Hydra Executive Towers underway

Hydra Properties, the leading UAE-based international property developer, today announced the completion of 60% of excavation work for the magnificent Hydra Executive Towers located at Al Reem Island in Abu Dhabi.

Hydra Executive Towers consists of three towers and two of them will rise up to 30 stories each and function as offices. The third tower is planned with 24-stories and will offer serviced apartments.

The towers are coming up along a waterfront promenade and will be interlinked by lush landscaped plazas with signature clusters of date palms. World class shopping and dining establishments will line the waterfront which will offer an array of water based activities and sports.

Commenting on the swift progress of the much sought after project, Dr. Sulaiman Al Fahim, Chief Executive Officer, Hydra Properties, said:

“Hydra Executive Towers will go a long way to fulfill the long felt need for sleek business towers in Abu Dhabi. Executive Towers will empower decision makers by offering them unique business spaces and facilities that will play an intrinsic role in their growth and in formulating a vision for the future. I have no doubt that Hydra Executive Towers will act as an excellent launching pad for many a successful business venture in Abu Dhabi.”

Giving an update on the project, Eng. Jonathan Ing, Project Manager, Hydra Properties, said:

“Hydra Properties has employed its logistics muscle in a fruitful manner to speed up the enabling work. The initial phase of the project is going ahead of schedule and 60% of excavation work has been completed.”

The project is expected to be finished by September 2011, and is executed by Tafseer Contracting Company while National Engineering Bureau acts as the engineering consultancy.

Hydra Executive Towers will also have business lounges, high-speed internet services, tranquil landscaped areas, refreshing greenery, pedestrian walkways, ample basement car parking and a drop off area for important employees and clients.

The interior of the Towers is designed to offer new levels of civilized refinement not previously found in the region. The serviced apartments in the towers will employ state-of-the-art smart home technology to provide residents an unmatched living experience. The apartments, to be managed by a leading luxury hotel group, are available for outright sale.

AME Info/Press release

Capital Centre reveals landmark towers

Abu Dhabi National Exhibitions Company (ADNEC) has revealed two distinctive commercial and residential towers by SinoGulf Investments that architecturally mimic the movement of sand dunes.

The towers will be key features of the AED8 billion Capital Centre development underway surrounding Abu Dhabi National Exhibition Centre.

Designed by world-renowned architects, Woods Bagot, the towers represent the abstraction of dune sand lines when the desert breeze blows. The concept design has been based on simplicity of form that is responsive and respectful of its environment and orientation, setting an aesthetic benchmark for the Capital Centre development.

Upon completion in the last quarter of 2010, the commercial and residential developments will offer a high quality finish, extensive amenities, ample parking, high-speed lifts and retail outlets. Also featured within the residential tower will be a gym, sauna, spa and pool, making the apartments hard to resist for tenants and investors.

The towers are situated in a prime location on the corner of Al Karama Street and adjacent to the exhibition centre, with non-obstructing north facing views. The towers are strategically placed with easy access to other commercial, hospitality, entertainment, transport and residential facilities.

Andrew Clout, Managing Director of SinoGulf Investments, commented:”Capital Centre is a master development, in a prime location, with winning features such as accessibility, traffic flow, a captive audience from the exhibition centre, and an environment conducive to business. These elements create the perfect environment for SinoGulf’s investment needs.

”Our development and Capital Centre will act as catalysts for each other, with both enriching the living experience of the tenants - upon completion this will be the place everyone will want to be.” Sanjay Tanna, ADNEC Business Development Director, added:”The prestigious Capital Centre development adjacent to the Exhibition Centre will no doubt aid some of the demand for both residential and commercial accommodation currently evident within the Emirate of Abu Dhabi. On completion of the second phase of the exhibition facilities at ADNEC this year, this demand for quality accommodation will become even more unprecedented.

”Rental properties and serviced apartments in Abu Dhabi are achieving strong rates and occupancy levels - a clear shortage of accommodation exists for executives. SinoGulf has recognised the demand for high-end living and has created an A grade investment opportunity.”

WAM/TF

Hydra Properties completes excavation work for Corporate Towers at Al Reem Island

Hydra Properties, the leading UAE-based international property developer, announced the completion of excavation work for iconic Hydra Corporate Towers located at Al Reem Island in Abu Dhabi.

