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Retail space in Dubai to exceed four million square meters by 2010
2007-10-18 14:22:00
The shopping malls in Dubai , particularly the old and small ones, will soon begin to experience the pressure of decline in rents, as the city is all set to create an additional two million square meters of leasable area within a three year period, a real estate consultancy has revealed.In that case, the supply of retail space for shopping malls in Dubai will exceed four million square meters by 2010, as against the current 1.8million square meters. Colliers International, in its report, mentioned that this huge supply of retail space will bring-forth short-term oversupply in the market. The smaller and older malls will then see sharp increase in vacancies, coupled with fall in rentals.With an aim to be a top tourist and shopping destination, Dubai is building large shopping centers. UAE ranks next to Hong Kong in recreational shopping. The report states "These mega malls will strongly root the Dubai dominance in the retail industry across the region."
More About: Space , Retail , Million , Meters

Saraya to launch sales of its major projects at Cityscape Show
2007-10-17 13:35:00
The up-coming Cityscape event in Dubai, will see Saraya Islands launch the sale of its two new upcoming projects, 'Saraya Village' and 'Al Marsa Island'.Saraya will also reveal the latest developments happening in the company at its stand at the expo, expected to take place from the 16th to 18th October in Dubai. The Saraya Islands will be developing four distinct islands- Al-Boum, Al-Sahab, Al-Marsa and Al-Wahat, and a mainland village, the Saraya Village.Saraya Island project will occupy a 5.5kms long natural island forming a Lagoon, bordered by the islands and its corresponding mainland site which is nearly 16 hectares. The unique landscape offers impressive mountain view, and two different waterfront experiences.The project stands on an area of nearly 1.4million square meters, out of which, 65 percent will be developed, and 35 percent will be dedicated to common landscaped areas, beaches and open air activities.Saraya Islands will be located in Ras Al Khaimah, between the Ar...
More About: Projects , Sales , Show , Launch , Major

Al Fara'a to launch apartment complex 'The Manhattan' at Jumeirah Village
2007-10-17 06:35:00
The subsidiary of Al Fara'a Construction Group, Al Fara'a Properties, has announced plans to launch the Dh.353mn luxury apartment complex, 'The Manhattan ', at the Jumeirah Village , during the coming Cityscape Dubai 2007.This latest venture by Al Fara'a Properties is coincidental with their participation at Cityscape Dubai, the largest real estate event pertaining to investments and developments in the region, due to be held between the 16th and 18th of October, 2007 at the Dubai International Exhibition Center.The developer is also expected to reveal details about their partnership with the Abu Dhabi Commercial Bank (ADCB) and the Emirates Islamic Bank (EIB), wherein investors get to avail their flexible payment plans with a maximum of 90% finance.'The Man hattan' in Jumeirah Village draws inspiration from the urban residence during 1930's in New York, with about 355 elegant units, comprising studio, single bedroom, double bedrooms and triple bedroom apartments with high-end ...
More About: Launch , Complex

Dubai Real Estate Corporation chalks out plans for further strengthening Du
2007-10-17 04:49:00
Dubai Real Estate Corporation (DREC) has begun operations towards development of Dubai real estate sector, so as to fill in the niche market gaps and boost urban growth of Dubai. DREC was recently established following a verdict by H.H. Sheikh Mohammad bin Rashid Al Maktoum, the Vice President and Prime Minister of UAE and Ruler of Dubai.DREC is a full-solution real estate company, responsible for offering various value-added services, such as leasing and facility management services, real estate management services, and asset management consultancies, for properties that are registered in the name of Dubai Government or any of its departments. Even investments within the entertainment, hospitality and leisure sectors are all based on DREC's operations, and the company has confirmed its plan to develop these specific areas in future.The Chief Executive Officer of DREC, Hisham Al Qassim, says "DREC has been established to further strengthen the real estate assets in Dubai, and we in...
More About: Real Estate , Dubai , Plans

