Anara Tower in Dubai

 

Anara Tower by Tameer is scheduled to be built within 2009. With its 2150 feet, it will be 500 feet shorter than Burj Dubai, but when it comes to design the tower will be amongst the most spectacular ever seen.

Designed by the British firm Atkins Design Studio, Anara Tower will house more than 300 high-class apartments, a 250 room luxurious hotel, and several offices.

The tower will be distinguished by its propeller-like structure on top, where a restaurant with an amazing view is found in the center of the hub.

Gallery

Azizi Platine revealed on Palm Jebel Ali

Azizi Investments, one of the Gulf’s fastest growing real estate developers, has today revealed its latest approved building design, the luxurious Azizi Platine, located on Palm Jebel Ali.

Sleek, strong and elegant as its precious namesake, the Azizi Platine is the essence of pure luxury. Designed to the highest specifications in terms of architectural and environmental standards, the Azizi Platine, located on Palm Jebel Ali Crescent A, is a high-rise podium tower development comprising of G+25 and will include high end oceanfront residential apartments.

The Azizi Platine offers a range of floor plans ranging from one to four bedroom apartments in a choice of styles including classic and contemporary. Ranging from 900 to 2400 square feet in size, they offer the finest in modern technology and fittings paired with unparalleled attention to detail and some of the most breathtaking views of the Palm Jebel Ali on offer. The three and four bedroom penthouse apartments will be custom commissioned in every detail and will each feature a swimming pool, jacuzzi, sauna and steam room - in addition to the most state-of-the-art home automation system to be found anywhere in the world.

Mr. Merwiss Azizi, Founder and Chairman of Azizi Investments, comments:

“We are extremely excited about Azizi Platine. Its innovative futuristic design will work perfectly in its surroundings and location; fusing the modern nature of Dubai’s constructions and the beauty of waterfront living. We believe the Azizi Platine will provide a perfect area for people to live in and enjoy.

“After the huge success of the Azizi Fontanne launch at Cityscape, we are looking forward to further success Azizi Platine and continuing work on our remaining Palm Jebel Ali developments.”

Azizi Platine is amongst five new developments on Nakheel’s Palm Jebel Ali by Azizi Investments, the first of which, Azizi Fontanne was launched at Cityscape Dubai 2008. Azizi Diamond and Azizi Crystal will join Azizi Platine and Azizi Fontanne on Crescent A, an area on Palm Jebel Ali intended to provide residences for affluent young singles and couples, and offer a vibrant community with varied lifestyle, leisure and recreational facilities. The Azizi Onyx will have pride of place on Crescent E.

Since officially opening for business in February 2008, Azizi Investments has undergone exceptional growth. Over the next few months, the company expects to confirm that it has reached its 2008 target of acquiring 15 million square feet of land for the 50 proposed projects.

To find out more about these and other Azizi opportunities, interested investors should call Azizi Investments on 800 Azizi or register at register@aziziinvestments.com. Azizi Investments is a RERA registered developer (235/2007).

Zawya

Eco Towers launched

Connection Real Estate, an Abu Dhabi-based property development company, yesterday launched a Dh1 billion mix-use environmentally-friendly project in the capital - Eco Towers - comprising luxury apartments and commercial property.

Chairman of the board of directors of Connection Real Estate, Abed Al Zeera said at a news conference in Abu Dhabi that the levelling work on their two plots where the project is to be built, will start within the next four weeks.

The gross floor area of the two plots is 787,000 square feet and it’s located on the Airport Road.

Talks with banks

“The two towers are expected to be ready for use in the first quarter of 2011,” said Al Zeera, adding that the project’s debt-to-equity ratio is targeted at 70:30. “We are currently in talks with a number of banks for financing the project. The project will be 70 per cent financed by regional banks from the Gulf states,” Al Zeera added. He didn’t elaborate further on the subject.

