|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| News |
AME Info | Real Estate
Real Estate news and features
- New course offered on Dubai Strata Law
Dubai Real Estate Institute is offering a new course titled 'Implementing Dubai Strata Law', providing participants with an in-depth understanding of the law's key clauses, specifically on shared property management, according to a press release. The four-day course will be held from the 26-29 January at the DREI campus.
- Sweet Homes awards $123m construction contract
Dubai-based developer Sweet Homes has awarded a Dhs450m ($123m) contract to Sharjah-based Master Civil Construction Company for the construction of Towers B10, B14 and B15 - three out of the nine towers comprising its Dhs1.7bn 'Rainbow Towers' project. The move follows the completion of an Dhs12m shoring and excavation contract undertaken by Piling Tech for the initial groundwork of the three towers. The project, which is being built in Emirates City in Ajman, marks the developer's first development in the UAE, and is set for completion by the last quarter of 2010.
- Dubai scraps racecourse agreement
Dubai's Meydan said on Monday it has cancelled a racecourse construction deal with Malaysian construction firm WCT Engineering Bhd and local firm Arabtec 'because of non-adherence to the agreed time schedule for construction', the company said in a statement. Meydan is taking steps to commission other companies to complete the racecourse by 2010, when it is to be opened with the Dubai World Cup horse race, the statement said.
- Burj Dubai hits final height
Emaar's flagship development, the Burj Dubai, has reached a height of 818m according to a project contractor. The spire was erected on the world's tallest building at the end of December and the capping beacon has since been activated.
- Ajman Uptown sales hit 70%
Sweet Homes, a UAE-based developer and multi-service provider to the real estate sector, has sold 70% of its Dhs3bn Ajman Uptown, the first freehold residential in the emirate. Ajman Uptown comprises seven commercial and residential towers, a hotel and hotel apartments, villas and townhouses.
- Dubai owners question maintenance fees
Dubai residents are calling for greater transparency over how money is spent on the maintenance and upkeep of apartments. In Jumeirah Beach Residence, maintenance fees have increased by 129% and home owners have taken to organising unofficial committees to battle the recent hikes. Residents in the Discovery Gardens and The Palm Jumeirah have also set up similar committees.
- Rera to rank Dubai developers
In a new system to be introduced by the Dubai Real Estate Regulatory Authority (Rera) this year, Dubai property developers will be ranked by financial stability and market experience, The National has reported. A regulation requiring developers registering off-plan projects to fully own the land first will also be implemented. The evaluation is aimed at reducing the number of developers, and to give Rera greater control and reinforce investor confidence as falling prices, fraud and contractual disputes hit the sector.
- Modon inks land contracts in Dammam
Saudi Industrial Property Authority (Modon) has recently signed five land allocation contracts for investment projects in Dammam's second industrial city. The five companies are Saudi German Plastics Manufacturing Company, Al-Mutlaq Service and Manufacturing Co. Ltd., Teikyo Middle East Electricity and Equipment Co. Factory, Vital Chemicals Factory, Arab Company Factory for Pipe Projects. Modon oversees the development of industrial lands in Saudi Arabia in partnership with the private sector.
- Dubai issues new payment rule
Dubai's Real Estate Regulatory Agency (Rera) has issued a new rule which says developers can collect no more than 20% of the cost of a property from a buyer until construction begins, reported Emirates Business. 'We have sent out letters to 100 developers - as well as having meetings with them and lending banks and institutions - telling them to take payments from buyers worth only up to 20% of the contract value,' Essa Saeed Ahmed Al Mansoori, Head of the Trust Accounts Section at Rera's Real Estate Development Trust Account Department, told the daily. Rera has set up an 11-member Real Estate Development Trust Account Department that will supervise and monitor the construction process and ensure the escrow amounts are collected in accordance with the agreed schedule. "We have sent out letters to 100 developers - as well as having meetings with them and lending banks and institutions - telling them to take payments from buyers worth only up to 20 per cent of the contract value," Essa Saeed Ahmed Al Mansoori, Head of the Trust Accounts Section at Rera's Real Estate Development Trust Account Department, told Emirates Business. "With properties that are already being built, developers who have collected more than 20 per cent of the contract value from buyers will immediately have to stop asking for further payments until they correlate the escrow amounts already collected to construction progress." Rera has set up an 11-member Real Estate Development Trust Account Department that will supervise and monitor the construction process and ensure the escrow amounts are collected in accordance with the agreed schedule.
