Hydra Properties offers easy payment options to buyers
Monday, April 27, 2009
Leading Dubai-based property developer, Hydra Properties, has issued fresh contracts to its buyers offering easy payment options. The initiative follows complaints lodged by buyers about delays in construction and the unfair price hikes on their purchases. The firm also plans to double its customer services staff strength.
Last month, a group of 50 investors, who joined together to form an action group, put forward their grievance to the company, claiming that prices have risen by 15 percent, despite the drop in construction costs and softening of housing prices.
Hydra argued that it was operating within the law and emphasized on the fact that the investors had been kept aware about the progress of the project ever-since the signing of contracts.
The Clause 12.8 of the contract states that the Landlord has the ability to make adjustments to the sale price of the property with respect to the rise in costs such as exchange rates of foreign currencies, inflation, accrued interest (if any), materials etc., or any other matters affecting the cost of the property.
It has now been learnt that Hydra is preparing contracts which would require purchasers at Hydra Village to pay 2.5 percent every two months till the completion of project in 2011, as against the earlier plan which requires them to pay 10 percent every three months until completion during the course of this year.
Hydra is also modifying a penalty clause which levies Dh.500 per day for late payers. This is now Dh.100 for 15 days and Dh.500 per day after that. Hydra will also pay buyers Dh.1000 a month, if it is more than six months overdue in delivering a project.
The Sales and Services Manager at Hydra, Ahmed Khalil, said "We are revising our contract to create a fair balance of the rights of Hydra and the investor."
The company is also planning monthly construction progress reports and a quarterly publication that would focus about the happening within the company.
Last month, a group of 50 investors, who joined together to form an action group, put forward their grievance to the company, claiming that prices have risen by 15 percent, despite the drop in construction costs and softening of housing prices.
Hydra argued that it was operating within the law and emphasized on the fact that the investors had been kept aware about the progress of the project ever-since the signing of contracts.
The Clause 12.8 of the contract states that the Landlord has the ability to make adjustments to the sale price of the property with respect to the rise in costs such as exchange rates of foreign currencies, inflation, accrued interest (if any), materials etc., or any other matters affecting the cost of the property.
It has now been learnt that Hydra is preparing contracts which would require purchasers at Hydra Village to pay 2.5 percent every two months till the completion of project in 2011, as against the earlier plan which requires them to pay 10 percent every three months until completion during the course of this year.
Hydra is also modifying a penalty clause which levies Dh.500 per day for late payers. This is now Dh.100 for 15 days and Dh.500 per day after that. Hydra will also pay buyers Dh.1000 a month, if it is more than six months overdue in delivering a project.
The Sales and Services Manager at Hydra, Ahmed Khalil, said "We are revising our contract to create a fair balance of the rights of Hydra and the investor."
The company is also planning monthly construction progress reports and a quarterly publication that would focus about the happening within the company.
Labels: Real Estate Company
Limitless announces layoffs, postpones $61bn project
Thursday, April 02, 2009
The leading Dubai-based property developer, Limitless, has announced a seven percent reduction in its workforce, and has also put on hold the major $61bn Arabian Canal Project, owing to global economic downturn.
The company, in its statement, mentioned that it has made this difficult, but necessary decision, in response to the current market conditions. Unfortunately, this indicates job-losses for a small proportion of a staff.
The job cuts by Limitless are the latest to hit its parent company, Dubai World.
As for its decision to delay the Arabian Canal project contract, Limitless says "Our invitation for bids on phase 2 of the excavation drew healthy response from local and international firms. We have contacted them to advise them about the postponement of awarding this contract."
However, the company confirmed that the work on Phase One of the Canal is in progress. The company has a vast portfolio of projects in Saudi Arabia, Jordan, India, Russia, Malaysia and Vietnam.
The company, in its statement, mentioned that it has made this difficult, but necessary decision, in response to the current market conditions. Unfortunately, this indicates job-losses for a small proportion of a staff.
The job cuts by Limitless are the latest to hit its parent company, Dubai World.
As for its decision to delay the Arabian Canal project contract, Limitless says "Our invitation for bids on phase 2 of the excavation drew healthy response from local and international firms. We have contacted them to advise them about the postponement of awarding this contract."
However, the company confirmed that the work on Phase One of the Canal is in progress. The company has a vast portfolio of projects in Saudi Arabia, Jordan, India, Russia, Malaysia and Vietnam.
Labels: Limitless, Real Estate Company
Solanki Holdings forays into UAE property sector
Sunday, November 30, 2008
Solanki Holding and Investments Limited, leading UAE-based conglomerate, forayed into proper sector with the launch of their new entity, Solanki Real Estate, projected to invest Dh.12bn into the sector.
Among their landmark developments will be the Dh.9bn worth project at Al Marjan Islands in Ras Al Khaimah.
Comprising 1500 apartments, several commercial units, and 100 villas, spread across 1.5million square feet of retail space, and a hotel, the development is likely to be launched in three phases. It will also include an elaborate shopping mall and several retail outlets.
Phase One is scheduled for launch within next three to four months, depending on market conditions.
Despite the bleak market conditions within the property sector, Solanki is confident that the long-term picture is bright, with the banks sure to facilitate financing.
Other development plans by the company include projects in the International City, Dubailand, Dubai Silicon Oasis and Jumeirah Village.
The Phase One of the International City is worth Dh.80million, comprising 140 units in a 10 storey development. About 60 percent of the project is now complete, said Abdul Rahman Esmail Solanki, the Chairman of the Company.
"We have been operating diverse business in the UAE for 35 years now. We are proud to announce our first real estate venture. The spectacular Al Marjan Islands of RAK has been an obvious location choice for us, which serves as beautiful backdrop for a mixed-use community, while also giving us an opportunity to cater to the growth of the emirate in terms of tourism, activity and population," said Abdulrahman Ismail Solanki, Chairman of Solanki Holdings.
Although Solanki did not announce any immediate launch of projects, they are confident about the GCC market and UAE, in particular, as the fundamentals are all here, said Emad Pattni, the CEO of Solanki Real Estate.
Among their landmark developments will be the Dh.9bn worth project at Al Marjan Islands in Ras Al Khaimah.
Comprising 1500 apartments, several commercial units, and 100 villas, spread across 1.5million square feet of retail space, and a hotel, the development is likely to be launched in three phases. It will also include an elaborate shopping mall and several retail outlets.
Phase One is scheduled for launch within next three to four months, depending on market conditions.
Despite the bleak market conditions within the property sector, Solanki is confident that the long-term picture is bright, with the banks sure to facilitate financing.
Other development plans by the company include projects in the International City, Dubailand, Dubai Silicon Oasis and Jumeirah Village.
The Phase One of the International City is worth Dh.80million, comprising 140 units in a 10 storey development. About 60 percent of the project is now complete, said Abdul Rahman Esmail Solanki, the Chairman of the Company.
"We have been operating diverse business in the UAE for 35 years now. We are proud to announce our first real estate venture. The spectacular Al Marjan Islands of RAK has been an obvious location choice for us, which serves as beautiful backdrop for a mixed-use community, while also giving us an opportunity to cater to the growth of the emirate in terms of tourism, activity and population," said Abdulrahman Ismail Solanki, Chairman of Solanki Holdings.
Although Solanki did not announce any immediate launch of projects, they are confident about the GCC market and UAE, in particular, as the fundamentals are all here, said Emad Pattni, the CEO of Solanki Real Estate.
Labels: Real Estate Company
Star US property broker Shvo marks entry into Gulf property sector
Monday, October 06, 2008
The founder and Chief Executive of the US-based property firm, Michael Shvo, which he named after himself, have opened an office in Dubai. Speaking to the media on Sunday, Shvo, the former star US property broker, said that any real estate downturn in New York is "out of question"
Former star US property broker Michael Shvo said on Sunday there was "no question" of a real estate downturn in New York, as his company beefs up its presence in the Gulf.
This represents the growing attraction of the Middle East property market among developers and real estate consultants, who are eager to spread risk away from the stumbling US property market.
"There is no question about any slowdown, but, that is one of the reasons that we are in Dubai and are opening an office in London," Shvo said.
He continued that there are major shifts between the Europe, Middle East, Asia and the US from a corporate perspective, and being able to invest in the Middle East will decrease the risk. Shvo founded this company five years ago, after carving a name for himself as the leading real estate broker in New York. After being nicknamed as 'real estate assassin' in 2003, Shvo completed 350 deals on properties that are totally worth over $1billion, the highest number of residential sales in New York during that year.
During the year 2003, Shvo, a marketing firm specializing in real estate, was founded by Shvo, who teamed up with developers to deliver projects. Shvo is renowned in the UAE for its 130,000 square meters of private island development, Nurai, situated off the coast of Abu Dhabi, which comprises a true blend of luxury waterside bungalows and luxury villas.
The company has several projects in pipeline for Dubai, which is likely to be launched next year.
Shvo revealed that his firm is involved with $50bn worth of projects throughout the world.
Former star US property broker Michael Shvo said on Sunday there was "no question" of a real estate downturn in New York, as his company beefs up its presence in the Gulf.
This represents the growing attraction of the Middle East property market among developers and real estate consultants, who are eager to spread risk away from the stumbling US property market.
"There is no question about any slowdown, but, that is one of the reasons that we are in Dubai and are opening an office in London," Shvo said.
He continued that there are major shifts between the Europe, Middle East, Asia and the US from a corporate perspective, and being able to invest in the Middle East will decrease the risk. Shvo founded this company five years ago, after carving a name for himself as the leading real estate broker in New York. After being nicknamed as 'real estate assassin' in 2003, Shvo completed 350 deals on properties that are totally worth over $1billion, the highest number of residential sales in New York during that year.
During the year 2003, Shvo, a marketing firm specializing in real estate, was founded by Shvo, who teamed up with developers to deliver projects. Shvo is renowned in the UAE for its 130,000 square meters of private island development, Nurai, situated off the coast of Abu Dhabi, which comprises a true blend of luxury waterside bungalows and luxury villas.
The company has several projects in pipeline for Dubai, which is likely to be launched next year.
Shvo revealed that his firm is involved with $50bn worth of projects throughout the world.
Labels: Middle-East, Real Estate Company
Aqaar plans increase in Ajman portfolio through new major developments
Friday, September 26, 2008
Aqaar Properties, the Ajman-based developer, is hoping to increase its portfolio to Dh.7bn towards end of this year, following announcements of two major developments in Ajman next month.
Aqaar will launch phase two of its first project, the Dh.2.7bn Ajman One, a mixed use development, covering 775,001 square feet.
Ajman is getting highly popular as an investment opportunity and more luxury developments are coming up in the emirate. In line with this, Aqaar is likely to launch the first waterfront development early next month.
The Chairman of Municipality Planning Department, Shaikh Rashid Bin Humaid Al Nuaimi, said "With the launch of phase two of Ajman One and new luxury development, Ajman is entering into a new era of exciting progress and growth. Ajman is transforming itself from a quite emirate into a progressive, vibrant tourism and business destination."
The Phase two Ajman One is located at the core of the new freezone in Ajman, the Ajman One Business District. It will include residential units, four-star hotel with serviced apartments, three office towers and other hospitality facilities.
The office towers are called Apex Business Towers, and will house 640 offices on the whole. The towers one and three will have 27 storeys, while tower two will have 26 storeys. The sizes of office range from 1292 square feet to 2174 square feet. It will also include a four-star hotel, convention center, all of which will be operated by French hotel group Accor SA under the Novotel brand.
The new development targets high-end markets and include retail units, a luxury hotel, a health spa and a souq.
Aqaar will launch phase two of its first project, the Dh.2.7bn Ajman One, a mixed use development, covering 775,001 square feet.
Ajman is getting highly popular as an investment opportunity and more luxury developments are coming up in the emirate. In line with this, Aqaar is likely to launch the first waterfront development early next month.
The Chairman of Municipality Planning Department, Shaikh Rashid Bin Humaid Al Nuaimi, said "With the launch of phase two of Ajman One and new luxury development, Ajman is entering into a new era of exciting progress and growth. Ajman is transforming itself from a quite emirate into a progressive, vibrant tourism and business destination."
The Phase two Ajman One is located at the core of the new freezone in Ajman, the Ajman One Business District. It will include residential units, four-star hotel with serviced apartments, three office towers and other hospitality facilities.
The office towers are called Apex Business Towers, and will house 640 offices on the whole. The towers one and three will have 27 storeys, while tower two will have 26 storeys. The sizes of office range from 1292 square feet to 2174 square feet. It will also include a four-star hotel, convention center, all of which will be operated by French hotel group Accor SA under the Novotel brand.
The new development targets high-end markets and include retail units, a luxury hotel, a health spa and a souq.
Labels: Ajman, Real Estate Company
Fortune Group to announce Dh.2.5bn worth projects this year
Tuesday, August 26, 2008
Fortune Group International, the Dubai-based developer is likely to announce five projects, worth Dh.2.5bn by December this year, revealed a top official of the company.
The five projects, covering a built-up area of more than two million square feet, will be launched a residential project, 'Fortune Bellevue' in Park View master development, agreed Saeed Zuberi, the Chief Executive of Fortune Group International.
The company has already launched 'Fortune Heights', a Dh.250mn project at Park View in Ajman. This mixed-use development will house 400 residential units in its 25 storeys, and 90 commercial units in 10 floors.
Park View, a master-plan development by ABH Property, located in proximity to Emirates City, is scheduled to be complete by 2011. A six-acre public park will form the core of the development.
The introductory prices for studio apartments at the Fortune Heights is Dh.550 per square feet, but the prices are likely to go up to Dh.560 per square foot in a week's time.
The single bedroom and double bedrooms are selling at Dh.540 per square foot. The payment can be made within three years, with a 10 percent down payment.
The developer has opened an escrow account in Ajman, which is under negotiation with banks for providing Islamic home finance to its clients. The company plans to finalize deals with a couple of banks in the next one month's time.
Other projects of Fortune Group International are the Fortune Doctor's Tower and Fortune Boulevard at Park View.
The five projects, covering a built-up area of more than two million square feet, will be launched a residential project, 'Fortune Bellevue' in Park View master development, agreed Saeed Zuberi, the Chief Executive of Fortune Group International.
The company has already launched 'Fortune Heights', a Dh.250mn project at Park View in Ajman. This mixed-use development will house 400 residential units in its 25 storeys, and 90 commercial units in 10 floors.
Park View, a master-plan development by ABH Property, located in proximity to Emirates City, is scheduled to be complete by 2011. A six-acre public park will form the core of the development.
The introductory prices for studio apartments at the Fortune Heights is Dh.550 per square feet, but the prices are likely to go up to Dh.560 per square foot in a week's time.
The single bedroom and double bedrooms are selling at Dh.540 per square foot. The payment can be made within three years, with a 10 percent down payment.
The developer has opened an escrow account in Ajman, which is under negotiation with banks for providing Islamic home finance to its clients. The company plans to finalize deals with a couple of banks in the next one month's time.
Other projects of Fortune Group International are the Fortune Doctor's Tower and Fortune Boulevard at Park View.
Labels: Fortune, Real Estate Company, Real Estate Projects
DEC, Robodh Contracting in Dh4.5bn property development joint venture
Sunday, July 20, 2008
Dheeraj East Coast (DEC) and Robodh Contracting have entered into a joint venture for development of a property portfolio worth Dh.4.5bn. This portfolio is likely to grow with new projects arriving at the market.
According to the MoU, Robodh Contracting LLC would remain the main contractors for the existing and future projects of DEC. Robodh would be responsible for construction of all projects in DEC, including co-ordinating with various subcontractors.
The Managing Director of DEC, Dheera Wadhwan, said that finding the appropriate main contractor is a vital decision in real estate development. Their joint venture with Robodh, apart from standardizing, also helps adhere to highest quality benchmarks, also helps in timely delivery of the projects. Also, through a long term relationship, the joint-venture is likely to reduce cost of construction, permitting better control over subcontractors.
The CEO of Robodh Contracting, P.H. Menon, said that the joint venture helps reflect the trust that developers have placed in the company, through its core competence of competitive and timely delivery with highest quality standards.
Deeraj East Coast has a total of 20 upcoming projects in Dubai, with a wide array of developments such as commercial and residential projects featuring global culture, mixed-use lifestyle, and combinations of modern and old world charm and business, projecting various stages of development.
According to the MoU, Robodh Contracting LLC would remain the main contractors for the existing and future projects of DEC. Robodh would be responsible for construction of all projects in DEC, including co-ordinating with various subcontractors.
The Managing Director of DEC, Dheera Wadhwan, said that finding the appropriate main contractor is a vital decision in real estate development. Their joint venture with Robodh, apart from standardizing, also helps adhere to highest quality benchmarks, also helps in timely delivery of the projects. Also, through a long term relationship, the joint-venture is likely to reduce cost of construction, permitting better control over subcontractors.
The CEO of Robodh Contracting, P.H. Menon, said that the joint venture helps reflect the trust that developers have placed in the company, through its core competence of competitive and timely delivery with highest quality standards.
Deeraj East Coast has a total of 20 upcoming projects in Dubai, with a wide array of developments such as commercial and residential projects featuring global culture, mixed-use lifestyle, and combinations of modern and old world charm and business, projecting various stages of development.
Labels: Real Estate Company, Real Estate News
Define Properties forays into Dubai's realty sector
Tuesday, June 03, 2008
The latest entrant to the competitive realty market of Dubai is Define Properties. Define Properties has entered the Dubai real estate sector by acquiring 13 plots, with their first three project being already finalized at around Dh.8billion.With a capital of Dh.500 million, Define Properties has 12 plots at the Dubai Waterfront, and one at Business Bay. The company also owns assets worth Dh.1.7billion.
According to Tarek Kandil, the President and Chief Executive Officer of the company, a Dh.600 million project at Business Bay is already under progress.
The company's Nikki Lauda Twin Towers was sold just after the launch, and enabling and foundation works have already commenced. The project is likely to be ready by third quarter of 2010.
At present Define Properties is finalizing three projects at the Waterfront, which is totally worth Dh.8billion. The launch and construction will commence in seven months time.
The Director of Sales and Marketing at Define Properties, Walid Abdul Latif, revealed that among the three projects at the Waterfront, two are mixed-used projects and one is residential.
The company plans to focus on Dubai at present, and will expand to the rest of UAE and to the wider region in future.
Labels: Dubai Real Estate, Real Estate Company
New global realty firm Property House launched in Dubai
Friday, May 30, 2008
A new $1billion global realty firm, Property House, which aims to establish itself as one of the top five realty companies in the region, was launched in Dubai last week.
With a landbank of about six million square feet in Dubai and Ajman, Property House plans to launch several new projects in UAE this year.
The Chief Executive Officer and Managing Director of Property House, Mohammad Nazir, said "Dubai is a market brimming with high yield potential. It has been said that development is the only constant thing in the real estate market, and Dubai, no doubt, is the best examples of this theory."
The General Project Manager of Property House, Amit Kochar, revealed that among the projects to be launched, the first two projects will be one residential and one commercial, out of which, one will be launched in Dubai next month.
