The Best In Dubai - News
News
The United Arab Emirates (UAE) is today an inspiring success story. Here, Bedouin and sleek urban living come together to form a nation that has mountains, beaches, deserts, and the world renowned duty free shopping in one package.
The phenomenal growth of the UAE property market has seen the country emerge as the commercial centre of the Middle East. The rapid economic growth of the UAE, which can in turn be attributed to the UAE's position as one of the world's most preferred tourist destinations has also fuelled the demand for UAE property. Property in the UAE, whether apartments, villas, or commercial property continues to witness increasing demand and has made the country the centre of all the property action in the world today.
Gulf News
Arab culture is known for its love for children and celebrates their existence on every occasion possible. Therefore, it's no surprise to know that the UAE has a lot to offer children of all ages when it comes to entertainment and fun. If you're wondering about where to take your kids this summer and how to keep them busy through the long break, choose from these useful and entertaining options...read more on Gulf News.
The Siasat Daily
Washington, June 05: The UAE is approaching a milestone in its plans to purchase the Terminal High Altitude Area Defence (THAAD) missile system for an estimated US$7 billion (Dh25.71bn) from the US, according to officials from the American defence company Lockheed Martin. A sale would mark the first time the THAAD system has been exported by the US and underscore the deep ties forming between... read more on The Siasat Daily
Gulf News
Dubai: Emirates plans to hire more than 700 pilots over the next 18 months to support new routes, new aircraft and increased frequencies. Today, the airline's recruitment team will be seeking First Officers in Madrid, one of six new destinations to be announced by the airline this year. After Madrid, recruitment specialists move to... read more on Gulf News.
Khaleej Times
DUBAI ' Dubai Holding's main unit, which declared a $6.2 billion loss and Dh9.5 billion revenues for 2009 on Tuesday, expects to complete and handover approximately 21,000 units by 2012. The company, Dubai Holding Commercial Operations Group (DHCOG), also expect that the real estate market will stabilise this year and then steadily recover from 2011. DHCOG revenues fell by 28 per cent to Dh9.5... read more on Khaleej Times
Gulf News
Dubai: The Roads and Transport Authority (RTA) has rewarded a number of commuters who have chosen Dubai Metro as their daily mode of transport. Mattar Al Tayer, Chairman of the Board and Executive Director,... read more on Gulf News.
Nakheel Deal in Two Weeks - Contractor's Association
The head of the United Arab Emirates Contractors Association announced on Friday that a final deal over Dubai developer Nakheel's debt repayment offer should be completed within two weeks from now. As far as the approval of the deal was concerned, this well known real estate developer in Dubai and the developer of palm shaped man-made islands already has 50 percent approval for the deal, leaving it 15 percent shy of the necessary 65 percent. Since Nakheel has given assurances to the creditors, the last 15 percent approval should not be difficult to get.
Balhasa said: "We understood from Nakheel that it will give full repayments soon." Thus by saying this he is urging other contractors to sign the deal quickly. By market value, Arabtec is the largest builder of the UAE has signed the Nakheel's debt repayment offer. Riad Kamal , the Arabtec's Chief Executive told Reuters: We have concluded the deal and we encourage everyone to sign. Time is not on our side...This is a good agreement for everybody."
The Trade creditors have been offered a repayment with 40 percent cash and the rest with a sukuk or an Islamic bond, which will give 10 percent of the annual return. On schedule last week, the developer repaid $980 million Islamic bond. The state-owned Dubai World which is Nakheel's parent company has reached a deal to restructure $23.5 billion in debt along with its core lenders.
Dubai World is offering one percent of cash interest and an extra 1.5 to 2.5 percent per annum which will be converted into a lump sum amount on maturity. There are some disparities between two offers for some lenders as they feel that Nakheel is offering a better deal as far as interest rates are concerned.
Burj Khalifa Welcomes its First Set of Residents at Armani Residences
Burj Khalifa 'A Living Wonder' has unwrapped its first residential community as the world's primary Armani Residences welcomes its first set of residents on Tuesday. Emaar Properties, the developers of this high end mixed-use tallest tower handed over the charge of luxury homes at Armani Residences to the buyers and as per the company statement; this has now become the most prestigious address. The Managing Director - UAE, Emaar Properties, Ahmad Al Matrooshi said: "From 'History Rising,' to 'A Living Wonder,' Burj Khalifa has now truly come to life with the first residential community in the luxurious Armani Residences."
He further added: "Already, with the opening of Armani Hotel Dubai, the tower is buzzing with activity, and with the imminent hand-over of The Residences and The Corporate Suites, Burj Khalifa will become a vibrant lifestyle community." The Armani Residences are being developed in collaboration with Giorgio Armani S.p.A and Emaar. These residential units are personally designed by this fashion legend celebrating the concept of luxurious modern living.
These residences are located on levels starting from 9 to 16 of the tower offering unparalleled and spectacular views of Downtown Burj Dubai and the city. Residents who own a luxury residence at Armani Residences in Burj Khalifa will have the access to a range of amenities including 8 innovative outlets and facilities of a serene spa. As far as security and safety is concerned, the highest standards are offered featuring smart home technology including lightning, air conditioning and world class fittings and accessories designed personally by Giorgio Armani.
Among other amenities, there are four swimming pools, all kinds of health and wellness facilities, exclusive residents lounge and fine dining restaurant at level 122.