Al Zeera didn’t disclose the price-per-square feet for buyers, saying it will be announced later. Al Zeera said their project is being launched at a time when there’s a real shortage of residential and commercial property in Abu Dhabi and there’s a big demand from end users.

“We are doing it at the right time,”

he added. “Eco Towers addresses environmental challenges while ensuring great and long-term rewards for stakeholders,” claimed Al Zeera.

Another senior executive associated with the project, Khalifa Yousef Khouri, said in a statement that “Eco Towers advocate the rapidly emerging consensus that green buildings are fundamentally better - more healthy, less expensive to run, more appealing to occupiers and the public, and ultimately, more profitable.”

Gulfnews

Developers see challenges ahead

Despite tight credit weighing down on prices of property purchased in the secondary market, developers say a combination of continued strong demand and limited supply will sustain prices in the long term.

Prices have dipped in the past few days after dramatic growth in the first half of the year as property speculators found the supply of ready buyers drying up, while terms for financing home ownership have become more stringent.

“The severity of the global situation will bring challenges. Our real estate sector may see some short-term margin compression, mostly affecting the smaller developers, but overall the fundamentals have not changed and it [the sector] will prosper over the coming years,”

said Abubaker al Khouri, the managing director of Sorouh, in a speech today in London.

“At the heart of that future growth lie the fundamentals of strong demand and as yet limited supply,” he said, adding that he saw Abu Dhabi as the best property market worldwide. Earlier this month, the Chamber of Commerce forecast a shortage of at least 28,000 units this year.

Developers have not reduced their prices for new properties, but they are shifting their focus from speculative buyers to end-users.

“What we have seen in the last six months is more-informed buyers, because now the market is approaching what we call the end-user market,”

said Zaid Ghoul, the chief financial officer of the Dubai-based developer Union Properties.

“So they will be more interested in hooking themselves up with a developer that has reputation and that is large enough to deliver. We are raising prices as we go along because we are releasing a product that is almost complete. We are targeting the end-user market.”

Prices of phase five in the developer’s Uptown project in Motor City are ranging between Dh1,450 (US$395) and Dh1,550 per square foot, compared with Dh700 and Dh800 last year for similar types of units in previous phases. Given the current shortage of supply, developers whose projects are near completion focus on their near-term availability. Profile group is advertising Marina Heights, two towers in Abu Dhabi, as “the first project to be completed on Al Reem Island”. Units are on offer at no less than Dh2,950 per sq ft. Hydra Properties’s average residential price on Al Reem Island is about Dh3,000 per sq ft, with office space going for Dh3,700.

The only middle-income freehold area in Abu Dhabi remains Al Reef, from Manazel Real Estate, where units are changing hands at Dh1,100 per sq ft. “Although prices have recently dropped from what some may say were unrealistic prices, it is important to note that they have risen fast over the last months and people are still making profits,” said Michael Wilde, the general manager of Manazel. “Our Al Reef units are still, even in these difficult times, selling at 70 per cent to 80 per cent above their original values, and are expected to increase in value once the market realises there is still a fundamental demand for quality completed product as they come on stream.”

In Dubai, prices for off-plan homes have also fallen by about 10 per cent on the resale market but some segments are still in strong demand, according to developers. Mr Ghoul noted that “the villa type hasn’t yet been fully saturated” nor has office space, or middle- to low-income housing in low-rise buildings comprising apartments of three bedrooms or less.

Developers see the recent price drop and slowdown in sales as linked to negative sentiment about the global economy, rather than as tied to fundamentals of supply and demand.

“People are panicking. They need more information. Abu Dhabi is one of the healthiest markets in the world,”

said Sulaiman al Fahim, the chief executive of Hydra Properties. “There is no oversupply”.

In any case, the current crisis will not leave developers unaffected, according to analysts. “Some smaller developers that don’t have much cash will have problems, as some banks have already stopped backing them,” the head of sales at one property broker said. “I have quite a few plots of land to sell and can’t do so because those who will have to develop them are thinking twice before buying.”

