Solanki plans to invest Dh12bn in real estate

Solanki Real Estate, a newly announced branch of Solanki Holdings, has planned to invest Dh12bn in real estate development. Their flagship development is located on Al Marjan-islands in Ras Al Khaimah and is expected to cost nearly Dh9bn ($2.4bn).

The project will comprise more than 1500 apartments, 100 residential villas, commercial property and hotels. It will also include a shopping mall, with various entertainment options and retail offerings similar to those found in Dubai.

Despite the global financial crisis and its impact on the real estate market, Solanki has confidence in its time of launch. According to Solanki, business activity has increased in RAK with the RAK Free Trade Zone being one of the fastest growing free trade zones in the UAE. The Ras Al Khaimah government has predicted that its population will go from just under 200,000 to 750,000 by the year 2020.

Following the launch of the Dh9bn project on the Al Marjan island, Solanki plans to extend its portfolio offering real estate projects in the other emirates, starting with Dubai. These offerings will include projects in the International City, Dubai Silicon Oasis, Dubailand and Jumeirah Village.

Al Habtoor to construct Dubai Pearl

Pearl Dubai has awarded a Dh 8.85bn contract to Al Habtoor Leighton Group for the construction of the Dubai Pearl-project, located next to Palm Jumeirah. This contract the largest single contract in the region, and makes Al Habtoor the main contractor of Pearl Dubai covering components such as structural works, civil works, and internal structure. The construction work is expected to start January 2009.

“ While these are challenging times, Dubai Pearl’s confidence in the robustness of Dubai’s real estate sector remains high. This deal underlines our strong commitment to UAE economy and puts in a unique position to make a significant contribution to the real estate sector,”

said Abdul Majeed Ismail Al Fahim, Chairman, Pearl Dubai FZ LLC.

 

The development will feature an iconic building structure comprising of four 73-storey mixed-use towers, world-renowned fashion and technology brands, the Baccarat Hotel and Residences and will provide a 24-hour living city with commercial, retail, residential and leisure facilities.

The project will include luxury hotel brands, a 2000 seat state-of-the-art theater, a luxury fashion precinct with a premier shopping mall as well a walkable environment representing one of the most unique facets of the development.

Press release

Al Madar launches Suhail Tower

Al Madar Investments, a leading property developer in the GCC and part of the Al Madar Group, has today (day, date, 2008) announced the launch of the Suhail Tower, an AED 1.4 billion residential project located in the Madinat Al Arab area of the Dubai Waterfront.

On completion in late 2011, the 47 -storey tower will encompass studio, one, two and three bedroom apartments with luxury Penthouses occupying the top 3 floors; and boasts a top-end home automation system, as well as several swimming pools, a gymnasium, a badminton court, and concierge services alongside the coffee shop and retail units on the ground floor

“The location of the Suhail Tower is a key selling point,” explained Keith Pepperdine, Director of Sales and Marketing, Al Madar Investments, during the launch of the project. “With priceless views over the Arabian Gulf from all levels and with the open parkland and canal running along the back of the project, it has a very tranquil ambience combined with close proximity to key destinations in Dubai.”

“Of course, the huge value of the tower - at AED 1.4 billion - also gives some indication of the superior quality of the design, interiors, finishing and facilities that investors and residents can expect,” he added.

Madinat Al Arab is one of the ten areas of the Dubai Waterfront, and is being developed by an international consortium of architects, planners and urban developers. The area, expected to become Dubai’s new downtown and central business district, will feature resorts, as well as residential, retail and commercial spaces linked by an integrated transport system.

Suhail Tower is the latest addition to Al Madar’s extensive Dubai property portfolio, which also includes Coopet, a mixed-use building located at a prime location in Arjan, Dubailand; Siraj Tower, also located in Arjan, Dubailand; Bellagio Tower, an office building in Liwan, Dubailand; and Scala Tower a residential tower in the heart of Business Bay which is already well advanced with construction.

Al Madar Property Investments is a division of Al Madar Group, a Qatari company founded in 1992 and specialised in the design and construction of civil and industrial projects as well as infrastructure and marine development works.

Zawya

Final phase sales of Ritaj

Dubai Investments Real Estate Company (DIRC) announced yesterday sales of the last phase of the Ritaj community in association with Gowealthy.com

The construction of Ritaj is according to schedule and will be finished within June 2009. The project comprises 360 studio units with apartments starting at just AED 498,000 and a down payment of 2.5%.

