Damac to handover 6 big projects in 2010

Damac Properties, a leading developer in the region, has announced that 2010 will be the year of handovers – with more than six projects due to be completed in Dubai during the next 12 months.

Among those to be handed over are two phases of the company’s Emirates Gardens development and Tuscan Residences at Jumeirah Village South, Lago Vista at IMPZ, XL Tower and Business Tower at Business Bay and Smart Heights at Tecom.

The six projects together offer a good mix of both residential and commercial units – with over 3,000 new units due to be delivered this year. The handover follows the tremendous construction progress achieved in 2009, which was the year of construction at Damac, said its top official.

'This year will be a significant one for the company as it built on its standing as a private developer that was continuing to show progress and delivery. 2010 will be an exciting year for us as we conclude a number of our projects in Dubai,' remarked Hussain Sajwani, Damac Properties chairman.

“This shows that the decisions we have made and the priorities we have focused on during 2009 have paid off for our customers who can now look forward to taking delivery of their units. I would also like to thank all those contractors who have worked with us during these tough times to ensure that we have been able to meet our obligations,” he added.

In addition, it is expected that Ocean Heights - the company’s 84 storey flagship development at Dubai Marina - will also be complete by the end of the year which would round off a potentially great year for the company.

‘We have very high hopes and expectations for 2010 and are firmly focused now on looking ahead - leaving the last year and all its difficulties behind us. We know that there will of course still be tough challenges in the market place but we feel that we have very clear goals in sight and we will be doing our utmost to meet those targets,’Sajwani stated.

The awarding of new contracts, he said, was all part of company's strategy to ensure that there was business continuity and activity at a variety of levels within the company’s portfolio of developments.

‘The start of a new year always brings a renewed sense of purpose but we feel that 2010 will see us reach some significant milestones that we can look forward to with certainty which is pleasing for us and our customers,’ Sajwani added.

Source: TradeArabia

New law promises property refunds in Dubai

Dubai is considering a new property draft law which would enable property buyers to cancel their contract and claim a refund if the project is ‘unfeasible’.

Details of the new protection for homebuyers came in a newsletter from leading legal firm Al Tamimi and Co which says the new law will spell out ground rules for cancellations, most notably if a developer refuses to link payments to stages to construction or if the developer makes major specification changes.

The law also deals with the issue of refunds or replacement properties in case of defects in the property and financial penalty for major delays in delivery.

Source: Gulfnews

Official opening of iconic Burj Dubai announced

The Burj Dubai will be opened on January 4, 2010, coinciding with the accession to power of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

The 160-plus storey structure is considered the world's tallest building.

Mohammad Ali Al Abbar, Chairman of Emaar real estate company said the company decided to launch the tower on this date as a gesture of gratitude towards Shaikh Mohammad, who is considered the builder of modern Dubai.

Burj Dubai became the tallest building in the world in just 1,276 days, with the help of more than 5,000 consultants and skilled construction workers.

Work on the Burj Dubai started in January 2004. The tower reached 100 levels in January 2007. A month later, it surpassed the Sears Tower in Chicago as the building with the most floors in the world.

Burj Dubai is now the world's tallest building and tallest man-made structure, having surpassed the height of the KVLY-TV mast in North Dakota, USA.

The Burj Dubai houses residences and commercial spaces, apart from Giorgio Armani's The Armani Hotel & Residences.

It also anchors Downtown Burj Dubai, a Dh73 billion mixed-use mega project, already a bustling community described as the new "heart of the city".

Source: Gulf News

Tameer completes 'Palace Towers'

Tameer Holding Investment has announced the successful completion of Palace Towers development, a complex of 424 contemporary and elegant residential apartments, and 150 office suites, located in the heart of Dubai Silicon Oasis.

A leading property developer in the Middle East, Tameer, said this city leading purpose-built, high-technology park is fast becoming a prime location for quality residential property and access to modern business facilities. Residents and tenants of Palace Towers can look forward to enjoying all the benefits this vibrant location offers, said a senior official.

Federico Tauber, president of Tameer Holding Investment, commended the team responsible for successfully delivering this project.

