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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.

Wednesday, May 4, 2016

Japan Is Interested In Al Zorah

A high-profile delegation led by the Ambassador of Japan to the UAE, Kanji Fujiki, visited Ajman and were given a special tour of Al Zorah, a premier waterfront and organically connected lifestyle project by Solidere International in partnership with the Ajman Government.

Consul Fuminori Takaoka of the Consulate General of Japan in the UAE, accompanied the team along with other senior officials of the Japanese Embassy and Consulate. Top-ranking business leaders from Mitsubishi Corporation, The Bank of Tokyo, Sumitomo Mitsui Banking Corporation, Hitachi Ltd, among others, discussed various investment opportunities and areas of cooperation between the two entities. The delegation also discussed possibilities of setting up a workshop around these opportunities.

The Al Zorah tour was preceded by a visit to the Ruler’s Court to meet with His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince and President of the Executive Board.

The delegation was received by Imad Dana, CEO of Al Zorah Development Company, at The Pavilion - Al Zorah’s iconic sales center - where they were provided an overview of the development, located along the breathtaking natural peninsula on the coastline of Ajman.

The group was able to preview the massive 5.4 million sqm project through a corporate video and the detailed model followed by a tour of the 18-hole Nicklaus Design Al Zorah Golf Club and other areas such as the Golf Villas.

With trade between the UAE and Japan having reached over AED120 billion in 2015, according to the latest data released by Japan External Trade Organization (Jetro), the delegation’s visit was timely as it not only hopes to secure further investment from the UAE but also wishes to explore many opportunities within the UAE.

They also expressed their appreciation of Al Zorah’s design concept and development approach, which blends the best of nature with the finest in modern amenities to create refined places for life. Al Zorah is set apart from other destinations by its exotic setting of natural mangroves and seafront.

Dana explained the tremendous business opportunities and lifestyle choices offered by the freehold development, which will start welcoming visitors at the end of the year. The development is set across 12 kms of waterfront, 1.6 kms of sandy beaches, the championship golf course, two beach resorts that are being built, the golf villas that are rising up rapidly and marinas which will see several marine-related activities by year-end. Over 2 million sqm of natural mangroves are spread over the property, 60 percent of which is devoted to public spaces and protected mangroves.

Dana said: “It was indeed an honor for us to host the high-ranking Japanese business leaders who have achieved tremendous success in their businesses through their commitment and dedication. The visit reaffirms the positive investment climate within the economic eco-system of the country and the delegation’s expression of interest has been very encouraging for us.

“Al Zorah is an innovative project that reflects the strong development capabilities of Solidere International, whose attention to detail is a reflection of Solidere, the mother company in Lebanon. Their strong interest in the business potential and lifestyle choices offered by Al Zorah, a free zone and freehold project, will contribute to growing investments in Ajman.”

He added: “We are grateful to the Ajman Chamber of Commerce for facilitating the visit of the delegation of Japanese diplomatic and business leaders to Al Zorah, and also to the Government of Ajman for its unceasing support. With great opportunities for associations and investments, the visit enabled us to present the first-rate features and amenities in this impressive lifestyle development. Their appreciation of the diverse aspects of the project underlines our promise to delivering a truly spectacular project that adds tremendous value to all residents and visitors.”

Al Zorah is in close proximity to Dubai and Sharjah Airports, yet away from the bustle of city-life, and the wide range of outdoor pursuits further define the project. It is masterfully crafted and planned by Solidere International, renowned for developing refined ‘Places for Life,’ and principally established in Dubai International Financial Centre by Solidere, the Lebanese public company that is responsible for the urban regeneration of downtown Beirut.

Tuesday, April 26, 2016

Mövenpick Hotel Apartments Al Burj Business Bay, Dubai

Mövenpick Hotels & Resorts (MHR) has signed a management agreement with Richreit Real Estate Development LLC for one of its most high-profile projects yet – Mövenpick Hotel Apartments Al Burj Business Bay, located in Dubai’s sought-after Business Bay district.

This striking 40-floor property with a modern yet elegant façade, will command a prime position on Burj Khalifa Boulevard overlooking the world’s tallest building, and is expected to open in 2017.

Major infrastructure projects and attractions are within a stone’s throw of the 299-room hotel apartment including Old Town Island, the Opera District in Downtown, Dubai Mall and the Dubai Canal Project, while the city’s financial and commercial hubs are on its doorstep too.

“With Mövenpick Hotel Apartments Al Burj Business Bay we are introducing a new upscale concept that delivers sophisticated living in a district that is rapidly emerging as Dubai’s new business and leisure hub,” said Mr. Andreas Mattmüller, Chief Operating Officer, Mövenpick Hotels & Resorts Middle East and South Asia, speaking at the Arabian Travel Market in Dubai.

The hotel will feature well-appointed and spacious studios as well as one-, two- and three-bedroom apartments. Stand-out amenities include a three-tiered podium area with six meeting spaces; a destination spa, gym, beauty clinic and swimming pool; a children’s area with pool; an all-day-dining outlet, café and lobby lounge; and a business center. The building has been designed keeping the acoustics in mind by using triple glazed glass to ensure maximum comfort level for guests.

Richreit Real Estate Development LLC Chairman Ahmed Butti Ahmed Al Muhairi said: “This property, which is already 55% complete, will not only add a new dimension to Dubai’s impressive skyline, but provide guests with a true immersive destination experience given its prime location at the crossroads of multiple districts and attractions.”

MHR already operates six hotels in Dubai and has two more properties planned for the city - the 244-key Mövenpick Hotel Apartments Downtown Dubai opening in 2017 and the Mövenpick Hotel Dubai Media City opening in 2018.

