking system are committed to a loan ratio of nearly 20 percent. The government is striving hard to keep its property sector safe even during such tough times.
The Minister emphasized that UAE has a free economy. Although the global economic and financial difficulties may prompt certain precautions in all sectors, including real estate, the investments in private sector should not be restricted.
He added that the banks are already following some precautions towards financing the real estate sector, and hence no additional restrictions are required for this sector, unless deemed necessary in future.
The Minister revealed that the government is also considering issuing freehold property visas with respect to foreign ownership of properties in various emirates. Several emirates have developed their own freehold visa arrangements as of now. Efforts are on to regulate this process at the federal level, by announcing a unified guideline for all emirates.
Such a measure was thought about, when leading developers like Emaar and Nakheel, who were earlier helping foreign buyers to gain a three-year renewable residence visas on purchase of freehold properties, suddenly stopped facilitating them.
Labels: Freehold Property, Property Law, UAE
UAE may introduce unified freehold visa regulation
Tuesday, January 13, 2009
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The Federal Government in UAE is considering the issue of freehold property visas pertaining to foreign ownership of properties in various emirates, revealed a top government official in Dubai on Saturday.
The Director-General of Dubai Government's Department of Finance, when speaking to the media during the sidelines of government's 2009 budget announcement, said that the Advisory Council of Dubai Government has put forward a proposal to the Federal Government regarding issue of property-linked visas for a review.
Several emirates have developed their own freehold visa arrangements, and streamlining the process is being planned at the federal level, to announce a unified guideline for all the emirates.
A new law may be announced soon, he said, although did not mention by when the regulation would be passed.
The issue of freehold visa was on focus when big developers such as Emaar and Nakheel, who were earlier helping foreign buyers to get three-year renewable residence visas on purchase of freehold properties, suddenly stopped facilitating them.
The unified guideline regulation is welcomed by experts in the country, as they streamlined the procedure to keep up confidence of the investors.
The Advisory Council was established by the Dubai Government last year, to judge the impact of global financial crisis on Dubai's economy.
Sudhir Kumar, the Managing Director of Realtor's International, a property consultancy said that the issue of freehold visas has been a major concern for property investors, and the government has shown its strength and resilience at this time of crisis by addressing this issue.
Since the year 2002, master-developers in Dubai have been pledging the freehold visas to attract foreign investment to real estate sector in the emirate. This has also drawn plenty of foreign investment into the sector.
This promise was facilitated to buyers in co-operation with Dubai Naturalization and Residency Department, and master developers in RAK and Ajman have followed suit, by attracting major investments into the property sector.
Among the seven emirates in UAE, five have certain designated areas for foreign nationals to buy and own properties on a freehold and leasehold basis. Sharjah, however, does not permit foreign nationals to own properties on freehold basis.
According to UAE constitution, the land in each emirate belongs to the Rulers, and they take decisions pertaining to ownership, usage or allocation of land.
The Director-General of Dubai Government's Department of Finance, when speaking to the media during the sidelines of government's 2009 budget announcement, said that the Advisory Council of Dubai Government has put forward a proposal to the Federal Government regarding issue of property-linked visas for a review.
Several emirates have developed their own freehold visa arrangements, and streamlining the process is being planned at the federal level, to announce a unified guideline for all the emirates.
A new law may be announced soon, he said, although did not mention by when the regulation would be passed.
The issue of freehold visa was on focus when big developers such as Emaar and Nakheel, who were earlier helping foreign buyers to get three-year renewable residence visas on purchase of freehold properties, suddenly stopped facilitating them.
The unified guideline regulation is welcomed by experts in the country, as they streamlined the procedure to keep up confidence of the investors.
The Advisory Council was established by the Dubai Government last year, to judge the impact of global financial crisis on Dubai's economy.
Sudhir Kumar, the Managing Director of Realtor's International, a property consultancy said that the issue of freehold visas has been a major concern for property investors, and the government has shown its strength and resilience at this time of crisis by addressing this issue.
Since the year 2002, master-developers in Dubai have been pledging the freehold visas to attract foreign investment to real estate sector in the emirate. This has also drawn plenty of foreign investment into the sector.
This promise was facilitated to buyers in co-operation with Dubai Naturalization and Residency Department, and master developers in RAK and Ajman have followed suit, by attracting major investments into the property sector.
Among the seven emirates in UAE, five have certain designated areas for foreign nationals to buy and own properties on a freehold and leasehold basis. Sharjah, however, does not permit foreign nationals to own properties on freehold basis.
According to UAE constitution, the land in each emirate belongs to the Rulers, and they take decisions pertaining to ownership, usage or allocation of land.
Labels: Freehold Property, Latest News, Property Law
UAE plans to implement Unified Freehold Property Regulation
Sunday, December 21, 2008
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UAE has placed a draft legislation that restricts expatriates from automatically acquiring residency visas through freehold property ownership, revealed a Federal National Council (FNC) member.
The Council will soon submit draft legislation on freehold properties to the government, which is hoped to unify the divergent law pertaining to the sector in the seven emirates.
One of the Council members, Dr. Abdul Rahim Shaheen, said that the council was considering implementation of the proposed legislation as quickly as possible.
With seven emirates handling freehold property under various rules, there has been utter chaos in the sector. The government plans to issue a federal regulation which unifies rules on dealing with foreigners with regard to freehold of properties and imposes strict punishments against those who exploit ownership for generating public interest.
He said that the issue has endangered national interest and UAE's identity as the Emiratis are being outnumbered by expatriates, due to which, few residents have begun demanding rights.
Expatriates are not entitled to 25-year residency through owernship of a property, clarified a senior official at the Ministry of Interior.
The Director of Legal Department, Ministry of Interior, Col. Rashid Sultan Al Khider, when speaking to the media, said that the Naturalization and Residency Law does not have a clause that permits expatriate property owners to obtain a 25-year residency visa.
This clarification by the Ministry regarding implementation of a new law by FNC, came, following the practice of several property developers advertising residency visas with their property sales.
Col. Rashid said that such advertisements by property companies are not right, and is in violationg of Naturalization and Residency Law, which stipulates expats in the UAE are here either for study, work, medical treatment, or tourism or are sponsored by family members.
Therefor, the FNC's plan to implement a regulation on freehold property coincides with the current situation, wherein, property marketing companies are adopting wrong practices to hit the society.
The Council will soon submit draft legislation on freehold properties to the government, which is hoped to unify the divergent law pertaining to the sector in the seven emirates.
One of the Council members, Dr. Abdul Rahim Shaheen, said that the council was considering implementation of the proposed legislation as quickly as possible.
With seven emirates handling freehold property under various rules, there has been utter chaos in the sector. The government plans to issue a federal regulation which unifies rules on dealing with foreigners with regard to freehold of properties and imposes strict punishments against those who exploit ownership for generating public interest.
He said that the issue has endangered national interest and UAE's identity as the Emiratis are being outnumbered by expatriates, due to which, few residents have begun demanding rights.
Expatriates are not entitled to 25-year residency through owernship of a property, clarified a senior official at the Ministry of Interior.
The Director of Legal Department, Ministry of Interior, Col. Rashid Sultan Al Khider, when speaking to the media, said that the Naturalization and Residency Law does not have a clause that permits expatriate property owners to obtain a 25-year residency visa.
This clarification by the Ministry regarding implementation of a new law by FNC, came, following the practice of several property developers advertising residency visas with their property sales.
Col. Rashid said that such advertisements by property companies are not right, and is in violationg of Naturalization and Residency Law, which stipulates expats in the UAE are here either for study, work, medical treatment, or tourism or are sponsored by family members.
Therefor, the FNC's plan to implement a regulation on freehold property coincides with the current situation, wherein, property marketing companies are adopting wrong practices to hit the society.
Labels: Freehold Property, Property Law, UAE
Habtoor Group announces sale of Harbour Island Resort & Spa apartments
Tuesday, November 25, 2008
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For the first time, Habtoor Group has announced sale of its 24 freehold apartments of 'Harbour Island Resort & Spa' development on the Crescent, at the Palm Jumeirah.
The announcement was made by Mohammed K. Al Habtoor, the Chief Executive of the group.
The project, currently estimated to be worth of Dh1.2billion, may go up further, depending on prices of materials. The apartments of this exclusive project, has all the amenities of a hotel. Depending on the demand for the project, more units will be offered, Al Habtoor said.
The Habtoor Island will house 6-7 restaurants, out of which one of the biggest will be managed by a UK firm. The Chairman of the group, Khalaf Al Habtoor said that the company aims to offer a property that would gain recognition as one of the finest developments in the plant. The company is also aiming for LEED Gold Rating certification for its environmental friendliness.
"The fact that we are committed to deliver an unparalleled lifestyle is evident now, as we have allocated 70 percent of the development towards gardens and water features," Al Habtoor pointed out.
For the first time, Habtoor Group has announced sale of its 24 freehold apartments of 'Harbour Island Resort & Spa' development on the Crescent, at the Palm Jumeirah.The announcement was made by Mohammed K. Al Habtoor, the Chief Executive of the group.