Reaffirming his commitment to remain as a real estate trendsetter, Dr. Sulaiman Al Fahim, Chief Executive Officer, Hydra Properties, said:

“Hydra Corporate Towers will bring hitherto unheard of class and elegance to business towers in Abu Dhabi. This project is especially meant for decision makers and the spaces are planned in such a way that ideas and strategies will flourish in a conducive atmosphere for innovative thinking. I’m confident that the Hydra Corporate Towers will inspire a new business ethos in Abu Dhabi and contribute in ample measure towards the growth of the nation.”

Giving a micro view of the project, Eng. Jonathan Ing, Project Manager, Hydra Properties, said:

“Hydra Properties has made much headway in the initial phase of the project and is going ahead of schedule to complete the towers. Excavation has been completed in a smooth manner and now men and materials are ready for the next stage.”

The project is expected to be completed by September 2011, and is executed by Tafseer Contracting Company while National Engineering Bureau acts as the engineering consultancy.

Corporate Towers include two office towers and offer scintillating views of Arabian Gulf and easy access to the centre of Abu Dhabi.

The interior is designed to make optimum use of space and light and every detail has been carefully planned and worked out, from its high-speed elevators and multi level car parks, to its world-class leisure facilities.

The tower will also have a number of serviced apartments where the finest values in design and technology meet to provide an unmatched ambience. The apartments, to be managed by a leading luxury hotel group, are available for outright sale.

Hydra Properties has blazed a new trail by raising landmark projects across the continents, stretching from Hydra Waves in Mexico to Al Aqeeq Marina in Kuwait.

Hydra Properties’ major ventures in the UAE include Hydra Village Abu Dhabi, Hydra Avenue Towers, Hydra 55, Marina Spirit, Abu Dhabi Golf Walk, Hydra Corporate Towers, Hydra Heights, Hydra Downtown Towers Dubai, Hydra Towers Business Bay Dubai and Hydra Twin Towers, Jumeirah Village, Dubai.

Probe to impact markets

The police investigation into alleged financial irregularities by top executives at mortgage lender Tamweel and developer Nakheel will cast a shroud of uncertainty tinged with gloom on the stock markets this week.

The latest round follows similar probe into Deyaar Development and Dubai Islamic Bank earlier this year. “Isolated bad news has a way of snowballing into a negative sentiment and we expect property stocks to take a further hit on the Dubai exchange this week,” said a trader on the Abu Dhabi Securities Exchange on condition of anonymity.

Nakheel has denied any “embezzlement”, while Tamweel has confirmed simply that an investigation is under way. Istithmar World, a subsidiary of Dubai World, has also confirmed that the roles of two senior employees are being investigated for possible financial irregularity while they were employed with another company. The company is Tamweel.

“The Deyaar investigation earlier this year caused a run on the company’s stock, with a contagion effect on other property stocks. Last week’s news will extend the weakness and Dubai can be expected to test the 4,700-points level,” the Abu Dhabi-based trader said.

After a torrid first half of August, investors’ hopes that equities will rebound are likely to be shattered this week. The most that traders would probably settle for is a week of consolidation.

Last week, both the Dubai and Abu Dhabi bourses suffered their largest one-day declines since January and although the capital’s index is now on a two-session winning streak, it is unlikely to escape a similar malaise to the one engulfing Dubai. The ADX lost five per cent last week, while the Dubai Financial Market fared little better, dropping 4.43 per cent and will open today on 5,018 points.

“We expect range-bound trading for the next month,” said Julian Bruce, EFG-Hermes director of institutional equity sales.

Emaar will again be key to Dubai’s fortunes. The property giant slipped to an 12-month intraday low of Dh9.58 that triggered Wednesday’s 2.6 per cent rebound, but this gave way to more selling the day after, meaning Emaar will open on Dh9.66 today and down 35 per cent in 2008. Tamweel will also be under selling pressure.

Aldar Properties will dominate trading on the ADX. The developer is a couple of percentage points below its foreign ownership limit of 40 per cent and will see more buying this week because it is held by a significant number of different investment vehicles.

Emirates Business

Dubai stocks suffer worst fall in months

The Dubai Financial Market General Index yesterday plummeted 2.97 per cent, its biggest one-day drop in six months, falling 155.75 points to 5,094.56. The Abu Dhabi Securities Exchange Index slid 121.56 points or 2.55 per cent to close at 4,652.42.

The market capitalisation fell by Dh21.67 billion on the day.

Fears over the sustainability of property price rise in the UAE and whether banks are going to restrict lending to the real estate sector weighed on in the minds of the investors.

