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Sorouh’s Profit Falls to Dh495 Million in 2009Friday, January 29, 2010 Sorouh Real Estate, Abu Dhabi’s second-largest developer by market value, posted on Thursday a net profit of Dh495 million for the financial year 2009, representing a massive drop from the Dh1.8 billion profit it had made in the previous year. Revenue also came down to Dh3.1 billion from Dh3.7 billion in 2008, the company said in a statement. The company’s revenue in the fourth quarter of 2009 ... more |
Rotating Towers Get Dubai Real Estate In A SpinThursday, January 28, 2010 Plans for a tower block with four rotating penthouses and a rotating villa with its own car lift have been unveiled in Dubai by property developers High Rise Real Estate LLC. Planned for construction at Jumeirah Village South, the Dh175million Rotating Residence tower features 72 residential units in total. According to officials at King's Palace Real Estate, which is handling sales, a Saudi pr ... more |
Damac To Hand Over Six Projects In 2010Thursday, January 28, 2010 Dubai-based real estate developer, Damac Properties has announced that it will complete and deliver six of its projects during 2010. The six projects offer over 3,000 new residential and commercial units. The projects include Damac'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 ... more |
Union Properties' Share Price Estimate CutTuesday, January 26, 2010 Credit Suisse Group has reduced the share price estimate for Union Properties to 3 fils from 80 fils and reiterated its 'underperform' rating on the stock, Bloomberg has reported. The developer's debt of Dhs6.8bn ($1.85bn) is three times its current market value. Even if Union Properties, Dubai's second largest developer, could collect outstanding payments due on delivery of properties, sell of ... more |
New Law Promises Property Refunds In DubaiMonday, January 25, 2010 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 ... more |
Dubai Properties May Spend $1.1bn Annually On PlansMonday, January 25, 2010 Khalid al-Malik, chief executive of Dubai Properties, has said the group has sufficient liquidity and plans to spend up to ($1.09bn) annually in the next three years on its future plans, Arabic daily Al Khaleej has reported. The company has a three-stage plan to restructure its current and future business both locally and internationally, he said, adding that the first phase and a good part of ... more |
Dubai World Chief Investment Officer Replaces Chief ExecutiveThursday, January 21, 2010 Dubai World on Wednesday announced that Istithmar World Chief Investment Officer Andy Watson will replace David Jackson as the company’s acting chief executive. Andy Watson replaces private equity investment specialist David Jackson who has resigned as CEO. Watson takes up his new role with immediate effect. “His [Watson] experience will be vital in actively managing the portfolio of assets hel ... more |
Liberty House Opens in DIFCWednesday, January 20, 2010 Liberty House, the 42-storey mixed-use tower in the Dubai International Financial Centre (DIFC) district, was officially opened on Tuesday. “Liberty House is part of a new phase of infrastructure development that is facilitating the expansion of the DIFC community. The new development is part of a larger DIFC master plan designed to create a ‘city within a city’ that offers financial institutio ... more |
Dubai House Prices Stable In Q4 2009Tuesday, January 19, 2010 House prices in Dubai remained stable during the fourth quarter of 2009, rising close to 1 per cent above the third quarter’s results according to the Colliers International Dubai House Price Index. The report by the global real estate consultancy says the results were supported by growing activity during October and November. The Index, compiled using actual mortgage transaction data from a co ... more |
Aldar Properties' Price Target Cut By Hc ResearchTuesday, January 19, 2010 Share-price target and profit estimates on Abu Dhabi developer Aldar Properties have been reduced by HC Research to reflect renewed weakness in the UAE's property market, Reuters has reported. HC, which kept its 'buy' rating on the stock, cut its price target to Dhs6 from Dhs6.2. 'While we did not previously assume any meaningful property launches in 2010, we had forecast significant plot sales ... more |
Work in Full Swing at Masdar City ProjectMonday, January 18, 2010 Construction work is in full swing at the Masdar City project outside the capital, where 3,000 construction workers are building the world’s first carbon neutral city in four phases to be completed in 2020. The Abu Dhabi Future Energy Company, or Masdar, on Sunday arranged a media trip to the project site of the mega city. The trip was arranged to apprise the journalists covering the World Futu ... more |
Ibn Battuta Gate Ready For HandoverMonday, January 18, 2010 UAE-based real estate services firm Asteco has announced the completion of the mixed-use Ibn Battuta Gate project. The project comprises an office complex, basement parking for over 350 cars as well as a multi-storey, robotic car park capable of handling 765 vehicles, 166 luxury residential apartments and a 396-room hotel that will be handed over to owner Seven Tides at the end of January with ... more |