Peter Penhall, CEO, Gowealthy.com said:

“Buying property under the prevailing market conditions is definitely a major decision for prospective home-owners, especially newly-weds and small families who are probably more uncertain now than ever. At an advanced stage of construction, Ritaj is the ideal opportunity for this home-buying segment with its combination of affordability and special mortgage assistance.”

Nakheel seeking operators for Queen Elizabeth 2

Nakheel is currently seeking operators to manage the former luxury liner Queen Elizabeth 2. The world famous vessel will sail into Dubai tomorrow to begin its life as a seven-star hotel in the Dubai drydocks.

According to Gulf News, Nakheel is in talks with major hotel operators to settle the managment of the cruise liner. When finished, QE2 will comprise more than 200 hotel rooms, each at a minimum of 50 square metres. In addition, the vessel will also containt more than 130 appartments for sale, as well as a 500-seat luxury theatre.

Nothing is left to chance, and Nakheel has brought in three-star Michelin chef Michel Roux to be in charge of the menus. The design will resemble the glory of the Queen Elizabeth 2’s past, to give its visitors the feel of old, glamourous days.

Gulf News / UAERush

Al Zorah could be delayed

According to ArabianBusiness.com, development of the Al Zorah-project in Ajman could slow down and push back the city by two years. This could be a sign that the global financial crisis has hit one of the largest developments in the UAE, as investors could hesitate buying into the project.

A two-year delay in Al Zorah would mean that the entire city will be finished within 2025. The project was initially launced in May at an estimated cost of $60bn. The joint venture between Solidere International and the government of Ajman has recently acctracted numerous potential buyers, and UAERush.com will follow this project closely.  Sign up for our newsletter on top of this page to receive the latest real-estate news from the UAE.

Projects worth $800 billion(!) under way in the UAE

Despite caution over future projects, $800 billion (Dh2.9 trillion) of projects are currently under construction in the UAE, according to a survey by Proleads, the research partner of The Big 5.

Though the analysis covers all industries, civil construction developments continue to dominate projects under way topped by Jumeirah Gardens, Dubailand, Palm Deira, Yas Island, and White Bay Umm Al Quwain.

Proleads is currently tracking in excess of 5,200 individual projects worth in excess of $4trn across the Middle East. Its database lists more than 980 projects under some level of construction across all industries in the UAE.

“It is important to say that the $800bn of projects in this survey are all under construction,”

said Bernard Walsh, Managing Director of The Big 5 organisers dmg world media Dubai.

“Despite caution over future projects, it emphasises yet again that the huge projects under way in the UAE are increasingly at levels unmatched in other parts of the world as the economic slowdown affects markets worldwide.”

Emirates Business

Work on Dh20bn Al Ghadeer starts

Abu Dhabi-based real estate developer Sorouh Real Estate has started infrastructure works of the Dh20 billion-Al Ghadeer development, said a senior official. The project is located on the Dubai-Abu Dhabi border.

“The company does not have any problem with regard to liquidity at present. It collected Dh4bn loans from international and local finance institutions through sukuk. The company has money to complete its projects,” Gurjit Singh, Sorouh’s Chief Property Development Officer, said.

He said the ongoing construction of Al Reem Island project has exceeded expectations and the firm is trying to finish the project before the scheduled date to take advantage of the drop in prices of building materials, especially iron.

He called banks to continue financing real estate developments in the UAE, in general, and Abu Dhabi, in particular. On the delay of Al Lulu Island project launch, he said: “Months before the start of the crisis, Sorouh announced the project’s design will be complete by this year-end. It is about to complete the final engineering and architectural design, which is due to be unveiled in the beginning of 2009.”

Zawya

Yas Mall to be showcased at MAPIC

Aldar Properties, Abu Dhabi’s leading property development, investment and management company today unveiled plans to build a signature Super Regional Mall as part of Abu Dhabi’s premier retail and leisure destination at Yas Island.

Leading retailers, property developers and investors attending MAPIC, one of the world’s major retail real estate events, will have a closer look at Aldar’s “Yas Mall”, a Super Regional facility which will provide in excess of 700 retail and catering units including four major department stores and six hotels.