The first residential project, will be worth Dh.250mn to Dh.500mn.
Property House has also invested heavily in the 115-acre Al Helio Downtown City of Ajman. This mini-city will be based on Chicago's and New York's grid system and aims to house 32000 residents and attracts an additional 24000 for work purposes.
Developed by South Korean developer, DSECO, the construction of the mini-city will commence this year and will be complete by 2013.
The company also announced future expansion plans to the rest of UAE.
With a landbank of about six million square feet in Dubai and Ajman, Property House plans to launch several new projects in UAE this year.
The Chief Executive Officer and Managing Director of Property House, Mohammad Nazir, said "Dubai is a market brimming with high yield potential. It has been said that development is the only constant thing in the real estate market, and Dubai, no doubt, is the best examples of this theory."
The General Project Manager of Property House, Amit Kochar, revealed that among the projects to be launched, the first two projects will be one residential and one commercial, out of which, one will be launched in Dubai next month.
The first residential project, will be worth Dh.250mn to Dh.500mn.
Property House has also invested heavily in the 115-acre Al Helio Downtown City of Ajman. This mini-city will be based on Chicago's and New York's grid system and aims to house 32000 residents and attracts an additional 24000 for work purposes.
Developed by South Korean developer, DSECO, the construction of the mini-city will commence this year and will be complete by 2013.
The company also announced future expansion plans to the rest of UAE.
Labels: Dubai Real Estate, Real Estate Company
Maison forays into UAE realty market
Wednesday, April 23, 2008
Maison Limited, the Hong Kong developer, has put its first step forward towards entering the UAE property market, through the purchase of four plots at Downtown Jebel Ali, to develop signature boutique residence. This is also the first global commercial and residential real estate venture of the company.
Located in Phase four of Downtown Jebel Ali, adjacent to the Arabian Canal, the development covers 10,000 square meters of land space and a built-up area of 90,000 square meters. The four plots will be combined to make two large plots and the buildings will rise up to G+18 storeys.
The project will feature state-of-the-art amenities with all apartments being completely furnished and feng-shui operated. The Managing Director of Maison, Shaye'e Shamszadeh said "Progressive foreign ownership laws, a buoyant economy, and the UAE government's drive to create a forward-thinking, cosmopolitan center of finance, business and culture, will together ensure that Dubai maintains its continues success and high profile in the global market."
The construction and infrastructure development is likely to begin after handing-over of the plots in March 2009. The project is likely to see its official launch during the third quarter of this year.
Maison Limited is looking into developments in Abu Dhabi too, although Dubai will be the company's main focus.
"Dubai is a trendsetter and we believe that it is the best first step. Abu Dhabi too is in our agenda and will be an interesting stepping stone. Abu Dhabi is still lacking international exposure. But Dubai has the glamour and name," said Cor van der Meulen, the Managing Director, Maison Limited, Hong Kong.
Shamszadeh confirmed that the company will go global with Dubai as the launch-pad.
Located in Phase four of Downtown Jebel Ali, adjacent to the Arabian Canal, the development covers 10,000 square meters of land space and a built-up area of 90,000 square meters. The four plots will be combined to make two large plots and the buildings will rise up to G+18 storeys.
The project will feature state-of-the-art amenities with all apartments being completely furnished and feng-shui operated. The Managing Director of Maison, Shaye'e Shamszadeh said "Progressive foreign ownership laws, a buoyant economy, and the UAE government's drive to create a forward-thinking, cosmopolitan center of finance, business and culture, will together ensure that Dubai maintains its continues success and high profile in the global market."
The construction and infrastructure development is likely to begin after handing-over of the plots in March 2009. The project is likely to see its official launch during the third quarter of this year.
Maison Limited is looking into developments in Abu Dhabi too, although Dubai will be the company's main focus.
"Dubai is a trendsetter and we believe that it is the best first step. Abu Dhabi too is in our agenda and will be an interesting stepping stone. Abu Dhabi is still lacking international exposure. But Dubai has the glamour and name," said Cor van der Meulen, the Managing Director, Maison Limited, Hong Kong.
Shamszadeh confirmed that the company will go global with Dubai as the launch-pad.
Labels: Jebel-Ali, Real Estate Company
IRIS set to create a milestone with Dh.5bn investment plan
Tuesday, March 18, 2008
IRIS, one among the prominent property developers in the region, has announced the launch of their commercial and residential units that spread across 1,000,000 Sq. Ft. of space, along with a diverse portfolio of projects chalked out for the current year.
For IRIS, the year 2008, will prove to be another milestone, as it will add another 270 apartments to its residential portfolio, and 300 commercial units will be added to its portfolio in Dubai Marina, Business Bay, Maritime City and Culture Village.
Speaking about the strategic growth vision of the company in the field of real estate, the CEO of IRIS who is also the Managing Director of Sheth Group, Ashwin Sheth, said "We, at IRIS, are keen to contribute to the existing and emerging investment potential around us. Our projects are so structured, that it will offer a healthy return on investment to our investors, giving us an enviable reputation in the industry."
IRIS, with its diverse portfolio of projects in the UAE, including the IRIS Bay - a unique commercial development at Business Bay, IRIS Blue - a luxury residential project at Dubai Marina, and IRIS Amber - luxury residential development at Culture Village, is continuing to add further to its impressive portfolio by unveiling plans for three new developments during the first two quarters of 2008.
The first project to be launched will be the AED100million residential project at the Culture Village, which would spread across a Gross Leasable Area (GLA) of 47,000 square feet. This will be unveiled during the upcoming SIMA 2008 Property Exhibition on 7th April 2008.
This will be followed by the launch of another luxurious development, worth AED600 million, which is a commercial project at Business Bay, spreading across 278,000 square feet of gross leasable area.
The third project to be added to the company's portfolio will be the AED 2billion residential project in Maritime City, which would spread across a gross leasable area of 800,000 square feet.
For IRIS, the year 2008, will prove to be another milestone, as it will add another 270 apartments to its residential portfolio, and 300 commercial units will be added to its portfolio in Dubai Marina, Business Bay, Maritime City and Culture Village.
Speaking about the strategic growth vision of the company in the field of real estate, the CEO of IRIS who is also the Managing Director of Sheth Group, Ashwin Sheth, said "We, at IRIS, are keen to contribute to the existing and emerging investment potential around us. Our projects are so structured, that it will offer a healthy return on investment to our investors, giving us an enviable reputation in the industry."
IRIS, with its diverse portfolio of projects in the UAE, including the IRIS Bay - a unique commercial development at Business Bay, IRIS Blue - a luxury residential project at Dubai Marina, and IRIS Amber - luxury residential development at Culture Village, is continuing to add further to its impressive portfolio by unveiling plans for three new developments during the first two quarters of 2008.
The first project to be launched will be the AED100million residential project at the Culture Village, which would spread across a Gross Leasable Area (GLA) of 47,000 square feet. This will be unveiled during the upcoming SIMA 2008 Property Exhibition on 7th April 2008.
This will be followed by the launch of another luxurious development, worth AED600 million, which is a commercial project at Business Bay, spreading across 278,000 square feet of gross leasable area.
The third project to be added to the company's portfolio will be the AED 2billion residential project in Maritime City, which would spread across a gross leasable area of 800,000 square feet.
Labels: Latest News, Real Estate Company
Rakaa forays into UAE property market with Dh.1bn project in Abu Dhabi
Saturday, February 09, 2008
The real estate branch of a Saudi Arabian conglomerate, Rakaa Properties, has announced a Dh.1billion project, at Reem Island in Abu Dhabi.
The project, comprising three towers, two of which are residential towers and one commercial, will be developed for mixed-use. The average introductory price of the units is Dh.1550 per square foot. This freehold development is expected to be delivered towards end of 2010.
The COO of Rakaa Properties, Mahmoud Naji, when speaking during the Abu Dhabi Real Estate and Investment Show (IREIS) 2008, mentioned that the proposed towers, one of which is 'Falcon Crest', will have 139 units, while the other 'Dynasty' will have 125 units. The third tower, 'Marina tulip' will house 35 storeys, out of which 27 would be residential floors, and the rest eight floors will be commercial storeys. The construction is expected to begin soon.
This project in Abu Dhabi is Rakaa's maiden venture into UAE real estate business. At present, Rakaa has announced developments in Jordan and Saudi Arabia.
Established in 1990, Rakaa is a subsidiary of Rakaa Holding, and has developed a wide range of properties, that include, malls, residential apartments, office buildings, luxury villas, and farms and ranches in Saudi Arabia.
The project, comprising three towers, two of which are residential towers and one commercial, will be developed for mixed-use. The average introductory price of the units is Dh.1550 per square foot. This freehold development is expected to be delivered towards end of 2010.
The COO of Rakaa Properties, Mahmoud Naji, when speaking during the Abu Dhabi Real Estate and Investment Show (IREIS) 2008, mentioned that the proposed towers, one of which is 'Falcon Crest', will have 139 units, while the other 'Dynasty' will have 125 units. The third tower, 'Marina tulip' will house 35 storeys, out of which 27 would be residential floors, and the rest eight floors will be commercial storeys. The construction is expected to begin soon.
This project in Abu Dhabi is Rakaa's maiden venture into UAE real estate business. At present, Rakaa has announced developments in Jordan and Saudi Arabia.
Established in 1990, Rakaa is a subsidiary of Rakaa Holding, and has developed a wide range of properties, that include, malls, residential apartments, office buildings, luxury villas, and farms and ranches in Saudi Arabia.
Labels: Abu Dhabi, Al Reem Island, Real Estate Company, Real Estate Projects
Al Barakah forays into UAE realty sector through launch of Sanali Towers
Wednesday, January 23, 2008
Al Barakah, the real estate group, has forayed into the UAE realty sector, announcing plans to develop Dh.3bn worth commercial and residential projects in a span of three years.
First of such an initiative will be to develop Sanali Towers, the Dh.1.3bn development in Downtown Dubailand, which will be followed by a series of developments. The Sanali Towers will be a 30-storey development, with one million square feet of commercial and retail space, facing the prestigious developments of Living Legends and Al Barari. Developed by Sanali Holdings, the project has been purchased by Al Barakah Investments, and will be marketed by Inside Track Real Estate Brokers LLC.
Each of the towers will comprise retail spaces on the ground, apart from office space and health club facilities. The offices will have spacious underground car parking. Al Barakah is offering buyers of Sanali Towers, interest-free payment in a span of ten years, for the first time ever in Dubai.
After having recently announced the development of a 30 storey tower in Ajman, the group will announce its first project in Dubai in February. Al Barakah plans to focus on establishing long-term associations with property investors and buyers, through transparent dealings, so as to make them fully aware of the various aspects of property ownership. The company has already acquired several plots in Dubailand, Downtown Jebel Ali, and Ajman with a built-up area in excess of three million square feet.
First of such an initiative will be to develop Sanali Towers, the Dh.1.3bn development in Downtown Dubailand, which will be followed by a series of developments. The Sanali Towers will be a 30-storey development, with one million square feet of commercial and retail space, facing the prestigious developments of Living Legends and Al Barari. Developed by Sanali Holdings, the project has been purchased by Al Barakah Investments, and will be marketed by Inside Track Real Estate Brokers LLC.Each of the towers will comprise retail spaces on the ground, apart from office space and health club facilities. The offices will have spacious underground car parking. Al Barakah is offering buyers of Sanali Towers, interest-free payment in a span of ten years, for the first time ever in Dubai.
After having recently announced the development of a 30 storey tower in Ajman, the group will announce its first project in Dubai in February. Al Barakah plans to focus on establishing long-term associations with property investors and buyers, through transparent dealings, so as to make them fully aware of the various aspects of property ownership. The company has already acquired several plots in Dubailand, Downtown Jebel Ali, and Ajman with a built-up area in excess of three million square feet.
Labels: Dubailand, Real Estate Company, Real Estate Projects, UAE
Khuyool to invest in 13 realty projects in Dubai totaling to Dh.3bn
Thursday, December 27, 2007
Khuyool Investments has announced an investment of Dh.3billion in about 13 real estate projects in Dubai, revealed top officials of the company.
The Chairman of Khuyool Investments, Fahad Ali Moosa, said these include 10 projects, with five high-rise towers in Jumeirah Village South, and five mid-rise buildings. There will also be three towers being built in the Downtown Jebel Ali, as this is the beginning of a long journey.
He continued - Our first project, the Abjar Tower, with 64 storey, has received tremendous response from the market, and we are confident that the demand would continue to drive our future projects.
The company has been active in the Sharjah real estate sector for quite some time, and has just entered the Dubai market.
Strong housing demand, coupled with high oil price and massive investments in infrastructure is drawing investors to Dubai's real estate market.
The Chairman of Khuyool Investments, Fahad Ali Moosa, said these include 10 projects, with five high-rise towers in Jumeirah Village South, and five mid-rise buildings. There will also be three towers being built in the Downtown Jebel Ali, as this is the beginning of a long journey.
He continued - Our first project, the Abjar Tower, with 64 storey, has received tremendous response from the market, and we are confident that the demand would continue to drive our future projects.
The company has been active in the Sharjah real estate sector for quite some time, and has just entered the Dubai market.
Strong housing demand, coupled with high oil price and massive investments in infrastructure is drawing investors to Dubai's real estate market.
Labels: Real Estate Company, Real Estate News, Real Estate Projects
Ground-breaking held for Indigo Spectrum 1 and 2
Tuesday, December 11, 2007
One of fastest growing real estate development companies, Indigo Group, has announced the ground-breaking of their project, Indigo spectrum 1 and 2 in the Central District of International City, Phase 1 in Dubai.The eight-storey Indigo Spectrum 1 and 2 comprises exquisite residences, with single, double and triple bedroom apartments, and feature a rooftop pool, ground floor retail, and fully equipped gym that represent contemporary metropolitan living.
The Director of Indigo Properties, Anand Lakhiani, expressing his delight over the construction, said that Indigo Spectrums 1 and 2 are set to deliver an exciting living experience at International City. He said that he was confident about the concept being embraced by the market, which would make way for a series of stylish, affordable living solutions.
Labels: Construction Projects, International City, Real Estate Company
Al Moosa plans UAE expansion
Friday, November 16, 2007
Al Moosa Enterprises, the owner and operator of Golden Sands Hotel Apartments in Dubai, announced plans to open other properties under the same brand name in Sharjah, Fujairah and Abu Dhabi.
The current portfolio of Al Moosa comprises serviced apartments with 11 Golden Sands, 3 Silver Sands, and an inventory of 1800 accommodation units.
The General Manager of Golden Sands, Mohammad Khoori, said at present Al Moosa plans to have atleast one Golden Sands in Sharjah, Abu Dhabi and Fujairah.
Khoori added that the group also plans to invest in several other new hotels, managed by international chains, while the negotiations are also on for management contract for a four-star hotel in Jumeirah Beach Residence, and a five-star hotel in Palm Jumeirah.
Apart from this, Al Moosa is also the owner of two Hilton-managed properties, and one Four Points Sheraton hotel, which is operated by Starwood in Dubai.
The current portfolio of Al Moosa comprises serviced apartments with 11 Golden Sands, 3 Silver Sands, and an inventory of 1800 accommodation units.
The General Manager of Golden Sands, Mohammad Khoori, said at present Al Moosa plans to have atleast one Golden Sands in Sharjah, Abu Dhabi and Fujairah.
Khoori added that the group also plans to invest in several other new hotels, managed by international chains, while the negotiations are also on for management contract for a four-star hotel in Jumeirah Beach Residence, and a five-star hotel in Palm Jumeirah.
Apart from this, Al Moosa is also the owner of two Hilton-managed properties, and one Four Points Sheraton hotel, which is operated by Starwood in Dubai.
Labels: Real Estate Company, Real Estate News, UAE
City of Arabia developer arranges finance options
Wednesday, November 14, 2007
The Ilyas & Mustafa Galadari Group, the developers of a landmark residential and commercial development City of Arabia, in Dubailand, have entered into a deal with Dubai Islamic Bank (DIB) for financing options for their City of Arabia project.
The Chairman of the Group, Ilyas Galadari, said that the MOU is an important step forward in realizing their desire to provide Islamic financing to investors in City of Arabia. With a range of properties ranging from the Wadi Walk residential apartments to the Mall of Arabia, investors get an easy access to a wide range of financial options.
The Senior Vice President of Retail and Business Banking Services, DIB, Mohammad Ameery, expressing his excitement regarding the deal, mentioned that the City of Arabia developed by the group includes houses that are unique and modern in the UAE.
As per the MOU, the Dubai Sports City and DIB will exchange information pertaining to the property market, and other relevant information, that contributes in developing the country's property sector. The signing of the MOU is coincidental with the DIB's vision in meeting the customer requirements who wish to acquire properties in City of Arabia.
The Chairman of the Group, Ilyas Galadari, said that the MOU is an important step forward in realizing their desire to provide Islamic financing to investors in City of Arabia. With a range of properties ranging from the Wadi Walk residential apartments to the Mall of Arabia, investors get an easy access to a wide range of financial options.
The Senior Vice President of Retail and Business Banking Services, DIB, Mohammad Ameery, expressing his excitement regarding the deal, mentioned that the City of Arabia developed by the group includes houses that are unique and modern in the UAE.
As per the MOU, the Dubai Sports City and DIB will exchange information pertaining to the property market, and other relevant information, that contributes in developing the country's property sector. The signing of the MOU is coincidental with the DIB's vision in meeting the customer requirements who wish to acquire properties in City of Arabia.
Labels: City-of-Arabia, Mortgages, Real Estate Company
ETA Star awarded with Superbrand recognition; becomes the first in the region to receive the certification
Sunday, November 11, 2007
UAE's well-known property firm, ETA Star Property Developers LLC, has been elected as a 'Superbrand' by the UAE Superbrands Council. ETA Star is the first private real estate developer to be voted as the strongest brands in the region.
This award further strengthens the position of ETA, as one of the fastest growing player in the property sector. ETA Star bagged this award with its unique set of brand values, and the equity that it enjoys in the market.
The Executive Director of ETA Star, Abid Junaid, said "Being chosen as a 'Superbrand' is indeed an honour and being the youngest brand to receive this honour adds to the gratification. We are glad that our aim to differentiate ourselves and be considered a trustworthy and reliable brand has been fruitful."
ETA Star is the region's first realty developer to receive this ISO certification. The company has launched several commercial and residential realty projects successfully in various master development communities such as the Dubai Marina, Business Bay, Dubai International Financial Center, International Media Production Zone and Jumeirah Lake Towers.
This award further strengthens the position of ETA, as one of the fastest growing player in the property sector. ETA Star bagged this award with its unique set of brand values, and the equity that it enjoys in the market.
The Executive Director of ETA Star, Abid Junaid, said "Being chosen as a 'Superbrand' is indeed an honour and being the youngest brand to receive this honour adds to the gratification. We are glad that our aim to differentiate ourselves and be considered a trustworthy and reliable brand has been fruitful."ETA Star is the region's first realty developer to receive this ISO certification. The company has launched several commercial and residential realty projects successfully in various master development communities such as the Dubai Marina, Business Bay, Dubai International Financial Center, International Media Production Zone and Jumeirah Lake Towers.
