Properties Agents Developments Forum


Chapal Opens Six Escrow Accounts with Ajman Bank

Thursday, July 30, 2009
Chapal, a leading property developer and multi-service provider to the real estate sector, on Wednesday announced that it has opened six escrow accounts with Ajman Bank. The bank will handle their six projects in Ajman namely Chapal the Glory, Chapal the Harmony, Chapal the Presidency, Chapal the Legacy, Chapal Corals and Chapal the Dunes. This follows the developer’s recently announced registrati ... more

Aldar Profit Falls 79.5% in Wake of Delayed Sales in Weak Market

Wednesday, July 29, 2009
Aldar Properties' decision to hold off land sales is reflected in its second quarter profits, which fell 79.5 per cent from last year to Dh253.5 million, the company reported on Tuesday. This marks the second straight quarter in which the company has reported zero land sales due to "challenging market conditions," according to an Aldar statement. The company reported Dh1.1 billion in first half pr ... more

Consolidation Will Shape Dubai Market, Says Moody's

Wednesday, July 29, 2009
The recently proposed consolidation of Emaar Properties and the real estate activities of Dubai Holding Commercial Operations Group (DHCOG) would create a dominant entity in Dubai's property market that would control the market as well as benefit from economies of scale and stronger bargaining power vis-à-vis contractors, Moody's Investors Service has said. Furthermore, the opening of Dubai's Metr ... more

Construction Sector Set to Recover in 2010: Study

Wednesday, July 29, 2009
The UAE construction industry, which has put projects worth more than $300 billion on hold, is poised for a possible recovery in 2010, said Dubai-based research company Proleads Global. In its study of the impact of the global crisis on the UAE construction sector, Proleads said that despite the marked downtrend that began in mid-2008 when new projects were announced, the country remains one of th ... more

DSI Subsidiary Wins Contract in Dubai Marina

Tuesday, July 28, 2009
Gulf Technical Construction Co, the civil contracting subsidiary of Drake & Skull International, said it has secured a Dhs250m contract from Marina Exclusive Limited for KPM Tower in Dubai Marina. The contract is for the design and build of the residential tower comprising five basement levels and ground plus 38 floors. The tower will contain studios, one and two bedroom apartments and penthouses ... more

Ajman Real Estate Regulatory Agency's Role In The Market

Monday, July 27, 2009
Regulatory Agency (ARRA) came into being, the property market in the tiny northern emirate tended to resemble something of a free-for-all. That the cost of entry for an untested developer to launch a project and then start selling it was ridiculously low, had a lot to do with it. Many came into the Ajman property market believing that they could reprise the quick bucks scenario that existed in the ... more

Gulf Realty Market Poised For 2011 Revival

Friday, July 24, 2009
Property markets in the Middle East will start to recover by the beginning of 2011, according to the chief executive officer of Depa Ltd., which is fitting out the interior of the world's tallest tower in Dubai. "Slowly we will see at the beginning of 2011 or the end of 2010 the start of a good revival," Mohannad Sweid said on Wednesday in an interview in Dubai, where Depa is based. "Next year wil ... more

Demolition of Old Villas in Bani Yas Begins

Friday, July 24, 2009
A large number of residents in the East Sector 11 of Bani Yas in Abu Dhabi have been rendered homeless after the Abu Dhabi Municipality began to demolish old villas following three warnings issued to the owners. Over the last three years, the villa owners were issued eviction notices, but many of them did not heed
the warnings. According to municipality spokesperson Adil Hussain “The Abu Dha ... more

Dubai Property Market Turnaround Seen by 2010

Thursday, July 23, 2009
Dubai’s depressed property sector might start to recover by the middle of 2010, as foreign investors have begun to show interest in the emirate, a Sharjah-based property developer said on Wednesday. “The property market has bottomed out and become very selective. We are seeing some foreign investors returning to the market,” said Federico Tauber, President of Tameer Holding Investment LLC. Tauber ... more

Tameer Delivers Palace Towers

Thursday, July 23, 2009
Tameer Holding Investment has announced the successful completion of its Palace Towers development, a complex of 424 residential apartments, and 150 office suites in Dubai Silicon Oasis. Palace Towers amenities include a gymnasium, children's play area, two swimming pools, as well as cafés, restaurants and shopping facilities. ... more