Mr Khouri from Sorouh predicted a “rush to quality” by consumers and banks, both of which would look for solid real estate developers and developments to invest in. The larger and well capitalised companies such as Sorouh, which has projects worth more than Dh70 billion under development, would benefit from this, he suggested.

As sales slow, some developers are finding ways to make their projects more attractive to investors and buyers. The developers behind Eco Towers, a pair of environmentally sustainable buildings within the Danet Abu Dhabi project, are requiring buyers to only pay a 2.5 per cent booking fee and are offering a more relaxed payment plan, executives said at a launch event today.

Luis Loureiro, the national head of sales and leasing services for Colliers International, said that most developers were waiting until early next year to make decisions about easing payment plans, but since Eco Towers was already 30 per cent financed by developers, they were able to act earlier.

Others focus on “education”. “Starting in mid-November,” Mr Fahim said, “I will stop travelling to do a full campaign… I will myself be talking to the investors, telling them how to re-sell and how not to be greedy, and how they should wait to the long term. It is more about education.”

The National

Mayadeen unveils Dh1.6b project in Abu Dhabi

National Ranges Company (Mayadeen), a Kuwaiti shareholding property development firm, has launched Aurora, its Dh1.6 billion landmark project in Abu Dhabi. Located in Shams on Al Reem Island, the project includes the construction of two residential towers, which will be 53 stories each and stand 208 meters high.

The towers will feature 960 apartments, ranging from one bedroom to four bedroom penthouses and duplex rooms. The project also includes the construction of a 14-storey commercial tower, which will offer 112,000 square feet of commercial space.

For the convenience of the future residents, the project will have a canal promenade with retail space and a 12-storey, state-of-the-art parking building that can accommodate 1,674 cars.

Engineer Naser Ali Al Attar, Mayadeen chief executive officer, said the initial phase of shoring and piling work has been completed and the company is currently in preparation for the second phase, which will include work on the foundation structure. “Mayadeen has signed with five contractors for this project and progress is on schedule,” he said.

Al Attar noted that the demand for residential units in Abu Dhabi is still outstripping the current supply.

“After the introduction of new laws and the establishment of a large number of local and foreign companies to the market, we are beginning to witness a large number of investments in Abu Dhabi’s real estate market and this looks set to continue over the upcoming decade,”

said Al Attar.

Gulfnews

Capital Gate, most inclined tower in the world?

As construction of Capital Gate continues in the UAE capital city, Abu Dhabi National Exhibitions Company (Adnec), which is developing the iconic building, and RMJM, project architects, have submitted a joint application to the Guinness Book of Records to recognise the tower as the “most inclined in the world.”

Capital Gate leans westward an astonishing 18 degrees; by comparison the Leaning Tower of Pisa leans less than 4 degrees. Because of its unique posture, the tower is being constructed on top of an incredibly dense mesh of reinforced steel.The dense mesh sits above an intensive distribution of 490 piles which have been drilled 30 metres underground to accommodate the gravitational, wind and seismic pressures caused by the lean of the building.

Simon Horgan CEO of Adnec Group said,

“Capital Gate will be a building that the world will talk about, not because it has surpassed another building as the world’s tallest, but because of its aesthetic splendour.”

“Capital Gate will be one of a kind,” added David Pringle, CEO, RMJM Asia and ME. “Its graceful, asymmetric diagonal structure, known as a ‘diagrid’, supports the tilting external load of the building and we believe that this is the first building in the world to use a pre-cambered core.”

Khaleej Times

Dubai Fountain is winning name of Emaar’s water spectacle in Downtown Burj Dubai

The water, music and light spectacle being created by Emaar Properties on Burj Dubai Lake in Downtown Burj Dubai will be called ‘Dubai Fountain.’ Following the successful completion of the fountain naming contest on September 15, a distinguished panel has selected the name which echoes the rising global prominence of Dubai and will be a fitting tribute to the city.

