|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| News |
AME Info | Real Estate
Real Estate news and features
- Police seek Al Barakah CEO
The chief executive of Al Barakah, a UAE-based property developer, is wanted by Dubai police in connection with Dhs14m ($3.8m) worth of bounced cheques, The National has reported. Al Barakah, which had launched more than a dozen developments in Dubai and Ajman, lured homebuyers with a guarantee of a 50% profit in six months, the paper reported. To convince them, the company issued post-dated cheques for that time period. Police say at least Dhs14m worth of those cheques have bounced and the company's chief executive, Imran Khan, has so far eluded investors and law enforcement officials looking for him. The status of the company's developments remains unclear.
- The Tiger Woods Dubai awards $159m contract
The Tiger Woods Dubai, an exclusive 55 million square foot golf community development and a member of Tatweer Dubai, today announced it has awarded a contract worth Dhs582m ($159m) to the UAE-based Al Nasr Contracting Company for infrastructure works at the project. The contract includes the construction of road works (driveway and car parks), street lighting and networks for storm water drainage, sewage and fire fighting facilities. Al Nasr Contracting is also mandated to set up a Reverse Osmosis reject water line, in addition to laying water supply networks for the lakes as well as for irrigation purposes.
- Meraas reviews $95bn property project
Dubai-based developer Meraas said it will review a recently launched $95bn property project, Jumeirah Gardens, adding to the growing list of developers that are reassessing and scaling back work due to the global financial crisis. The government-owned developer said it was reviewing the phasing and rollout of the project, which was launched in October. 'We are simply reviewing our business strategy, as well as the phasing and rollout of the Jumeirah Gardens project to make sure the development proceeds in the most opportune way to meet changing investor needs,' the company said in a statement. There would be more clarity and details on the project's master-plan and the product rollout by the beginning of 2009, the statement said.
- Qatar Real Estate Investment receives funding
QNB Al Islamic and International Islamic will together provide QR1bn Shariah-principled funding for Qatar Real Estate Investment Co, whose future projects are estimated at QR2.5bn, reported Gulf Times. Al Islami will contribute QR700mn and International Islamic will add QR300mn to the finance pool.
- Trump Tower 'on hold'
Palm Jumeirah's flagship development, Trump Tower, is said to have been suspended, according to The National. The Dhs2.9bn project has been suspended according to Leighton Holdings, with Nakheel agreeing to cover all costs to date. This follows last week's announcement by Donald Trump's company that it would miss a $53.1m bond interest payment due on December 1.
- 'No defaults' on Dubai property
Dubai's Real Estate Regulatory Authority has said that there have so far been no defaults on payments for high-end properties. 'Every project on the ground and under construction would be completed. Master developers are intact and the high-end third party developers may find alternatives to carry on with their projects through bulk selling of units to private equity funds and hedge funds,' Rera's CEO told Emirates Business.
- Nakheel lays off 500 staff
Dubai's largest master developer, government-owned Nakheel, has announced that it has laid off 15% of its total workforce, equivalent to 500 employees. The decision follows the scaling back of projects due to current market conditions.
- Mizin awards bid to Bin Laden Construction and ERC
Mizin, the real estate development arm of Tatweer, has awarded Phase II infrastructure works on the Liwan, Arjan and Majan master developments to Bin Laden Construction and Emirates Roads Contracting (ERC). Phase II infrastructure work involves the construction of networks for water, power supply, irrigation facilities, sewerage and drainage, as well as the telecom infrastructure, across an area of 50 million sqft.
- Emaar shares 'to rise'
Emaar Properties, the biggest property developer in the Middle East with the heaviest weight on the Dubai Financial Market is poised for positive movement, with the UAE government taking steps to stave off a crash in the domestic property sector. Emaar on Thursday saw its best finish in nearly two weeks, ending up 9.76% to Dh2.81, partially recovering the steep losses it suffered earlier in the week.
- Limitless reviews Arabian Canal project
Dubai-based property developer Limitless is reviewing the pace of development of its $61bn Arabian Canal project, as well as staffing levels, due to current market conditions, Reueters has reported. The firm, which is controlled by government-owned Dubai World, dismissed a newspaper report on Wednesday that it would put sales of its properties on hold, along with another major developer Nakheel, until the local real estate market improves. Limitless said it had never announced a sales timeline for the Arabian Canal project. 