Labels: ETA-Star, Property Awards, Real Estate Company
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.
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.
Labels: Business Tower, Office Space, Real Estate Company
Al Fara'a kick-starts construction of Manhattan Apartments at Jumeirah
Wednesday, October 31, 2007
Al Fara'a Properties recently held the ground breaking ceremony to mark the commencement of construction works of their Dh.353mn Manhattan Luxury Apartments in Jumeirah Village.
The groundbreaking ceremony was conducted just after the successful launch of Manhattan Luxury Apartments at the recent Cityscape Dubai 2007, when the project generated considerable buyer interest, with more than 72 percent of the project, being sold out.
The construction contract for the luxury apartments has been handed over to Al Fara'a General Contracting Company (AFGCO) and their team of qualified professionals. AFGCO has a successful history of more than 26 years in implementing projects around UAE, such as the Al Attar Tower, Rotana Hotel, and the Sheikh Mansoor bin Zayed Tower, among others.
Alongside the sidelines of groundbreaking ceremony, Al Fara'a Properties has registered for an Escrow Account with Emirates Islamic Bank, in compliance with regulations stipulated by Dubai Land Department.
The Manhattan Luxury Apartments draws inspiration from the 1930's urban residences of New York, comprising 355 elegant units with a classic selection of studio, single, double and triple bedroom apartments. These apartments, coupled with the stunning landscapes of Jumeirah Village, have been so designed to include well-planned master bedrooms, generous walk-in closets, beautifully appointed bathrooms, and spacious and comfortable interiors with distinctive accent lighting. The other amenities within the complex include state-of-the-art gymnasium, a swimming pool with sauna and steam facilities, and children play area.
The General Manager for AFGCO, Ahmad Maarouf said "Our vast experience in construction business has provided us with utmost confidence in handling a high-profile project like Manhattan Apartments. The strength of our expertise will ensure that we live up to our reputation of delivering quality work within prescribed time frame."
The company has committed that the works would be complete within 24 months, towards end of 2009.
The groundbreaking ceremony was conducted just after the successful launch of Manhattan Luxury Apartments at the recent Cityscape Dubai 2007, when the project generated considerable buyer interest, with more than 72 percent of the project, being sold out.The construction contract for the luxury apartments has been handed over to Al Fara'a General Contracting Company (AFGCO) and their team of qualified professionals. AFGCO has a successful history of more than 26 years in implementing projects around UAE, such as the Al Attar Tower, Rotana Hotel, and the Sheikh Mansoor bin Zayed Tower, among others.
Alongside the sidelines of groundbreaking ceremony, Al Fara'a Properties has registered for an Escrow Account with Emirates Islamic Bank, in compliance with regulations stipulated by Dubai Land Department.
The Manhattan Luxury Apartments draws inspiration from the 1930's urban residences of New York, comprising 355 elegant units with a classic selection of studio, single, double and triple bedroom apartments. These apartments, coupled with the stunning landscapes of Jumeirah Village, have been so designed to include well-planned master bedrooms, generous walk-in closets, beautifully appointed bathrooms, and spacious and comfortable interiors with distinctive accent lighting. The other amenities within the complex include state-of-the-art gymnasium, a swimming pool with sauna and steam facilities, and children play area.
The General Manager for AFGCO, Ahmad Maarouf said "Our vast experience in construction business has provided us with utmost confidence in handling a high-profile project like Manhattan Apartments. The strength of our expertise will ensure that we live up to our reputation of delivering quality work within prescribed time frame."
The company has committed that the works would be complete within 24 months, towards end of 2009.
Labels: Apartments, Construction Projects, Jumeriah Village, Luxury Homes, Real Estate Company
Dubai Properties to unveil two new projects at Cityscape Dubai 2007
Sunday, October 14, 2007
Leading real estate developer, Dubai Properties, has announced their plans to unveil two new real estate projects in Dubailand and Business Bay, costing Dh.40 billion, during the Cityscape Dubai 2007, the largest mega-event pertaining to business and property in the region.
Dubai Properties will showcase its signature developments, including the Executive Towers, Business Bay Vision Tower, The Villa and the freehold residential community in Mediterranean Style, and the Al Waha Villas in Dubailand.
The CEO of Dubai Properties, Mohamed Binbrek, said "Cityscape is a valuable platform for the real estate sector. The participation will help us network with international investors and serious buyers. The event will also be an ideal opportunity for visitors to gain information on the recent sales offerings in our flagship products."
This is the sixth year of the Cityscape show, and this year, about 45,000 or more international and regional investors, governmental and development authorities, real estate developers, consultants, designers, leading architects and senior industry professionals are expected from more than 120 countries.
The Dubai Properties is participating in the show for the fourth consecutive year, this year. The Cityscape Dubai 2007 has been scheduled from 16th October to 18th October 2007 at the Dubai International Convention and Exhibition Center.
Dubai Properties will showcase its signature developments, including the Executive Towers, Business Bay Vision Tower, The Villa and the freehold residential community in Mediterranean Style, and the Al Waha Villas in Dubailand.The CEO of Dubai Properties, Mohamed Binbrek, said "Cityscape is a valuable platform for the real estate sector. The participation will help us network with international investors and serious buyers. The event will also be an ideal opportunity for visitors to gain information on the recent sales offerings in our flagship products."
This is the sixth year of the Cityscape show, and this year, about 45,000 or more international and regional investors, governmental and development authorities, real estate developers, consultants, designers, leading architects and senior industry professionals are expected from more than 120 countries.
The Dubai Properties is participating in the show for the fourth consecutive year, this year. The Cityscape Dubai 2007 has been scheduled from 16th October to 18th October 2007 at the Dubai International Convention and Exhibition Center.
Labels: Cityscape, New Developments, Property-show, Real Estate Company, Real Estate Projects
Omniyat announces Dh.6bn worth real estate projects in Dubai
Thursday, October 11, 2007
Omniyat Properties on Monday announced three real estate projects in Dubai, worth Dh.6 billion, as it tries to build its place as one of the leading developers in the emirate.
The first among three projects is an office complex, worth Dh.1.5billion in Business Bay. The other two are mixed-use developments which would comprise residential units, shopping malls and hotels, with one on Dubai Waterfront worth Dh.2 billion, adjacent to the Palm Jebel Ali, and the other, worth Dh.2.5 billion, in The Lagoons, overlooking the Wildlife Sanctuary.
All the three projects are scheduled for completion by mid-2008. Omniyat expects that the launches will bring in a real estate investment of nearly Dh.10 billion by 2008.
None of the three projects will, however be displayed in the Cityscape real estate expo in Dubai, as Omniyat plans to showcase 'The Opus', a Business Bay development at the expo.
Few other projects that Omniyat is currently working on, includes Bayswater, One Business Bay, The Gemini, The Binary, The Pad and The Square.
The first among three projects is an office complex, worth Dh.1.5billion in Business Bay. The other two are mixed-use developments which would comprise residential units, shopping malls and hotels, with one on Dubai Waterfront worth Dh.2 billion, adjacent to the Palm Jebel Ali, and the other, worth Dh.2.5 billion, in The Lagoons, overlooking the Wildlife Sanctuary.All the three projects are scheduled for completion by mid-2008. Omniyat expects that the launches will bring in a real estate investment of nearly Dh.10 billion by 2008.
None of the three projects will, however be displayed in the Cityscape real estate expo in Dubai, as Omniyat plans to showcase 'The Opus', a Business Bay development at the expo.
Few other projects that Omniyat is currently working on, includes Bayswater, One Business Bay, The Gemini, The Binary, The Pad and The Square.
Labels: Cityscape, Omniyat, Property-show, Real Estate Company, Real Estate Projects
Cirrus Development- the first in Dubai to form a Trust Account, prior to announcing a single property
Wednesday, October 10, 2007
Cirrus Developments, a leading Dubai real estate developer, has entered into a Partnership with Badr Al-Islami, the Islamic Banking Division of Mashreq, to form a Trust Management Account for the security of property buyers.
The Partners have announced an awareness campaign to keep the public informed about the new Emirate of Dubai Property Law (Law No.8, 2007) that offers protection for investors buying 'off-plan'.
Cirrus Developments holds the credit of being the first property developer in Dubai to have set up a Trust Account even before announcing a single property offering in the market. Also, Badr Al Islami becomes the first finance house to receive approval from Dubai Land Department to provide these accounts.
The account has been activated based on the new Law No.8 of 2007 that guarantee accounts of real estate developments in Dubai that came into effect in July 2007. The law aims to protect purchasers in off-plan transactions by creating trust accounts so that the installation payments are managed.
The Chairman & CEO of Cirrus Developments, Behnam Eshragh, said "As a developer, we volunteered to be part of the Trust Management account six months prior to the time when the law was passed. The new property law is welcome news for property buyers in Dubai. We aim to offer our best possible experience for our customers, and this is a mark of our commitment in this area."
The Partners have announced an awareness campaign to keep the public informed about the new Emirate of Dubai Property Law (Law No.8, 2007) that offers protection for investors buying 'off-plan'.Cirrus Developments holds the credit of being the first property developer in Dubai to have set up a Trust Account even before announcing a single property offering in the market. Also, Badr Al Islami becomes the first finance house to receive approval from Dubai Land Department to provide these accounts.
The account has been activated based on the new Law No.8 of 2007 that guarantee accounts of real estate developments in Dubai that came into effect in July 2007. The law aims to protect purchasers in off-plan transactions by creating trust accounts so that the installation payments are managed.
The Chairman & CEO of Cirrus Developments, Behnam Eshragh, said "As a developer, we volunteered to be part of the Trust Management account six months prior to the time when the law was passed. The new property law is welcome news for property buyers in Dubai. We aim to offer our best possible experience for our customers, and this is a mark of our commitment in this area."
Labels: Real Estate Company, Real Estate News
Le Grand Chateau from Al Fara'a Properties meets hundred percent sales
Saturday, October 06, 2007
The flagship subsidiary, Al Fara'a Properties, of the Al Fara'a Construction Group, has announced hundred percent sale of its signature project Le Grand chateau, worth Dh.225million. Al Fara'a is progressing as scheduled and is expected to be delivered in the last quarter of 2008, thereby being the first to deliver a project in Jumeirah Village.
This success by Al Fara's group comes at the right time, when the region has been witnessing unparalleled growth in real estate developments, says Gangaramani, the MD and CEO of Al Fara'a Construction Group.
"Dubai has developed into a major tourist destination in Middle East with 2100 construction projects being planned or under construction across the Gulf, touching $1.5trillion mark in value. Hence, keeping our developments apart in terms of timely delivery, service and quality and value are the major factors behind the success of Al Fara'a Properties," says Gangaramani.
Le Grand Chateau is much sought-after, due to its ideal location at the heart of Jumeirah Village Community, adjacent to green belt, and its timeless architectural splendor that depicts the 16th Century Chateaux of the Loire Valley in France.
This success by Al Fara's group comes at the right time, when the region has been witnessing unparalleled growth in real estate developments, says Gangaramani, the MD and CEO of Al Fara'a Construction Group.
"Dubai has developed into a major tourist destination in Middle East with 2100 construction projects being planned or under construction across the Gulf, touching $1.5trillion mark in value. Hence, keeping our developments apart in terms of timely delivery, service and quality and value are the major factors behind the success of Al Fara'a Properties," says Gangaramani.
Le Grand Chateau is much sought-after, due to its ideal location at the heart of Jumeirah Village Community, adjacent to green belt, and its timeless architectural splendor that depicts the 16th Century Chateaux of the Loire Valley in France.
The development consist of luxurious four bedroom G+2 townhouses, and an apartment block with 185 studios, single, double and triple bedroom apartments, overlooking the landscaped courtyard.
Labels: Dubai Real Estate, Jumeriah Village, Real Estate Company, Sales, Studios, Townhouses
Dubai World joins hand with 'One & Only' for luxurious Zanzibar Resorts
Thursday, October 04, 2007
Dubai World has announced its partnership with 'One& Only Resorts' for development and management of its new luxury resort in Zanzibar, worth $150million, due to be opened in 2009. Dubai World, managers and supervises the portfolio of real estate projects and businesses for the Dubai Government.
'One&Only Zanzibar' will feature a 50-room residence, a 150-room luxury hotel, and a spa retreat, on a 76-Hectare site at Muyuni Beach in Zanzibar. Located on an exclusive part of Zanzibar, facing an island of coral reefs, the Muyuni Beach houses some of the leading dive sites in Africa.
The resort is situated just 45 minutes away from the island's renowned world heritage site, The Stone Town. It is just 15-minutes away by flight from Dar Es Salam, and is easily accessible by flight from Dubai and Nairobi.
The Chairman of Dubai World, Sultan bin Sulayem says "Zanzibar resort aims to be known as the most luxurious and beautiful resort destinations in the world. Hence our choice of partners is of utmost importance for this project. We are delighted about our relationship with One & Only and its Parent company, Kerzner International. One&Only Resorts will be known as the hallmark of excellence and a truly spectacular property."
The One&Only Resorts is one among the premier luxury hotel brands with six resort properties in the Maldives, Mexico, Mauritius, Bahamas and Dubai.
'One&Only Zanzibar' will feature a 50-room residence, a 150-room luxury hotel, and a spa retreat, on a 76-Hectare site at Muyuni Beach in Zanzibar. Located on an exclusive part of Zanzibar, facing an island of coral reefs, the Muyuni Beach houses some of the leading dive sites in Africa.
The resort is situated just 45 minutes away from the island's renowned world heritage site, The Stone Town. It is just 15-minutes away by flight from Dar Es Salam, and is easily accessible by flight from Dubai and Nairobi.
The Chairman of Dubai World, Sultan bin Sulayem says "Zanzibar resort aims to be known as the most luxurious and beautiful resort destinations in the world. Hence our choice of partners is of utmost importance for this project. We are delighted about our relationship with One & Only and its Parent company, Kerzner International. One&Only Resorts will be known as the hallmark of excellence and a truly spectacular property."
The One&Only Resorts is one among the premier luxury hotel brands with six resort properties in the Maldives, Mexico, Mauritius, Bahamas and Dubai.
Labels: International, Real Estate Company, Resorts
Indigo Properties launches 'Indigo Central' in Dubai
Indigo Properties, the leading real estate development companies in the UAE, has contributed a valuable addition to the growing realty developments in UAE, through the launch of 'Indigo Central' in Dubai. The development, which ranges from 39,000 to 52,000 square feet in size, comprises eight eye-catching buildings, featuring commercial offices and retail showrooms.
Located at Al Manara and Al Safa, positioned either side of Interchange 3 in Sheikh Zayed Road, Indigo Central has the proposed Dubai Metro Station as its nearest landmark.
The Director of Indigo Properties, Anand Lakhiani, expressed his confidence that these distinctive low-rise developments will soon turn out to be the landmarks on the road, and with their easy access, location, quality and size, they will surely be known as one of the leading developments in Dubai.
The eight striking buildings will be constructed in two phases combining blue-hued glass and steel. The real estate development is perfect for corporate headquarters, multinational companies, banks, wholesale or retail Car Showrooms.
Indigo Central development is expected to be complete by December 2008.
Located at Al Manara and Al Safa, positioned either side of Interchange 3 in Sheikh Zayed Road, Indigo Central has the proposed Dubai Metro Station as its nearest landmark.The Director of Indigo Properties, Anand Lakhiani, expressed his confidence that these distinctive low-rise developments will soon turn out to be the landmarks on the road, and with their easy access, location, quality and size, they will surely be known as one of the leading developments in Dubai.
The eight striking buildings will be constructed in two phases combining blue-hued glass and steel. The real estate development is perfect for corporate headquarters, multinational companies, banks, wholesale or retail Car Showrooms.
Indigo Central development is expected to be complete by December 2008.
Labels: Commercial Property, New Developments, Office Space, Real Estate Company
IRIS BLUE upgraded to higher quality finishing, without burdening tenants or investors
Monday, October 01, 2007
The leading property services company, IRIS, which has been instrumental in delivering high quality developments in UAE within the scheduled time, has set a new standard in real estate best practices, by upgrading 'IRIS Blue', its award winning development in Dubai Marina.
IRIS, well-known as an innovative property development company, had included higher quality finishing materials and new hi-tech amenities to all its apartments in IRIS Blue, without charging any additional cost from its investors and potential tenants.
The CEO of IRIS, Ashwin Sheth, says "With IRIS, we intend to build property for life. At IRIS, we take pride in always placing the customer first in mind, at all stages of the project. It is imperative that we build spaces in which residents would be most comfortable in, and which will be delivered to its highest standards."
The upgrades in the IRIS Blue development have been done in the form of high-quality finishing, with vitrified tiles, porcelain and marble kitchen. Apart from this, the apartments will have the Hansgrohe fittings, which are the highest in quality, kitchen appliances by Siemens, and Sanitary ware by Ideal Standards. In addition to the interiors, IRIS Blue includes a cutting edge gymnasium that is provided with LCD television screens for all cardio-vascular equipments, and individual saunas and steam rooms for men and women.
IRIS Blue is already an award-winning development. The award will be given away at the CNBC Arabian Property Awards held at Madinat Jumeirah on 23rd October. Also, IRIS Blue is more than 60% complete, with the finishing touches being carried out at a brisk pace, which indicates that IRIS always sticks to its schedule of project delivery.
IRIS, well-known as an innovative property development company, had included higher quality finishing materials and new hi-tech amenities to all its apartments in IRIS Blue, without charging any additional cost from its investors and potential tenants.The CEO of IRIS, Ashwin Sheth, says "With IRIS, we intend to build property for life. At IRIS, we take pride in always placing the customer first in mind, at all stages of the project. It is imperative that we build spaces in which residents would be most comfortable in, and which will be delivered to its highest standards."
The upgrades in the IRIS Blue development have been done in the form of high-quality finishing, with vitrified tiles, porcelain and marble kitchen. Apart from this, the apartments will have the Hansgrohe fittings, which are the highest in quality, kitchen appliances by Siemens, and Sanitary ware by Ideal Standards. In addition to the interiors, IRIS Blue includes a cutting edge gymnasium that is provided with LCD television screens for all cardio-vascular equipments, and individual saunas and steam rooms for men and women.
IRIS Blue is already an award-winning development. The award will be given away at the CNBC Arabian Property Awards held at Madinat Jumeirah on 23rd October. Also, IRIS Blue is more than 60% complete, with the finishing touches being carried out at a brisk pace, which indicates that IRIS always sticks to its schedule of project delivery.
Labels: Apartments, Real Estate Company, Residential
ETA ties-up with eleven major Banks for home loan options
ETA Star, a leading property developer in UAE, has tied-up with eleven major banks in the region for providing home loan option to its customers.
ETA Star can now offer its customers easier and wider accessibility of home loans for all their projects. "Our aim has been to provide the customer with best in services, that live up to the expectation and trust they pose on us,” said Abid Junaid, Executive Director, ETA Star.