Arabtec is All Set to Build Damac Heights at Dubai Marina
The AED 500m contract of the construction of Damac Heights at Dubai Marina has been awarded to Arabtec, announced by Damac Properties. The contract is signed this week and is expected to be commenced as soon as the enabling work is completed. Side by side the Arabtec Holding is constructing Damac's Ocean Heights which is expected to get completed this year. Hussain Sajwani, Damac's Chairman said, "We are pleased to work once again with Arabtec who are known for their ability to deliver architecturally challenging buildings and their consistent and solid reputation in the construction industry."
The construction is supposed to be a 90 storied building and when constructed it will become the company's most iconic project which is situated within walking distance from another flagship project Ocean Heights by Damac. The tower will be constructed overlooking the Palm Jumeirah. This residential tower will offer 600 luxury apartment units and various luxury facilities such as a jet spa, swimming pool, gym and a private cinema are expected to be included.
The Arabtec Chairman, Riad Kamal said, "Damac has remained a solid player in the real estate industry in these recent turbulent times which is evident from their continued performance and progress on all fronts. We have a good understanding of each other's aspirations, expectations and standards and I have no doubt that together we will create a second iconic project of which we can both be proud."
The apartments in this luxury residential tower encompass all the latest technology for heating, cooling systems and several other leisure facilities. This year this is the third major contract announced by Damac following The Corner at Business Bay and Lakeside at the IMPZ. This year, the company has made a plan of delivering at least six projects.
Imperial Residence is All Set and Completed at Jumeirah Village
Imperial Residence superstructure is a high-rise two tower impressive development rising from the podium of Jumeirah Village South. Tameer Holding Investment has announced the completion of this giant development. According to Federico Tauber, the President of Tameer Holding Investment said that the development work progressed as it was planned. The topping out of this huge structure has been completed on both the towers now and by first half of the next year, it will also get delivered. The location of the tower is quiet amazing as the Emirates Road can be easily accessible and it faces the Al Khail Road.
This iconic development is located right away from the Ibn Battuta Mall, Jumeirah Lake Towers, Palm Jumeirah, Arabian Ranches and Dubai Marina. The residents at this amazing residential address are offered with convenient access to both Dubai and Abu Dhabi. The unparalleled and spectacular views of Dubai Sports City and Dubai Skyline are clearly seen from Imperial Residence. Moreover, the location of this residential unit is as convenient as it is within close proximity to various free zones in Dubai such as Dubai Media and Dubai Internet City.
The President of this ultimate property structure in Dubai real estate said that Imperial Residence is set to be one of the most attractive addresses in the residential district. On completion, it will house around 510 apartments offering a range of unique double and triple duplexes and studios. Residents are also facilitated with a wide range of amenities including sauna, Jacuzzi, swimming pool, gymnasium, 24 hr security, children's play area and a safe underground parking.
All these features collectively turn this residential structure into a world class luxury residential address.
Schon Properties Announces RERA Approved Payment Plan for AED 3 Billion Dubai Lagoon
A construction linked payment plan was announced by Schon properties that have been approved by RERA the Real Estate Regulatory Agency for Dubai Lagoon project worth AED 3 billion in Dubai Investment Park. This new scheme introduced ensures that all payments will be made only upon the completion of the project phases which all will be monitored by a 'joint monitoring system' between the Schon properties developer and RERA. The developer is planning a fast track construction despite of the downturn faced and this announcement is in line with the developer's plan.
The construction of the first four phases of Dubai Lagoon has been started and is continuing at a slower pace than planned. In order to deliver the project by the end of this year, RERA approved plans has already scheduled payments linked to the construction milestones in installments as 30 percent initial deposit, 10 percent upon every completion and a final 10 percent will be due upon handover of the project. The Executive Director of Schon properties, Sonia H. Schon said, "The 'Dubai Lagoon' is a mega-project, and this fact motivates us to partner with RERA to ensure that its completion will be fast-tracked."
She further added: "At present, RERA is taking major steps to manage the payments associated with the project and monitoring the construction status and has also met with investors, whom they have advised to shift to the construction-linked RERA-approved payment plan. This will allow them to pay only when they see actual progress being made, in order to protect their interest. However, all buyers still have the right to stick to their original contract without anyone forcing them to change. In addition, we are working very closely with our contractors to monitor construction progress and our fervent appeal is for investors to retain their confidence, as we maintain ours, that the project will be completed and delivered to them."
Once completed, Dubai Lagoon will become one of the most fully integrated and picturesque residential communities in Dubai real estate.
GCC Fund Cashing on Dubai Real Estate Sector
EFG is one of the holding investment company based in Dubai with interests in United States, UK, UAE, Turkey and a lot more. They serve varied sectors including health care, legal advisory services, real estate, education and property investment etc. The EFG is quiet sure that the property market will catch progress in the coming days. An amount of Dh500 million is to be invested by a Gulf co-operation council based regional fund in various non freehold areas within the emirate. Some high net worth individuals those who are willing to invest in small buildings are advised.
