Investors concerned over Ivory Towers delay
Saturday, March 06, 2010
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Following the halt in construction of the long-delayed Ivory Tower, several property investors fear that they would lose money on their investments, reports The National.
Located in the International Media Production Zone (IMPZ), the Ivory Tower was completely sold off-plan in 2006. However, there has been no progress on the site, apart from the foundation works which began last summer at the site.
According to Khaled Mahmood, Consultant, Homes Real Estate, the project was stalled, as the investors had stopped paying.
The website of Sokook Investment Group, the developer of the project has also been closed and the message reads that the site is yet to be updated.
About 700 customers are said to have purchased units in the sprawling 20-storey Ivory Tower.
Mahmood said that he is to make a report to Sokook to check who is paying them and who isn't. People who have paid 30 percent or more of their money can wait until the construction begins, but people who have paid less than 30 percent are likely to be forfeited, he said, while adding that the construction of the tower is on hold in the first place, as only 10 to 15 percent of people have made payments.
Mahmood says that the feasibility report is being done to check the number of investors who are ready to continue with the project.
According to Mahmood, one of the options before the buyers, is to switch-over to other projects in Dubai that are completed or are nearing completion. However, this will happen only through agreements with other developers, as for Sukook, Ivory Tower is the only project in Dubai.
The original delay on the project was caused over a land dispute with TECOM investments, the master developer of IMPZ. The row was resolved only with the help of Dubai Land Department in 2008 summer.
Located in the International Media Production Zone (IMPZ), the Ivory Tower was completely sold off-plan in 2006. However, there has been no progress on the site, apart from the foundation works which began last summer at the site.
According to Khaled Mahmood, Consultant, Homes Real Estate, the project was stalled, as the investors had stopped paying.
The website of Sokook Investment Group, the developer of the project has also been closed and the message reads that the site is yet to be updated.
About 700 customers are said to have purchased units in the sprawling 20-storey Ivory Tower.
Mahmood said that he is to make a report to Sokook to check who is paying them and who isn't. People who have paid 30 percent or more of their money can wait until the construction begins, but people who have paid less than 30 percent are likely to be forfeited, he said, while adding that the construction of the tower is on hold in the first place, as only 10 to 15 percent of people have made payments.
Mahmood says that the feasibility report is being done to check the number of investors who are ready to continue with the project.
According to Mahmood, one of the options before the buyers, is to switch-over to other projects in Dubai that are completed or are nearing completion. However, this will happen only through agreements with other developers, as for Sukook, Ivory Tower is the only project in Dubai.
The original delay on the project was caused over a land dispute with TECOM investments, the master developer of IMPZ. The row was resolved only with the help of Dubai Land Department in 2008 summer.
Labels: Construction Projects
Steady progress of infrastructure works at Al Marjan
Tuesday, March 02, 2010
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RAKIA (Ras Al Khaimah Investment Authority), a major provider of investment opportunities and one-stop solutions in its Free Zones, Industrial Parks and Offshore facilities, in real estate developments and other ventures, has announced that the infrastructure work at Al Marjan Island, the first man-made island in Ras Al Khaimah (RAK) is progressing steadily.
The Phase one of the infrastructure comprises Island No.1, Island No.2 and the Peninsula, which was awarded to Kumho Industrial from South Korea, which began working in September 2008.
The Phase two infrastructure comprises Islands No.3 and 4, awarded to Italian contractor Rizzani De Eccher, who began mobilization in November 2009.
Completion is expected within 20 months as per the contract. However, the street lighting, roads and channel crossings for both phases will also be completed.
The project Director at Rakeen (project management authority for Al Marjan Island), Dr. Fawzi Shadid, said that about 80 percent of infrastructure services such as potable water system, irrigation system, storm water system, rising main system and vacuum system have all been finalized. The infrastructure facilities will be ready for a hook-up with their developments by the time the first developers on the island complete their projects.
The RAKIA CEO, Dr. Khater Massad, said that Being an unique investment opportunity, Al Marjan offers everything sought for by any investor, including wonderful location in white sandy beaches located just five minutes away from major industries of RAKIA free zone, an 18-hole golf course, completed Al Hamra Village, five and seven star international hotels, the Al Hamra Mall, and several other general services.
The developers at Al Marjan will enjoy 100 percent freehold ownership and construction regulations with maximum flexibility and service. Irrespective of whether it is residential, commercial or mixed-use property, Al Marjan welcomes all, as long as they are in sync with the community that is planned, Massad said.
Al Marjan Island was established aiming to re-define the lifestyle in RAK, where the luxury of living in an island is affordable. This iconic landmark will offer an unparalled work-life-balance, combining peaceful island living, with all amenities required in a self-contained community apart from great employment opportunities that are just within minutes of drive away.
The Phase one of the infrastructure comprises Island No.1, Island No.2 and the Peninsula, which was awarded to Kumho Industrial from South Korea, which began working in September 2008.
The Phase two infrastructure comprises Islands No.3 and 4, awarded to Italian contractor Rizzani De Eccher, who began mobilization in November 2009.
Completion is expected within 20 months as per the contract. However, the street lighting, roads and channel crossings for both phases will also be completed.
The project Director at Rakeen (project management authority for Al Marjan Island), Dr. Fawzi Shadid, said that about 80 percent of infrastructure services such as potable water system, irrigation system, storm water system, rising main system and vacuum system have all been finalized. The infrastructure facilities will be ready for a hook-up with their developments by the time the first developers on the island complete their projects.
The RAKIA CEO, Dr. Khater Massad, said that Being an unique investment opportunity, Al Marjan offers everything sought for by any investor, including wonderful location in white sandy beaches located just five minutes away from major industries of RAKIA free zone, an 18-hole golf course, completed Al Hamra Village, five and seven star international hotels, the Al Hamra Mall, and several other general services.
The developers at Al Marjan will enjoy 100 percent freehold ownership and construction regulations with maximum flexibility and service. Irrespective of whether it is residential, commercial or mixed-use property, Al Marjan welcomes all, as long as they are in sync with the community that is planned, Massad said.
Al Marjan Island was established aiming to re-define the lifestyle in RAK, where the luxury of living in an island is affordable. This iconic landmark will offer an unparalled work-life-balance, combining peaceful island living, with all amenities required in a self-contained community apart from great employment opportunities that are just within minutes of drive away.
Labels: Construction Projects, Ras Al Khaima
Dubai Pearl on way to completion by 2013
Sunday, December 13, 2009
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Dubai Pearl, the mixed-use luxury development, by Pearl Dubai FZ LLC, is due for completion by 2013, announced Chairman of Dubai Pearl, Abdul Majeed Esmail Al Fahim.
Originally due for completion in 2007, the Dubai Pearl met with delay as the developer lacked funds. Thereafter, there has been no construction for almost a year. A new developer was chosen and the project will be handed over in three phases. The first set of handovers will commence in December 2011, with the whole development due for completion by 2013.
To reach completion, the project has adjusted to the financial environment. Major areas have been prioritized to adapt to the economic scenario. The focus is on the steady progress in construction and delivery of the project, flexible and tailor-made payment plans to investors, close and transparent relations with investors and partners, and a campaign to raise awareness on all the project components is planned, he said.
Located at the Dubai Technology and Media Free Zone, the $4billion development is a business cluster operated by Tecom Investments and is home to global IT and media companies. About 56 percent of the total land mass at Dubai Pearl comprises open space, with 45 percent of the project area being landscaped. The development aims to be a luxury free zone and freehold development with easy access to transport links, World Island and private beach club on the World Island.
The signature structures of Dubai Pearl are its four individual towers, linked together at the top to form a skyscraper shooting over 300 metres. Other components include hotels, residences, entertainment amenities, and global names such as Bellagio, Baccarat, MGM Grand and Sky Lofts.
Dubai Pearl's partnerships with luxury brands Baccarat for the Baccarat Hotels and Residence, MGM Mirage for Bellagio hotel, MGM Grand Hotel and Skylofts Hotel aims to create long-term value for stakeholders of the development.
The hospitality sector of Dubai Pearl constitutes 16 percent, while there are about 1440 residential units and 618 serviced apartments making up 40 percent. The commercial section of Dubai Pearl constituting 1380 office units is 33 percent of total GFA, while 8 percent constitutes retail and 3 percent is leisure.
Dubai Pearl will accommodate 9000 residents while its commercial sector has the capability to employ about 12,000 employees. With features of a sustainable development, the Dubai Pearl is aiming for Golf LEED Certification.
Labels: Construction Projects
Dubai Pearl achieves major construction milestone
Thursday, October 15, 2009
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Pearl Dubai, developers of Dubai Pearl, a mixed-use luxury development, facing the Palm Jumeirah Island, has announced complete of concrete raft pouring at the Tower 2 (North Tower) of the development.
This marks a major construction milestone with installation of three of the Middle East's largest rafts on Tower 1, Tower 2 and Tower 3 of the iconic project.
The Contractors of the project, Al Habtoor Leighton, has utilized 300-plus workforce in each work shift, for two working days, to deliver the 11,000 cubic metre raft.
This latest construction milestone will permit commencement of works on the super structure for Towers 1 and 2, during the next couple of days.
Another 44,000 cubic meters of concrete will be poured into the foundation of the project, and about 10,000 tonnes of steel reinforcements would be utilized.
Situated opposite the Palm Jumeirah, the Dubai Pearl will offer wonder views of Arabian Gulf, with excellent amenities. It will shape a pedestrian-friendly 24-hour living city, boasting a range of commercial, residential, retail, hospitality and leisure elements.
It will also include a 1800-seater performing arts theatre, to meet the demands of Dubai's growing cultural calendar and will complement the project's entertainment offering.
This marks a major construction milestone with installation of three of the Middle East's largest rafts on Tower 1, Tower 2 and Tower 3 of the iconic project.
The Contractors of the project, Al Habtoor Leighton, has utilized 300-plus workforce in each work shift, for two working days, to deliver the 11,000 cubic metre raft.
This latest construction milestone will permit commencement of works on the super structure for Towers 1 and 2, during the next couple of days.
Another 44,000 cubic meters of concrete will be poured into the foundation of the project, and about 10,000 tonnes of steel reinforcements would be utilized.
Situated opposite the Palm Jumeirah, the Dubai Pearl will offer wonder views of Arabian Gulf, with excellent amenities. It will shape a pedestrian-friendly 24-hour living city, boasting a range of commercial, residential, retail, hospitality and leisure elements.
It will also include a 1800-seater performing arts theatre, to meet the demands of Dubai's growing cultural calendar and will complement the project's entertainment offering.
Labels: Construction Projects
Ajman's Crown Residencia project comes to halt
Sunday, September 27, 2009
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Investors in Crown Residencia project in Emirates City in Ajman will have to wait for a minimum of one year, before moving in, reports The Gulf News.
According to Abu Bakr Abuzeid, the Finance Manager of Al Batha Real Estate, the project developer, the project has been stalled as investors are yet to pay their installments.
Abuzeid agreed that people are delaying their payments, and mentioned that the company will have to swap its clients to Dubai, and has already offered projects in Dubai.
According to ARRA (Ajman Real Estate Regulatory Agency), Crown Residencia does not have an escrow account and one of the partners of Al Batha Real Estate has been jailed for bounced cheques.
The investors met Abuzeid last week and they were told that their investments could be swapped to projects in Dubai, through a new partnership with Al Masah International Development Company.
As per this potential solution, investors' money will be put into an escrow account and registered with Dubai's RERA (Real Estate Regulatory Authority).
Abuzeid has emphasized that Crown Residencia has not been cancelled. In case investors don’t accept this offer, they will be offered another solution. The company just needs to pay the balance of land and some other fee, worth Dh.1.5mn, and requires Dh.1million to pay construction advance.
But, the investors who spoke to Al Masah International realized that as per the current plan, they would lose 70 percent of their investment, with only 30 percent being transferred.
A source at Al Masah International confirmed that clients from Al Batha will be able to shift investments to their projects in Dubai. The cheapest of Al Masah projects is worth about Dh.750 per square foot, so investors can pay more, as units in Ajman are usually cheaper.
Al Batha Real Estate is different from Al Batha Group in Sharjah.
According to Abu Bakr Abuzeid, the Finance Manager of Al Batha Real Estate, the project developer, the project has been stalled as investors are yet to pay their installments.
Abuzeid agreed that people are delaying their payments, and mentioned that the company will have to swap its clients to Dubai, and has already offered projects in Dubai.
According to ARRA (Ajman Real Estate Regulatory Agency), Crown Residencia does not have an escrow account and one of the partners of Al Batha Real Estate has been jailed for bounced cheques.
The investors met Abuzeid last week and they were told that their investments could be swapped to projects in Dubai, through a new partnership with Al Masah International Development Company.
As per this potential solution, investors' money will be put into an escrow account and registered with Dubai's RERA (Real Estate Regulatory Authority).
Abuzeid has emphasized that Crown Residencia has not been cancelled. In case investors don’t accept this offer, they will be offered another solution. The company just needs to pay the balance of land and some other fee, worth Dh.1.5mn, and requires Dh.1million to pay construction advance.
But, the investors who spoke to Al Masah International realized that as per the current plan, they would lose 70 percent of their investment, with only 30 percent being transferred.
A source at Al Masah International confirmed that clients from Al Batha will be able to shift investments to their projects in Dubai. The cheapest of Al Masah projects is worth about Dh.750 per square foot, so investors can pay more, as units in Ajman are usually cheaper.
Al Batha Real Estate is different from Al Batha Group in Sharjah.
Labels: Ajman, Construction Projects
Remraam project well on-track
Friday, August 21, 2009
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Construction work on Remraam project, a major self-sufficient community development in Dubai, is well on schedule, with noteworthy progress achieved on all phases of the development.
The contractors involved in the project have been working simultaneously on all aspects of the community, and have completed the superstructure on a substantial number of buildings to their full heights, a company statement revealed.
Abour 90 percent of the excavation work on the 22.6 million square feet community project has been completed, while the foundation has been poured for over 70 percent of the project. The infrastructure work throughout the development is also progressing as planned.
The interior design has been finalized and the interior finishes for apartments have also commenced. A model apartment has been completed with enhanced finishes and fixtures, and will be show-cased for investor viewing shortly.
The Remraam Community is steadily getting into shape, and has already achieved several major construction milestones during the past month, said Saeed Bushalat, Dubai Properties Group.
The progress of the project confirms the company's commitment towards the investors and the scheduled delivery of the project, he added.
