ACI and Escan Real Estate to develop Dh2bn Escan Tower
Sunday, June 29, 2008
ACI Real Estate, the German developer, together with Escan Real Estate, has announced their plan to develop the only freehold commercial tower, the Escan Tower, on Sheikh Zayed Road at a cost of Dh.2billion.
The Escan Tower comprising 60 storey will offer a mixed-use space of 570,000 square feet on Shaikh Zayed Road, opposite Mazaya Center. The storey one to twenty will be exclusively reserved for office space, while floors twenty one to sixty will be set aside as residential units, apart from high-end retail and dining facilities.
Escan Tower owns the credit of holding "rare freehold status on prime real estate", reveals the Chairman of Escan, Saeed Mattar Bin Belaila. It is also the first freehold commercial building on the highway, which contributes significantly to the landscape of Sheikh Zayed Road.
The tower also includes a five-storey business center, and currently talks are on regarding the company which will brand the center. The selected company will be announced during the coming weeks, reveals the Managing Director of ACI, Robin Lohmann.
Ever-since its entry into the Dubai realty market in 2004, ACI Real Estate has invested more than Dh.10bn in Dubai. ACI is planning several new exciting projects by end of the year.
Escan has a portfolio of more than Dh.13bn but this year it is set to jump higher, and plans to touch Dh.20bn.
Escan has a portfolio of more than Dh.13bn but this year it is set to jump higher, and plans to touch Dh.20bn.
Labels: Commercial Property, Freehold Property, Office Space, Sheikh-Zayed-Road
Dubai office rents tenth most expensive in the world
Saturday, May 31, 2008
Office rents in Dubai have soared 30.7% during the past twelve months, making Dubai the tenth most expensive in the world, in fact, more expensive than New York's Manhattan, and could soon exceed those in the white hot Mumbai market, reports CB Richard Ellis (CBRE), a global commercial property services firm.
Mumbai rents had increased by just over 11.3% during the same period, and the city slipped down from the second to the fourth position in the world rankings.
The price per square foot this year in Dubai is $128.45, as against Mumbai at $210.97. An office for 30 people, based on 100 square feet per person, will now cost at $309,600 per year in Dubai, up from $294,960 about a year ago.
London's West End has once again been recorded as the most expensive office market in the world, followed by Moscow, Inner Central Five Wards of Mumbai, and Outer Central Five Wards of Tokyo.
On the whole, Europe, Middle East and Africa (EmeA) region dominated the list of world's fastest growing occupancy costs, accounting for five of the top ten, and nineteen out of the top fifty markets.
Worldwide, about 88% of the 173 office markets monitored, reported higher occupancy costs.
"Office occupancy costs are continuing to resist sluggish economic conditions, and the credit crunch, as they rise even faster than global inflation," said CBRE's global Chief Economist, Raymond Torto.
With the increase in cost being dominated by emerging markets, due to supple-demand imbalance, and dollar depreciation, the Class A office space is seriously lacking in few of these emerging markets.
Mumbai rents had increased by just over 11.3% during the same period, and the city slipped down from the second to the fourth position in the world rankings.
The price per square foot this year in Dubai is $128.45, as against Mumbai at $210.97. An office for 30 people, based on 100 square feet per person, will now cost at $309,600 per year in Dubai, up from $294,960 about a year ago.
London's West End has once again been recorded as the most expensive office market in the world, followed by Moscow, Inner Central Five Wards of Mumbai, and Outer Central Five Wards of Tokyo.
On the whole, Europe, Middle East and Africa (EmeA) region dominated the list of world's fastest growing occupancy costs, accounting for five of the top ten, and nineteen out of the top fifty markets.
Worldwide, about 88% of the 173 office markets monitored, reported higher occupancy costs.
"Office occupancy costs are continuing to resist sluggish economic conditions, and the credit crunch, as they rise even faster than global inflation," said CBRE's global Chief Economist, Raymond Torto.
With the increase in cost being dominated by emerging markets, due to supple-demand imbalance, and dollar depreciation, the Class A office space is seriously lacking in few of these emerging markets.
Labels: Dubai Real Estate, Office Space, Rentals
AAA Appraisers launches the Eclipse Tower in Dubai
Thursday, May 22, 2008
A development arm of AAA International Group, AAA Appraisers, yesterday launched the $200million Eclipse Tower in Dubai Jumeirah Village.
The project, which covers a gross built-up area of 350,000 square feet, with an additional 55,000 square feet of retail space, will also feature a sky golf course.
"This is a record of sorts. Dubai has never experienced a sky golf course, featuring bunkers, water hazards and pioneering water management system that maintains the golf course with minimal wastage of water," said Ebrahim, the General Manager of AAA.