The Managing Director of Barclays Bank, Amin Habib expressing his happiness over the partnership, mentioned "We are certain that Barclays services will add value to ETA customers. We plan to offer the best financial solutions to customers, and are confident that our loans to ETA's home buyers will do just that."
ETA Star is currently developing millions of square feet of premium property in major countries in South-East Asia and the Middle East, including UAE, Turkey, Qatar, India and Sri Lanka.
The Partnership agreements are signed with Arab Bank, Abu Dhabi Commercial bank (ADCB), Dubai Bank, Badr Al-Islami, Mashreq, First Gulf Bank, Tamweel, Union National Bank, National Bank of Dubai, Barclays and Finance House.
ETA Star can now offer its customers easier and wider accessibility of home loans for all their projects. "Our aim has been to provide the customer with best in services, that live up to the expectation and trust they pose on us,” said Abid Junaid, Executive Director, ETA Star.
The Managing Director of Barclays Bank, Amin Habib expressing his happiness over the partnership, mentioned "We are certain that Barclays services will add value to ETA customers. We plan to offer the best financial solutions to customers, and are confident that our loans to ETA's home buyers will do just that."
ETA Star is currently developing millions of square feet of premium property in major countries in South-East Asia and the Middle East, including UAE, Turkey, Qatar, India and Sri Lanka.
Labels: ETA-Star, Mortgages, Real Estate Company
Omniyat Properties begins construction work on 'The Binary' freehold commercial tower
Saturday, September 29, 2007
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
Eye on Realty launches Property Management Department
Tuesday, September 25, 2007
Eye On Realty Brokers has announced the launch of a dedicated Property Management Department, designated to open accounts for clients and investors, who wish to obtain short-to-long term returns on their property portfolio in UAE.
The Sales and Marketing Director of the firm, Kayhan Khalil, said "The division will have dedicated staff who will work towards obtaining the best possible returns on properties, which the clients are likely to have entrusted Eye On Realty to exclusively manage. We will analyze the possible options, explain them a number of different routes from short-term to long-term options, quoting guaranteed returns, based on which the clients could arrive at their decision."
The Business Development and Marketing Communications Manager, Babak Golriz, mentioned that establishing such a department has been a long-time dream of the company, and being an attractive proposition, it is sure to draw a large number of clients, as the department already has numerous contracts in hand, despite not being made public yet.
Eye on Realty already has a large portfolio of units that are being managed by the company currently, despite being in the initiation stage. 'Eye On Realty' is also planning to enter into a tie-up with a major player in the holiday-home provider during the next couple of weeks, as it would help extend the scope of services and provide potential investors and clients.
A formal announcement regarding the operations of Eye On Realty, and details of the agreement with the un-named company is expected anytime soon.
The Sales and Marketing Director of the firm, Kayhan Khalil, said "The division will have dedicated staff who will work towards obtaining the best possible returns on properties, which the clients are likely to have entrusted Eye On Realty to exclusively manage. We will analyze the possible options, explain them a number of different routes from short-term to long-term options, quoting guaranteed returns, based on which the clients could arrive at their decision."
The Business Development and Marketing Communications Manager, Babak Golriz, mentioned that establishing such a department has been a long-time dream of the company, and being an attractive proposition, it is sure to draw a large number of clients, as the department already has numerous contracts in hand, despite not being made public yet.
Eye on Realty already has a large portfolio of units that are being managed by the company currently, despite being in the initiation stage. 'Eye On Realty' is also planning to enter into a tie-up with a major player in the holiday-home provider during the next couple of weeks, as it would help extend the scope of services and provide potential investors and clients.
A formal announcement regarding the operations of Eye On Realty, and details of the agreement with the un-named company is expected anytime soon.
Labels: Property-Management, Real Estate Company, UAE
Damac eyes overseas markets
Monday, September 24, 2007
Damac Holding, the private property developer of Damac Properties, plans to develop substantial portfolio of overseas master developments, revealed the Chairman of Damac Holding, Hussain Sajwani.
Sajwani mentioned that the company already holds a major land bank in Saudi and Egypt, and has been planning to launch major mixed-use development.
The company has already launched 79 individual towers worth $18billion, which covers Lebanon, Jordan, Qatar, UAE, and Saudi Arabia. The only master development of the company till date is the Gamsha Bay project, worth $35 to $40 in Egypt.
Sajwani revealed that the company is currently on discussion with a number of governments in overseas countries regarding building master developments. Different markets have different constraints and opportunities. For instance, Qatar Government wants their own companies to act as master developer, limiting the opportunities for companies such as Damac, and hence the company is planning for only single projects there. On the other hand, certain other countries such as Egypt, has large land bank, and hence Gamsha Bay project has been the outcome there, mentioned Sajwani.
Damac is currently eyeing untapped markets such as India, Turkey, Pakistan, and North Africa. Sajwani told that these markets will be closely looked into during 2008, although this would require crossing major hurdles such as identifying suitable land plots and overseas bureaucracy.
Sajwani was of the opinion that although India has a major potential, the task of being able to secure a big piece of land in a good location for a big development could be time consuming.
As far as the domestic market is concerned, Dubai still plays a leading role and represents a major chunk of sales for Damac, agrees Sajwani. Currently Damac is in the process of launching new projects in the domestic markets and has already launched 16 projects during the past seven months, and is now planning to deliver two towers in the Jumeirah Lakes Towers master development towards the initial phase of next year.
Sajwani mentioned that the company already holds a major land bank in Saudi and Egypt, and has been planning to launch major mixed-use development.The company has already launched 79 individual towers worth $18billion, which covers Lebanon, Jordan, Qatar, UAE, and Saudi Arabia. The only master development of the company till date is the Gamsha Bay project, worth $35 to $40 in Egypt.
Sajwani revealed that the company is currently on discussion with a number of governments in overseas countries regarding building master developments. Different markets have different constraints and opportunities. For instance, Qatar Government wants their own companies to act as master developer, limiting the opportunities for companies such as Damac, and hence the company is planning for only single projects there. On the other hand, certain other countries such as Egypt, has large land bank, and hence Gamsha Bay project has been the outcome there, mentioned Sajwani.
Damac is currently eyeing untapped markets such as India, Turkey, Pakistan, and North Africa. Sajwani told that these markets will be closely looked into during 2008, although this would require crossing major hurdles such as identifying suitable land plots and overseas bureaucracy.
Sajwani was of the opinion that although India has a major potential, the task of being able to secure a big piece of land in a good location for a big development could be time consuming.
As far as the domestic market is concerned, Dubai still plays a leading role and represents a major chunk of sales for Damac, agrees Sajwani. Currently Damac is in the process of launching new projects in the domestic markets and has already launched 16 projects during the past seven months, and is now planning to deliver two towers in the Jumeirah Lakes Towers master development towards the initial phase of next year.
Labels: Damac Properties, International, Real Estate Company, Real Estate News
Saraya unveils Saraya realty in Dubai
Friday, September 21, 2007
The new venture marks the second elite service to be introduced by Saraya. The first was the 'Saraya Aviation' announced during May 2007.
Saraya Realty is a hundred percent subsidiary of Saraya, a real estate development and asset management company, which invests in travel and tourism in the Middle East and North African (MENA) region.
Saraya will be an exclusive global property provider of leasing, sales and re-sale activities for all luxurious destinations of Saraya, targeting end-users and second-home buyers through various product packages to meet the satisfaction of the customers.
The product packages also target investors, including fractional ownership, permitting buyers to expand their investment in fixed assets by owning homes in any of the Saraya's destinations for a fraction of the price.
Saraya Realty will also handle clients property selection requirements, helping with choice of interiors, and attending to their personal requirements.
Fahad Shalabi has been appointed as the General Manager of Saraya Realty.
Labels: Dubai Real Estate, Real Estate Company
Dubai World Central joins hands with Amlak Finance
Saturday, September 15, 2007
The Dubai World Central (DWC), the major urban aviation community under construction in Jebel Ali, covering an area of 140 square kilometers, has entered into an MOU with Amlak Finance PJSC, the largest real estate financier offering Sharia'a solutions in UAE, to finalize the financing agreement of DWC customers. The agreement will cover the cost of real estate sales of all three major components, namely the DWC Commercial City, DWC Golf City and DWC Residential City.
The CEO-Real Estate of Dubai World Central, Khalid bin Harib, says "Being a project that accounts for development concerns over the next fifty years, we plan to put together a prospective plan which ensures the customers about a finance option being provided, even before the commencement of sales during 2009. The MOU will cover all possible financing options within Amlak’s Islamic financing range, and the first of such agreements to ever happen in the next decade. "
"With a diverse portfolio of villas, plots and apartments on sale, the MOU will look at the best possible alternatives for future investors taking into consideration the huge real estate boom in the region."
DWC, with an infrastructure cost of $33 billion, comprises six real estate clustered zones, namely the Dubai Logistics City (DLC), DWC Commercial City, DWC International Airport (JXB), DWC Aviation City, DWC Residential City and DWC Golf City.
DWC has been endorsed by the Government of Dubai, and is Chaired by H.H. Shekh Ahmed bin Saeed Al Maktoum, the Chairman of Dubai World Central and Dubai Aviation Corporation, Government of Dubai.
The CEO-Real Estate of Dubai World Central, Khalid bin Harib, says "Being a project that accounts for development concerns over the next fifty years, we plan to put together a prospective plan which ensures the customers about a finance option being provided, even before the commencement of sales during 2009. The MOU will cover all possible financing options within Amlak’s Islamic financing range, and the first of such agreements to ever happen in the next decade. "
"With a diverse portfolio of villas, plots and apartments on sale, the MOU will look at the best possible alternatives for future investors taking into consideration the huge real estate boom in the region."
DWC, with an infrastructure cost of $33 billion, comprises six real estate clustered zones, namely the Dubai Logistics City (DLC), DWC Commercial City, DWC International Airport (JXB), DWC Aviation City, DWC Residential City and DWC Golf City.
DWC has been endorsed by the Government of Dubai, and is Chaired by H.H. Shekh Ahmed bin Saeed Al Maktoum, the Chairman of Dubai World Central and Dubai Aviation Corporation, Government of Dubai.
Labels: Dubai Real Estate, Dubai-Commercial-City, Dubai-Golf-City, Dubai-Residential-City, Mortgages, Real Estate Company
Deyaar to fund its $7bn overseas projects utilizing its share sale proceeds
Monday, September 10, 2007
Deyaar, an affiliate of Dubai Islamic Bank, has revealed that it has been working on overseas real estate projects, worth $7billion, utilizing the cash from its share sale proceeds.
Although Deyaar was able to raise most of the cash through Islamic bonds and loans, the initial financing will come from the IPO and through the sale of property off the plan, said the Deyaar CEO, Zach Shahin.
Deyaar is currently working on 100 buildings in the UAE, which worth Dh.25billion, revealed Shahin. However, following the footsteps of its rival Emaar Properties, Deyaar too, is pushing itself out of the crowded home market.
Deyaar has projects worth Dh.2billion in pipeline outside the UAE, and a Dh.6billion deal is under negotiation in Abu Dhabi. Shahin says "Although UAE will be our flagship we are bullish about the international markets."
At present, Deyaar is developing projects in Lebanon, Kazakhstan and Turkey and a $5billion township in India with Ansal Properties and Infrastructure Limited. Deyaar also hopes to develop commercial and residential projects in Saudi Arabia on a partnership basis.
Although Deyaar was able to raise most of the cash through Islamic bonds and loans, the initial financing will come from the IPO and through the sale of property off the plan, said the Deyaar CEO, Zach Shahin.Deyaar is currently working on 100 buildings in the UAE, which worth Dh.25billion, revealed Shahin. However, following the footsteps of its rival Emaar Properties, Deyaar too, is pushing itself out of the crowded home market.
Deyaar has projects worth Dh.2billion in pipeline outside the UAE, and a Dh.6billion deal is under negotiation in Abu Dhabi. Shahin says "Although UAE will be our flagship we are bullish about the international markets."
At present, Deyaar is developing projects in Lebanon, Kazakhstan and Turkey and a $5billion township in India with Ansal Properties and Infrastructure Limited. Deyaar also hopes to develop commercial and residential projects in Saudi Arabia on a partnership basis.
Labels: Deyaar, Dubai Real Estate, International, Real Estate Company
ACC wins largest single building construction contract worth Dh2.7bn
Saturday, September 08, 2007
Aldar Properties has awarded the contract worth Dh.2.7billion to Arabian Construction Company (ACC) for construction of three towers including an eighty eight storey structure at the Central Market located in the core of Abu Dhabi's Central Business District. This is the largest contract ever for single building to be awarded in Abu Dhabi.Designed by Foster & Partners, the leading UK architects, the project comprises a five star hotel tower, a residential tower, commercial tower and a four-star restaurant, in addition to the residual retail podium, which is due for an award next month.
The Residential Tower with 88 storeys measuring 382 meters in height, will be the tallest tower on the Abu Dhabi skyline, housing 489 luxury apartments.
The five-star hotel tower will comprise 55 storeys with 279 rooms and 132 serviced apartments.
The commercial tower will have 58 storeys with sufficient office space.
The smallest tower with 16 storeys, will be a four-star hotel comprising 212 rooms.
Labels: Abu Dhabi, Construction Projects, Real Estate Company
Tanmiyat-Tamweel tie-up for 'Living Legends' project
Friday, September 07, 2007
Leading Saudi-based property developer, the Tanmiyat Group, and the leading UAE-based property financier, Tamweel, have entered into a mortgage deal in Dubai for the 'Living Legends' project by Tanmiyat in Dubailand.
"Tanmiyat is proud to be joining hands with Tamweel, as a strategic business development partner for the upcoming real estate development projects in the region. With its offices in Dubai, Riyadh, and Istanbul, Tanmiyat is in the process of developing major property projects in Saudi, UAE and Turkey," said Sheikh Sulyman Bin Abdul Aziz Al Majed, the Chairman of Tanmiyat Group.
Living Legends is the residential area of the Legends project, and comprises 500 villas and 12 residential towers based on Arabian theme. The villas are located surrounding the golf course out of which, 50 are five-bedroom deluxe apartments, 200 four-bedrooms, 150 five-bedroom villas, and the towers comprises 1800 units on the whole, including, two, three, four bedroom apartments and penthouses, located amidst the villas and entertainment and shopping area.
"Tanmiyat is proud to be joining hands with Tamweel, as a strategic business development partner for the upcoming real estate development projects in the region. With its offices in Dubai, Riyadh, and Istanbul, Tanmiyat is in the process of developing major property projects in Saudi, UAE and Turkey," said Sheikh Sulyman Bin Abdul Aziz Al Majed, the Chairman of Tanmiyat Group.
Living Legends is the residential area of the Legends project, and comprises 500 villas and 12 residential towers based on Arabian theme. The villas are located surrounding the golf course out of which, 50 are five-bedroom deluxe apartments, 200 four-bedrooms, 150 five-bedroom villas, and the towers comprises 1800 units on the whole, including, two, three, four bedroom apartments and penthouses, located amidst the villas and entertainment and shopping area.
Labels: Dubailand, Latest News, Mortgages, Real Estate Company, Residential
UAE developers setting a new trend by eyeing European markets
Thursday, September 06, 2007
More numbers of property developers in UAE are eyeing Europe for further expansion and to establish their presence, as the land prices there are comparatively reasonable.
Emaar was the first company to expand outside the UAE, followed by Nakheel and Damac.
Currently, Al Manal Development for instance, is working on its second project in Geneva, the County of Cessy. Similarly another Dubai-based developer, who specializes in high-rise buildings is said to have drawn plans to enter the Romanian market.
It is said that even Sheffield Real Estate, which has already completed Dh.500 million worth of projects and have taken up another Dh.3billion worth projects within UAE, has decided to try its hand in the eastern European market. The Managing Director of Sheffield, Abuali Malik Shroff, has said that his company is currently on the look out for land in those countries to develop condominiums and hopes to begin construction next year. He added that the land prices in these countries are reasonable without much legal issues, and one gets to purchase directly from the private parties or the government, and there will be a strong demand for good projects during the coming years.
However, Shroff quoted that he only plans to invest about $250million to $300million over a five year period in the eastern European market, and that his investments are not likely to be long-term.
Although Europe is the new trend for UAE developers, the property companies have been trying to establish their presence for quite some time in markets such as India, Egypt, Pakistan, Morocco and Saudi.
This newfound appeal towards European markets is mainly due to the fact that most of these countries will join the European Union, as the European Union is in the process of expanding. Bulgaria and Romania are already included into the Union.
Emaar was the first company to expand outside the UAE, followed by Nakheel and Damac.
Currently, Al Manal Development for instance, is working on its second project in Geneva, the County of Cessy. Similarly another Dubai-based developer, who specializes in high-rise buildings is said to have drawn plans to enter the Romanian market.
It is said that even Sheffield Real Estate, which has already completed Dh.500 million worth of projects and have taken up another Dh.3billion worth projects within UAE, has decided to try its hand in the eastern European market. The Managing Director of Sheffield, Abuali Malik Shroff, has said that his company is currently on the look out for land in those countries to develop condominiums and hopes to begin construction next year. He added that the land prices in these countries are reasonable without much legal issues, and one gets to purchase directly from the private parties or the government, and there will be a strong demand for good projects during the coming years.
However, Shroff quoted that he only plans to invest about $250million to $300million over a five year period in the eastern European market, and that his investments are not likely to be long-term.
Although Europe is the new trend for UAE developers, the property companies have been trying to establish their presence for quite some time in markets such as India, Egypt, Pakistan, Morocco and Saudi.
This newfound appeal towards European markets is mainly due to the fact that most of these countries will join the European Union, as the European Union is in the process of expanding. Bulgaria and Romania are already included into the Union.
Labels: International, Real Estate Company, Real Estate News, UAE
CHI Development wins CNBC Arabian Property Awards 2007
Wednesday, September 05, 2007
CHI Development Group, the Dubai-based developer, in association with Oryx Real Estate the international realty expert in Dubai, have been informed that the company will receive the Best Golf Development award in the four star category during the prestigious CNBC Arabian Property Awards 2007.
The award is being given to the group for their Lime Tree Valley project at the Jumeirah Golf Estates, which comprises 121 luxurious Spanish-styled villas, located on the eco-signature golf course, The Earth, by the legendary Greg Norman.
The Director of CHI Development, Roger Wakeham, expressing his happiness over their association with the award, mentioned that it recognizes the effort made by the company to carve a niche in the competitive and demanding property market of Dubai. He also expressed his pleasure for the opportunity to work with Oryx Real Estate for marketing and sales of the villas.
The CNBC Arabian Property Awards 2007 are an annual event that identifies the high quality real estate developments in local and global sectors. The award takes into consideration the architecture, interior design, marketing and many other features. The awards are likely to be handed over at Madinat Jumeirah, on 23rd October 2007.
The award is being given to the group for their Lime Tree Valley project at the Jumeirah Golf Estates, which comprises 121 luxurious Spanish-styled villas, located on the eco-signature golf course, The Earth, by the legendary Greg Norman.The Director of CHI Development, Roger Wakeham, expressing his happiness over their association with the award, mentioned that it recognizes the effort made by the company to carve a niche in the competitive and demanding property market of Dubai. He also expressed his pleasure for the opportunity to work with Oryx Real Estate for marketing and sales of the villas.