Remraam is 100 percent compliant with RERA (Real Estate Regulatory Authority) laws and has offered customers with the scope of offering payments based on construction milestones achieved, rather than the regular timeline-based fixed time payments.
Investors in the project have also been offered assistance during the current economic crisis, including incentives that will reward prompt payments with reduction of up to 30 percent on their purchase price.
The development offers true community lifestyle which offers good value for money. The Arabian-themed development features low-rise architecture with high quality standards and an outstanding location within Dubailand, ideal for a range of potential home owners.
On completion, Remraam will be a self-sustained community, offering lush landscaping, which covers 85 percent of the development, with a range of amenities such as swimming pools, health club, gymnasium, sauna and steam rooms, basketball and tennis courts, restaurants, community mall and entertainment outlets, apart from nursery, walkways, parks and retail outlets.
Construction work on Remraam project, a major self-sufficient community development in Dubai, is well on schedule, with noteworthy progress achieved on all phases of the development.The contractors involved in the project have been working simultaneously on all aspects of the community, and have completed the superstructure on a substantial number of buildings to their full heights, a company statement revealed.
Abour 90 percent of the excavation work on the 22.6 million square feet community project has been completed, while the foundation has been poured for over 70 percent of the project. The infrastructure work throughout the development is also progressing as planned.
The interior design has been finalized and the interior finishes for apartments have also commenced. A model apartment has been completed with enhanced finishes and fixtures, and will be show-cased for investor viewing shortly.
The Remraam Community is steadily getting into shape, and has already achieved several major construction milestones during the past month, said Saeed Bushalat, Dubai Properties Group.
The progress of the project confirms the company's commitment towards the investors and the scheduled delivery of the project, he added.
Remraam is 100 percent compliant with RERA (Real Estate Regulatory Authority) laws and has offered customers with the scope of offering payments based on construction milestones achieved, rather than the regular timeline-based fixed time payments.
Investors in the project have also been offered assistance during the current economic crisis, including incentives that will reward prompt payments with reduction of up to 30 percent on their purchase price.
The development offers true community lifestyle which offers good value for money. The Arabian-themed development features low-rise architecture with high quality standards and an outstanding location within Dubailand, ideal for a range of potential home owners.
On completion, Remraam will be a self-sustained community, offering lush landscaping, which covers 85 percent of the development, with a range of amenities such as swimming pools, health club, gymnasium, sauna and steam rooms, basketball and tennis courts, restaurants, community mall and entertainment outlets, apart from nursery, walkways, parks and retail outlets.
Labels: Construction Projects
Al Fara'a confirms timely completion of major residential projects
Wednesday, August 12, 2009
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Al Fara'a Properties, a member of the Al Fara'a Construction, a property and industrial group, announced that it is on track to keep up its delivery targets for two of its major residential projects, due for completion towards end of 2010.
One of these projects, namely, The Manhattan, draws inspiration from the urban residences of New York in 1930s, and will offer 355 units comprising studio, single, double and triple bedroom apartments.
The second project, namely, Mulberry Mansions, includes Victorian-styled townhouses with four bedrooms, a terrace, a private two-car garage, a balcony, small private garden and a maid's room.
The Director of Al Fara'a Properties, Natasha Gangaramani, confirmed that the construction of The Manhattan is progressing as scheduled, with the ground floor slab being completed, including ramps leading to the three basements.
"We believe that swift, efficient and timely handover of projects is as important for investor, as the value of investment, driven by construction quality and facilities offered," Gangaramani said.
With more than three decades of strong track record to its credit, the Al Fara'a Group has the flexibility to meet its primary goal of excellence. It recently launched the facilities management division, which enables the company to ensure that all the current projects of the company are built in accordance with the best global practices.
John Baarens, the General Manager, Al Fara'a General Contracting, the contractor for Jumeirah Village-based projects, said that with the completion of initial groundworks, the project is now focusing on the superstructures of The Manhattan and Mulberry Mansions.
"To ensure the standards and offer quality value proposition for our client, we will use only extensive tendering and value engineering capabilities offered in the market, and will continue accessing the broad-base of expertise throughout the Al Fara'a Construction, Property and Industrial Group. We are confident about delivering these projects towards end of 2010," Baarens said.
One of these projects, namely, The Manhattan, draws inspiration from the urban residences of New York in 1930s, and will offer 355 units comprising studio, single, double and triple bedroom apartments.
The second project, namely, Mulberry Mansions, includes Victorian-styled townhouses with four bedrooms, a terrace, a private two-car garage, a balcony, small private garden and a maid's room.
The Director of Al Fara'a Properties, Natasha Gangaramani, confirmed that the construction of The Manhattan is progressing as scheduled, with the ground floor slab being completed, including ramps leading to the three basements.
"We believe that swift, efficient and timely handover of projects is as important for investor, as the value of investment, driven by construction quality and facilities offered," Gangaramani said.
With more than three decades of strong track record to its credit, the Al Fara'a Group has the flexibility to meet its primary goal of excellence. It recently launched the facilities management division, which enables the company to ensure that all the current projects of the company are built in accordance with the best global practices.
John Baarens, the General Manager, Al Fara'a General Contracting, the contractor for Jumeirah Village-based projects, said that with the completion of initial groundworks, the project is now focusing on the superstructures of The Manhattan and Mulberry Mansions.
"To ensure the standards and offer quality value proposition for our client, we will use only extensive tendering and value engineering capabilities offered in the market, and will continue accessing the broad-base of expertise throughout the Al Fara'a Construction, Property and Industrial Group. We are confident about delivering these projects towards end of 2010," Baarens said.
Labels: Construction Projects
Several Dubai Marina projects delayed
Sunday, August 09, 2009
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The properties in Dubai designated as on hold by RERA (Real Estate Regulatory Agency), the property regulator by Dubai Government, are not the only projects that have been delayed. In fact, the agency has two other categories, such as 'delayed' and 'progressing to RERA-approved revised schedule', to indicate that a project is behind schedule, The National reported.
According to a report published in RERA's official magazine, although 10 percent of projects are currently 'on hold', the developer is still unsure, as another 31.8 percent of the projects have been 'progressing but not yet on site'.
RERA, last month made the announcement that it had designated 69 out of 407 projects on hold, which constitute 17 percent of the projects.
Among the nine delayed projects in the Marina, RERA's website reports only three as delayed. Among these, one of the projects, designated as delayed is the 90-storey Damac Heights tower, launched in 2007.
Works have begun on site, but have now stopped to permit a design review in accordance with the comments by Dubai Municipality, said RERA's inspection note. Schedule will be updated when the design and re-tendering has been completed, it states.
According to a spokesman for Damac Properties, the company has three other projects in Dubai Marina, among which, the Marina Terrace and The Waves have been completed, while the Ocean Heights has reached 66th storey.
The other project in the Marina is Damac Heights, and it is not cancelled or on hold and is very much in progress, confirmed Niall McLoughlin, Senior Vice President, Corporate Communications.
Although launched in 2007, the project will not be completed before 2013. The other two projects for which RERA's reports are not available online are Harbour Residence and My Tower, with inspection reports stating as progressing to RERA-approved revised schedule.
According to a report published in RERA's official magazine, although 10 percent of projects are currently 'on hold', the developer is still unsure, as another 31.8 percent of the projects have been 'progressing but not yet on site'.
RERA, last month made the announcement that it had designated 69 out of 407 projects on hold, which constitute 17 percent of the projects.
Among the nine delayed projects in the Marina, RERA's website reports only three as delayed. Among these, one of the projects, designated as delayed is the 90-storey Damac Heights tower, launched in 2007.
Works have begun on site, but have now stopped to permit a design review in accordance with the comments by Dubai Municipality, said RERA's inspection note. Schedule will be updated when the design and re-tendering has been completed, it states.
According to a spokesman for Damac Properties, the company has three other projects in Dubai Marina, among which, the Marina Terrace and The Waves have been completed, while the Ocean Heights has reached 66th storey.
The other project in the Marina is Damac Heights, and it is not cancelled or on hold and is very much in progress, confirmed Niall McLoughlin, Senior Vice President, Corporate Communications.
Although launched in 2007, the project will not be completed before 2013. The other two projects for which RERA's reports are not available online are Harbour Residence and My Tower, with inspection reports stating as progressing to RERA-approved revised schedule.
Labels: Construction Projects, Dubai Marina
Queue Point to be ready for handover next year
Wednesday, August 05, 2009
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Construction work on the first residential project targeted at mid-income segment, namely The Queue Point in Dubailand, has been resumed, following series of external challenges which had resulted in temporary halting of the project.
Al Mazaya, which had entered into a contract for the project with Mizin, a subsidiary of Al Liwan, the main developer, to purchase 40 plots, has reported that construction work has resumed on all project buildings, with 40-60 percent completion rates throughout the project. It has confirmed that Queue Point will be delivered to owners next year.
Speaking about the progress in work on Queue Point, the Managing Director and CEO of Al Mazaya, Eng. Khalid Esbaitah, said that the project has faced several challenges which affected the progress and delivery schedule.
Choosing the right contractor for the project has been the most difficult task, particularly during this time of economic crunch, as several contractors were stuck mid-way due to variance in prices of construction materials and contracts and the decline in funding, Esbaitah said.
However, Queue Point is one of those projects that had overcome the economic fluctuations, apart from being an investment, which guarantees considerable returns for investors, he pointed out.
However, Queue Point is one of those projects that had overcome the economic fluctuations, apart from being an investment, which guarantees considerable returns for investors, he pointed out.
The project has not seen recent fluctuation in prices, while correctional methods are being applied, and the demand is equal to supply, as Queue point is based on reasonable prices on installment basis.
Queue Point is an integrated residential project, meant for mid-income sector, offering luxurious lifestyle on par with other major projects. The project has drawn several residents seeking to own affordable apartments, with over 95 percent of the project units having been sold already.
Located along Al Liwan in Dubailand, Queue Point is located close to the intersection between Al Ain Road and Emirates Road in Dubai. The project will include multi-purpose residential and commercial buildings that are between five and fifteen storeys, with enchanting designs. Residential and commercial units are interspersed with green spaces, gardens and waterfalls that cater to the needs of various sections of the society.
Labels: Apartments, Construction Projects, Dubailand
ACI's Dubai waterfront towers on hold
Sunday, July 12, 2009
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The German-owned developer, Alternative Capital Invest (ACI) Real Estate, who is behind projects such as Michael Schumacher, Boris Becker and Niki Lauda towers, revealed that it plans to put on hold its developments on the Dubai Waterfront and shift investor holdings to other assets.
The affected projects are Ferretti and Pershing towers that are yet to begin construction. The company announced that it plans to shift clinet investments in these developments to towers in Business Bay, which includes the towers linked to prominent German sports figures.
The Lauda, Becker and Schumacher towers are now under construction, although they are behind schedule.
During the past couple of weeks, a group of German investors in ACI-linked funds, which financed the developments, had lodged complaint against the developer for having missed the payout deadlines. The Dubai Waterfront towers have been put on hold, as the developer is struggling to maintain investor funding, which is required for completion of current projects.
The Managing Director of ACI Dubai, Robin Lohmann, in his recent press meet, mentioned that the slowing payment left its impact on construction schedules.
"All our sites in Business Bay are under construction. But there are delays in people's payments, and we have slowed down to deal with it. When nobody pays, the construction stops, and that is the last thing we want," he said.
Out of the eleven projects underway by the company, seven were under construction, he pointed out.
The affected projects are Ferretti and Pershing towers that are yet to begin construction. The company announced that it plans to shift clinet investments in these developments to towers in Business Bay, which includes the towers linked to prominent German sports figures.
The Lauda, Becker and Schumacher towers are now under construction, although they are behind schedule.
During the past couple of weeks, a group of German investors in ACI-linked funds, which financed the developments, had lodged complaint against the developer for having missed the payout deadlines. The Dubai Waterfront towers have been put on hold, as the developer is struggling to maintain investor funding, which is required for completion of current projects.
The Managing Director of ACI Dubai, Robin Lohmann, in his recent press meet, mentioned that the slowing payment left its impact on construction schedules.
"All our sites in Business Bay are under construction. But there are delays in people's payments, and we have slowed down to deal with it. When nobody pays, the construction stops, and that is the last thing we want," he said.
Out of the eleven projects underway by the company, seven were under construction, he pointed out.
Labels: Construction Projects
Rakeen to commence second phase construction at Al Marjan
Tuesday, July 07, 2009
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Rakeen, the leading property developer will begin its second phase of infrastructure works on the Dh.365mn Al Marjan Island in Ras Al Khaimah.
The infrastructure work was awarded to Rizzani, the contracting and engineering company, which will take care of the installation of amenities such as water, electricity, telecommunications, drainage, channel crossings, soft and hard landscaping, fire fighting installations and street lighting.
The initial phase of infrastructure work, covering the Peninsula Island 1 and Island 2, began in July 2008. It is hoped to be complete by June 2010 at a cost of Dh.366mn.
The company plans to fast-track the completion of infrastructure works, as various projects are being built on Al Marjan, depending on infrastructure amenities.
With the phase one of the infrastructure work progressing as scheduled, work on the second phase would commence, after having identified the contractor for the job.
The company has assured that it has reviewed all infrastructure works to ensure that all elements comply with quality standards, particularly with regards to sustainability and minimal environmental impact.
The infrastructure work was awarded to Rizzani, the contracting and engineering company, which will take care of the installation of amenities such as water, electricity, telecommunications, drainage, channel crossings, soft and hard landscaping, fire fighting installations and street lighting.
The initial phase of infrastructure work, covering the Peninsula Island 1 and Island 2, began in July 2008. It is hoped to be complete by June 2010 at a cost of Dh.366mn.
The company plans to fast-track the completion of infrastructure works, as various projects are being built on Al Marjan, depending on infrastructure amenities.
With the phase one of the infrastructure work progressing as scheduled, work on the second phase would commence, after having identified the contractor for the job.
The company has assured that it has reviewed all infrastructure works to ensure that all elements comply with quality standards, particularly with regards to sustainability and minimal environmental impact.
Labels: Construction Projects, Rakeen
Cayan's Infinity Tower at Dubai Marina makes steady progress
Tuesday, June 30, 2009
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The leading real estate developers in the region, Cayan Investment and Development, mentioned that its Infinity Tower development at the Dubai Marina, has hastened its construction process and has achieved a major progress on site.
The 80-storey tower offers stunning view of Dubai Marina. The podium levels, comprising six storeys are complete. Arabtec has been appointed as the main contractor of the project, with over 1000 workers in the site, working round-the-clock to ensure the right construction schedule.