More than 4,000 participants representing over 100 nationalities took part in the competition, which was held from July 1 to September 15. Although the competition was open only to UAE residents, entries were received from all across the globe, further reflecting Dubai’s growing global significance.

Participants of the competition had to suggest a name that they believed captured the essence of the spectacular fountain. The winning name - Dubai Fountain - was chosen by a panel comprising senior management of Emaar, community leaders and project experts. The selection process was overlooked by a representative of Dubai Department of Economic Development.

‘Dubai Fountain’ was suggested by 15 participants, who will be contacted shortly. The total prize will be equally divided amongst the winners who have a valid UAE residency.

Mohamed Ali Alabbar, Chairman, Emaar Properties, said:

“By announcing a competition for naming the fountain on Burj Dubai Lake, we wanted to engage the residents of Dubai in creating a new landmark for the city. The response to the competition was overwhelming and demonstrated the spirit of solidarity among the UAE residents.”

He added: “The name Dubai Fountain is simple, has instant brand recall and above all, celebrates the global standing of Dubai as a multicultural destination and home to over 180 nationalities. Dubai Fountain is our tribute to this city, which serves as a platform for thousands of people to realise their dreams and enjoy a vibrant, modern lifestyle.” ‘Dubai Fountain’ also complements the other stellar attractions in close proximity - Burj Dubai, the world’s tallest building, and The Dubai Mall, one of the world’s largest shopping and entertainment destinations.

Gallery

Facts

Billed to be of the world’s finest water features integrating musical and attractive visual elements, Dubai Fountain is over 900 ft (275 metres) in length - equivalent to that of over two football fields. Designed by California-based WET, a worldwide leader that specializes in the design of water features and also the designers of The Fountains at Bellagio in Las Vegas, Dubai Fountain will be about 25 per cent larger in area than The Fountain at Bellagio.

Powerful water nozzles shoot water sprays to heights of over 500 ft (150 metres) - equivalent to that of a 50-storey building. Over 6,600 lights and 50 colour projectors create a visual spectrum of over 1,000 different water expressions. Different combinations of water-forms perform to selected musical pieces - chosen from a range of classical to contemporary Arabic and world music.

Dubai Fountain forms the centerpiece of the 12 hectare Burj Dubai Lake and will be operational in 2009. Open for free viewing, the fountain adds to the leisure appeal of the AED 73 billion (US$20 billion) Downtown Burj Dubai development, a mixed-use project with homes, offices, hotels and a vibrant Boulevard.

WAM/MAB

Memon launches Gardenia project in Jumeirah Village South

Luxury residential tower part of developer’s plans to launch AED 2.5 billion worth of projects by the second half of 2008

Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, has announced the launch of ‘Gardenia I & II’, an AED 150 million project located in Jumeirah Village South. The luxurious residential development marks the leading developer’s foray into Jumeirah Village South (JVS), following previously announced projects in Dubai Silicon Oasis (DSO) and Dubai Sports City (DSC). Targeted for completion by the third quarter of 2010, the tower is part of the leading developer’s plans to unveil several projects collectively valued at AED 2.5 billion by the second half of 2008.

Company officials have also announced that an Escrow account for the project with Commercial Bank of Dubai is already in place, in compliance with the requirements of the Real Estate Regulatory Agency (RERA) and the Dubai Land Department (DLD). In addition, Memon Investments has also partnered with the Middle East Centre for Sustainable Development (MECSD) in line with its aims to implement ‘green building’ codes, sustainable development and ‘green technologies’ within the construction of ‘Gardenia I & II’. The state-of-the-art project features special insulation to reduce air-conditioning power consumption, garbage disposal management, mood lighting in all common areas, recycling unit and a temperature-controlled retail arcade, in a bid to encourage residents to adopt a more ‘green’ approach.