The $3bn Ajman Marina project to supply 8000 residential units
2007-10-16 12:15:00
Tanmiyat's Ajman Marina Project , worth $3billion, is expected to add another 8000 residential units to the market. The project will be constructed in two phases over a period of five years.According to the Project Manager, Azad Nouri, the residential units, covering 14million square feet of built-up area, are offered on a freehold basis. The sale of the units will begin shortly once the designs are finalized.Nouri invited all the investors and residents to be part of this ambitious project, which offers perfect style and quality, with reasonable pricing.According to developers, the residential buildings will be one of the modern architectural wonders. The units will be positioned facing the marina, and are expected to comprise hi-tech gadgetry which provides the option for residents to monitor their properties, even when they are out of country.Apart from this, Ajman Marina provides ample berths and best marine management, including boat cleaning and repairs, loading assistance and...
More About: Residential , Units , Resident

The Springs - community of townhouses
2007-10-16 08:27:00
The Springs, is a gated community of townhouses surrounded by scenic gardens and waterways, offering a harmonious and serene environment for small families and couples. It is located within the Emirates Living Community , surrounded by The Meadows and Emirates Hills developments.The residents could choose any of the three, four or five bedroom units, with areas ranging from 1772 square feet to 3030 square feet. Residents will have their own car ports with ample space for two Cars, in addition to balconies and private gardens, which overlook other picturesque developments. Other amenities available in The Springs include Nurseries, Spas, Parks, Swimming Pools, Gyms and Community Centers.The Springs is ideally located in close proximity to other major freehold developments, such as the Dubai Marina, which is just across the road, the Mall of Emirates in Sheikh Zayed Road, and hence can easily access other major amenities such as restaurants, with quite a few five star hotels nearby, an...
More About: Townhouses , Townhouse , Unit

Al Naboodah awarded the construction of Dh.555mn i-Rise Tower
2007-10-16 08:23:00
A leading Dubai real estate developer, Realty Capital Middle East FZ LLC, has awarded to Al Naboodah Contracting, a contract worth Dh.555 million for construction and implementation of the i-Rise Tower . The 37 storey commercial realty project is located in the TECOM (Technology and Media Free zone) in Dubai.The tower will be the largest in the region, comprising a built-up area of more than 1 million and eight hundred square feet. The unique wave-like profile of the tower reflects the advanced infrastructure and the technology-focused vision of the development.The i-Rise Tower will provide office modules that begin from 700 sq ft in size, in a free-zone location. The development also comprises the best amenities. The commercial project is so designed to include executive and corporate offices, coffee shops, restaurants, 18 high speed elevators, fitness center, retail space, a multi-storey car park and a helipad.The CEO of Realty Capital - Middle East, Marwan G. Mansour, said "Time i...
More About: Construction , The Con

BV International to unveil world's most luxurious floating residences at Ci
2007-10-16 07:33:00
Buyers will soon be able to own homes on a luxury ship, which could sail to all locations, including Antartica and Amazon, and attend the Monaco Grand Prix or the London Olympics, the cost of which would be equivalent to nearly 2000 years rent in a Bur Dubai apartment, reports Gulf News.BV International Ocean Holdings Limited will launch a scale model of the 719 foot vessel during the Dubai Cityscape exhibition on 16th to 18th October 2007. The company is expecting a strong reaction from the Middle East to the 112 luxury homes, the prices of which range from Dh.15.69mn for a single bedroom apartment to Dh.52.30mn for a triple bedroom. Penthouses are limited in numbers, with prices ranging from Dh.57.5mn to Dh.155.69mn for a multi-floor penthouse. The sizes of the residence would range from 800 sq ft to approximately 8000 sq. ft.The 13-deck ship will move around the glob maintaining an average cruising speed of 18.5 knots, visiting cosmopolitan centers and anchoring near remote locat...
More About: Floating , Residences , Luxurious