Wednesday, April 20, 2016

Ellington Properties Announces 14 New Dubai Projects

* First project in Jumeirah Village Circle is among four developments that have already broken ground

* Organization led by Dubai property industry veterans Robert Booth and Joseph Thomas

Ellington Properties – a Dubai-born design-led boutique property development company that develops bespoke and beautiful high-quality homes – announced its project pipeline of 14 developments in Dubai. The new projects will add over 2,200 residential units including apartments, townhouses and villas.

The company, jointly set up by industry veterans and joint managing directors Robert Booth and Joseph Thomas, already has over 3.6 million square feet in gross floor area under design and construction. The firm undertakes the full spectrum of development services from design to construction, advisory and rental unit development.

At a media roundtable, Booth said: “Dubai has evolved as a new global city all within the space of 10 years during which over US$85 billion was invested in infrastructure projects. Simultaneously, the Emirate’s population grew from 1 million in 2000 to over 2.5 million in 2015.

“The city will be home to over 3.2 million people by the time Dubai hosts the Expo 2020. The next four years will also witness an increase in the number of discerning customers who appreciate design and quality over price points. Ellington fills that space.”

Booth, who has been involved with the development of several iconic projects such as Dubai Marina, Emirates Hills, Arabian Ranches and Downtown Dubai, said that Ellington was set up to develop residential projects for discerning customers who appreciate design – from first principles to last detail. Benchmarked against the world’s best, the firm has drawn the best international professionals to create a company that has design in its DNA.

“The visionary foresight of the leadership will continue to drive the growth of Dubai, which will continue to flourish in every aspect,” explained Booth.

He added: “According to the recent Knight Frank survey, Dubai is now ranked at number 5, up from number 7 in 2014, on the list of the most visited cities in the world. Knight Frank also ranks the city number 1 in terms of a global lifestyle review while Forbes ranks it the 7th most influential city in the world. These reflect the positive sentiment shared by people around the world about the city. Dubai will continue to attract investment in its infrastructure and real estate, and Ellington will contribute to that space through highly desired but affordably priced projects.”

Ellington Properties unveiled its first project, Belgravia, in Jumeirah Village Circle which is a G+4 residential building with 181 modern one, two, and three bedroom units. The homes sit on a beautifully landscaped 100,000 square feet of land, with amenities including a swimming pool, gym and indoor and outdoor kids play area. Construction will be completed in December 2016.

“We have crafted each home with great attention to details, striking a tasteful balance between classic elegance and cutting-edge design and integration,” said Joseph Thomas. “These homes will set a benchmark in property development and the home warranty we offer will redefine the after-sales market.

“We are a customer-focused organization with an eye for detail. We launch our projects for sale only after we attain significant construction milestones. This ensures complete transparency in all our operations, adding to investor confidence,” added Thomas.

Ellington has three other projects that have commenced construction activity – DT1, a 17-storey tower with 130 studio, one to four bedroom apartments in Downtown Dubai; The Ellington Collection, a set of high-end luxury villas on Palm Jumeirah, and Belgravia II, a G+4 residential building with 188 modern studio, one, two and three bedroom units in Jumeirah Village Circle. All projects have broken ground with Belgravia having topped out and ready to welcome its first residents in the fourth quarter of this year.

The company has also won industry recognition with DT1 bagging the ‘Best Residential High Rise’ honor at the 2015 Arabian Property Awards.

Ellington has also finalized its plan for affordable rental units development program which will see over 10,000 units being developed by 2020.

About Ellington Properties:

Founded in 2014, Ellington Properties endeavors to craft beautiful environments for exceptionally high-quality lifestyles. Inspired by art and reflective of their owners’ aspirations, Ellington residences are classic in feel but contemporary of vision. Ellington’s current projects include high-rise luxury residences and multi-family communities in Dubai, located in the prestigious Downtown Dubai, Palm Jumeirah or the upcoming Jumeirah Village Circle.

Sunday, April 17, 2016

Sobha Group Launches New Luxury Residential Building

*Eight-storey tower offers unrivaled cityside living with spacious apartments

*Sobha Hartland is located in the heart of Dubai within close proximity to the city’s main attractions

*Handover of units will start December 2017

Sobha Group, the leading luxury real estate developer, has announced the launch of Sobha Hartland Greens, a luxury building with unrivaled cityside living in its urban mixed-use waterfront development in the epicenter of Dubai.

The eight-storey residential project at Sobha Hartland in Mohammed Bin Rashid Al Maktoum City, is beautifully set within a 3km radius to the city’s main attractions. Residents will also have easy access to restaurants and entertainment facilities within the community.

Sobha Hartland Greens includes eight floors of residential apartments varying from studios, to one, two and three bedrooms. The luxury apartments start with an attractive price from AED 804,000 with exceptional payment plans on offer. The handover of units will start December 2017.

Mr. PNC Menon, Founder and Chairman, Sobha Group said: “The launch of Sobha Hartland Greens comes in line with the huge demand we are witnessing for luxury living in Dubai. The apartments have been designed to enhance the lifestyle of residents with an abundance of living space and expansive layouts. The tower is strategically located at the heart of the community and will have all the amenities a resident needs.”

Encompassed in the development will be two international schools, one currently in operation, nurseries, malls, cafes, tennis courts, yoga center, swimming pool, clubhouses and spas, mosques and healthcare facilities.

Residents will also be 3kms to various attractions across Dubai such as: the tallest tower in the world, the largest mall in Dubai, Meydan Racecourse; home to the world’s richest horse race, District One 8.4km cycling and jogging track, Dubai International Financial Centre, water fountains, world’s longest indoor ski slope, Dubai Country Club, Dubai Equestrian Centre, Dubai One Tower; world’s tallest residential tower and Ras Al Khor Wildlife Sanctuary. They will also have easy access to the Dubai Canal and Metro, both of which will envelope Hartland’s low density environment.

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