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Monday, August 22, 2016

Omniyat Reveals Latest Details Of Flagship Palm Jumeirah Project‏

One of Dubai’s most exciting construction projects is rapidly taking shape, with progress now visibly making an impact upon the Palm Jumeirah skyline.

In a new construction report released today, Omniyat has revealed that its flagship One Palm project, based on the left trunk of Palm Jumeirah has reached level three of its cores, with first level slabs now completed at 16m above ground level. Slabs are expected to be completed up to level 15 by the end of 2016, making One Palm taller than its neighboring developments.

The 910,000 sqft 100m development is set to be an eye-catching architectural statement unlike anything else in the city. With just 90 residences set in the tallest private residence on the Palm it is already looking to be one of the most sought after addresses in Dubai.

The ultimate in plush, luxurious surroundings, One Palm will be equipped with an unrivaled range of amenities and facilities to cater to its residents. The One Palm Clubhouse, which includes an incredible fine-dining restaurant, indoor and outdoor swimming pools, outdoor cinema and BBQ area, cigar lounge, yacht club and spa are just some of the offerings available exclusively to those lucky enough to secure their property.

The iconic property, due for completion in 2018 is designed by New York architects SOMA. Each residence will be a statement of personal taste with owners able to choose their interior and finishes from two of the world’s most esteemed designers to match their individual style.

Buyers will be able to choose from interiors designed by Japanese firm Super Potato, known for its chic, modern fit-outs or the opulent rich textures or London based luxury design studio, Elicyon – famed for its involvement in the renowned One Hyde Park building in London’s Knightsbridge.

Mark Phoenix, Managing Director of Omniyat said: “With its superior list of facilities and amenities, paired with extraordinary design, luxurious interiors and unspoiled views, it’s no surprise that One Palm, has been billed as Dubai’s most exclusive address.”

“It’s clear to see from our latest construction report that development of One Palm is coming on in leaps and bounds. This has clearly piqued the interest of potential buyers who are keen to get their hands on one of these magnificent properties.”

++ Operating out of its headquarters in "One by Omniyat" at Business Bay, the Omniyat Group has delivered projects worth $6.2 billion and has a pipeline of a further AED 12 billion in various stages of planning and development. Some of its prominent projects include The Opus by late Dame Zaha Hadid, The Sterling, The Pad and ONE at Palm Jumeirah.

Thursday, August 4, 2016

Mudon Continues To Expand

Dubai Properties (DP) has announced that the Mudon project, a master-planned residential community in DUBAILAND, is currently undergoing a Phase 2 staged homeowner handover which is scheduled for completion by October 2016. The handover of close to 400 units will cater to the unprecedented customer demand for a unique and family-friendly residential environment.

According to the recent Dubai Pulse 2015 report, over 93.7% of Dubai residents consider the Emirate to be a suitable place for raising a family due to its state-of-the-art infrastructure and services. This survey emphasizes how the high quality of Dubai’s residential communities plays a decisive role in property decisions, and how communities like Mudon continue to be a key investment category for property buyers, especially end-users. Benefiting DP’s experience as a premier master developer, the exceptional master-planned community has set the benchmark for residential destinations across the Emirate.

Abdulla Abushabib, Senior Executive Director for Customer Care and Government Relations, DP, said: “We are excited to see Mudon flourish into a community that matches the cosmopolitan lifestyle, growing economy and progressive culture that makes Dubai one of the most attractive prospects for buyers coming from around the world. Since the complete handover of 398 units in Phase 1 in 2015, homeowners have enjoyed their spacious Arabic-themed villas and the extensive community and sporting facilities that make Mudon one of the most preferred residential neighborhoods in Dubai. With fantastic feedback from the residents in Phase 1, we are expecting similar results for Phase 2.”

The popularity of the Mudon community comes as no surprise as real estate portal Bayut.com has reported that DUBAILAND was the most popular neighborhood among users looking for rental villas in H1 2016, with the area receiving a majority 9.7% of all searches undertaken for Dubai rental villas on the website.

“A peaceful living environment with family-friendly community amenities, along with the overall quality of the design and build of the villas, was the key criteria when deciding where to invest in a home for our family,” said Serge Raould Tanga, who took over his villa in the Mudon neighborhood in 2015. “Mudon ticked all the boxes as we instantly fell in love with the aesthetics of our villa and the community is perfectly situated close enough to town to easily commute into work, while still being able to enjoy a lifestyle that complements the varied needs of all of our family members.”