The progress is an indication of the impressive track record by Cayan Investment and Development on keeping up with their project schedules, and the dedication by Arabtec towards the project.
The Chairman of Cayan, Ahmad Al Hatti, when speaking about the project construction, mentioned that the progress made on construction of the project reflects the meticulous care that Cayan lends to every aspect of its projects.
On completion, the tower will offer world-class amenities and offer tenants with a vast array of unique services and state-of-the-art amenities.
The construction work has now reached the seventh storey within the past six months. The development has already received a total of six design awards over the past three years, including the International Architecture Award from ‘Chicago Athenaeum’.
In December 2008, Cayan delivered 4 out of its seven projects in Dubai, and hopes to deliver the rest three projects between 2010 and 2011. Apart from projects in Dubai, Cayan has few mega projects in Egypt and Jeddah.
The 80-storey tower offers stunning view of Dubai Marina. The podium levels, comprising six storeys are complete. Arabtec has been appointed as the main contractor of the project, with over 1000 workers in the site, working round-the-clock to ensure the right construction schedule.
The progress is an indication of the impressive track record by Cayan Investment and Development on keeping up with their project schedules, and the dedication by Arabtec towards the project.
The Chairman of Cayan, Ahmad Al Hatti, when speaking about the project construction, mentioned that the progress made on construction of the project reflects the meticulous care that Cayan lends to every aspect of its projects.
On completion, the tower will offer world-class amenities and offer tenants with a vast array of unique services and state-of-the-art amenities.
The construction work has now reached the seventh storey within the past six months. The development has already received a total of six design awards over the past three years, including the International Architecture Award from ‘Chicago Athenaeum’.
In December 2008, Cayan delivered 4 out of its seven projects in Dubai, and hopes to deliver the rest three projects between 2010 and 2011. Apart from projects in Dubai, Cayan has few mega projects in Egypt and Jeddah.
Labels: Construction Projects, Dubai Marina
Investors choose to walk-out of Ivory Tower project
Thursday, June 11, 2009
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Foundation work on the long-delayed Ivory Tower in Dubai, which had resumed work six months back, has once again come to a standstill. Several buyers are seen walking away from their investment in the Sukook Group's project, which is already three years overdue.
One of the investor, who spoke to The National clearly said "Why should we pay for an imaginary tower?"
This is another property development in Dubai that focuses on the problems associated with sale of off-plan properties, as buyers are refusing to pay for something that they have already lost faith in, while the developers have no cash to continue construction.
The Director of Sokook Investment Group, Mohammed Binghalib, agreed that he has not drawn a salary for the past nine months. He also agreed the company has trimmed staff and other overheads at the firm, to compensate for limited cash flow.
The company is now trying to get investors to pay 30 percent to cover the cost of foundations work, while the rest can be paid inline with construction. This is as per the new payment plan drawn together with Dubai's RERA this year.
Binghalib says "There are few people who are genuine buyers and make payments regularly, but there are others without property finances, earning may be Dh.10,000 per month, and have bought six apartments. They are now fighting us."
Few purchasers are refusing to abide by the new payment plan, and say that with construction languishing for more than three years, they fear that Ivory Tower will never be built.
According to Binghalib, the delay has been caused by a dispute over land with TECOM, where Ivory Tower is located. The dispute was resolved with the help of Dubai Land Department last summer.
The company's announcement early last year, saying that the contracts with buyers would be cancelled, with 20 percent of sale price retained, took buyers by shock. The buyers even suspected that Sokook was trying to take back the apartments that were sold for up to Dh.650 per sq. ft. to sell them for more.
So far more than 100 buyers are believed to have defaulted on payments, preferring to cut their losses.
Binghalib said that the company requires its customers to fulfil their obligations towards completion of the building, which is now scheduled towards end of 2011.
According to Binghalib, all money collected for the project had been deposited in an escrow account and invested only in the project. The company now aims to try and collect 30 percent from buyers prior to construction.
One of the investor, who spoke to The National clearly said "Why should we pay for an imaginary tower?"
This is another property development in Dubai that focuses on the problems associated with sale of off-plan properties, as buyers are refusing to pay for something that they have already lost faith in, while the developers have no cash to continue construction.
The Director of Sokook Investment Group, Mohammed Binghalib, agreed that he has not drawn a salary for the past nine months. He also agreed the company has trimmed staff and other overheads at the firm, to compensate for limited cash flow.
The company is now trying to get investors to pay 30 percent to cover the cost of foundations work, while the rest can be paid inline with construction. This is as per the new payment plan drawn together with Dubai's RERA this year.
Binghalib says "There are few people who are genuine buyers and make payments regularly, but there are others without property finances, earning may be Dh.10,000 per month, and have bought six apartments. They are now fighting us."
Few purchasers are refusing to abide by the new payment plan, and say that with construction languishing for more than three years, they fear that Ivory Tower will never be built.
According to Binghalib, the delay has been caused by a dispute over land with TECOM, where Ivory Tower is located. The dispute was resolved with the help of Dubai Land Department last summer.
The company's announcement early last year, saying that the contracts with buyers would be cancelled, with 20 percent of sale price retained, took buyers by shock. The buyers even suspected that Sokook was trying to take back the apartments that were sold for up to Dh.650 per sq. ft. to sell them for more.
So far more than 100 buyers are believed to have defaulted on payments, preferring to cut their losses.
Binghalib said that the company requires its customers to fulfil their obligations towards completion of the building, which is now scheduled towards end of 2011.
According to Binghalib, all money collected for the project had been deposited in an escrow account and invested only in the project. The company now aims to try and collect 30 percent from buyers prior to construction.
Labels: Construction Projects
Al Fajer projects progressing as scheduled
Monday, June 08, 2009
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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
Bonyan International plans hand-over of 1000 units in 2009
Thursday, May 21, 2009
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Bonyan International Investment Group, a leading real estate company in Dubai, has announced that it will deliver about 1000 property units by the end of second quarter of this year.
The developer revealed that three of its projects Dubai Gate 1, Sharjah Gate Tower and Abbco Tower have been already sold to investors.
Currently, all three projects are in its final stages of completion. The developer is finalizing the legalities for Abbco Tower and Dubai Gate 1, while the Sharjah Gate Tower is undergoing construction.
Located in the Al Nahda area, the Sharjah Gate Tower is all set to be one of the tallest towers in Sharjah. It comprises 42 storeys, with luxurious double and triple bedroom apartments, a basement, nine parking storeys, a pool, a gymnasium and two service floors.
Abbco Tower is another Sharjah-based project, offering affordable studios, single and double bedroom apartments overlooking the city and an array of state-of-the-art facilities.
Strategically position in the heart of Dubai, the Dubai Gate 1 is a 35-storey tower, which include comfortable and stylish single, double and triple bedroom apartments.
The Vice Chairman of the Board at Bonyan International Investment Group, Anas Atatreh, said that the company plans delivery of 1000 property units within its project portfolio, particularly at present when developers are facing hurdles in completion of their committed projects.
Few other projects by the Group are the Lulu Tower, Rose Tower and Dubai Gate 2 amongst others.
The developer revealed that three of its projects Dubai Gate 1, Sharjah Gate Tower and Abbco Tower have been already sold to investors.
Currently, all three projects are in its final stages of completion. The developer is finalizing the legalities for Abbco Tower and Dubai Gate 1, while the Sharjah Gate Tower is undergoing construction.
Located in the Al Nahda area, the Sharjah Gate Tower is all set to be one of the tallest towers in Sharjah. It comprises 42 storeys, with luxurious double and triple bedroom apartments, a basement, nine parking storeys, a pool, a gymnasium and two service floors.
Abbco Tower is another Sharjah-based project, offering affordable studios, single and double bedroom apartments overlooking the city and an array of state-of-the-art facilities.
Strategically position in the heart of Dubai, the Dubai Gate 1 is a 35-storey tower, which include comfortable and stylish single, double and triple bedroom apartments.
The Vice Chairman of the Board at Bonyan International Investment Group, Anas Atatreh, said that the company plans delivery of 1000 property units within its project portfolio, particularly at present when developers are facing hurdles in completion of their committed projects.
Few other projects by the Group are the Lulu Tower, Rose Tower and Dubai Gate 2 amongst others.
Labels: Bonyan, Construction Projects
Damac announces Dh2bn worth construction contracts for 2009
Wednesday, May 06, 2009
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Damac Properties has announced plans to award Dh.2bn worth construction contract this year, with an aim to deliver an additional 7100 units by the end of next year.
Damac also announced successful completion of 500 storey across all its projects in Dubai.
The Chairman of Damac Holding, Hussain Sajwani, said "Our focus for 2009 and 2010 is construction and delivery. We plan to give away Dh.2bn worth contracts for construction of ten new projects. Damac has already achieved a milestone by completing 500 floors of residential, commercial and retail units so far, and we plan to double this number soon."
Last year, the company had awarded Dh.2.5bn worth of contracts. This year, majority of the contracts awarded will be main contracts.
Damac has already delivered about 2300 units during the past six months and is considering an aggressive delivery plan during the next two years. This includes plan to deliver 25 towers by the end of 2009.
The developer is currently focussing on full-fledged construction. Damac has already completed enabling works at the Lincoln Park at Arjan, Dubailand. The XL Tower at Business Bay has reached the third storey, while the Smart Heights has reached half-way point of construction at 15 floors. External cladding and painting has already begun at Emirates Garden in Jumeirah Village, while the company has completed the enabling works for Executive Bay development at Business Bay.
Damac also announced successful completion of 500 storey across all its projects in Dubai.
The Chairman of Damac Holding, Hussain Sajwani, said "Our focus for 2009 and 2010 is construction and delivery. We plan to give away Dh.2bn worth contracts for construction of ten new projects. Damac has already achieved a milestone by completing 500 floors of residential, commercial and retail units so far, and we plan to double this number soon."
Last year, the company had awarded Dh.2.5bn worth of contracts. This year, majority of the contracts awarded will be main contracts.
Damac has already delivered about 2300 units during the past six months and is considering an aggressive delivery plan during the next two years. This includes plan to deliver 25 towers by the end of 2009.
The developer is currently focussing on full-fledged construction. Damac has already completed enabling works at the Lincoln Park at Arjan, Dubailand. The XL Tower at Business Bay has reached the third storey, while the Smart Heights has reached half-way point of construction at 15 floors. External cladding and painting has already begun at Emirates Garden in Jumeirah Village, while the company has completed the enabling works for Executive Bay development at Business Bay.
Labels: Construction Projects, Damac Properties
Work initiated at Tameer's Platinum Towers
Wednesday, April 15, 2009
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Tameer, the leading property developer, has commenced its works on the mixed-use twin tower development located at Dubai’s Business Bay, namely, The Platinum Towers.
The CEO of Tameer, Ghassan Sheiknini, expressed his happiness over the commencement of works, and said that this emphasizes the commitment by the company to meet the expectations of investors and customers.
The Development Director of Platinum Towers, John Zwets, said that the site mobilization, which began in early February, has been continuing for the past couple of weeks.
In the next few weeks, the secant-wall piles will be installed to retain the parking basement excavation, he revealed.
Located at the heart of Dubai's Business Bay, the Platinum Towers includes two 29-storey towers, positioned adjacent to each other. Each tower comprises 3 basements, one ground floor with state-of-the-art amenities, including health club, gymnasium hall, 984 parking spaces and shopping amenities.
The CEO of Tameer, Ghassan Sheiknini, expressed his happiness over the commencement of works, and said that this emphasizes the commitment by the company to meet the expectations of investors and customers.
The Development Director of Platinum Towers, John Zwets, said that the site mobilization, which began in early February, has been continuing for the past couple of weeks.
In the next few weeks, the secant-wall piles will be installed to retain the parking basement excavation, he revealed.
Located at the heart of Dubai's Business Bay, the Platinum Towers includes two 29-storey towers, positioned adjacent to each other. Each tower comprises 3 basements, one ground floor with state-of-the-art amenities, including health club, gymnasium hall, 984 parking spaces and shopping amenities.
Labels: Business Bay, Construction Projects, Tameer
i-Rise Tower on track for completion in 2010
Thursday, April 02, 2009
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Realty Capital has announced completion of works on the fifth podium floor slab of its i-Rise Business Tower project. The company has confirmed that the project is on track for its scheduled completion by mid-2010.
At present, work is in progress on two more slabs to complete the podium structure, comprising huge concrete and steel quantities.
Even the mechanical and electrical works are going as scheduled, and the interior designing team has already reviewed the finishes and is working on the best possible design to match the magnificent façade.
Covering a built-up area of 1.8million square feet, i-Rise Tower is one of the largest office towers in the region.
Being one of the major office developments in the region, i-Rise has been successful in generating attention from potential tenants and investors. Hence we are determined to continue with the development, without any delay and complete the project within the scheduled time frame, said Marwan Mansour, CEO of Realty Capital.
On completion, i-Rise tower would comprise 37 storeys with premium facilities like 18 high-speed elevators, retail space, fitness center, restaurants, cafes, and large multi-storey car parking. The unique design of the tower would make it a popular landmark in Dubai.
At present, work is in progress on two more slabs to complete the podium structure, comprising huge concrete and steel quantities.
Even the mechanical and electrical works are going as scheduled, and the interior designing team has already reviewed the finishes and is working on the best possible design to match the magnificent façade.
Covering a built-up area of 1.8million square feet, i-Rise Tower is one of the largest office towers in the region.
Being one of the major office developments in the region, i-Rise has been successful in generating attention from potential tenants and investors. Hence we are determined to continue with the development, without any delay and complete the project within the scheduled time frame, said Marwan Mansour, CEO of Realty Capital.
On completion, i-Rise tower would comprise 37 storeys with premium facilities like 18 high-speed elevators, retail space, fitness center, restaurants, cafes, and large multi-storey car parking. The unique design of the tower would make it a popular landmark in Dubai.
Labels: Business Tower, Construction Projects, Office Space
Abu Dhabi's Tameer Towers under review
Thursday, March 26, 2009
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Tameer Holding announced yesterday that its Dh.5.78bn Tameer Towers project at the Reem Island in Abu Dhabi, has been put under review.
According to the company sources, the developer is planning to cancel its construction contracts with Al Habtoor Engineering, Al Rajhi Contracting and Murray & Roberts. However, the company is also said be thinking about the option of hiring the same contractors at re-negotiated prices.
According to a company official, Tameer has however confirmed that the Tameer Towers project will move ahead. The enabling works are already completed, and the residential sub-structure works would begin on completing this assessment.