Located centrally within Jumeirah Village South, near the Cultural Centre and the renowned Central Park, ‘Gardenia I & II’ is splendidly designed and meticulously crafted to offer residents a charming yet authentic Mediterranean experience. Incorporating a mixture of residential, commercial and retail spaces, the project features a total of 170 residential apartments including 60 studios, 68 one-bedroom units, 22 two-bedroom units, 7 lavish townhouses and 13 loft apartments, with 8 retail units on the ground floor. The 5-storey residential development has been designed by Dimensions Engineering Consultants (DEC) and incorporates stuccoed walls, tiled roofs, rustic arches, solid wrought iron balcony grills, carved doors, ornamental spiral columns, marble flooring and thematic and floral designs to create a Mediterranean ambience.

Commenting on the launch of the project, Abu Baker Shaikhani, Chairman, Memon Group, said,

“This is our first project in Jumeirah Village South, and a lot of market research and planning have gone into the conceptualization of this residential project. Location has always been a key factor for us and we are pleased to get a prime spot, which is very close to the Central Park and Cultural Centre, both of which are at the heart of the development. We are highly optimistic about the sales prospects of the development, especially after taking into account, factors such as the superior quality of the development, excellent location, and also the ease of access to Emirates Road, Al Khail Road and other major roads.”

Built on a 90, 000 sq. ft plot and with a total built up area of 157,265 sq. ft, residents of ‘Gardenia I & II’ will have access to world-class facilities including two roof-top health clubs comprising of communal swimming pools, gymnasiums, steam, sauna, spas with Jacuzzis, rooftop juice bar, party halls and outdoor terraces, majestic marble lobby, basement parking, landscaping, 4 hi-speed elevators, retail arcade on the ground floors of each wing comprising of concierge desk at the lobby, boutiques (renowned lifestyle brands), cafes, restaurants and travel agency. Other amenities include valet parking, 24 hours manned security, in-house maintenance team, Wi-Fi technology, keyless entry, mood lighting, hi-speed internet connection, and a state-of-the-art surveillance and intercom system for each apartment.

“We were keen on making ‘Gardenia I & II’ affordable to a wide segment of potential investors, which is why we have devised two investor-friendly payment schemes. Investors have the option of either making a 10 per cent down payment and obtaining 80 per cent finance, or making a 10 per cent down payment and 80 per cent through quarterly installments. To ensure that the project is completed on schedule, we have finished the necessary regulations by registering with Dubai Land Department, and have also opened an Escrow account with the Commercial Bank of Dubai,” added Ahmed Shaikhani, Managing Director, Memon Investments.

With offices in eight locations across the UAE, Egypt and the rest of the Gulf region, Dimensions Engineering Consultants has been providing award-winning architectural and engineering services to a broad range of public and private clients in the region. Specialising in delivering value-added professional solutions, the company’s project portfolio includes renowned structures within Dubai Health Care City, Palm Jebel Ali, Jumeirah Lake Towers, Falcon City of Wonders and Dubai International City, among others. Backed by two decades of industry experience, DEC has completed over 500 projects in the region, and is undertaking approximately 100 projects at present.

“The collated value of the quality of our workmanship, our keen attention to detail, and the creative inputs, which have stood as trademarks of our designs have gained us our strong relationship with the region’s leading developers. Our involvement in the design of the most important skyscrapers today, especially in the Dubai skyline, is a testament to the extent of our creative abilities and professionalism. Through this project, Memon Investments has handed us their full trust, and it is with great confidence that we will reach the high standards, which this developer incorporates within all its projects,”

said Hisham A. Al Ghany, Chairman, Dimensions Engineering Consultants.

Eye of Dubai

Nakheel’s Palm Deira on track

Real estate developer Nakheel on Friday said land reclamation work on its Palm Deira development was progressing “as planned,” denying a report that it had scaled back dredging due to the global financial crisis.

 

The Palm Deira, which is one of the three palm tree-shaped islands Nakheel is developing along Dubai’s coast, will be the largest man-made island in the world, covering 4,250 hectares and adding 226 kilometres to the emirate’s coastline.