The project, currently estimated to be worth of Dh1.2billion, may go up further, depending on prices of materials. The apartments of this exclusive project, has all the amenities of a hotel. Depending on the demand for the project, more units will be offered, Al Habtoor said.
The Habtoor Island will house 6-7 restaurants, out of which one of the biggest will be managed by a UK firm. The Chairman of the group, Khalaf Al Habtoor said that the company aims to offer a property that would gain recognition as one of the finest developments in the plant. The company is also aiming for LEED Gold Rating certification for its environmental friendliness.
"The fact that we are committed to deliver an unparalleled lifestyle is evident now, as we have allocated 70 percent of the development towards gardens and water features," Al Habtoor pointed out.
Labels: Environment-friendly, Freehold Property, Palm Jumeirah, Sales
Tameer's Princess Tower progressing as scheduled
Wednesday, September 24, 2008
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Tameer Holding, a pioneer property developer, has announced that its 107-storey luxury residential tower, the Princess Tower, located in Dubai Marina, has successfully completed 30 storeys, and is progressing as scheduled.
The Princess Tower (also known as Al Ameera Tower) is one of the many freehold towers in Dubai Marina, opposite to Jumeirah Lake Towers, adjacent to American University of Dubai. It is positioned on the same side of marina, as that of Dubai Marina Towers, in close proximity to the Torch Tower. On completion, the Princess Tower is hoped to be one of the tallest all-residential buildings in the world, standing high at 414 meters.
The Princess Tower, covering 37,410 square feet of space, rising more than 400 meters in height, would be the world's tallest residential building, with a total of 100 storeys. It includes 750 luxury residential apartments, including double, triple and four bedrooms apart from duplex villas and penthouses.
Among the other amenities at the Princess Tower are the gymnasium, swimming pools, a sauna club, child day-care, private car parking area and prayers area, for each resident apart from luxurious reception area.
The Princess Tower will be the most expensive apartments in the world, costing about US$85,000,000.00. The ground floor of the building (the entrance hall), will be glided with white gold, one of the most rare and expensive type in the world. This will be supplemented with opals, diamonds, sapphires, rubies and crystals.
The Managing Director of Tameer Dubai, Abdul Hamid Moukayed, said "Despite the difficulties experienced by real estate and construction sectors, such as the rising costs of material and labour, apart from increasing competition for contractors, construction on the Princess Tower is progressing as scheduled. The tower would be a testament to strengthen Tameer's position as the most trusted in the property sector."
Labels: Dubai Marina, Freehold Property, Luxury Homes, Tameer
Damac's Ocean Heights project completes 14 storeys
Friday, September 12, 2008
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Damac Properties has announced that the Ocean Heights residential tower project has reached its 14th storey, and is well on track.
Being one of the many freehold towers built on the Dubai Marina, Ocean Heights is located opposite the Le Meridian Mina El Seyahi, adjacent to Dubai Marina and Marina Crown. It is an 82 storey tower which is 310 meters in height, comprising 680 apartments.
The Dh.1.5bn freehold residential tower contains single, double, and triple bedroom apartment units, and features 9 units of Signature Series Apartments from the 67th to 75th floor, and duplex apartments from 76th to 81st floor.
Other amenities include an outdoor leisure deck with temperature-controlled swimming pool, sauna, steam room, gymnasium, game room, and children's play area, apart from cafes, juice bars, restaurants, 24-hour concierge, and other housekeeping services.
Labels: Damac Properties, Dubai Marina, Freehold Property
Investors throng Ajman realty sector; Residence Visa granted to investors
Tuesday, August 19, 2008
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With the Gulf region experiencing a realty boom, the peaceful emirate of Ajman is witnessing an all'time high property boom. Ajman is the smallest among the seven emirates, and the second next to Dubai, to open its freehold property sector.
In support to the major property boom, the Ajman government plans to implement $1.4bn infrastructure plan to win investor confidence in UAE.
As per market estimates, about $2trillion worth of upcoming projects are likely in all sectors of GCC. About $330bn of this is being set aside for civil construction projects.
Ajman also has the advantage of several realty developers coming in from Asian countries and from Pakistan, in large numbers.
Also, henceforth the Ajman government has announced that real estate buyers in Ajman will be granted residence visas, provided, the property developers assure to do so, to project developers in the UAE emirate.
This visa will bear a one-year validity period, and will be renewed annually in the emirate of UAE. Agreements will be signed by project developers with the master developers for issuance of visas.
Only an investor or buyer, who gains possession of the apartment will be granted residence visa, provided the developer issues a no-objection letter. The cost of the visa is likely to be around Dh.1500, which can be renewed in Ajman every year.
In support to the major property boom, the Ajman government plans to implement $1.4bn infrastructure plan to win investor confidence in UAE.
As per market estimates, about $2trillion worth of upcoming projects are likely in all sectors of GCC. About $330bn of this is being set aside for civil construction projects.
Ajman also has the advantage of several realty developers coming in from Asian countries and from Pakistan, in large numbers.
Also, henceforth the Ajman government has announced that real estate buyers in Ajman will be granted residence visas, provided, the property developers assure to do so, to project developers in the UAE emirate.
This visa will bear a one-year validity period, and will be renewed annually in the emirate of UAE. Agreements will be signed by project developers with the master developers for issuance of visas.
Only an investor or buyer, who gains possession of the apartment will be granted residence visa, provided the developer issues a no-objection letter. The cost of the visa is likely to be around Dh.1500, which can be renewed in Ajman every year.
Labels: Ajman, Freehold Property
JCA Real Estate appointed as exclusive sales agent for Emerald Tower at Ajman
Tuesday, August 05, 2008
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BSEL Infrastructure Realty has appointed JCA Real Estate, an associate company of Jitendra Group of Companies, to market Emerald Tower, a 100 percent freehold residential tower in Emirates City of Ajman. JCA Real Estate has been given exclusive rights to advertise, market and sell Emerald Tower anywhere in the world.
The Chairman of JCA Real Estate and Founder, Jitendra Gianchandani, announced that investors and buyers will be offered an excellent property in Ajman, which not only offers a good lifestyle but also yields good returns. For the first time ever in the history of Ajman real estate, a 11 percent return has been assured to investors, which assures that the Emirate of Ajman would continue to grow in future.
The Chief Executive Officer of JCA Real Estate, R. Lewis, said "The launch of Emarald Tower unveils a new chapter for the company. The Company will conduct international road shows to promote Emerald Tower. The booking amount is as low as Dh.10,000, with buy back guarantee by the developer and UAE residence visa, subject to immigration laws or approval.
The 50-storey tower, worth Dh.252mn, is located along the Emirates Road in the newest development area of Emirates City. Emerald Tower will have an earthquake resistant structured, good quality architectural design crafted by Adnan Saffarini Engineering Consultant.
The tower is equipped with amenities such as swimming pool, health club, and safety systems, advanced CCTV, prayer room, 8 high-speed elevators, and covered car parking with each unit. The buyers and investors get to choose between one bed and one bed plus study room apartments, ranging in size from 730 square feet to 1070 square feet. The prices begin from Dh. 346,750 to Dh. 508,250.
Labels: Ajman, Freehold Property
ACW unveils Platinum Two -freehold residential project at Dubailand
Friday, July 25, 2008
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ACW Holdings, the leading developer, yesterday launched their latest development worth Dh.200mn at Dubailand, promising to offer investors with annual returns of 45 percent.
The freehold residential and serviced apartments project, 'Platinum Two', located in Arjan in Dubailand, spreads across a built-up area of 164,598 square feet of landspace. It comprises a total of 254 apartments, 220 studios, and 34 single bedroom apartments and 19 retail shops.
About 45 percent of these are investment based on tourist arrivals, which is anticipated to be 15mn annually by 2010. Reports state that growth of tourism in the Middle East is likely to grow on an average of 7.1 percent until 2020, with the rest of the world lagging behind on an average of 4.1 percent annually. Tourism accounts for 18 percent of direct GDP in Dubai, out of the Dh.198bn growth in 2007.
The Platinum Two development, although a purely freehold project, the units are rented on daily, weekly and monthly basis, and the income is collected. After removal of the costs, investors can get back 60 percent of the net income.
According to Ian Pask, the General Manager, ACW Holdings, the development is definitely not a timeshare. The apartments are never let out, while investors receive and income. The company has sold about 1000 units of this kind already, in other developments of the company, and only six of these have been returned.
ACW Holdings owns a portfolio worth Dh.5bn in the UAE, including the Knightsbridge Court and Kensington Manor residential apartments and Hanover Square serviced apartments. This is further likely to expand to Dh.20bn within three years.
ACW Holdings has also launched Dh.1.3bn project on Marjan Island in Ras Al Khaimah and two other projects in Ajman. The Company also plans to launch 1400-unit hotel resort development in Ajman during October.
The freehold residential and serviced apartments project, 'Platinum Two', located in Arjan in Dubailand, spreads across a built-up area of 164,598 square feet of landspace. It comprises a total of 254 apartments, 220 studios, and 34 single bedroom apartments and 19 retail shops.