The residential area in Mudon is complemented by a sprawling 64,000 sqft community center that hosts a supermarket, swimming pool and gym, tennis court, a medical clinic, children’s nursery and playground, and a variety of retail outlets and restaurants. Residents will also soon be able to enjoy the 41-acre Mudon Central Park with cycle and jogging paths, as well as the educational offerings at the GEMS school, which is currently under development.

According to Abdalla Alkhajil, a homeowner who lives in Phase 2 of the community with his family, the planned recreation and sporting facilities, and retail and F&B offerings at the Al Salam Town Center, were some of the main attractions behind their decision to set up home in the community. “As working parents, having a comprehensive community center, along with sports and leisure amenities at our fingertips, was important to us. Being able to take care of all of our shopping, childcare, recreation and healthcare needs a few minutes away from our home allows us to spend more quality time together as a family.”

The Mudon community is part of DUBAILAND, a Dubai Properties destination that is an evolving leisure, shopping and sports destination. As one of the leading master-planned residential and leisure destinations in Dubai, DUBAILAND is home to a number of Dubai’s leading attractions, including Global Village, Dubai Outlet Mall in Outlet City, the Autodrome in Motor City and the Cricket Stadium at Dubai Sports City, as well as 100,000 residents.

Thursday, July 21, 2016

Arabella 1 In Dubailand Going Strong

Dubai Properties (DP), a leading Dubai-based real estate master developer and asset manager of four major destinations in Dubai – JBR, Business Bay, Culture Village and DUBAILAND - has announced that the first phase of infrastructure work has been completed and building construction is now in full swing at the Arabella 1 Townhouses located within the Mudon community in DUBAILAND.

The main construction contractor, Trojan General Contracting Co. LLC (TGC), has mobilized onsite at the sold-out residential community in preparation for the commencement of the next phase of infrastructure work, which is scheduled to be completed by the end of 2016.

Located within Mudon, Arabella 1 is one of the most sought after neighborhoods of timeless, elegant and modern designed units with simple artistic lines and generous glass facades.  Homes at Arabella 1 Townhouses carve a new definition point for active living, encouraging the outdoors and a healthy lifestyle.

Masood Al Awar, Chief Commercial Officer, Dubai Properties said, “Arabella 1 is an exemplary development for DP as it fosters a local neighborhood spirit while offering a range of options to suit a range of buyers, from young professionals seeking comfortable housing, to families looking for a lively residential destination with a communal feel. As a leading master developer of iconic destinations that help steer the resurgence of Dubai’s real estate market, we are pleased to announce that the building construction work at the family-focused residential community is well underway.”

TGC, an Abu Dhabi-based construction company specializing in residential housing and the development of renowned self-contained communities in the UAE, sees the Arabella 1 project as an opportunity to positively contribute to the development of Dubai’s residential community infrastructure.

Eng. Hamad Al Ameri, Managing Director, Trojan Holding, commented, “In line with our vision and Dubai’s hosting of the upcoming World Expo 2020, we take pride in being committed to timely delivery and the highest quality of work across all our projects. The Arabella 1 housing project allows us to utilize our assets of vast and efficient manpower and cutting edge technology to deliver excellence. Arabella 1 Townhouses is undoubtedly going to fuel the real estate market with its unique and sought after offerings and we are very excited to be a part of such a prestigious project.”

In response to the extensive market needs, and with the aim to enrich the lives of residents, Arabella 1 Townhouses reflects Dubai Properties’ experience and understanding of the local real estate arena.

Arabella 1 Townhouses is planned to be completed in 2018 and Arabella 2 Townhouses was launched earlier this year due to strong customer demand.  The two townhouse projects are part of the master planned Mudon community.

Mudon occupies a prime location 15 minutes from the center of Dubai and is just over 10 minutes from the Mall of the Emirates and enjoys direct access to Emirates Road and Mohammed Bin Zayed Road via Hessa Street and Al Qudra Road. The exclusive three to four bedroom townhouses in Arabella 1 range from 1984 sqft to 2603 sqft and are nestled in amongst the community facilities at Mudon including sporting facilities, recreation areas, F&B, community services, healthcare, education, and other community amenities.

Monday, July 11, 2016

Exchange Tower, Business Bay, Handover Fully Completed

>The tower is fully live and operational, with 188 offices handed over to landlords

>Several landlords already enjoying 9% net on rental yield, one of the highest in the commercial property market

The handover at The Exchange Tower in Business Bay has been fully completed with 188 offices handed over to landlords. The tower, which was completed in January 2016, is fully live and operational marking a historic year for the Saudi-based real estate developer Tanmiyat Global, who also recently announced the Phase 1 handover of the Living Legends Community in Dubailand containing 184 villas and 144 apartments.