The Managing Director of EFG real estate investment, Walid Abdel Latif said: "We are about to close a Dh500m GCC-based fund, which is looking to invest in non-freehold areas of Dubai. There are a lot of attractive locations, prime locations such as Bur Dubai, Deira and Maktoum Street, and areas close to BurJuman. Actually the demand there is much higher than supply. HNWIs are looking for medium-term investment... they want to buy properties in the range of Dh40m to Dh90m even in non-freehold areas. And Bur Dubai and old Deira are prime locations as those areas have nothing to do with any sort of economic cycles."
The advisory arm of EFG real estate was recently in news as they have tied up with JP Morgan Chase providing an aid for this global financial services firm to invest $100m (Dh367m) this year in UAE's property sector. In a short time this project will be commenced in a short time in Izmir. It is a freehold project featuring two commercial and eight residential towers, merging shopping malls as well, however, the total cost of the project was not revealed. At present the marketing and sales plan is being finalized by the company. Moreover, once the supply demand curve is well managed then the development will take place.
Gulf Real Estate Market Recovery by Longer Visas and More Loans
In order to boost the real estate market in the UAE, several state aids are being followed that could kick the market recovery. The experts are suggesting that this is possible by more loans and longer visas for foreign buyers could actually kick start the whole procedure of boosting the Gulf real estate market. The experts also believe that repossession and foreclosure cases in this property market are also vital for the recovery to happen. According to Nick Maclean, the slash interest rates are intervened on home loans; it would encourage the activity in the flattened housing markets.
Maclean explained "It's not shortage of sentiment in the marketplace. There are still lots of people here who want to get on to the property ladder but can't do it." The mortgage approval rates would increase from the added pressure from the Central Bank. He further added: "We need intervention probably in the way the UK government is encouraging the banks in the UK. Because if a bank is not getting the profitability it wants from a mortgage loan, why would it do it? It can make better money elsewhere and with less hassle, frankly, then lending to a group of very small borrowers. There has to be some Central Bank direction here."
The high cost of mortgage has been blamed by the banks for this instability of the property market in Dubai, however according to Maclean the foreign buyers should be encouraged. According to him, the visa for six months offered to foreign buyers is quiet a short time which is hampering the recovery of the property market. Simmons & Simmons regional deputy head of real estate Duane Keighran said: "We are now seeing less and less negotiation taking place. It is the unfortunate side of business, but it has to be played out in order for these issues to be flushed through the system so that the economy can recover. From this point of view, it is refreshing to see the actions being brought, as it means we are one step closer to getting the issues resolved and moving on."
Nakheel Creditors Start Signing Settlement Agreements
Last week the settlement agreements were presented to the Nakheel trade creditors and they have started signing these agreements followed by extensive meetings with the executives and the Chairman. The settlement agreements were carried out in order to receive full payments in the form of new debt and cash. The repayment of the trade creditors has been categorized and divided. Nakheel is offering the creditors a repayment via 60 percent in tradeable security, 40 percent cash and a 10 percent of annual return.
A source told that the security will be a sukuk or an Islamic bond. A company's spokeperson commented, "The important move comes at the heals of the positive feedback from trade creditors on the settlement agreement which is a part of the Nakheel's recapitalization plan this brings us yet another step closer to continuing work on our near term projects and delivering on our commitments to our customers."
This proposal is a part of the emirates $9.5 billion rescue plan for the Nakheel's state owned Dubai World that is unveiled last month. The 40 percent cash depends upon reaching agreement on 65 percent of the total agreed claims, said by the developer well known for building artificial islands in the shape of a Palm. After it has been said that it would delay the repayment of $26 billion in debt as it restructures the company, the Dubai World rocked the global markets.
On-the-Spot Property Registration Introduced by Dubai Land Department
A new move has been involved which will allow all property transactions to be completed in a secure and successful manner in the most dynamic Dubai real estate markets. The Land Department of Dubai has announced the introduction of on the spot property registrations. The Director General of the Land Department Sultan Bin Butti Bin Mejren has announced the initiative which signals a technologically advanced approach in order to register and protect property interests within the emirate.
During the launch ceremony of this advanced system he further said, "Today has seen the immediate activation of the technological infrastructure stage which will support the new advanced services and electronically integrate processes as diverse as registration, pre-registration, escrow accounts and a state-of-the-art e-services system."
He added: "This will take the Department significantly closer to the stage where it will be able to offer one of the most advanced systems for registering and regulating land and property transactions. It moves land and property ownership in Dubai into a new era in which coherent strategy and planning results in joined-up access and protection of owners' interests. One of the most important aspects of this 'services-led initiative' is that it integrates registration with procedures such as licensing the brokers who sell the property and even with the trust accounts through which funding for its construction is channeled."
This announcement was made after the completion of the first phase of the implementation of their new system after it has been tested for four weeks. A two year review and implementation programme is further followed which has already taken this technological system to an advanced level. The IT Director at the Land Department, Mr. Khalifa Al Suwaidi said, "We are moving towards a range of new online options that will transform land transactions in Dubai."
He further added, "Today's activation means we have taken the critical step which will enable the Land Department to offer online services as standard. The motivation and rationale behind this initiative were guided by our experience of the market and the requirements of those involved in buying and selling property. The market has changed dramatically in the past five years so our starting point had to be different and our response pitched at a different level."
Explore Armani Hotel in World's Tallest Building, Burj Khalifa, Dubai
The Burj Dubai that officially changed to Burj Khalifa during its grand opening on January 4, 2010 in honor of the president of the U.A.E. H.H. Sheikh Khalifa bin Zayed al Nahyan is open for international investments.