Tameer announces 73 storey skyscraper worth Dh.7bn in Abu Dhabi
2007-10-15 07:19:00
Tameer, the Sharjah-based real estate developer has announced the construction of a 73 storey skyscraper 'Tameer Towers' worth Dh.7 billion in Abu Dhabi . It is a mixed-use development which is located on prime location on Shams, between the sea and the Central Park.The development, apart from the state-of-the-art commercial skyscraper, also includes, four well-designed residential towers, serviced apartment building, a seven star luxury hotel, stepped villas and townhouses, a canal and promenade with dining and retail grounds with plenty of parking space and amenities, and a private marina.The project has been designed by Gensler, the largest and well-renowned architectural firm in the world. The project consists of a gorgeously designed 73-storey international commercial tower which is more than 3000 feet, supported by a 640 foot prismatic atrium. The structure towers over the canal, which passes through its two legs, meets the private marina of the building, together forming a r...
More About: Skyscraper , Worth , Anno , Wort

Dubai will see 150,000 new residential units: Colliers
2007-10-15 07:03:00
According to a report by Collier s International, the Dubai realty sector will shortly see 150,000 new residential units.Out of these about 134,838 units will be constructed in various 'foreign ownership zones', with about 3415 units in Al Barsha and 4609 units in the Tecom areas. Thirty percent of the Dubai Marina is empty, with owners living in 33 percent of the houses, and the remaining 37 percent are rented out.The report highlighted the fact that a lot of attention is being focused on the development of high-end products, while the low and middle-income segments are being given only minimal attention. Highlighting the consequences of an oversupply, the report mentioned that high-end residential segment may assume a top-down nature, leading to market-wide relaxation in lease terms, which are currently heavily weighed in favour of landlords."The report stated that with the landlords getting more competitive, the yearly advance rent payments will be widely replaced by quarterly, ...
More About: Residential , Units , Resident

Dubai Properties to unveil two new projects at Cityscape Dubai 2007
2007-10-14 09:29:00
Leading real estate developer, Dubai Prop erties , 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, ...
More About: Projects

ETA Star to unveil its first master development project La Italia at the Ci
2007-10-12 13:59:00
ETA Star , the major property developer in UAE, is expected to display its first master development project, La Italia , worth Dh.2.5billion, at the Cityscape 2007 show. The Cityscape show will be held between the 16th and 18th of October, at the Dubai International Exhibition Center.La Italia is an authentic Italian themed residential community expected to be launched at the FalconCity of Wonders, Dubailand. According to sources, La Italia will comprise of low-rise, traffic-free residences in the Rome, London and Venice clusters.Apart from La Italia master development, ETA Star will showcase its other recent projects, such as Center Court located at Jumeirah Village South, and a mixed-use development projects currently in its initial stages in Oman and Muscat. Center Court is a mixed-use project with retail and residential units that form a private community, which will render an unmatched quality of life with a serene atmosphere for family living.On the whole, projects worth Dh.5 bi...
More About: Development , Project , Master

Dh.224b Arabian Canal expected to be a 'wonder' of the engineering world
2007-10-11 16:27:00
Dubai, on Tuesday, unveiled a 75-km canal, which would re-shape the southern part of Dubai, transforming the huge Jebel Ali land mass into an island.This latest mega-project of New Dubai, the Arab ian Canal , will turn out to be the biggest and most expensive engineering feats in the world, costing $61 billion (Dh.224 billion).The giant project will be built in two phases - the first phase is the 75kms canal, worth $11 billion that connects Palm Jebel Ali to the Palm Jumeirah, and the second phase is a 'city within a city' worth $50billion, which covers 20,000 hectares across the southern flank of the canal.The global real estate branch of Dubai World , which is developed by Limitless, will also bring about a transformation on the arid terrain which stretches from outskirts of New Dubai to Jebel Ali."The Arabian Canal, will no doubt, be one of the wonders of the Engineering world," commented Saeed Ahmad Saeed, CEO of Limitless.The canal, measuring about 150 meters in width and six me...