The project also introduces another new concept in Dubai, wherein, the moment investors buy an office in the tower, they will be able to move into a fully furnished office. In the normal course projects, on the other hand, businesses will have to wait for two to three years before the keys of their office are handed over. The company aims to introduce a paradigm shift in the realty industry this way.
Featuring high standard modern amenities that promote both convenient and professional business standards, it also includes options for relaxation after the hectic working hours. The officer offer stunning views of the canal within the Jumeirah Village South, while the five high-speed elevators carry employees to their respective offices in a fast and comfortable manner. The golf course in the tower is the first-of-its-kind to be built in a commercial office tower in Dubai, which offers clients and businessmen a unique working environment.
Ideally located amongst the major roads in Dubai - the emirates road and Al Khail Road, the commuters no doubt will be benefited from the new metro too, which links the Dubai International Airport to its new residential development. The prime location is sure to attract foreign investors who further promote the growth of Dubai's currently blossoming economy.
Construction of the project is likely to commence by end of September 2008, and will be complete by end of 2010.
The sales of the tower will be launched within the next few months at the rate of Dh.1600 per square foot.
The Eclipse Tower, has already received approval from Dubai's RERA (Real Estate Regulatory Authority) and has an escrow account with Emirates Islamic Bank.
Social BookmarkingThe project, which covers a gross built-up area of 350,000 square feet, with an additional 55,000 square feet of retail space, will also feature a sky golf course."This is a record of sorts. Dubai has never experienced a sky golf course, featuring bunkers, water hazards and pioneering water management system that maintains the golf course with minimal wastage of water," said Ebrahim, the General Manager of AAA.
The project also introduces another new concept in Dubai, wherein, the moment investors buy an office in the tower, they will be able to move into a fully furnished office. In the normal course projects, on the other hand, businesses will have to wait for two to three years before the keys of their office are handed over. The company aims to introduce a paradigm shift in the realty industry this way.
Featuring high standard modern amenities that promote both convenient and professional business standards, it also includes options for relaxation after the hectic working hours. The officer offer stunning views of the canal within the Jumeirah Village South, while the five high-speed elevators carry employees to their respective offices in a fast and comfortable manner. The golf course in the tower is the first-of-its-kind to be built in a commercial office tower in Dubai, which offers clients and businessmen a unique working environment.
Ideally located amongst the major roads in Dubai - the emirates road and Al Khail Road, the commuters no doubt will be benefited from the new metro too, which links the Dubai International Airport to its new residential development. The prime location is sure to attract foreign investors who further promote the growth of Dubai's currently blossoming economy.
Construction of the project is likely to commence by end of September 2008, and will be complete by end of 2010.
The sales of the tower will be launched within the next few months at the rate of Dh.1600 per square foot.
The Eclipse Tower, has already received approval from Dubai's RERA (Real Estate Regulatory Authority) and has an escrow account with Emirates Islamic Bank.
Labels: Business Tower, Jumeriah Village, Office Space
Abu Dhabi's iconic development Capital Gate on track
Wednesday, April 30, 2008
Capital Gate, the Abu Dhabi's iconic real estate development is progressing as scheduled, revealed ADNEC (Abu Dhabi National Exhibition Company), the master developer of Capital Gate.
The current phase of construction of the 35-storey iconic tower, involves pouring of more than 6000 cubic meters of concrete to create a base for the 160 meters.
Capital Gate is scheduled for completion in 2009, and thereafter it is expected to house an executive five-star hotel Hyatt in Abu Dhabi, which will be the first Hyatt hotel in the capital. It will also provide the most exclusive office space ever in Abu Dhabi.
Capital Gate is scheduled for completion in 2009, and thereafter it is expected to house an executive five-star hotel Hyatt in Abu Dhabi, which will be the first Hyatt hotel in the capital. It will also provide the most exclusive office space ever in Abu Dhabi.
Simon Horgan, the ADNEC CEO, said "There is nothing standard about the tower. Each room, each pane and every angle is different. It was designed to provide no symmetry to inspire both observers and visitors."
ADNEC is a top class MICe (Meetings, Incentives, Conferences and Exhibitions) venue in the Middle East.
ADNEC is a top class MICe (Meetings, Incentives, Conferences and Exhibitions) venue in the Middle East.
DNEC is following an expansion strategy with an aim of catalyzing the MICE industry in Abu Dhabi, and is developing a business and leisure district spreading across 148,000 square meters of land, known as Capital Center.
Located in close proximity to the airport, the Dh.8bn Center will house the state-of-the-art Abu Dhabi National Exhibition Center, an iconic 35-storey Capital Gate, a micro-city consisting of commercial, residential and hotel accommodation, waterfront leisure zone, a marina and an existing grandstand.
Labels: Abu Dhabi, Business Tower, Office Space
Emaar's Burj Place open for sale
Saturday, April 19, 2008
Emaar Properties has launched a 55-storey two-tower commercial and residential project, Burj Place, within Downtown Burj Dubai, the new center of the city.
