Dubai Real Estate News
UAE Property Market Trends and Reviews

Ajman has overshadowed UAE emirates when it comes to drawing foreign investments to UAE, reveal statistics.

According to the latest statistics by the Ajman Chamber of Commerce and Industry, foreigners in Ajman own 33 percent of development projects in the booming city, as against 11 percent in other emirates.

Ajman's annual investment growth rate has been estimated at 6.7 percent on an average by the economic analysts. This economic success has been attributed to the all-encompassing plan adopted by the government there.

The Ajman Marina project General Manager, Azad Nouri, says "The rapid economic growth witnessed by Ajman is the result of distinguished services and incentives that the government provides to draw foreign investments."

Ajman is second to Dubai in adopting a free-hold status, which is an excellent law to draw in huge numbers of investors from both local and international markets. Hence numerous investors have been arriving at the emirate to launch their major projects, as they also get to avail the incentives facilitating issuance of licenses, statistics of interest to developers and businessmen and feasibility studies, he added.

Morever, the investments in Ajman enjoy complete legal and legislative protection, with constantly updated laws that benefit investors. These laws foretell a good future for Ajman, where there are various kinds of investment projects, particularly that of Ajman Marina, which will have a positive influence on the real estate and tourism market.

Ajman Marina will witness the transformation of the emirate into an impressive commercial and residential seaside haven. The project gives the emirate a competitive edge and is likely to create an attractive residential and commercial environment.

The Ajman Marina, with its waterfront lifestyle, spreading across a space of 240,000 square meters, is a luxurious retreat, comprising residential, commercial buildings, five star restaurant, international food chains, sea-view cafes, signature yacht club and extensive shopping mall, apart from various entertainment and leisure amenities.

A leading Dubai-based property developer, Memon Investments, a part of Memon Group of Companies, has been awarded with a contract worth Dh.40.35mn for construction of its Dh.80m Cambridge Business Center.

This high-profile project at Dubai Silicon Oasis (DSO) is the first commercial development of Memon, and was won by Cairo Contracting Company (CCC).

During the moment of signing the contract, the Joint Managing Director of Memon Investments, Rizwan Shaikhani, said "Our vision for an ideal business development is rapidly approaching fulfillment with this important contract being awarded to our new partner, Cairo Contracting Company. We are confident that CCC will match the high-standards of our previous projects. In the process of realizing another magnificent achievement for Memon Investments, as a leading developer in the UAE, we see outstanding prospects for Cambridge Business Center, as an important business address in Dubai."

The strategic location of Cambridge Business Center within the leading integrated innovations hub of the region, coupled with its hi-tech industries and outstanding designs, has contributed to the Cambridge Business Center being sold completely within weeks after its launch.

With classic British architecture across its 108 small, medium and large offices, the business tower will feature advanced technologies such as the Wi-Fi technology, hi-speed internet connectivity and keyless entry.

To serve the commercial tenants, the development would include 11 retail shops on the ground floor, a travel agency, banking facility, and amenities required for rest and relaxation, such as a state-of-the-art health club on the rooftop.

Being one of the largest construction companies in Egypt, CCC holds a portfolio of nearly LE800m and carries numerous prestigious construction works for prominent global companies to its credit.

IRIS, one among the prominent property developers in the region, has announced the launch of their commercial and residential units that spread across 1,000,000 Sq. Ft. of space, along with a diverse portfolio of projects chalked out for the current year.

For IRIS, the year 2008, will prove to be another milestone, as it will add another 270 apartments to its residential portfolio, and 300 commercial units will be added to its portfolio in Dubai Marina, Business Bay, Maritime City and Culture Village.

Speaking about the strategic growth vision of the company in the field of real estate, the CEO of IRIS who is also the Managing Director of Sheth Group, Ashwin Sheth, said "We, at IRIS, are keen to contribute to the existing and emerging investment potential around us. Our projects are so structured, that it will offer a healthy return on investment to our investors, giving us an enviable reputation in the industry."

IRIS, with its diverse portfolio of projects in the UAE, including the IRIS Bay - a unique commercial development at Business Bay, IRIS Blue - a luxury residential project at Dubai Marina, and IRIS Amber - luxury residential development at Culture Village, is continuing to add further to its impressive portfolio by unveiling plans for three new developments during the first two quarters of 2008.

