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Emaar Unveils The Palace ResidencesThursday, November 26, 2009 Further establishing the appeal of Downtown Burj Dubai as one of the most sought-after and premier lifestyle destinations in Dubai, Emaar Properties has unveiled a new residential project, The Palace
Residences. Part of The Old Town Island development, The Palace Residences has 65 units, all of them completed and offered for viewing. They are centrally located in Downtown Burj Dubai, with s ... more |
Damac Awards Construction TenderWednesday, November 25, 2009 Dubai-based developer Damac Properties has awarded Dar for Trading & Construction (DETAC) the construction contract for Park Avenue, Cairo-Alex Desert Road. The project consists of 723 retail units and 454 office spaces, as well as parking which will serve a total of 3,000 cars. DETAC is expected to deliver the project in 18 months, the company said in a statement. ... more |
Dubai Begins Inspection of Unregistered BrokeragesMonday, November 23, 2009 Dubai's Real Estate Regulatory Authority (RERA), in co-operation with the Dubai Department of Economic Development (DED), has started inspecting real estate brokerage firms that are not registered with RERA, Emirates Business has reported. The inspections will cover offices that practice real estate activities and licensed by free zones in Dubai. ... more |
UAE’s Real Estate Industry Needs Time to RecoverMonday, November 23, 2009 The UAE’s real estate industry will take time to recover from the financial crisis, though some other sectors of the economy are bouncing back relatively quickly, Central Bank Governor Sultan Nasser Al Suwaidi said on Sunday. Meanwhile, the nation’s banks have recovered from the liquidity crunch but are still cautious about lending, he said. “The recovery will be determined by not only internal is ... more |
Fortune Group To Use Own Equity To Fund ProjectsWednesday, November 18, 2009 Dubai-based developer, Fortune Group has said that due to defaults by customers the firm will use its own equity to complete the Fortune Executive Tower in Jumeirah Lake Towers, Emirates Business has reported. 'While the money keeps on rotating from one project to another, our payments are never made and the defaulters continue to hold on to the units as well. We have faced this problem with Fortu ... more |
Union Properties Loses $41.5m in Q3Monday, November 16, 2009 Dubai’s Union Properties made a net loss of Dh152.3 million ($41.46 million) in the third quarter, its second consecutive quarterly loss, blaming lower revenues and provisions against contracting-linked losses. The third-largest developer in the emirate made a net profit of Dh224.7 million in the third quarter of last year, it said in a statement on the bourse Website on Sunday. Union Properties b ... more |
Palm Jumeirah Back In The ReckoningMonday, November 16, 2009 Given the benefit of hindsight, the great property crash of 2008 may well have been the best thing that happened to Palm Jumeirah. Stretching the point a little further, we could say the same about waterfront communities – Jumeirah Islands springs to mind – that were completed before the market took a dive last year. Why so? It is borne of simple economics really – limited supply meeting limited ... more |
Dubai Properties Group ups Leasing PortfolioMonday, November 16, 2009 Dubai Properties Group (DPG) has brought online units in the Layan development for leasing. Layan includes 414 villas from Dhs100,000 for two bedrooms and 144 apartments from Dhs65,000 for two bedrooms. DPG has said that promotional rates are available for a limited time period. ... more |
Palm Jebel Ali Investors Seek Answers for DelaysFriday, November 13, 2009 Robin Medenwaldt was expecting to move into a beachfront villa on Palm Jebel Ali in December last year. Instead, he is being given the option of moving to a studio apartment in Discovery Gardens, after the completion of villas on the huge reclaimed island was delayed indefinitely by master-developer Nakheel.
“This wasn’t what I wanted,” he said. “I should be offered a property with equivalent am ... more |
Sweet Homes Hands Over Units in Al Khor TowersThursday, November 12, 2009 Sweet Homes Holdings, or SHH, announced that handover of units has commenced in ‘Al Khor Towers’, a project of the Real Estate
Investment Establishment. The company, which is in charge of the exclusive marketing initiatives for ‘A3’ and ‘B4’, two of the nine apartment buildings comprising the residential complex, further revealed that tenants within the two towers have started moving into t ... more |
Al Mazaya Posts Financial ResultsThursday, November 12, 2009 Kuwait-based developer Al Mazaya Holding Co. has announced its financial results for the first nine months of 2009, with a profit of Dhs131m. Total assets amounted to Dhs4,752m, bank debt reached Dhs698.7m, less than 10% of total company assets according to the group, and 40% of total shareholders' equity, the company said in a statement. ... more |
Burj Dubai Enters Final Leg Of ConstructionWednesday, November 11, 2009 Dubai-based developer Emaar has said that the dismantling of the last of three high-altitude cranes used in the Burj Dubai construction indicates the world's tallest tower is nearing completion. Having also completed the external cladding recently, the Burj Dubai construction team is now concentrating on the interiors and landscaping in preparation for the January 4, 2010 opening, the developer sa ... more |
Nakheel Begins Handing Over 980 HomesTuesday, November 10, 2009 Property developer Nakheel has started to hand over nearly completed homes at its Marina Residences project on Palm Jumeirah, the Dubai government-owned company said on Monday. More than 2,000 new residents are set to move on to Palm Jumeirah during the handover, Nakheel said. Palm Jumeirah is home now to more than 12,000 residents. “Construction of the project is almost complete, and final touche ... more |
Burj Dubai to Open on January 4Thursday, November 05, 2009 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 dat ... more |
Realty Rebound Must Rely On Supply And DemandWednesday, November 04, 2009 The UAE property market, concentrated in Dubai and Abu Dhabi, will likely take "a few years" to recover from the financial crisis, a leading market consultant said on Tuesday. J.P. Grobbelaar, director of research and advisory at Colliers International, a real estate consultancy, said high levels of speculation in residential and commercial properties prior to the crisis exaggerated the downturn. ... more |
Common Platform for Property Developers MootedWednesday, November 04, 2009 A common platform for property developers will help them evolve joint strategies to face the ongoing crisis in the real estate industry, Gurjit Singh, Chief Operating Officer of Abu Dhabi-based developer
Sorouh, said. Such a platform will also be able to represent the industry in discussions with banks and financial institutions on common issues being faced by them, Gurjit told Khaleej Time ... more |
Dubai Home Prices Up For The First Time Since PlungeTuesday, November 03, 2009 A widely watched index of Dubai property prices shows home values edged higher for the first time since the market plunged. But prices are still down nearly half from their peak a year ago. The tally Tuesday by real estate consultancy Colliers International shows property prices in the third quarter rose 7 per cent over the preceding quarter. That is the first increase this year. Prices, however, ... more |
Stay Bridge Suites Abu Dhabi Now Opens For OccupancyMonday, November 02, 2009 Stay Bridge Suites Abu Dhabi opened its doors in the centre of Yas Island, close to Abu Dhabi International Airport and within walking distance of the new F1 Yas Marina Circuit, ahead of the Formula 1 race. The property offers guests the choice of 164 suites, ranging from studios to two bedroom suites and access to a 24-hour convenience store. "Bridging a gap between conventional hotels and servic ... more |
Ahmad bin Byat Named Acting Head of DPGSunday, November 01, 2009 Ahmad bin Byat, chief executive of Dubai Holding, has assumed the position of acting chairman of Dubai Properties Group, or DPG, following the arrest of the property company’s former chairman Hashim Al Dabal on charges of improper financial dealings. DPG, which now represents the newly formed property vertical within Dubai Holding, also named Khalid Al Malik as its group chief executive, according ... more |