Omniyat announces Dh.6bn worth real estate projects in Dubai
2007-10-11 08:51:00
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...
More About: Projects , Estate , Real Estate , Real

'Demand could surpass supply during the next decade in Abu Dhabi' say repor
2007-10-11 08:26:00
According to a report by The National Investor, the demand for housing in Abu Dhabi , is likely to surpass supply for the next decade, spiraling rent rates."We expect a situation of oversupply to threaten the value of local property market," reports the Investment Bank.The Bank advised that investors who are interested in getting the best out of Abu Dhabi property market, need to stay away from single, direct equity investments, which will bring significant risk and volatility.About 140,000 units are expected to be supplied in the market by 2009 and 2010, in comparison to just 10,000 during 2008 and 2009. Also, the demand during these three years, could average to about 18,000 units per year."The next two years are likely to be slow in terms of residential supply, and hence rents would continue to remain stable," the Bank said.Companies such as Sorouh Real Estate, and Aldar Properties, are developing about $121 billion worth of properties in Abu Dhabi, reported the Bank.
More About: Demand

Emaar to display flagship international real estate projects at EXPO REAL 2
2007-10-10 10:57:00
Emaar Properties, the leading global real estate developer, has announced its decision to display its flagship and international real estate projects at the EXPO REAL 2007 global trade exhibition. The exhibition will be held at New Munich Trade Fair Center, from 8th October to 10th October 2007.Emaar will be making its second appearance in this international event, highlighting master projects including King Abdullah Economic City in Saudi Arabia, Downtown Burj Dubai, and various other master-planned communities in its international markets such as Morocco, Syria and Egypt.The major attractions at the Emaar stand will include mixed-use real estate projects such as Burj Dubai, Downtown Burj Dubai community, including the world's tallest free-standing structure, Burj Dubai. Other developments that will be displayed include the Eighth Gate master planned community project in Damascus, the Marassi residential development in Egypt, the ongoing expansive developments, Amelkis II and III ...
More About: Projects , International , Estate , Real Estate , Expo

Cirrus Development- the first in Dubai to form a Trust Account, prior to an
2007-10-10 10:44:00
Cirrus Development s, 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 installati...
More About: Form

Rental Disputes Committee warns landlords against change residential buildi
2007-10-09 08:02:00
A senior official in the Abu Dhabi Rental Disputes Resolution Committee has clarified that Landlords cannot evict tenants for the sole purpose of change of business, from residential buildings to hotel apartments.The Chairman of the Resolution Committee, Mohammad Rashid Al Hameli, said "Changing business from residential building to hotel apartments is not a legal ground to evict tenants".Al Hameli mentioned that legally landlords do not own the right to evict tenants, unless in specific cases, such as approved demolishing for personal use, or for tenants failure to pay the rent, or subletting the property without the approval from landlord or for violating public norms.In case of demolishing the building, the tenant should be informed about it six months in advance, and in case it is found that the landlord has not been living in the property after evicting the tenants under the pretext of personal use, or if the property has been re-rented to another party, the tenant can place a ...
More About: Residential , Change

German Business Park at Dubai Silicon Oasis
2007-10-08 11:43:00
The German Business Park FZCO has entered into a contract with Fischer Architects of Mannheim, Germany, to prepare the conceptual designs and preliminary engineering for its Dh.750million mixed-use real estate development at Dubai Silicon Oasis Head Quarters.The German Business Park FZCO is a joint-venture between Bin Jabr Group of Abu Dhabi and Dubai Silicon Oasis Authority. The Dubai Silicon Oasis, where the project is likely to come up, is the premier integrated innovations hub in the region for high-tech industries.The German Business Park, worth Dh.750million, covering an area of 82,000 square meters, comprises a large three-level podium, bordered by two slender towers with twelve floors each, up to a height of 60 meters.The Park will offer German companies with a business class hotel, commercial space for sale, serviced apartments, luxury retail and restaurant area, and underground parking space for about 1700 cars.A part of the real estate development will also house the Germ...