On completion, the Burj Place, will be directly linked to the Dubai Metro and Burj Dubai tram, said a company statement.
Burj Place offers studios, single and double bedroom serviced apartments in the rage of 574 square feet to 1253 square feet, making it the right choice for modern lifestyle. The commercial spaces of 'Burj Place' range from 3837 square feet to 7027 square feet.
Emaar Properties Sales Director, Saif Al Mansouri said "At Burj Place, Emaar invites its customers to be connected to Downtown Burj Dubai and Dubai. Burj Place is the new addition to the Downtown Burj Dubai, the address of prestige and status. It is a place with variety and style, offering a unique investment opportunity."
The development value of the project is, however, yet to be revealed.
The residential and commercial units of the development will be open for sales tomorrow at the Downtown Burj Dubai sales center, with various institutions offering attractive finance options.
The Dh.73bn ($20bn) Downtown Burj Dubai, flagship mega-project of Emaar, known as the 'most prestigious square kilometer on Earth', is now one of the most desired destinations in the bustling city of Dubai. The units at 'The Old Town' and 'The Residences' have been handed over to the customers, and three hotels, and a modern shopping mall are already open in the development.
Social BookmarkingOn completion, the Burj Place, will be directly linked to the Dubai Metro and Burj Dubai tram, said a company statement.
Burj Place offers studios, single and double bedroom serviced apartments in the rage of 574 square feet to 1253 square feet, making it the right choice for modern lifestyle. The commercial spaces of 'Burj Place' range from 3837 square feet to 7027 square feet.
Emaar Properties Sales Director, Saif Al Mansouri said "At Burj Place, Emaar invites its customers to be connected to Downtown Burj Dubai and Dubai. Burj Place is the new addition to the Downtown Burj Dubai, the address of prestige and status. It is a place with variety and style, offering a unique investment opportunity."
The development value of the project is, however, yet to be revealed.
The residential and commercial units of the development will be open for sales tomorrow at the Downtown Burj Dubai sales center, with various institutions offering attractive finance options.
The Dh.73bn ($20bn) Downtown Burj Dubai, flagship mega-project of Emaar, known as the 'most prestigious square kilometer on Earth', is now one of the most desired destinations in the bustling city of Dubai. The units at 'The Old Town' and 'The Residences' have been handed over to the customers, and three hotels, and a modern shopping mall are already open in the development.
Labels: Downtown, Emaar, Office Space
ACI-GIO team to strengthen world-class realty solutions for G Office
Monday, April 14, 2008
An affiliate of Alternative Capital Invest GMBH of Germany, ACI Real Estate, together with Galadari Investment Office (GIO), the luxury holding division of GALVEST, has entered into partnership to offer world-class real estate solutions for signature commercial property 'G Office' at Dubailand.
Spreading across 20mn Sq. Ft. of Arabia district, the project is positioned along the main gateway of the residential and retail center at the heart of Dubailand. The vast urban development will offer open-air leisure and entertainment facilities, including the Mall of Arabia – world's biggest mall, and the Dinosaur theme park Restless Plant.
The 45 storey tower, designed by an internationally renowned architect, Alex Vacha, is 280 meters in height, with 24-hour concierge and valet services, and car parking spaces. The building is a perfect fit for office goers as it offers the opportunity to explore the advanced building management system and two spacious communal sky decks, above the podium.
"G Office represents a new move in terms of design, thereby rendering a new dimension to the growing commercial property market. Our alliance with ACI real estate, the creators of Sports Triology Towers, will bring both companies into the forefront of realty sector. The GIO's vision of raising bar of design-culture with our projects and ACI's commitment to excellence will provide the region with the best property solutions available," says Rashid AW Galadhari, Chairman, GIO.
The project is expected to be complete by 2010, which will be another landmark development to ACI's project portfolio, which is at the moment, staggering at Dh.10bn scheduled for Abu Dhabi and Dubai.
Social BookmarkingSpreading across 20mn Sq. Ft. of Arabia district, the project is positioned along the main gateway of the residential and retail center at the heart of Dubailand. The vast urban development will offer open-air leisure and entertainment facilities, including the Mall of Arabia – world's biggest mall, and the Dinosaur theme park Restless Plant.
The 45 storey tower, designed by an internationally renowned architect, Alex Vacha, is 280 meters in height, with 24-hour concierge and valet services, and car parking spaces. The building is a perfect fit for office goers as it offers the opportunity to explore the advanced building management system and two spacious communal sky decks, above the podium.
"G Office represents a new move in terms of design, thereby rendering a new dimension to the growing commercial property market. Our alliance with ACI real estate, the creators of Sports Triology Towers, will bring both companies into the forefront of realty sector. The GIO's vision of raising bar of design-culture with our projects and ACI's commitment to excellence will provide the region with the best property solutions available," says Rashid AW Galadhari, Chairman, GIO.