“Tameer is dedicated to creating home and working spaces that enhance the lifestyle for its valued clients. A landmark development such as Palace Towers goes beyond just offering comfort and quality – its strategic location offers access to an enviable lifestyle,” he added.

Palace Towers is suitably situated on Emirates Road with easy access to Dubailand, Arabian Ranches and Dubai Autodrome. Its close proximity to various schools, universities and retail outlets in addition to Dubai Airport and World Trade Centre makes it an ideal location for business and residence alike. Palace Towers offers a range of amenities to its residents including a fully equipped gymnasium, children’s play area, two swimming pools, as well as cafés, restaurants and shopping facilities.

Source: Trade Arabia

Jumeirah Village property prices up 30pc

Property prices in Jumeirah Village have climbed by 5 to 30 per cent from their low levels in January, according to recent reports, signifying an early recovery for the Dubai property market, which has witnessed a nine-month period of decline.

Master developed by Nakheel, Jumeirah Village is set to provide authentic Mediterranean-inspired residential, commercial and retail space, said a top official of Memon Investments, a leading Dubai-based property developer.

Driven by its commitment to offering high-value units within the Dubai’s most luxurious community developments, Memon Investments is fast-tracking the construction of ‘Gardenia I & II’ - a project strategically located in Jumeirah Village.

According to recent reports, the 811-hectare integrated master community has not been impacted to the same degree as the large number of residential properties in various locations across Dubai, and thereby presents a more profitable investment option for property purchasers today, said Ahmed Shaikhani, managing director, Memon Investments.

Consequently, an increasing number of investors are reportedly looking at Jumeirah Village for a more solid investment opportunity with a lower risk percentage. As one of the first to develop within the Jumeirah Village development, Memon Investments has reported increased demand and inquiries for its ‘Gardenia I & II’ project.

“Our capacity to identify the best master developments to build our projects in, not only in terms of facilities and prestige but more importantly in their potential to provide excellent investment returns, is the foundation of our strength as a developer,” said Shaikhani.

“We take pride in bringing to customers a variety of property units that address their requirements in luxury and style; however, we believe that we have also proven ourselves as an organisation that is dedicated to fulfill our promises to our clients amidst the rise of difficult challenges,” he added.

Located near the Cultural Centre and the renowned Central Park, Memon Investments’ 5-storey residential development will incorporate studios, one and two-bedroom units; townhouses and loft apartments, with retail units on the ground floor.

Based on the vision of Dimensions Engineering Consultants (DEC), it was designed with stuccoed walls, tiled roofs, rustic arches, solid wrought iron balcony grills, carved doors, ornamental spiral columns, marble flooring and thematic and floral patterns, he explained.

'The first of our projects in the ‘Gardenia’ series remains one of the most-awaited developments in Jumeirah Village, and we would like to reiterate that we are consistently up to the challenge of satisfying the ever-discerning tastes of our target market,' Shaikhani stated.

'We are proud of how long we have achieved in the construction process of this excellent development, which is due to our collaboration with some of the best construction partners in the region,' he added.

Source: Trade Arabia

UAE 'attractive for long term investments'

The UAE property market remains attractive for long term investors amidst economic crisis with Bahraini investors pumping over Dh95 million ($25.8 million) into the Emirates’ property market in the first quarter of 2009, said an expert.

The real estate developers in the UAE are now shifting their focus towards the completion of their projects and thereby strengthening the confidence of buyers across the globe, according to Bonyan International Investment Group, a leading real estate company in Dubai.

In addition to the completion of a wide selection of luxury and mid-priced developments, investor’s confidence is also rising as a result of the government’s efforts to provide unprecedented benefits to foreign buyers, said Faris Masoud, CEO of Bonyan International Investment Group.

The new multi-visit entry visa scheme, which enables property owners to enter the country and stay for up to six months, has been a timely step, he noted.

Furthermore, the UAE Government has also taken bold steps to inject liquidity into the market, including the $20 billion stimulus package, which is expected to help the construction sector to pick up in the coming months, he pointed out.