The Burj Khalifa, the Tallest Building in the World has become a hot-favorite among thousands of upcoming projects where the hospitality industry is certainly in process to create its position over there.
Giorgio Armani Spa prepares to open its first hotel, in the Burj Dubai tower, on March 18, 2010. Occupying a spacious 432,000 square feet structure on the bottom 39 floors, it will house around 160 guest rooms, suites and 144 private residences . It is believed that these things will be furnished with Armani's Casa line where a swimming pool will be located on the 76th floor that will give you a great view.
Online bookings for the Armani Hotel in Dubai will be available later this month. So get ready to avail the experience at the Burj Khalifa skyscraper that swanks the world's top swimming pool, a mosque and adequate glass that is rumored to cover almost 17 football pitches.
Amid crisis, it feels great to see Dubai and its magnificent building Burj Khalifa that stands by its size and grandeur. It is a good example of globalization irrespective of its strong cultural heritage, where the city truly depicts modernity at the heart of Dubai and its people. Burj Khalifa is undoubtedly the center for the world's best shopping, dining, entertainment and home for the world's privileged.
The Work on the Private Projects at The World will Begin Soon
Soon the construction will start on the various off-shore island developments in The World and it has been confirmed by the well known property developer Nakheel. Last month it was announced by the Kliendienst Group that they will begin the construction on the Germany Island which is the Heart of Europe development and is a part of the Dh.3.1bn. The confirmation regarding the beginning of the work after a European developer, Major Trade, announced the starting of work on its island project.
Marwan Al Qamzi, The managing Director of Nakheel said, "The World is an attractive project, given its differentiated offering and close proximity and accessibility to developing markets." The Canadian Gulf Construction and the Arabian Profile Company Limited which is the Arabian architectural and cladding specialist have carried out their construction work on the development.
Viktor Herceg, the Managing Director of Major Trade shared a feeling of confidence by saying that after the project gets completed a huge demand for luxury residences will come up. He further added that Nakheel has been very supportive for its first island development. The island is located on the tip of the Greenland area of The World. It includes a luxury boutique hotel and modern residential villa developments. For a mid-sized European residential property developer, Major Trade is a property development investment arm and is particularly responsible for the construction of various high end Dubai real estate developments.
Nakheel confirmed that this year work will begin on as many 20 islands. Taking the economy into consideration the buyers have revised few of their initial designs and these are now moving ahead with their construction works.
New Law Considers Property Refunds in Dubai
New Dubai property law into consideration has bought a light for hope for real estate investors in Dubai, who would be refunded or would get a property replacement, incase they fall pray to the failing developers. Developers would be financially penalized if they fail to deliver their constructed project on time or to agreed specifications.
The law firm, Al Tamimi and Company, unveiled a newsletter with the proposed law and the conversation between Dubai Land Department's senior legal advisor, Emad Eldin Farouq and the firm's head of property practice, Lisa Dale.
According to the legal advisors, the failure of developers on handing over completed properties and buyers defaulting on payment would breed more legal disputes throughout the year.
"There are lessons to be learnt from the crisis and we are emerging with a new legal regime," said Mr Farouq. "Loopholes in laws are being dealt with and things will become more organised in 2010."
"2010 is still the year of fighting," said Michael Lunjevich, the head of the property practice at Hadef and Partners. "It will be about consolidations, legal claims, liquidations and insolvencies. The market needs to clean itself out."
The proposed law predominantly protects the interest of the buyers, where they are delivered defective property or have had late deliveries. This would lead to financial penalties to the buyer including a refund or replacement property. Also, if the developers refuse to link the construction mile stone with the payment plans, the buyer would be able to demand a cancellation of the contract.
"The investor protection law is being proposed to deal with some specific issues identified last year, where investors needed further assistance in dealing with errant developers," Ms Dale said. "The granted land system is a tradition in the UAE, enabling nationals to have access to lands for the purpose of building their home or business premises," Ms Dale said. "However, the system is quite limiting, as there are restrictions on transacting with such land. If you upgrade your title from granted to freehold, you can sell the property to other UAE or GCC nationals, or you can put it into a property fund or mortgage it. It becomes a much more flexible asset."
The Dubai Land Department also plans to begin regulating property valuers and conveyancers by requiring them to obtain licences, and to create a law to oversee property brokers who handle trust accounts for property deals, Ms Dale said.
Several Dubailand Projects were Handed Over to the Investors in 2009
Dubailand, Dubai's iconic entertainment and leisure destination and a member of Dubai Properties, handed over several of its projects to its investors in 2009. As per Dubailand, for several projects, commercial, retail and residential units were handed over to its investors. This took place in Al Barari Villas, The Villa, Dubai Properties Group's Leyan and Motor City. In addition, 320 villas were handed over in Victory Heights in Dubai Sports City, Dubailand. Further, 1300 commercial, retail and residential units were handed over in Motor City.
Mohammed Al Habbai, CEO, Dubailand, said: "In spite of the challenging global economic environment, it was an exciting year for Dubailand with a number of important milestones for our investors.