Currently several real estate developers are re-negotiating construction contracts, as the prices of raw materials such as steel and concrete have fallen, and in few cases, the developers have even passed on the savings to buyers by lowering home prices to increase sales.
Tameer Holding had laid off more than half of its employees late last year, when the property sector swept into recession. The Tameer Towers is expected to be a major project of the Shams Abu Dhabi development on Reem Island. The project was planned to include six towers, with four residential and one commercial building, and a hotel, apart from other amenities.
According to the company sources, the developer is planning to cancel its construction contracts with Al Habtoor Engineering, Al Rajhi Contracting and Murray & Roberts. However, the company is also said be thinking about the option of hiring the same contractors at re-negotiated prices.
According to a company official, Tameer has however confirmed that the Tameer Towers project will move ahead. The enabling works are already completed, and the residential sub-structure works would begin on completing this assessment.
Currently several real estate developers are re-negotiating construction contracts, as the prices of raw materials such as steel and concrete have fallen, and in few cases, the developers have even passed on the savings to buyers by lowering home prices to increase sales.
Tameer Holding had laid off more than half of its employees late last year, when the property sector swept into recession. The Tameer Towers is expected to be a major project of the Shams Abu Dhabi development on Reem Island. The project was planned to include six towers, with four residential and one commercial building, and a hotel, apart from other amenities.
Labels: Abu Dhabi, Construction Projects
Damac's new futuristic tower at TECOM, completes 15-storeys
Thursday, March 12, 2009
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Damac Properties will be adding a new futuristic tower to the TECOM skyline, with its Smart Heights development already half-way towards completion. Featuring the latest in office technology and gadgetry, the Smart Heights tower has reached its 15th storey, and is on schedule to hit the final 21st storey, by end of this year.
The project has ECC as their main contractors. The other project by Damac at TECOM is the Executive Heights project, which saw completion in 2008.
Covering 288,000 square feet of office space, the Smart Heights has all the 21 storeys of the project, being either leased or purchased. Among the smart facilities included in the project, are the security card access control, automated boardrooms, energy efficient lighting systems, touch pad request screens for elevators with LCD response panels.
The electrical, mechanical and plumbing works are underway at Smart Heights, so that all wiring, pipes and cabling is well-integrated, and contracts for internal fixtures and fittings, such as lighting, signage and sanitary ware are in the process of being handed-over.
According to Hussain Sajwani, the Chief Executive of Damac, offering the latest technology is now a necessity for developers, and that office locations in Dubai had to differentiate themselves this way.
TECOM is hoped to be a vibrant business community, and will be a great location for companies offering excellent access to both Al Khail Roads and Sheikh Zayed Road, apart from TECOM metro station, which will be at just a walking distance of few minutes.
Sajwani added that Smart Height will be unique not only for its futuristic design, but also for its modern technology. Apart from 21 office storeys, the building will have a day-care center health club and outdoor swimming pool to relax after a hectic day at work, al l situated within the lush landscape surroundings.
Labels: Construction Projects, Damac Properties
Developer modifies Jumeirah Gardens project to suit market needs
Tuesday, March 10, 2009
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Meeras Development plans to speed-up the Dh.350bn Jumeirah Gardens project, upon stabilization of real estate market.
In view of the rapid changes in the property market, and owing to global economic conditions, Meraas Development is now focusing on adapting its master-plan, designs and product mix, inline with present market conditions.
The company, in its statement, said that it plans to redefine the short-term strategy and approach to focus on developing initial phases of Jumeirah Gardens, while also confirming its commitment towards developing an integrated city in the heart of Dubai. The project, when progressed in phases, would provide an opportunity for the company, to analyze investor interest and develop details of the master plan and state-of-the-art infrastructure.
Launched in October 2008, the Jumeirah Gardens projects by Meraas is a mixed-use development, including seven district areas spread across an 110mn square feet land area. Located along the northern end of Sheikh Zayed Road, between Safa Park and Diyafa Street, the project would require 12 years for completion.
The existing site would be re-developed to create a mixed-use freehold and leasehold development, which will be an integrated city within city. A transportation network will link low, medium and high-density areas with business, retail, residential, leisure and recreational components.
Covering about 820,000 square meters, the phase one of the project would include six main blocks of low, mid and high-rice office, residential and retail buildings, two hotels, and high-end shopping space.
The developer plans eight buildings in Jumeirah Gardens, including One Park Avenue, One Dubai, and Park Gate, with six buildings. The project aims to cater to a population of 50,000 to 60,000 residents.
In view of the rapid changes in the property market, and owing to global economic conditions, Meraas Development is now focusing on adapting its master-plan, designs and product mix, inline with present market conditions.
The company, in its statement, said that it plans to redefine the short-term strategy and approach to focus on developing initial phases of Jumeirah Gardens, while also confirming its commitment towards developing an integrated city in the heart of Dubai. The project, when progressed in phases, would provide an opportunity for the company, to analyze investor interest and develop details of the master plan and state-of-the-art infrastructure.
Launched in October 2008, the Jumeirah Gardens projects by Meraas is a mixed-use development, including seven district areas spread across an 110mn square feet land area. Located along the northern end of Sheikh Zayed Road, between Safa Park and Diyafa Street, the project would require 12 years for completion.
The existing site would be re-developed to create a mixed-use freehold and leasehold development, which will be an integrated city within city. A transportation network will link low, medium and high-density areas with business, retail, residential, leisure and recreational components.
Covering about 820,000 square meters, the phase one of the project would include six main blocks of low, mid and high-rice office, residential and retail buildings, two hotels, and high-end shopping space.
The developer plans eight buildings in Jumeirah Gardens, including One Park Avenue, One Dubai, and Park Gate, with six buildings. The project aims to cater to a population of 50,000 to 60,000 residents.
Labels: Construction Projects, Jumeirah-Garden-City, Real Estate News
Dubai Properties confirms delivery of Al Waha villas
Friday, March 06, 2009
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Dubai Properties has announced its decision to hand-over the Dh.735mn worth Al Waha Villas, towards the second quarter of this year.
A spokesperson of Dubai Properties, said that the company is particular about the timely delivery of Al Waha residential units, and the eagerness of buyers to move into their new homes.
Inline with this, Dubai Properties also plan to offer lease units at the "558 Community Development", which comprise 414 Mediterranean-styled exclusive villas and 144 apartments.
A member of Dubai Properties Group, Salwan Property Management, said that it plans to provide facilities management services to residential communities.
Waha is an exclusive gated residential community, located in the heart of Dubailand. A luxurious enclave of 260 Mediterranean-styled villas is located among rows of towering palm trees and well-manicured gardens.
The architectural concept of Al Waha, includes beautiful buildings, warm hues and terracotta roofs and cobbled driveways. The freehold Mediterranean-style residential development includes 260 exclusive villas and townhouses with luxurious enclave.
Spreading across a built-up area of 1.9million square feet, the Al Waha villas includes 48 double bedroom apartments, 96 three-bedroom apartments, 102 three-bedroom villas, 180 two-bedroom villas and 132 four-bedroom villas. The 558 Community Development features children playgrounds, and 24-hour concierge services too.
A spokesperson of Dubai Properties, said that the company is particular about the timely delivery of Al Waha residential units, and the eagerness of buyers to move into their new homes.
Inline with this, Dubai Properties also plan to offer lease units at the "558 Community Development", which comprise 414 Mediterranean-styled exclusive villas and 144 apartments.
A member of Dubai Properties Group, Salwan Property Management, said that it plans to provide facilities management services to residential communities.
Waha is an exclusive gated residential community, located in the heart of Dubailand. A luxurious enclave of 260 Mediterranean-styled villas is located among rows of towering palm trees and well-manicured gardens.
The architectural concept of Al Waha, includes beautiful buildings, warm hues and terracotta roofs and cobbled driveways. The freehold Mediterranean-style residential development includes 260 exclusive villas and townhouses with luxurious enclave.
Spreading across a built-up area of 1.9million square feet, the Al Waha villas includes 48 double bedroom apartments, 96 three-bedroom apartments, 102 three-bedroom villas, 180 two-bedroom villas and 132 four-bedroom villas. The 558 Community Development features children playgrounds, and 24-hour concierge services too.
Labels: Construction Projects
Deyaar confirms delivery of seven major Dubai projects in 2009
Saturday, February 21, 2009
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Deyaar, the leading property developer, has announced plans to deliver more than seven of its projects in 2009, constituting more than 1300 units of its diverse project portfolio.
The projects due for delivery this year are The Citadel -the commercial tower, and Hamilton Residency -residential tower, both located at Business Bay. Other projects due for delivery this year are Madison Residency - the residential project at TECOM, and Coral Residence, Jade Residence, Ruby Residence, and Saphire Residence, all located at Dubai Silicon Oasis.
The Chief Executive of Deyaar, Markus Giebel, remarked that this confirms the company's commitment to its investors and customers, despite the challenging conditions faced by the property sector.
Deyaar is well-placed to build on its current growth momentum and helps clients to overcome short-term constraints within the market. With the timely delivery of the projects, Deyaar is one again remaining firm on its commitment to meet the requirements of clients through comprehensive customer support strategy, such as enhanced payment support programme and individual bank financing assistance, he added.
Giebel mentioned that the projects are located along major growth corridors of Dubai, and Deyaar is pleased to deliver these quality projects during the year.
Being one of the fastest growing property companies in the region, Deyaar Development PJSC, currently is the foremost in the region's property sector, focusing on property development, facilities management, marketing and sales.
The projects due for delivery this year are The Citadel -the commercial tower, and Hamilton Residency -residential tower, both located at Business Bay. Other projects due for delivery this year are Madison Residency - the residential project at TECOM, and Coral Residence, Jade Residence, Ruby Residence, and Saphire Residence, all located at Dubai Silicon Oasis.
The Chief Executive of Deyaar, Markus Giebel, remarked that this confirms the company's commitment to its investors and customers, despite the challenging conditions faced by the property sector.
Deyaar is well-placed to build on its current growth momentum and helps clients to overcome short-term constraints within the market. With the timely delivery of the projects, Deyaar is one again remaining firm on its commitment to meet the requirements of clients through comprehensive customer support strategy, such as enhanced payment support programme and individual bank financing assistance, he added.
Giebel mentioned that the projects are located along major growth corridors of Dubai, and Deyaar is pleased to deliver these quality projects during the year.
Being one of the fastest growing property companies in the region, Deyaar Development PJSC, currently is the foremost in the region's property sector, focusing on property development, facilities management, marketing and sales.
Labels: Construction Projects, Deyaar
Manhattan Luxury Apartments at Jumeirah Village on track
Thursday, February 19, 2009
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Al Fara'a Properties yesterday confirmed that the company is making steady progress towards timely completion of its Manhattan Luxury Apartments project, despite the current market dynamics.
The company revealed that it has successfully poured 7500 cubic metres of concrete for 50 hours, covering 46,500 square feet for the basement level of Manhattan Development in Jumeirah Village.
The 12-metre cavity, with high density supports and piling, will house the basements and foundation of a signature collection of the New York-inspired apartments, comprising studios, single, double and triple bedroom units.
Manhattan Luxury Apartments offers high-quality apartments with signature amenities designed to offer a healthy lifestyle to its residents. The amenities include world-class gymnasium, swimming pools, sauna and steam facilities, and well-equipped children play area.
Majority of projects that are currently in progress in Jumeirah Village are that of Al Fara'a Properties. The Le Grand Chateau which won the CNBC Arabia's best development award is also one among the projects nearing completion by Al Fara'a.
The Director of Al Fara'a Properties, Natasha Gangaramani, when speaking about the scheduled delivery of the apartments, mentioned that the company has deployed 1200 strong workforce, which constitute a team of experts who would lead the project into successful completion.
With a planned property portfolio worth Dh.10bn, Al Fara'a Properties has launched successfully several residential, mixed-use and commercial developments spreading across Jumeirah Village, Downtown Jebel Ali and Dubai Maritime City.
Al Fara'a Properties yesterday confirmed that the company is making steady progress towards timely completion of its Manhattan Luxury Apartments project, despite the current market dynamics.The company revealed that it has successfully poured 7500 cubic metres of concrete for 50 hours, covering 46,500 square feet for the basement level of Manhattan Development in Jumeirah Village.
The 12-metre cavity, with high density supports and piling, will house the basements and foundation of a signature collection of the New York-inspired apartments, comprising studios, single, double and triple bedroom units.
Manhattan Luxury Apartments offers high-quality apartments with signature amenities designed to offer a healthy lifestyle to its residents. The amenities include world-class gymnasium, swimming pools, sauna and steam facilities, and well-equipped children play area.
Majority of projects that are currently in progress in Jumeirah Village are that of Al Fara'a Properties. The Le Grand Chateau which won the CNBC Arabia's best development award is also one among the projects nearing completion by Al Fara'a.
The Director of Al Fara'a Properties, Natasha Gangaramani, when speaking about the scheduled delivery of the apartments, mentioned that the company has deployed 1200 strong workforce, which constitute a team of experts who would lead the project into successful completion.
With a planned property portfolio worth Dh.10bn, Al Fara'a Properties has launched successfully several residential, mixed-use and commercial developments spreading across Jumeirah Village, Downtown Jebel Ali and Dubai Maritime City.
Labels: Apartments, Construction Projects, Jumeriah Village
Hydra Village Abu Dhabi units to be delivered by Q2 2009
Sunday, February 15, 2009
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The leading UAE-based property developer, Hydra Properties, has achieved another milestone by announcing plans about hand-over of units of Hydra Village Abu Dhabi, one of its major community developments. The units will be delivered during mid-2009, as it completes Phase I of the mega project.
The leading property developer has also announced that excavation work for Phase II is nearly 20% complete, and the construction is progressing as scheduled. This achievement underlines the commitment by Hydra to complete the prestigious project on schedule by December 2010.
Speaking about the progress of the project, the CEO of Hydra Properties, Dr. Sulaiman Al Fahim, said that the timely delivery of Hydra Village Abu Dhabi units is one of the ways of expressing the company's dedication towards providing their clientele with complete satisfaction of services and offerings.
The construction of the project is currently monitored by few well-established contractors in the construction industry, such as Blue Sea, PAL Technology, Ersa, Abu Dhabi Land, Samer Group, Bayunah, and NEB Consultants.
Hydra Village Abu Dhabi is more of an eco-living retreat, designed by laying emphasis on conservation. It offers all amenities, and smart technologies, associated with modern living, while also offering eco-living at its best.