The CNBC Arabian Property Awards 2007 are an annual event that identifies the high quality real estate developments in local and global sectors. The award takes into consideration the architecture, interior design, marketing and many other features. The awards are likely to be handed over at Madinat Jumeirah, on 23rd October 2007.
Labels: Property Awards, Real Estate Company
House of Patels launches Wall Street Property in Dubai
Tuesday, September 04, 2007
One of India's leading business conglomerates, the 'House of Patels' has launched their real estate arm, 'Wall Street Property' in Dubai. House of Patels also owns part of Wall Street Exchange, a money remittance exchange. The company plans to market prominent Dubai properties such as the Burj Dubai Lake Hotel, The Boulevard, Dubai Mall, The Old Town, The Residences, and such other major projects that are spread across Business Bay, The Palm and such other locations.
Wall Street Property is the real estate branch of the fifty year old group, the House of Patels, a multi-million-dollar conglomerate, with diversified fields of interest including logistics, construction, transportation, real estate development etc. The company has a net asset of over more than US$200 million and a market capital of US$500 million. The company is strengthening its position as a leading real estate marketing company by focusing on the marketing of properties globally.
The House of Patels Chairman, Asgar Shakoor Patel, said "We have launched Wall Street Property to pursue the vast opportunities in the UAE property market and across the region. At the moment we are concentrating on the two promising markets, the UAE and India. Our aim is to focus on selling commercial, residential, leisure and retail projects. This new branch will help in taking opportunities in the real estate investment sector to a higher exciting level."
Wall Street Property aims to purchase property, provide necessary support and guidance to a range of residential and commercial clients including investors and developers.
The company is also venturing into Indian property marketplace, which is also currently witnessing major property boom. The company will make way for the Indian community to own properties in India. The company plans to sell properties in Pune, Bangalore, Hyderabad, Calcutta, Chennai, Delhi and Mumbai.
The Group has its offices located in USA, UAE, UK, Canada, India, New Zealand, Hong Kong and agents network and representatives in more than 80 countries. The company has a big list of high-profile clientele, that includes investors, landlords, investors and local and international organizations.
Wall Street Property is the real estate branch of the fifty year old group, the House of Patels, a multi-million-dollar conglomerate, with diversified fields of interest including logistics, construction, transportation, real estate development etc. The company has a net asset of over more than US$200 million and a market capital of US$500 million. The company is strengthening its position as a leading real estate marketing company by focusing on the marketing of properties globally.
The House of Patels Chairman, Asgar Shakoor Patel, said "We have launched Wall Street Property to pursue the vast opportunities in the UAE property market and across the region. At the moment we are concentrating on the two promising markets, the UAE and India. Our aim is to focus on selling commercial, residential, leisure and retail projects. This new branch will help in taking opportunities in the real estate investment sector to a higher exciting level."
Wall Street Property aims to purchase property, provide necessary support and guidance to a range of residential and commercial clients including investors and developers.
The company is also venturing into Indian property marketplace, which is also currently witnessing major property boom. The company will make way for the Indian community to own properties in India. The company plans to sell properties in Pune, Bangalore, Hyderabad, Calcutta, Chennai, Delhi and Mumbai.
The Group has its offices located in USA, UAE, UK, Canada, India, New Zealand, Hong Kong and agents network and representatives in more than 80 countries. The company has a big list of high-profile clientele, that includes investors, landlords, investors and local and international organizations.
Labels: Dubai Real Estate, Real Estate Company
Shaikh Holdings determined to establish realty projects in the UAE
Sunday, August 26, 2007
Shaikh Holdings, a Dubai-based private company, led by Imran Shaikh, is all set to establish itself in the UAE Realty market.
The company has a rich portfolio of commercial, residential and hospitality realty projects, and is a leading institutional investor in the Dubai property sector since 2002. The company has made considerable investments in developments such as Emirates Hills, Business Bay, The Palm Islands, Jumeirah Golf Estates and the Dubai Waterfront, and such other leading projects by developers such as Emaar, Nakheel and Dubai Properties.
During the month of July, Shaikh Holdings already launched its first project, Sanctuary Falls, which is a luxury residential golf development, located in Jumeirah Golf Estates worth $200 million (Dh.734m), and more such projects are in pipeline.
Shaikh says "The UAE property market is still not saturated, and is a very lucrative investment destination. The market provides plenty of opportunities and the proposed regulatory procedures will ensure better stability of the property sector."
Speaking on the new project, Sanctuary Falls, Sheikh mentioned, Sanctuary Falls is a community comprising 96 resort-style villas facing the Earth Golf-course. The project includes modern, contemporary and traditional architectural styles, and hence, the buyers could choose three interior design themes and two kitchen designs.
The architecture for the villas has been designed by DSA Architects, while the home interiors are done by Hirsch Bedner Associates.
Sheikh mentioned that the construction work at Sanctuary Falls will commence in October this year, and is due for completion by May 2009.
"We are trying to introduce new concepts for community living and the resort home concept is one such thing. Although our focus is Dubai, we are also exploring Ras Al Khaimah and Abu Dhabi markets. We are also interested in exploring opportunities within the GCC and plan to make use of a variety of financial structures to develop projects during the next five years," he said.
Sheikh Holdings is likely to invest $1.2bn (Dh.4.04bn) during the next five years to develop waterfront and gold communities in the UAE.
The company has a rich portfolio of commercial, residential and hospitality realty projects, and is a leading institutional investor in the Dubai property sector since 2002. The company has made considerable investments in developments such as Emirates Hills, Business Bay, The Palm Islands, Jumeirah Golf Estates and the Dubai Waterfront, and such other leading projects by developers such as Emaar, Nakheel and Dubai Properties.
During the month of July, Shaikh Holdings already launched its first project, Sanctuary Falls, which is a luxury residential golf development, located in Jumeirah Golf Estates worth $200 million (Dh.734m), and more such projects are in pipeline.
Shaikh says "The UAE property market is still not saturated, and is a very lucrative investment destination. The market provides plenty of opportunities and the proposed regulatory procedures will ensure better stability of the property sector."
Speaking on the new project, Sanctuary Falls, Sheikh mentioned, Sanctuary Falls is a community comprising 96 resort-style villas facing the Earth Golf-course. The project includes modern, contemporary and traditional architectural styles, and hence, the buyers could choose three interior design themes and two kitchen designs.
The architecture for the villas has been designed by DSA Architects, while the home interiors are done by Hirsch Bedner Associates.
Sheikh mentioned that the construction work at Sanctuary Falls will commence in October this year, and is due for completion by May 2009.
"We are trying to introduce new concepts for community living and the resort home concept is one such thing. Although our focus is Dubai, we are also exploring Ras Al Khaimah and Abu Dhabi markets. We are also interested in exploring opportunities within the GCC and plan to make use of a variety of financial structures to develop projects during the next five years," he said.
Sheikh Holdings is likely to invest $1.2bn (Dh.4.04bn) during the next five years to develop waterfront and gold communities in the UAE.
Labels: Golf property, Jumeirah Golf Estates, Real Estate Company, Villa Projects
Bavaria Gulf to launch its first project in Dubai Jumeirah Village
Wednesday, August 22, 2007
Bavaria Gulf, a German boutique property developer, has announced plans to begin its first real estate project in Jumeirah Village South, Dubai.
The company has already completed construction of about 1000 residential units, since its establishment, during the past twelve years. Since then, it has grown at an annual rate of 30 percent.
Being a boutique developer, it is well-known for providing home solutions ranging from apartments and condominiums to villas and gated communities.
All homes constructed by Bavaria Gulf in Germany, have been certified by TUeV, the most stringent certifications in the world.
Dr.Shahriar Daneshjoo, Bavaria Gulf Chairman said, "Through our focus on medium range developments, Bavaria Gulf, aims at contributing to the long-term vision of housing for all, as outlined in the Dubai strategic plan by H.H.Shaikh Mohammad bin Rashid Al MAktoum, the Vice President and Prime Minister of UAE and Ruler of Dubai."
Dubai, being well positioned to reach the goal of being a leading Arab and global city, as per industry estimates, the total value of real estate projects in Dubai, will touch $230billion. Also, as per predictions, demand will foresee supply, despite the supply of 175,000 residential units by the year 2010. This by-itself provides enough scope for a company like Bavaria Gulf, which engages in a range of home solutions, said Dr. Shahriar.
The Bavaria Gulf has already been well-accepted in Europe. Dubai is the global headquarters of Bavaria Gulf.
The company has already completed construction of about 1000 residential units, since its establishment, during the past twelve years. Since then, it has grown at an annual rate of 30 percent.
Being a boutique developer, it is well-known for providing home solutions ranging from apartments and condominiums to villas and gated communities.
All homes constructed by Bavaria Gulf in Germany, have been certified by TUeV, the most stringent certifications in the world.
Dr.Shahriar Daneshjoo, Bavaria Gulf Chairman said, "Through our focus on medium range developments, Bavaria Gulf, aims at contributing to the long-term vision of housing for all, as outlined in the Dubai strategic plan by H.H.Shaikh Mohammad bin Rashid Al MAktoum, the Vice President and Prime Minister of UAE and Ruler of Dubai."
Dubai, being well positioned to reach the goal of being a leading Arab and global city, as per industry estimates, the total value of real estate projects in Dubai, will touch $230billion. Also, as per predictions, demand will foresee supply, despite the supply of 175,000 residential units by the year 2010. This by-itself provides enough scope for a company like Bavaria Gulf, which engages in a range of home solutions, said Dr. Shahriar.
The Bavaria Gulf has already been well-accepted in Europe. Dubai is the global headquarters of Bavaria Gulf.
Labels: Jumeriah Village, New Developments, Real Estate Company
RAK Island purchased by UAE nationals for Realty projects
Monday, August 20, 2007
An island in Ras Al Kaimah has been purchased by two UAE nationals to set up a real estate project, which is expected to be the first of its kind in the country.
The nationals purchased the Al Khayal or Fantasy Island for Dh.600 million, which will be later developed as a tourist site at a cost of Dh.8 billion.
The 22,000 square meters island, situated in Al Hamraa area of Ras Al Khaimah, was purchased by Ahmed bin Ali Al Abdullah (Executive Director- New Dubai Real Estate Development Company) and Abdullah bin Mohammed Al Shaibani (Executive Director – Amlak Al Medina Real Estate Company).
The two nationals purchased the island with an intention to set up realty firms, and have entered into partnerships with UAE property investors to develop the island.
Work on the island is expected to commence next year, and will be executed in four phases over a four-year period. The island will house 2,200 units, including flats and villas and commercial center.
Al Abdullah said, the natural island will be the focus for hotels, tourism, fishing and leisure activities. He said "The land has been offered by the government at a good price that would yield good returns, and we look forward for more governmental support for the completion of the project within the stipulated time. Most of our alliances include investors from Bahrain and Kuwait."
Al Abdullah mentioned that they have entered into an agreement with a local bank for management of the project investment, and that they plan to promote Ras Al Khaimah as a tourist destination.
As of now, sixty percent of the project is being planned to be put on sale, and on completion of the development, it will be sold in full.
The island will combine curved architectural and fishing design, and take the shape of a fisher's spear or an arrow used by UAE nationals in the past.
The nationals purchased the Al Khayal or Fantasy Island for Dh.600 million, which will be later developed as a tourist site at a cost of Dh.8 billion.
The 22,000 square meters island, situated in Al Hamraa area of Ras Al Khaimah, was purchased by Ahmed bin Ali Al Abdullah (Executive Director- New Dubai Real Estate Development Company) and Abdullah bin Mohammed Al Shaibani (Executive Director – Amlak Al Medina Real Estate Company).
The two nationals purchased the island with an intention to set up realty firms, and have entered into partnerships with UAE property investors to develop the island.
Work on the island is expected to commence next year, and will be executed in four phases over a four-year period. The island will house 2,200 units, including flats and villas and commercial center.
Al Abdullah said, the natural island will be the focus for hotels, tourism, fishing and leisure activities. He said "The land has been offered by the government at a good price that would yield good returns, and we look forward for more governmental support for the completion of the project within the stipulated time. Most of our alliances include investors from Bahrain and Kuwait."
Al Abdullah mentioned that they have entered into an agreement with a local bank for management of the project investment, and that they plan to promote Ras Al Khaimah as a tourist destination.
As of now, sixty percent of the project is being planned to be put on sale, and on completion of the development, it will be sold in full.
The island will combine curved architectural and fishing design, and take the shape of a fisher's spear or an arrow used by UAE nationals in the past.
Labels: Investment Property, Latest News, Ras Al Khaima, Real Estate Company
Fortune Tower nearing completion; will be handed over by October
Saturday, August 18, 2007
The construction work on the Fortune Tower development located at Shaikh Zayed Road in Dubai, is finally nearing completion, after a deadly blaze in the tower, which involved the death of two, and injury of dozens of workers.
The Fortune Group, the Dubai-based developer recently announced that the construction work on the Dh.170million project at the Jumeirah Lake Towers is 95 percent complete, and is ready to be handed over towards end of October.
On January 18th, fire broke out on the upper storeys of the 34storey building, which left two workers dead, and forty others with injuries. An investigation on the cause of the blaze revealed that, a burning welding material lighted-up the wooden parts of an area of scaffolding.
A representative of the Fortune Group said that the building suffered no structural damage, and the work resumed within a couple of months. Completion and testing of the tower with 35 storeys will be conducted by next month end, after which, the customers will be allowed to inspect he premises, and the handover will be done in October.
The Fortune Group mentioned that the project was sold within four months of its launch. The Chief Executive of the Fortune Group, Syed Mohammad Ali said that the project will meet the increasing demand for commercial space that is maintained by the economic growth in the region.
The construction works is being managed by IJM Corporation, based in Malaysia. On completion, the tower will have a total office space of 350,000 with a total of 254 office units.
The Fortune Pearl, Fortune Bravo, Fortune Bay, Fortune Avenue, Fortune Executive Tower, Crustal Tower, Casa Marbella, Fortune Pavilion, and Fortune Serene are the other projects of the Fortune Group
The Fortune Group, the Dubai-based developer recently announced that the construction work on the Dh.170million project at the Jumeirah Lake Towers is 95 percent complete, and is ready to be handed over towards end of October.
On January 18th, fire broke out on the upper storeys of the 34storey building, which left two workers dead, and forty others with injuries. An investigation on the cause of the blaze revealed that, a burning welding material lighted-up the wooden parts of an area of scaffolding.
A representative of the Fortune Group said that the building suffered no structural damage, and the work resumed within a couple of months. Completion and testing of the tower with 35 storeys will be conducted by next month end, after which, the customers will be allowed to inspect he premises, and the handover will be done in October.
The Fortune Group mentioned that the project was sold within four months of its launch. The Chief Executive of the Fortune Group, Syed Mohammad Ali said that the project will meet the increasing demand for commercial space that is maintained by the economic growth in the region.
The construction works is being managed by IJM Corporation, based in Malaysia. On completion, the tower will have a total office space of 350,000 with a total of 254 office units.
The Fortune Pearl, Fortune Bravo, Fortune Bay, Fortune Avenue, Fortune Executive Tower, Crustal Tower, Casa Marbella, Fortune Pavilion, and Fortune Serene are the other projects of the Fortune Group
Labels: Construction Projects, Fortune, Real Estate Company, Real Estate News
Al Tajir announces financing options for Fotunato investors
Thursday, August 16, 2007
A leading real estate specialist in Dubai, Al Tajir Real Estate, has announced tie-up with the Dubai Islamic Bank (DIB) for offering Sharjah-compliant financing options to potential investors in Fortunato, their new property that was launched in May 2007.
The Fortunato is a self-sustained development at the Jumeirah-Village South. The construction work of the community is expected to begin in September this year, and will be complete by mid-2009.
The Chairman of Al Tajir Real Estate, Haytham Al Tajir, mentioned that Al Tajir's partnership with DIB will help customers with many financing options to choose from.
He mentioned that so far, the response for the new project, Fortunato has been excellent and eighty percent of the 320 units that were launched, have been sold out. Al Tajir will shortly be one of the best residential communities in Dubai, he added.
Fortunato development, worth Dh.320 million, covers 637,86 square feet in area, and comprises studios, one and two bedroom and four bedroom apartments, and townhouses. The Fortunato Community, will be easily accessible to its neighbourhood parks, promenades, medical facilities, country club, health club, sporting facilities such as the tennis and foot ball courts, cricket pitch and community center.
The Fortunato is a self-sustained development at the Jumeirah-Village South. The construction work of the community is expected to begin in September this year, and will be complete by mid-2009.
The Chairman of Al Tajir Real Estate, Haytham Al Tajir, mentioned that Al Tajir's partnership with DIB will help customers with many financing options to choose from.
He mentioned that so far, the response for the new project, Fortunato has been excellent and eighty percent of the 320 units that were launched, have been sold out. Al Tajir will shortly be one of the best residential communities in Dubai, he added.
Fortunato development, worth Dh.320 million, covers 637,86 square feet in area, and comprises studios, one and two bedroom and four bedroom apartments, and townhouses. The Fortunato Community, will be easily accessible to its neighbourhood parks, promenades, medical facilities, country club, health club, sporting facilities such as the tennis and foot ball courts, cricket pitch and community center.
Labels: Jumeriah Village, Mortgages, Real Estate Company, Residential
ETA Star's expansion plans
Friday, August 10, 2007
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
Dubai Investments gears up for major expansions
Monday, August 06, 2007
The real estate branch of Dubai Investment Group of Companies, DI Real Estate Company (DIRC) will have projects worth Dh.14billion by end of 2007 as against Dh.4billion worth of projects currently in hand.
The Managing Director and CEO of the group, Khalid Kalban, said the project would be part of a development contract in one of the UAE emirates.
He mentioned that DIRC and subsidiaries are the fastest growing firms among the forty four companies of Dubai Investment group, due to the flourishing construction sector.
The increasing property value has led to all the property companies of Dubai Investment, including manufacturers of building materials such as glass and aluminium contributing to business growth of the group to a great extent. The group recently announced that the income during the first half of the year increased by seventy seven percent to Dh.1.77b from the Dh.1billion recorded during the same period a year ago. The net profit increased by forty eight percent to Dh.803million from Dh.544million for the same period.
Dubai Investment Industry (DII) another branch of the group that invests in start-ups, plan to enter joint-venture projects with a steel fabrication company in Abu Dhabi and another tiles and boards manufacturing company in Fujairah. The company also plans expansion in three of its subsidiary firms.
According to Kalban, one of the group's unique, multifaceted complexes of residential, business, industrial and recreational developments, the Dubai Investments Park (DIP) has about 1000 tenants. He pointed out that the expansion of the development at DIP can be understood by looking at Green Community alone, which has about 2000 residents, and in a period of three years, is expected to have about 20,000 residents.
He announced that Dubai Investment Group of Companies are in the process of planning major investment projects in Banking sector in Indonesia, Brunei and Philippines after another three years.
