Sheffield announces Dh3.5b projects on Dubai Waterfront
October 21, 2008 by UAERush · Leave a Comment
Sheffield Real Estate FZC, developers of the skyscraper Marina 101, said it will build three projects on the Dubai Waterfront at a cumulative investment value of Dh3.5 billion.
Abu Ali Malek Shroff, chairman of Sheffield Real Estate, said: “Over the years, we have carved a niche for ourselves as a real estate developer focussed on master communities that have added value to Dubai’s stature as world’s best destination for freehold real estate investments. We believe that Dubai Waterfront is another exclusive opportunity from Nakheel with huge potential for maximising returns from investments.”
The Dubai Waterfront properties join Sheffield’s developments in its portfolio with residential projects in Dubai Marina, International City, commercial development in Jumeirah Lake Towers (JLT) and a shopping mall in Mizin.
Portfolio
The flagship project of the company is the Dh1.7 billion Marina 101, one of the tallest towers in Dubai. Sheffield pioneered the moneyback concept with Marina 101 wherein investors after possession would gain 75 per cent returns from the management of the property.
Marina 101 will be spread across 1.65 million square feet and the hotel component will be operated by a renowned hotel operator. On the Waterfront entry, Shroff said Sheffield has received concept approval to finalise three residential developments within the Dubai Waterfront, cumulatively spanning over three million square feet in prime location within the development.
“We will be launching all three projects simultaneously. Together with the Dubai Waterfront properties, our investment value in Dubai’s freehold real estate sector will now touch approximately Dh9 billion,”
he said.
Works on all its projects, including Marina 101, the shopping mall in Mizin & the Corporate Tower in JLT are progressing in line with the committed schedules.
Emaar Properties wins Best Developer in MENA region at Euromoney Liquid Real Estate Awards
October 3, 2008 by UAERush · Leave a Comment
UAE’s Emaar Properties, the global property developer, has been adjudged Best Developer in the Middle East and North Africa (MENA) region at the Euromoney Liquid Real Estate Awards. Emaar won six awards in all, including awards for Best Developer in the UAE, and for Best Residential and Best Mixed-Use Developer in the MENA region and the UAE.
Euromoney Liquid Real Estate Awards honour the world’s leading developers for their commitment to industry best practices in overall project management and strong investor relations and corporate governance practices, as reflected in the company’s financial fundamentals. Euromoney Liquid Real Estate is a publication focused on international real estate financial markets, and the winners are selected from a global poll amongst industry professionals.
Arif Amiri, Senior Director - Investor Relations and Corporate Governance, Emaar Properties, said:
“The Euromoney Liquid Real Estate Awards are a reiteration of Emaar’s thought-leader position in the real estate sector of the MENA region. Emaar is recognised as the pioneer of master-planned communities, and leveraging on the strength of forward-looking government policies, continues to explore growth options in developed and emerging markets.”
He added: “The driving force in Emaar’s global expansion has been a sustained focus on maximising value for our stakeholders through best practices in investor relations and corporate governance. As we go global, it is imperative that we inculcate international standards that enhance investor trust and build the basis for a fundamentally strong company. The Euromoney Liquid Real Estate Awards are recognitions from the real estate industry peers for the financial and developmental track-record we have built for the company.”
Introducing the concept of master-planned communities in Dubai with path-breaking projects such as Emirates Living, Dubai Marina, Arabian Ranches and Downtown Burj Dubai, Emaar expanded geographically and into new businesses such as education, healthcare, financial services, shopping malls and hospitality ‘&’ leisure. This was in line with its Vision 2010 to become one of the most valuable companies in the world.
Today, Emaar has a strong portfolio of projects in 36 markets globally, with a development value for the international projects alone over AED 367 billion (AED 100 billion). Emaar has set industry benchmarks with project such as Burj Dubai, the world’s tallest building; The Dubai Mall, one of the world’s largest shopping and entertainment destinations; and King Abdullah Economic City in Saudi Arabia, the single largest private sector project in the Middle East region. Emaar has unveiled integrated communities in Egypt, Morocco, Libya, Turkey, Saudi Arabia, Syria, Jordan, Indonesia, Pakistan, India, Canada and the US.