In Dubai, real estate stocks declined 3.98 per cent followed by the fin-ance and investment sector, which lost 3.05 per cent. Though it had the highest turnover of Dh178.36 billion, Emaar Properties was one of the major losers, declining 3.83 per cent to Dh10.05. Arabtec led the list of decliners, plummeting 9.91 per cent to close at Dh15.45. Mortgage lender Tamweel dropped 4.41 per cent to Dh6.50.

In Abu Dhabi, Aldar Properties and Sorouh Real Estate, among the top three stocks in terms of turnover, retreated 7.39 per cent and 6.42 per cent respectively. Overall, the real estate sector index dropped 6.79 per cent.

Morgan Stanley last week issued a report warning property prices, particularly in Dubai, would come under pressure - it forecast a decline of 10 per cent - with an oversupply expected in 2009. Also, the Abu Dhabi Chamber of Commerce and Industry published a report saying that the banks should be careful in their exposure to real estate and construction sector to avoid the US scenario. Gulf News had reported on Sunday that the Central Bank could tighten lending standards to curb the rise in real estate sector loans.

“I think there was some very aggressive selling from the GCC investors in real estate,” said Julian Bruce, director of foreign institutional sales, EFG-Hermes. “There are a few voices currently questioning the sustainability of property price rise in the UAE, Dubai in particular. In addition to the [Morgan Stanley's] report, there is also speculation regarding a government legislation related to restriction of flipping on off-plan sales. Now obviously if you see domestic investors perceiving that their opportunity to make money in some of these markets is going to be restricted, then the financial reaction to that is to sell real estate stocks.”

However, the market decline at this time of the year is similar to what happened during the period preceding Ramadan last year, according to Mousa Haddad, head of trade, discretionary mandate, National Bank of Abu Dhabi.

“So in the weeks before Ramadan we will see further declines. Volumes are getting lower, bids are declining - so basically there was pressure on the selling side - I would term it as ‘panic selling. ‘ But the fact is that the fundamentals are very strong - for real estate, banks and telecom.”

Among other factors, Bruce said, investors seemed to be shying away from emerging markets in general, and there was selling on Friday, the compulsion for which came from Russia. “A lot of investors investing in the Middle East and Northern Africa (Mena) region do have an exposure to Russia as well,” he said.

Elsewhere in the region, the Tadawul index of Saudi Arabia fell to a new low for the year, closing 3.55 per cent lower at 7,884.14. Bahrain’s index closed 0.82 per cent lower at 2,731.02. Qatar also declined 1.81 per cent to end at 11,297.86.

Gulfnews

Abu Dhabi infrastructure and real estate investments to reach AED 200 billion by 2012

Infrastructure and real estate investments in Abu Dhabi are expected to reach AED 200 billion by 2012, according to latest studies, as a result of the government’s efforts to fill in the gap in the supply for residential units within the UAE capital. The formation of Abu Dhabi Commercial Properties, in addition to various initiatives to fine-tune its real estate regulations, is also driving the growth of the market, which is expected to welcome 140,000 housing units by 2013. As the market maintains its stronger-than-expected growth, Bonyan International Investment Group (Holding) L.L.C, one of the leading real estate companies in Dubai, has identified high potential investment opportunities within the emirate in line with its regional expansion plans.

With the population growing at seven per cent per annum, the government’s increased interest in boosting the tourism industry, and continuous development and modernisation of infrastructure, the Abu Dhabi real estate sector is headed towards an unprecedented boom. The developer’s aims to leverage the outstanding economic climate in the emirate, which accounts for over 60 per cent of the UAE’s gross domestic product (GDP), will involve its active role in supplying in-demand built space units while establishing a definitive benchmark for quality and best practices.

“Abu Dhabi is currently in the middle of a massive economic development that is expected to spill over to the next 15 years. We have identified the emirate as a highly potent market that can accommodate various large-scale developments through its modern and liberal growth policies,” said Engineer Abdullah Atatreh, Chairman, Bonyan International Investment Group (Holding) L.L.C. “As government efforts to create an appropriate legal framework to protect investors continue to boost both shareholder and client confidence in the market, we are seriously looking at giving the capital city a major place in our expansion plans.”

In line with its strong interest in venturing into the Abu Dhabi real estate sector, the developer has participated at the recently concluded ‘Cityscape Abu Dhabi 2008’, where it showcased its AED 3.5 billion ‘Eye of Ajman’. Following its significant presence at the event, the developer has announced that 85 per cent of the project has been sold, thereby affirming the appeal of its projects to both Abu Dhabi-based and global investors who attended the event.