The Super Regional Yas Mall will serve not only the local and regional markets but also the millions of tourists visiting Yas Island’s host of tourist and leisure attractions, including the world’s first Ferrari Theme Park, a water park and the 2009 Formula 1 Yas Marina Circuit which will host the Etihad Airways Abu Dhabi Grand Prix in November 2009

“The Mall will serve one of the most affluent populations in the world, with Abu Dhabi already ranking among the world’s top list in terms of GDP per capita. The capital’s local population is expected to increase by 40 % in the next five years. By then, Abu Dhabi hopes to draw some 2.7 million tourists. Yas Mall , on account of its strategic location will be best placed to serve both the national and international customer,”

comments Mohammed Al Mubarak, Aldar’s Chief Commercial Officer

The Yas Mall will feature a fantastic line up of brand name stores from around the world, along with the world’s most dazzling video and water displays. It will be the focal point for the community playing host to a variety of tastes and budgets, special events, exclusive exhibitions and cinema premieres.

Comments Philip Vaughan, Director of Retail Development, Aldar Properties:

“MAPIC is a great opportunity to reveal details of Aldar Super Regional Yas Mall. We are also keen to show investors and industry leaders the progress across our entire retail portfolio. On completion in 2011, the Mall’s retail area will amount to some 460,000 m2 and together with the adjoining theme parks will total a massive 780,000 m2 of retail and leisure.”

Yas Mall will be directly connected to the themed attractions on the Yas Island, including the Ferrari World Abu Dhabi theme park and the water park. There will be high level dining terraces and garden areas as well as a lush interior environment and beautiful water features, all contained under the one spectacular roof.

The design of Yas Mall has been inspired from the best retail destinations in the world to create something unique and inspiring to visitors. Extra emphasis has been applied to create a uniquely positive customer experience, through accessibility and tenant mix.

“Our participation in MAPIC is expected to encourage greater international retail investments in Abu Dhabi, and defines Yas Mall as one of the world’s largest lifestyle, shopping and entertainment destinations”

added Vaughan.

MAPIC on it’s 14th edition, will have over 2,300 retail developers from 71 countries, and more than 1,050 exhibitors with a comprehensive range of retail real estate projects, that will offer an incomparable perspective of the sector.

The “Buy to hit” concept gains popularity

The “buy to let” hotel room concept is slowly starting to take off in the UAE as the financial crisis has created doubts about returns on investment in the property ­industry.

Al Jabal Real Estate, a Dubai-based property developer, will today announce plans to develop a 500-room hotel in Ajman, which will allow investors to purchase rooms and benefit from returns based on occupancy levels.

“If you buy a house today and rent it out, your investment return would be in the range of 5 per cent to 8 per cent, but if the hotel has 60 per cent occupancy, the investor’s returns would be in the range of 16 per cent,”

said Saeed Currimjee, the managing partner of Al Jabal Real Estate and Al Jabal Holdings.

“The management company will take a share in the profits, and the rest will be equally divided by the room owners, so no matter how many times your room has been occupied you would still get an equal share.”

The Crescent Star will be a 33-storey, four-star hotel-apartment property located in Ajman’s Marmooka City, an estimated 30-minute drive from the Dubai airport.

The management said it expected the project to be completed in 40 months, with an investment of about US$80 million (Dh293.8m). Prices will range from Dh547,500 for a 520 square foot room to Dh1m for a 2,000 sq ft room. “The rooms are fully furnished and Wi-Fi is free of charge,” said Mr Currimjee, adding there were no limitations on foreign investors.

Not to be confused with timeshare

Mr Currimjee said the buy-to-let concept should not be confused with timeshare.

“With timeshare, you don’t get a return on your investment, you just get time slots where you can spend your holiday in a certain destination,”

Already an emerging trend in Europe, the buy-to-let concept was introduced in the UAE by the Egyptian hotel developer Orascom Hotels and Development in 2005 for its resort project The Cove in Ras al Khaimah.

“The concept of buying a hotel room to let is not new, it’s been around for years in Europe and right now in Dubai there are a handful of companies that have offered it,” Mr Currimjee said. Al Jabal Real Estate is negotiating with a hotel management company to run the hotel.

Earlier this year, Al Jabal Real Estate launched Crescent Towers, which includes three 18-storey towers, also located in Marmooka City. The project will be completed by 2011.

“The reason we are developing properties in Ajman is because it is five times cheaper than it is in Dubai,”

said Mr Currimjee.

The National

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