The project is expected to be complete by 2010, which will be another landmark development to ACI's project portfolio, which is at the moment, staggering at Dh.10bn scheduled for Abu Dhabi and Dubai.
Labels: Dubailand, Office Space
Dubai's office occupancy rates strikes an all-time high at 98%
Thursday, April 03, 2008
Dubai has been the most-preferred choice for expanding international companies and major businesses, and this huge influx has led to a high demand for commercial real estate. The rate of office occupancies in Dubai has touched an all-time high of 98% to 99% with zero vacancy levels, reports 'Gowealty.com'.
About more than 90% of Dubai's buildings have been kept aside for commercial utility purposes, most of which are either recently launched or are under construction, with most adopting 'strata' sales.
The office lease charges have been the highest in Sheikh Zayed Road in Dubai, ranging US$1055 per square meter. This is followed by Deira with $825 per square meter. These figures have been arrived at, after compiling and analyzing statistics from landowners and tenants.
On comparing the leasing or rental rates of 2007 with the prevailing rates, an increase in charges by more than 60% has been predicted for a newly leased out commercial space in Dubai for the year 2008-09.
The parameters taken into consideration by investors and organizations are central location, large floor plates, technological connectivity, logistical connectivity, long-term leasing options and parking space. Customers prefer direct transactions with leaser and developer. The complexity of Dubai's multiple strata owners pose problems to those seeking to transact or interact with a single entity.
Just as the case of any investment norms, developers in Dubai's major commercial properties pursue short-term gains and strata owners for immediate capital gains.
Unlike residential complexes, the commercial properties require more parking amenities. With the Dubai realty market expected to stabilize by 2010, we foresee stabilization in the allocation of parking bays to commercial enterprises.
Labels: Latest News, Office Space
Omniyat launches Octavian, twin-tower at Business Bay
Saturday, March 08, 2008
Omniyat Properties has announced the launch of 19-storey modern office twin-tower, Octavian, in Business Bay, which happens to be the eighth project by the company in the prestigious downtown business hub of the city.Octavian, is another 'intelligent' development by Omniyat that reflects futuristic technologies, and is named after 'Galius Julius Caesar Octavianus', the first emperor of Rome and the man behind the most significant developments of the eternal city.
The President and CEO of Omniyat Properties, Medhi Amjad, said "Emperor Octavianus is remembered for his dynamic and inspirational approach to development, the qualities, which we believe are reflected in the unique structure of Octavian, a modern interpretation of a three-dimensional ornament."
The Octavian, which has received approval of RERA (Real Estate Regulatory Authority in Dubai), is a joint-venture between Omniyat and Investate, a Bahrain-based real estate investment company in which Omniyat has a 40 percent stake.
Even before its public launch, 13 floors out of the 19 floors of Octavian were sold within two days. According to a company official, the mad rush is due to the confidence that customers posses in the Omniyat brand name coupled with the strong international appeal of Business Bay.
The Octavian is a unique form of two-transparent towers, connected by a black center-piece, which is so designed that it sparkles in sunlight, emanating lightness and strength. The interior is designed in a manner so as to deliver easy maintenance and operation, along with a classic touch. Both towers of the Octavian has three podiums and four basement parking levels with 1250 bays and hi-tech security as a part of the facility. The ground floor of the building will be alive with 60,000 square feet of land set aside for retail space including restaurants, shops and other outlets.
Located in close proximity to Dubai International Convention and Exhibition Center and the Dubai International Financial Center, the Octavian is designed by Kling Consult, a renowned German Engineering. Enabling work of the project will begin in the third quart this year, and will be complete by 2011.
The Dh.1.2bn project will be the first project of Omniyat this year, and is one of the eight developments which will quadruple the value of the company's Dubai property portfolio to Dh.21bn this year.
Last year the company had doubled its sales and tripled its profits compared to that achieved during the year 2006.
Labels: Business Bay, Business Tower, Office Space, Omniyat
Santeview project by Sungwon meets record sales within a day of launch
Thursday, March 06, 2008
Sungwon Corporation has announced the record sales of their Dh.1.5bn Santeview project at Culture Village, within a day of its launch in the market.This record sales carried out by the Group on Santeview and back-to-back contracts, worth Dh.700million, which include building an office tower at Business Bay, and a five-star luxury hotel apartment complex at Dubai Sports City, has been a feather on the cap for the company as a professional international developer and builder in the region, say top officials of the company.
The CEO of Sungwons Middle East Head Quarters and the General Manager of the Dubai branch, Chang-Pyo Park said "Santeview at the Cultural Village will include G+32 storey tower, and an G+40 storey residential tower. The initial two levels will exclusively comprise retail space inclusive of the best brands in the world. Other amenities such as the smart home and office features, hi-tech security features, contemporary design with an Arabic touch, intelligent space design, coupled with the strategic location adjacent to the Culture Village metro station, makes Santeview the most sought property development in the area."