“The outstanding response we have gathered for ‘Eye of Ajman’ during Cityscape Abu Dhabi presents us with an upbeat outlook of the market, which we intend to aggressively leverage by launching unique projects in the near future. Our commitment remains in the satisfaction of our investors who can expect unique projects that offer higher and quicker return on investment and that are also designed in line with the high quality standards and best practices, within which the Bonyan brand has been instituted,” concluded Eng. Atatreh.

With a clear objective to become one of the top five developers across the region, Bonyan has pioneered one of the first towers for long-term lease in Sharjah and was responsible for building a number of luxury residential and high profile commercial developments in the UAE, Qatar and Lebanon. To date, Bonyan has developed AED 3 billion worth of residential and commercial developments in Dubai, including Rose Tower and Lulu Tower, and is currently undertaking regional projects with aims of expanding its project portfolio to reach AED 15 billion in 3 years.

Al Bawaba

Hydra Properties completes foundation work of Hydra Avenue Towers at Al Reem Island

Hydra Properties, the leading UAE-based international property developer, today said that it has fast tracked its prestigious Hydra Avenue Towers project, located at Al Reem Island in Abu Dhabi, by completing the foundation work for the project ahead of the schedule.

“Hydra Avenue Towers is all set to add majesty and grandeur to Al Reem Island. Avenue Towers is rising fast to fill a void in the property market in Abu Dhabi and is the answer to the prayers of investors and those who seek serene and luxurious living spaces. We, at Hydra Properties, are devoting all our energy and expertise to the successful completion of the project,” Dr. Sulaiman Al Fahim, Chief Executive Officer, Hydra Properties, who was recently bestowed with the Outstanding Achiever - 2008 Arabian Property Award, said in a comment on the swift progress of the project.

Offering a brass-tacks view of the project, Eng. Mohammad Fawzy, Head of Engineering Division, Hydra Properties, said the project had gained momentum with the completion of foundation work which took us three months. “The focus now is on finishing the pillar work as early as possible. The logistics for the rest of the tower is being chalked out and we are confident of meeting our rigorous standards of excellence,” he added.

The Hydra Avenue Towers Project is expected to be completed by 2011. The project is carried out by Tafsir Contracting Co while Prime Engineering Consultancy is the engineering consultants for the project.

The Hydra Avenue Towers Project comprises six towers, rising up to 29 stories, and will go a long way to deepen the dazzle of the City of Lights at Al Reem Island in Abu Dhabi.

These six skyscrapers are classified into a group of three each and will stand as a brotherhood of buildings at the City of Lights. Hydra Avenue Towers are designed to triumph over a podium that stretches over five floors.

Hydra Avenue Towers are specially conceived to provide solace for the residential needs of men and women on the move. And to provide the residents a holistic living environment, thinkers at the Hydra Properties have included retail towers at the Hydra Avenue Towers.

Throughout the towers, reflecting the spirit of the times we live in, futuristic smart home technology will be deployed to ensure the residents a ceaseless flow of comfort and convenience.

Hydra Properties never forgets its core philosophy of sustainable development and is determined to adhere to global standards in eco-friendly space management at Hydra Avenue Towers.

Reaffirming Hydra Properties’ philosophy that has helped the Abu Dhabi-based company to reap a rich harvest in the global realty market, Dr. Al Fahim, said: “Hydra’s philosophy goes beyond brick and mortar. Hydra’s each project is designed to be a living organism, blending in with ecology and breathing nature’s pristine energy, so that you don’t feel trapped inside the steely and concrete claws of your apartments. Each day, Hydra strives to make its spaces radiate with positive energy so that you get more from life.” Hydra Properties has blazed a new trail by raising landmark projects across the continents, stretching from Hydra Waves in Mexico to Al Aqeeq Marina in Kuwait. Hydra Properties’ major ventures in the UAE include Hydra Village Abu Dhabi, Hydra Avenue Towers, Hydra 55, Marina Spirit, Abu Dhabi Golf Walk, Hydra Corporate Towers, Hydra Heights, Hydra Downtown Towers Dubai, Hydra Towers Business Bay Dubai and Hydra Twin Towers, Jumeirah Village, Dubai.

WAM/SA

UAE home loans jump 55% in the year to March

Mortgage lending in the UAE, which started opening its property sector to foreign investment in 2002, jumped 55 per cent in the year to March, central bank data showed yesterday.

Total home loans at the end of March were worth Dh64.95 billion ($17.69 billion) compared with Dh41.86 billion, a year earlier, the central bank said in a quarterly report on its website.