About 45 percent of these are investment based on tourist arrivals, which is anticipated to be 15mn annually by 2010. Reports state that growth of tourism in the Middle East is likely to grow on an average of 7.1 percent until 2020, with the rest of the world lagging behind on an average of 4.1 percent annually. Tourism accounts for 18 percent of direct GDP in Dubai, out of the Dh.198bn growth in 2007.
The Platinum Two development, although a purely freehold project, the units are rented on daily, weekly and monthly basis, and the income is collected. After removal of the costs, investors can get back 60 percent of the net income.
According to Ian Pask, the General Manager, ACW Holdings, the development is definitely not a timeshare. The apartments are never let out, while investors receive and income. The company has sold about 1000 units of this kind already, in other developments of the company, and only six of these have been returned.
ACW Holdings owns a portfolio worth Dh.5bn in the UAE, including the Knightsbridge Court and Kensington Manor residential apartments and Hanover Square serviced apartments. This is further likely to expand to Dh.20bn within three years.
ACW Holdings has also launched Dh.1.3bn project on Marjan Island in Ras Al Khaimah and two other projects in Ajman. The Company also plans to launch 1400-unit hotel resort development in Ajman during October.
Labels: Apartments, Dubailand, Freehold Property
IRIS unveils Dh.2.5bn IRIS Mist in Maritime City
Tuesday, July 08, 2008
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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.
Labels: eco-friendly, Freehold Property, Luxury Homes, Residential
Durar 1 residential twin tower unveiled in Dubailand
Monday, July 07, 2008
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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.
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.
Labels: Apartments, Dubailand, Freehold Property, Residential
ACI and Escan Real Estate to develop Dh2bn Escan Tower
Sunday, June 29, 2008
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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
Sweet Homes launches Dh1.3bn mixed-use luxury development in Ajman
Sunday, June 22, 2008
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A leading UAE-based developer, Sweet Homes, has announced the launch of Dh.1.3billion development in Ajman.
The project includes seven commercial and residential towers, and 1504 villas and townhouses spread across 4m sq. ft., within the Dh.2.5billion 'Ajman Uptown' community development, which is likely to accommodate the first freehold residential villas in Ajman.
Sweet Homes will build five mixed-use luxury towers, including a 42,936 Sq. Mt. building - 'Heliconia', which comprises 352 studio, single and double bedroom flats, and 30 prime retail spaces on the ground floor. The other developments are the 'Iris' - a 22,741 sq. mt. development including 188 flats and 15 commercial spaces; 'Jatropha' - a 21,751 sq. mt. mid-rise structure including 184 residential and 14 commercial units; 'Kentia' - a 30,430 sq. mt. development with 224 residential flats, 28 business spaces; and 'Ludisia' - a 17,321 sq. mt. development with 148 apartments and 14 retail units.
Ajman Uptown will also include two office towers - 'Freesia' and 'Gardenia'. They will prove to be an ideal location for commercial and retail projects, accessible directly from the Emirates Road.
Spreading across 20,733 sqm, Freesia will house 152 offices and 13 showrooms, while 'Gardenia' which spreads across 26,619 sqm of space will have 212 offices and 16 showrooms. Both these towers will include a health club at rooftop, and basement parking facility.
The residential development will include amenities such as a healthcare center, school, fire fighting station, several mosques, health and recreation club, swimming pool, parks, shopping mall, retail shops, boutique offices, hotels, food courts all surrounded by a single 1.15km pedestrian pathway.
The project includes seven commercial and residential towers, and 1504 villas and townhouses spread across 4m sq. ft., within the Dh.2.5billion 'Ajman Uptown' community development, which is likely to accommodate the first freehold residential villas in Ajman.
Sweet Homes will build five mixed-use luxury towers, including a 42,936 Sq. Mt. building - 'Heliconia', which comprises 352 studio, single and double bedroom flats, and 30 prime retail spaces on the ground floor. The other developments are the 'Iris' - a 22,741 sq. mt. development including 188 flats and 15 commercial spaces; 'Jatropha' - a 21,751 sq. mt. mid-rise structure including 184 residential and 14 commercial units; 'Kentia' - a 30,430 sq. mt. development with 224 residential flats, 28 business spaces; and 'Ludisia' - a 17,321 sq. mt. development with 148 apartments and 14 retail units.
Ajman Uptown will also include two office towers - 'Freesia' and 'Gardenia'. They will prove to be an ideal location for commercial and retail projects, accessible directly from the Emirates Road.
Spreading across 20,733 sqm, Freesia will house 152 offices and 13 showrooms, while 'Gardenia' which spreads across 26,619 sqm of space will have 212 offices and 16 showrooms. Both these towers will include a health club at rooftop, and basement parking facility.
The residential development will include amenities such as a healthcare center, school, fire fighting station, several mosques, health and recreation club, swimming pool, parks, shopping mall, retail shops, boutique offices, hotels, food courts all surrounded by a single 1.15km pedestrian pathway.
Labels: Ajman, Freehold Property, New Developments, Villa Projects
SIT Tower -new hitech commercial destination at Dubai Silicon Oasis
Thursday, June 19, 2008
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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
Ajman unveils Dh 2bn Smart City development
Wednesday, June 04, 2008
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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.
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.
Labels: Ajman, Freehold Property, Residential
Julfar Towers in Ras Al Khaimah completes 30 storeys
Saturday, May 24, 2008
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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."
Labels: Construction Projects, Freehold Property, RAK Properties, Ras Al Khaima
Freehold residential development The Residences unveiled at Jumeirah
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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).
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.
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 privateThe 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."
swimming pool.
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.
Labels: Freehold Property, Jumeriah Village
Plus Properties unveils The Blue Dolphin Center -landmark commercial project in Abu Dhabi
Sunday, May 18, 2008
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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
The Boulevard - new signature community development in Ajman
Sunday, May 11, 2008
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A member of Ajman Holding and leading property developer in the Middle East, aaproperty.ae, has announced the launch of its Dh.1.5bn signature community development, 'The Boulevard', in Ajman. The property will be marketed and sold through Gowealthy.com, the global property and lifestyle brand in the region.
Aimed at young professionals and families, The Boulevard, will offer potential home owners and investors elegant residential accommodation, apart from dynamic business environment and modern office amenities.
This signature development in Ajman will comprise fourteen residential and commercial towers, conference facility and world class hotel, apart from retail shopping mall with leading popular brands, chic cafes and boutique shops.
The development features residential units with an attractive starting price of AED 191,500 and a range of single and double bedroom apartments and duplex penthouses.
Situated at just 25 minutes away from Emirates Road and Dubai Internaitonal Airport, and 10 minutes from Sharjah International Airport, the Boulevard, offers spacious and affordable residential apartments with good amenities.
A three storey shopping mall which spreads across 170,000 square foot of space, a hotel, a shopping zone, a spa, roof gardens and food court are the other amenities featured in the development. The project also offers health clubs, rooftop swimming pools, five storey podium parking that can accommodate 3300 vehicles, an high-speed internet café, apart from cable TV to each unit and 24-hour security service.
The two commercial towers in the community comprises 29 storey each, apart from two facilities floors, while the residential towers are 10 to 20 storey each. Each of the residential and commercial tower features their own health club facilities too.
Established in 2007, aaproperty.ae is a leading property development group (particularly for mixed-use projects) in the Middle East. Being a real estate arm of Ajman Holding, aa property offers innovative design and construction of luxury freehold apartments, malls, offices and hotels.
Aimed at young professionals and families, The Boulevard, will offer potential home owners and investors elegant residential accommodation, apart from dynamic business environment and modern office amenities.
This signature development in Ajman will comprise fourteen residential and commercial towers, conference facility and world class hotel, apart from retail shopping mall with leading popular brands, chic cafes and boutique shops.
The development features residential units with an attractive starting price of AED 191,500 and a range of single and double bedroom apartments and duplex penthouses.
Situated at just 25 minutes away from Emirates Road and Dubai Internaitonal Airport, and 10 minutes from Sharjah International Airport, the Boulevard, offers spacious and affordable residential apartments with good amenities.
A three storey shopping mall which spreads across 170,000 square foot of space, a hotel, a shopping zone, a spa, roof gardens and food court are the other amenities featured in the development. The project also offers health clubs, rooftop swimming pools, five storey podium parking that can accommodate 3300 vehicles, an high-speed internet café, apart from cable TV to each unit and 24-hour security service.
The two commercial towers in the community comprises 29 storey each, apart from two facilities floors, while the residential towers are 10 to 20 storey each. Each of the residential and commercial tower features their own health club facilities too.
Established in 2007, aaproperty.ae is a leading property development group (particularly for mixed-use projects) in the Middle East. Being a real estate arm of Ajman Holding, aa property offers innovative design and construction of luxury freehold apartments, malls, offices and hotels.
Labels: Ajman, Community, Freehold Property
IRIS launches IRIS Crystal commercial tower at Business Bay
Saturday, May 03, 2008
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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
Ground-breaking ceremony held for Flamingo Creek
Wednesday, April 09, 2008
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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.