"Among the top UAE real estate investors are Bahraini nationals, who have pumped over Dh95 million into the UAE property market in the first quarter of 2009 as reflected by recently published reports by REIDIN.com.," Masoud added.

In line with this, the group has announced that it is currently looking to recruit new sales agencies across GCC to maximize the opportunity presented by this latest market development.

“We are witnessing positive indicators that the property industry is changing for the better, indicating that the real estate sector will begin to be active and profitable,” said Masoud.

“In anticipation of this, we are intensifying our efforts to further extend our capacity to meet our customers’ needs by extending our sales partner network, which will make our projects more accessible to potential customers across the GCC."

"We are also looking into expanding our project portfolio to provide investors with high quality projects that are ideal for long term investments," he added.

Bonyan has developed Dh3 billion worth of residential and commercial developments in Dubai, including ‘Rose Tower’, ‘Lulu Tower’, ‘ABBCO Tower’, ‘Dubai Gate 1’, ‘Dubai Gate 2’ and ‘Sharjah Gate Tower’ in Sharjah.

In addition, the developer has also built an impressive portfolio of projects in Qatar, including ‘The Lagoon Plaza’, a 34-floor twin apartment tower, and ‘The Palm Tower’.

"We have built a strong repute among Bahraini investors as the developer of high-quality projects, and our goal is to build further developments that can be classified as ideal long term investments by the global real estate community," Masoud noted.

"In line with our aims to penetrate the rest of the GCC states, our strategy consists of hitting the delivery target we have set for our projects to impress upon our valued customers our credibility and trustworthiness as a developer,” he added.


Source: Trade Arabia News

Property crisis less severe than reported

Many expatriates in the region believe that the property crisis is less severe than generally reported, according to a study by Zurich International Life (Zurich).

But the research shows many believe that the property market is still overvalued, said a statement.

According to the latest Wealth Monitor poll conducted by Zurich, half of those interviewed (48 per cent) in the UAE would spend any extra income on property, while 72 per cent would do so in Bahrain. Year on year, this is a 20 per cent rise for the UAE.

Carlos Sabugueiro, CEO of Zurich International Life, Middle East and Africa, commented: “We feel there is a healthy, long-term growth story within the GCC. We appreciate that the UAE has taken by far the greatest economic hit in the region, but Bahrain is looking quite healthy. Presently it is focused on developing its own infrastructure, notably the airport, sea port and causeway, which will filter benefits to the local economy and housing market. So it comes as no surprise that Bahrain expats are looking to spend their extra income on property.”

To emphasize the above point further, over 65 per cent of those questioned in Bahrain have property as one of their current investments, with the UAE at 27 per cent. However, it appears that only 17 per cent of those living in the UAE are worried about paying their mortgage, compared to 45 per cent in Bahrain, the study said.

Meanwhile, there are some lingering concerns about the price of property, with over 50 per cent of UAE and Bahrain expatriates stating that property is still too expensive to buy, the report said.

Source: Trade Arabia News

Tiger Woods Dubai signs new infrastructure deal

The Tiger Woods Dubai, a member of Tatweer Dubai, has announced the signing of a new agreement with UAE–based Al Nasr Contracting Company for infrastructure works at the 55 million sq ft development.

With a primary focus on the golfing components of the project, Nasr’s scope of work will include tunnel boring and construction of a pump stations for the provision of water to the courses 3.3 million sq feet of lakes, installation of permanent irrigation lines and constructions of roads and utilities connecting residential plots with the clubhouse.

Abdulla Al Gurg, project director, The Tiger Woods Dubai, said: “Al Nasr has a strong track record and has proven to be an invaluable partner in the development of The Tiger Woods Dubai.

“Quality, integrity and excellence remain central to this unique project and we are happy to have the commitment of Al Nasr as we proceed toward our goal of becoming one of the most sought after golf destinations in the world.”

Said Saade, general manager, Al Nasr Contracting, said: “We are certainly pleased to be continuing our relationship with The Tiger Woods Dubai and intend to contribute key deliverables to what we are sure will be a landmark development.”

Source: Trade Arabia News