Emaar’s projects energise local economies by creating new job opportunities and supporting ancillary industries. The company’s development ethos is to create full-fledged communities that offer a spectrum of lifestyle amenities in integrated mixed-use neighbourhoods.
WAM/MMYS
Abyaar plans Dh15bn Dubai projects
September 1, 2008 by UAERush · Leave a Comment
Abyaar Real Estate Development will soon launch projects worth Dh15 billion in Dubai to bring the total value of its developments to Dh40bn by 2010, a high official of the company told Emirates Business.
Marzooq Rashed Al Rashdan, Vice-Chairman and Managing Director of Abyaar, also said the company already has projects worth Dh25bn in the emirate, which were launched in 2007.
Abyaar was established as a partnership between Kuwait’s Aayan Leasing and Investment Company and the Al Rashdan Group. Al Rashdan said Abyaar’s first project in Dubai, a freehold villa project in Jumeirah, is due to be delivered to buyers next year. Abyaar has entered into a partnership with Tecom to construct residential and office towers of more than 70 floors, he added.
Abyaar has also started construction of the residential Venti Quattro Tower located in Dubai Marina. In addition, it is executing two real estate projects in co-operation with Madaen Real Estate at a cost of Dh3bn in Nad Al Shiba and Dubai Marina.
Al Rashdan said the reason behind the company’s decision to raise its investments in the real estate sector in Dubai to Dh40bn is attributed to the new laws issued by the Dubai government, most prominently the Off-Plan Property Sales’ Registration Law and the Escrow Account Law. These have regulated speculations, supported the market and upheld the rights of investors and buyers, he said.
“Our point of view as a property development company in Dubai is that we find speculation damaged the real estate market because it increased the prices in a way that was unaffordable to final buyers and that led to what is called real estate recession,” Al Rashdan said.
He said the aim of the registration law is the organisation of all property purchase and selling operations in Dubai in such as way as to limit the increase in prices.
Al Rashdan lauded the efforts by the Land and Property Department and the Real Estate Regulatory Authority in Dubai. He said the two institutions are playing vital roles in the application of the escrow law, which makes it mandatory for property developers to open escrow accounts for each project to deposit funds collected from buyers.
Select Property to build £100m tower block in Dubai
August 21, 2008 by UAERush · Leave a Comment
UK based overseas property developer Select Property has today launched West Avenue, a 32 storey luxury Manhattan style complex on one of the last remaining plots on Dubai Marina. West Avenue, a joint development partnership with Dubai based Select Group, is the seventh tower to be launched by the companies – who have already sold out six off-plan developments on Dubai Marina.
Contemporary in style, West Avenue offers studios, one and two bedroom apartments, along with two bedroom Marina and City Suites and luxury penthouses. All 273 units in the exclusive West Avenue development have been designed specifically for spacious, open plan living.
Acknowledged as the height of Dubai living, Dubai Marina is the largest man-made marina in the world. Situated in the central part of the marina, prices for a studio in West Avenue start from £157,083 and are available with a 15 year non –status payment plan. Purchasers also benefit from the security of an Escrow account, protecting their funds during the build phase.
Prices in Dubai Marina have soared over the last few years with the average price per square foot rising from £120 in 2005 to £342 in 2008, making properties in the area a sound capital investment. A key driver for the continued growth is Dubai Marina’s excellent location.
Mark Stott, CEO of Select Property, explains:
“Dubai Marina is undeniably one of the most desirable locations for residential property in the Emirate. Located off the Sheikh Zayed Road and Jumeirah Beach, and in close proximity to the commercial areas of Dubai Media City and Internet City, Dubai Marina appeals to both the business and leisure resident. It is perfect for investors looking to benefit from the ongoing Dubai property boom.”
West Avenue will offer facilities catering for all needs including a swimming pool, sauna and steam room, modern gym, shopping, dining facilities, and 24 hour security.
Dubai attracts a number of markets to its sun kissed shores, not least property investment. In an economy that is defying the credit crunch, Dubai is still hugely popular with the holidaymaker and those looking for a more permanent luxury home. By all accounts, demand for property is set to outstrip supply until the end of the decade.