Being one of the largest construction companies in South Korea, Sungwon, is also doing civil work projects in Qatar and Bahrain, including highways, roads and sewerage pipelines. At present the company is carrying out work on a $109mn massive flyover project at the Isa Town Gate Intersection in Bahrain.
Sungwon Corporation is planning an official launch of civil works contracting services in the UAE and to participate in other large infrastructure projects happening in the country. Apart from the Middle East region alone, Sungwon has made its presence felt in the construction and property development projects in various other countries outside South Korea, including South East Asia and Kazakhstan.
The company has also entered into an escrow account with HSBC Bank Middle East, to contribute towards the growth of the property sector in UAE and to consolidate the trust which the customers have posed in them.
Apart from this, Sungwon also owns golf courses, and is well-known as the builder of the FIFA World Cup Stadium in Korea, rails, roads, highways, subways, tunnels, bridges, ports and airports.
Labels: Cultural-Village, Dubai Sports City, Golf property, Office Space
Dubai office space expected to double in 2008
Thursday, February 07, 2008
The office space in Dubai will double this year, with an area expansion of 4.7million square meters between 2007 and 2010, reports Gulf News.
More than 250 companies from the US, Far East and Europe participated at the 'Office Exhibition 2008' held at Dubai International Exhibition and Convention Center, which will conclude today. They exhibited their innovative designs at the seventh edition of the exhibition, which was the largest.
In UAE alone, the office furniture market is already estimated to be between the range of $190m and $272m. However, this figure is expected to increase along with expanding office space, expected to increase the current supply of 2.4 million square million to three times that of the figure by 2010.
Social BookmarkingMore than 250 companies from the US, Far East and Europe participated at the 'Office Exhibition 2008' held at Dubai International Exhibition and Convention Center, which will conclude today. They exhibited their innovative designs at the seventh edition of the exhibition, which was the largest.
In UAE alone, the office furniture market is already estimated to be between the range of $190m and $272m. However, this figure is expected to increase along with expanding office space, expected to increase the current supply of 2.4 million square million to three times that of the figure by 2010.
Labels: Latest News, Office Space
DMCC completes delivery of Almas Tower offices
Saturday, January 12, 2008
Dubai Multi Commodities Center (DMCC) has completed the delivery of offices in the Almas Tower to its diamond sector members. This move was initiated to establish a diamond industry cluster in Dubai.The Almas Tower is DMCC's flagship tower, located within the Jumeirah Lakes Towers development, built to cater to the particular needs of the diamond industry.
During a ceremony held yesterday at Monarch Hotel in Dubai, the keys were handed over to member companies, who are to occupy the 3-20 of Almas Tower. It is up to the clients now, to complete their individual fit outs prior to occupying their new offices.
The Almas Tower marks a major step forward towards realizing the objectives of DMCC to establish a dedicated market place, providing industry-specific market infrastructure, and a range of amenities for diamond trade in Dubai. The Almas Tower will offer an entire range of diamond trade related facilities, and will house the Dubai Diamond Exchange, the one and only diamond exchange in the region, said Ahmed bin Sulayem, the DMCC Executive Chairman.
The remaining phases of the tower will be handed over during the next couple of months.
Labels: Jumeirah-Lake-Towers, Office Space, Real Estate News
Goldcrest Business Vista project worth Dh.360mn launched in Ajman
Tuesday, January 08, 2008
The joint-venture by Mazyood Giga International and ETA Star, Star Giga, yesterday unveiled the 'Goldcrest Business Vistas', a Dh.360 million project in Ajman. Falling into the category of world-class real estate projects, the Goldcrest Business Vistas provides the best most commercial environment to companies at the regional and international levels, investors and other multinational business establishments.The project is being built in the Emirates City, the new mixed-use development on the Emirates Road in Ajman, and is just 20 minutes away from Dubai and Sharjah International Airport.
The 29 storey commercial tower will include five offices of various sizes, ranging from 845 square feet to 1544 square feet in area, which the investors could choose from. The offices are designed in an open plan, offering space for more interaction and team work. The upscale tower, at its podium level, offers a multi cuisine restaurant, and features a rooftop gymnasium, and pool, for the fitness conscious corporate world.
The Star Giga Executive Director, Amir Pardesi, said Emirates City on Emirates Road in Ajman, being one of the most coveted new developments in UAE, is the most ideal environment to launch a business. The Goldcrest Business Vistas is an ambitious project, with a potential to attract large numbers of business firms, seeking to operate in a modern business environment.
Labels: Ajman, Commercial Property, Goldcrest, Office Space
Office Rents in Dubai, Doha to surge by 20%
Monday, December 17, 2007
The office rents in Dubai, and Doha are likely to go up by 20% next year, as the demand surpasses supply, and due to the expansion of international business in the Gulf region, revealed the property services company, CB Richard Ellis.
