Al Fajer delivers first tower at Jumeirah Business Centre
Sunday, November 29, 2009
";
The first tower, Jumeirah Business Centre 2 of Jumeirah Business Centre development by Al Fajer Properties at the Jumeirah Lakes Towers has been delivered, following restructuring of the company.
The process of re-structuring focused on the liabilities of Dh.4bn by the company and Dh.200-Dh.400billion debt, liquidating its land bank worth Dh.800mn, appointing a new management team and reducing its workforce by 30 percent. The total value of mitigated risk was brought down to Dh.3billion.
According to Shaikh Maktoum Bin Hasher Al Maktoum, CEO of Al Fajer, the construction plan by the company was accelerated to a four-day cycle per floor for phase one, comprising towers one to five of its nine commercial towers.
The development comprises nine towers on the whole, and will cater to both large local and multinational companies. The freehold offices cover a leasable area of 3.6mn square feet.
The handover of units in phase one has been going on, while the phase two comprising four towers will be completed in 2011. So far about 70 percent of the inventory has been sold.
Shaikh Maktoum revealed that the prices for units in the towers have grown from Dh.800 per square foot two months ago to Dh.1200 per square foot on inauguration.
He said that the company is expecting a maximum 50 percent default rate and minimum 20 to 30 percent rate. To counteract the problem, Al Fajer is offering discount packages to investors.
According to Sheikh Maktoum, Dubai still holds a competitive edge when it comes to commercial space.
Moreover, labour accommodation and overheads are cheap, which is advantageous to Dubai, he adds.
The process of re-structuring focused on the liabilities of Dh.4bn by the company and Dh.200-Dh.400billion debt, liquidating its land bank worth Dh.800mn, appointing a new management team and reducing its workforce by 30 percent. The total value of mitigated risk was brought down to Dh.3billion.
According to Shaikh Maktoum Bin Hasher Al Maktoum, CEO of Al Fajer, the construction plan by the company was accelerated to a four-day cycle per floor for phase one, comprising towers one to five of its nine commercial towers.
The development comprises nine towers on the whole, and will cater to both large local and multinational companies. The freehold offices cover a leasable area of 3.6mn square feet.
The handover of units in phase one has been going on, while the phase two comprising four towers will be completed in 2011. So far about 70 percent of the inventory has been sold.
Shaikh Maktoum revealed that the prices for units in the towers have grown from Dh.800 per square foot two months ago to Dh.1200 per square foot on inauguration.
He said that the company is expecting a maximum 50 percent default rate and minimum 20 to 30 percent rate. To counteract the problem, Al Fajer is offering discount packages to investors.
According to Sheikh Maktoum, Dubai still holds a competitive edge when it comes to commercial space.
Moreover, labour accommodation and overheads are cheap, which is advantageous to Dubai, he adds.
Labels: Al Fajer, Jumeirah-Lake-Towers
Al Fajer projects progressing as scheduled
Monday, June 08, 2009
";
Al Fajer Properties has announced that all its projects are well on track.
According to a recent voluntary construction audit carried out by RERA (Real Estate Regulatory Agency), the results confirm that work on Phase one (Ebony and Ivory towers) is nearly 80 percent complete, while the phase 2 is nearly 15 percent complete, and the work is in progress at present. The Phase 1 is due for handover by the end of this year.
The audit also confirms that Al Fajer has achieved maximum transparency and completely adheres to RERA guidelines.
The President of Al Fajer, Shaikh Maktoum Bin Hasher Al Maktoum, said "During the past several companies followed the brokers and sales agents and did not adhere to good business methodologies, and it was easy to sell properties due to excessive demand. But, today just as is the case of any developed economy, Dubai is returning to fundamentals. "
Companies that strongly focus on management and performance will be able to do well under the present market conditions, Shaikh Maktoum said.
He appreciated RERA in helping to boost investor confidence, and continued that Dubai is well-placed to take advantage of any market recovery, although there are still difficult times for the rest of the year, in store.
"With the introduction of third party construction auditors, RERA and publication of results, RERA is half-way into transforming Dubai property market into a factual, rational one, while also maintaining high level of transparency," he said.