Rezidor launches its first UAE luxury apartments
August 2, 2008 by UAERush · Leave a Comment
The Rezidor Hotel Group, one of the fastest growing hotel companies in the world, has opened the doors to its latest initiative, the Radisson SAS Residence, Dubai Marina – the Brussels-based company’s first foray into the luxury apartments segment in the UAE.
Owned by Kuwaiti real estate developer, Abyaar, the 20 floor property boasts 152 luxury apartments including 22 studios and 130 one and two bedroom suites. It will also offer a host of five star amenities including separate gymnasiums and rooftop swimming pools for men and women, children’s play area, 24 hour room service and around the clock security – all managed and operated to the highest standards by Radisson SAS. The Residence, which is located in the heart of Dubai Marina, and only a short distance from the emirate’s two thriving business hubs, Dubai Internet City and Dubai Media City, will also house retail outlets, restaurants and cafes and parking for its guests.
“The Radisson SAS Residence, Dubai Marina marks a new business venture for Rezidor. In a city facing huge demand for well managed and luxurious accommodations solutions, we believe that this property ticks all the boxes. Whether guests are looking for a weekend family retreat, or a complete long-term, turn-key living experience, the Residence has it all,” says Kurt Ritter , President & CEO of Rezidor.
The residence has been designed by award-winning architects KEO International, which is behind some of the region’s most prestigious hospitality and mixed-use developments including: The Pearl – Qatar, the US $2.5 billion island being reclaimed offshore Doha and Abu Dhabi’s Emirates Palace Hotel. In addition, the interiors of the residence have been conceptualised by Milan’s Matteo Nunziati, who is behind some of the most luxurious hotels in Italy and Switzerland.
“This property is about luxury, safety, comfort and peace of mind. We have gone to great lengths to ensure that guests, whether here for a weekend or for a year, have all the right amenities and services to make their stay as enjoyable as possible, ” comments Cornelia Erhard , General Manager, Radisson SAS Residence, Dubai Marina.
Press release - Radisson SAS
MAG 218 set for completion
July 27, 2008 by UAERush · Leave a Comment
MAG Group announced apartment owners in the MAG 218 Tower in Dubai Marina will be able to view one and two-bedroom residences at least 18 months prior to handover. The MAG 218 residential tower consists of 555 apartments spread over 66 floors and will be completed within schedule in December 2009.
Strategically located within the Dubai Marina community, MAG 218 aims to be a landmark with its pure geometric forms. This has been enhanced by the open concept of clear spaces thanks to the use of modern materials and ‘gravity defying’ engineering/design. It’s steel structure shows gradual transition from the metal cladding on the podium and lower floors to glass glazing on the upper floors, reflecting its modern architectural features.
Feel at home from the minute you step in to the luxurious lobby with welcoming ambience. Its modern open-concept reception area along with futuristic design and colors truly reflect the contemporary lifestyle you would expect from MAG 218. The aluminum tiles and cladding on the ceiling and walls add to its crisp and futuristic style. Equipped with high-speed elevators, long waits especially during the rush hours will become a thing of the past.
Relax on the outdoor deck where the all round glass and natural plants & trees will certainly provide you with peace of mind and serenity. Start the day with an invigorating swim or simply relax in the Jacuzzi. The changing rooms are conveniently located to ensure you are on time for the day’s activities. end your week enjoying the facilities in and around MAG 218, and your extra leisure time, granted by living so close to your work place. If you are the type who likes to be “on the go”, we certainly have something that will keep you running! The state-of-the-art gym is equipped with the latest exercise equipment ranging from treadmills to weight-training machines. To wind down why not go to the terrace on the community floor, meet with friends, or simply relax in the sun.
A healthier lifestyle will become an everyday practice. Expect to find your home simply “functional” no matter how you look at it! Master bedrooms have en suite bathrooms; kitchens are equipped with shutter for extra privacy, marble counter tops, and living rooms are fitted with granite tile flooring. Small details are not overlooked, all sanitary fittings are chrome-plated, shower valves are wall mounted and the mirrors are fully dimensional.