"The top-quality offices in Dubai, cost as much as Dh.500 per square foot, and this in-turn could increase prices to Dh.600 per square feet next year, which would continue for 18 months, and thereafter the prices may probably halve to about Dh.300 per square foot in another five or six years with an increase in market supply" says Nicholas Maclean, the Managing Director, CB Richard Ellis.
However, at present, there are not enough supplies reaching the market, which would do no good to the businesses or for the government.
As far as Doha property is concerned, the demand is increasing, with an expansion in oil and gas companies, and the government is seeking new space. Although, the prices in Doha are lower than that in Dubai, the trends are the same.
On the other hand cities in India, Egypt, and Philippines are gaining advantage from the rising prices, as businesses turn to them for back-office operations, said Maclean.
The office space in Dubai is likely to more than triple touching 100 million square feet, as against the present 30million, during the next five to six years, Maclean concluded.
Social Bookmarking"The top-quality offices in Dubai, cost as much as Dh.500 per square foot, and this in-turn could increase prices to Dh.600 per square feet next year, which would continue for 18 months, and thereafter the prices may probably halve to about Dh.300 per square foot in another five or six years with an increase in market supply" says Nicholas Maclean, the Managing Director, CB Richard Ellis.
However, at present, there are not enough supplies reaching the market, which would do no good to the businesses or for the government.
As far as Doha property is concerned, the demand is increasing, with an expansion in oil and gas companies, and the government is seeking new space. Although, the prices in Doha are lower than that in Dubai, the trends are the same.
On the other hand cities in India, Egypt, and Philippines are gaining advantage from the rising prices, as businesses turn to them for back-office operations, said Maclean.
The office space in Dubai is likely to more than triple touching 100 million square feet, as against the present 30million, during the next five to six years, Maclean concluded.
Labels: Dubai Real Estate, Market Trends, Office Space, Rentals
ACI real estate launched Niki Lauda Twin Towers in Business Bay
Tuesday, December 04, 2007
Leading providers of investment solutions in Germany, ACI (Alternative Capital Invest) Real Estate, has officially launched the Niki Lauda Twin Towers in Dubai. The launch was alongside the 36th anniversary of UAE's formation, where ACI participated in the National Day celebrations. The legendary Formula 1 World Champion racer, Niki Lauda, was also present during the launch ceremony.
The launch of Niki Lauda Twin Towers in Dubai, is the first among the series of celebrity-branded real estate developments to be launched by ACI Real Estate. Two other properties endorsed by Boris Becker and Michael Schumacher are expected to be launched in the next couple of weeks.
The ACI Real Estate Managing Director, Robin Lohmann, said that "We at ACI believe in doing things in a different manner, as being innovative adds significant value to our offerings. By adding a celebrity brand, which matches our standards of excellence, we make sure that apart from delivering just a great product to our customers, we also create an iconic landmark which is instantly recognizable."
Positioned in Business Bay, the Twin Towers with 29 and 26 storey each, and another four floors at basement parking, are due for completion by 2010. The towers, which houses only offices, are the only office development in Dubai that provides leisure amenities such as outdoor swimming pools, gymnasium and prayer rooms.
Social Bookmarking
The launch of Niki Lauda Twin Towers in Dubai, is the first among the series of celebrity-branded real estate developments to be launched by ACI Real Estate. Two other properties endorsed by Boris Becker and Michael Schumacher are expected to be launched in the next couple of weeks.The ACI Real Estate Managing Director, Robin Lohmann, said that "We at ACI believe in doing things in a different manner, as being innovative adds significant value to our offerings. By adding a celebrity brand, which matches our standards of excellence, we make sure that apart from delivering just a great product to our customers, we also create an iconic landmark which is instantly recognizable."
Positioned in Business Bay, the Twin Towers with 29 and 26 storey each, and another four floors at basement parking, are due for completion by 2010. The towers, which houses only offices, are the only office development in Dubai that provides leisure amenities such as outdoor swimming pools, gymnasium and prayer rooms.
Labels: Business Bay, Business Tower, New Developments, Office Space
TAMANI Art Offices undergoes public launch at Artisan Cluster, Business Bay
Thursday, November 08, 2007
The latest luxury realty development by KM Properties, the real estate development arm of KM Holdings, the TAMANI Art Offices, underwent public launch at the Artisan Cluster in Business Bay, Dubai.
TAMANI Arts Offices is an iconic mixed-use realty development complex, comprising a 20 storey tower. About 32 percent of the project was already sold to investors during its pre-launch at the Cityscape, Dubai.