Labels: Construction Projects, Freehold Property, Luxury Homes, Townhouses
DEC launches Garden Heights and HQ at Jumeirah Village
Monday, March 10, 2008
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Dheeraj and East Coast (DEC) has launched two new projects, Garden Heights and HQ, worth more than Dh.700mn at Jumeirah Village. With this, the total DEC investment in Jumeirah Village crosses Dh.1bn.
The latest five-phased development by Deeraj and East Coast in Jumeirah Village, 'The Lawn' is built with an investment worth more than Dh.300 million.
The Managing Director of DEC, Dheeraj Wadhawan, said "The new projects are prompted by the strong investor enthusiasm shown towards our previous projects at Jumeirah Village , 'The Lawns', with 100 percent of the project being sold out."
The Garden Heights, worth Dh.300 million, is a freehold residential project. The ground floor is entirely dedicated as a retail space. Spanning over a built-up area of 231,000 square feet of space, the development include four floors on basement parking and 24 floors of mixed-use space.
The development comprises 280 residential units in a two storey building, which includes 31 three bedroom duplexes, 36 two bedroom apartments, 65 single bedroom apartments and 146 studios.
The HQ, worth Dh.400mn is a commercial project, covering a built-up area of 300,000 square feet.
Available at a competitive price, both the developments are scheduled for completion by 2011.
DEC has 18 upcoming projects in Dubai, worth more than Dh.4.5billion, as on date.
The latest five-phased development by Deeraj and East Coast in Jumeirah Village, 'The Lawn' is built with an investment worth more than Dh.300 million.
The Managing Director of DEC, Dheeraj Wadhawan, said "The new projects are prompted by the strong investor enthusiasm shown towards our previous projects at Jumeirah Village , 'The Lawns', with 100 percent of the project being sold out."
The Garden Heights, worth Dh.300 million, is a freehold residential project. The ground floor is entirely dedicated as a retail space. Spanning over a built-up area of 231,000 square feet of space, the development include four floors on basement parking and 24 floors of mixed-use space.
The development comprises 280 residential units in a two storey building, which includes 31 three bedroom duplexes, 36 two bedroom apartments, 65 single bedroom apartments and 146 studios.
The HQ, worth Dh.400mn is a commercial project, covering a built-up area of 300,000 square feet.
Available at a competitive price, both the developments are scheduled for completion by 2011.
DEC has 18 upcoming projects in Dubai, worth more than Dh.4.5billion, as on date.
Labels: Freehold Property, Jumeriah Village, New Developments
Sternon Group to launch their first mixed-use project in Dubai
Tuesday, March 04, 2008
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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.
Labels: Freehold Property, Jumeriah Village, Real Estate Projects
Rakeen's 'Bab Al Bahr' project progressing as scheduled
Thursday, February 21, 2008
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Rakeen, one of the most dynamic real estate developers in the region, has revealed that construction of its international standard apartment units in 'Bab al Bahr', the idyllic resort development on Al Marjan Island, is on track. Rakeen is one among the.
Piling is underway at present, while the apartment buildings are on its way to completion by the fourth quarter of 2009, revealed an official spokesman.
'Bab Al Bahr' (Your gateway to island living), the Dh.1.2 billion development, comprises 710 apartments in five buildings, that are available for freehold purchase. An additional 120 apartments are open for timeshare ownership.
The confirmation that the construction is progressing as scheduled, indicates a vital step in the development of the project that will finally encompass the residential buildings, a hotel, a timeshare building, an office tower, and a shopping mall, rendering an exclusive lifestyle.
The Client Representative and Project Manager, Wahid Attalla, who is also the CEO of Spectrum Consultants, said "Available directly from Rakeen, with 100 percent freehold ownership, the Bab Al Bahr apartments are housed in six stunning buildings, with a dramatic architecture, complementing the natural beauty of the island. Open private beachfronts, landscaped surroundings and 360-degree sea views, add to the feeling of openness and the freedom that Bab Al Bahr adds to daily life."
The Bab Al Bahr hotel and timeshare apartments will be operated and managed by B&G Hotels and Resorts, a premium hotel and resort management company. The units will be exlusively sold by the leading property management and real estate company, Asteco, while, 90 percent mortgages will be offered to buyers of Bab Al Bahr apartments by the Union National Bank.
Piling is underway at present, while the apartment buildings are on its way to completion by the fourth quarter of 2009, revealed an official spokesman.
'Bab Al Bahr' (Your gateway to island living), the Dh.1.2 billion development, comprises 710 apartments in five buildings, that are available for freehold purchase. An additional 120 apartments are open for timeshare ownership.
The confirmation that the construction is progressing as scheduled, indicates a vital step in the development of the project that will finally encompass the residential buildings, a hotel, a timeshare building, an office tower, and a shopping mall, rendering an exclusive lifestyle.The Client Representative and Project Manager, Wahid Attalla, who is also the CEO of Spectrum Consultants, said "Available directly from Rakeen, with 100 percent freehold ownership, the Bab Al Bahr apartments are housed in six stunning buildings, with a dramatic architecture, complementing the natural beauty of the island. Open private beachfronts, landscaped surroundings and 360-degree sea views, add to the feeling of openness and the freedom that Bab Al Bahr adds to daily life."
The Bab Al Bahr hotel and timeshare apartments will be operated and managed by B&G Hotels and Resorts, a premium hotel and resort management company. The units will be exlusively sold by the leading property management and real estate company, Asteco, while, 90 percent mortgages will be offered to buyers of Bab Al Bahr apartments by the Union National Bank.
Labels: Construction Projects, Freehold Property, Ras Al Khaima
Al Osaimi launches The Dusit Emirates Saray at Palm Jumeirah
Tuesday, February 12, 2008
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Al Osaimi Investments and Real Estate, a Kuwaiti developer, on Sunday, launched Dh.1.5bn flagship development, 'The Dusit Emirates Saray' at the Palm Jumeirah, Dubai.
The development, which spreads across one million square feet of land, along 11.5kms of the crescent of Palm Jumeirah, comprises three projects on the whole: 'The Dusit Devarana' - a seven-star Indian themed hotel with 116 rooms spreading across 26,000 square feet of space, 'The Dusit Thani' - a five-star Moroccan-themed resort with 292 rooms spread across 34,000 square feet of space, and 'The Residence' - 178 Arabian-themed freehold units spreading across 57,000 square feet of space. The development will also have a 51,000 square feet size basement.
'The Dusit Thani' apart from the 292 guest rooms, will comprise suites, restaurants and a business center, will have three pools around the Palm Lagoon, will comprise 10 freestanding chalets and business center.
The high-light of the development will be the Arabian-themed 178 freehold units of 'The Residence', comprising two-storey townhouses, three-bedroom penthouses and apartments, a spacious terrace, pool, garden and parking for each unit, with maximum exclusivity for residential investors. The development will also include four freestanding restaurants and water sports facility.
The project will be complete towards the first quarter of 2010. The sale of the project, which began yesterday, will move to Saudi Arabia, Kuwait and other GCC countries after three days.
The development, which spreads across one million square feet of land, along 11.5kms of the crescent of Palm Jumeirah, comprises three projects on the whole: 'The Dusit Devarana' - a seven-star Indian themed hotel with 116 rooms spreading across 26,000 square feet of space, 'The Dusit Thani' - a five-star Moroccan-themed resort with 292 rooms spread across 34,000 square feet of space, and 'The Residence' - 178 Arabian-themed freehold units spreading across 57,000 square feet of space. The development will also have a 51,000 square feet size basement.
'The Dusit Thani' apart from the 292 guest rooms, will comprise suites, restaurants and a business center, will have three pools around the Palm Lagoon, will comprise 10 freestanding chalets and business center.
The high-light of the development will be the Arabian-themed 178 freehold units of 'The Residence', comprising two-storey townhouses, three-bedroom penthouses and apartments, a spacious terrace, pool, garden and parking for each unit, with maximum exclusivity for residential investors. The development will also include four freestanding restaurants and water sports facility.
The project will be complete towards the first quarter of 2010. The sale of the project, which began yesterday, will move to Saudi Arabia, Kuwait and other GCC countries after three days.
Labels: Freehold Property, Investment Property, Palm Jumeirah, Residential
Fakhruddin Properties launches Dh.250mn Grand Lagoon
Saturday, January 26, 2008
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A UAE-based developer, Fakhruddin Properties, has announced plans to develop Dh.250mn residential project, Grand Lagoon, along the Dubai Creek.
On completion, the Creek will be home to several residential towers, shopping malls, five-star hotels, commercial buildings and marina. The Grand Lagoon project, a "city within a city" by itself, is a hundred percent freehold development, located at one of the seven interlinking islands in the lush green waterfront at Al Sedaifa district.
The 14 storey smart-technology enabled Grand Lagoon, serves as a gateway to premier retail facilities, with a health center and a private clinic, located in close proximity. The building creates a striking impression from street level outside the company. The lower deck level's sumptuous lobby and mezzanine floors are all huge in area, with residential floors above the tower.