Strategically located, near Al Reef Palace in Abu Dhabi, Hydra Village Abu Dhabi is a residential community surrounding a total area of 950,000 square metres, with 2500 well-furnished villas, and 17 residential apartment blocks.
The units are featured with excellent amenities, including schools, mosques, clinic, and retail units that make the community a self-sufficient family destination.
The leading UAE-based property developer, Hydra Properties, has achieved another milestone by announcing plans about hand-over of units of Hydra Village Abu Dhabi, one of its major community developments. The units will be delivered during mid-2009, as it completes Phase I of the mega project.The leading property developer has also announced that excavation work for Phase II is nearly 20% complete, and the construction is progressing as scheduled. This achievement underlines the commitment by Hydra to complete the prestigious project on schedule by December 2010.
Speaking about the progress of the project, the CEO of Hydra Properties, Dr. Sulaiman Al Fahim, said that the timely delivery of Hydra Village Abu Dhabi units is one of the ways of expressing the company's dedication towards providing their clientele with complete satisfaction of services and offerings.
The construction of the project is currently monitored by few well-established contractors in the construction industry, such as Blue Sea, PAL Technology, Ersa, Abu Dhabi Land, Samer Group, Bayunah, and NEB Consultants.
Hydra Village Abu Dhabi is more of an eco-living retreat, designed by laying emphasis on conservation. It offers all amenities, and smart technologies, associated with modern living, while also offering eco-living at its best.
Strategically located, near Al Reef Palace in Abu Dhabi, Hydra Village Abu Dhabi is a residential community surrounding a total area of 950,000 square metres, with 2500 well-furnished villas, and 17 residential apartment blocks.
The units are featured with excellent amenities, including schools, mosques, clinic, and retail units that make the community a self-sufficient family destination.
Labels: Abu Dhabi, Construction Projects, eco-friendly
Al Mazaya maintains timely delivery of Icon Towers at Lake Jumeirah
Thursday, February 12, 2009
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One of the leading property companies in the region, Al Mazaya Holding, has maintained its schedule of delivering 800 residential units at the Icon 1 and Icon 2 projects at Lake Jumeirah.
Al Mazaya has put in lot of effort, to ensure timely delivery of these properties to the owners in early 2009. It has assured that the other projects by the company will also be delivered within two years, thereby contributing its bit to the target of Dubai market to receive 70,000 residential units during 2009-10.
The Icon 1 and Icon 2 are the first projects to be completely sold out at Lake Jumeirah, although 120 other residential towers are also underway. Both Icon 1 and Icon2 residential towers comprise a total of 400 units that overlook the Jumeirah Lake on one side, and Jumeirah Islands on the other.
Fathi Dhamiri, SVP Projects at Mazaya Dubai, mentioned that despite the challenges faced during the development of the tower, all obstacles have been overcome, and the project has been scheduled in time.
Dhamiri mentioned that the timely delivery of these residential units implies the company's commitment towards its clients, and added that, Al Mazaya is currently developing three commercial towers, called Business Avenue for the business class in the area. Currently Business Avenue is 50 percent complete, and the units will be handed over towards end of 2010.
Dhamiri also did mention that the project is strongly supported by the Dubai Government, and that it is the first to be developed on Lake Jumeirah.
One of the leading property companies in the region, Al Mazaya Holding, has maintained its schedule of delivering 800 residential units at the Icon 1 and Icon 2 projects at Lake Jumeirah.Al Mazaya has put in lot of effort, to ensure timely delivery of these properties to the owners in early 2009. It has assured that the other projects by the company will also be delivered within two years, thereby contributing its bit to the target of Dubai market to receive 70,000 residential units during 2009-10.
The Icon 1 and Icon 2 are the first projects to be completely sold out at Lake Jumeirah, although 120 other residential towers are also underway. Both Icon 1 and Icon2 residential towers comprise a total of 400 units that overlook the Jumeirah Lake on one side, and Jumeirah Islands on the other.
Fathi Dhamiri, SVP Projects at Mazaya Dubai, mentioned that despite the challenges faced during the development of the tower, all obstacles have been overcome, and the project has been scheduled in time.
Dhamiri mentioned that the timely delivery of these residential units implies the company's commitment towards its clients, and added that, Al Mazaya is currently developing three commercial towers, called Business Avenue for the business class in the area. Currently Business Avenue is 50 percent complete, and the units will be handed over towards end of 2010.
Dhamiri also did mention that the project is strongly supported by the Dubai Government, and that it is the first to be developed on Lake Jumeirah.
Nakheel's Al Manara project makes swift progress
Tuesday, February 03, 2009
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About 1042 houses, constituting 40 percent of the Al Manara waterfront project by Nakheel, one of the largest developers in UAE has been completed. Nakheel plans to handover the units towards end of the year.
The Waterfront, which is one of the largest waterfront projects in the world, is twice the area of Hong Kong Island, and aims to accommodate a population of 1.5million.
According to the Managing Director of Waterfront, Marwan Al Qamzi, the construction work is progressing swiftly, with more than 1000 units being completed.
The Manarah District in Badrah, constitutes one-third of Badrah, which is the first active gateway to the Waterfront. Major infrastructural works of Stage One of Manarah is now complete, and 75% of networks and facilities are in place, with 80% of sewerage and irrigation infrastructure too being completed.
Badrah has four districts that are interlinked to each other by a central boulevard. Manarah includes educational, residential and civic amenities. All buildings will meet the LEED (Leadership in Environmental Design Green Building Rating System) ratings performance standard.
The Waterfront, which is one of the largest waterfront projects in the world, is twice the area of Hong Kong Island, and aims to accommodate a population of 1.5million.
According to the Managing Director of Waterfront, Marwan Al Qamzi, the construction work is progressing swiftly, with more than 1000 units being completed.
The Manarah District in Badrah, constitutes one-third of Badrah, which is the first active gateway to the Waterfront. Major infrastructural works of Stage One of Manarah is now complete, and 75% of networks and facilities are in place, with 80% of sewerage and irrigation infrastructure too being completed.
Badrah has four districts that are interlinked to each other by a central boulevard. Manarah includes educational, residential and civic amenities. All buildings will meet the LEED (Leadership in Environmental Design Green Building Rating System) ratings performance standard.
Labels: Construction Projects, eco-friendly, Nakheel
Construction of Remraam Community makes good progress
Sunday, February 01, 2009
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More than 60 percent of the infrastructure works for the 23.5million square foot Remraam Community has been completed. The excavation works for foundations of 71 percent of buildings are also complete.
The contractors are working on various stages of construction across the four phases of Remraam development. The work is under progress on building sub and super-structures of the buildings, the company said in its statement.
The infrastructure of the community, which includes water supply, sewerage and irrigation works is currently underway, and also mobilization is on for electrical sub-stations, in collaboration with Dubai Electricity and Water Authority.
The CEO of Tatweer Investments, Mizin's parent company, said that accelerating progress at Remraam development, emphasizes the core values of Mizin, its customer focus and transparency, apart from its commitment in delivering high quality product within scheduled time frame.
More than 60 percent of the infrastructure works for the 23.5million square foot Remraam Community has been completed. The excavation works for foundations of 71 percent of buildings are also complete.The contractors are working on various stages of construction across the four phases of Remraam development. The work is under progress on building sub and super-structures of the buildings, the company said in its statement.
The infrastructure of the community, which includes water supply, sewerage and irrigation works is currently underway, and also mobilization is on for electrical sub-stations, in collaboration with Dubai Electricity and Water Authority.
The CEO of Tatweer Investments, Mizin's parent company, said that accelerating progress at Remraam development, emphasizes the core values of Mizin, its customer focus and transparency, apart from its commitment in delivering high quality product within scheduled time frame.
Labels: Community, Construction Projects
Work on Nakheel Tower paused for a year
Monday, January 19, 2009
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Construction work on Dubai's Nakheel Tower will be halted for a year, the company spokesman revealed to the media yesterday. The tower was destined to be one of the world's tallest towers on completion.
Several workers who have been working on the project have been laid off. A Nakheel spokesman, who spoke to the press, mentioned that all further work on the foundations of 'Nakheel Harbour and Tower' will be halted for a year. The works are likely to take nearly three years for completion.
A senior official of the company told the media that the employees have been laid off as "work on the project has been stopped until further notice."
The tower was planned to be the centr-piece of the 270-hectare 'Marina Development', called 'Nakheel Harbour and Tower' adjacent to the Ibn Battuta Mall and the Arabian Canal in Dubai.
About 200 floors and 150 elevators would comprise the Nakheel Tower, which will rise to height of more than a kilometre, and take about 10 years for completion of work in phases.
Owing to global financial turmoil, Nakheel announced towards end of last year, that it planned to put on hold several flagship projects, including the Turnip International Hotel and Tower, apart from 500 or more job layoffs due to global financial turmoil.
Nakheel also revealed that projects such as 'Gateway Towers', 'Trump Towers' and 'Frond N Villas' on the Palm Jumeirah, would also be delayed. Even most of its Waterfront projects, including a series of man-made island will be delayed, the company said.
However, Nakheel has confirmed that work would progress on the Madinat Al Arab, Badra, Venetto and the Canal District, although the area of construction on the six man-made islands would be stopped temporarily.
The series of man-made islands, named 'The Universe', is shaped in the form of the Sun, the Moon and the Planets, which wraps around Nakheel's The World project. It has been delayed with work being restricted to preliminary engineering studies.
As for the Palm Jebel Ali, Nakheel said work on the fond villas and infrastructure for the crescent would continue, while other phases would be delayed, while the duration of delay has not been disclosed.
The company confirmed that work on all other projects by the company, including 'The World' and 'Palm Deira' would continue as planned.
Construction work on Dubai's Nakheel Tower will be halted for a year, the company spokesman revealed to the media yesterday. The tower was destined to be one of the world's tallest towers on completion.Several workers who have been working on the project have been laid off. A Nakheel spokesman, who spoke to the press, mentioned that all further work on the foundations of 'Nakheel Harbour and Tower' will be halted for a year. The works are likely to take nearly three years for completion.
A senior official of the company told the media that the employees have been laid off as "work on the project has been stopped until further notice."
The tower was planned to be the centr-piece of the 270-hectare 'Marina Development', called 'Nakheel Harbour and Tower' adjacent to the Ibn Battuta Mall and the Arabian Canal in Dubai.
About 200 floors and 150 elevators would comprise the Nakheel Tower, which will rise to height of more than a kilometre, and take about 10 years for completion of work in phases.
Owing to global financial turmoil, Nakheel announced towards end of last year, that it planned to put on hold several flagship projects, including the Turnip International Hotel and Tower, apart from 500 or more job layoffs due to global financial turmoil.
Nakheel also revealed that projects such as 'Gateway Towers', 'Trump Towers' and 'Frond N Villas' on the Palm Jumeirah, would also be delayed. Even most of its Waterfront projects, including a series of man-made island will be delayed, the company said.
However, Nakheel has confirmed that work would progress on the Madinat Al Arab, Badra, Venetto and the Canal District, although the area of construction on the six man-made islands would be stopped temporarily.
The series of man-made islands, named 'The Universe', is shaped in the form of the Sun, the Moon and the Planets, which wraps around Nakheel's The World project. It has been delayed with work being restricted to preliminary engineering studies.
As for the Palm Jebel Ali, Nakheel said work on the fond villas and infrastructure for the crescent would continue, while other phases would be delayed, while the duration of delay has not been disclosed.
The company confirmed that work on all other projects by the company, including 'The World' and 'Palm Deira' would continue as planned.
Labels: Construction Projects, Nakheel
Work on Dubai Festival City to be delayed: Al Futtaim Group
Sunday, January 18, 2009
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The developer of Dubai Festival City, Al Futtaim Group Real Estate has delayed works on part of the development, to take advantage of fall in construction costs.
A company spokesman yesterday revealed that the company was being more cautious in reviewing the Dh.11billion residential, entertainment and business hub, where the construction began in 2003 and is likely to be completed in phases over 20 years.
Although the overall development plans have not been altered, the work on certain elements will continue as had been originally planned. The projects are being managed in manner so as to maximize potential reductions in construction costs occurring due to current economic realities.
"Al Futtaim Group Real Estate will always consider ways to manage its portfolio in the best interest of its shareholders. The project continues as per our long-term business plan," said the company statement.
Sources reveal that three projects by the company have been put on hold, including the Al Badia Business Center, the W Hotel and an extension to the retail facilities which began in 2007, and the construction works of Four Seasons Hotel too, has been delayed due to changes to the design.
About 10million square feet, which forms large part of Dubai Festival City, has already been completed including the two hotels, the Festival Center Shopping mall, and Al Badia Hillside Village.
The developer of Dubai Festival City, Al Futtaim Group Real Estate has delayed works on part of the development, to take advantage of fall in construction costs.A company spokesman yesterday revealed that the company was being more cautious in reviewing the Dh.11billion residential, entertainment and business hub, where the construction began in 2003 and is likely to be completed in phases over 20 years.
Although the overall development plans have not been altered, the work on certain elements will continue as had been originally planned. The projects are being managed in manner so as to maximize potential reductions in construction costs occurring due to current economic realities.
"Al Futtaim Group Real Estate will always consider ways to manage its portfolio in the best interest of its shareholders. The project continues as per our long-term business plan," said the company statement.
Sources reveal that three projects by the company have been put on hold, including the Al Badia Business Center, the W Hotel and an extension to the retail facilities which began in 2007, and the construction works of Four Seasons Hotel too, has been delayed due to changes to the design.
About 10million square feet, which forms large part of Dubai Festival City, has already been completed including the two hotels, the Festival Center Shopping mall, and Al Badia Hillside Village.
Labels: Construction Projects, Festival City
BID makes swift progress with its Bawabat Al Sharq project
Thursday, January 15, 2009
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Baniyas Investment and Development Company (BID), the investment arm of Bani Yas Sports Club, has reported considerable progress in its Dh.3billion Bawabat Al Sharq project, the mixed-use development community located in Bani Yas of Abu Dhabi.
The Phase I of the project is likely to be completed towards third quarter of 2010, and has already cross 15 percent of its completion landmark, with other infrastructure plans already underway.
The company has also revealed that 90 percent of the Phase I of the project, totaling to 190 units has already been sold and leased.
The CEO of BID, Wael Tawil, when speaking about the progress of the project, revealed that following the successful sale and lease of Phase I of Bawabat Al Sharq, the contracts for various other components of the project have already been awarded and the company is now carrying on with planning stages for Phase II.