The Jumeirah Lake Towers at Dubai Marina
2007-10-07 11:08:00
The Jumeirah Lake Towers is yet another development, situated across the Dubai Marina development, equally impressive in size, comprising high-rises that are scattered around the man-made lakes. The buildings depict a range of residential and commercial freehold properties, marking an extension of growing business community in Dubai.There will be a total of 87 towers, most of which are either under construction, or to be completed soon, and will be situated among four purpose built manmade landscaped gardens. Residents will get to catch a glimpse of newest part of Dubai, including the freehold communities like Emirates Living that are nearby.The upcoming towers of the development include the Al Seef, Lake Plaza, Armada, Concorde Tower, Al Waleed, Dubai Arch, Dubai Gate, Falcon Tower, Flamingo, Fortune Executive, Fortune Tower, Global Lake, Goldcrest Views, Green Lakes towers, HDS Tower, Indigo, Laguna Tower, Lake City, Lake Shore Tower, Lake Terrace, Lake View, Madina Tower, Manches...
More About: Meira

Emaar Properties launches 'Polo Homes'- an exclusive villa community
2007-10-07 07:25:00
Emaar Properties has launched the 'Polo Homes Community ', an exclusive collection of villas at the Dubai Polo and Equestrian Club.Located adjacent to the Arabian Ranches, the Polo Homes are limited in number, with just 71 polo fields, and makes one of the most opulent and impressive residential communities by Emaar till date. Residents could also enjoy the close proximity to Dubai Internet City, Dubai Media City and Jebel Ali Free Zone.Apart from meeting the increasing demand for villas in Dubai, and being a part of the Arabian Ranches community, the Polo Club offers vast leisure facilities and easy access to the Arabian Ranches Golf Course. The residents at Polo Homes get to enjoy a range of amenities such as health and fitness facilities, retail outlets, schools, children play areas, all within the Arabian Ranches development.The Polo Homes offer the option of choosing the interior themes between 'Classic' and 'Traditional', The decorative coving, hand-made Mashrebia screens...
More About: Exclusive , Villa

Union Properties launches UPTOWN Motor City Phase II
2007-10-06 07:35:00
Union Properties PJSC (UP), the leading real estate development company, has launched Phase II of the UPTOWN Motor City development to the public, following remarkable success of Phase I. The UPTOWN MotorCity Real Estate Project, which is located on Emirates Road, includes Dubai Autodrome, F1 Theme Park, Green Community Motor City and Business Park Motor City.UPTOWN Motorcity is a freehold master development with amenities such as swimming pools, schools, play areas, park areas, sports facilities and retail outlets. The UPTOWN MotorCity Phase II comprises studios, single, double and triple bedroom apartments.The General Manager of UP, Lesley Sayle, expressing his pleasure over the sales results, said that ever since it's launch, the development has sparked interest of various home owners, and recreation of brands has always brought success and increased demand for the properties has given UP an edge for having a complete project like UPTOWN Midriff as the benchmark.Finance options ...
More About: Union , Uptown

Le Grand Chateau from Al Fara'a Properties meets hundred percent sales
2007-10-06 05:21:00
The flagship subsidiary, Al Fara'a Prop erties , 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 ...
More About: Sales

ETA Star, ADCB sign MOU for construction of Taj Exotica Resort and Spa at P
2007-10-05 11:01:00
ETA Star , together with the Abu Dhabi Commercial Bank (ADCB) has announced the construction of Taj Exotica Resort and Spa at The Palm Jumeirah, and has entered into an agreement to this effect. As per the agreement, ADCB will lend Dh.275million to ETA Star for construction of this superb resort complex. ETA Star plans to construct Taj Exotica Resort & Spa through a partnership with Taj Group of Hotels.The Taj Exotica Resort & Spa is a luxurious five-star hotel development, depicting the style of conventional Palaces of Rajasthan. The highlight of the entire development is the 262 room 'Jiva Spa', which is likely to be the largest in the Middle East. The Spa comprises single and double treatment suites, meditation and yoga pavilions, beauty treatment rooms, fully equipped gyms and relaxation pools. Other facilities include Tennis Courts and Private beaches, and the swimming pools.The Executive Director, ETA Star, Abid Junaid said that ETA Star has always aimed to provide on...
More About: Construction , Sign