“This is an exciting time for Tanmiyat; 2016 is all about delivery and we are showing our commitment to our clients and partners with the completion of The Exchange Tower.

There is no doubt that the past several years have been tough for the construction industry in the region but we believe in this market and feel the only way is up from this point”, comments Mohammed bin Odah, CEO of Tanmiyat.

The Exchange Tower located in Business Bay opposite the JW Marriot Marquis, includes offices and retail spaces that have been finished to a high standard using top quality materials. With many offices already leased, several landlords are benefiting from a 9% net on rental yield, one of the highest in the commercial property market.

"The Exchange Tower is in a close proximity to the new landmark Dubai Water Canal and is in a fast growing location near the new address of the Dubai Financial Market. The location offers steady and clear growth potentials to our clients and we are already witnessing high demand from secondary markets on the tower. We are expecting Business Bay to attract more anchor brands and large corporations in the future", continues Mohammed.

The demand is partly due to the positive impact of Expo 2020 which has seen more companies relocating to Dubai and new start-ups entering the market. In fact, the Department of Economic Development in Dubai issued 22,691 business licenses in 2015, an increase of 17.4 percent compared to the total number of licenses issued in 2014.

“Recent market results have been a clear indication that Dubai remains an attractive destination for companies and investors due to robust economic activity prevailing in key sectors.

We are carefully monitoring the market and looking at potentials as we aim to keep expanding our portfolio”, concludes Mohammed bin Odah.

Tanmiyat’s key developments include the Living Legends Community containing apartments, villas and a mall, The Exchange Tower and The Court Tower on the Business Bay canal. Phase 2 of Living Legends will start handover in Q4 of 2016 whilst the full line-up of facilities including a school, mall and 5-star hotel will be complete in late 2017.

The handover of both The Exchange Tower and Living Legends projects demonstrates Tamiyat’s commitment to delivering icons in the UAE and the future looks  bright for the real estate developer.

Sunday, June 19, 2016

Tanmiyat Launches Handover Of First Phase AED7Billion Living Legends Community

   >> Keys to hundreds of units now in the hands of owners after DEWA confirms utilities connection to 184 villas and one residential tower.

   >> Handover signals Tanmiyat’s long-term commitment to Dubai property market with additional project launches scheduled for later this year.

The real estate development firm Tanmiyat Group is handing over hundreds of homes to investors in its flagship Living Legends project following connection to Dubai’s electricity and water grid.

The Saudi Arabia-based private company has distributed keys to the 184 villas and one tower block that make up Phase One of the single biggest residential project in the Dubailand master development.

The move paves the way for full delivery of all 500 villas and 12 residential towers within the 15 million sqft Living Legends gated community. The residential units will be complemented by a 9-hole golf course, schools, clinics, a shopping mall, a five-star hotel, and a wide range of recreational facilities.

Mohammed bin Odah, CEO of Tanmiyat, said: “Tanmiyat is delighted to receive confirmation from DEWA that phase one of Living Legends is fully powered up and ready for investors to receive the keys to their dream homes. This is a proud moment for us as we reach a hugely significant milestone in the most important project in our portfolio.

“Living Legends is a fantastic addition to Dubai’s property market. It offers a tranquil living environment amid large areas of open green space and amenities, a wide range of attractive unit sizes, and a healthy return on investment. We can’t wait for residents to start calling Living Legends their home.”

Living Legends is Tanmiyat’s flagship project in terms of size, value and number of units. The entire AED7billion community is made up of 12 residential towers containing 2,600 spacious apartments in total, as well as 500 luxury villas and an impressive range of amenities and leisure facilities.

The road and utilities infrastructure is fully completed, and sales are gathering pace with 88 percent of the entire project sold out. Market analysts anticipate an average 10 percent rental return on investment, as well as strong capital appreciation.

The handover launch represents Tanmiyat’s commitment to ensuring 100 percent completion of Living Legends following the demands of the financial crisis of 2008/09.

“The journey to this point has come with many challenges as we and the rest of the real estate industry faced the property crash and its aftermath,” said Mohammed bin Odah.

“As a private developer, we self-funded the entire Living Legends project and, despite being badly hit by the financial crisis, managed to restructure without external financial support or bank bailout.

“To now be able to reward the faith and patience of our investors gives us a real sense of pride. It also demonstrates our long-term commitment to the Dubai property market and that going forward we can fulfill our obligation to buyers.”

Tanmiyat is now fully focused on completing the second phase of Living Legends, which is scheduled for handover in the last quarter of 2016. The entire community, including the full line up of facilities, will be ready by end of 2017. In a display of commitment to Dubai’s long-term growth, the group is planning to launch a series of new projects, details of which are due to be released later this year.

