ETA Star to launch Dh2bn Starliving

ETA Star will showcase two of its latest projects at Cityscape 2008. According to a Press statement, the UAE property developer will launch STARLIVING, its first-ever residential club living development project at Cityscape 2008.

It will also showcase Oman project, a mixed use premium development in the luxurious township located in Qurum in partnership with Oman Holdings International Group (OHI), at the event.

The Dh2 billion project, STARLIVING, is located in the heart of Waterfront, Dubai, with a serene view of the ocean.

The project will be recognised for its tranquil and luxurious resort environment and ultimate in club living experience with approximately 60,000 square feet for common amenities area, the property developer claimed.

Abid Junaid, Executive Director, ETA Star, said, “STARLIVING will truly reflect the ultimate in club living and offer a unique experience that will truly elicit a state of overall well-being to its residents. We are sure that the residents will be spoilt for choice.

“The STARLIVING project will set a standard in the luxury apartment space and we are sure that Star Living will be a sort out residential address to have.”

ETA Star recently announced its partnership with OHI to launch this first-class venture in Oman.

The Dh4.5 billion worth project will be a multi-purpose development with residential apartments, offices and retail spaces, blending luxurious living with high levels of convenience. The proposed launch of the project is end October.

“The property market in the GCC is growing at breakneck speed and Oman is fast catching up with this upswing. We believe it is an opportune time for us to enter Oman and this joint venture with the OHI Group is part of our vision of building confidence, trust and credibility in all our projects in the real estate market place,” Abid Junaid said.

“We are confident that this project will not only be a landmark in Oman but will also reinforce Oman’s potential of becoming a significant international destination,” he said.

Khaleej Times

Land bank value of Al Fara’a put at Dh3bn

UAE-based developer Al Fara’a Properties said it has scaled its land bank through sizeable acquisitions, taking its total value to Dh3 billion in the country.

The land bank includes plots spread across Dubai Waterfront, Dubai Maritime City, Palm Jebel Ali, Mina Rashid, Al Reem Island, Downtown Jebel Ali and Mizin. Some of these plots are slated to be developed this year. Al Fara’a has drawn up expansion plans that will take the total value of its real estate projects to Dh10bn by end of 2008.

The acquisition of land in sought-after destinations underlines the aggressive growth initiatives taken by Al Fara’a. Development of the newly acquired land is set to strengthen the company’s presence across key master developments in Dubai and Abu Dhabi.

Al Fara’a Properties is part of Al Fara’a Construction Group, one of the largest and most eminent construction groups in the UAE, comprising leading companies such as Unibeton Readymix, Al Fara’a General Contracting, Al Sabbah Electromechanical Construction and Belgium Aluminum & Glass.

“The company’s move to step up a land bank is a part of its growth blueprint. Acquisitions across strategic locations will translate into a wider and more lucrative choice of offerings, enabling the company to respond to growing investor demand for its properties,” said Natasha Gangaramani, Director, Al Fara’a Properties.

“The company will build on the legacy of Al Fara’a Construction, credited with a 28-year history of delivering a diverse portfolio of projects. Stressing its advantageous position,” she added.

Al Fara’a Properties has launched a series of premium projects, inspired by exquisite French and contemporary American designs. The developer’s signature projects include the recently launched Burj Al Fara’a, Le Grand Chateau, which was awarded the “Best Development” by CNBC, Manhattan Residences, Image Residences and Mulberry Mansions. The company has evolved into a one-stop solution for all real estate needs – development, buying and selling, management and consultancy. Al Fara’a Properties works with world renowned architects and designers such as Norr, John Harris, AWSP and P&T.

Emirates Business

Arabtec lands contract for $653m project

Dubai’s Arabtec Holding said on Sunday it has received a letter of intent from the Sunland Group to build a project worth 2.4 billion dirhams ($653.4 million) in Dubai.

The project, which includes residential towers at Nakheel’s Dubai Waterfront development at Jebel Ali, is expected to be completed by the end of 2013, Arabtec said.

Arabtec is the United Arab Emirates’ largest construction company by market value. More info will be posted as soon as it’s made available.

Reuters

Dubai Properties to showcase and release megaproject at Cityscape Dubai 2008

Dubai Properties, leading master developer and a subsidiary of Dubai Properties Group (DPG), yesterday announced it will release details on its new projects and showcase existing developments at Cityscape Dubai 2008, one of the largest business-to-business real estate investment and development events in the world.