Being the ideal representation for a family living environment, Bawabat al Sharq offers world-class amenities in healthcare, education, sports and entertainment.
BID is carrying on discussions with major financial institutions to offer effective financing options for all customers, due to slowdown in property financing in the market.
Being one of the top contracting companies, BID has appointed 'Target Contracting' as contractors for Phase I of the project. The landscaping design contract for the project has been awarded to Maunsell/AECOM, while the overall design and supervision contract has been awarded to World Planner Consultant Engineers. The company is carrying on talks to finalize the contracts for amenities in entertainment avenues.
Spreading across 108 hectares of land, Bawabat al Sharq comprises international school, nursery, health club, medical center, and specialty training clubs, apart from international hypermarket, 16 food courts, cinemas, pharmacies and coffee shops.
Established in 2005, Bani Yas Investment & Development Company (BID) is a majority-owned subsidiary of Bani Yas Sports Club, and focuses on development, investment and management of real estate projects.
The Phase I of the project is likely to be completed towards third quarter of 2010, and has already cross 15 percent of its completion landmark, with other infrastructure plans already underway.
The company has also revealed that 90 percent of the Phase I of the project, totaling to 190 units has already been sold and leased.
The CEO of BID, Wael Tawil, when speaking about the progress of the project, revealed that following the successful sale and lease of Phase I of Bawabat Al Sharq, the contracts for various other components of the project have already been awarded and the company is now carrying on with planning stages for Phase II.
Being the ideal representation for a family living environment, Bawabat al Sharq offers world-class amenities in healthcare, education, sports and entertainment.
BID is carrying on discussions with major financial institutions to offer effective financing options for all customers, due to slowdown in property financing in the market.
Being one of the top contracting companies, BID has appointed 'Target Contracting' as contractors for Phase I of the project. The landscaping design contract for the project has been awarded to Maunsell/AECOM, while the overall design and supervision contract has been awarded to World Planner Consultant Engineers. The company is carrying on talks to finalize the contracts for amenities in entertainment avenues.
Spreading across 108 hectares of land, Bawabat al Sharq comprises international school, nursery, health club, medical center, and specialty training clubs, apart from international hypermarket, 16 food courts, cinemas, pharmacies and coffee shops.
Established in 2005, Bani Yas Investment & Development Company (BID) is a majority-owned subsidiary of Bani Yas Sports Club, and focuses on development, investment and management of real estate projects.
Labels: Abu Dhabi, Construction Projects
Damac makes steady progress for timely delivery of Ocean Heights project
Saturday, December 27, 2008
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In a bid to deliver its project on schedule, Damac Properties is said to be making steady progress on the 'Ocean Heights Tower' project at Dubai Marina, by completing one floor every 5.2days.
The leading construction contractor, Arabtec, is constructing the 84-storey skyscraper and currently the staffs are successfully delivering one entire floor in little more than five working days, it has been reported.
The Damac CEO, Peter Riddoch, said "Ocean Heights is likely to be one of the most iconic projects with a twisting architectural design, which is now taking shape. People passing by the building at Dubai Marina can catch a glimpse of the "turning" appearance of the building, as it reaches its 30th floor."
He added that, Damac is closely working with Arabtec, and more swift progress could be expected by early 2009 on this iconic building.
On completion, Ocean Heights is likely to house 680 single, double and triple bedroom apartments with underground parking bay. The tower incorporates all necessary amenities such as swimming pool, state-of-the-art gymnasium, beaches, tennis, serene gardens, artificial lakes, and jaccuzi.
The tower enjoys easy access to Jumeirah Beach, Wild Wadi Water Park, Dubai Marina, Ibn Battuta Mall and Emirates Golf Club.
In a bid to deliver its project on schedule, Damac Properties is said to be making steady progress on the 'Ocean Heights Tower' project at Dubai Marina, by completing one floor every 5.2days.The leading construction contractor, Arabtec, is constructing the 84-storey skyscraper and currently the staffs are successfully delivering one entire floor in little more than five working days, it has been reported.
The Damac CEO, Peter Riddoch, said "Ocean Heights is likely to be one of the most iconic projects with a twisting architectural design, which is now taking shape. People passing by the building at Dubai Marina can catch a glimpse of the "turning" appearance of the building, as it reaches its 30th floor."
He added that, Damac is closely working with Arabtec, and more swift progress could be expected by early 2009 on this iconic building.
On completion, Ocean Heights is likely to house 680 single, double and triple bedroom apartments with underground parking bay. The tower incorporates all necessary amenities such as swimming pool, state-of-the-art gymnasium, beaches, tennis, serene gardens, artificial lakes, and jaccuzi.
The tower enjoys easy access to Jumeirah Beach, Wild Wadi Water Park, Dubai Marina, Ibn Battuta Mall and Emirates Golf Club.
Labels: Construction Projects, Damac Properties
Cayan's Dorra Bay project at Dubai Marina, completed
Sunday, December 21, 2008
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Cayan Investment and Development has announced completion of their Dh.350mn Dorra Bay project in Dubai Marina.
The developer also revealed completion of four out of six towers progressing in the Marina. The towers are already being handed-over to the clients.
Dorra Bay project is a 22-storey residential tower, launched in April 2006, located along between the beach and the marina and consists of single, double, and triple bedroom units, garden terrace apartments, duplexes and penthouses.
Dorra Bay offers residents ample modern amenities such as swimming pools, kids play areas, state-of-the-art gymnasiums, lush outdoor landscaping, and modern business center. Residents can also enjoy easy access to shops located within the tower, boating berths, all of which, add to the convenience of residing at Dorra Bay.
The completion of projects despite bad turn of events in the global markets, emphasizes the commitment by the company toward delivering the projects, which further instills customer confidence in the company.
The Cayan Investments CEO, Kareem Derbas, said that Cayan has always strived and has remained committed towards delivering high-end luxury and high-return investments to customers, and will continue to do so in future.
Cayan began its operations five years ago with a single project on the Dubai Marina, and now has projects portfolio worth Dh.8bn.
The developer also revealed completion of four out of six towers progressing in the Marina. The towers are already being handed-over to the clients.
Dorra Bay project is a 22-storey residential tower, launched in April 2006, located along between the beach and the marina and consists of single, double, and triple bedroom units, garden terrace apartments, duplexes and penthouses.
Dorra Bay offers residents ample modern amenities such as swimming pools, kids play areas, state-of-the-art gymnasiums, lush outdoor landscaping, and modern business center. Residents can also enjoy easy access to shops located within the tower, boating berths, all of which, add to the convenience of residing at Dorra Bay.
The completion of projects despite bad turn of events in the global markets, emphasizes the commitment by the company toward delivering the projects, which further instills customer confidence in the company.
The Cayan Investments CEO, Kareem Derbas, said that Cayan has always strived and has remained committed towards delivering high-end luxury and high-return investments to customers, and will continue to do so in future.
Cayan began its operations five years ago with a single project on the Dubai Marina, and now has projects portfolio worth Dh.8bn.
Labels: Construction Projects, Dubai Marina
Triveni Group holds ground-breaking for La Fontana
Thursday, December 18, 2008
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The Dubai-based developer, Triveni Builders and Promoters Limited (TBPL), a wholly-owned subsidiary of the Triveni Trading Group, held the ground-breaking ceremony of its Dh.100mn middle-income residential building, La Fontana.
The six-storey low rise building is located in the Arjan Master Community in Dubailand, and is considered 'one-of-a-kind community' which promotes greenery, nature, and a amenity-rich lifestyle that prioritizes family.
The development is located within a short distance from the Mall of Emirates, the Gold and Diamond Park, and the Global Village. La Fontana is targeted towards investors seeking guaranteed and best rental returns, in case they decide not to move into their new home immediately on gaining possession.
The units are priced in the range of Dh.498,600(starting price for studios) to Dh.1,315,900 (for double bedroom). The new homes would be ready for delivery by 2010, despite the current slowdown in property market, the officials confirmed.
La Fontana offers a range of finance options to individual buyers and investors, in co-operation with Mashreq Bank and HSBC, and Badr Al-Islami Bank for Islamic financing.
Being part of the Arjan Master community, La Fontana includes residences, parks, schools, hotels, offices, retails and community spaces meant for leisure pursuits.
Mizin, the subsidiary of Dubai Holdings, and a member of Tatweer is the master developer of the project, and Arkiplan Consulting Engineers are the project designers.
The Dubai-based developer, Triveni Builders and Promoters Limited (TBPL), a wholly-owned subsidiary of the Triveni Trading Group, held the ground-breaking ceremony of its Dh.100mn middle-income residential building, La Fontana.The six-storey low rise building is located in the Arjan Master Community in Dubailand, and is considered 'one-of-a-kind community' which promotes greenery, nature, and a amenity-rich lifestyle that prioritizes family.
The development is located within a short distance from the Mall of Emirates, the Gold and Diamond Park, and the Global Village. La Fontana is targeted towards investors seeking guaranteed and best rental returns, in case they decide not to move into their new home immediately on gaining possession.
The units are priced in the range of Dh.498,600(starting price for studios) to Dh.1,315,900 (for double bedroom). The new homes would be ready for delivery by 2010, despite the current slowdown in property market, the officials confirmed.
La Fontana offers a range of finance options to individual buyers and investors, in co-operation with Mashreq Bank and HSBC, and Badr Al-Islami Bank for Islamic financing.
Being part of the Arjan Master community, La Fontana includes residences, parks, schools, hotels, offices, retails and community spaces meant for leisure pursuits.
Mizin, the subsidiary of Dubai Holdings, and a member of Tatweer is the master developer of the project, and Arkiplan Consulting Engineers are the project designers.
Labels: Community, Construction Projects
MAG Tower construction on track
Thursday, December 04, 2008
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The construction work on the Dh.450mn MAG tower in the Dubai Marina is 75 percent complete, and will be fully completed towards end of 2009, as scheduled.
The MAG 218 residential tower, comprising 555 apartments spreading over 66 storeys, has reached the 45th floor in height.
According to the Chief Executive Officer of the MAG Group, Mohammed Nimer, the company had opened the full-floor show apartments, 18 months prior to handover date, for the owners to view the quality of finish. This emphasizes the commitment by the company towards customers, and their confidence in keeping up to their promise.
The MAG 218 Tower is one of the several freehold residential towers located at the Dubai Marina, opposite the Jumeirah Lake Towers, next to Dubai Media City. The tower has been designed by Dar Al-Handasah, and will be located next to Marina Pinnacle and the Marina Heights.
Covering an area of 36,887 square feet, the 66 storey tower will comprise total of 330 single bedroom and 220 double bedroom units. The units of the Dh.350mn worth tower range from 78 to 167 square meters in size.
The MAG tower has below and above ground parking, podium roof with swimming pool and Jacuzzi, BBQ area, TV room, outdoor terrace, ball room, gymnasiums, and community health club floor with community hall. The top five storeys feature a full glass exterior.
The MAG 218 residential tower, comprising 555 apartments spreading over 66 storeys, has reached the 45th floor in height.
According to the Chief Executive Officer of the MAG Group, Mohammed Nimer, the company had opened the full-floor show apartments, 18 months prior to handover date, for the owners to view the quality of finish. This emphasizes the commitment by the company towards customers, and their confidence in keeping up to their promise.
The MAG 218 Tower is one of the several freehold residential towers located at the Dubai Marina, opposite the Jumeirah Lake Towers, next to Dubai Media City. The tower has been designed by Dar Al-Handasah, and will be located next to Marina Pinnacle and the Marina Heights.
Covering an area of 36,887 square feet, the 66 storey tower will comprise total of 330 single bedroom and 220 double bedroom units. The units of the Dh.350mn worth tower range from 78 to 167 square meters in size.
The MAG tower has below and above ground parking, podium roof with swimming pool and Jacuzzi, BBQ area, TV room, outdoor terrace, ball room, gymnasiums, and community health club floor with community hall. The top five storeys feature a full glass exterior.
Labels: Construction Projects, Dubai Marina
Damac's The Crescent development close to completion
Monday, November 24, 2008
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Damac Properties, the leading Dubai-based developer said that their The Crescent project is nearing completion, and is the first project to be finished at the International Media and Production Zone, Dubai.
According to a company statement, the customers are now carrying on final inspections of their apartments, in co-ordination with the Damac Properties Customer Relations Management Team. The occupants can move into their new homes in December.
The completion of 'The Crescent' follows the completion of Lake View project, the second tower to be completed by Damac in Jumeirah Lake Towers.
The Crescent development comprising three storeys is located adjacent to Emirates Road, amidst green landscaping. The development which include studio, single and double bedroom apartments is completely sold out. All apartments are designed with an innovative floor plan so as to catch a glimpse of the wonderful surrounding landscape.
According to Peter Riddoch, the CEO of Damac, this marks a significant step for Damac Properties, and contributes to the double achievement of two of the properties being finished within weeks of each other.
He added that the company is eagerly awaiting to welcome its first residents, while also simultaneously focusing on delivery of their third property Terra Del Sol at Discovery Gardens, which is also due for completion by the end of this year.
Damac Properties awarded a total of Dh.2.5bn worth contracts during the first nine months of this year.
According to a company statement, the customers are now carrying on final inspections of their apartments, in co-ordination with the Damac Properties Customer Relations Management Team. The occupants can move into their new homes in December.
The completion of 'The Crescent' follows the completion of Lake View project, the second tower to be completed by Damac in Jumeirah Lake Towers.
The Crescent development comprising three storeys is located adjacent to Emirates Road, amidst green landscaping. The development which include studio, single and double bedroom apartments is completely sold out. All apartments are designed with an innovative floor plan so as to catch a glimpse of the wonderful surrounding landscape.
According to Peter Riddoch, the CEO of Damac, this marks a significant step for Damac Properties, and contributes to the double achievement of two of the properties being finished within weeks of each other.
He added that the company is eagerly awaiting to welcome its first residents, while also simultaneously focusing on delivery of their third property Terra Del Sol at Discovery Gardens, which is also due for completion by the end of this year.
Damac Properties awarded a total of Dh.2.5bn worth contracts during the first nine months of this year.
Labels: Construction Projects, Damac Properties
The Golf Community by Tiger Woods Dubai nearing completion
Thursday, November 13, 2008
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A member of Tatweer Dubai, The Tiger Woods, revealed that the construction work on the 55million square feet golf community development is heading towards its scheduled completion by the end of 2009.
The project has met with considerable progress across all facets of development, including the Al Ruwaya Golf Course, the world's first to accept design cues from the Champion Golfer. A boutique hotel and a club house designed by Elie Saab are also coming as per plan.