Total outstanding home loans grew 10.3 per cent from December, the data showed, as demand for properties in the second-largest Arab economy soars during a building boom.

The quarterly growth in home loans slowed from the fourth quarter, when total mortgages jumped 17.5 per cent. Year-on-year growth in mortgages also slowed in March compared with December, when total home loans had almost doubled.

The UAE’s burgeoning mortgage business has surged since 2002 as the economy expanded on a near six-fold rise in oil prices and some emirates, including Dubai and Abu Dhabi, began allowing foreigners to invest in properties.

Freehold ownership

Dubai has attracted foreign investors by allowing freehold ownership in many developments, while Abu Dhabi offers foreigners homes on 99-year leases in some areas.

Property prices in the emirate, home to man-made palm-shaped islands, surged 25 per cent in the first half of 2008 and are up 79 per cent since the beginning of 2007, Morgan Stanley said this week, adding it expected a 10 per cent decline in prices by 2010.

Banks have boosted their mortgage offerings, encroaching on the market share of home financiers like Amlak Finance, which has been expanding in new markets, including Egypt and Saudi Arabia, as competition intensifies at home.

The UAE pegs its dirham currency to the dollar, which has forced it to track seven US interest rate cuts since last September and pushed down home loan rates across the country as inflation soars.

Inflation has overtaken official lending rates in the UAE, making it cheaper for people to borrow than to keep money on deposit, encouraging investment in real estate, the main driver of the surging cost of living.

Reuters

Starwood Hotels & Resorts and ADNEC to bring first Element hotel to Abu Dhabi

Starwood Hotels & Resorts Worldwide & Abu Dhabi National Exhibitions Company (ADNEC), have declared plans to launch a new Element hotel in Abu Dhabi - the first luxury realty to be introduced in the Europe, Africa and Middle East division.

Sanjay Tanna, ADNEC Business Development Director said:

“The Element extended-stay hotel at Capital Centre will be a first in the Middle East. The current market conditions support the development of the Element. The large real-estate projects and strong economic growth in Abu Dhabi have generated significant demand for short to medium term accommodation for executives.”

The new Element hotel is scheduled to open in 2011 at the prestigious Capital Centre development in UAE capital city - a mixed use real estate, including a state-of-the art exhibition centre and a gravity defying, iconic feature tower known as Capital Gate. Property will showcase 36 studios, 144 one-bedroom guest rooms, and 90 two-bedroom units, a restaurant, swimming pool and fitness center ideally suiting the business and leisure traveler.

gowealthy.com

Mubadala and Majid Al Futtaim sign joint venture

Mubadala Development Company (Mubadala) and Majid Al Futtaim Group today announced the signing of a joint venture agreement to invest in a mixed-use development which will include a unique shopping mall destination with a blend of quality retail outlets, including Carrefour, innovative leisure concepts, hotels, and office space.

This new exciting mixed-used project will be developed as one of the key elements of the wider Arzanah project, the high-profile residential development taking shape at the Grand Mosque District of Abu Dhabi.

Arzanah was recently launched by Capitala, the Abu Dhabi-based real estate developer and master planner formed through a joint venture between Mubadala and the Singapore-based CapitaLand.

This 1.4 million square metre development features a pristine waterfront and a lively canal weaving throughout luxurious high-rise apartment towers and family villas, communal gardens, and extensive walking and cycling trails. Arzanah will offer an unequalled blend of retail, leisure and sports, allowing residents and visitors to discover the perfect setting for work, recreation and relaxation.

Working in consultation with the project’s master developer Capitala, this partnership between Mubadala and Majid Al Futtaim Group will bring to Arzanah and the wider community of Abu Dhabi innovative retail and hospitality concepts such as a shopping mall, hotel and office project, scheduled for completion by 2012.

John Thomas, Executive Director, Mubadala Real Estate and Hospitality said,

“The signing of this joint venture agreement with Majid Al Futtaim Group will introduce a unique blend of innovative retail and hospitality concepts to the wider Abu Dhabi community that promote an active community lifestyle that is the hallmark of Arzanah.”

Anders Moberg, Chief Executive Officer, Majid Al Futtaim Group, said “This first mixed-use development undertaken by our joint venture with Mubadala will further enrich the retail and leisure experience for the community of Abu Dhabi. Together with Mubadala, Majid Al Futtaim Group is committed to delivering inspired, exciting developments in Abu Dhabi.”

BI-ME/AME Info

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