“Contrary to reports, work on Palm Deira is ongoing as planned. The focus of our activity is currently being directed at reclamation works in areas closest to the shore. Once this is complete we will start progressive land sales and development,”

the company said in a statement.

Nakheel, which is part of the state-owned Dubai World conglomerate, said this was in line with its business plan, and is a “very responsible approach” in view of the current global economic conditions.

Quoting an unnamed source close to the project, London-based magazine MEED reported earlier that dredging contractors had been told to stop work.

It said that Nakheel is concentrating on completing the sections of the Palm Deira closest to the shore that can be completed and sold in the near future instead of working on new sections.

Dubai World chairman Sultan Ahmad Bin Sulayem told Gulf News last week that the company is financially sound and is able to source funds despite problems in the global credit market.

Nakheel said more than 800 workers are working on the Palm Deira site reclaiming 200,000 cubic meters of sand, 45,000 tonnes of rock by sea and 20,000 tonnes of rock by land per day.

Gulfnews

Ajman Gate launched

Falcon Eye, a UAE-based real estate developer, supported by Estate 400, a full service consultancy, marketing, sales brokerage and after sales management firm, is investing AED 1.5 billion in a commercial and residential development in Ajman offering investors.

‘Ajman Gate’ - at the main entrance of the ‘Eye of Ajman’ urban land development within New Ajman’s first accessible freehold development, off Emirates Road - will comprise two towers on prime property which will have connecting cabling work between them creating a gate-like structure that overlooks the entire master development.

Each tower will have a total built up area of 872,500 square feet, for a combined 1,750,000 square feet, with over 2,400 units and office modules with an equal amount of parking bays. The projected timeline for the complete sell out of all the units at Ajman Gate is two years, with the completion of construction and delivery of the entire project set within the next four years.

Ajman Gate’s architect, designer and engineering consultant is Adnan Saffarini, one of the leading engineering consulting companies in the region whose track record includes a number of prestigious high-rise projects in Dubai, including the 64-storey Big Pin Tower along Sheikh Zayed Road, the 64-storey Khalid Al Attar Tower, the 54-storey Damas Tower, and the 106-storey Princess Tower in Dubailand. The Dubai-based architectural and engineering company employs more than 500 staff, with extensive knowledge of the quality and high standards required in the Emirates.

“The Ajman freehold property sector is no longer just a residential hub to provide low income housing for the working class,”

said Mohamed Al Hamidani, Chairman, Falcon Eye.

“It is fast becoming an alternative to the upper middle class as a convenient residential and commercial community with everything within 20 minutes drive through Emirates Road.

“At the same time, the demand from the commercial sector has stemmed out from the success of its residential projects. There is a considerable demand to relocate back office functions to Ajman as is common practice globally. Hence, the Ajman Gate design offers a mix of both commercial office modules and residential apartments,”

added Al Hamidani.

According to Nesar Reza Khan, Managing Director, Estate 400, residential units at Ajman Gate are to be sold at a starting price of AED 600 per square feet while the commercial units will be at AED 750 per square feet.

In addition, Khan noted that the attractiveness of the Ajman realty market is its reasonable pricing coupled with attractive payment plans and rapid appreciation of its market value.

“Ajman is part of the new booming real estate sector in the UAE and it is very popular amongst investors since the prices are competitive and risks are minimal. And while there is no project finance or home finance available for end-users yet, the positive side is that investors, end-users and developers are not prone to the credit crunch,” explained Khan.

“Among Ajman Gate’s target market for its residential units are end-users and long-term investors from the region and abroad. On the other hand we are targeting more investors than individuals for the commercial and retail units, particularly the small and medium-sized local and regional companies vying to relocate their supporting functions to leverage the accessibility of the Ajman Freehold Commercial offerings,” added Khan.

WAM/MAB

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