A sun deck and pool, adorning the mezzanine level, face directly onto the creek. There are also steam room and game rooms for the adults, play area for kids, and private squash courts, that are specifically designed to enhance lifestyle aspect of the project.
On completion, the Creek will be home to several residential towers, shopping malls, five-star hotels, commercial buildings and marina. The Grand Lagoon project, a "city within a city" by itself, is a hundred percent freehold development, located at one of the seven interlinking islands in the lush green waterfront at Al Sedaifa district.The 14 storey smart-technology enabled Grand Lagoon, serves as a gateway to premier retail facilities, with a health center and a private clinic, located in close proximity. The building creates a striking impression from street level outside the company. The lower deck level's sumptuous lobby and mezzanine floors are all huge in area, with residential floors above the tower.
A sun deck and pool, adorning the mezzanine level, face directly onto the creek. There are also steam room and game rooms for the adults, play area for kids, and private squash courts, that are specifically designed to enhance lifestyle aspect of the project.
Labels: Dubai-Creek, Freehold Property, Real Estate Projects, Residential
Swift progress of construction work at Sobha Ivory I and II
Thursday, December 27, 2007
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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 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.
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.
Labels: Business Bay, Business Tower, Freehold Property
Barwa launches Ajman Corniche Residence
Tuesday, November 27, 2007
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The Barwa Real Estate, a Qatari developer, has unveiled a group of seven interlinked towers in Ajman Corniche Residence, reports Gulf News.
The Ajman Corniche Residence, located on Ajman Beach Road comprises residential areas, shopping malls and entertainment centers, strategically connected to each emirate in such a way that it is 10 minutes away from Sharjah, 5 minutes away from Ajman and 30minutes from the Dubai Airport.
Ajman Corniche Residence is supported by the Ajman Government and is the freehold residential development of Ajman.
The interlinked towers ranging from single to four bedroom sea-view apartments, with a range of 1344 to 5909 square feet in size, comprises landscapes, gardens, and a hoard of other amenities such as sauna, pool, steam room, relaxation area, Jacuzzi, children's play ground, pavilion, and health clubs, all in a luxurious affordable setting meant for commercial or residential purposes or investment.
The project which is expected to be complete by 2010, is 100 percent owned by Barwa International.
The Ajman Corniche Residence, located on Ajman Beach Road comprises residential areas, shopping malls and entertainment centers, strategically connected to each emirate in such a way that it is 10 minutes away from Sharjah, 5 minutes away from Ajman and 30minutes from the Dubai Airport.
Ajman Corniche Residence is supported by the Ajman Government and is the freehold residential development of Ajman.
The interlinked towers ranging from single to four bedroom sea-view apartments, with a range of 1344 to 5909 square feet in size, comprises landscapes, gardens, and a hoard of other amenities such as sauna, pool, steam room, relaxation area, Jacuzzi, children's play ground, pavilion, and health clubs, all in a luxurious affordable setting meant for commercial or residential purposes or investment.
The project which is expected to be complete by 2010, is 100 percent owned by Barwa International.
Labels: Ajman, Freehold Property, Real Estate Projects, Residential, Water front
Uptown Midriff freehold residential development
Saturday, November 03, 2007
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The 23 hectare freehold residential development, Uptown, is a one of a kind development in the heart of the busy and popular Midrif area, with a shopping district and neighbourhood atmosphere, all in one place. Residents are placed with a wide choice of apartments, townhouses and villas to choose from, all of which are completed, apart from about 350,000 square feet of retail shopping space.
Uptown provides the right environment for small families with a choice of three bedroom town houses and row houses, surrounded by quiet streets and gardens. With the Commons recreational center, clubhouse, swimming pool, children play areas and seating areas and a gym that surrounds the environment, residents can easily keep themselves occupied.
The apartments are of four different types - the Terrace and Garden apartments with two bedrooms, offering outdoor space of living in a villa, and Gate and Courtyard apartments that comprise studios, single and double bedroom apartments.
The retail area offers much more for residents to enjoy, apart from the numerous amenities that are available. A covered porch which leads to open-style walkways, restaurants, shops, cafes, medical center, supermarket, cinemas and amusement areas, and a family food court, all in a relaxed environment for one and all to enjoy. Life in Uptown Mirdiff is all about comfortable and safe living, amidst a wealth of amenities in a neighbourhood that is full of activities, with the residents enjoying life to the fullest.
Uptown provides the right environment for small families with a choice of three bedroom town houses and row houses, surrounded by quiet streets and gardens. With the Commons recreational center, clubhouse, swimming pool, children play areas and seating areas and a gym that surrounds the environment, residents can easily keep themselves occupied.
The apartments are of four different types - the Terrace and Garden apartments with two bedrooms, offering outdoor space of living in a villa, and Gate and Courtyard apartments that comprise studios, single and double bedroom apartments.
The retail area offers much more for residents to enjoy, apart from the numerous amenities that are available. A covered porch which leads to open-style walkways, restaurants, shops, cafes, medical center, supermarket, cinemas and amusement areas, and a family food court, all in a relaxed environment for one and all to enjoy. Life in Uptown Mirdiff is all about comfortable and safe living, amidst a wealth of amenities in a neighbourhood that is full of activities, with the residents enjoying life to the fullest.
Labels: Apartments, Freehold Property, Mirdiff, Villa Projects
Ajman's first smart building project Goldcrest Dreams3 launched
Saturday, October 27, 2007
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The real estate giants, ETA Star and Mayzood Giga, have launched their latest joint-venture project, Goldcrest Dreams3, in Ajman, which was announced during a press conference on the 22nd October'07. A sales exhibition for the new residential project is currently scheduled, which began yesterday and will take place until the 27th of this month.
The exhibition will showcase single, double and triple bedroom apartments, which offers a unique opportunity to buyers to experience real living environment, comprising fully furnished ultra modern residential towers with contemporary German furniture from GBK. The project is equipped with home management solutions from LG Homenet offering a safe and efficient living, thereby making the Goldcrest Dreams3, the first smart project in Ajman.
The towers with 25 Storey each are surrounded by waterways, lakes and fountains, and the most affordable five-year interest free plan with installments are being offered, beginning from Dh.2999 per month. The dining and the living rooms are designed by Seidenbacher Mobel. The bedrooms have an attractive and unique design done by HB Collections, and the Kitchens done by Nobila. The LG Homenet solutions offers easy access control of the common entrance and household, by notifying the owners about arrivals of visitors during the owner's absence, vehicle arrival notifications, and such other unique and safe features.
Amir Pardesi, the Vice Chairman of Mazyood Giga International, says "After the huge success of Goldcrest Dreams and Dreams2, we have decided to take community living in Ajman to another level. The Emirates City is a well-planned township, and the Goldcrest Dreams3, with its luxurious offerings will make it an ideal residential community."
The exhibition will showcase single, double and triple bedroom apartments, which offers a unique opportunity to buyers to experience real living environment, comprising fully furnished ultra modern residential towers with contemporary German furniture from GBK. The project is equipped with home management solutions from LG Homenet offering a safe and efficient living, thereby making the Goldcrest Dreams3, the first smart project in Ajman.The towers with 25 Storey each are surrounded by waterways, lakes and fountains, and the most affordable five-year interest free plan with installments are being offered, beginning from Dh.2999 per month. The dining and the living rooms are designed by Seidenbacher Mobel. The bedrooms have an attractive and unique design done by HB Collections, and the Kitchens done by Nobila. The LG Homenet solutions offers easy access control of the common entrance and household, by notifying the owners about arrivals of visitors during the owner's absence, vehicle arrival notifications, and such other unique and safe features.
Amir Pardesi, the Vice Chairman of Mazyood Giga International, says "After the huge success of Goldcrest Dreams and Dreams2, we have decided to take community living in Ajman to another level. The Emirates City is a well-planned township, and the Goldcrest Dreams3, with its luxurious offerings will make it an ideal residential community."
Labels: Ajman, Apartments, ETA-Star, Freehold Property
The $3bn Ajman Marina project to supply 8000 residential units
Tuesday, October 16, 2007
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Tanmiyat's Ajman Marina Project, worth $3billion, is expected to add another 8000 residential units to the market. The project will be constructed in two phases over a period of five years.
According to the Project Manager, Azad Nouri, the residential units, covering 14million square feet of built-up area, are offered on a freehold basis. The sale of the units will begin shortly once the designs are finalized.
Nouri invited all the investors and residents to be part of this ambitious project, which offers perfect style and quality, with reasonable pricing.
According to developers, the residential buildings will be one of the modern architectural wonders. The units will be positioned facing the marina, and are expected to comprise hi-tech gadgetry which provides the option for residents to monitor their properties, even when they are out of country.
Apart from this, Ajman Marina provides ample berths and best marine management, including boat cleaning and repairs, loading assistance and dock masters. Other facilities on offer are covered car parks, 24 hours security and close proximity to schools and healthcare centers.
