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Nakheel Begins Dh4b PayoutWednesday, June 30, 2010 Property developer Nakheel started paying its creditors the first tranche of cash on Wednesday, with Chairman Ali Lootah saying the process will take two weeks to complete. Nakheel will pay up to Dh4 billion to the 75 per cent of its creditors who have accepted its financial restructuring proposal, Lootah said. “Those who have agreed will receive their cash by mid-July,” Lootah told reporters. Tra ... more |
Villa Construction Begins On Germany Island At The WorldTuesday, June 29, 2010 Property group Kleindienst yesterday announced that construction of the first villas on its Germany island at The World has commenced. "Compaction at the island of Germany has been completed, now we are starting with the ground works on 13 villas," Josef Kleindienst, CEO of Kleindienst Group, told Gulf News.
Kleindienst has appointed Dubai-based City Diamond Contracting to build the villas, mostl ... more |
Al Shafar Secures Oceanscape ContractTuesday, June 29, 2010 Damac Properties has awarded the main works contracts for its Oceanscape development in Abu Dhabi to Al Shafar General Contracting. Construction of the mixed use development, which will feature residential, commercial and retails units, is scheduled to take approximately two years. Al Shafar General Contracting was also awarded the Marina Bay at Al Reem Island contract in Abu Dhabi earlier this mo ... more |
Tenants In Dubai Get More Bargaining RoomMonday, June 28, 2010 Rental markets are continuing to move from an owners' to a tenants' market with tenants enjoying more room to bargain as prices continue to fall. As the supply in the residential sector nears its peak, rentals continued to decline in the second quarter of this year, particularly for luxury and high-end villas and apartments. "Rents have fallen the most in the upmarket areas such as Downtown and Ma ... more |
Dubai To Add 33,000 New Residential Units By 2011Monday, June 28, 2010 The total stock of residential units in Dubai is expected to reach 320,000 by the end of 2011, up 33,000 from the current level, while prices are not expected to recover fully before 2011 at the earliest, Jones Lang Lasalle said in its latest real estate market study. “In 2010, a total of 26,000 units are expected to be completed followed by around 25,000 units in 2011, bringing the total resident ... more |
Dubai Real Estate Transactions Increase In First Five MonthsThursday, June 24, 2010 The real estate market has experienced a rise in the number of transactions compared to the same time last year, the Dubai Land Department said.
In department figures for the first five months of this year, 3,642 land sales were registered, worth a total Dh25 billion. The sales comprised a combined area of 62,815 square feet, the department said. The Reidin.com website's Dubai Focus section said ... more |
Abu Dhabi To Face Residential Unit Shortage Until 2013Tuesday, June 22, 2010 According to a report by the Abu Dhabi Urban Planning Council (UPC), Abu Dhabi is still expected to be short of residential units until 2013, despite the large number of new developments under construction and in planning stages, Emirates Business has reported. While supply is set to increase by 9.1% every year to reach 251,200 in 2013, demand will still outstrip supply by 26,300 in the same perio ... more |
Nakheel Reassures Tenants After Threat To Cut CoolingMonday, June 14, 2010 Residents at a Discovery Gardens building face confusion over being kept cool this summer, although Nakheel says for now they are safe. "We're so scared that they could turn the air-con off, how can they, in this heat? It is not fair on us tenants," said Sachin Bhandari, a tenant in Discovery Gardens Building No 39. A note by Palm District Cooling (PDC), the chilled water supply provider, appeared ... more |
Dubai's Victory Heights Hands-Over Over 50% Of VillasThursday, June 10, 2010![Dubai\](http://www.bayut.com/property/common/resize.php?img=100/764.jpg&d=45 "Dubai\") Dubai-based Victory Heights has announced it has handed over 500 of its Phase I villas to homeowners, representing 63% of all sold villas in the development. The Dhs2.5bn Victory Heights is joint venture between the Bahraini investment bank, Arcapita, and Dubai Sports City. ... more |
Union Properties Close To Selling Dubai Ritz CarltonWednesday, June 09, 2010 Khalid Bin Kalban, chairman of Union Properties, has said the firm is close to selling its Ritz-Carlton hotel in Dubai and plans to dispose of other assets after the developer "got distracted" during the property boom, Bloomberg has reported. The company "got involved in so many businesses that were not core. I don't understand the rationale," he said. "MotorCity was created around the concept of ... more |
Rents At Burj Khalifa Start At Dh140,000Tuesday, June 08, 2010 The tallest tower on the planet has opened its doors to tenants. With the handover of the Burj Khalifa residential units now starting, the market is beginning to get a feel for how much the rent should be for the 828-metre building's exclusive units. Several real estate companies have advertised annual rentals for Burj Khalifa studios starting at Dh140,000. Prices rise to between Dh180,000 and Dh2 ... more |
Building Site Insurance Is EssentialFriday, June 04, 2010 A large number of construction sites where building activity has started and stopped, have been abandoned, but maintenance and insurance are crucial to halt potential disputes, experts said at a seminar yesterday. "Only around 20 to 30 per cent of Dubai's construction sites where work has stopped are adequately secured and the buildings protected," Andrew MacDonald, country director, Meinhardt Dub ... more |
Dubai To Have About 47,000 New Housing Units By 2011; Prices Likely To Decline Up To 20 Per CentFriday, June 04, 2010 Investment Bank Credit Suisse fears residential prices in Dubai may see a dip of 15-20 per cent in the year as up to 47,000 housing units are expected to hit the market. The report said that 2011 would be the peak of the supply/demand gap in the emirate, when the surplus would rise to about 51,655 units, compared with 17,000 units at the end of 2009. Delivery delays and the rescheduling of project ... more |
Emirates Palace Wins Best Hotel In Abu Dhabi AwardWednesday, June 02, 2010 Abu Dhabi community recognised the Emirates Palace as the Best Hotel and its Gallery One as Best Gallery/Museum in the Best in Abu Dhabi Awards 2010.
The award-giving ceremony took place at The Yas Island Rotana. The Best In Abu Dhabi Awards is a new initiative aimed at recognising the Capital’s best in Hospitality, Culture, Social and Future developments. The two latest honours followed the Hote ... more |
Dhabi Contracting Wins Saadiyat Apartments ContractWednesday, June 02, 2010 A Dhs670m ($182.4m) contract has been awarded by Abu Dhabi's Tourism Development and Investment (TDIC) to Dhabi Contracting for the construction of the first phase of the Saadiyat Beach apartments on Saadiyat Island, Meed has reported. The project involves the construction of six apartment buildings on the beach district of Saadiyat Island, close to St Regis Resort and the Saadiyat Beach Residence ... more |
Developer Pitches Serviced Apartment RouteTuesday, June 01, 2010 With diminished rental yields in the residential market and continuing supply of inventory unlikely to improve this scenario, serviced apartments with hotel amenities are an alternative being pitched to investors. With the hospitality sector showing more promise than the residential property market, developers are offering short-term rental schemes for investors interested in capitalising on the l ... more |
Dubai Silicon Oasis Confirms Cedre Villas DeliveryTuesday, June 01, 2010 Dubai Silicon Oasis has announced the delivery of Phase-2 of its Cedre Villas project. The development comprises 647 units, which are ready to move into with water and electricity connected. The Cedre Villas project is part of an urban community at DSO that combines office towers, research and development (R&D) and industrial zones, as well as residential and hospitality units. ... more |
