DAMAC Properties has launched the world's first FENDI-styled villas. The 34 properties are located in a private-gated community in the 42 million sqft AKOYA by DAMAC master development off Umm Suqeim Road in Dubai.
Each unit comes with interior designs and decor from the FENDI Casa range and offers a unique and stylish interpretation of the iconic Italian fashion brand, all of which is uniquely designed by FENDI’s specialist interior designers, to offer a contemporary home for the most prestigious living experience.
The villas, which come with a starting price of AED 36,000,000 and will be ready in Q1 2017, have a prime location overlooking the Trump International Golf Club, Dubai. The villas vary in size from 7,900 sqft to 16,767 sqft.
“These exclusive, limited edition, FENDI villas are being designed with only the most stylish and demanding clientele in mind,” said Ziad El Chaar, Managing Director, DAMAC Properties. “The creativity and elegance brought to life in the world’s first FENDI villas take pride of place in one of the most desirable locations in AKOYA by DAMAC.
Given the limited number of villas available, combined with the response we have already seen since announcing this project, we expect these select designs to be very well received.”
FENDI Casa translates the FENDI savoir faire and creativity, as well as its distinctive materials, into elegant objects and cinematic ambiances that are timeless and exceptionally made. Fur is used for the sofas, cushions and carpets; leather on the couches is treated with the same flair as Selleria handmade and numbered bags; marbles, stones and woods are mixed in inventively precious ways. In pure FENDI style, pieces and details are so carefully streamlined they become instantly iconic, from the Crystal Chair to the spectacular Urano Bed.
DAMAC Properties has a long-established collaboration with FENDI. The two companies are also collaborating on projects in the Kingdom of Saudi Arabia and Dubai Marina in the UAE.
DAMAC Esclusiva Luxury Serviced Apartments, housed within a 150 meter high tower overlooking the Kingdom Tower in Riyadh, will provide refined luxurious interiors by the Italian fashion house for more than 100 luxury serviced hotel apartments.
The two companies are also partnering on the interiors for private apartments on the top 40-storeys of DAMAC Heights, which looks out over the Palm Jumeirah.
Sunday, August 31, 2014
Tuesday, August 5, 2014
Dubai Property Show Announced
Sumansa Exhibitions, the organizers of the internationally acclaimed Indian Property Show and Dubai’s popular Ramadan Night Market announced the grand launch of 'Dubai Property Show' today at a Press Conference held at Burj Al Arab, Dubai. The exclusive property expo will be a highly targeted and unique showcase of Dubai and UAE properties and the first event of its kind promising to get Real Estate Developers, Sales & Marketing Agents, Hospitality Developers, Hotels, Financial Institutions, Government Departments, Architects & Interior Designers among others under the same umbrella with an opportunity to meet high-net worth customers and investors on a global platform. Dubai Property Show will be held at the prestigious and centrally located Olympia London over 3 days from Feb 27, 2015 - March 1, 2015. The organizers are expecting 2000 serious property buyers to visit the show which will be spread over a total area of 3800sqm with 120 exhibiting stands.
“We at Sumansa are very proud to present the innovative and highly exclusive concept of Dubai Property Show. Under the wise leadership of HH Sheikh Mohammed bin Rashid Al Maktoum, Dubai has already attracted global attention and created an extensive investment opportunity for the world, much of which revolves around the hospitality and real estate industry. Now, the Dubai Property Show intends to ride on this wave, creating awareness about the real estate opportunities in Dubai and highlighting the benefits of investing in property. If you are a real estate developer from Dubai (or the UAE), with a keen interest in exploring new market opportunities and expanding your client base, the Dubai Property Show is the place to be in 2015”, said Sunil Jaiswal, CEO Sumansa Exhibitions.
“Dubai’s real estate is one of the best markets in the world and surely number one in the Middle East region, Dubai has achieved a great reputation world wide as a favorite tourist & business destination. On the other hand, British property investors are savvy, they understand the potential here and also value no tax policy on rental and capital gains, plus no restriction on repatriation of funds just makes the Dubai real estate market not only fruitful but easy and transparent”, commented Jaiswal.