"Our approach has always been to drive local, regional and international visitors to Dubailand attractions. This year, we have focused on developing inherent demand from within the UAE by building critical residential mass. Dubailand now has exclusive pockets of residential communities such as the Arabian Ranches, Motor City, Leyan Community, The Villa and Al Barari, making the destination an attractive place to live, work and play."
Dubai Properties Group revealed the ready-to-lease residential units like apartments and villas at the Leyan Communities (Mediterranean-themed) located right in the heart of Dubailand.
Dubailand's development was unveiled by two key highlights. Out of which one was the opening of Dubai Sports City's Butch Harmon School of Golf at The Els Club and he agreement with Royal Caribbean International. The other highlight was the launch of Dubai International Cricket stadium with 25000 seats.
With several such Dubai attractions within the Dubailand is expected a flow of tourists over the 8 million mark it this holiday destination already has.
Dubai World Episode Gives Boost to Investor's Confidence
According to investment bankers at Shuaa Capital, the confidence in the air has built up amongst the investors around the Gulf region. They optimistically predict the region's economic condition would take its stride towards the rising end in the next six months. One of the leading investment bank in UAE, Shauaa Capital submitted its December GCC investor sentiment report which reflected the fall in investors confidence due the reconstruction of the debt on 25th Nov'09 by Dubai World. But, positivity has returned after reimbursement of $4.1 billion by Sukuk by Nakheel, PJSC. It is observed, since then there has been a turn around in the market sentiment since the debt announcement of Dubai World was made in November.
Dubai World and its creditors have met to reconstruct the maturing liabilities worth $22 billion, where the final plan would be submitted, in early January, to the lender. There was a speculation over Government's support to help the distressed firms. Shuaa Capital conducted couple of surveys. One was before Nakheel Sukuk's repayment and one was after the dues were settled. The Shuaa report revealed progress in GCC economic conditions over the next 6 months after Nakheel's repayment. The polls show more investors are expected to invest in GCC market and BRIC in the next six months. It is estimated the regional stock market would generate gains in the coming 6 months, where the biggest rise is expected in Abu Dhabi which was projected by 35.5% of investors, 12.9% for Dubai and 13.1% for Nasdaq Dubai.
Burj Dubai: World's Tallest Tower's Height is Still a Secret
Burj Dubai, the pride of Dubai's growing role in this changing world is due to open on 4th Jan'10. This masterpiece is the flagship development in Downtown Burj Dubai property within Dubai. The exact height of this stunning piece of architecture is known only to few. The tower's structural engineer, William Baker of Skidmore, Owings and Merrill LLP, said in an interview: "Its still a secret. The client (Emaar Properties) will only let us say it's more than 800 metres (2,625 feet) tall. It's part of the mystique of the project."
According to Baker, if the tower's height is measured by measuring its shadow then it would leave the current record holder building, Taipei 101, to the second position. Amongst 10 tallest towers, 7 are in Asia and have been built in the last 13 years.
However, Jan Klerks belonging to Council of Tall Buildings have expressed their interest in knowing the exact height of the tower. One of Klerks' email said : "We have expressed this a number of times, but if there are reasons not to disclose it, then I guess we have to do without an official number. We also do not know why they chose not to disclose the number. The only thing we are sure of is that it is the tallest building in the world, and that it is at least 800 metres."
As Baker has mentioned, the recent global financial slum has not hit the sales of the 1100, one to three bedroom residential apartments. The tower has some of the fastest elevators running up to the speed of 25 miles per hour. The steel and exterior glass of the building could be spread across 17 soccer fields, which would take 6 - 8 weeks to clean. In published reports, the tower's cost has been at approximately $1.5 billion.
Frame Structure of Ocean Heights Completed
DAMAC Properties, the provider of luxury lifestyle and the pillar behind several other projects, announced the completion of the concrete frame of the tallest tower in Dubai Marina along with its development at Ocean Heights standing high at 84 floors.
Ocean Heights is the flagship of DAMAC and is expected to become one of the most iconic buildings of the area. With its twisted architecture, it already is being visible above all others in the surrounding area.
The Chairman of the main contractors Arabtec, Mr. Sajwani said, "This is a significant day for DAMAC Properties - the structural completion of our flagship building is a source of great pride and an occasion that we are glad we have been able to mark with the support of RERA, Arabtec and so many of the staff who have worked on site for the past three years. To think that this magnificent building has been constructed in a little less than two and a half years is a testament to their efforts and I pay tribute to their hard work and accomplishments. This has been a turbulent 12 months for everyone involved in real estate and it is therefore all the more impressive that everyone involved has remained so focused and dedicated to the task at hand. We are delighted to be literally ending this year on a high by finishing our tallest building."
He added, "As a contractor we are always proud to be associated with quality projects and it is pleasing to be here to commemorate this milestone event for DAMAC Properties as we finish the main construction of Ocean Heights,' he said."A large part of our philosophy at Arabtec is to work hard with developers to build a relationship and to work together as one team on challenging projects like this. In the light of some of the recent negative news and speculation, I believe it is even more important that we recognize the efforts and achievements of everyone involved in the construction of Ocean Heights and celebrate how significant they are. Once completed in 2010 Ocean Heights will eventually offer 680 apartments ranging from one to three bedrooms. In addition the building will feature DAMAC Properties' Signature Series penthouse range - ultimate luxury apartments with the latest in hi-tech gadgetry and luxurious home comforts."