Ajman Realty Will Benefit From Mortgage Financing: Sweet Homes

Wednesday, July 22, 2009
The Ajman real estate market will benefit from the availability of mortgage financing, according to Sweet Homes Holdings, a leading UAE-based developer and real estate service-provider. At present, all developments in the emirate are being acquired through self-financing, with the money going directly to the developers and thereby leaving uncertainties in terms of financial security. The developer ... more

Sorouh Real Estate PJSC Records 16% Increase In Second Quarter Net Profit

Wednesday, July 22, 2009
Sorouh Real Estate on Wednesday reported a 16 per cent increase in second quarter net profit to Dh151 million on revenue of Dh978 million. The company's results marked the second straight quarter of profit growth after it suffered a 94 per cent fall in the fourth quarter of 2008 with the onset of the credit crisis. Sorouh's first half profits, however, declined 71 per cent to Dh281 million compare ... more

Aldar Appoints Contractors To Build 5,000 Villas In UAE

Tuesday, July 21, 2009
Aldar Properties said it has signed contracts with Al Jaber Building Abu Dhabi, El Seif Engineering Contracting Abu Dhabi and Malaysian firm Pembinaan SPK BHD, to deliver 5,000 villas at Al Falah, a master planned community for UAE nationals. The project's plan comprises five villages, each with its own village centre, schools, and mosques. Located to the east of Abu Dhabi International Airport an ... more

Tenants Struggle To Keep Cool

Monday, July 20, 2009
Tenants in a four storey building in Mussafah have been living without air conditioning for two months. Most or all of the tenants have tried to contact the Abu Dhabi Commercial Properties (ADCP) who manage the building to find a solution, either via e-mail or phone, however no action was taken until recently, and even then only two out of four compressors are working, the building's watchman told ... more

Dubai Rents Are Lowest In Three Years, Says Report

Monday, July 20, 2009
Residential property rents in Dubai have fallen to their lowest level in three years and could drop even further, reported 7days newspaper, citing interviews with local real estate agents. Tenants can now rent a studio apartment in International City for just Dhs26,500 a year - down from Dhs60,000 six months ago, the report said. The rental price drop is attracting people from neighbouring emirate ... more

Property Firms May 
Post Lower Results
 On Poor Land Sales

Thursday, July 16, 2009
Property companies in the UAE are expected to post lower second quarter earnings on weaker revenue from land sales as the global economic meltdown continues to take its toll on the country’s once-booming real 
estate sector. Deyaar Development on Sunday reported that its second quarter earnings plunged by 69.5 per cent from the year before to Dh75.4 million. Sharjah-based RAK Properties on W ... more

RAK Properties Profit Down 33%

Thursday, July 16, 2009
RAK Properties has said its net profit for the second quarter had declined 33.78% to Dhs73.3m from Dhs110.7m in the same period last year. First-half net profit fell 36.38% to Dhs143.31m from Dhs225.27m the same period last year, while net assets were at Dhs3.12bn, including Dhs485m in cash, the company has said. The developer has Dhs1.21bn in liabilities as of June 30, including Dhs787m in custom ... more

Rents in Dubai Have Come Down Says A New Report

Thursday, July 16, 2009
Rents for villas and flats in Dubai have decreased by an average of 24 per cent and 21 per cent respectively between April and June. However property rates in Palm Jumeirah have gone up by 20 per cent. These figures are according to a published report by Asteco, a property services firm. It follows another study that showed rents in Abu Dhabi falling by 35 per cent. According to Andrew Chambers, t ... more

UAE Property Prices Climb

Wednesday, July 15, 2009
Sale prices of real estate in parts of Dubai and Abu Dhabi are registering big increases as buyers regain their confidence, The National has reported. In Dubai, prices of homes in The Springs have risen up to 12% since May, while The Meadows and The Greens have seen price rises of 7% and 5% respectively. In Abu Dhabi, properties on Al Reem Island were seeing increases of about 30% in the past coup ... more

Aldar Set To Complete Slew of Projects

Tuesday, July 14, 2009
Abu Dhabi-based Aldar Properties, one of the UAE's largest real estate master developers, plans to deliver some major projects this year, according to a senior company executive. "We are going to deliver all of the Phase-I developments on the Yas Island, including hotels, marina and golf course ahead of the Formula One Etihad Grand Prix scheduled for November 1," he told Gulf News. The landmark Al ... more

