Iberotel Hotels and Resorts, a company that manages high-end resort and hotels in Italy and Egypt, has now been designated to manage a three-phase project, worth Dh.800 million in UAE by a German travel company named Tui, and Dubai based company called Travco Emirates.

The General Manager of Iberotel, Ashraf Helmy, said that the overall project in Fujairah, will be completed by 2009, and will comprise of two resort hotels, a dining and shopping area, so as to make it a self-contained community, but will not house residential complexes.

The first phase of the project, is the Miramar Al Aqah Beach Resort, a five star hotel development with spa, aqua center, wellness facilities, and watersports such as windsurfing, kayaking, snorkeling, scuba diving and para-sailing.

The Al Aqah Beach Resort is a five star development worth Dh.250 million. It will include 300 rooms, 18 suites, out of which two have private swimming pools. The construction of hotel, which began last year, will be open from next month.

The project has been designed by Rami Eidhahan, the famous Egyptian architectural house, and is rooted in Arabic culture and heritage.

Helmy mentioned that the Travco project is going on inline with Fujairah's efforts to develop its resort sector into well-known hospitality industry. Apart from beautiful beaches in Fujairah, the local government is banking on its archaeological sites and mountain chains to attract several multi-billion property investments.

Labels: Fujairah, New Developments, New Hotels, Resorts

Labels: Fujairah, Investment Property, New Hotels, Resorts

Fujairah, in an initiative to emulate Dubai, plans to pass laws that permits foreigners to purchase homes for the first time, said an official.

According to the technical advisor to the government, Salem Abdo Khali, the legislation, when it comes into effect, is likely to trigger the development of a 4 kms land reclamation project, on the south of Fujairah's port.

Dubai was the first emirate to permit foreigners to purchase property in designated areas during 2002, which brought about an economic boom.

Currently, investments in Fujairah are on the rise due to its ideal location outside the Gulf and the narrow passage of Hormuz, through which about 17 million barrels of oil are transported everyday.

Among the billion dollar worth projects that are set aside for Fujairah, a few include a liquefied natural gas storage hub, an overland pipeline to reroute oil exports from Abu Dhabi and expanding the handling capacity of the port.

Construction of a new freeway could actually cut down on the driving time to the emirate by over more than half an hour, and would encourage more Dubai investors to invest in properties at Fujairah.

Khali said "With the road, we will be easily linked to demand for real estate from Dubai." The details of whether the new laws of foreign ownership would be extended to the freehold, is yet to be known.

However, Khalil mentioned that the plans for real estate land reclamation, in addition to more industrial land planned to the north of the port, are at their early stages. He added, that the new development will comprise of town houses, villas and apartments.

Labels: Fujairah, Property Law

While it may have been a trifle late into the game compared with Dubai or Ras Al Khaimah, Fujairah intends to leverage its natural assets - a long waterfront - in the best possible way.

A new mixed-use development, Mina Al Fajer, aims to offer residential investors a similar sort of grandeur as is the case in the south of France.

"We hope to be present at Fujairah when the tourism boom hits the emirate. It is the natural beauty of Fujairah that is our inspiration in launching this project here," says Abdulrahman Al Awar, Managing Director of Mina Al Fajer Real Estate.

Expected to open by the end of 2009, Mina Al Fajer will combine an equitable mix of mountain and solarium villas and marina apartments.

There will also be a 100-berth marina and a five-star hotel to be managed by Fairmont Hotels and Resorts.

"The Mina Al Fajer will be the only project of its kind to combine three different aspects of nature - the mountains, the sea and the pristine beaches. It will be spread over 777,025 square feet and located just at that point where the Hajar Mountains meet the sea," adds Al Awar.

Every apartment and villa will have a sea view, thanks to the seemingly fluid architectural nature of the buildings.

It is the creation of eminent French designer Xavier Bole, and Erga Progress, a Dubai based consultancy which has had projects in Lebanon and the UAE.

On the hospitality side too, Fujairah has a lot going for it. Hotel occupancy figures have more than doubled in the last five years, with weekends seeing the rates shoot up past the 90 per cent mark.

The marina, restaurants and boardwalks will be accessible to guests at the hotel, who will also have their own 200-metre private beach alongside a man-made lagoon.

Project details

• An apartment in the Dh600 million Mina Al Fajer development is decidedly in the premium range starting at Dh1.7 million. A Fairmont signature villa is even steeper and is between Dh4.5 to Dh9 million depending on the size and location.
• Too expensive? No way, Abdulrahman Al Awar, Managing Director of Mina Al Fajer Real Estate, assures you. Apart from the 80 marina apartments, 48 mountain and 13 solarium villas are featured in the master-plan. "We did a pre-launch a short while back to check out its desirability, and 40 per cent of the property was gone in just four days. It just goes on to show there are more than enough people willing to put their money on good quality housing and accommodation."
• UAE nationals and GCC residents can avail of a 90 per cent loan being offered by the National Bank of Abu Dhabi on a 10 per cent down payment.
• Enabling contracts for the project will commence this month, and excavations are scheduled for June. Mina Al Fajer Real Estate is currently carrying out feasibility studies in Abu Dhabi, Egypt, Eastern Europe, Lahore and Karachi.

[Source - Property Weekly]

Labels: Fujairah, Mina Al Fajer, New Developments, Residential