Launch Of Burj Khalifa Boosts Realty In Surrounding AreaFriday, January 15, 2010 Jesse Downs, director of research and advisory services at Landmark Advisory says, "Lower-limit rents for high-end units in Downtown Burj have increased by 13 per cent." Meanwhile Landmark's latest report found that prices for one- and two-bedroom units in the Downtown Burj area increased by about 5 per cent (lower limit) between July and December. Claire Collier, a manager at IS Real Estate, s ... more |
Dubai Rentals Steady During Last Two Months of 2009, New Study ShowsFriday, January 15, 2010 Dubai rentals remain steady during the last two months of 2009, a sign the market is reaching equilibrium, according to a new report published on Thursday. Rentals in Dubai recorded a two per cent gain in November and one per cent in December on month-on-month basis, HC Securities & Investment said in its monthly research report. The take-up ratio continued to trend downwards, declining to 3.7 ... more |
Union in Talks to Sell Property AssetsThursday, January 14, 2010 Union Properties is considering the sale of some of its completed property assets to generate liquidity and enhance revenues, its chairman said, as the company struggles amidst a real estate downturn. Khalid bin Kalban said in an interview there were many debt-free assets available for sale. “We are looking at selling some of the assets of the company to generate further liquidity to complete t ... more |
Property Developer Nakheel Says will Make Sukuk Payment Due on January 19Wednesday, January 13, 2010 Dubai World’s property unit Nakheel said on Tuesday that it will make a $10.3 million distribution payment on an Islamic bond, or sukuk, that matures next year. The payment is scheduled for January 19 for the $750 million trust certificates due in 2011, Nakheel said in a statement on the Nasdaq Dubai’s website, without giving further details. “This is to advise that a periodic distribution is d ... more |
Abu Dhabi Rentals Dip Slightly in Q4Tuesday, January 12, 2010 According to a report from property services firm Asteco, increased supply of residential units in Abu Dhabi during the last quarter of 2009 had led to a marginal drop in rental prices, Reuters has reported. 'The growing availability of units and a revival in market activity after a traditional slow summer period have resulted in a minor downward fluctuation in the cost of renting in Abu Dhabi, ... more |
Emaar Says to Realise Burj Khalifa Revenues in 2010Thursday, January 07, 2010 The Middle East’s largest listed developer Emaar Properties said on Thursday that it will realise revenues from the sale of properties at the world’s tallest tower, Burj Khalifa, formerly called Burj Dubai, in the financial year of 2010. Emaar, 31.2 percent owned by the Government of Dubai, had posted revenue of Dh1.95 billion in the third quarter of 2009. The company last year had tweaked its ... more |
UAE Firm Plans $272m Investment in DubaiWednesday, January 06, 2010 Dubai International Holding Company, an investment firm owned by a Dubai sheikh, plans to invest more than Dhs1bn ($272m) in Dubai's real estate sector in 2010, Emirates Business has reported. 'If you look at all the asset classes internationally, stock markets or anything else, right now the most depressed prices are for properties. We will be investing Dhs1bn in different projects across Duba ... more |
Dubai Apartment, Office Rates SteadyTuesday, January 05, 2010 Apartment rental rates remain unchanged during December, as people are unwilling to move over the holidays unless they have no choice due to end of tenancy, a survey by the Khaleej Times and property management company Asteco observed. Smaller size units, studios and one-bedroom apartments, remained in high demand as they present a lower risk in a time of uncertainty.
Demand from Abu Dhabi not ... more |
Burj Dubai Renamed As Height RevealedTuesday, January 05, 2010 The tallest tower in the world was officially inaugurated this evening by Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai. And in a surprise announcement, the Burj Dubai was officially unveiled as the Burj Khalifa, named after the UAE President and ruler of Abu Dhabi. The tower's official height was declared to be 828 metres, 10 metres taller than previous estimates had suggested. more |
Burj Dubai Observation Deck Opens to The Public On Jan 5Monday, January 04, 2010 At the Top, Burj Dubai, the world’s highest observation deck on Level 124 of Burj Dubai, the world’s tallest building, will open doors to the public from January 5, 2010. Tickets are time stamped at 30-minute intervals, on specific days, in order to carefully manage the daily rush of sightseers. Introductory ticket price is AED 100 for adults and Dh75 for children up to 12 years. For those who ... more |
Burj Dubai Opens to Residents from Feb OnwardsSaturday, January 02, 2010 Emaar Properties has announced residents of Burj Dubai February 2010 onwards. Meanwhile, the Armani Residences on levels 9 to 16 will open their doors first to guests in March, followed by the Armani Hotel Dubai, which occupies the concourse to Level 8 and Levels 38 & 39. The 900 apartments in The Residences and offices on The Corporate Suites will be handed over to customers from March. Handov ... more |