Hill International Wins Abu Dhabi Contract

Tuesday, July 14, 2009
Abu Dhabi-based Aabar Investments has awarded a $14.2m contract to Hill International, a US-based construction risk management firm, to provide project management consultancy services during design and construction of fourteen major mixed-use and residential developments in the UAE capital. The projects include one mixed-use building on Reem Island (approximately 25 stories), six buildings on Raha ... more

Marbella Bay Resort Construction On Track

Monday, July 13, 2009
Manazil Real Estate has announced the completion of piling works, load tests, foundation and basement of Marbella Bay, a luxury resort development on Al Marjan Island, a man-made island in Ras Al Khaimah. The property units of the project have a combined value of about Dh400 million. The company has coordinated with Ras Al Khaimah Investment Authority (Rakia), the government body responsible for t ... more

Deyaar Income
 Plunges 69pc on
 Property Slump

Monday, July 13, 2009
Deyaar Development PJSC, which put a quarter of its projects in Dubai on hold, reported a 69 per cent decline in profit in the second quarter because of a slump in property prices in the emirate. Net income fell to Dh75.4 million ($20.5 million), the company said in an e-mailed statement on Sunday. That compares with a profit of Dh245 million a year earlier, according to Bloomberg data. Deyaar did ... more

Aqaar Gets Master Developer Licence For Ajman

Monday, July 13, 2009
Aqaar, a real estate and property development firm based in the UAE Emirate of Ajman, has said it has received a master developer licence from the Ajman Real Estate Regulatory Authority, which will enable it to develop larger master communities in Ajman's real estate sector and provide integrated services and solutions to sub developers. ... more

Property Developers Change Strategies To Retain Customers.

Thursday, July 09, 2009
In real estate nothing works like building and selling," explains Shyam Sunder, general manager of marketing at ETA Star property developers. Words that may seem glaringly obvious, however, need to be set against a Dubai property market which experienced years of off plan explosion before foundations were built. Property developers in Dubai currently have to convince customers of the integrity of ... more

We’re Not in Talks with Union Properties: Deyaar CEO

Wednesday, July 08, 2009
Deyaar Development denied on Tuesday that it was in talks with its peer Union Properties for a possible merger between the two Dubai-based listed developers a subject of intense market speculation since the suspension of trade in the shares of home loan providers Amlak Finance and Tamweel late last year. Rumours of consolidation in Dubai’s troubled real estate sector got a second wind after Emaar ... more

Memon Investments Awards Dh84.5m Contract for ‘Champions Tower IV

Tuesday, July 07, 2009
Memon Investments, Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, has awarded an Dh84.5 million contract to Al Jassmy Contracting Co. LLC for the construction of the ‘Champions Tower IV’, a 20-storey residential tower worth Dh450 million in Dubai Sports City. The announcement follows the commencement of the tower’s Raft works, with ... more

Salwan to Manage Executive Towers

Monday, July 06, 2009
Dubai Properties LLC has announced the appointment of Salwan LLC, both subsidiaries of Dubai Properties Group, or DPG, to provide comprehensive property management services to the Dh3 billion Executive Towers development at Business Bay. Salwan Property Management will be responsible for managing the 8.7 million square feet self-contained development at the 12 towers comprising ten residential seg ... more

Sorouh To Offer Gate Towers Price Cuts

Monday, July 06, 2009
Abu Dhabi-based master developer Sorouh Real Estate, will begin offering price cuts of 20% to buyers of units in the Gate Towers development, The National has reported, citing Abubaker al Khouri, the managing director of Sorouh. The company will also offer easier payment plans. Earlier in the year Sorouh offered buyers at the Alghadeer project average price cuts of 35%. ... more

Mixed Signals Continue to Baffle Recovery Hopes for Property Sector

Thursday, July 02, 2009
Mixed signals continue to baffle recovery hopes for Dubai’s once bouyant property sector as analysts remain divided with their predictions of a time-frame for the eagerly awaited turnaround and its overall impact. While some property market experts see recent trends in prices and rents as signalling the end of the downturn, quite a few believe the worst is yet to come for the sector that has seen ... more

Dubai Investments To Reimburse Mirdiff Hills Buyers

Thursday, July 02, 2009
Dubai Investments Real Estate Company (DIRC), the real estate arm of Dubai Investments, is giving a 100% refund to its investors on the Mirdiff Hills project, which it has put on hold due to unavailability of mortgage financing, Emirates Business has reported. Khaled Kalban, Managing Director and CEO of Dubai Investments has said DIRC would continue with the project should the lending scenario imp ... more
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