- Kuwait's property sector to rebound by H2 in 2009, says expert
Kuwait's real estate sector will recover from its current slump by the second half of 2009, a leading local economist told Kuwait News Agency (KUNA). Adnan al-Haddad, chief executive of Group Gulf, said the country's real estate had declined between 30-40% in the last two months. However, the market was bound to regain its strength once the signs of recovery in oil prices and the stock market and the rebound from the global economy start, possibly in the second half of the year 2009, he said.
- Qatar calls for green building code
Experts attending the recently held Qatar Today Round Table agreed on the urgent need to push for a green building code. It was recommended that contractors, designers, educational and financial institutions and government bodies work towards minimising the environmental damage caused by Qatar's construction activity.
- Danube reports Dhs1.1bn in sales revenues
Dubai-based Danube Building Materials says it has generated Dhs1.1bn ($300m) in sales revenues during 2008, according to a press statement. This represents a 70% increase compared to 2007. Officials said they were confident in the company's ability to ride out the recession, and expected to secure a 30% rise in revenues for next year.
- 70% of The World islands sold, says Nakheel
State-owned developer Nakheel has now sold 70% of the 300 islands that make up The World, a group of reclaimed islands in the shape of a world map located about 4km from Dubai's shoreline, The National has reported. The islands are being sold by invitation only, said Hamza Mustafa, managing director of The World at Nakheel, and the invitation quota for this year and the previous year have been sold out. Among the islands to have sold on the World are Greenland, which was bought by Dubai Infinity Holdings, and Archangel, near Siberia, which was purchased by rival developer Pearl Dubai for $27.2m.
- Crystal Heights show apartment opens
Crystal Heights, a $47.7m freehold residential development in Juffair, Bahrain, has opened an offsite show apartment. Crystal Heights will have 150 luxury apartments, 215 car parking bays and a host of amenities and facilities. The show apartment is open from 10am to 7pm. The property is being sold exclusively by Pegasus Real Estate and is expected to be completed by the second quarter of 2010.
- First 'green' building launched in Ajman
The Habitat - the first 'green' building in the UAE emirate of Ajman has been unveiled by Modern Life Properties, according to a press release. Features of the 45-storey building include use of recycled and environmental-friendly building materials, efficient use of water and water recycling, a building management system to control the flow of carbon dioxide and maintain optimum indoor air quality and an air-conditioning system with 24 variables.
- Developers seek talk on freehold visa
Property developers in Dubai are seeking for the review of visa policy for foreigners linked to freehold property ownership, Gulf News has reported. Developers said a dialogue by the government with the real estate community regarding the matter would bring help restore confidence in the market.
- Damac development reaches 30 floors
Damac Properties has completed 30 floors of its Ocean Heights tower development at Dubai Marina. One floor is completed every 5.2 days, the developer said. The 84-storey skyscraper is being built by Arabtec. Ocean Heights will eventually have 680 apartments ranging from one to three bedrooms.
- Emaar Economic City to hand over residential units by Q1 2009
Emaar Economic City, the Saudi Arabian unit of Dubai's Emaar Properties, plans to hand over the first residential units to the owners in March, said Chief Executive Officer Fahd Al Rasheed. The company, which has sold 1,000 units in the Bay La Sun Village, had planned to complete the residential properties by the end of 2008.
- Property sales down in Kuwait
Kuwait saw a 43% year on year drop in property sales in November, compared to the same period last year, with the value of those sales down by 30%. However, the National Bank of Kuwait said that not including sales conducted through agents, real estate sales volumes in November were at their highest since July. In total, there were 515 transactions registered - a rise of 77% compared to October - worth just under KD137m. Sales volumes rose 44% month on month. NBK said that November's growth was led by the residential sector, where sales volume and the number of transactions rose by 101% and 117%.
- Nakheel axes new projects
Chris O'Donnell, chief executive of Nakheel, has said the developer has no plans to launch any new projects, as sales are slowing down. Last month Nakheel announced plans to reduce its workforce by 15%, but has since said it is not planning on making any more redundancies. Nakheel is one of a number of Dubai developers which have cut staff, scaled back and reviewed projects as the global financial crisis hits Dubai's real estate sector.