Hassan Bahloul, from key investor Sidra Capital remarked “We monitored Living Legends for some time before making the decisions to invest in it and our research showed great potential in the project, with it being one of the most growing areas in Dubai. It’s a simple rule; if you want to make money then invest in areas with clear potentials that still have growth opportunities. We are delighted to take over our villas in Phase 1 and we would like to thank the developer who showed real commitment toward making it happen”.

Tanmiyat Group boasts an impressive portfolio of ground-breaking projects. The firm’s prominence in the regional real estate arena has grown exponentially, with the development of its investment programs and successful launches.

The group’s portfolio includes Living Legends, The Exchange office tower at Business Bay, and The Court Tower at Dubai Water Canal.

Sunday, May 29, 2016

Al Zorah’s Phase One Projects On Schedule For Completion By End Of 2016‏

> Board Meeting chaired by HH Sheikh Rashid bin Humaid Al Nuaimi commends high-quality ongoing work

> Projects worth AED 1.7 billion to be executed before year-end

The Governing Board of Al Zorah Development Company, a joint partnership between the Government of Ajman and Solidere International, reviewed all current projects valued at over AED 1.7 billion, at a board meeting to discuss the development and the performance of the organization, held at The Pavilion at Al Zorah in Ajman.

Al Zorah is the flagship project of Solidere international in the UAE and owns and develops all the projects within the new community. The development will feature a unique gate at the entrance scheduled for completion in December 2016, making it a stand-out project in the Northern Emirates.

The meeting was presided over by His Highness Sheikh Rashid bin Humaid Al Nuaimi, Chairman of the Board of Directors of Al Zorah Development Company, who lauded senior management for the strong construction and development progress seen at Al Zorah.

Roads, infrastructure and landscape work are already complete at the development, which embraces an organic lifestyle, complete with pedestrian trails, two million square meters of natural mangroves, 1.6 km beach front and 12 km of waterfront. The infrastructure works has been valued at AED 500 million.

Marina 1, home to the first of four marinas, which was completed 2 years ago with a total fit out value of AED 110 million, will open 47 berths for 80 foot yachts, by Q4 2016. Marina 1 will include a park encompassing over 17 retail and F&B outlets and a water sports center which will host a variety of water sports within a sandy beach area, dedicated parking, lawn areas and play areas. Marina 1 Park is valued at AED 50 million.

Through the course of the meeting, the board also discussed signature projects under development, including the world-renowned Oberoi  whose construction and development value is AED 550 million, which will come to Ajman for the first time to operate a 5-star resort – The Oberoi, AL Zorah -  later this year. With 113 villas and suites, the Oberoi, Al Zorah is a prime example of a premium, sophisticated hospitality project that meets the development’s world-class standards.

The members of the board recognized the work being completed in Al Zorah’s Fairways district which features luxurious residences set around the Nicklaus Design 18-hole championship golf course which was built at AED 160 million, and was launched in December 2015. Residents will be ready to move into the first set of the Golf Villas located on the course by the end of summer 2016. The total value of the Golf Villas under construction is AED 350 million.

The Federal Electricity & Water Authority (FEWA) has already begun supplying power to all the projects and as each project comes to life it will be fully powered for operations.

In addition, senior management strategized on future plans for the further growth of golf courses which has already attracted much attention in the global golfing community.

H.H. Sheikh Rashid bin Humaid Al Nuaimi, Chairman of the Board of Directors, Al Zorah Development Company, said: “Al Zorah is one of the most ambitious projects in the UAE and it is a matter of great pride to see it finally coming to life. We are confident that our project will have a strong impact on Ajman and its economy and we are keen to fulfill our long term goal of providing a high-quality destination to both residents and visitors looking for something unique.”

Nasser Chammaa, Chairman of Solidere and Solidere International and a member of the Board of Directors, added: “At Solidere we bring deep knowledge and expertise in real estate construction to create refined and sophisticated ‘Places for Life.’ We are extremely proud of the headway being made at Al Zorah, Solidere International’s flagship project in the UAE. We have witnessed significant progress in construction activity and look forward to what the future holds.”

Thursday, May 26, 2016

$2Trillion In GCC Project Pipeline

> Project pipeline in GCC valued at USD$2Trillion, led by Saudi Arabia and UAE

The pipeline of projects planned in the GCC as of May 2016 amounts to $2Trillion.

Delegates attending the MEED Construction Leadership Summit in Dubai yesterday were told at a briefing hosted by leading professional services firm Deloitte that Saudi Arabia leads the region in terms of the value of projects in the pre-execution stage, with 38.91 percent of the total value, followed by the UAE with 34.84 percent.