According to the Project Manager, Azad Nouri, the residential units, covering 14million square feet of built-up area, are offered on a freehold basis. The sale of the units will begin shortly once the designs are finalized.Nouri invited all the investors and residents to be part of this ambitious project, which offers perfect style and quality, with reasonable pricing.
According to developers, the residential buildings will be one of the modern architectural wonders. The units will be positioned facing the marina, and are expected to comprise hi-tech gadgetry which provides the option for residents to monitor their properties, even when they are out of country.
Apart from this, Ajman Marina provides ample berths and best marine management, including boat cleaning and repairs, loading assistance and dock masters. Other facilities on offer are covered car parks, 24 hours security and close proximity to schools and healthcare centers.
Labels: Ajman, Apartments, Freehold Property, Real Estate Projects
Union Properties launches UPTOWN Motor City Phase II
Saturday, October 06, 2007
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Union Properties PJSC (UP), the leading real estate development company, has launched Phase II of the UPTOWN Motor City development to the public, following remarkable success of Phase I. The UPTOWN MotorCity Real Estate Project, which is located on Emirates Road, includes Dubai Autodrome, F1 Theme Park, Green Community Motor City and Business Park Motor City.
UPTOWN Motorcity is a freehold master development with amenities such as swimming pools, schools, play areas, park areas, sports facilities and retail outlets. The UPTOWN MotorCity Phase II comprises studios, single, double and triple bedroom apartments.
The General Manager of UP, Lesley Sayle, expressing his pleasure over the sales results, said that ever since it's launch, the development has sparked interest of various home owners, and recreation of brands has always brought success and increased demand for the properties has given UP an edge for having a complete project like UPTOWN Midriff as the benchmark.
Finance options are also available for the development subject to affiliate bank terms and conditions.
UPTOWN Motorcity is a freehold master development with amenities such as swimming pools, schools, play areas, park areas, sports facilities and retail outlets. The UPTOWN MotorCity Phase II comprises studios, single, double and triple bedroom apartments.
The General Manager of UP, Lesley Sayle, expressing his pleasure over the sales results, said that ever since it's launch, the development has sparked interest of various home owners, and recreation of brands has always brought success and increased demand for the properties has given UP an edge for having a complete project like UPTOWN Midriff as the benchmark.
Finance options are also available for the development subject to affiliate bank terms and conditions.
Labels: Apartments, Freehold Property, New Developments, Union-Properties
Omniyat Properties begins construction work on 'The Binary' freehold commercial tower
Saturday, September 29, 2007
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Omniyat Properties, the real estate arm of Omniyat Holdings, has announced the first phase of construction work on 'The Binary'. The main construction work for the freehold commercial project, worth Dh.550 million, has been awarded to Dutco Balfour Beatty Group. The enabling works, which began in March 2007, is almost complete, with 5% of overall development work now being completed.
The President and CEO of Omniyat Properties, Mehdi Amjad says "The project is a significant development and working together with the finest names in construction industry is a guarantee to deliver the most technologically advanced and futuristic developments to customers in the region. We wish to develop an office tower that help make its inhabitant more creative, efficient, and more productive."
The Binary real estate project comprises of two 21 and 25 storey freehold commercial towers, fused at the center, which is likely to come up on plot number 50 in Business Bay District in Dubai. The towers offer commercial space ranging from 55 to 180 square meters. The state-of-the art project will be elevated over a four level podium and will contain retail and commercial shops. 'The Binary' will be infused with intelligent technology, such as radio frequency identification, biometric access and voice over internet telephony.
The President and CEO of Omniyat Properties, Mehdi Amjad says "The project is a significant development and working together with the finest names in construction industry is a guarantee to deliver the most technologically advanced and futuristic developments to customers in the region. We wish to develop an office tower that help make its inhabitant more creative, efficient, and more productive."The Binary real estate project comprises of two 21 and 25 storey freehold commercial towers, fused at the center, which is likely to come up on plot number 50 in Business Bay District in Dubai. The towers offer commercial space ranging from 55 to 180 square meters. The state-of-the art project will be elevated over a four level podium and will contain retail and commercial shops. 'The Binary' will be infused with intelligent technology, such as radio frequency identification, biometric access and voice over internet telephony.
Labels: Business Bay, Business Tower, Construction Projects, Freehold Property, Omniyat, Real Estate Company
Freehold apartments at Discovery Garden's landscaped surroundings
Friday, September 07, 2007
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Ideally positioned in close proximity to other leading freehold developments in Dubai, such as the Green Community, Jumeirah Islands and Dubai Marina, the Discovery Gardens offers a picturesque apartment complex in the heart of Jebel Ali. Comprising an area of 26 million square feet, the Discovery Gardens provides an interesting mix of architecture inspired residences, amidst landscaped surroundings.
Most buildings in the Discovery Gardens are low-rises, so they are not distracted from the outdoor features. It offers the buyers with a choice of studio, one and two bedroom apartments at a reasonable price and the buyers can rest assured that will be provided with an excellent value for money in terms of choice, features and amenities.
Discovery Gardens comprises of 291 buildings on the whole, divided into six various themed areas: Zen, Contemporary, Mediterranean, Mogul, Cactus and Mesoamerican. The buildings include 26,000 apartments and the neighbourhood concept of the development is sure to make an impression among the residents.
Other amenities at the Discovery Gardens include tennis, basketball, swimming pools, volley ball courts, cycling, gyms, football pitches, jogging paths, undercover parking and mosques. Residents can always keep themselves occupies with the amenities offered by the development in a secure and safe environment that is perfect for small families and couples. The Ibn Battuta Mall, located across the road from the Discovery Gardens is one of the largest shopping destinations in Dubai, where everything from retail to cinemas to restaurants are available.
Life at Discovery Gardens is convenient and comfortable in all ways due to the excellent amenities and its close proximity to other major developments. Being easily accessible to the city, the Discovery Gardens provides residents with a perfect blend of city life within its relaxed surroundings.
Most buildings in the Discovery Gardens are low-rises, so they are not distracted from the outdoor features. It offers the buyers with a choice of studio, one and two bedroom apartments at a reasonable price and the buyers can rest assured that will be provided with an excellent value for money in terms of choice, features and amenities.Discovery Gardens comprises of 291 buildings on the whole, divided into six various themed areas: Zen, Contemporary, Mediterranean, Mogul, Cactus and Mesoamerican. The buildings include 26,000 apartments and the neighbourhood concept of the development is sure to make an impression among the residents.
Other amenities at the Discovery Gardens include tennis, basketball, swimming pools, volley ball courts, cycling, gyms, football pitches, jogging paths, undercover parking and mosques. Residents can always keep themselves occupies with the amenities offered by the development in a secure and safe environment that is perfect for small families and couples. The Ibn Battuta Mall, located across the road from the Discovery Gardens is one of the largest shopping destinations in Dubai, where everything from retail to cinemas to restaurants are available.
Life at Discovery Gardens is convenient and comfortable in all ways due to the excellent amenities and its close proximity to other major developments. Being easily accessible to the city, the Discovery Gardens provides residents with a perfect blend of city life within its relaxed surroundings.
Labels: Apartments, Discovery Gardens, Freehold Property, Jebel-Ali, Sales
New freehold regulations likely
Saturday, September 01, 2007
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The freehold homeowners in Dubai will now have to seek prior approval of the Dubai Land Department before renting out their premises from next year, a government official announced.
As per the new regulation issued by the Land Department, homeowners who wish to lease out a property will first have to apply seeking permission from the Land Department.
Thereafter, they will have to get themselves officially registered in any rental contract which they draw up with a tenant. While doing so, the restrictions imposed by the Land Department pertaining to matters such as the term of lease, or the number of tenants per unit etc., should be taken into consideration.
The Land Department has stated that the said scheme will be applicable only to a landlord renting an entire unit, and is not intended to address the subletting of rooms within a unit which is already occupied by the landlord.
The recently formed RERA has stated that the Land Department is in the process of finalizing a three or five year tenancy contract to help tenants in dealing with the rising rentals. The agreement will be a model agreement that will protect the rights of the tenants. The RERA Chief Executive, Marwan Bin Galita, has mentioned that the main role of the organization is to authenticate rental agreements and act as an advisor on issues relating to rent cap.
The Director of development and marketing administration at the Land Department, Mohammad Sultan Thani, revealed "The idea is in its initial stage, and is not our priority at the moment. But we would like to bring in more regulation and transparency in the rental market to win the confidence of tenants."
As per the new regulation issued by the Land Department, homeowners who wish to lease out a property will first have to apply seeking permission from the Land Department.
Thereafter, they will have to get themselves officially registered in any rental contract which they draw up with a tenant. While doing so, the restrictions imposed by the Land Department pertaining to matters such as the term of lease, or the number of tenants per unit etc., should be taken into consideration.
The Land Department has stated that the said scheme will be applicable only to a landlord renting an entire unit, and is not intended to address the subletting of rooms within a unit which is already occupied by the landlord.
The recently formed RERA has stated that the Land Department is in the process of finalizing a three or five year tenancy contract to help tenants in dealing with the rising rentals. The agreement will be a model agreement that will protect the rights of the tenants. The RERA Chief Executive, Marwan Bin Galita, has mentioned that the main role of the organization is to authenticate rental agreements and act as an advisor on issues relating to rent cap.