The first project to be launched will be the AED100million residential project at the Culture Village, which would spread across a Gross Leasable Area (GLA) of 47,000 square feet. This will be unveiled during the upcoming SIMA 2008 Property Exhibition on 7th April 2008.

This will be followed by the launch of another luxurious development, worth AED600 million, which is a commercial project at Business Bay, spreading across 278,000 square feet of gross leasable area.

The third project to be added to the company's portfolio will be the AED 2billion residential project in Maritime City, which would spread across a gross leasable area of 800,000 square feet.

A leading UAE-based developer and total solutions provider in the realty sector, Sweet Homes, has revealed the commencement of preliminary phase of construction works for its Rainbow Towers project, worth AED 1.7billion, at the Emirates City, which also marks the maiden offer by the developer as a full-service real estate company.

This follows the recent shoring and excavation contract, which was offered to Piling Tech LLC for its initial groundwork for Towers B10, B14 and B15, three out of nine towers in the Rainbow Towers development.

Earlier, the developer also announced that six towers were already sold out, and out of the remaining three towers, 70% have been sold already. The entire project is due for completion by mid 2010.

Speaking during the occasion of groundbreaking ceremony, the CEO of Sweet Homes, Fahad Sattar Dero, mentioned that the excavation contract has been awarded to Piling Tech LLC due to their impressive background, outstanding track records, and competitive bidding.

Being ideally located along the Emirates Road, the Rainbow Towers will include nine luxurious 31-storey residential buildings, which comprise high-speed elevators, modern fitness club, Jacuzzi and sauna facilities, recreation area, swimming pool, and sports bar.

Apart from the amenities that the development offers, the investors are also drawn by the unique and highly flexible four-year self-finance payment scheme, which breaks down the payment schedule to just 50 percent of the value, on completion of the project, 25 percent on delivery and remaining 25 percent during handover.

Further to its current portfolio of AED 3.5billion, Sweet Homes has also announced its plan to invest AED 2billion on high-profile commercial, residential and mixed-use real estate developments across Middle East during 2008. Sweet Homes is also on the look out for venture into other UAE emirates through the launch of projects in neighbouring states of Qatar, Saudi Arabia and Oman. The company has already begun its first step ahead in this direction, through the opening of the AED 2.5bn Ajman Uptown project, the first freehold villa and townhouse community in Ajman.

Piling Tech LLC, specialized in civil engineering activities, has built a solid reputation in the regional construction sector through its high profile projects for royal families and government departmtners. The company has worked with both government and private firms such as Bayel Tic, Federal Electricity and Water Authority, and Sharjah Electricity and Water Authority and Chapal World.

Several buildings are already under construction, including the four integrated buildings that make up the World Trade Center and the Gateway building, designed by the renowned architect, Rafael Vinoly himself, who designed the new World Trade Centre at New York.

The total investment value at the 10.5kms Al Raha Beach development is worth $48bn, including the $5bn Dana, located at the core of the development. Dana will house Aldar's headquarters, due to be ready by September 2009, apart from three international hotels. Seven other hotels are already housed in the development, on the Yas Island, as a part of the 40-hotel programme, to be developed during the coming years.

Aldar has reported a strong growth of Dh.1.2billion last year, and aims to exceed this figure during the first quarter of this year. The company has already begun delivering few of its developments at Raha Gardens to UAE nationals, and more projects are expected next year.

Aldar's Chief Executive Officer, Ronald Barrot, said "Our sales during the first half of 2008 exceeds the Dh.1.2bn mark and has grown more than Dh.2bn. Apart from exposing Abu Dhabi and Aldar to the international community, we are also always on the look out for partnerships."
With this, the total projects that are under construction in Abu Dhabi exceeds $90bn, including the $40bn Yas Island, and the iconic Old Market in the Abu Dhabi City Center.

Comprising a central island, surrounded by four other districts - the Resort, Madinat Al Soor, the Boulevard and the Marina, the Waterfront City will house a residential population of 92,000 and working population of 310,000 people. Spreading across 330 hectares of land, along the western coast of Dubai, the Waterfront Development will house approximately 1.5mn people.