Global Investors' Gaze at Dubai Real Estate Again
With the real estate prices gradually coming on track, the investments in Dubai real estate are being much talked about by the global investors. Due to the weakening of the clutch of recession all around the world, these investors are looking forward to the market going towards reasonable scenario.
Tej Kohli, a real estate investor and founder of Ozone Real Estate commented, "The latest results from the Dubai House Price Index from Colliers indicate that real estate prices in Dubai have grown almost seven percent during the third quarter of the year from the previous quarter".
He also added that the results are a fair indication of tremendous recovery and also signalize a bounce in the market.
Kohli confirms, "The stability in property prices is set to be steady from this point on, given the fact that real estate prices are moving to more reasonable levels. The best indication about the Colliers report is that transactions Increased by 64 percent during the third quarter, due to relative stability in prices and affordable housing. Moreover, the growing property boom will be further strengthened by a series of new launches and openings within the emirate, the report said."
Kohli also pointed out that world's tallest tower Rose Rayhaan will also witness a gala inauguration by the mid of December followed by the reopening of five-star hotel Jebel Ali Golf Resort and Spa.
The first quarter of next year will also welcome the opening of high profile hotels The Conrad Hotel and Ritz Carlton along with a series of other projects including new airport.
Further the opening of crescent shaped The Palm Jumeirah Royal Amwaj Resort & Spa, Jumeirah Golf Estate, Dubai International Airport and Tigerwoods' Al Ruwaya Resort are also entering into the shoes of development in 2010.
The swerves of launches show that Dubai is moving fine on track. Kohli concluded by appreciating the rise of global tourism by 4% as compared to same period last year.
Prices of Dubai Marina Apartments Fly High
Dubai Marina Apartments have gone high by18 to 38% during this year according to a real estate company in Dubai. The Head of Sales of Asteco, Vineet Kumar told, "Single bedroom apartments at Dubai Marina are currently selling at Dh.1300 per square feet, an increase of 18 percent from Dh.100 per square feet sold during the beginning of the year. The double bedroom apartments are now being sold at Dh.1250 per square feet, an increase from Dh.900 per square feet in January, while the triple bedrooms are sold at Dh.1250 per square foot, an increase from Dh.950 in January. Single bedrooms measuring 850 to 900 square feet at Elite Residence and Dorrabay are now priced at Dh.1.2million. In January 2009 this type of property was quoted as Dh.900,000, while similar apartments were priced at Dh.1.35mn in July 2008."
"The double bedroom apartments at Marina Promenade measuring 1280 square foot is currently priced at Dh.1.6mn, while it as Dh.1.15mn in January. A triple bedroom apartment in proximity to Jumeirah Beach Residence costs about Dh.2.37mn at present, while the same property was priced Dh.1.8mn in January. However, four bedroom apartments have not seen much improvement in prices at present, and stand at Dh.975 per square foot, an increase from Dh.850 per square feet in January this year", as reported by Asteco.
"Demand for four and five bedroom apartments at Dubai Marina is much lower than that for triple, double and single bedroom apartments, as families have the affordable option of purchasing four or five bedrooms at villa communities. The increased demand for smaller units at the Marina implies that such units command higher prices per sq. ft. than larger ones. The larger the size of an apartment, the lower is the price per sq. ft.," said Kumar.
Although, the value of Marina has dropped by 15 to 60% since July 2008 as revealed by the figures but still certain towers in the Marina are maintaining their values because of the demand from investors and end-users. However the growth values in the rates of few other real estate units in Dubai are slow. This is depicted by the fact that the prices offered in the market for the Marina have a diversified and huge range from Dh850 to Dh2000 per Sq ft.
French Deputy PM promotes major real estate project at Cityscape Dubai 2009
A Gallic flair was added to the last day of the grand real estate event Cityscape Dubai as the Deputy PM of France, Patrick Devedjian delivered a half an hour presentation on Paris La Defense. This amazing real estate development aims to become the new commercial capital of Europe. Cityscape Dubai is a grand event in context with Dubai real estate and people associated with real estate sectors from all over the world. The real estate project talked about y the Deputy PM of France is a centrally located project which comprises a mixture of new builds and renovations. An office space of 3.2 million sq m is to be developed within 15 towers between 35 to 301 m high.
The encompassing developments around the project are €33 billion which targets insurance companies, energy, banking, schools, universities and research centers. Other than this it also houses up to 20,000 residents upon completion. The Deputy PM, France, Patrick Devedjian said: "The crisis has given us the opportunity to create a new financial city which will serve as the new commercial capital of Europe - this is our ambition. For the first time in France, towers will integrate a mix of functions."
He was confident enough as the prevailing financial circumstances would not affect the project as €23 million of funding has already been secured for the project within 10 months. The project was launched in 2006 and leading architects such as Jean Nouvel, Tom Mayne and Norman Foster are currently involved in this real estate project. These towers are being designed BREEAM, HQE and LEED standards. The Tour Phare, 301 m Tour Signal and 300 m high Tour Generali are among the most striking towers being developed.
Emaar Retail Partners with HSBC for Kidzania
HSBC is the exclusive financial institution which is being operated in Kidzania, soon to open at The Dubai Mall. Kidzania is an education centre for children. Emaar Retail has partnered with HSBC in order to inculcate the habit of savings among children. Moreover, the banking edutainment of Kidzania will be provided by the HSBC bank itself. This venture is a unique concept that has been scaled down featuring other real-life business establishments. The child's first activity after entering this city of kidzania is to acquire cash with the help of which they are allowed to participate in various attractions within the city.