According to a recent voluntary construction audit carried out by RERA (Real Estate Regulatory Agency), the results confirm that work on Phase one (Ebony and Ivory towers) is nearly 80 percent complete, while the phase 2 is nearly 15 percent complete, and the work is in progress at present. The Phase 1 is due for handover by the end of this year.
The audit also confirms that Al Fajer has achieved maximum transparency and completely adheres to RERA guidelines.
The President of Al Fajer, Shaikh Maktoum Bin Hasher Al Maktoum, said "During the past several companies followed the brokers and sales agents and did not adhere to good business methodologies, and it was easy to sell properties due to excessive demand. But, today just as is the case of any developed economy, Dubai is returning to fundamentals. "
Companies that strongly focus on management and performance will be able to do well under the present market conditions, Shaikh Maktoum said.
He appreciated RERA in helping to boost investor confidence, and continued that Dubai is well-placed to take advantage of any market recovery, although there are still difficult times for the rest of the year, in store.
"With the introduction of third party construction auditors, RERA and publication of results, RERA is half-way into transforming Dubai property market into a factual, rational one, while also maintaining high level of transparency," he said.
Labels: Al Fajer, Construction Projects
Al Fajer to enter Indian Property market
Saturday, May 12, 2007
";
Al Fajer Properties is likely to invest a billion dollars or Dh.3.67 billion in the Indian Property sector.
The Chief Executive of Al Fajer, Shahram Abdullah Zadeh, mentioned that the company is convinced with various opportunities present in healthy cross-border investments as far as the two countries are concerned. The company wishes to develop projects in India through a joint venture and by facilitating small investors in India to buy properties in Dubai, which would yield them good returns.
The company, while making its entry into the Indian property market, aims to develop three main kinds of projects – townships, commercial and gated residential community.
Zadeh mentioned that the company has been carrying on talks with two major real estate developers and are targeting the locations Chandigarh, Hyderabad, Mumbai, Gurgaon and Gujarat in India.
The Chief Executive of Al Fajer, Shahram Abdullah Zadeh, mentioned that the company is convinced with various opportunities present in healthy cross-border investments as far as the two countries are concerned. The company wishes to develop projects in India through a joint venture and by facilitating small investors in India to buy properties in Dubai, which would yield them good returns.
The company, while making its entry into the Indian property market, aims to develop three main kinds of projects – townships, commercial and gated residential community.
Zadeh mentioned that the company has been carrying on talks with two major real estate developers and are targeting the locations Chandigarh, Hyderabad, Mumbai, Gurgaon and Gujarat in India.
Labels: Al Fajer
Al Fajer enters into partnership with German firm
Thursday, May 10, 2007
";
Al Fajer properties has announced that they have entered into a partnership deal with RE/Max, a major German real estate franchiser which has more than 5000 offices spread across more than 50 countries.
The Al Fajer CEO, Dr.Shahram Abdullah Zadeh, states that the partnership was entered at the right time, when the Dubai property market is witnessing a great dynamism, offering the best opportunity of growth for foreign investors. In addition to bringing in investment to Dubai’s property sector, Zadeh mentions, that his company is confident about the partnership with the German RE/Max, as it will shoot up German investments in Dubai.
He added that German investors have already shown interest in the Jumeirah Business Center Towers, and now with their partnership with RE/Max, an effective channel has opened its way, which would ensure continued interest in Dubai realty sector.
The Regional Manager of RE/Max, Markus Preller, mentioned that in comparison with other European investors, the UK in particular, German investors in Dubai are comparatively small in number. The tie-up with Al Fajer will enable RE/Max in driving more German investors to Dubai, he adds.
The Al Fajer CEO, Dr.Shahram Abdullah Zadeh, states that the partnership was entered at the right time, when the Dubai property market is witnessing a great dynamism, offering the best opportunity of growth for foreign investors. In addition to bringing in investment to Dubai’s property sector, Zadeh mentions, that his company is confident about the partnership with the German RE/Max, as it will shoot up German investments in Dubai.
He added that German investors have already shown interest in the Jumeirah Business Center Towers, and now with their partnership with RE/Max, an effective channel has opened its way, which would ensure continued interest in Dubai realty sector.
The Regional Manager of RE/Max, Markus Preller, mentioned that in comparison with other European investors, the UK in particular, German investors in Dubai are comparatively small in number. The tie-up with Al Fajer will enable RE/Max in driving more German investors to Dubai, he adds.