The master developer is also an exclusive sponsor of the annual ITP Architecture Awards, the Media Centre at the trade center and the Cultural Evening organized by Cityscape, to be held on the 8th of October.

The exhibition scheduled to be held from 6-9 October 2008 at the Dubai International Exhibition Centre (DIEC) is the 7th edition of Cityscape Dubai and will bring together industry professionals including property developers, investors, government and property development authorities, architects, designers and consultants from over 130 countries.

The Dhs40-bn Mudon master development will be showcased at the 480 sq ft. Dubai Properties stand. Dubai Properties will launch the first aspect of Mudon, with 348 of the Cairo Townhouses made available for sale.

Mudon Cairo Townhouses comprises of a 1.4 million square foot cluster of 2-storey, 4 bedroom villas, within the Cairo section of the project. Expected to be completed in 2010, each villa within the cluster will include a garage for two cars, patio and garden and a first floor terrace.

Yaqoob Al Zarooni, Deputy CEO, Dubai Properties, said:

“As with every year, Dubai Properties looks forward to a fruitful participation at this edition of Cityscape Dubai. Over the past four years, the event has proven to be a key industry platform for spotlighting our offerings to a well-informed audience of investors and buyers. Based on the response received at previous participations, we are confident of garnering heightened interest in our stable of landmark projects and replicating our success.”

“Cairo Townhouses, the first aspect of Mudon to be released, is an exciting project that we are confident will attract major investor interest, and Cityscape is the appropriate time and place to put them on the market,”

he added.

As part of its support of architecture excellence and design from the emerging regions, Dubai Properties will sponsor the Cityscape Dubai Architecture Awards. The internationally renowned awards will bring together professionals from the GCC states, the Middle East, Asia, Africa, the Indian subcontinent and Australasia. Highlighting the multidimensional scope of architecture, the awards recognize achievement in select categories including residential, master planning, travel and transport, community, leisure, tourism and travel, environmental and Islamic architecture.

Al Zarooni added: ‘Dubai Properties strongly believes in valuing people and investing in excellence. As a leading master developer, we consider investing in human capital and nurturing growth in the company as our top priorities. We are keen to bring our organizational values to Cityscape Dubai by sponsoring the Architecture Awards.’

As sponsors of the Media Centre, Dubai Properties will offer an exclusive and well-equipped space to a constant stream of over 800 media professionals to ensure the event gains high visibility in the regional and international media.

Poised to become a trillion dirham master developer, Dubai Properties is currently implementing several unique developments around Dubai, including the Culture Village, Business Bay, Mudon, Tijara Town and The Villa.

AME Info/Press release

Rera takes steps to regulate activities at Cityscape 2008

Dubai’s Real Estate Regulatory Agency (Rera) on Wednesday said it was taking measures to regulate activities in the upcoming Cityscape Exhibition and curb any kind of speculative activity during the event.

“No Memorandums of Understanding (MoUs), sales agreements or contracts will be legally binding if they are not registered with the Dubai Land Department,”

said Marwan bin Ghalaita, Chief Executive of Rera.

“There will be booking forms that developers will hand out to buyers. Buyers will then have to fill the forms out and register their units with the Dubai Land Department. Thereafter they have to adhere to Law No 13 of the Initial Property Registration in Dubai,” he said.

“No unauthorised developers, who are not registered with Rera, or unauthorised projects will be permitted to exhibit at the event,” said Ghalaita.

Rera yesterday confirmed so far there were 826 registered developers and 1,624 registered development projects in Dubai.

Sultan Butti bin Mijrin, Director-General of Dubai Land Department, said: “Dubai’s realty is showing very positive signs so far. We have concluded sales transactions worth Dh200bn to-date. The market is looking healthy from a real estate perspective.”

According to the Chief Executive of Rera, the recent Law No13 of Initial Property Registration in Dubai will ensure no developer will be allowed to announce a project in the emirate unless he has approvals from other government entities such as the Dubai Municipality, RTA and Dubai Electricity and Water Authority.

“Further, land should have been acquired by the developer and only then can he announce a project,” said Ghalaita.