They will be provided with a 50 Kidzos cheque and children need to get it cashed or they can either get an ATM card. The kids are then allowed to spend on various services and products throughout this mini city that is spread across an area of 80,000 square foot. It gives a true banking experience to the children as once the children runs out of kidzos, then in order to earn more kidzos the child should choose any of the 70 professions and have to work in these establishments to get more kidzos. At the end of the visit, any kidzos left will be saved in your account for you next visit. Moreover, the children actually earn interest on their kidzos deposited in their account.
Chief Executive Officer, Emaar Retail, Mr Arif Amiri said: "Today, more than ever before, it is extremely important to inculcate in children the importance of managing money. KidZania is the first of its kind edutainment destination that offers young ones the opportunity to understand the various aspects of different professions and the role of money in everyday life. Through the partnership with HSBC, one of the leaders in the financial sector, KidZania aims to instill in our young patrons a sense of fiscal responsibility and discipline, which we expect will extend further to their day-to-day lives."
European Cosmetics Company Sets up Facility at Dubai Airport Freezone
PERFUMES Y DISENO is a European cosmetics and Perfume Company which has invested and setting up a distribution office in the Middle East - PYD Middle East Distribution FZCO. They have initially invested an amount of AED 11 million at Dubai airport Freezone. There is a phenomenal growth in this industry sector; however, the company is trying to take advantage of it. The Managing Director, PYD Middle East Distribution FZCO, Mr. Bashir Tahboub said: "Growth in cosmetics and perfumery business in this market has grown tremendously in the last couple of years up to as much as 10 times in value and we have set up a regional office at Dubai Airport Freezone to take advantage of the fantastic growth and opportunities available in this market."
He further added: "PERFUMES Y DISENO is a major European cosmetics and Perfumery Company established 25 years ago in Madrid, Spain. The group's turnover last year was AED 552 million (US$ 150 million)." Three brands are represented by the PYD Middle East which are: J. Del Pozo, Roberto Verino and Tous. PYD is further planning to open tie ups with other retail chains in the UAE and over the entire Gulf.
The Director of Marketing at Dubai Airport Freezone, Mr. Ibrahim Ahli welcomed the addition of PYD Middle East at DAFZ, "PYD Middle East is a welcome addition to our growing list of international companies. At Dubai Airport Freezone we have a diverse mix of cosmetics and perfume companies to, electronics and IT, air charter, logistics companies to pharmaceutical all of them taking advantage of the well developed facilities at Dubai Airport Freezone for doing business and its strategic location and position of Dubai as a business hub in the Middle East. Most of our clients are long term tenants and recently, we have seen an increase in the number of international companies increasing their office space in anticipation of a rebound after a severe global economic downturn."
Al Fara'a Properties Hands over Le Grand Chateau Project Ahead of 2010 Deadline
Le Grand Chateau is a residential development which is completed well ahead of its 2010 deadline and the project is set for delivery. Al Fara'a Properties which have announced the handover of these units is a member of the Al Fara'a Construction, Property and Industrial Group. The announcement coincides with the first batch of tenants moving into this high class luxury development in the very famous Jumeirah Village in Dubai real estate. This development has adopted top quality construction standards and the there is a great competitiveness among other landmark projects across the Gulf region.
The 'Le Grand Chateau' project is greatly inspired from the 16th century Chateaux architecture of the Loire Valley in France. This development features 15 four bedroom luxurious G+2 townhouses and other residential building block combining a total of 185 apartments. The project is completely furnished along with impressive designs blended with highest standards. The President and Executive Chairman of Al Fara'a Construction, Property and Industrial Group, Dr JR Gangaramani said: "We are thrilled to be the first developer to deliver a project in Jumeirah Village, ahead of our 2010 scheduled completion date. Through maximising our ability to deliver world-class turnkey solutions as a truly integrated construction group in the UAE, we believe that we have positioned ourselves as a real estate provider of choice to customers that seek solid investment solutions."
A facilities management decision has been recently developed by the group which helps in optimizing the maintenance and other costs in order to ensure great investments. The project is ideally situated in the heart of Jumeirah Village. In addition to this, Al Fara'a Properties has partnered with Al Huzaifa Furniture offering great decor ideas centered on classic Italian Furniture, thus making it an ideal residential development.
Ajman Real Estate Regulatory Agency Approves 172 Tower Developments
A list of 172 approved towers has been published on the website. Ajman has approved the planning of this construction, less than a quarter of the total number originally planned in the emirate. This list of 172 towers has been published by The Ajman Real Estate Regulatory Agency (ARRA). Omar al Barguthi, the director general of ARRA said: "Some of the registration applications have been rejected but many other projects are still under process and may join the list, or not. Some are registered but still have no escrow account because of banking requirements." Last autum, prices began to fall drastically thus, the property developers have been forced either to delay or to cancel the scores of residential developments.