Dubai Property Show will allow participants to reach a completely new and high-potential customer base. A base that has a large group of financiers, investors and end-users that is yet untapped on a large scale by Dubai’s developers. That global-thinking, international customer base is in London, United Kingdom – the location for the inaugural Dubai Property Show. A London launch of the Dubai Property Show will give exhibitors access to more than 8 million Londoners and millions living in other European countries. Additionally, in the months of February to March, London will also see visitors from all parts of the world and all of them can be the potential customers. Exhibitors at the show can find a completely new audience to sell projects to, and even find investors and finance companies interested in partnering with them to take their ideas forward.
Here is a link to the Dubai Property Show website:
http://www.dubaipropertyshow.ae/#home
“We at Sumansa are very proud to present the innovative and highly exclusive concept of Dubai Property Show. Under the wise leadership of HH Sheikh Mohammed bin Rashid Al Maktoum, Dubai has already attracted global attention and created an extensive investment opportunity for the world, much of which revolves around the hospitality and real estate industry. Now, the Dubai Property Show intends to ride on this wave, creating awareness about the real estate opportunities in Dubai and highlighting the benefits of investing in property. If you are a real estate developer from Dubai (or the UAE), with a keen interest in exploring new market opportunities and expanding your client base, the Dubai Property Show is the place to be in 2015”, said Sunil Jaiswal, CEO Sumansa Exhibitions.
“Dubai’s real estate is one of the best markets in the world and surely number one in the Middle East region, Dubai has achieved a great reputation world wide as a favorite tourist & business destination. On the other hand, British property investors are savvy, they understand the potential here and also value no tax policy on rental and capital gains, plus no restriction on repatriation of funds just makes the Dubai real estate market not only fruitful but easy and transparent”, commented Jaiswal.
Dubai Property Show will allow participants to reach a completely new and high-potential customer base. A base that has a large group of financiers, investors and end-users that is yet untapped on a large scale by Dubai’s developers. That global-thinking, international customer base is in London, United Kingdom – the location for the inaugural Dubai Property Show. A London launch of the Dubai Property Show will give exhibitors access to more than 8 million Londoners and millions living in other European countries. Additionally, in the months of February to March, London will also see visitors from all parts of the world and all of them can be the potential customers. Exhibitors at the show can find a completely new audience to sell projects to, and even find investors and finance companies interested in partnering with them to take their ideas forward.
Here is a link to the Dubai Property Show website:
http://www.dubaipropertyshow.ae/#home
Wednesday, July 23, 2014
Aristocrat Star, PAL Developments and Pacific Ventures Join Forces On AED 2.3 Billion Royal Estates Mega Project
Following the recent joint venture agreement that was penned down between Aristocrat Star, PAL Developments and Pacific Ventures, the partners revealed the project name and details while announcing the pre-launch phase.
Royal Estates in Dubai Investments Park is what the 2.3 billion master planned development is named. The beautifully landscaped community grounds will house 2000 units in all, comprising apartments, villas, boutique retail spaces, an office complex and a luxury hotel.
The Royal Estates will go on sale beginning the first week of August with apartment units starting at AED 450,000 and townhouses from AED 1.6 million on up.
Atiq Merchant, Director, PAL Developments LLC, said: "The Royal Estates community provides a sanctuary of purposefully designed spaces complimented by inspired aesthetics that celebrate the innovation and modernization that are synonymous to Dubai today." He added, "It presents an outstanding opportunity, providing a range of choices for investors and home owners in a locale where demand is expected to rise ahead of the Dubai 2020 Expo. Given our team's collective inclination to create an ideal community that rejoices family living, Royal Estates promises to be a perfect backdrop for all those precious memories waiting to be created."
“A step above the rest is what we have strived to create with Royal Estates by ensuring every aspect of the development is nothing less than the best. We are excited about the venture and commit our best to all investors from quality to delivery”, said Osman Valli, Chairman, Aristocrat Star Real Estate Development.
“The Royal Estates development is the fruition of a common vision shared between the team, a vision to create accessible investment opportunities within high quality real estate in Dubai. The project reflects Tony Ashai’s contemporary and chic design sensibilities while being housed in the midst of lush green landscaping. And considering the attractive introductory price points we have finalized, Royal Estates has all that it takes to become every family’s dream home”, said, Parvez Khan, Chairman, Pacific Ventures.
The project sales will commence on August 7th, 2014 and Phase 1 of the project comprised of 400 units shall be delivered during the first quarter of 2016.
Royal Estates in Dubai Investments Park is what the 2.3 billion master planned development is named. The beautifully landscaped community grounds will house 2000 units in all, comprising apartments, villas, boutique retail spaces, an office complex and a luxury hotel.