“Any further sales and purchase agreements between Rera and the Dubai Land Department will be unified under one system within Rera itself. Currently, sales registrations are being conducted in Emaar, Nakheel, Dubai Properties. All these will be unified under one system in the Dubai Land Department,” said Ghalaita.

Rera’s Senior Legal Advisor, Khawla Madani, said the body currently has 540 cases waiting to be handed over to the Property Court. Rera is currently waiting for the Property Court to send a go-ahead to forward these cases to them, he said.

Emirates Business/RERA

Dubai ranked No1

Dubai is the financial centre with the most potential among world cities, and the number one location for companies to open new offices, according to an influential survey.

Dubai led the charge for the Middle East in the Global Financial Centres Index, which ranked the emirate ahead of Qatar and Bahrain as cities most likely to become more significant on the world stage in future.

Singapore, Shanghai and Mumbai also did well on this score.

Dubai beat Geneva, New York, Mumbai and London as places firms surveyed said they would establish a regional office in the next few years.

In the main ranking of financial centres, London came first, followed closely by New York. Dubai was ranked as 22nd, up one place from the previous study.

The bi-annual survey is commissioned by the City of London and calculated by the Z/Yen group based on surveys together with publicly available indices of financial activity, infrastructure and affordability.

One New York-based asset manager, who replied to the survey, said:

“Just watch out for Dubai over the next five years – it has huge amounts of capital and a real willingness to do what it takes to become a global centre.”

The survey added: “It seems that the rise in importance of Dubai has meant that other Middle Eastern centres, particularly Qatar and Bahrain, are also gaining a higher profile.

Stuart Pearce, chief executive of the Qatar Financial Centre, said: “More and more financial services companies are looking at the Middle East and are seeing it as a place of strategic importance.”

Qatar rose two places in the survey to 45 and was one of the biggest gainers in terms of points.

“Dubai continues to generate a great deal of comment and many respondents see the recently created centre as having huge future potential,” said the survey.

London is still first among world financial centres but its lead over rival cities, particularly in Asia and the Middle East, was been dealt a severe blow from the fallout of the credit crunch.

New York remained in second place, while Singapore climbed past Hong Kong into third place, followed by Zurich, Geneva and a resurgent Tokyo, which rose two places to seventh.

The survey found that both London and New York had lost ground since February in the wake of financial crises and huge job losses in financial services.

Stuart Fraser, head of policy for the City of London, said the gap between New York and the third place city is now the smallest it has ever been. “London and New York are the two global cities and they are going to remain the global cities for a while yet but [other centres] will close the gap a bit. Singapore and Dubai are recruiting people. That makes them look positive.”

The latest index covers 59 cities. The last surveys were taken in July, so they do not reflect the effects of the banking crises of the past month.

The big losers in the overall rankings included Frankfurt, which fell three places to ninth, and Paris down six places to 20th. However, old Europe scored victories as well, particularly in Scandinavia. Copenhagen was the fastest riser, jumping six places to 38th; and Oslo came in 41st, up four places.

Since last autumn, New York has performed consistently better than London on the survey part of the rankings, although London’s superior ranking on the objective criteria put it on top overall. Mr Fraser said he believed New York racked up extra points on the survey consistently because its transit system made it an easier place to get around.

Emirates Business

Aldar revises Noor Al Ain development

Aldar Properties yesterday announced that it was revising its Noor Al Ain project in Al Ain to cope with new guidelines developed by the Abu Dhabi Urban Planning Council (UPC).

The revised Noor Al Ain multi-use development will feature a mix of residential, office, retail, luxury, and entertainment facilities, at the heart of Al Ain.

Aldar will establish several residential buildings, a retail centre, a hotel, class “A” office space, and a host of entertainment and leisure facilities that will set the development apart as a sought-after destination. The height of the buildings will be reduced in line with the new guidelines of the UPC. These guidelines are intended to preserve the unique architectural pattern of the oasis city.

“Aldar and UPC and a number of other developers and consultants have been working closely on a new set of guidelines that will evidently be integrated into the Urban Structure Framework Plan for Al Ain,” said Ahmed Ali Al Sayegh, Chairman, Aldar Properties. “Aldar is keen to bring its heralded concept of integrated development to Al Ain and will do whatever it takes to ensure the culture and heritage of the area are preserved.”