The Waterfront City will house 144 high-rise towers that stretch more than 100 meters in height, and 45 percent of the area will be covered by residential sector, 33 percent will be allocated as office space, 11 percent for hotels, 6 percent for retail, and 5 percent for civic and culture, revealed Frank Konings, the Nakheel Project Director for Waterfront City.

The Central Island district forms the defining element in the design of the Waterfront City. It is a grid of five streets by five streets, leaving walkable distance between blocks, easing out the traffic flow within the city.

Maximum shading and climate control in the city can be obtained by building higher masses on the south side and making efficient use of wind flow for cooling. Each city block will have a line-up of arcades and trees.

The Managing Director of Nakheel, Matt Joyce, said "Waterfront City forms the centerpiece of the Waterfront development and the masterplan is so-designed that it caters not only to businesses, but to residents and visitors of Dubai, alike. Each of the five districts that make up the Waterfront City, has its own individuality and is vital for promotion of a diverse and unified city. It will have a density similar to that in Manhattan, and hence, the retail, culture, commerce and private accommodation will be overlapped to form a compact city center."

The company is yet to give away contracts for initial works. Even the sales are yet to begin. However, the infrastructure works are expected to commence during early June, and the entire city is expected to be ready by the year 2018.

Schon Properties has announced its aggressive expansion plan aimed towards creating Dh.10bn portfolio of properties over the next two years time. Several new residential, commercial and hospitality projects are expected to be launched at Downtown Jebel Ali during the coming weeks.
Schon Properties has received good response for all its projects that have been launched till date, which includes the Dubai Lagoon, Schon Business Park, Quartet residential towers, and the Schon Residences, which was pre-launched at the Property Show last month.

"This is a very exciting phase for the UAE realty market, particularly Dubai. Taking a step further, we are now planning to launch new hotel apartment developments and residential projects, which would continue our successful practice to date of meeting and exceed the expectations of our customers," said Schon, the Vice-President of Schon Properties.

Launched in 2007, this Dubai-based development company is a part of the larger Schon Group conglomerate and has exceeded the sales of Dh.2billion in a span of six months time, achieving huge success in Dubai's realty sector.

Octavian, is another 'intelligent' development by Omniyat that reflects futuristic technologies, and is named after 'Galius Julius Caesar Octavianus', the first emperor of Rome and the man behind the most significant developments of the eternal city.

The President and CEO of Omniyat Properties, Medhi Amjad, said "Emperor Octavianus is remembered for his dynamic and inspirational approach to development, the qualities, which we believe are reflected in the unique structure of Octavian, a modern interpretation of a three-dimensional ornament."

The Octavian, which has received approval of RERA (Real Estate Regulatory Authority in Dubai), is a joint-venture between Omniyat and Investate, a Bahrain-based real estate investment company in which Omniyat has a 40 percent stake.

Even before its public launch, 13 floors out of the 19 floors of Octavian were sold within two days. According to a company official, the mad rush is due to the confidence that customers posses in the Omniyat brand name coupled with the strong international appeal of Business Bay.

The Octavian is a unique form of two-transparent towers, connected by a black center-piece, which is so designed that it sparkles in sunlight, emanating lightness and strength. The interior is designed in a manner so as to deliver easy maintenance and operation, along with a classic touch. Both towers of the Octavian has three podiums and four basement parking levels with 1250 bays and hi-tech security as a part of the facility. The ground floor of the building will be alive with 60,000 square feet of land set aside for retail space including restaurants, shops and other outlets.

Located in close proximity to Dubai International Convention and Exhibition Center and the Dubai International Financial Center, the Octavian is designed by Kling Consult, a renowned German Engineering. Enabling work of the project will begin in the third quart this year, and will be complete by 2011.

The Dh.1.2bn project will be the first project of Omniyat this year, and is one of the eight developments which will quadruple the value of the company's Dubai property portfolio to Dh.21bn this year.

Last year the company had doubled its sales and tripled its profits compared to that achieved during the year 2006.

This record sales carried out by the Group on Santeview and back-to-back contracts, worth Dh.700million, which include building an office tower at Business Bay, and a five-star luxury hotel apartment complex at Dubai Sports City, has been a feather on the cap for the company as a professional international developer and builder in the region, say top officials of the company.