According to The Tiger Woods Dubai, there is a huge demand ever-since the launch of sales in July and the development is drawing good end-users and investor response.
The Project Director of The Tiger Woods Dubai, Abdulla Al Gurg, said that the timely progress made by the company indicates the commitment by the company to deliver promises not only with regard to completion dates, but also with creating a development which would be one of the much sought after golf destinations in the world.
A major component that has registered a steady progress is the Al Ruwaya Golf Course, wherein the 13 holes have been rough shaped and detailed shaping is in progress on nine of the holes. Irrigation, landscape and drainage is being installed on the first few holes.
Construction of lakes is also making progress inline with the proposed date of complete of the golf course.
The final design stages for the exclusive 360,000 square foot luxury boutique hotel is being finalized, with the construction of exclusive hotel, due to commence next month. It would near completion towards fourth quarter of 2010.
The Tiger Woods Dubai has also recently entered into a deal with the renowned three-star Michelin Chef Guy Savoy for a signature restaurant, his first ever debut in the Middle East at the boutique hotel.
The hotel will include 90 suites, 14 bungalows in the range of 1300 to 9500 square feet. Spreading across a 10,000 square foot oasis-style swimming pool and spa, the hotel targets the top-tier clients.
The project has met with considerable progress across all facets of development, including the Al Ruwaya Golf Course, the world's first to accept design cues from the Champion Golfer. A boutique hotel and a club house designed by Elie Saab are also coming as per plan.
According to The Tiger Woods Dubai, there is a huge demand ever-since the launch of sales in July and the development is drawing good end-users and investor response.
The Project Director of The Tiger Woods Dubai, Abdulla Al Gurg, said that the timely progress made by the company indicates the commitment by the company to deliver promises not only with regard to completion dates, but also with creating a development which would be one of the much sought after golf destinations in the world.
A major component that has registered a steady progress is the Al Ruwaya Golf Course, wherein the 13 holes have been rough shaped and detailed shaping is in progress on nine of the holes. Irrigation, landscape and drainage is being installed on the first few holes.
Construction of lakes is also making progress inline with the proposed date of complete of the golf course.
The final design stages for the exclusive 360,000 square foot luxury boutique hotel is being finalized, with the construction of exclusive hotel, due to commence next month. It would near completion towards fourth quarter of 2010.
The Tiger Woods Dubai has also recently entered into a deal with the renowned three-star Michelin Chef Guy Savoy for a signature restaurant, his first ever debut in the Middle East at the boutique hotel.
The hotel will include 90 suites, 14 bungalows in the range of 1300 to 9500 square feet. Spreading across a 10,000 square foot oasis-style swimming pool and spa, the hotel targets the top-tier clients.
Labels: Community, Construction Projects, Golf property, Luxury Homes
Nakheel awards Jumeirah Heights residential contract to ASGC
Wednesday, October 22, 2008
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Al Shafar General Contracting (ASGC) has been awarded the prestigious Dh.1.1bn contract for construction of a mixed-use residential development in Jumeirah Heights, by Nakheel.
ASGC, together with Arenco will work on the project, which is due for completion in August 2010.
ASGC, together with Arenco will work on the project, which is due for completion in August 2010.
Jumeirah Heights is a spacious, urban community with several mid to low-rise apartments and townhouses that render bird's eye view of nearby parklands and water in New Dubai. ASGC will work on one of the two identical clusters, which include mid-rise apartment buildings, three low-rise buildings with double and triple bedroom apartments and private gardens, and 17 townhouses (Frond B).
Established in 1989, ASGC is the fifth largest contractor in the UAE, according to MEED (Middle East Economic Digest), and is handling an order book worth Dh.9bn at present. The company was named as the "Company of the Year" by Construction Week, when the company made a rapid growth by 377% between 2005 and 2007.
ASGC is today one of the top contracting companies in Dubai. The leading projects by ASGC include Dubai Internet City-Phase III, new Dubai Police Head Quarters, Emirates Airlines Staff Accommodation, Greens -Phase II, Jumeirah Beach Residence - Sector 6, Al Tayer Tower, Golden Sands Tower, Lamcy Plaza, Windsor Manor, Vision Tower, Bay Square, Dubai Studio City, The Villa and the Golden Mile.
Labels: Construction Projects, jumeirah Heights, Nakheel
Celestial Heights at Downtown Jebel Ali progressing as scheduled
Sunday, September 21, 2008
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One of the fastest growing real estate developers in Dubai, Cirrus Developments LLC, has announced that their 'Celestial Heights' project is progressing as scheduled.
Located on the Zone One, Trellis District, at Downtown Jebel Ali, the Dh.1bn development will now enter the next phase of construction and has been scheduled towards completing the construction on time.
The mixed-use development would include three towers, namely, Capella, Polaris and Orion. Celestial Heights comprises mid-rise towers, beautiful parks and shaded walkways. The property development is located in proximity to the Waterfront, Jebel Ali Free Zone, Dubai World Central Airport, and Techno Park.
Designed to accommodate a population of 200,000 the Downtown Jebel Ali will be a living, breathing community comprising public spaces, parks, streets and plazas that are as vital as the buildings themselves.
Celestial Heights is the first development to be launched by Cirrus Developments, and is the first by the sub-developer in Downtown Jebel Ali. The company has thereafter launched another commercial and residential project -the Dh.3bn Aquarius Gate, and the Dh.550mn Sienna Square in Downtown Jebel Ali.
Cirrus Developments was also the first developer to purchase plots in the Canal Districts of Waterfront during July 2008, through a sealed bin auction conducted by Nakheel.
The Chairman and CEO of Cirrus Developments, Behnam Eshragh, said "Cirrus Developments is focusing on creating reliable investments by delivering high-quality, innovative, commercial, residential and mixed-use properties as per schedule and on plan."
Labels: Construction Projects, Jebel-Ali
First phase of Al Nujoom Islands nearing completion
Wednesday, September 10, 2008
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The first phase of Al Nujoom Islands, the realty project currently under progress in Sharjah, will be completed shortly, with about 95 percent of the digging for the project's water canals completed.
The Chairman of Al Hanoo Holdings, Sheikh Abdullah bin Fahid Al Shakrah, said that the lining of canal banks is a complicated process, as these canals are the main base for the waterfront infrastructures of the project, particularly, those pertaining to marinas, island connectors and tide breakers.
Al Hanoo Holdings had to use about 2.3mn tones of rock to line the bank of water canals. Al Hanoo has made various development procedures on the masterplan of the water canals. These canals allow water to circulate in a record period, above the standard international average. The 3km long waterfront has also been converted into a 35km stretch.
The Middle Eastern realty company has made various development procedures on master plan of water canals. The Al Nujoom Islands project in UAE is now being developed in three stages. Developmental works on the property development are likely to be complete by end of third stage in 2010.
The Chairman of Al Hanoo Holdings, Sheikh Abdullah bin Fahid Al Shakrah, said that the lining of canal banks is a complicated process, as these canals are the main base for the waterfront infrastructures of the project, particularly, those pertaining to marinas, island connectors and tide breakers.
Al Hanoo Holdings had to use about 2.3mn tones of rock to line the bank of water canals. Al Hanoo has made various development procedures on the masterplan of the water canals. These canals allow water to circulate in a record period, above the standard international average. The 3km long waterfront has also been converted into a 35km stretch.
The Middle Eastern realty company has made various development procedures on master plan of water canals. The Al Nujoom Islands project in UAE is now being developed in three stages. Developmental works on the property development are likely to be complete by end of third stage in 2010.
Labels: Construction Projects, Sharjah
DEC broke ground for construction of Cascade Ville, Cascade Manor and The Estates
Tuesday, August 12, 2008
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Dheeraj and East Coast LLC (DEC), a leading Dubai-based property developer, broke ground for its three prestigious projects located in the heart of Culture Village.
The Dh.615mn worth projects are Cascade Ville, Cascade Manor and The Estates, among which, Cascade Ville and Cascade Manor are residential developments, while The Estates is a mixed-use development.
Speaking during the occasion, the Chief Finance Officer of DEC, Sailesh Jatania, said this is a major step ahead for the project, which indicates that work is progressing as scheduled.
Robodh Contracting LLC, the main contractor of DEC, which is also one of the leading contracting companies in the region, has been assigned the task of construction of all existing and future projects of Dheeraj and East Coast, including the appointing and co-ordination of sub-contractors.
The initial groundwork has been assigned to Sharaf Foundations, a company with solid track record of more than 50 projects across Oman, Dubai, Qatar and Abu Dhabi, which includes drilling, excavation, shoring and foundation works.
The three projects in Culture Village cover an area of 60,981 square feet, with a built-up area of 412, 743 square feet. The well-designed projects are in perfect harmony with the overall concept of the Culture Village, and feature wide open spaces, cobblestone walkways, traditional wind towers, waterways with quaint bridges, eating joints and creekside souks.
Being a true blend of residential, commercial and retail living spaces, that combine the old-world charm with luxury of modern lifestyles, the project unites diverse nationalities and encourages them to live and work in harmony.
The seven-storey Cascade Ville is a residential project with well-done three bedroom apartments, state-of-the-art health club and gymnasium, retail boutique, café, frontal waterfalls, and 24-hour security.
The Cascade Manor is an eight storey structure, with a blend of modern and old-world charm, comprising single, double and triple bedroom apartments and a park with lush gardens.
The Estates is a mixed-use development, combining true Arabic architectural styles with modern construction technologies to form a mix of unique residences and contemporary offices that render a unique and lively community lifestyle.
Labels: Community, Construction Projects, Cultural-Village
Construction of SkyGardens project begins at Reem Island
Wednesday, August 06, 2008
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Taahud is one of the major players in today's construction market, with a series of prestigious projects to its credit. The core management team of this Abu Dhabi-based company includes reputed industry professionals with decades of experience in local and regional construction sector.
One of the leading property developers in Middle East, Plus Properties, together with Taahud General Contracting Company, has entered into a Dh.400mn construction contract for developing the SkyGardens project, a waterfront property at Reem Island in Abu Dhabi.
This deal makes way for commencement of construction of SkyGardens project, which is likely to turn out to be one of the most prestigious waterfront projects dotting the Abu Dhabi skyline, revealed a Plus Properties official. Enabling works of the project have already commenced.
SkyGardens is an iconic residential waterfront project, designed by renowned architect James Law, featuring a range of single, double and triple bedroom deluxe apartments, garden apartments and sky garden duplex villas.
The SkyGardens duplex villas feature amenities such as private swimming pools, luxurious interior and exterior finishing and suspended gardens. All units of the development open to sea view, with a 360 degree panoramic view stretching from the sea to Abu Dhabi's stylish skyline.
Located in a quite and upscale marina neighborhood at Reem Island, the development is linked to downtown Abu Dhabi by a bridge, and is just 20 minutes away from the Abu Dhabi airport.
Taahud is one of the major players in today's construction market, with a series of prestigious projects to its credit. The core management team of this Abu Dhabi-based company includes reputed industry professionals with decades of experience in local and regional construction sector.
Labels: Abu Dhabi, Al Reem Island, Construction Projects, Luxury Homes, Water front
Deyaar signs deal for development & management of One Za'abeel
Tuesday, July 29, 2008
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Deyaar Development Company has entered into an agreement with the Investment Corporation of Dubai (ICD), the investment arm of Government of Dubai, to begin the development and management of One Zabeel, an iconic 36 storey mixed-use development, located at the World Trade Center roundabout in Dubai.
According to the terms of the agreement, ICD will continue to own the project, but it will be developed and managed by Deyaar.
Launched in June 2008, with an aim to fulfill ICD's vision to identify and develop unique opportunities, One Za'abeel, will enhance the position of Dubai, as an international city of excellence.
Comprising three individual towers - residential, commercial and hotel towers, they are interlinked at the top, and have a common ground at the base. A highway will run through the development, which is the first on its kind for the region.
Construction is likely to begin shortly with completion being scheduled for 2011.
Located in close proximity to the two Metro stations, One Zaabeel comprises a residential tower with 450 apartments, a 370rooms five-star hotel tower, and a commercial tower spreading across 500,000 Square Feet of space.
This agreement further strengthens the position of Deyaar as development manager of high-profile projects in the UAE.
The Managing Director of Deyaar, Saeed Al Qatami, emphasizing on the strong growth of the company said that ever-since the company was launched, the property management division of Deyaar, has evolved from an institutional property manager focusing on management of Deyaar properties to a large property manager with multi-clients in the public domain. The division has been extremely successful in managing big portfolio of properties, and has helped investors in the process of maximizing their returns on assets.
The Director Investments, ICD, Khalifa Al Daboos, said that due to its prime positioning at the end of old business district and at the beginning of Sheikh Zayed Road, the business growth corridor, One Za'abeel is likely to represent the rich trading roots of Dubai, and its rapid rise as a modern international financial and business hub.
According to the terms of the agreement, ICD will continue to own the project, but it will be developed and managed by Deyaar.
Launched in June 2008, with an aim to fulfill ICD's vision to identify and develop unique opportunities, One Za'abeel, will enhance the position of Dubai, as an international city of excellence.
Comprising three individual towers - residential, commercial and hotel towers, they are interlinked at the top, and have a common ground at the base. A highway will run through the development, which is the first on its kind for the region.
Construction is likely to begin shortly with completion being scheduled for 2011.
Located in close proximity to the two Metro stations, One Zaabeel comprises a residential tower with 450 apartments, a 370rooms five-star hotel tower, and a commercial tower spreading across 500,000 Square Feet of space.
This agreement further strengthens the position of Deyaar as development manager of high-profile projects in the UAE.
The Managing Director of Deyaar, Saeed Al Qatami, emphasizing on the strong growth of the company said that ever-since the company was launched, the property management division of Deyaar, has evolved from an institutional property manager focusing on management of Deyaar properties to a large property manager with multi-clients in the public domain. The division has been extremely successful in managing big portfolio of properties, and has helped investors in the process of maximizing their returns on assets.
The Director Investments, ICD, Khalifa Al Daboos, said that due to its prime positioning at the end of old business district and at the beginning of Sheikh Zayed Road, the business growth corridor, One Za'abeel is likely to represent the rich trading roots of Dubai, and its rapid rise as a modern international financial and business hub.
Labels: Construction Projects, Deyaar, Sheikh-Zayed-Road
Work commences on Universal Studios Dubailand
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Dubailand, a member of Tatweer, and Laurent Jean Jean, Vice President of Universal Studios, held the ground breaking ceremony for the 7 million square feet Universal Studios Dubailand.