The hallmark of the development will be Noor Al Ain shopping centre, which will provide 160,000 square metres of retail space. Combining value-for-money everyday items and a wide array of high-end luxury brands from around the world, this retail centre will cater to the versatile needs of shoppers.

Integral to this development are spa, and multi-screen cinema facilities that promise to transform the shopping centre into a comprehensive entertainment experience. While the rooftop gardens will bring the greenery effect into the interior, a fun-triggering water park and an indoor beach will help make the beach life experience a yearlong option for the residents of this inland city.

The project aims to transform Al Jimi Mall into a development that will enhance Al Ain’s attraction as a premium leisure destination. The multi-use development is set to become the focal point for more than 500,000 residents as well as visitors who are lured by the Garden City’s natural beauty and other tourist attractions.

Falah Al Ahbabi, UPC General Manager, said: “The Urban Structure Framework Plan for Al Ain will be announced in the coming months and we at UPC appreciate the co-operation that Aldar has shown in revising the Noor Al Ain to adhere to the principles of the UPC. This shows the constructive partnership between the government and private sectors to serve Abu Dhabi’s 2030 Vision.”

Emirates Business

Cirrus reveals The Vantage at Waterfront

Cirrus Developments LLC, one of the fastest growing developers in the region, has launched a landmark tower, The Vantage, to great acclaim. Investor response to this new building has been emphatic.

The Vantage is located on a prestigious plot in Waterfront which has been deemed ‘iconic’ by the master developer, Nakheel.

Over 1000 people attended a private pre-launch presentation and Iftar event hosted at the Jumeirah Beach Hotel on Tuesday evening where the stunning new property was revealed to an expectant audience. The Vantage will be launched at Cityscape and public sales will begin on 6th October 2008.

The Vantage is a residential 50 storey building that will offer a range of apartments plus townhouses in addition to a boutique retail boulevard and a selection of famous restaurants which will be located at its base. Designed by renowned international architects, the Dhs2bn project will be 185 metres in height on completion.

Commenting on the launch of The Vantage, Behnam Eshragh, Chairman and CEO of Cirrus Developments, says:

“Catering to the affluent sector of the market, The Vantage will be a stunning tower and a must-have address in the sought after Madinat Al Arab district of Waterfront. Ideally placed, it offers both beachside and parkside living, clever technology, environmental credentials and the best in retail and top end dining.”

Across from The Vantage is Boulevard Park - Waterfront’s answer to Central Park - which will form the centrepiece for family recreation. This high end building is likely to become one of the most sought after addresses in Waterfront. As well as stylish and luxurious fittings, apartments will come with smart home technology for lighting, entertainment and security.

It will be built with environmental considerations in mind and the building will aim to achieve LEED (Leadership in Environmental Design Green Building Rating System) Gold accreditation. In addition, solar panels on the roof are planned to produce enough power for all the common areas of the tower.

The Vantage follows in the footsteps of the highly successful Cirrus development, Aquarius Gate, which sold out at launch earlier this year. Aquarius Gate comprises of two towers - one residential and one commercial - and is also located in Madinat Al Arab. Located on the western shores of Dubai, Nakheel’s Waterfront will transform 1.4 billion square feet of empty desert and sea into an international community for an estimated population of 1.5 million people that is twice the size of Hong Kong Island. Waterfront is being developed on the last 15km of natural coastline in Dubai and will provide more than 70km of coastline in total, including the development of 23% of the Arabian Canal.

90% of IREIS 2009 space reserved by real estate companies

Real estate giants from the UAE and other countries will gather in Abu Dhabi in January for a major property show and organizers said nearly 90 per cent of the exhibition’s area has already been booked.

Dome Exhibitions will organize the January 27-29 Abu Dhabi Real Estate and Investment Show - IREIS 2009, to be held under the patronage of H.H Dr. Sheikh Sultan bin Khalifa bin Zayed Al Nahyan.

“Property companies from the UAE and other countries of the region are now vying to grab the remaining area of the exhibition,” Dome Exhibitions said.

“The fifth IREIS edition, which coincides with a construction upsurge in the UAE in general and Abu Dhabi in particular, will be a chance for major real estate developers from the region and the whole world to view the latest investment opportunities in this sector.” The Show will attract such major property companies as Tameer; the platinum sponsor of this event, Sorouh, Aldar, Al Qudra and Hydra.