The Royal Estates will go on sale beginning the first week of August with apartment units starting at AED 450,000 and townhouses from AED 1.6 million on up.
Atiq Merchant, Director, PAL Developments LLC, said: "The Royal Estates community provides a sanctuary of purposefully designed spaces complimented by inspired aesthetics that celebrate the innovation and modernization that are synonymous to Dubai today." He added, "It presents an outstanding opportunity, providing a range of choices for investors and home owners in a locale where demand is expected to rise ahead of the Dubai 2020 Expo. Given our team's collective inclination to create an ideal community that rejoices family living, Royal Estates promises to be a perfect backdrop for all those precious memories waiting to be created."
“A step above the rest is what we have strived to create with Royal Estates by ensuring every aspect of the development is nothing less than the best. We are excited about the venture and commit our best to all investors from quality to delivery”, said Osman Valli, Chairman, Aristocrat Star Real Estate Development.
“The Royal Estates development is the fruition of a common vision shared between the team, a vision to create accessible investment opportunities within high quality real estate in Dubai. The project reflects Tony Ashai’s contemporary and chic design sensibilities while being housed in the midst of lush green landscaping. And considering the attractive introductory price points we have finalized, Royal Estates has all that it takes to become every family’s dream home”, said, Parvez Khan, Chairman, Pacific Ventures.
The project sales will commence on August 7th, 2014 and Phase 1 of the project comprised of 400 units shall be delivered during the first quarter of 2016.
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.
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.
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.”
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.”
Wednesday, May 21, 2014
Abu Dhabi Announces More Projects!
The Abu Dhabi Urban Planning Council (UPC) announced that 13 development projects covering over four million sqm were approved during the first quarter of the year, with 70% of this area being residential.
Five of these approved projects were Master Plans, with the remaining eight being detailed Project Plans. A Master Plan is defined as separated multiple buildings, with a road network and community facilities, which must meet certain requirements and standards based on the size of the development. A detailed Project Plan is defined as a single building with no road network, but can include multiple buildings connected by a podium, and requires no community facilities.
One of the biggest project approvals was for Aldar Properties’ Al Raha Beach East Master Plan. Al Raha Beach is a mixed-use development being constructed adjacent to the E10 Highway on Abu Dhabi Mainland, close to Yas Island. The development consists of reclaimed land along the coast with a series of canals and islands interlinked by boulevards creating a unique waterfront community stretching over 20 kilometers.
Al Raha Beach East is the first phase of the overall Al Raha Beach development and will provide over 3,000 apartments, townhouses and villas as well as 50,000 sqm of prime Grade A office space.
Another large Master Plan project approval was for further development of the Petroleum Institute on the Abu Dhabi Mainland, which will continue its focus on educating Emiratis in areas of resource exploration and field development, gas and petrochemical production and processing, and other engineering and geosciences applications. The new enhancements to the campus will include a new male undergraduate center, a new research center and research park, and a Women in Science and Engineering (WISE) program and residential blocks. The Petroleum Institute project will be developed by Abu Dhabi National Oil Company (ADNOC).
Master Plans for UAE National residential projects were approved for Aldar Properties’ Al Shabahat development in Al Ain (for sale to UAE Nationals), and the Bida Al Mutawa development (which will be developed by Musanada as part of the UAE National Housing Program) in Al Gharbia, which collectively will offer over 240 villas, as well as community centers, parks and mosques, to UAE Nationals.
Also approved was the Al Hai Al Tejari project in Al Gharbia, which was announced at the Al Gharbia Development Forum in Abu Dhabi. The project is a mixed-use development at the center of Ghayathi City, located on the main road that connects the major settlements of the Western Region. It will include a town center, office and retail space, residential apartments and a cinema, and will vastly improve the lifestyle of the existing community in that area.
The remaining eight approvals were for detailed Project Plans, which included Farglory’s EW11 development on Al Maryah Island and Aldar Properties’ Shams Abu Dhabi development on Al Reem Island, both residential projects.
In the education sector, a Project Plan for the new Institute of Applied Technology campus in Al Ain was approved, which will comprise a vocational high school and university for up to 2,400 female Emirati students, and will have a 2 Pearl Rating under the Estidama sustainability program.
