Tuesday, June 24, 2014

Al Thuriah Launches Two New Towers In The Sahara Complex

Al Thuriah, a leading service provider to the real estate and construction industry, recently announced two big milestones – firstly, the Sahara 3 Tower will be completed ahead of schedule and ready for occupancy by residents before the end of 2014; secondly, the company has announced the construction of two more high-rise residential towers Sahara 4 and Sahara 5.

The new towers will be located in the Sahara Complex, which is an ideal location at the border between Sharjah and Dubai. Considered the gateway to Sharjah, the towers will be easily accessible and will have three hospitals, more than 10 schools and the Sahara Mall in the vicinity. The towers are strategically placed to offer proximity to major landmarks like Dubai International Airport, Sharjah International Airport, American University of Sharjah, etc.

The Sahara Complex is a very peaceful and quiet area, and the towers will have an amazing view of the golden sunsets at Mamzar beach and the green foliage of Mamzar park. The building material and fittings that will be used for these two towers will be best-in-class and from leading construction materials manufacturers and suppliers.

Sahara 4 will have 6 floors of reserved parking space and 27 residential floors while Sahara 5 will have 5 floors of parking space and 15 floors of residential space. The spacious flats serve as a perfect haven for family moments enjoyed amidst well-appointed luxury in a lavish setting, complemented by floor-to-ceiling glass windows that allow for brilliant rays of natural sunlight to stream in and brighten the days.

The apartments will be well-equipped with 24-hour security and complete facilities management. Both the towers will also offer in-building relaxation and recreational options like a swimming pool with lifeguards, and a supervised gym and health club.

Commenting on the announcement, Mr. Raymond Khouzami, CEO, Al Thuriah, said, "With Sahara Complex, we have created a winning formula. A complete package that combines the ingredients of practicality, class and serenity with a guaranteed build quality and timely commitment. This is the success story of the Sahara Towers."

The apartments in both Sahara Tower 4 and Sahara Tower 5 are available for Freehold Ownership as per Sharjah Government Rules and Regulations to GCC nationals and Arabs with a UAE Resident Visa.

Wednesday, June 11, 2014

Schon's Dubai Lagoon Set To Go!

Schon Properties, a leading Dubai property developer, has successfully secured an investment of AED 339 million for the completion of the Dubai Lagoon project. The investment agreement was signed with Xanadu Real Estate Development LLC, a local real estate development company at the Lands Department on Monday, June 2nd. Simultaneously an agreement between the developer and PGS Gulf Contracting Company was signed. This agreement awarded a construction contract worth AED 678 million to the contracting company for the Dubai Lagoon project.

Mr. Danial H. Schon, Vice President of Schon Properties, commented, “This is a turning point for Dubai Lagoon project and we are pleased to tie-up with Xanadu Real Estate Development to complete construction of the project. The funds are being utilized for the completion of Dubai Lagoon project, which also includes the Juma Masjid located within the residential project. Schon-Xanadu have instructed PGS Gulf Contracting to enhance the finishing of the project by including the highest quality items. Given its location and quality construction, Dubai Lagoon is poised to be one of the best master development communities in Dubai.”

Speaking on behalf of Xanadu Real Estate Development, Mr. Adel A AlBreiki, Managing Director, said, “Xanadu is one of the few developers to have consistently delivered projects through the downturn of the real estate market. The prospects of the location are excellent, with the EXPO site in close proximity, and huge appreciation can be expected in coming years. We are excited to partner with Schon Properties to deliver this project.”

Speaking on behalf of PGS Gulf Contracting, Mr. Cenc Yabas stated, “Having a team of over 2,000 personnel on our site, we are more than equipped for this job. Deliveries are expected to commence starting from March 2016 until December 2016. Mobilization works have commenced onsite. Furthermore, construction prices have been covered through the contract with the developer. We are set to go. “

Present during the signing at the Land Department were the Deputy CEO of Rera, Mr. Yousef Al Hashimi, Mr. Emad Farouq the senior legal advisor of the Dubai Land Department and Mr. Abdulrahman Al Yasi from the Trust Accounts Department. Representing Schon Properties was Mr. Danial H. Schon and Mr. Firas Hassan. Adel Albreiki, Managing Partner of Xanadu Real Estate Development and Mr. Cenc Yabas, Managing Partner of PGS Gulf Contracting signed the construction contract.