According to real estate sources, property projects worth nearly Dh1.2 trillion are being carried out in the UAE, including Dh300 billion in Abu Dhabi alone.

They noted that the real estate sector has become a major contributor to the country’s gross domestic product given its rapid growth over the past years.

The sources expected sustained growth in demand for housing units in Abu Dhabi and other UAE emirates in the light of the economic and social boom through which the country is passing.

“The 2009 edition of the exhibition will be an opportunity to view the major projects being carried out or planned in the UAE and the region given the wide participation by major property companies as well as finance firms, banks and real estate brokers. This means this show will be a significant platform to finalize large deals in this sector,” Dome Exhibitions said.

It said many real estate companies from the UAE and other Gulf countries have confirmed their participation and booked large spaces in the exhibition, adding that this demonstrates their strong interest in the event.

Besides showcasing their products, the participating companies will present their current projects and future investments.

“This means the event will present an important opportunity to national and expatriate investors to see those projects and future plans in this sector,” Dome Exhibitions said.

“There is a strong interest from many investors and companies to take part in this event as is evident from their planned participation in national pavilions that will constitute an umbrella for companies from the same country, including those from Egypt, Morocco and India.” “We are confident that this event will be a good chance for all exhibitors and investors to present their projects and this in turn will contribute to further expansion in this sector and achieve the interests of all concerned parties.”

WAM/MMYS

First Dubai prepares to execute large development plan

First Dubai Real Estate Development Company, a subsidiary owned by Al Mazaya Holding, has successfully increased its capital assets from KD 22 million to KD 94 million in a two weeks period, thus enabling the company to proceed with its plan to take over First Waterfront Company.

First Dubai intends to raise its capital even further, to KD 100 million, within the first week of October.

Speaking on the subject, Vice Chairman, Khalid Esbaitah, said, “First Dubai is a successful example for one of Al Mazaya Holding’s investments. The company has achieved remarkable results in record time, including the execution of one of two of Dubai’s landmark projects – the Sky Gardens at Dubai International Financial Center; which was sold at a profit of KD 70 million, and the Marina Project located at Shams Abu Dhabi on Al Reem Island, in addition to an investment portfolio that includes such projects as The Villa, Queue Point at Al Liwan, and Dubai Residential Complex“

“First Dubai has increased its capital assets in order to expand its base of operation, including the taking over of the Waterfront Company. This move is an inevitable product of the Al Mazaya Holding’s awareness and understanding of the UAE market and its utilization in full of all available opportunities. The objective in taking over the Waterfront Company is to combining human and financial resources in order to ensure flawless execution of this project adding to the momentum of Al Mazaya Holdings and its various subsidiaries’ successes in the market thus far,” Esbaitah added.

“Al Mazaya has earned a good reputation among its investors, who have contributed eagerly to the increase of our capital assets, which was done in record time.”

Esbaitah said that First Dubai Company’s profits for the current year are expected to be exceptional as a result of the firm’s rapid and efficient fulfillment of its operational obligations.

He went on to say that this trend would more than likely continue over the next five years, as the execution of key projects such as the Waterfront and Shams Abu Dhabi developments offer investors a risk-free investment opportunity, which is expected to yield a 30% return.

About Al Mazaya

Al Mazaya Real Estate Development Co., listed on the Kuwait Stock Exchange and Dubai Financial Market, created a distinctive place for itself in the economic sector through the implementation of several major and vital projects across the region.

The company provides comprehensive real estate services and products across various fields, including housing projects that include high class and deluxe villas, vertical flats and accommodation buildings, office buildings and the purchase and apportionment of large spaces in selected areas.

The company’s record includes a number of outstanding projects. In Kuwait this consists of, (but not exclusively): Al Maha Villas, Al Mazaya Show Room (7 Zones), Al Roya, The View Point, Global Tower, and Kuwait Business Town. In Dubai their projects includes (but not exclusively): The Villa, Dubai Healthcare City, The Icon (1&2), Sky Gardens, Al Mazaya Business Avenue and Queue Point at Al Liwan, in addition to several other projects in Lebanon and Jordan.

Al Mazaya Holding has conducted several feasibility studies for strategic investment in number of property markets and has investments in others such as KSA, Bahrain, Oman and Qatar, with the aim of achieving high returns.

Arabian Business

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