A detailed Project Plan for an extension to Khalifa University in Abu Dhabi, which will add an additional 135,000 sqm to the existing 34,500 sqm of the current campus, to serve a total of 3,000 students and 762 faculty and staff when completed, was also approved. The new campus will include Abu Dhabi’s first Medical School, an integrated Engineering College and Research & Development facilities, and will also provide students with world-class facilities such as an auditorium, students center and sports center. The University also intends to enlarge their current Discovery Center to 1,800 sqm to encourage public involvement in science and technology, with the ultimate goal of establishing Abu Dhabi as a knowledge-driven city.
Mohamed Al Khadar, Executive Director of Development Review & Estidama, UPC, said: “These approved projects bring us closer to achieving the goals of Abu Dhabi Vision 2030. The Development Review team is very careful and deliberate in its evaluation of all project proposals; each one must adhere to our regulations and guidelines for planning Complete Sustainable Communities and take into account environmental, societal, cultural and economic factors, thereby ensuring that every new development is in line with the overall vision for the Emirate.”
Since 2007, the UPC’s Development Review Team has delivered 432 projects and master plans covering an area of 50 million sqm. In addition to the above, these developments include Zayed University (Zayed City), Al Maryah Island, the Guggenheim (Saadiyat Island), Abu Dhabi World Trade Center and Yas Waterworld, among many others.
Five of these approved projects were Master Plans, with the remaining eight being detailed Project Plans. A Master Plan is defined as separated multiple buildings, with a road network and community facilities, which must meet certain requirements and standards based on the size of the development. A detailed Project Plan is defined as a single building with no road network, but can include multiple buildings connected by a podium, and requires no community facilities.
One of the biggest project approvals was for Aldar Properties’ Al Raha Beach East Master Plan. Al Raha Beach is a mixed-use development being constructed adjacent to the E10 Highway on Abu Dhabi Mainland, close to Yas Island. The development consists of reclaimed land along the coast with a series of canals and islands interlinked by boulevards creating a unique waterfront community stretching over 20 kilometers.
Al Raha Beach East is the first phase of the overall Al Raha Beach development and will provide over 3,000 apartments, townhouses and villas as well as 50,000 sqm of prime Grade A office space.
Another large Master Plan project approval was for further development of the Petroleum Institute on the Abu Dhabi Mainland, which will continue its focus on educating Emiratis in areas of resource exploration and field development, gas and petrochemical production and processing, and other engineering and geosciences applications. The new enhancements to the campus will include a new male undergraduate center, a new research center and research park, and a Women in Science and Engineering (WISE) program and residential blocks. The Petroleum Institute project will be developed by Abu Dhabi National Oil Company (ADNOC).
Master Plans for UAE National residential projects were approved for Aldar Properties’ Al Shabahat development in Al Ain (for sale to UAE Nationals), and the Bida Al Mutawa development (which will be developed by Musanada as part of the UAE National Housing Program) in Al Gharbia, which collectively will offer over 240 villas, as well as community centers, parks and mosques, to UAE Nationals.
Also approved was the Al Hai Al Tejari project in Al Gharbia, which was announced at the Al Gharbia Development Forum in Abu Dhabi. The project is a mixed-use development at the center of Ghayathi City, located on the main road that connects the major settlements of the Western Region. It will include a town center, office and retail space, residential apartments and a cinema, and will vastly improve the lifestyle of the existing community in that area.
The remaining eight approvals were for detailed Project Plans, which included Farglory’s EW11 development on Al Maryah Island and Aldar Properties’ Shams Abu Dhabi development on Al Reem Island, both residential projects.
In the education sector, a Project Plan for the new Institute of Applied Technology campus in Al Ain was approved, which will comprise a vocational high school and university for up to 2,400 female Emirati students, and will have a 2 Pearl Rating under the Estidama sustainability program.
A detailed Project Plan for an extension to Khalifa University in Abu Dhabi, which will add an additional 135,000 sqm to the existing 34,500 sqm of the current campus, to serve a total of 3,000 students and 762 faculty and staff when completed, was also approved. The new campus will include Abu Dhabi’s first Medical School, an integrated Engineering College and Research & Development facilities, and will also provide students with world-class facilities such as an auditorium, students center and sports center. The University also intends to enlarge their current Discovery Center to 1,800 sqm to encourage public involvement in science and technology, with the ultimate goal of establishing Abu Dhabi as a knowledge-driven city.