The occasion marked the presence of all future inhabitants of the three among the five lands, to come up in the Universal Studios Theme park.
The Vice President of Universal Studios, Laurent Jean Jean, expressed his happiness over the ground breaking of Universal Studios Dubailand, the premier theme park in Middle East.
On completion of the project in December 2010, it will offer guests from around the globe, entertainment, which would be 'one-of-a-kind'. There will be music, shopping, dining, movies, and more outside the theme park gates. The magnificently themed on-site hotels or comfortable residential communities would be located just few steps away from luxuriously appointed rooms in Universal Studios Dubailand.
Universal Studios, a pioneer in inspiring entertainment for over a century now, is creating a new tourism destination in Dubai, by combining the creativity of Hollywood, with all time great stories. By the year 2010, families can enjoy an unforgettable holiday, a variety of exciting entertainment, a spectacular theme park, and world-class hospitality, all in a convenient location in Dubai, the holiday destination of the future that is taking shape today.
The occasion marked the presence of all future inhabitants of the three among the five lands, to come up in the Universal Studios Theme park.
The Vice President of Universal Studios, Laurent Jean Jean, expressed his happiness over the ground breaking of Universal Studios Dubailand, the premier theme park in Middle East.
On completion of the project in December 2010, it will offer guests from around the globe, entertainment, which would be 'one-of-a-kind'. There will be music, shopping, dining, movies, and more outside the theme park gates. The magnificently themed on-site hotels or comfortable residential communities would be located just few steps away from luxuriously appointed rooms in Universal Studios Dubailand.
Universal Studios, a pioneer in inspiring entertainment for over a century now, is creating a new tourism destination in Dubai, by combining the creativity of Hollywood, with all time great stories. By the year 2010, families can enjoy an unforgettable holiday, a variety of exciting entertainment, a spectacular theme park, and world-class hospitality, all in a convenient location in Dubai, the holiday destination of the future that is taking shape today.
Labels: Construction Projects, Dubailand, Theme-Parks
Al Nujoom Islands of Sharjah enters Phase II
Thursday, July 24, 2008
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Al Hanoo Holding, leading property developer in Gulf has announced its venture into Phase II of the 'Al Nujoom Islands' projects in Sharjah, UAE. The Phase II includes infrastructure, apart from Phase I of construction works.
The Chairman of Al Hanoo Holdings, Sheikh Abdullah Al-Shakrah, said that the cost of Al Nujoom Islands infrastructure is estimated to be Dh.1.2bn, which includes roads and pavements, bridge construction, installation of power lines and water services. The area considered fit for construction is only 40%, while the rest 60% of the remaining project area is water and vegetation.
Al Hanoo Holdings recently organized two workshops with Emcor Services and Halcrow International for carrying out the latest developments on its project.
The project includes 13 sections, with the first three comprising main coastal ground forms, while the rest ten are islands separated by canals that are carefully designed to be the highest in relation to water circulation in canals, the movement of which depends on tidal ebb and flow movements and utilization of pre-designed schemes that doesn't cause harm to surrounding environment.
The 10 islands will be interlinked by bridges and will comprise 40 high-rise towers for commercial and residential purposes, apart from four hotels, 145 apartment buildings, two resorts, 1400 water-front and park-side villas, large commercial center including a hypermarket, five marine clubs, two entertainment centers, nine smaller commercial centers and six centers for light industries. The island will also house several schools, mosques, banks, coffee shops, stores, restaurants and a population of 40,000 residents.
The Nujoom Islands, also known as 'Stars Islands' are the largest residential, commercial and tourism development project in the Sharjah city. Covering a distance of 60mn square feet on coastal land, along shores of the Arabian Gulf, in the village of Hamriya, it is easily accessible from the Ettihad Road, and the Emirates Road.
The project will be built in three phases over a five year period, by the Saudi-based property company, Al Hanoo Holding, which is also the company behind Sharjah's Emirates Industrial City.
The project will be complete by 2010.
The Chairman of Al Hanoo Holdings, Sheikh Abdullah Al-Shakrah, said that the cost of Al Nujoom Islands infrastructure is estimated to be Dh.1.2bn, which includes roads and pavements, bridge construction, installation of power lines and water services. The area considered fit for construction is only 40%, while the rest 60% of the remaining project area is water and vegetation.
Al Hanoo Holdings recently organized two workshops with Emcor Services and Halcrow International for carrying out the latest developments on its project.
The project includes 13 sections, with the first three comprising main coastal ground forms, while the rest ten are islands separated by canals that are carefully designed to be the highest in relation to water circulation in canals, the movement of which depends on tidal ebb and flow movements and utilization of pre-designed schemes that doesn't cause harm to surrounding environment.
The 10 islands will be interlinked by bridges and will comprise 40 high-rise towers for commercial and residential purposes, apart from four hotels, 145 apartment buildings, two resorts, 1400 water-front and park-side villas, large commercial center including a hypermarket, five marine clubs, two entertainment centers, nine smaller commercial centers and six centers for light industries. The island will also house several schools, mosques, banks, coffee shops, stores, restaurants and a population of 40,000 residents.
The Nujoom Islands, also known as 'Stars Islands' are the largest residential, commercial and tourism development project in the Sharjah city. Covering a distance of 60mn square feet on coastal land, along shores of the Arabian Gulf, in the village of Hamriya, it is easily accessible from the Ettihad Road, and the Emirates Road.
The project will be built in three phases over a five year period, by the Saudi-based property company, Al Hanoo Holding, which is also the company behind Sharjah's Emirates Industrial City.
The project will be complete by 2010.
Labels: Construction Projects, Sharjah
Amlak's Skygardens project nearing completion
Saturday, July 12, 2008
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The Dh1.65bn worth Skygardens project in DIFC (Dubai International Finance Center) is now nearing completion, revealed Amlak finance, the largest mortgage provider in the UAE.
Being the first residential tower in DIFC, the Skygardens comprises a total of 575 apartments across 39 storeys, and includes studios, single and double bedroom apartments, duplexes, and penthouses.
The prices of the apartments start from Dh.4500 per square foot, to an average of Dh.3900 per square foot for unfurnished ones. The land area is about 6000 square meters.
The Skygardens, although had suffered some setbacks due to misunderstandings between Amlak and the owner Mazaya Holdings, it is now on schedule for completion in August.
Amlak has bought the remaining 80 percent of the building for Dh.1.65bn from Mazaya Holding, which remains as the developer. The apartments are ideal for executives working in DIFC, although even people from other international finance centers such as Singapore and London, are being targeted.
The DIFC connects Skygardens through a footbridge from the concourse level of the tower. The constructing of the bridge is still in the planning process.
The seventh floor of the building includes an indoor garden area, with complete water features and sitting areas.
Amlak has already seen a growth of 155 percent in net profits between the first half of 2007 and first half of 2008. This year's net profit has already touched Dh.269mn. This latest venture of Amlak, in the form of Skygardens, is expected to strengthen its position further in real estate sector.
Labels: Construction Projects, DIFC
Nakheel, Al Shafar sign deal for construction of 300 villas at Al Furjan
Thursday, July 03, 2008
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Nakheel, a Dubai World Company which is one of the world’s largest real estate developers, together with a subsidiary to Shafar Group, Al Shafar Transport and Contracting Company, have entered into a contract for construction of 300 villas and terrace homes at Al Furjan development.
This contract is a milestone in the development of Al Furjan, followed by the last week's announcement of contract last week between Arabtec and Nakheel for Dh.3bn to build the first 1500 homes of the development.
Al Furjan offers a combination of traditional neighbourhood living, with spacious villas and terraced houses carrying immense open space and ample amenities.
Located towards 540 hectares south of Ibn Battuta Mall, and Discovery Gardens, and The Gardens, Al Furjan boasts about 4000 homes, apart from hotels, apartments, and commercial and mixed use plots in the developments surrounding Al Furjan, housing a total population of 90,000.
The construction is likely to commence during the third quarter of this year, and the delivery of residences will take place by the third quarter of 2010.
This contract is a milestone in the development of Al Furjan, followed by the last week's announcement of contract last week between Arabtec and Nakheel for Dh.3bn to build the first 1500 homes of the development.Al Furjan offers a combination of traditional neighbourhood living, with spacious villas and terraced houses carrying immense open space and ample amenities.
Located towards 540 hectares south of Ibn Battuta Mall, and Discovery Gardens, and The Gardens, Al Furjan boasts about 4000 homes, apart from hotels, apartments, and commercial and mixed use plots in the developments surrounding Al Furjan, housing a total population of 90,000.
The construction is likely to commence during the third quarter of this year, and the delivery of residences will take place by the third quarter of 2010.
Labels: Al-Furjan, Construction Projects, Nakheel, Villa Projects
Construction work commences on Dubai Towers
Monday, June 23, 2008
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Sama Dubai, a member company and subsidiary of Dubai Holding (a holding company established by Dubai government), yesterday announced about the commencement of construction work on its Dubai Towers.
Placed amidst beautifully landscaped islands in the heart of Dubai, the cluster of towers will represent most sophisticated architecture. The center-piece of Dubai Towers - The Lagoons Central Business District will comprise four residential, commercial, retail and hospitality towers.
Developed at a cost of Dh.20billion, the development is easily accessible from the metro station, and is connected to The Lagoons.
The Executive Chairman of Sama Dubai, Farhan Faraidooni, said "At Sama Dubai we have gained necessary resources to undertake architectural and engineering models that transform skyscrapers to a reality. We will include all measures so as to make it the new icon of real estate development and innovation on a global level."
The ground breaking for the towers was done on 21st June, and the enabling works will continue till 2009. Comprising 60 to 91 storeys, the towers are likely to be delivered by 2014.
Spreading across a built-up area of more than 12.5million square feet, the towers will include health spas, restaurants, entertainment facilities, high-end retail, gymnasiums, hotels and apartments.
The Dubai Towers are so designed that they symbolize a candlelight movement, and each aspect of the design contributes to the creation of this visual façade. The towers will comprise spiraling structures that rotate elliptically around vertical axis and produce an visually distinctive outline for each of the four towers.
With the increase in height of the building, the floor size progressively diminishes, with the floor plate design of each towers being unique.
A scale model of the Dubai Towers and The Lagoons are being displayed at the Central Boulevard of Emirates Towers.
Located adjacent to Ras Al Khor Wildlife Sanctuary, The Lagoons, an award-winning development, offers harmonious existence with surrounding eco-systems. The Lagoons, which features museums, theatres, arts center, Dubai Opera House and music conservatory, will be highly appealing to residents and tourists alike.
Dubai Towers too will have the same level of environmental consciousness and will be LEED certified.
Labels: Business Tower, Construction Projects, Dubai Holdings
Aldar launches second phase of Al Mamoura, Baniyas Towers
Sunday, June 08, 2008
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The leading integrated property developer, Aldar Properties, has launched the second phase of Al Mamoura and Baniyas Towers at Abu Dhabi.
The two commercial developments, located at the heart of Abu Dhabi, offer about 62,000 square meters of office space, thereby helping to meet the high demand for office space in Abu Dhabi.
Followed by the pre-letting of the 37,000 square meters of entire Al Mamoura A, another 20,000 square meters at Al Mamoura B, is also due for completion, and will be open for lease by the end of this year.
Baniyas Towers will have another 42,000 square meters of grade A office space to offer in two buildings, that are due for completion by January 2009.
Al Mamoura B and Baniyas Towers will offer 'grade A' office accommodation, including high-end amenities, together with units of flexible size, available for lease. Both developments will have ample parking for its tenants and will be serviced by a high standard of building management.
"Aldar Properties hopes to provide the market with a considerable amount of international grade office space by the year 2009. These projects are being done inline with Aldar’s initiative to meet the requirements of this rapidly evolving city and its high demand for quality office accommodation," said Ahmed Ali Al Sayegh, Chairman, Aldar Properties.
The two commercial developments, located at the heart of Abu Dhabi, offer about 62,000 square meters of office space, thereby helping to meet the high demand for office space in Abu Dhabi.
Followed by the pre-letting of the 37,000 square meters of entire Al Mamoura A, another 20,000 square meters at Al Mamoura B, is also due for completion, and will be open for lease by the end of this year.
Baniyas Towers will have another 42,000 square meters of grade A office space to offer in two buildings, that are due for completion by January 2009.
Al Mamoura B and Baniyas Towers will offer 'grade A' office accommodation, including high-end amenities, together with units of flexible size, available for lease. Both developments will have ample parking for its tenants and will be serviced by a high standard of building management.
"Aldar Properties hopes to provide the market with a considerable amount of international grade office space by the year 2009. These projects are being done inline with Aldar’s initiative to meet the requirements of this rapidly evolving city and its high demand for quality office accommodation," said Ahmed Ali Al Sayegh, Chairman, Aldar Properties.
Labels: Abu Dhabi, Aldar, Commercial Property, Construction Projects
Julfar Towers in Ras Al Khaimah completes 30 storeys
Saturday, May 24, 2008
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Leading real estate developer in Ras Al Khaimah, RAK Properties, has announced the completion of construction works on its three-storey podium and utility networks of its 'Julfar Towers'. This was revealed during the second Ras Al Khaimah Real Estate and Investment Show, being held at the Ras Al Khaimah Exhibition Center between 22nd and 24th May 2008. RAK Properties is the sponsor of the show that brings together the region's leading contractors, developers and realty companies.
The construction work of the twin tower realty project, is on par with the residential tower, which now stands at 30 floors and the office tower which stands at 28 floors.
Centrally located in Ras Al Khaimah with adjacent creek, mangroves and a mountainour backdrop, both towers offers stunning views. The development is also only minutes away from the Hilton Hotel, Manar Mall, the beaches and the golf club. The project also offers 100% foreign ownership to investors of Julfar Business Tower.
The Julfar Towers real estate project in Ras Al Khaimah, worth Dh.500million comprises two 43 storey towers. One among this is a residential tower with 349 apartments and the other is an office tower with 468 units, built on a three-level podium. The podium also inclued an advanced business center, retail and food outlets. It is considered to be the nerve center for common facilities utilities.
The Managing Director and CEO of RAK Properties, Mohammed Sultan Al Qadi, said "The completion of the podium and utility networks is a major milestone in the construction of Julfar Towers. We are pleased with the manner in which the work has been progressing and we are confident of completing the project by next year."
Labels: Construction Projects, Freehold Property, RAK Properties, Ras Al Khaima