The Managing Director and CEO of the group, Khalid Kalban, said the project would be part of a development contract in one of the UAE emirates.
He mentioned that DIRC and subsidiaries are the fastest growing firms among the forty four companies of Dubai Investment group, due to the flourishing construction sector.
The increasing property value has led to all the property companies of Dubai Investment, including manufacturers of building materials such as glass and aluminium contributing to business growth of the group to a great extent. The group recently announced that the income during the first half of the year increased by seventy seven percent to Dh.1.77b from the Dh.1billion recorded during the same period a year ago. The net profit increased by forty eight percent to Dh.803million from Dh.544million for the same period.
Dubai Investment Industry (DII) another branch of the group that invests in start-ups, plan to enter joint-venture projects with a steel fabrication company in Abu Dhabi and another tiles and boards manufacturing company in Fujairah. The company also plans expansion in three of its subsidiary firms.
According to Kalban, one of the group's unique, multifaceted complexes of residential, business, industrial and recreational developments, the Dubai Investments Park (DIP) has about 1000 tenants. He pointed out that the expansion of the development at DIP can be understood by looking at Green Community alone, which has about 2000 residents, and in a period of three years, is expected to have about 20,000 residents.
He announced that Dubai Investment Group of Companies are in the process of planning major investment projects in Banking sector in Indonesia, Brunei and Philippines after another three years.
Labels: Real Estate Company, Real Estate News
Mizin initiates Infrastructure work on Arjan community project
Sunday, August 05, 2007
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
Plus Properties makes its entry into UAE Realty market
Plus Properties, a Dubai-based development company, has made its entry into the Middle East realty market, with three residential projects in the UAE, worth Dh.850million.
Plus Properties expects to set up offices in Kuwait, Saudi Arabia, Lebanon and UAE and will cater to realty services such as leasing, warehousing, and other services after its development unit gets operational.
The first projects of the company include development of two freehold towers in the master development of Dubai Waterfront near Palm Jebel Ali, and construction of a thirty storey tower on Reem Island in Abu Dhabi.
As revealed by the officials, the three buildings together comprise 750 luxury units, but more details of the project will not be revealed until its launch in September. The buildings will be designed by Hong Kong-based Company, James Law Cybertecture International, which is also the company that designed the iPod shaped tower in Business Bay. The designs are awaiting final approval of the master developer.
The General Manager of Plus Properties, Muath Jalil, mentioned that the company is aware of the competition in the UAE real estate market, and that the major challenge lies in winning the hearts of the people by proving that they are not just another developer in the market, which will take some time.
George Chehwane, a Lebanese businessman is the Founder and CEO of the Dubai-based company.
Plus Properties expects to set up offices in Kuwait, Saudi Arabia, Lebanon and UAE and will cater to realty services such as leasing, warehousing, and other services after its development unit gets operational.
The first projects of the company include development of two freehold towers in the master development of Dubai Waterfront near Palm Jebel Ali, and construction of a thirty storey tower on Reem Island in Abu Dhabi.
As revealed by the officials, the three buildings together comprise 750 luxury units, but more details of the project will not be revealed until its launch in September. The buildings will be designed by Hong Kong-based Company, James Law Cybertecture International, which is also the company that designed the iPod shaped tower in Business Bay. The designs are awaiting final approval of the master developer.
The General Manager of Plus Properties, Muath Jalil, mentioned that the company is aware of the competition in the UAE real estate market, and that the major challenge lies in winning the hearts of the people by proving that they are not just another developer in the market, which will take some time.
George Chehwane, a Lebanese businessman is the Founder and CEO of the Dubai-based company.
Labels: Dubai Real Estate, Real Estate Company, Real Estate News
L&T joint venture wins construction deal worth $150m
Saturday, August 04, 2007
According to a statement, The L&T - ECC (Eastern Contracting Company) joint venture has been awarded the $150 million construction contract for construction of Victory Heights Golf Residential and Development.
The Victory Heights Golf Residential and Development is basically a joint-venture between the Dubai Sports City and Arcapita, an investment Bank based in Bahrain.
The L&T-ECC joint venture will construct the final phase of the Victory Heights luxury residential community project in Dubai Sports City.
The project comprises construction of 295 villas in the Calida, Novelia, Carmen and Morella villages of the community. The entire project of Victory Heights covers 25 million square feet of space and contains 935 town homes and villas located in and around 'The Dunes' golf course. Prices begin from Dh.2.87 million.
The Victory Heights Golf Residential and Development is basically a joint-venture between the Dubai Sports City and Arcapita, an investment Bank based in Bahrain.
The L&T-ECC joint venture will construct the final phase of the Victory Heights luxury residential community project in Dubai Sports City.
The project comprises construction of 295 villas in the Calida, Novelia, Carmen and Morella villages of the community. The entire project of Victory Heights covers 25 million square feet of space and contains 935 town homes and villas located in and around 'The Dunes' golf course. Prices begin from Dh.2.87 million.
Labels: Dubai Sports City, New Contracts, Real Estate Company, Villa Projects
Emaar announces reduced NOC charges
Thursday, August 02, 2007
Emaar Properties has announced a major reduction of its certification charges for homeowners who wish to sell their properties.
The company has announced that the cost of issuing a Notification of Completion (NOC) certificate has been slashed by ninety percent, with the fee dropping down from Dh.5000 to Dh.500.
Such a measure was initiated due to complaints from various property owners about the high fee charges by Emaar in comparison to other developers.
Homeowners who already possess the title deeds for their properties should provide the Dubai Land Department with NOC while transferring their ownership to a second party.
Developer Nakheel has already decreased their fee for NOC from Dh.1000 to Dh.500. The fee is charged as verification charges for ensuring that there are no outstanding issues regarding property or any unpaid service charges.
The company has announced that the cost of issuing a Notification of Completion (NOC) certificate has been slashed by ninety percent, with the fee dropping down from Dh.5000 to Dh.500.
Such a measure was initiated due to complaints from various property owners about the high fee charges by Emaar in comparison to other developers.
Homeowners who already possess the title deeds for their properties should provide the Dubai Land Department with NOC while transferring their ownership to a second party.
Developer Nakheel has already decreased their fee for NOC from Dh.1000 to Dh.500. The fee is charged as verification charges for ensuring that there are no outstanding issues regarding property or any unpaid service charges.
Labels: Emmar, Real Estate Company, Real Estate News
Al Mazaya appoints GCC as main contractor for Dh.1.25b project
Wednesday, August 01, 2007
The General Construction Company (GCC) has been appointed as the main contractor for the Al Mazaya Business Avenue project at the Jumeirah Lakes, worth Dh.1.25billion. The contract work has been handed over to GCC by Al Mazaya Holding.
The project comprises three towers of forty five storey each, for commercial purpose. The cost of construction is said to touch Dh.799million. The project is scheduled for delivery by 2009.
The Executive Manager and CEO of Al Mazaya Holding, Khalid Esbaith, said “The economic growth of UAE has prompted several international firms to open branches in the UAE and Dubai. However, there is a lack of office space. Al Mazaya Business Avenue will help in alleviating the shortage of commercial office space to a great extent.”
Among the three towers of the project, the first tower was snapped by the Hilal Al Zarroni Group and Dynasty Enterprises for $111 million, the second building was stumped by Hilal Al Zarooni and Baraq Group for $109 million. The third tower will be let out as a long term investment for Al Mazaya to generate revenue.
The project comprises three towers of forty five storey each, for commercial purpose. The cost of construction is said to touch Dh.799million. The project is scheduled for delivery by 2009.
The Executive Manager and CEO of Al Mazaya Holding, Khalid Esbaith, said “The economic growth of UAE has prompted several international firms to open branches in the UAE and Dubai. However, there is a lack of office space. Al Mazaya Business Avenue will help in alleviating the shortage of commercial office space to a great extent.”
Among the three towers of the project, the first tower was snapped by the Hilal Al Zarroni Group and Dynasty Enterprises for $111 million, the second building was stumped by Hilal Al Zarooni and Baraq Group for $109 million. The third tower will be let out as a long term investment for Al Mazaya to generate revenue.
Labels: Business Tower, Construction Projects, Dubai Real Estate, New Contracts, Real Estate Company
Fortune Group enters its fifth project in Business Bay
Fortune Group, the Dubai-based developer has announced that they have begun work on their fifth project in Business Bay, the 'Fortune Pearl Commercial Tower'. The project is worth Dh.400 million, and covers 500,000 square feet of construction space and will have fourteen storeys. The ground-breaking ceremony for the project was done yesterday.
The Fortune Group CEO, Syed Mohammad Ali, said "The launch of Pearl supports our belief regarding the strong potential of revenue from investment in commercial property in Dubai. The project has been initiated at the right time, when the demand for commercial space is rapidly on the rise, on par with the unprecedented growth in the economy and business in the region."
Mohammad Ali mentioned that Business Bay would be the ideal location for the project, due to its close proximity to the new business district of Dubai through the Shaikh Zayed Road.
Fortune pearl has hi-tech office concept featuring modern office amenities coupled with a range of luxury offerings, including state-of-the-art conferencing systems, advanced facilities for communication, comprehensive business support services, broadband internet connections and meetings, swimming pool and other modern amenities.
Mohammad Ali has expressed his confidence in the project and has mentioned that the project will be a new yardstick in world-class commercial office space and will comprise an environment that is favorable for further growth in business. The positioning of the project in Business Bay also contributes to the value of the project.
Designed by AEIB, the soil investigation contract for the project has been handed over to Al Hai and Al Mukkaddam.
The project is scheduled for completion by 2009.
The Fortune Group CEO, Syed Mohammad Ali, said "The launch of Pearl supports our belief regarding the strong potential of revenue from investment in commercial property in Dubai. The project has been initiated at the right time, when the demand for commercial space is rapidly on the rise, on par with the unprecedented growth in the economy and business in the region."
Mohammad Ali mentioned that Business Bay would be the ideal location for the project, due to its close proximity to the new business district of Dubai through the Shaikh Zayed Road.
Fortune pearl has hi-tech office concept featuring modern office amenities coupled with a range of luxury offerings, including state-of-the-art conferencing systems, advanced facilities for communication, comprehensive business support services, broadband internet connections and meetings, swimming pool and other modern amenities.
Mohammad Ali has expressed his confidence in the project and has mentioned that the project will be a new yardstick in world-class commercial office space and will comprise an environment that is favorable for further growth in business. The positioning of the project in Business Bay also contributes to the value of the project.
Designed by AEIB, the soil investigation contract for the project has been handed over to Al Hai and Al Mukkaddam.
The project is scheduled for completion by 2009.
Labels: Business Bay, Business Tower, Fortune, Office Space, Real Estate Company
Reef Real Estate Investment Company plans to expand overseas
Sunday, July 22, 2007
The Reef Real Estate Investment Company, worth Dh.700 million, plans to invest Dh.2 billion in the overseas market during the next five years.
This will include both residential and hotel projects. The company is currently evaluating a few investments in the high-end developments in both hotel and residential sectors.
The Managing Director of Reef Real Estate Investments, Sheikh Ahmed Mohammed Zaued Sager Al Nahyan, said "We would also like to expand our base to markets like Europe and North America in future. In the Middle East, we are evaluating investment options in Egypt and Jordan, where we expect to spend about Dh.1.5bn."
Sheikh Ahmed was speaking during the occasion of the launch of the First Corp Executive Hotel in Al Barsha in Dubai, being developed by Reef Real Estate Investment Company. The Dh.120 million property, is being positioned along the lines of hotel apartments, with rents ranging from Dh.650 to Dh.1200 and houses single and double bedroom apartments and studios.
The Corp Executive Hotel, which is positioned as a four-star, is expected to generate about 95 percent occupancy during its first year of operations.
The second Corp property is being built in Business Bay and is scheduled to be opened during mid 2009 and will comprise office and hotel space.
The Managing Director of Corp Executive Hotels and Coral International Hotels, Michel Noblet, said the Corp is planning aggressive expansion plans.
Noblet said, "We are currently considering five to six different markets and we are open to projects in any part of the world, though, our current aim, is to invest in hotels in every commercial district in Asia and the Middle East. We are contemplating expanding the brand in Malaysia, Asia, Indonesia and Africa."
This will include both residential and hotel projects. The company is currently evaluating a few investments in the high-end developments in both hotel and residential sectors.
The Managing Director of Reef Real Estate Investments, Sheikh Ahmed Mohammed Zaued Sager Al Nahyan, said "We would also like to expand our base to markets like Europe and North America in future. In the Middle East, we are evaluating investment options in Egypt and Jordan, where we expect to spend about Dh.1.5bn."
Sheikh Ahmed was speaking during the occasion of the launch of the First Corp Executive Hotel in Al Barsha in Dubai, being developed by Reef Real Estate Investment Company. The Dh.120 million property, is being positioned along the lines of hotel apartments, with rents ranging from Dh.650 to Dh.1200 and houses single and double bedroom apartments and studios.
The Corp Executive Hotel, which is positioned as a four-star, is expected to generate about 95 percent occupancy during its first year of operations.
The second Corp property is being built in Business Bay and is scheduled to be opened during mid 2009 and will comprise office and hotel space.
The Managing Director of Corp Executive Hotels and Coral International Hotels, Michel Noblet, said the Corp is planning aggressive expansion plans.
Noblet said, "We are currently considering five to six different markets and we are open to projects in any part of the world, though, our current aim, is to invest in hotels in every commercial district in Asia and the Middle East. We are contemplating expanding the brand in Malaysia, Asia, Indonesia and Africa."
Labels: Latest News, Real Estate Company
Al Qasimi Group to invest in budget hotel in Dubai
Friday, July 20, 2007
A 370 room budget hotel, worth Dh.140million will be built in Dubai, by the Sharjah-based Al Qasimi Group, announced the company's Chairman.
"Budget hotels are increasing in popularity these days. Dubai is facing shortage of hotel rooms to meet the growing tourist demand, which has resulted in increased hotel fares. Hence, there is need for budget hotels to meet the increasing demand, while also serving those on the look out for a bargain," said Faisal bin Khalid Al Qasimi, of the Al Qasimi group.
The group already has a three-star hotel "Princess Ramee' in Dubai. The construction of the budget hotel, will be close to Mall of Emirates, and will begin in August and will be completed by 2009.
According to the company, the room rates of the budget hotel will be less than Dh.367, though the exact rate is yet to be decided on, as the construction of the hotel will take another two years to be complete.
Shaikh Fasal mentioned that they have branches in Sharjah, Oman and Abu Dhabi, apart from Dubai, and are looking to expand into Qatar and Bahrain too.
"Budget hotels are increasing in popularity these days. Dubai is facing shortage of hotel rooms to meet the growing tourist demand, which has resulted in increased hotel fares. Hence, there is need for budget hotels to meet the increasing demand, while also serving those on the look out for a bargain," said Faisal bin Khalid Al Qasimi, of the Al Qasimi group.
The group already has a three-star hotel "Princess Ramee' in Dubai. The construction of the budget hotel, will be close to Mall of Emirates, and will begin in August and will be completed by 2009.
According to the company, the room rates of the budget hotel will be less than Dh.367, though the exact rate is yet to be decided on, as the construction of the hotel will take another two years to be complete.
Shaikh Fasal mentioned that they have branches in Sharjah, Oman and Abu Dhabi, apart from Dubai, and are looking to expand into Qatar and Bahrain too.
Labels: New Hotels, Real Estate Company
Nakheel to spread its wings overseas
Sunday, July 15, 2007
Nakheel, the Dubai-based developer, has opened its international branch, to develop waterfront projects abroad.
Nakheel, though yet to expand outside the UAE, will initially begin transactions within the next six months in a country, which is located at a flying radius of five to six hours from Dubai.
"Nakheel has already earned reputation internationally for development of world-class waterfront projects. There are also plenty of opportunities in the international market across the Dubai World group, wherein Nakheel could make use of its experience in water-based projects," a representative said.
"The international strategy will merge with the strategy of Dubai World, once the first transaction takes place within the next six months. The markets that are currently being considered are at a flying radius of five to six hours," he added.
Nakheel will soon be following the footsteps of companies such as Emaar and Damac, which have already invested billions of dollars into real estate market overseas.
Nakheel, though yet to expand outside the UAE, will initially begin transactions within the next six months in a country, which is located at a flying radius of five to six hours from Dubai.
"Nakheel has already earned reputation internationally for development of world-class waterfront projects. There are also plenty of opportunities in the international market across the Dubai World group, wherein Nakheel could make use of its experience in water-based projects," a representative said.
"The international strategy will merge with the strategy of Dubai World, once the first transaction takes place within the next six months. The markets that are currently being considered are at a flying radius of five to six hours," he added.
Nakheel will soon be following the footsteps of companies such as Emaar and Damac, which have already invested billions of dollars into real estate market overseas.
Labels: Latest News, Nakheel, Real Estate Company
Dheeraj increases its investment in the Dubai Culture Village to Dh.700m
Due to the rapid growth of Dubai real estate development, coupled with the increasing demand, Dheeraj and East Coast (DEC) is increasing its investment to Dh.700million in the Culture village, adding another residential development in pipeline.
The three projects of DEC in the Culture Village includes Cascade Manor, Cascade Ville and The Estate.
The Managing Director of DEC, Dheeraj Wadhawan has said that Dubai is on its way as the city of the future, and has been attracting business men and home-owners worldwide. The emirate has been witnessing high demand for both mixed-use and residential developments.
He said that this latest addition to the already existing three projects in Culture Village, indicates DEC's confidence in Dubai market, and its potential to yield sustained returns.
According to Wadhawan, the fourth project of DEC will be launched before next October in the Culture Village. He said, the new project will be developed in accordance with the current Cascade Villa project with a unique feature of "waterfall".
The earlier residential projects - Cascade Manor and Cascade Ville – had more than seventy percent sales, followed by "The Estate" mixed-use project.
The fourth project of DEC's Culture Village is scheduled for completion by late 2009.
These four projects, among the eighteen projects of DEC are located in the most prominent business locations of Dubai, and also includes the DEC Towers worth Dh.450 million, and Marina Wharf I and II, which are also located in the prestigious Dubai Marina.
The three projects of DEC in the Culture Village includes Cascade Manor, Cascade Ville and The Estate.
The Managing Director of DEC, Dheeraj Wadhawan has said that Dubai is on its way as the city of the future, and has been attracting business men and home-owners worldwide. The emirate has been witnessing high demand for both mixed-use and residential developments.
He said that this latest addition to the already existing three projects in Culture Village, indicates DEC's confidence in Dubai market, and its potential to yield sustained returns.
According to Wadhawan, the fourth project of DEC will be launched before next October in the Culture Village. He said, the new project will be developed in accordance with the current Cascade Villa project with a unique feature of "waterfall".
The earlier residential projects - Cascade Manor and Cascade Ville – had more than seventy percent sales, followed by "The Estate" mixed-use project.
The fourth project of DEC's Culture Village is scheduled for completion by late 2009.
These four projects, among the eighteen projects of DEC are located in the most prominent business locations of Dubai, and also includes the DEC Towers worth Dh.450 million, and Marina Wharf I and II, which are also located in the prestigious Dubai Marina.