- Aldar and Sorouh tie up with RAKBank
Aldar and Sorouh Real Estate have signed agreements with RAKBank to launch a mortgage finance service. The agreement offers up to 90% mortgage finance and a 25-year loan tenure for a large number of existing and upcoming properties in Abu Dhabi. Projects include Al Raha Beach and Yas Island by Aldar, as well as Sorouh's Shams project on Reem Island.
- Union Properties looks at alternative project funding
Union Properties is looking at issuing up to Dhs2.5bn ($681m) of convertible bonds. Union Properties plans to seek regulatory approval to issue the bonds to 'strategic investors'. Hamood Abdulla Al Yasi, general manager at Emirates International Securities, said selling bonds is a tool to get money and the strategic investor is entitled to an interest dividend of 6% or 7%.
- Qatar real estate sound, says report
A market report on Qatar, released by DTZ, an international real estate advisory, predicts sustained demand across all asset classes. Top line findings predict a stable growth across residential, commercial and retail sectors. The report shows residential rents across Doha have increased on average 30% percent per annum since 2005. Prices on the Pearl have increased by 85% in the last two years.
- Union Properties to sell $680m convertible bond
Union Properties plans to sell convertible bonds worth Dhs2.5bn ($680m) to 'strategic investors', the Dubai-based developer said in a statement to the Dubai Financial Market. The company's board sought approval from the Emirates Securities & Commidities Authority for the bond sale.
|
|
|
|
|
|
|
|
|
|
|
Office-Space For-Rent in Dubai Investments Park, Dubai
Rent Price: AED 178,710.00
Original Price: AED 0.00
Property ID:DOFRCOM_50
Addresss:Dubai Investments Park
Area: 777.00 sq./ft
Date Posted: 04 Jan 2009
|
|
|
|
Office-Space For-Rent in Sheikh Zayed Road, Dubai
Rent Price: AED 220,000.00
Original Price: AED 0.00
Property ID:DOFRCOM_49
Addresss:Sheikh Zayed Road
Area: 1104.00 sq./ft
Date Posted: 02 Jan 2009
|
|
|
|
Office-Space For-Rent in Sheikh Zayed Road , Dubai
Rent Price: AED 54,000.00
Original Price: AED 0.00
Property ID:DOFRCOM_17
Addresss:Sheikh Zayed Road
Area: 2000.00 sq./ft
Date Posted: 22 Oct 2008
|
|
|
|
Office-Space For-Rent in Daira, Dubai
Rent Price: AED 60,000.00
Original Price: AED 0.00
Property ID:DOFRCOM_15
Addresss:Daira
Area: 300.00 sq./ft
Date Posted: 21 Oct 2008
|
|
|
|
Office-Space For-Rent in sheikh zayed road, Dubai
Rent Price: AED 60,000.00
Original Price: AED 0.00
Property ID:DOFRCOM_13
Addresss:sheikh zayed road
Area: 300.00 sq./ft
Date Posted: 21 Oct 2008
|
|
|
|
Office-Space For-Rent in Oasis Silicon Free Zone, Dubai
Rent Price: AED 180,000.00
Original Price: AED 0.00
Property ID:DOFRCOM_20
Addresss:Oasis Silicon Free Zone
Area: 1100.00 sq./ft
Date Posted: 18 Aug 2008
|
|
|
|
Office-Space For-Rent in Tcom Dubai, Dubai
Rent Price: AED 905,280.00
Original Price: AED 0.00
Property ID:DOFRCOM_11
Addresss:Tcom Dubai
Area: 2829.00 sq./ft
Date Posted: 11 Aug 2008
|
|
|
|
Office-Space For-Rent in marina, Dubai
Rent Price: AED 110,000.00
Original Price: AED 0.00
Property ID:DOFRCOM_10
Addresss:marina
Area: 520.00 sq./ft
Date Posted: 05 Aug 2008
|
|
|
|
Office-Space For-Rent in Sheikh Zaid Road, Dubai
Rent Price: AED 220,000.00
Original Price: AED 0.00
Property ID:DOFRCOM_9
Addresss:Sheikh Zaid Road
Area: 981.00 sq./ft
Date Posted: 29 Jul 2008
|
|
|
| Page 1 of 1 |
|
|
|
|
|
|
|
|