Mohamed Al Khadar, Executive Director of Development Review & Estidama, UPC, said: “These approved projects bring us closer to achieving the goals of Abu Dhabi Vision 2030. The Development Review team is very careful and deliberate in its evaluation of all project proposals; each one must adhere to our regulations and guidelines for planning Complete Sustainable Communities and take into account environmental, societal, cultural and economic factors, thereby ensuring that every new development is in line with the overall vision for the Emirate.”
Since 2007, the UPC’s Development Review Team has delivered 432 projects and master plans covering an area of 50 million sqm. In addition to the above, these developments include Zayed University (Zayed City), Al Maryah Island, the Guggenheim (Saadiyat Island), Abu Dhabi World Trade Center and Yas Waterworld, among many others.
Sunday, May 18, 2014
Kingdom Tower Completed By 2018!
The Kingdom Tower in Saudi Arabia, which will be the world’s tallest tower at 1,008 meters, will be completed in December 2018, said Mounib Hammoud, CEO of Jeddah Economic Company, speaking at MEED’s Arabian World Construction Summit (AWCS) in Dubai.
The contractors working on the SR6bn ($1.6bn) project expect to complete the raft foundation of the tower, which is the largest of its kind in the world, in August this year. “It is the largest concrete raft in the world. In places, the thickness is five meters,” says Hammoud. “Everything in the tower is the biggest or tallest.”
The first phase of Jeddah Kingdom City will be 1.4 million square meters and will include the tower, a mall, a large mosque for 12,000 worshipers, and residential and commercial buildings. France’s BNP Paribas is the financial adviser for the deal and the local Alinma Bank is also assisting with the loan that will bridge the funding gap while the developer waits for revenues from land sales at Jeddah Kingdom City.
The contractor chosen for Kingdom Tower is the local Saudi Binladin Group. In February 2013, a joint venture of the UK-based EC Harris/Mace was awarded for the project management contract to oversee the development of the tower.
The client developing Kingdom Tower and the surrounding Kingdom City is Jeddah Economic Company, which said it is looking to raise about $1bn to help fund the estimated SR13bn ($3.5bn) first phase of Jeddah Kingdom City, together with the SR8.7bn that the shareholders of Jeddah Economic Company have provided to capitalize the company.
Land sales and off-plan property sales are expected to accelerate as construction work on the SR6bn Kingdom Tower’s superstructure starts. “We are not in a hurry to sell land as the value is increasing as the tower construction moves ahead,” said Hammoud.
++ Kingdom Tower is currently one of my favorite Mega Projects and is destined to become a World Icon. This tower will dwarf even the mighty Burj Khalifa in Dubai. The Mega Projects being developed in Saudi Arabia, including Kingdom Tower, King Abdullah Economic City, King Abdullah Financial District and many others, are truly spectacular!
The contractors working on the SR6bn ($1.6bn) project expect to complete the raft foundation of the tower, which is the largest of its kind in the world, in August this year. “It is the largest concrete raft in the world. In places, the thickness is five meters,” says Hammoud. “Everything in the tower is the biggest or tallest.”
The first phase of Jeddah Kingdom City will be 1.4 million square meters and will include the tower, a mall, a large mosque for 12,000 worshipers, and residential and commercial buildings. France’s BNP Paribas is the financial adviser for the deal and the local Alinma Bank is also assisting with the loan that will bridge the funding gap while the developer waits for revenues from land sales at Jeddah Kingdom City.
The contractor chosen for Kingdom Tower is the local Saudi Binladin Group. In February 2013, a joint venture of the UK-based EC Harris/Mace was awarded for the project management contract to oversee the development of the tower.
The client developing Kingdom Tower and the surrounding Kingdom City is Jeddah Economic Company, which said it is looking to raise about $1bn to help fund the estimated SR13bn ($3.5bn) first phase of Jeddah Kingdom City, together with the SR8.7bn that the shareholders of Jeddah Economic Company have provided to capitalize the company.
Land sales and off-plan property sales are expected to accelerate as construction work on the SR6bn Kingdom Tower’s superstructure starts. “We are not in a hurry to sell land as the value is increasing as the tower construction moves ahead,” said Hammoud.
++ Kingdom Tower is currently one of my favorite Mega Projects and is destined to become a World Icon. This tower will dwarf even the mighty Burj Khalifa in Dubai. The Mega Projects being developed in Saudi Arabia, including Kingdom Tower, King Abdullah Economic City, King Abdullah Financial District and many others, are truly spectacular!
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