The CEO of Sungwons Middle East Head Quarters and the General Manager of the Dubai branch, Chang-Pyo Park said "Santeview at the Cultural Village will include G+32 storey tower, and an G+40 storey residential tower. The initial two levels will exclusively comprise retail space inclusive of the best brands in the world. Other amenities such as the smart home and office features, hi-tech security features, contemporary design with an Arabic touch, intelligent space design, coupled with the strategic location adjacent to the Culture Village metro station, makes Santeview the most sought property development in the area."

Being one of the largest construction companies in South Korea, Sungwon, is also doing civil work projects in Qatar and Bahrain, including highways, roads and sewerage pipelines. At present the company is carrying out work on a $109mn massive flyover project at the Isa Town Gate Intersection in Bahrain.

Sungwon Corporation is planning an official launch of civil works contracting services in the UAE and to participate in other large infrastructure projects happening in the country. Apart from the Middle East region alone, Sungwon has made its presence felt in the construction and property development projects in various other countries outside South Korea, including South East Asia and Kazakhstan.

The company has also entered into an escrow account with HSBC Bank Middle East, to contribute towards the growth of the property sector in UAE and to consolidate the trust which the customers have posed in them.

Apart from this, Sungwon also owns golf courses, and is well-known as the builder of the FIFA World Cup Stadium in Korea, rails, roads, highways, subways, tunnels, bridges, ports and airports.

The Dubai-based Sternon Group, involved in the local and international property market for the past twenty years, has announced their plan to develop real estate projects in Dubai, worth Dh.300mn.

The Sternon Developers, the new arm of the group, will implement a series of mixed-use projects across Dubai during the next couple of months.

Their first project 'Sternon Tower' will be a mixed-use development in the Jumeirah Village South, in close proximity to the Dubai Autodrome. The construction of the 16-storey development will commence in June 2008. The tower will house residential units with studio, single, double and triple bedroom apartments, apart from penthouses, retail segments and offices with high-end amenities and world-class construction standards. The units will be freehold, and will be accompanied by a residence visa.

"Sternon, has so far focused only on underwriting and promoting properties of other developers in Dubai, but now, we plan to develop our own real estate projects, backed by our expertise in implementing high-end commercial and residential projects in United States and India," said Hussaini Nalwalla, Managing Director.

He mentioned that the robust real estate growth in Dubai is a true reflection of the amazing vibrancy of Dubai, and nearly 35 percent of growth is expected annually. The appreciation in value of projects in Dubai that have been promoted by Sternon, has prompted the company to enter into full-fledged property development.

The Sternon Tower in Dubai, which will commence construction in June this year, will be ready by December 2009.

Being a leading island destination, the Saadiyat will be a modern, integrated residential community, and will be home to 150,000 residents with a complete range of civic, cultural, leisure and tourism amenities. Two iconic causeways will link Abu Dhabi city to Saadiyat, one of which will operate a light rail system, and the other will be a bridge stretching 10kms, making it a five minute drive from the heart of downtown Abu Dhabi and Abu Dhabi International Airport.

Saadiyat will be developed around seven districts comprising 29 hotels, an iconic seven-star development, 3 marinas, mooring for 1000 yacths, 2 golf courses, arts and culture hub, and 19kms beachfront, apart from residential developments and leisure amenities.

Saadiyat will also be home to five major cultural institutions, designed so as to host international art and cultural fairs and events. The institutions are 'The Guggenheim Abu Dhabi', 'The Louvre Abu Dhabi', 'The Performing Arts Center', 'The Maritime Museum' and 'The Sheikh Zayed National Museum'. The cultural district of Saadiyat will also house an iconic seven star hotel, quayside, hotel accommodation, exclusive villas, hotel accommodation, green parks and retail opportunities and harbor.

Apart from the said, the Saadiyat Island will include the Saadiyat beach, the South beach and the Marina District.

Dr. Allen Greenspan, the Former Chairman of Board of Governors, Federal Reserve, USA made a visit to Abu Dhabi recently to attend an exhibition at Emirates Palace, devoted to Cultural District of Saadiyat Island. Dr. Greenspan was accompanied by HE Sheikh Sultan Bin Tahnoon Al Nahyan, the Chairman of Abu Dhabi Tourism Authority & Tourism Development & Investment Company, the company behind transforming the Saadiyat Island to a flagship cultural, leisure and residential destination.