Tuesday, June 3, 2014

Dubai's Top 5 Mega Projects

With a combined value of close to $240bn, Dubai’s biggest real estate projects will massively redefine the emirate’s landscape in the next decade.

MEED Projects, which tracks various construction projects across the region, has compiled the latest data on ongoing property developments in Dubai and has listed the top five projects that will have a massive impact on the city’s socio-economic landscape in the coming years.

The biggest in terms of value is Meraas Holdings’ Jumeirah Gardens project, estimated at $89.5bn and is due for completion in 2021, followed by Dubai Holding’s Dubai Land development, valued at $61bn with a completion date set in 2020.

The ongoing $16.7bn Dubai World Central development that will be completed in 2030 came in next, followed by Limitless’ Downtown Jebel Ali project, estimated at $14.6bn set for completion in 2020.

Rounding up the top five is the Al Jadaf Area Development Culture Village (Arabian Bays) project by Dubai Holding which has a budget of $11.6bn to be completed by 2017.

MEED released the data ahead of the forthcoming Dubai Real Estate 2020 conference, scheduled on June 9-10, 2014 at the Grosvenor House, an event that aims to provide clarity on the viability of Dubai as a long-term, sustainable real estate investment opportunity.

Endorsed by the Dubai Land Department, MEED’s Dubai Real Estate 2020 conference will address the development and sustainable evolution of Dubai’s real estate market – the world’s fastest growing real estate market, according to Forbes magazine – with fresh insights from leading local and international property experts.

“Dubai is shaping up as an intelligently master planned Mega City, with a booming economy. We now hear of aerotropolis community concepts – cities built around airports – which will most likely emerge in Dubai as it gears up in a big way to develop the Al Maktoum International Airport as a centerpiece development in time for the World Expo 2020 event,” said Julio Armando De Quesada, Head of Corporate and Investment Banking Group, Mashreq

With residential property prices returning to an upward direction in recent months, and a fresh new wave of projects over the next 8 years in the lead up to World Expo 2020, real estate analysts generally see Dubai’s property sector booming in a big way.

Among the highly touted projects include the ongoing Business Bay project, currently valued at $11.2bn, which is expected to be fully completed in two years’ time; as well as the Muhammed Bin Rashid City, which is being developed jointly by Dubai Holding, Emaar, and Meydan Sobha at a cost of $11bn for completion in 2023.

Emaar’s Downtown Dubai development project, with a budget of $10.9bn, is expected to be fully realized in 2020, the time when Meydan also hopes to complete the full development of its Meydan City project at a cost of $7.3bn. Add to this the Dubai Government’s Expo 2020 build-up, which will cost $7bn and will be in place by 2019.

“As the market revives there is an imperative need for more accurate, real-time and definitive information on Dubai’s real estate sector to manage the risk of overheating of the sector,” said Edmund O’ Sullivan, Chairman, MEED Events, organizers of Dubai Real Estate 2020.

The event will create a platform for Dubai’s regulators and leading real estate institutional investors, government and private developers, lenders, advisers, consultants and property professionals to discuss issues and identify solutions for the emirate to move towards a more mature real estate market. Highlights of the conference include critical discussions by the Central Bank of the UAE, Dubai Land Department and RERA on fiscal regulations, reducing the dependency of developers on investors and limiting speculative buying, as well as Dubai Municipality presentation outlining the future real estate development plans, land release programs and the overall master plan for the city.

The International Monetary Fund (IMF) will present a detailed analyst’s view on the impact of Expo 2020 for the UAE’s real estate sector, providing fresh insights on where the opportunities lie as Dubai gears up to host its biggest event yet. Conference delegates will also be able to receive hands-on tactical investment insight from key institutional investors such as real estate funds, sovereign wealth funds, hedge funds, investment banks, private equity, and others with collective assets under management (AuM) of over US$10bn.

Ian Albert, Regional Director, Colliers International Middle East, said: “The UAE property market is currently experiencing an exciting phase in its development with a number of significant projects scheduled to break ground and many already underway. These projects will drive growth in the property market and the wider UAE economy including the hospitality and retail sectors. Winning World Expo 2020 added further stimulus to a buoyant economy underpinned by a rising population, booming tourism industry and significant environmental, cultural and infrastructure projects.”

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