The twenty storey glass and steel tower with latest cutting-edge technology will make a flawless business platform and grow to be the business epicenter of the prestigious Business Bay development in Dubai. Strategically located in the Artisan Cluster in Business Bay, the TAMANI Arts Offices will offer convenient and easy access to the most notable recreational and landmark destinations, including Dubai Mall, Old Town, Burj Dubai, and the Sheikh Zayed Road.
Spreading across two million square feet in area, the development comprises clusters of iconic towers which include residential buildings, commercial towers and hotels, designed by renowned design engineers and architects of Terry Farrel and Partners, the renowned designers behind the Greenwich Peninsula in London.
TAMANI Arts Offices will provide the best boutique offices, a grand reception and lobby lounge, spacious retail outlets, on-site art museums, hi-tech business offices and IT services, including IT infrastructure security and hi-speed internet access. The TAMANI owners and tenants will also be benefited by the exclusive facility management services, which include 24-hour concierge and valet, efficient housekeeping, on-call maintenance, and engineering services, access to meeting rooms and business centers, and banqueting and catering services on request.
KM Properties has come forward with Escrow facilities by joining hands with National Bank of Dubai, and has also entered into agreements with Amlak Financing, which will offer mortgages for about 85% of the purchase price.
Social BookmarkingTAMANI Arts Offices is an iconic mixed-use realty development complex, comprising a 20 storey tower. About 32 percent of the project was already sold to investors during its pre-launch at the Cityscape, Dubai.
The twenty storey glass and steel tower with latest cutting-edge technology will make a flawless business platform and grow to be the business epicenter of the prestigious Business Bay development in Dubai. Strategically located in the Artisan Cluster in Business Bay, the TAMANI Arts Offices will offer convenient and easy access to the most notable recreational and landmark destinations, including Dubai Mall, Old Town, Burj Dubai, and the Sheikh Zayed Road.
Spreading across two million square feet in area, the development comprises clusters of iconic towers which include residential buildings, commercial towers and hotels, designed by renowned design engineers and architects of Terry Farrel and Partners, the renowned designers behind the Greenwich Peninsula in London.
TAMANI Arts Offices will provide the best boutique offices, a grand reception and lobby lounge, spacious retail outlets, on-site art museums, hi-tech business offices and IT services, including IT infrastructure security and hi-speed internet access. The TAMANI owners and tenants will also be benefited by the exclusive facility management services, which include 24-hour concierge and valet, efficient housekeeping, on-call maintenance, and engineering services, access to meeting rooms and business centers, and banqueting and catering services on request.
KM Properties has come forward with Escrow facilities by joining hands with National Bank of Dubai, and has also entered into agreements with Amlak Financing, which will offer mortgages for about 85% of the purchase price.
Labels: Business Bay, Office Space, Real Estate News
United Holdings - new multi-disciplinary investment firm launched
Friday, November 02, 2007
A new private multi-disciplinary holding investment firm, United Holdings, has been launched for embarking on investments worth Dh.19.8billion during the coming years. The company, with its position as a premium investment firms, will concentrate mainly on opportunities in Dubai property sector.
The Chairman of United Holdings, Mohammed Ali Al-Hashimi, said "After extensive research and planning, we are proud to officially launch United Holdings, which is well positioned to address investment opportunities across various economic sectors."
United Holdings plans to invest in various esteemed projects in the prime locations in Dubai, including the Sheikh Zayed Road, Palm Jebel Ali, Downtown Burj Dubai, Palm Jumeirah, Umm Suqueim, Dubai Water Front, and The World Islands.
United Holdings also has planned for real estate developments in Abu Dhabi and the northern emirates. Construction has already begun in Tiara United Office Tower, worth Dh.900million on Sheikh Zayed Road. The Tiara United Office Tower, worth 2.4billion is a joint-venture with Zabeel Investments, expected to be ready in 2009.
United Holdings is also planning diversification of its investment portfolio by investing in a range of assets across various economic sectors including financial services, hospitality, private equity and manufacturing.
Details pertaining to other projects will follow soon.
Social BookmarkingThe Chairman of United Holdings, Mohammed Ali Al-Hashimi, said "After extensive research and planning, we are proud to officially launch United Holdings, which is well positioned to address investment opportunities across various economic sectors."
United Holdings plans to invest in various esteemed projects in the prime locations in Dubai, including the Sheikh Zayed Road, Palm Jebel Ali, Downtown Burj Dubai, Palm Jumeirah, Umm Suqueim, Dubai Water Front, and The World Islands.
United Holdings also has planned for real estate developments in Abu Dhabi and the northern emirates. Construction has already begun in Tiara United Office Tower, worth Dh.900million on Sheikh Zayed Road. The Tiara United Office Tower, worth 2.4billion is a joint-venture with Zabeel Investments, expected to be ready in 2009.United Holdings is also planning diversification of its investment portfolio by investing in a range of assets across various economic sectors including financial services, hospitality, private equity and manufacturing.