Labels: Cultural-Village, New Developments, Real Estate Company, Residential
UAE Realty firms look beyond UAE
Friday, July 13, 2007
Despite being one of the most vibrant real estate industries, the UAE continues to pump a huge portion of its capital into overseas ventures.
Companies such as Emaar Properties, Tameer, Damac and ETA Star are targeting North Africa and South Asia. Emaar Properties has already launched about $110 billion worth of projects outside the UAE. The company has also now announced a new project, the Cairo Gate Mall, worth Dh.2.58 billion, in Egypt. The mall is expected to be the largest mall, covering 250,000 square meters in area.
"Emaar is diversifying some income sources and plans to generate sixty to seventy percent of revenues from its international operations," said Arif Amiri, the Director, business development, Emaar Properties.
Nakheel, though yet to venture outside Dubai, has recently announced the opening of Nakheel International, as a preparation for its overseas pursuits.
ETA Star, the Dubai-based company with a portfolio of Dh.7.5billion in the UAE, is already developing three projects overseas - The Jasmine Count and Technopark in Chennai, and The Gardens in Bangalore, with total value worth Dh.1.46billion invested in Indian developments alone.
Damac Properties has also emerged successful overseas. About more than half of its total portfolio comprises projects in Egypt. It has also expanded itself into Lebanon, Qatar, Kuwait and Turkey and is in the process of trying to secure a land bank in China.
Real estate analysts are of the opinion that this trend is likely to continue, with the maturing of the UAE property market, and dynamic emerging markets in Africa, Asia and Eastern Europe offer attractive returns.
The Property Consultants at the Colliers International are of the opinion that over the past five years, the real estate developers in UAE have done exceptionally well, and it is quite natural that they would want to succeed in international markets, as well.
Companies such as Emaar Properties, Tameer, Damac and ETA Star are targeting North Africa and South Asia. Emaar Properties has already launched about $110 billion worth of projects outside the UAE. The company has also now announced a new project, the Cairo Gate Mall, worth Dh.2.58 billion, in Egypt. The mall is expected to be the largest mall, covering 250,000 square meters in area.
"Emaar is diversifying some income sources and plans to generate sixty to seventy percent of revenues from its international operations," said Arif Amiri, the Director, business development, Emaar Properties.
Nakheel, though yet to venture outside Dubai, has recently announced the opening of Nakheel International, as a preparation for its overseas pursuits.
ETA Star, the Dubai-based company with a portfolio of Dh.7.5billion in the UAE, is already developing three projects overseas - The Jasmine Count and Technopark in Chennai, and The Gardens in Bangalore, with total value worth Dh.1.46billion invested in Indian developments alone.
Damac Properties has also emerged successful overseas. About more than half of its total portfolio comprises projects in Egypt. It has also expanded itself into Lebanon, Qatar, Kuwait and Turkey and is in the process of trying to secure a land bank in China.
Real estate analysts are of the opinion that this trend is likely to continue, with the maturing of the UAE property market, and dynamic emerging markets in Africa, Asia and Eastern Europe offer attractive returns.
The Property Consultants at the Colliers International are of the opinion that over the past five years, the real estate developers in UAE have done exceptionally well, and it is quite natural that they would want to succeed in international markets, as well.
Labels: Emmar, Nakheel, Real Estate Company, Real Estate News, UAE
Limitless to develop realty projects in Saudi
Thursday, July 12, 2007
Limitless based in Dubai, which is an arm of the Dubai World Group, has announced its plans to develop real estate projects in Saudi Arabia and opening of its office in Riyadh.
The Business Development Director-Middle East of Limitless, Abdul Salam Al Jassmi, said "Saudi ticks all the right boxes in out global strategy. We are assessing projects in Riyadh and other cities in the Kingdom."
The Dubai_based developer already has projects in Pakistan, South East Asia and China.
"We are continuously monitoring the market, and our aim is to produce tailor-made developments which while preserving the traditional Saudi culture, also creates modern self-sustaining urban communities that provide entertainment, employment and recreational facilities," Al Jassmi added.
The Business Development Director-Middle East of Limitless, Abdul Salam Al Jassmi, said "Saudi ticks all the right boxes in out global strategy. We are assessing projects in Riyadh and other cities in the Kingdom."
The Dubai_based developer already has projects in Pakistan, South East Asia and China.
"We are continuously monitoring the market, and our aim is to produce tailor-made developments which while preserving the traditional Saudi culture, also creates modern self-sustaining urban communities that provide entertainment, employment and recreational facilities," Al Jassmi added.
Labels: Latest News, Limitless, Real Estate Company
Aspire plans new series of projects
Wednesday, July 11, 2007
The Dubai-based leasing, property and sales management company, Aspire, plans to launch projects worth Dh.8billion during the next one year after a major restructuring.
The company launched Jehaan residential project, worth Dh.530 million in Jumeirah Village South, during January. The company also plans to launch series of new projects worth Dh.7 billion in the Jumeirah Village South and The World.
The company will split into three units to cover sales and marketing for its sophisticated projects, realty development and brokerage services. Aspire also plans to enter into a joint-venture with a Korean construction company to launch a new-look brand image and also to combat the high rates charged by contractors. Aspire also plans to begin it's own architecture firm soon.
Aspire's first major announcement is expected to be the launch of the first phase of multi-billion residential and hospitality project on The World development by Nakheel. In the coming two months, Aspire officially plans to launch sales of 200 townhouses and villas and is expected to announce the operator of a luxury hotel.
Aspire's Managing Director, Harshit Kantaria, said "The concept and infrastructure plans are already approved, and we are waiting for the green signal on unit designs. We intend to start construction in a year."
Kantaria mentioned that the residential project which the company plans to launch in Jumeirah Village South will be a thirty storey tower comprising 600 units and will soon be joined by six other similar towers, in case the market response is favourable after the initial launch, scheduled for August.
Kantaria said that residential projects are in strong demand from public, particularly the one-bedroom units and studios.
In the meanwhile, the strong demand for luxury properties in India could encourage Aspire launch projects outside its base in Dubai. Aspire considers Saudi Arabia also to be a potential target.
The company launched Jehaan residential project, worth Dh.530 million in Jumeirah Village South, during January. The company also plans to launch series of new projects worth Dh.7 billion in the Jumeirah Village South and The World.
The company will split into three units to cover sales and marketing for its sophisticated projects, realty development and brokerage services. Aspire also plans to enter into a joint-venture with a Korean construction company to launch a new-look brand image and also to combat the high rates charged by contractors. Aspire also plans to begin it's own architecture firm soon.
Aspire's first major announcement is expected to be the launch of the first phase of multi-billion residential and hospitality project on The World development by Nakheel. In the coming two months, Aspire officially plans to launch sales of 200 townhouses and villas and is expected to announce the operator of a luxury hotel.
Aspire's Managing Director, Harshit Kantaria, said "The concept and infrastructure plans are already approved, and we are waiting for the green signal on unit designs. We intend to start construction in a year."
Kantaria mentioned that the residential project which the company plans to launch in Jumeirah Village South will be a thirty storey tower comprising 600 units and will soon be joined by six other similar towers, in case the market response is favourable after the initial launch, scheduled for August.
Kantaria said that residential projects are in strong demand from public, particularly the one-bedroom units and studios.
In the meanwhile, the strong demand for luxury properties in India could encourage Aspire launch projects outside its base in Dubai. Aspire considers Saudi Arabia also to be a potential target.
Labels: Jumeriah Village, Real Estate Company, Real Estate Projects
Sourouh Real Estate short-listed six contractors for Saraya project
Friday, July 06, 2007
Sourouh Real Estate, the Abu-Dhabi based developer has short-listed six companies to bid for the infrastructure package of Saraya project, worth Dh.3.5 billion, located at the Abu Dhabi Corniche Road.
The six contractors chosen to submit tenders in this infrastructure development include: Orascom Contracting Industries-Fujairah, Al Geemi and Partners Contracting Company WLL, Copri Construction Enterprises Est, Mohammad Abdul Mohsin Al Kharafi and Sons, Saif Bin Darwish, Al Jaber Transport & General Contracting Est.
The project comprises twenty eight high-rise and mid-rise commercial and residential towers that are ten to forty storeys in height, and a hotel with serviced apartments. The development is spread over a huge waterside site and covers 125,000 square meters. The development is believed to enhance the visual appeal of the corniche and improve the view of the city.
The development was master planned by PTW Architects of Australia.
The six contractors chosen to submit tenders in this infrastructure development include: Orascom Contracting Industries-Fujairah, Al Geemi and Partners Contracting Company WLL, Copri Construction Enterprises Est, Mohammad Abdul Mohsin Al Kharafi and Sons, Saif Bin Darwish, Al Jaber Transport & General Contracting Est.
The project comprises twenty eight high-rise and mid-rise commercial and residential towers that are ten to forty storeys in height, and a hotel with serviced apartments. The development is spread over a huge waterside site and covers 125,000 square meters. The development is believed to enhance the visual appeal of the corniche and improve the view of the city.
The development was master planned by PTW Architects of Australia.
Labels: Abu Dhabi, Real Estate Company
Shaikh Holdings launches its first UAE development
A Dubai-based development company and real estate investment, Shaikh Holdings, has launched its first UAE development, a cluster of ninety six villas worth Dh.730 million in Jumeirah Golf Estate.
The prices of villas in the project range from Dh.7.3million to Dh19.7 million, ranging from 5600 to 10,600 square feet in size. Construction is scheduled to begin during October. The construction contract will be awarded within the next two months.
Shaikh Holdings, with its origins in Bahrain, plans to invest about $1.2billion into plenty of waterfront-themed and golf projects throughout the UAE within the next five years.
The company, though new to the Dubai property sector is a major investor in the property within the emirate since the year 2002, with investments in major developments such as the Business Bay, Palm Islands, Jumeirah Golf Estates and Dubai Waterfront. It has also ventured into partnerships with major real estate players in the market.
The CEO of Shaikh Holdings, Imran Shaikh, said "This is our first development project in Dubai, though we are currently working on a number of other projects too. We wish to buy more land at Jumeirah Golf Estates and are working on it. We have also acquired few pieces of land in other deals, and are exploring various other options."
Designed by DSA Architects, the villas within Sanctuary Falls overlook the Earth Golf Course, designed by Greg Norman at Jumeirah Golf Estates.
The prices of villas in the project range from Dh.7.3million to Dh19.7 million, ranging from 5600 to 10,600 square feet in size. Construction is scheduled to begin during October. The construction contract will be awarded within the next two months.
Shaikh Holdings, with its origins in Bahrain, plans to invest about $1.2billion into plenty of waterfront-themed and golf projects throughout the UAE within the next five years.
The company, though new to the Dubai property sector is a major investor in the property within the emirate since the year 2002, with investments in major developments such as the Business Bay, Palm Islands, Jumeirah Golf Estates and Dubai Waterfront. It has also ventured into partnerships with major real estate players in the market.
The CEO of Shaikh Holdings, Imran Shaikh, said "This is our first development project in Dubai, though we are currently working on a number of other projects too. We wish to buy more land at Jumeirah Golf Estates and are working on it. We have also acquired few pieces of land in other deals, and are exploring various other options."
Designed by DSA Architects, the villas within Sanctuary Falls overlook the Earth Golf Course, designed by Greg Norman at Jumeirah Golf Estates.
Labels: Jumeirah Golf Estates, Real Estate Company, Villa Projects, Villas in Jumeira
ECC is the contractor for Smart Heights
Saturday, June 30, 2007
The Engineering and Contracting Company (ECC) has been appointed as the main contractor for the Smart Heights project at TECOM by Damac Properties.
The project is due for completion by end of 2008.
Smart Heights is the second project of Damac in TECOM, the first being 'Executive Heights', an office tower.
Smart Heights offers an office space of 288,000 square feet with 22,000 square feet of retail outlets and six levels parking. Among the other amenities are the day care center and health care.
International Foundation Group was the enabling works contractor.
The project is due for completion by end of 2008.
Smart Heights is the second project of Damac in TECOM, the first being 'Executive Heights', an office tower.
Smart Heights offers an office space of 288,000 square feet with 22,000 square feet of retail outlets and six levels parking. Among the other amenities are the day care center and health care.
International Foundation Group was the enabling works contractor.
Labels: Damac Properties, New Contracts, Real Estate Company
Memon launches Champions Tower III
Friday, June 29, 2007
Memon Investments, the Dubai-based property developer, has launched Champions Tower III in Dubai Sports City, thereby taking the UAE portfolio of the company to the Dh.500 million mark.
The residential tower comprises sixteen storeys and is being constructed at a cost of Dh.145million and is due for delivery during early 2009. Construction will begin in August this year, says the company official.
The Champions Tower III follows the Champions Towers I and II, both of which were launched in Dubai Sports City and have been sold out.
The total value of the three Champions Tower projects including the Dh.80 million Cambridge Business Centre by Memon, located at the Dubai Silicon Oasis, are approximately Dh.500 million, which is a part of the Dh.1 billion investment plan of the company.
The residential tower comprises sixteen storeys and is being constructed at a cost of Dh.145million and is due for delivery during early 2009. Construction will begin in August this year, says the company official.
The Champions Tower III follows the Champions Towers I and II, both of which were launched in Dubai Sports City and have been sold out.
The total value of the three Champions Tower projects including the Dh.80 million Cambridge Business Centre by Memon, located at the Dubai Silicon Oasis, are approximately Dh.500 million, which is a part of the Dh.1 billion investment plan of the company.
Labels: Dubai Sports City, New Developments, Real Estate Company, Real Estate News
Dubai Oasis to invest upto Dh.1billion in Sports City
Thursday, June 28, 2007
The Dubai-based real estate developer, Dubai oasis, has announced that it is ready to invest upto Dh.1billion for developing four serviced apartment projects in Dubai Sports City.
The first being, the Oasis Tower-1, a part of residential and serviced apartment, is kept on sale a few months ago. The company statement reveals that it is almost hundred percent sold out.
The company said that the construction of the Oasis Tower-1 has already begun and is expected to hand over the project on schedule during fourth quarter of 2008. The second planned project in DSC was launched during first week of June, and will be a specially serviced apartment development. The company is also in the process of acquiring two other serviced apartment projects, due to be launched next year.
The Vice-President for Marketing and Sales, Hamid Ashtarani, said the ideal location of Oasis Tower-1 on the ridge of arterial water channel and the large man-made lake was one of its strongest selling propositions.
The Oasis Tower-1 comprises eighteen storeys with 232 units containing various facilities that include a rooftop gymnasium, swimming pool, commercial and food and beverage amenities.
He said "The foundation works are being carried out and full-scale construction is likely to commence within a couple of months. We intend to complete the project on schedule."
The first being, the Oasis Tower-1, a part of residential and serviced apartment, is kept on sale a few months ago. The company statement reveals that it is almost hundred percent sold out.
The company said that the construction of the Oasis Tower-1 has already begun and is expected to hand over the project on schedule during fourth quarter of 2008. The second planned project in DSC was launched during first week of June, and will be a specially serviced apartment development. The company is also in the process of acquiring two other serviced apartment projects, due to be launched next year.
The Vice-President for Marketing and Sales, Hamid Ashtarani, said the ideal location of Oasis Tower-1 on the ridge of arterial water channel and the large man-made lake was one of its strongest selling propositions.
The Oasis Tower-1 comprises eighteen storeys with 232 units containing various facilities that include a rooftop gymnasium, swimming pool, commercial and food and beverage amenities.
He said "The foundation works are being carried out and full-scale construction is likely to commence within a couple of months. We intend to complete the project on schedule."
Labels: Dubai Sports City, New Developments, Real Estate Company, Real Estate Projects
Ruwaad Holdings to develop Hollywood-based theme park in UAE
Wednesday, June 27, 2007
A Hollywood-based theme park featuring rides on blockbusters from Paramount Pictures like Mission Impossible, Lara Croft and Titanic is likely to be built in UAE.
The list of box-office hits of the legendary California-based box-office hits, also include 'War of the Worlds', 'The Godfather', and the 'Star Trek films.'
The emirate in which this state-of-the-art, Dh.9billion development will be located is yet to be revealed. But it is likely to provide a blend of Bollywood, Hollywood and Arabian films, says the developer Ruwaad Holdings.
Paramount has entered into a deal that permits the Dubai-based firm to make use of its movies and characters as the basis for the simulators, park's rides, shows, and events.
The Chief Executive of Ruwaad Group, Hayan Merchant says "The Paramount Park in the UAE will be the main focus of a family-oriented development which is expected to include shopping centers, lifestyle properties, boutique hotels and resorts."
The project will be entirely funded by Ruwaad and Paramount is not investing in the development, though it will help in planning and designing of the park.
He said that this will boost the inbound tourism and the economic growth of the country and more details regarding the project will be revealed towards the end of the year.
In the meanwhile, both Paramount and Ruwaad are considering other development opportunities in the Middle East and around the World. The Ruwaad Destinations CEO, Darrel Metzger said "We are also looking at other regions, as this project calls for destinations in places such as Malaysia, India, South Africa and the Middle East."
Ruwaad is a wholly owned subsidiary of the Dubai nine group, which operates in twelve countries and four continents.
Also, on the other hand, plans are on, to build another Dh.2.9bn Universal Studios theme park in UAE, based on Hollywood films featuring 'Jurassic Park' and 'King Kong' have been planned in the Dubailand.
The list of box-office hits of the legendary California-based box-office hits, also include 'War of the Worlds', 'The Godfather', and the 'Star Trek films.'
The emirate in which this state-of-the-art, Dh.9billion development will be located is yet to be revealed. But it is likely to provide a blend of Bollywood, Hollywood and Arabian films, says the developer Ruwaad Holdings.
Paramount has entered into a deal that permits the Dubai-based firm to make use of its movies and characters as the basis for the simulators, park's rides, shows, and events.
The Chief Executive of Ruwaad Group, Hayan Merchant says "The Paramount Park in the UAE will be the main focus of a family-oriented development which is expected to include shopping centers, lifestyle properties, boutique hotels and resorts."
The project will be entirely funded by Ruwaad and Paramount is not investing in the development, though it will help in planning and designing of the park.
He said that this will boost the inbound tourism and the economic growth of the country and more details regarding the project will be revealed towards the end of the year.
In the meanwhile, both Paramount and Ruwaad are considering other development opportunities in the Middle East and around the World. The Ruwaad Destinations CEO, Darrel Metzger said "We are also looking at other regions, as this project calls for destinations in places such as Malaysia, India, South Africa and the Middle East."
Ruwaad is a wholly owned subsidiary of the Dubai nine group, which operates in twelve countries and four continents.
Also, on the other hand, plans are on, to build another Dh.2.9bn Universal Studios theme park in UAE, based on Hollywood films featuring 'Jurassic Park' and 'King Kong' have been planned in the Dubailand.
Labels: New Developments, Real Estate Company, Real Estate Projects
Sheffield plans to invest Dh.5bn or more in Dubai realty
Monday, June 25, 2007
The Managing Director of Sheffield Real Estate, Abuali Malik Shroff, says he plans to invest more than Dh.5bn in the Dubai property market towards 2009, banking on the expected boom of the tourism sector in the emirate.