- Al Habtoor Leighton wins $2.4bn contract
Al Habtoor Leighton Group has won a $2.4bn contract, the biggest single building deal ever awarded in the Gulf, for the construction of Dubai Pearl, a development planned opposite Palm Jumeirah. The project consists of four 73-storey mixed use towers, a luxury hotel, and retail and leisure facilities. 
- Al Madar launches $381m tower in Dubai
Al Madar Investments today has launched Suhail Tower, a Dhs1.4bn ($381m) residential project located in the Madinat Al Arab area of the Dubai Waterfront. The 47-storey tower, which is scheduled to be complete in late 2011, will encompass studio, one, two and three bedroom apartments with luxury penthouses occupying the top 3 floors. Madinat Al Arab is one of the ten areas of the Dubai Waterfront, and is being developed by an international consortium of architects, planners and urban developers. 
- Abu Dhabi launches new home finance firm
Five of Abu Dhabi's major investment, real estate and finance companies today announced the launch of Abu Dhabi Finance, a new mortgage provider established to serve the emirate's real estate market. Abu Dhabi Commercial Bank, Aldar, Mubadala Development Company, Sorouh Real Estate PJSC and the Tourism Development & Investment Company are shareholders in the new finance company, which will initially provide mortgages to home buyers in the emirate. These shareholders include companies which are estimated to represent more than two thirds of the new units being built in Abu Dhabi. With initial capital of Dhs500m ($136m), the company aims to play a major role in helping Abu Dhabi meet its long term goals of sustainable economic growth by financing the growing demand for real estate. 
- Damac announces $136m profit
Dubai-based property developer Damac has recorded a Dhs500m ($136m) profit for the first nine months of this year, Hussain Sajwani, chairman of Damac Holding, told Gulf News. Sajwani said all of the projects that Damac has launched are still going ahead, but plans to expand to new territories, such as India, Pakistan and Morocco are on hold. He added that Damac in Dubai has a total borrowing value of about Dhs420m, while in all other areas, 'zero has been borrowed'. 
- Developers may pay for damaging environment
The government of Bahrain is considering legislation that would require developers to pay compensation for the damage they cause to the country's environment, reported Gulf Daily News. The money paid out as compensation would then be ploughed back into preserving the country's natural habitats and ecosystems. 
- Tameer to lay off half of its staff
Dubai-based property developer Tameer plans to lay off half of its workforce, reported 7DAYS, citing a source close to the company. The terminations are to take effect December 31. The company has 350 employees, according to its website. 
- Emaar Egypt will not extend payment plans
Emaar Egypt will not extend payment plans, unlike its parent company in Dubai, CEO Sameh Muhtadi said. Emaar Egypt is also not considering layoffs at this point, but rather is looking to hire personnel with specific skills in certain divisions that can help the company weather the economic downturn, Muhtadi added. The company has two projects underway in Egypt: Marassi on the North Coast and Uptown Cairo in the Moqattem Hills. It is also expects soon to launch a third, Cairo Gate, on the Cairo-Alexandria road, reported Daily News Egypt. 
- Aabar buys plots in Al Raha
Abu Dhabi-based Aabar Investments has signed a purchase agreement with Tasameem Real Estate to buy two residential land plots in the Al Raha development area for an aggregate price of just over Dhs500m ($136m). Aabar plans to develop residential properties of up to four residential towers once the purchase is completed. 
- Omniyat may restructure its payment plans
Dubai-based developer Omniyat Properties plans to restructure its payment plans to boost sales and says that all of its Dhs21bn of projects are either are under construction or awaiting launch, reported Gulf News. Mehdi Amjad, executive chairman and president of Omniyat, said the split between the company's projects, both under construction and those not yet launched was about 50-50. With mortgages harder for buyers to obtain, the company may launch new payment plans under which 50% was due during the construction phase and 50% on completion of the project, he added. 