Details pertaining to other projects will follow soon.
Labels: Business Tower, Office Space, Real Estate Company
Omniyat Properties commences ground-breaking work on 'The Opus' project
Thursday, October 25, 2007
Omniyat Properties, the developer of exclusive real estate projects in Dubai, has begun the ground-breaking work on their commercial development, 'The Opus' situated in the heart of Business Bay. More than 60% of the project has already been sold out.
Designed by the Pritzker Prize winning architect, Zaha Hadid, 'The Opus' is worth more than Dh.1.7billion, and has been set to adorn the Dubai skyline with artistic and iconic architecture. The project, spreading over 85,000 square meters, was unveiled by the CEO of Dubai Properties, Mohammed Binbrek.
Being a perfect blend of art and technology, 'The Opus' forms a structure resembling cube with a fluid for "void" in the middle. The Opus will comprise of three individual towers, that are fused together to create the illusion of a single structure.
Located on an island plot in Business Bay, Dubai, The Opus, depicts a waterfront location, offering the most exclusive office real estate in Dubai, The eye-catching views of Burj Dubai, will further enhance the value of the development.
'The Opus' is expected to be completed during early 2010.
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Designed by the Pritzker Prize winning architect, Zaha Hadid, 'The Opus' is worth more than Dh.1.7billion, and has been set to adorn the Dubai skyline with artistic and iconic architecture. The project, spreading over 85,000 square meters, was unveiled by the CEO of Dubai Properties, Mohammed Binbrek.Being a perfect blend of art and technology, 'The Opus' forms a structure resembling cube with a fluid for "void" in the middle. The Opus will comprise of three individual towers, that are fused together to create the illusion of a single structure.
Located on an island plot in Business Bay, Dubai, The Opus, depicts a waterfront location, offering the most exclusive office real estate in Dubai, The eye-catching views of Burj Dubai, will further enhance the value of the development.
'The Opus' is expected to be completed during early 2010.
Labels: Business Bay, Commercial Property, Construction Projects, Office Space, Omniyat
Dubai properties unveils Dh.4billion Bay Square at Business Bay
Sunday, October 21, 2007
The most recent development of Dubai Properties, the Bay Square, worth Dh.4billion, has been unveiled at Business Bay in Dubai.
The development that stretches over five million square feet in area is considered a new-age community project, targeting residents, retailers and businessmen who wish to lead a stress-free lifestyle within a corporate environment.
A boutique hotel with a 'downtown setting' and a residential tower, will be the center of attraction of the thirteen building development. Remaining eleven buildings will comprise mixed-use projects that feature commercial and retail space, terraced apartments and two storeys of rooftop apartments.
The Chief Executive Officer of Dubai Properties, Mohammad Bin Braik, said that Bay Square will be a prestigious business landmark for companies, offering business professionals and visitors an unmatched experience about modern Dubai. He revealed that about 60 percent of the project has been exclusively earmarked for commercial investors alone.
Dubai Properties has also placed before its investors, an opportunity for purchasing five to ten floors, covering nearly one million square feet of commercial space, which ranges from 1500 to 17000 square feet.
The Bay Square forms the core of Business Bay. The height of the building and the Bay Square towers will range from 10 to 14 floors featuring studios, single-bedroom and loft-style apartments that overlook the Square and the rest of Business Bay. Apart from being a pedestrian-only zone, the Bay Square will comprise retail outlets, a central plaza, restaurants, hosting cafes, and state-of-the-art gym.
Bay Square is scheduled for completion by 2009.
Social BookmarkingThe development that stretches over five million square feet in area is considered a new-age community project, targeting residents, retailers and businessmen who wish to lead a stress-free lifestyle within a corporate environment.
A boutique hotel with a 'downtown setting' and a residential tower, will be the center of attraction of the thirteen building development. Remaining eleven buildings will comprise mixed-use projects that feature commercial and retail space, terraced apartments and two storeys of rooftop apartments.
The Chief Executive Officer of Dubai Properties, Mohammad Bin Braik, said that Bay Square will be a prestigious business landmark for companies, offering business professionals and visitors an unmatched experience about modern Dubai. He revealed that about 60 percent of the project has been exclusively earmarked for commercial investors alone.
Dubai Properties has also placed before its investors, an opportunity for purchasing five to ten floors, covering nearly one million square feet of commercial space, which ranges from 1500 to 17000 square feet.
The Bay Square forms the core of Business Bay. The height of the building and the Bay Square towers will range from 10 to 14 floors featuring studios, single-bedroom and loft-style apartments that overlook the Square and the rest of Business Bay. Apart from being a pedestrian-only zone, the Bay Square will comprise retail outlets, a central plaza, restaurants, hosting cafes, and state-of-the-art gym.
Bay Square is scheduled for completion by 2009.
Labels: Business Bay, Business Tower, New Developments, Office Space