Qatar is next with an 8.57 percent share, then Kuwait with 8.22 percent. Oman follows with 6.48 percent with Bahrain having a 2.97 percent share of the market.

In order to maintain the momentum in the project pipeline and in the face of austerity concerns, Cynthia Corby, Partner, Middle East Infrastructure and Capital Projects Leader, Deloitte says, “It will be necessary to innovate, perhaps with a drive towards privately financed solutions.”

Besides the oil price slump, the future growth of the projects sector will depend on several factors, including the speed of enacting legislation, restructuring, prioritization of project plans, and the ability to obtain funding, according to Ed James, Director of Content and Analysis, MEED Projects. “But more importantly, governments’ commitment to maintain spending in the face of falling revenues to keep the economy moving will be a key factor in driving the industry forward through the challenging times,” he says.

Experts forecast huge project investment will still be made between now and the end of this decade. Growing economies across the Gulf region will require improved infrastructure for cities to function and expand as planned, but innovative financing models need to be explored as funding gaps arise because of government budget deficits.

“Significant opportunities still exist and public-private partnerships are high on the agenda as a way to leverage private funding,” said Chris Palfreyman, Director, Infrastructure Owner/Operator, Bentley Systems.

Wednesday, May 25, 2016

Dubai And Turkey Team Up For Mega Project

Deyaar announces Aşçıoğlu as strategic partner in Turkey for mega Midtown project

> Strong demand for Dubai properties from overseas investors

> Leading real estate brand will introduce Deyaar’s popular Dubai development to Turkish investors

Deyaar Development PJSC, one of Dubai’s largest property development and real estate services companies, announced details of a strategic partnership with Aşçıoğlu, a leading Turkish real estate brand. Aşçıoğlu will introduce an exclusive tower in the Dania District of Midtown to Turkish investors keen to invest in the thriving UAE property market.

Dania District is the second phase to be constructed of the grand 1.2 million sqft mega Midtown development. Comprising a built-up area exceeding five million sqft, Midtown is located in Dubai Production City, the growth corridor of the city, close to the Jebel Ali port, Expo 2020 and Al Maktoum International Airport.

The co-branded property, will be the first time Aşçıoğlu’s prestigious property brand, Selenium, has branched overseas, a testament to Dubai’s continuing success in attracting overseas property investment. The Selenium portfolio includes many significant properties in Istanbul including the landmark ‘Selenium Twins Towers’. The exclusive tower in Dania District will be customized to the needs and tastes of Turkish customers with the high quality architecture and living environment for which Deyaar is renowned.

The partnership was announced in Dubai by Deyaar’s Chief Executive Officer Saeed Mohammed Al Qatami and Chairman of Aşçıoğlu, Yaşar Aşçıoğlu. It follows a memorandum of understanding signed by the two companies in June 2015.

Commenting on the announcement, Saeed Al-Qatami said: “Deyaar’s properties offer a superior living environment, optimal value and solid return on investment and this is generating strong demand from overseas. We are confident that Midtown, which delivers ultimate levels of comfort and convenience in an urban community living space, will appeal to Turkish investors.”

“With nearly half a century of experience in real estate development, Aşçıoğlu was a natural choice of partner for Deyaar. Their commitment to customer service is aligned to our own high standards, so we can be sure our customers in Turkey will receive a high quality end-to-end experience.”

Commenting on the partnership, Saeed Al Falasi - Executive Director, of Dubai Production City said: “We are delighted to see two firms of such caliber teaming up to take advantage of the outstanding environment Dubai Production City offers. Located near the Expo 2020 site and Al Maktoum International Airport, Dubai Production City is a strategic location for this venture, offering excellent opportunities to provide a comprehensive community to live and work.”

Yasser Aşçıoğlu, Chairman of Aşçıoğlu Group said "We set out with the objective of making “Selenium” a world brand. After Istanbul, we chose Dubai, one of the world’s visionary entrepreneurial capitals. Thanks to Midtown by Deyaar, we have brought a prominent Turkish housing brand, Selenium, abroad for the first time”

This announcement follows a successful property roadshow held by Deyaar in Mumbai, India, earlier this month showcasing Deyaar projects to Indian investors. The partnership is further evidence of the popularity of the UAE’s property market as an investment opportunity for overseas buyers, attracted by the region’s stability, excellent infrastructure and lucrative rental yield. Deyaar is well placed to take advantage of overseas investors targeting the robust Dubai property market with an attractive offering of high quality properties, simple payment plans and low cost of entry.

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