- Emaar's Alabbar: 'Real estate sector must unite'
Emaar Chairman Mohamed Alabbar has said it is time for Dubai's real estate sector to 'unite and collaborate'. About 70% of Dubai property projects are controlled by three companies - Emaar, Nakheel and Dubai Holding, and this, he said, was good for the strength of the market. Alabbar admitted property prices were slipping, but described the fall as healthy. 
- MAF Group agrees Qatar venture
The Majid Al Futtaim (MAF) Group has completed a joint venture agreement with Abu Dhabi Investment House (ADIH), to develop the heart of Entertainment City, the Downtown Precinct, in the Lusail district of Doha, Qatar. The project by the MAF Group's property arm is its first development in Qatar and its second major development outside the UAE. 
- Qatar to see new $3.5bn project
Bahrain-based investment house Arcapita Bank and Kuwait's Al Imtiaz Investment have said they would form a joint venture to develop a $3.5bn residential project in Qatar. The development, to be named Al Sidra, is within the Lusail project in Qatar, which is owned by Qatari Diar. The project will include 3,200 residential units built around a Greg Norman Championship golf course. 
- Sharjah to bring in green regulations
The Government of Sharjah is planning to introduce green building rules in the emirate in January 2009. Sultan Al Mulla, Assistant Director-General for Government Projects in the Sharjah Municipality, said green building standards were being adopted worldwide and the Sharjah government was planning to stipulate the same standards for all construction activities. The rules would cover environment-friendly materials, conservation and management of power and water and generation of clean energy. 
- Dubai property rating downgraded
The Global Property Guide has downgraded its investment rating on Dubai residential property to just two stars as a result of a sharp drop in rental yields. The Guide reported that gross rental yields on residential property in Dubai have dropped to an average of 5.52%, down from an average of 7.5% a year ago. 
|
|
|
|
|
|
|
|
|
|
|
Office-Floor For-Sale in rescom tower Dubai sport city, Dubai
Sale Price: AED 10,000,305.00
Original Price: AED 0.00
Property ID:DOFSCOM_17
Addresss:rescom tower Dubai sport city
Area: 0.00 sq./ft
Date Posted: 30 Oct 2008
|
|
Office-Floor For-Sale in Business bay, Dubai
Sale Price: AED 36,391,352.00
Original Price: AED 0.00
Property ID:DOFSCOM_16
Addresss:Business bay
Area: 0.00 sq./ft
Date Posted: 30 Oct 2008
|
|
Office-Space For-Sale in dip, Dubai
Sale Price: AED 1,975,480.00
Original Price: AED 0.00
Property ID:DOFSCOM_15
Addresss:dip
Area: 1137.00 sq./ft
Date Posted: 30 Oct 2008
|
|
Office-Space For-Sale in Itihad road, Ajman
Sale Price: AED 579.00
Original Price: AED 0.00
Property ID:DOFSCOM_11
Addresss:Itihad road
Area: 635.00 sq./ft
Date Posted: 25 Oct 2008
|
|
Office-Floor For-Sale in Dubai Silicon Oasis, Dubai
Sale Price: AED 8,732,400.00
Original Price: AED 0.00
Property ID:DOFSCOM_10
Addresss:Dubai Silicon Oasis
Area: 7277.00 sq./ft
Date Posted: 21 Oct 2008
|
|
Office-Floor For-Sale in Dubai Silicon Oasis, Dubai
Sale Price: AED 16,917,500.00
Original Price: AED 0.00
Property ID:DOFSCOM_9
Addresss:Dubai Silicon Oasis
Area: 13534.00 sq./ft
Date Posted: 21 Oct 2008
|
|
Office-Floor For-Sale in CBD, Dubai
Sale Price: AED 10,000,000.00
Original Price: AED 0.00
Property ID:DOFSCOM_7
Addresss:CBD
Area: 6000.00 sq./ft
Date Posted: 04 Aug 2008
|
|
Office-Space For-Sale in Oasis Silicon, Dubai
Sale Price: AED 1,832,000.00
Original Price: AED 0.00
Property ID:DOFSCOM_5
Addresss:Oasis Silicon
Area: 1145.00 sq./ft
Date Posted: 28 Jul 2008
|
|
|
|
|
|
|