The Director of development and marketing administration at the Land Department, Mohammad Sultan Thani, revealed "The idea is in its initial stage, and is not our priority at the moment. But we would like to bring in more regulation and transparency in the rental market to win the confidence of tenants."
Labels: Dubai Real Estate, Freehold Property, Property Law
ETA Star's expansion plans
Friday, August 10, 2007
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ETA Star plans to double its portfolio next year with a series of project launches on the Dubai Waterfront master development near Palm Jebel Ali.
The company will launch its four million square foot, Dubai Waterfront land bank towards next of next year, which is a major portion of the Dh.8billion projects that it plans to announce in 2008. The projects will range from residential buildings to hotels and serviced apartments.
This year the company plans to complete its on-going construction works on Star Metro, the eight storey apartment tower in Deira, and the Star metro located at Al Barsha. The mixed-use freehold project, The Palladium, at Jumeirah Lake Towers is also nearing completion and will be delivered towards end of this year.
ETA Star also plans to launch another two new projects in Dubai this year. The first one being, a Dh.2b development at the Dubailand master development, featuring a group of low rise residential blocks, which is expected to house 800 units. Another project is the launch of small scale residential project worth Dh.100million expected to house about 100 units.
ETA Star is working on projects outside the UAE, and aims to generate 40 percent of its revenue from international projects by 2009. Countries such as Eypt, Turkey, India and Oman are already in ETA's hit list for new projects.
On the whole, ETA has a portfolio of Dh.8billion
The company will launch its four million square foot, Dubai Waterfront land bank towards next of next year, which is a major portion of the Dh.8billion projects that it plans to announce in 2008. The projects will range from residential buildings to hotels and serviced apartments.
This year the company plans to complete its on-going construction works on Star Metro, the eight storey apartment tower in Deira, and the Star metro located at Al Barsha. The mixed-use freehold project, The Palladium, at Jumeirah Lake Towers is also nearing completion and will be delivered towards end of this year.
ETA Star also plans to launch another two new projects in Dubai this year. The first one being, a Dh.2b development at the Dubailand master development, featuring a group of low rise residential blocks, which is expected to house 800 units. Another project is the launch of small scale residential project worth Dh.100million expected to house about 100 units.
ETA Star is working on projects outside the UAE, and aims to generate 40 percent of its revenue from international projects by 2009. Countries such as Eypt, Turkey, India and Oman are already in ETA's hit list for new projects.
On the whole, ETA has a portfolio of Dh.8billion
Labels: ETA-Star, Freehold Property, Real Estate Company
Mizin initiates Infrastructure work on Arjan community project
Sunday, August 05, 2007
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Mizin, the Dubai based developer, has commenced infrastructure work on its Arjan community project, worth Dh.20billion, which is also one of the three developments of the company in Dubailand.
Arjan is located at the Dubailand interchange, between the Umm Suqeim Road and Emirates Road. Arjan will feature Dubai's open air amphitheatre, a unique attraction and a major location for conducting events. It will comprise of freehold mixed-use developments with 100 residential complexes and six iconic commercial towers that can house 67,000 residents. It will also include commercial, residential, leisure, retail and event and cultural developments. The Great Dubai Wheel, will be located within the Arjan Community, and will be a unique landmark to Dubai skyline.
The CEO of Mizin, Sami Al Hashimi, said "We feel proud in contributing to the development of Dubai realty market with more innovative and hi-tech projects. Our project location, which is in close proximity to all major Dubailand attractions, will serve as an added benefit to the Arjan development."
Mizin is a member of the real-estate specialized company, Tatweer. Mizin plans to go an extra mile beyond traditional real estate development, introducing innovative and unique ideas and ensure that implementation meets international standards.
Arjan is located at the Dubailand interchange, between the Umm Suqeim Road and Emirates Road. Arjan will feature Dubai's open air amphitheatre, a unique attraction and a major location for conducting events. It will comprise of freehold mixed-use developments with 100 residential complexes and six iconic commercial towers that can house 67,000 residents. It will also include commercial, residential, leisure, retail and event and cultural developments. The Great Dubai Wheel, will be located within the Arjan Community, and will be a unique landmark to Dubai skyline.
The CEO of Mizin, Sami Al Hashimi, said "We feel proud in contributing to the development of Dubai realty market with more innovative and hi-tech projects. Our project location, which is in close proximity to all major Dubailand attractions, will serve as an added benefit to the Arjan development."
Mizin is a member of the real-estate specialized company, Tatweer. Mizin plans to go an extra mile beyond traditional real estate development, introducing innovative and unique ideas and ensure that implementation meets international standards.
Labels: Construction Projects, Dubailand, Freehold Property, New Developments, Real Estate Company, Residential
Marina Plaza, the first commercial tower in Dubai Marina, launched
Saturday, July 14, 2007
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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
DIFC passes the Real Property Law
Friday, June 22, 2007
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The Dubai International Finance Center (DIFC) Authority, after their sixty days consultation period, has passed the Property Ownership Laws, according to reports, yesterday.
The DIFC LAW Number Four of 2007 (Real Property Law) and (DIFC Law Number Five of 2007) Strata Title, as well as regulations that complement the laws have been endorsed by The Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum. The laws and regulations will take immediate effect.
The Law guarantees the ownership of freehold buildings and lands, and other interests in land within the DIFC.
The Law, though basically follows the English common law, also incorporates the Torrens system of land registration, which is popular in Australia, Canada, New Zealand, and Singapore.
As per this law, the land transactions can be registered in a central register, administered by the DIFC. The title interests that are already registered in the DIFC are "indefeasible."
Individuals opting to purchase property in the DIFC, or planning to lease or rent, or lend on the security of real estate in the DIFC, can rest assured that their investment is safe and is fully supported by the protection of the law.
The Strata Title Law establishes a system of guaranteed freehold title for units in buildings within the DIFC.
The law provides a combination of the benefits of guaranteed titles, clubbed with an administrative structure that has been designed to take care of day to day management of the buildings.
The DIFC says, it will help in overcoming the complexities of co-owners association constitutions, master community declarations, etc., through introduction of simple, but comprehensive system of rights and responsibilities.
The law, inline with the DIFC's mission as an International Finance Center, also provides an internationally proven system for registering real property ownership.
The DIFC LAW Number Four of 2007 (Real Property Law) and (DIFC Law Number Five of 2007) Strata Title, as well as regulations that complement the laws have been endorsed by The Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum. The laws and regulations will take immediate effect.
The Law guarantees the ownership of freehold buildings and lands, and other interests in land within the DIFC.
The Law, though basically follows the English common law, also incorporates the Torrens system of land registration, which is popular in Australia, Canada, New Zealand, and Singapore.
As per this law, the land transactions can be registered in a central register, administered by the DIFC. The title interests that are already registered in the DIFC are "indefeasible."
Individuals opting to purchase property in the DIFC, or planning to lease or rent, or lend on the security of real estate in the DIFC, can rest assured that their investment is safe and is fully supported by the protection of the law.
The Strata Title Law establishes a system of guaranteed freehold title for units in buildings within the DIFC.
The law provides a combination of the benefits of guaranteed titles, clubbed with an administrative structure that has been designed to take care of day to day management of the buildings.
The DIFC says, it will help in overcoming the complexities of co-owners association constitutions, master community declarations, etc., through introduction of simple, but comprehensive system of rights and responsibilities.
The law, inline with the DIFC's mission as an International Finance Center, also provides an internationally proven system for registering real property ownership.
Labels: Dubai Real Estate, Freehold Property, Property Law, Real Estate News
Dubai Waterfront being released to investors
Tuesday, April 10, 2007
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The first section of Dubai Waterfront – the world’s largest waterfront development – is now being released to investors. Master developer Nakheel began the four-month handing over process of the Madinat Al Arab yesterday.
The first phase, which consists of more than 200 plots, was sold for Dh13 billion in July 2005. Nakheel has sold 70 per cent of the plots in the first phase, with the remaining 30 per cent retained for its own developments.
Investors will this week attend a three-day workshop where they will be briefed on the site’s planning and building approval processes. A process map, explaining the different stages of construction, is also provided.
The workshop sessions will be followed by one-on-one meetings between each investor and a number of specialist consultants such as master planners, Dubai Electricity and Water Authority officials, and environmental regulation advisers.
Ensure Dubai Waterfront is a very environmentally sustainable development, with, a clear recover recycle reuse strategy and consideration of environmental concerns and technologies at every stage.
The first phase, which consists of more than 200 plots, was sold for Dh13 billion in July 2005. Nakheel has sold 70 per cent of the plots in the first phase, with the remaining 30 per cent retained for its own developments.
Investors will this week attend a three-day workshop where they will be briefed on the site’s planning and building approval processes. A process map, explaining the different stages of construction, is also provided.
The workshop sessions will be followed by one-on-one meetings between each investor and a number of specialist consultants such as master planners, Dubai Electricity and Water Authority officials, and environmental regulation advisers.