The ARRA has published the list of approved projects for the first time since they have implemented new regulations for the developers. It requires registration and an escrow account for investor funds that will be exclusively used for the construction costs. If we look in totality, 122 projects of 24 developers are on the list representing 1500 villas, 109 land plots and about 172 towers. There are many older projects within the city of Ajman which have been approved, however, only few buildings are nominated for land alongside Emirates Road have been accepted. Some of the projects which are included: Ajman Uptown, Escape, Park View, Boulevard, Emirate Lakes Towers and some buildings within the Emirates city.
Mr al Barguthi further said: "We will declare those projects as cancelled from ARRA's standards and legal perspective, and we will let the people responsible for it deal with their investors." Those developers who have registered and opened an escrow account are now permitted for further payments from the property buyers. Apart from this, the real estate developments that have not been included in the list includes: Humaid city, Al Helio Downtown and Al Zorah whereas according to the ARRA officials, Awali, Marmooka city and Aqua city are still under the process of registration.
Ajman Real Estate To Benefit From Easy Availability Of Property Finance
A multi-service provider to real estate market and a UAE based developer, according to them the availability of mortgage financing, the Ajman property sector will be highly beneficial. The developer added that these mortgage schemes could boost the efforts that are being taken by the Ajman Government. The vital steps to regulate the property sector in the emirate are being continued through Ajman Real Estate Regulatory Authority (ARRA). Presently all the developments in the emirate that are being acquired through self-financing with the money are directly going to the developer, however, various uncertainties are being left behind in terms of financial security.
The CEO said: "The exemplary efforts of the Ajman Government to attract property investors has resulted in significant developments, which has put Ajman in a strategic position to overcome the challenges of the economic crisis. However, we believe that providing mortgage financing for investors who are looking at venturing into Ajman will further encourage investment activities in the market. We are optimistic that combining all these factors will result in greater stability for the Ajman property sector in 2009."
The loan-to-value ratios are settling in the 70 to 85 percent range, thus the UAE mortgage market is stabilizing according to the banking experts. Several leading local banks have now revealed that they are lending upto 90 percent of the original price. Moreover, this is being done on selected real estate projects direct from the developers. While upto 80 percent of financing is being done on market value of selected projects on the resale market. The interest rates for some of the banks currently range between 8.3% and 10.6% which depends upon the LTV and customer's profile. This mortgage financing has already been offered in Dubai and Abu Dhabi. Moreover, as the market becomes more end user driven it will hold much potential to boost the emirate's real estate sector.
30 Percent Increase in Property Prices in Jumeirah Village
Dubai real estate has now witnessed a 9 month period of decline. Moreover, now some early signs of recovery of the property sector can be seen. According to some recent reports, the property prices in Jumeirah Village have tremendously increased. The prices have climbed by 30 percent from their lower levels of pricing in January this year. As far as property in this community is concerned, the construction of Gardenia I & II is getting fastly tracked. This property construction is strategically located in Jumeirah Village. The construction of this project is being tracked by a well known real estate developer in Dubai, Memon Investments.
Jumeirah Village itself is a well designed community developed by a master developer; Nakheel is set to provide authentic and stylish commercial, residential and retail space. MD of Memon Investments, Ahmed Shaikhani said: "We take pride in bringing to customers a variety of property units that address their requirements in luxury and style; however, we believe that we have also proven ourselves as an organization that is dedicated to fulfill our promises to our clients amidst the rise of difficult challenges."
Moreover, this widely developed 811 hectare integrated community has not been impacted to the same degree as other residential properties in various communities across Dubai have been. Therefore, properties in Jumeirah Village still present profitable investment options for those who really want to invest their money in property sector. Thus, more and more investors are looking forward for investing in this opportunity with lower risk. Memon Investments has reported an increased demand especially for Gardenia I & II projects.
Emaar Healthcare Group To Offer Healthcare Facilities In Dubai
Emaar Healthcare Group is now expanding its horizon and its presence in Dubai as new facilities are to be opened in Downtown Burj Dubai, Meadows and Arabian Ranches. Emaar Healthcare Group is the subsidiary of Emaar Properties. The CEO of Emaar Healthcare Group, Omar Al Shunnar said: "Emaar Healthcare Group is dedicated to providing excellent medical facilities, manned by highly-skilled healthcare professionals and equipped with the latest technologies. With a clear commitment to deliver world class healthcare to the communities we serve, we will provide the utmost care and attention to our patients and ensure a caring and secure medical environment with a strong focus on customer service."
Emaar is expanding to healthcare sector which shows that the developer's are committed to develop integrated communities along with amenities thus, enhancing the quality of life. Downtown Burj Dubai Medical Centre has got opened late this year which is a flagship healthcare facility which got opened under Emaar Healthcare Group. This medical centre is highly advanced; it offers special primary patient care specialties. Moreover, it offers advanced diagnostic services along with on-site laboratory facilities.
Excellent medical facilities are being provided maintained by skilled professionals by Emaar Healthcare Group. Every medical centre is equipped with latest technologies. The CEO said: "With a clear commitment to deliver world class healthcare to the communities we serve, we will provide the utmost care and attention to our patients and ensure a caring and secure medical environment with a strong focus on customer service." He further added "The partnership with Methodist International underscores our commitment to develop world-class facilities of the highest standards for patients. Methodist Hospital is one of the world's leading names in healthcare delivery and their reputation and experience complements our objectives. Through our linkage with Methodist, we will leverage their expertise in providing value added services including the ability to source second opinions from the US."