Shroff says "We are looking towards en-cashing the potential of the tourism sector in the near future, so that our investors could be benefited."
Sheffield is confident about a return of 8.33 percent every year to its investors, for the initial three years in its Dh.1.4 billion Marina 101 project, expected to be complete during the first quarter of 2010.
"We will manage the property on behalf of our investors, promising them of a 25 percent return over a period of three years on their investment. An investor can be certain to get back his money in a span of five to six years," he says.
"We are looking at short-term rentals, as tourists from Kuwait, Qatar, Bahrain, and Saudi Arabia could seek accommodation for fifteen days to one month. These people would prefer to stay in furnished apartments, where they are provided with facilities of a five star hotel at reasonable costs."
According to Department of Tourism and Commerce Marketing (DTCM) statistics, the number of hotel guests in Dubai almost touched 6.3million during 2006, in comparison to 6.1 million during 2005. The number is expected to rise further as Dubai is now focusing on becoming a regional education and financial center.
As of now, Sheffield has a land bank of 500,000 million Sq. Ft., valued at more than Dh.1billion. The company recently launched the Corporate Tower, its first commercial project, in the Jumeirah Lake Towers community of Dubai worth more than Dh.300m.
Shroff said "Commercial properties have always stood out as a stable investment all over the world. We are witnessing a continuous surge in demand in this segment in Dubai, and our project is equipped to offer better returns to our investors."
Corporate Tower is the seventh project of Sheffiled in Dubai. The company is also in the process of making investment plans in various other residential projects, and plans to invest Dh.700m for construction of a gold and diamond retail mall in Dubailand.
Shroff says "We are looking towards en-cashing the potential of the tourism sector in the near future, so that our investors could be benefited."
Sheffield is confident about a return of 8.33 percent every year to its investors, for the initial three years in its Dh.1.4 billion Marina 101 project, expected to be complete during the first quarter of 2010.
"We will manage the property on behalf of our investors, promising them of a 25 percent return over a period of three years on their investment. An investor can be certain to get back his money in a span of five to six years," he says.
"We are looking at short-term rentals, as tourists from Kuwait, Qatar, Bahrain, and Saudi Arabia could seek accommodation for fifteen days to one month. These people would prefer to stay in furnished apartments, where they are provided with facilities of a five star hotel at reasonable costs."
According to Department of Tourism and Commerce Marketing (DTCM) statistics, the number of hotel guests in Dubai almost touched 6.3million during 2006, in comparison to 6.1 million during 2005. The number is expected to rise further as Dubai is now focusing on becoming a regional education and financial center.
As of now, Sheffield has a land bank of 500,000 million Sq. Ft., valued at more than Dh.1billion. The company recently launched the Corporate Tower, its first commercial project, in the Jumeirah Lake Towers community of Dubai worth more than Dh.300m.
Shroff said "Commercial properties have always stood out as a stable investment all over the world. We are witnessing a continuous surge in demand in this segment in Dubai, and our project is equipped to offer better returns to our investors."
Corporate Tower is the seventh project of Sheffiled in Dubai. The company is also in the process of making investment plans in various other residential projects, and plans to invest Dh.700m for construction of a gold and diamond retail mall in Dubailand.
Labels: Commercial Property, Dubai Real Estate, Real Estate Company
Shaikh Holdings willing to invest Dh.4.41bn in UAE Realty
Friday, June 22, 2007
Shaikh Holdings, which is a real estate development and investment company, has announced its intention to invest Dh.4.41 billion ($1.2 billion) in the next five years in major waterfront and golf communities in the UAE.
A community with ninety six villas on Earth golf course in the Jumeirah Golf Estates, Dubai, is likely to be the first among the developments of Shaikh Holdings. These landscaped villas are expected to be put on sale next month.
Shaikh Holdings has actually diversified its interest from core trading into expansion of real estate developments in regional and international markets.
The company's portfolio comprises commercial, residential and hospitality real estate, and has been a leading institutional investor in the Dubai property market since the year 2002.
The Shaikh Holding's primary investments in Dubai include Business Bay, The Palm Islands, Emirates Hills, Jumeirah Golf Estates and Dubai Waterfront.
The Chairman of Shaikh Holdings, Kaiser Shaikh, said "We have been making considerable investments in the projects of Dubai government's developers since the year 2002."
A community with ninety six villas on Earth golf course in the Jumeirah Golf Estates, Dubai, is likely to be the first among the developments of Shaikh Holdings. These landscaped villas are expected to be put on sale next month.
Shaikh Holdings has actually diversified its interest from core trading into expansion of real estate developments in regional and international markets.
The company's portfolio comprises commercial, residential and hospitality real estate, and has been a leading institutional investor in the Dubai property market since the year 2002.
The Shaikh Holding's primary investments in Dubai include Business Bay, The Palm Islands, Emirates Hills, Jumeirah Golf Estates and Dubai Waterfront.
The Chairman of Shaikh Holdings, Kaiser Shaikh, said "We have been making considerable investments in the projects of Dubai government's developers since the year 2002."
Labels: Jumeirah Golf Estates, Real Estate Company, Real Estate News
High Rise Properties enter into more property ventures
Wednesday, June 20, 2007
High Rise Properties, the Dubai based developer, is expected to offer atleast ten more towers in Dubai for sale, with 16 low-rise buildings in Ajman for investors as its record touches Dh.20 billion.
The Chief Executive of High Rise Properties, Faisal Ali Moosa, said "On the whole, our portfolio would be around Dh.20billion involving those already announced and the ones that are now under planning and designing."
"Among these, a minimum of eighteen towers is likely to be constructed at Jumeirah Village South, and a group of sixteen low rise buildings in Ajman, which is sold at a price of Dh.14 million per housing about 80 to 85 flats, most of which has already been sold to investors."
He added "we are overwhelmed to see the demand in the market. The market demand continues to outgrow supplies."
"We are planning to develop major mixed use developments, comprising commercial, residential, shopping and hospitality centers, that create communities," he said.
Al Moosa is of the opinion that the property prices will continue to appreciate in the coming years. "Now international buyers are cracking properties and the demand is more from international markets such as South Africa, Russia, Europe, Iran and India. Besides, high rents are prompting companies to develop their own properties or purchase it for employees residence, which creates new asset class for companies," he says.
The Chief Executive of High Rise Properties, Faisal Ali Moosa, said "On the whole, our portfolio would be around Dh.20billion involving those already announced and the ones that are now under planning and designing."
"Among these, a minimum of eighteen towers is likely to be constructed at Jumeirah Village South, and a group of sixteen low rise buildings in Ajman, which is sold at a price of Dh.14 million per housing about 80 to 85 flats, most of which has already been sold to investors."
He added "we are overwhelmed to see the demand in the market. The market demand continues to outgrow supplies."
"We are planning to develop major mixed use developments, comprising commercial, residential, shopping and hospitality centers, that create communities," he said.
Al Moosa is of the opinion that the property prices will continue to appreciate in the coming years. "Now international buyers are cracking properties and the demand is more from international markets such as South Africa, Russia, Europe, Iran and India. Besides, high rents are prompting companies to develop their own properties or purchase it for employees residence, which creates new asset class for companies," he says.
Labels: Ajman, New Developments, Real Estate Company
Mubadala to set-up a real estate development company
Sunday, June 17, 2007
The investment vehicle of the Abu Dhabi Government, Mubadala Development Company, has entered into a joint venture agreement with the CapitaLand of Singapore, to set up an integrated real estate development company, which will mainly invest in the realty market of Gulf.
The partners have committed to invest an initial equity worth $300 million. The announcement is followed by the launch of the Abu Dhabi Singapore Business Forum (ASBF).
The new company will be both a developer, and facility manager for its maiden developed that is scheduled to be launched at Abu Dhabi shortly.
The project covers 1.4 million square meters of land, and has two kilometers waterfront area. It is easily accessible to key transport networks and the central business district.
The plot is one among the few areas that is likely to be developed on the main island of Abu Dhabi.
The company is expected to identify new real estate opportunities for expanding its presence in the region and in Abu Dhabi.
The Managing Director and Chief Executive of Mubadala, Khaldoon Khalifa Al Mubarak, says "We found CapitaLand's industry leadership in Asia, which means that the company has vast experience in executing such world-class development projects."
The partners have committed to invest an initial equity worth $300 million. The announcement is followed by the launch of the Abu Dhabi Singapore Business Forum (ASBF).
The new company will be both a developer, and facility manager for its maiden developed that is scheduled to be launched at Abu Dhabi shortly.
The project covers 1.4 million square meters of land, and has two kilometers waterfront area. It is easily accessible to key transport networks and the central business district.
The plot is one among the few areas that is likely to be developed on the main island of Abu Dhabi.
The company is expected to identify new real estate opportunities for expanding its presence in the region and in Abu Dhabi.
The Managing Director and Chief Executive of Mubadala, Khaldoon Khalifa Al Mubarak, says "We found CapitaLand's industry leadership in Asia, which means that the company has vast experience in executing such world-class development projects."
Labels: Abu Dhabi, Real Estate Company
Rakeen's global expansion plans
Friday, June 15, 2007
The Ras Al Khaimah (RAK) based property developer, Rakeen, is fast expanding itself in the Middle East, India, Africa, Europe and the CIS, report Gulf news.
The Chief Operating Officer of Rakeen, Imad Haffar said "Currently we have nine projects that are in various stages of development in RAK, and we are also present in eight other countries including India, Georgia, Iran, Azerbaijan, and Ukraine. In addition, we are seriously considering Europe and Central Africa for further expansions."
The domestic portfolio of Rakeen comprises The Gateway, Al Marjan Islands, RAK offshore, Jabal Al Jais, Al Hamra Amenity Center, Banyan Tree Resort.
Al Marjan Islands is the first man-made island project that will be developed in RAK. It comprises a group of five islands which extend more than 2.7 million sq. mts., worth $1.8 billion. The project is expected to be ready by mid-2009.
The latest to join Rakeen's domestic portfolio of projects is the RAK offshore, a functional and modern complex, which comprises of 12 futuristic towers. The new project is expected to be the new hub for offshore financial operations for regional business community.
Rakeen has floated a joint venture property 'Rakindia' in India, with a paid-up capital of $120million.
Haffar said "Currently we have three projects under development in Chennai, Vaizag and Coimbatore. Shortly, we will have some in Bangalore. India is the most happening place, and we are looking to expand there."
Rakeen has already formed a $130 million joint venture, Prestige Land Iran, at Iran. Currently the company is developing a 190,000 Sq.mts shopping mall, and an office tower, and is planning to develop residential buildings and townships.
In Georgia, Rakeen has multi-use projects that are in various stages of development. In Africa, Rakeen is exploring a business potential at Congo, while in Europe, Bulgaria and Italy are two immediate targets.
Hafar mentioned "We are very eager about our expansion plans. Rakeen, which was launched eleven months ago, with a capital of Dh.400 million and asset base of Dh.4 billion, now the assets have more than doubled."
The Chief Operating Officer of Rakeen, Imad Haffar said "Currently we have nine projects that are in various stages of development in RAK, and we are also present in eight other countries including India, Georgia, Iran, Azerbaijan, and Ukraine. In addition, we are seriously considering Europe and Central Africa for further expansions."
The domestic portfolio of Rakeen comprises The Gateway, Al Marjan Islands, RAK offshore, Jabal Al Jais, Al Hamra Amenity Center, Banyan Tree Resort.
Al Marjan Islands is the first man-made island project that will be developed in RAK. It comprises a group of five islands which extend more than 2.7 million sq. mts., worth $1.8 billion. The project is expected to be ready by mid-2009.
The latest to join Rakeen's domestic portfolio of projects is the RAK offshore, a functional and modern complex, which comprises of 12 futuristic towers. The new project is expected to be the new hub for offshore financial operations for regional business community.
Rakeen has floated a joint venture property 'Rakindia' in India, with a paid-up capital of $120million.
Haffar said "Currently we have three projects under development in Chennai, Vaizag and Coimbatore. Shortly, we will have some in Bangalore. India is the most happening place, and we are looking to expand there."
Rakeen has already formed a $130 million joint venture, Prestige Land Iran, at Iran. Currently the company is developing a 190,000 Sq.mts shopping mall, and an office tower, and is planning to develop residential buildings and townships.
In Georgia, Rakeen has multi-use projects that are in various stages of development. In Africa, Rakeen is exploring a business potential at Congo, while in Europe, Bulgaria and Italy are two immediate targets.
Hafar mentioned "We are very eager about our expansion plans. Rakeen, which was launched eleven months ago, with a capital of Dh.400 million and asset base of Dh.4 billion, now the assets have more than doubled."
Labels: Ras Al Khaima, Real Estate Company
Hydra Properties to launch $500million realty project in Mexico
Wednesday, June 13, 2007
Hydra Properties, an arm of the Dubai-based Royal Group, has launched $500 million realty project "Hydra Waves" at the beach city of Mazatlan in the Northern Pacific Coast of Mexico.
Hydra Waves comprises a five star restaurant with 500 rooms, a 1000 seat conference center, 1000 apartments with sea-view, a ballroom hall and a shopping center.
The Hydra Properties CEO, Dr. Sulaiman Al Fahim, said "We have decided to launch our property in Mazatlan because, like UAE, it offers visitors diverse choices of tourism, including its rich traditions, heritage and colorful colonial-style architecture. We have named the project Hydra Waves, as it is likely to be built amidst the waves in the sea, presenting a wonderful oceanic attraction for tourists. Mazatland, is an ideal and affordable vacation choice for tourists with a wide variety of activities such as fishing, sports, bird-watching, tennis, golf, fine-dining, nightlife and shopping."
Hydra Properties already has a significant number of real estate projects that targets tourists, businessmen and residents. It has showcased its strength in constructing communities that highlight difference in environments by establishing comfortable lifestyles.
Hydra Waves is the most recent of its prestigious real estate projects, which focuses on modern concepts that define state-of-the-art lifestyle. The company has leading development projects such as Hydra Towers, Hydra Village, Hydra Twin Towers, Eves Tower, and Hydra Downtown Tower to its credit.
Hydra Waves comprises a five star restaurant with 500 rooms, a 1000 seat conference center, 1000 apartments with sea-view, a ballroom hall and a shopping center.
The Hydra Properties CEO, Dr. Sulaiman Al Fahim, said "We have decided to launch our property in Mazatlan because, like UAE, it offers visitors diverse choices of tourism, including its rich traditions, heritage and colorful colonial-style architecture. We have named the project Hydra Waves, as it is likely to be built amidst the waves in the sea, presenting a wonderful oceanic attraction for tourists. Mazatland, is an ideal and affordable vacation choice for tourists with a wide variety of activities such as fishing, sports, bird-watching, tennis, golf, fine-dining, nightlife and shopping."
Hydra Properties already has a significant number of real estate projects that targets tourists, businessmen and residents. It has showcased its strength in constructing communities that highlight difference in environments by establishing comfortable lifestyles.
Hydra Waves is the most recent of its prestigious real estate projects, which focuses on modern concepts that define state-of-the-art lifestyle. The company has leading development projects such as Hydra Towers, Hydra Village, Hydra Twin Towers, Eves Tower, and Hydra Downtown Tower to its credit.
Labels: Real Estate Company, Real Estate Projects
Mubadala to set-up a real estate development company through joint venture
The investment vehicle of the Abu Dhabi Government, Mubadala Development Company, has entered into a joint venture agreement with the CapitaLand of Singapore, to set up an integrated real estate development company, which will mainly invest in the realty market of Gulf.
The partners have committed to invest an initial equity worth $300 million. The announcement is followed by the launch of the Abu Dhabi Singapore Business Forum (ASBF).
The new company will be both a developer, and facility manager for its maiden developed that is scheduled to be launched at Abu Dhabi shortly.
The project covers 1.4 million square meters of land, and has two kilometers waterfront area. It is easily accessible to key transport networks and the central business district.
The plot is one among the few areas that is likely to be developed on the main island of Abu Dhabi.
The company is expected to identify new real estate opportunities for expanding its presence in the region and in Abu Dhabi.
The Managing Director and Chief Executive of Mubadala, Khaldoon Khalifa Al Mubarak, says "We found CapitaLand’s industry leadership in Asia, which means that the company has vast experience in executing such world-class development projects."
The partners have committed to invest an initial equity worth $300 million. The announcement is followed by the launch of the Abu Dhabi Singapore Business Forum (ASBF).
The new company will be both a developer, and facility manager for its maiden developed that is scheduled to be launched at Abu Dhabi shortly.
The project covers 1.4 million square meters of land, and has two kilometers waterfront area. It is easily accessible to key transport networks and the central business district.
The plot is one among the few areas that is likely to be developed on the main island of Abu Dhabi.
The company is expected to identify new real estate opportunities for expanding its presence in the region and in Abu Dhabi.
The Managing Director and Chief Executive of Mubadala, Khaldoon Khalifa Al Mubarak, says "We found CapitaLand’s industry leadership in Asia, which means that the company has vast experience in executing such world-class development projects."
Labels: Abu Dhabi, Real Estate Company
Pauling sanctioned with Dh.400m credit facility for construction of villas
Sunday, April 08, 2007
Pauling Middle East Company, a pioneer in roads and building construction in the UAE, has been sanctioned with Dh.400m syndicated credit facility under the leadership of Emirates Bank.
The facility will be used for construction of 366 villas at Falconcity of Wonders in Dubailand development.
The project will take about a year and a half for completion, beginning 20th February 2007.
Emirates Bank is the bookrunner, underwriter and lead arranger of the transaction. The other participating Banks include the Bank of Baroda, State Bank of India, National Bank of Abu Dhabi and Mashreq Bank.
The General Manager of Emirates Bank, Abdul Wahed Al Fahim has mentioned that this is one of the prestigious transactions for the Bank, as it emphasizes their long on-going relationship with Pauling Middle East.
Pauling is an arm of the Ahmed Khalifa Al Mazroui Group in Abu Dhabi. The group comprises a total of fourteen companies that focus on various segments such as construction, infrastructure, travel and tourism, hospitals, pharmacies, aluminium works, building materials, transportation and aluminium works.
The facility will be used for construction of 366 villas at Falconcity of Wonders in Dubailand development.
The project will take about a year and a half for completion, beginning 20th February 2007.
Emirates Bank is the bookrunner, underwriter and lead arranger of the transaction. The other participating Banks include the Bank of Baroda, State Bank of India, National Bank of Abu Dhabi and Mashreq Bank.
The General Manager of Emirates Bank, Abdul Wahed Al Fahim has mentioned that this is one of the prestigious transactions for the Bank, as it emphasizes their long on-going relationship with Pauling Middle East.
Pauling is an arm of the Ahmed Khalifa Al Mazroui Group in Abu Dhabi. The group comprises a total of fourteen companies that focus on various segments such as construction, infrastructure, travel and tourism, hospitals, pharmacies, aluminium works, building materials, transportation and aluminium works.
Labels: Dubailand, Latest News, Real Estate Company