Ensure Dubai Waterfront is a very environmentally sustainable development, with, a clear recover recycle reuse strategy and consideration of environmental concerns and technologies at every stage.
Labels: Freehold Property, Water front
Freehold Apartment registered in owner's name
Sunday, February 18, 2007
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The Dubai Land Department announced the first official registration of an apartment in the owner's name based on the new legal framework which was brought into effect last year. This indicates a major positive step in promoting ownership registration of freehold properties.
The registration of the apartment met the approval of the Assistant Director of Dubai Land Department and was witnessed by the Head of Customer Service Department. The registration was carried out as per Article 23 of the real estate market could be expected, with the new framework reinforcing the ownership by the groups which were previously excluded, and by establishing definitive rights.
Assistant Director of the Land Department in Dubai, Jumaa bi Humaidan, said that this indicates the commitment of the department towards preservation of Landlord’s rights under the new framework. This first registration system is a collective effort involving customer service, technical and information technology departments, who worked in good co-ordination for creating the electronic platform to handle numerous registrations of the apartments and the ownership entity changes that happen during day to day trading. He added that the foundation has been designed with support from major property developers and real estate companies.
The Head of Customer Service Department, Majid Al Ujail, mentioned that this registration platform which endorses property ownership indicates the boom of real estate market in Dubai. He added that the Land Department is likely to issue ownership certificates for complexes and residential flats during the next couple of months.
Al Ujail mentioned that this will change the manner in which real estate ownership is being carried out in Dubai.
The registration of the apartment met the approval of the Assistant Director of Dubai Land Department and was witnessed by the Head of Customer Service Department. The registration was carried out as per Article 23 of the real estate market could be expected, with the new framework reinforcing the ownership by the groups which were previously excluded, and by establishing definitive rights.
Assistant Director of the Land Department in Dubai, Jumaa bi Humaidan, said that this indicates the commitment of the department towards preservation of Landlord’s rights under the new framework. This first registration system is a collective effort involving customer service, technical and information technology departments, who worked in good co-ordination for creating the electronic platform to handle numerous registrations of the apartments and the ownership entity changes that happen during day to day trading. He added that the foundation has been designed with support from major property developers and real estate companies.
The Head of Customer Service Department, Majid Al Ujail, mentioned that this registration platform which endorses property ownership indicates the boom of real estate market in Dubai. He added that the Land Department is likely to issue ownership certificates for complexes and residential flats during the next couple of months.
Al Ujail mentioned that this will change the manner in which real estate ownership is being carried out in Dubai.
Labels: Freehold Property
Sheffield enhances its Dubai portfolio
Tuesday, December 26, 2006
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Sheffield Real Estate has announced that their portfolio in Dubai’s freehold real estate market is likely to be enhanced and is aiming towards investing $1.5 billion (Dh.5.5bn) in the coming year.
The company’s plan regarding development of infrastructure and realty projects was revealed during the innovative ceremony of its first project, Marina 101, which is currently being developed under partnership with Rustan Real Estate, the Russian property developer.
The company’s plan regarding development of infrastructure and realty projects was revealed during the innovative ceremony of its first project, Marina 101, which is currently being developed under partnership with Rustan Real Estate, the Russian property developer.
Labels: Freehold Property
Omniyat Properities open Gemini sales
Saturday, October 28, 2006
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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
Mizin starts infrastructure work at Liwan
Friday, October 27, 2006
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Mizin, Tatweer's real estate company, specialising in infrastructure development, on Wednesday announced the start of infrastructure work at the 13 million square feet Liwan project.
It is located at the intersection of Emirates Road and Al Ain Road, close to the Academic City and Silicon Oasis. The freehold development is in line with Mizin's management strategy of launching projects after the completion of site planning.
Infrastructure work is a crucial step for the success of any project. Mizin plans to rapidly complete the task reflecting the highest standards of quality, and facilitate its stakeholders to start work on their projects without any delay.
Roadwork will be completed by February 2007. Grading of plots began in mid-October and will also be completed by early next year. Liwan will comprise of 100 residential complexes, six business towers, entertainment, dining and retail areas.
It is located at the intersection of Emirates Road and Al Ain Road, close to the Academic City and Silicon Oasis. The freehold development is in line with Mizin's management strategy of launching projects after the completion of site planning.
Infrastructure work is a crucial step for the success of any project. Mizin plans to rapidly complete the task reflecting the highest standards of quality, and facilitate its stakeholders to start work on their projects without any delay.
Roadwork will be completed by February 2007. Grading of plots began in mid-October and will also be completed by early next year. Liwan will comprise of 100 residential complexes, six business towers, entertainment, dining and retail areas.
Labels: Freehold Property
Freehold property registration announded by Emaar
Thursday, October 05, 2006
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The process of registering freehold property in Dubai has begun with Emaar being the first to ask buyers of its properties to submit paperwork to ensure their ownership is recognised as per the new law.
“Emaar is putting arrangements in place for the start of registration of transfer of ownership to its purchasers for the properties that are completed, handed over and fully paid and without any outstanding balances for charges such as services, interest and maintenance fees,” according to a letter issued to property owners by Ahmad Al Falasi, the director of the firm’s property management.
The move is expected to be mirrored across the emirate as other freehold developers set up their internal mechanisms to process the paperwork for flats and villas sold to expatriates.
The law gives permanency and legitimacy to Dubai’s massive freehold property ventures, which until now did not have the official stamp of approval.
It legalises the freehold ownership of “surface property” to expatriates in certain designated areas, and allows registration of their ownership with the Dubai Lands and Properties Department.
The new legislation also clears up uncertainty over the viability of freehold property investments, as it was feared by investors that the upcoming law would only give owners lease right, and not ownership. The launch of the registration process of freehold property is expected to give a boost to Dubai’s real estate market.
The law is also considered to be an overall positive move for the emirate in respect to recognition of rights and protection of investors and buyers’ interests.
Owners of Emaar freehold properties are invited to submit applications for registration from September 19. On completion of registra tion, Emaar’s Property Transfer Department will notify each owner via SMSs for collection of their respective title deeds.
“Emaar is putting arrangements in place for the start of registration of transfer of ownership to its purchasers for the properties that are completed, handed over and fully paid and without any outstanding balances for charges such as services, interest and maintenance fees,” according to a letter issued to property owners by Ahmad Al Falasi, the director of the firm’s property management.
The move is expected to be mirrored across the emirate as other freehold developers set up their internal mechanisms to process the paperwork for flats and villas sold to expatriates.
The law gives permanency and legitimacy to Dubai’s massive freehold property ventures, which until now did not have the official stamp of approval.
It legalises the freehold ownership of “surface property” to expatriates in certain designated areas, and allows registration of their ownership with the Dubai Lands and Properties Department.
The new legislation also clears up uncertainty over the viability of freehold property investments, as it was feared by investors that the upcoming law would only give owners lease right, and not ownership. The launch of the registration process of freehold property is expected to give a boost to Dubai’s real estate market.
The law is also considered to be an overall positive move for the emirate in respect to recognition of rights and protection of investors and buyers’ interests.
Owners of Emaar freehold properties are invited to submit applications for registration from September 19. On completion of registra tion, Emaar’s Property Transfer Department will notify each owner via SMSs for collection of their respective title deeds.
Labels: Freehold Property
Low cost housing availability in Dubai
Sunday, August 06, 2006
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The market for studio and one-bedroom apartments in the range of Dh25,000-Dh45,000 per year simply does not exist, according to a statement by Better Homes, one of the city’s leading real estate agencies. The company said it was swamped with accommodation requests for what is practically impossible to find in today’s Dubai market. Approximately two-thirds of calls received by Better Homes are from customers looking for low-cost studios or one-bedroom apartments. The severe market shortage has left many clients infuriated with the lack of available property in the city.
High rents have dominated the Dubai market for nearly four years, now taking up the lion’s share of residents’ salaries, in some cases nearly 70 per cent. Even existing budget accommodation in International City has seen dramatic rent rises. Initial rental estimates for a studio apartment were Dh19,000 but the market price sees them nearer Dh40,000. People earning up to Dh10,000 per month are the most likely to be hit the hardest by this shortage.
Completion of studios and one-bedroom apartments in new developments such as Jumeirah Beach Residence, International City and Discovery Gardens by the first quarter of 2007 is expected to take some of the pressure off from finding accommodation for bachelors in Dubai.
High rents have dominated the Dubai market for nearly four years, now taking up the lion’s share of residents’ salaries, in some cases nearly 70 per cent. Even existing budget accommodation in International City has seen dramatic rent rises. Initial rental estimates for a studio apartment were Dh19,000 but the market price sees them nearer Dh40,000. People earning up to Dh10,000 per month are the most likely to be hit the hardest by this shortage.
Completion of studios and one-bedroom apartments in new developments such as Jumeirah Beach Residence, International City and Discovery Gardens by the first quarter of 2007 is expected to take some of the pressure off from finding accommodation for bachelors in Dubai.
Labels: Apartments, Freehold Property
