Ferretti- and Pershing Luxury Beach Residence launched

ACI Real Estate and Ferretti Group today launched two luxury waterfront residences, “Ferretti Luxury Beach Residence” and “Pershing Luxury Beach Residence”. Announced earlier this year, the two companies joined hands in what is believed to set new trends in luxury waterfront living. The freehold ownership project branded as “Marine Legends”, valued at about UAE 6 billion Dirham - over USD 1.6 billion - and situated at the Waterfront, offers a sprawling 1,969,607 Sq Ft of saleable area.

“This deal has furthered the vision we have at ACI Real Estate, which is to bring world class luxury living to Dubai. The Ferretti Group has been a leading luxury brand for decades now. We at ACI Real Estate want to blend Ferretti’s expertise into our real estate projects and provide our customers with the best of both worlds”, said Robin Lohmann, Managing Director of ACI Real Estate.

Vincenzo Cannatelli, CEO of Ferretti S.p.A., added: “The whole world is coming to Dubai and at ACI Real Estate we have found our match. This strategic venture is a result of mutual professional admiration and recognition of our common values.”

The Ferretti Group is globally renowned for its luxurious, high performance yachts. This unique partnership is another example of ACI Real Estate creating a unique concept to add tangible and intangible value to its offerings. The result in this case is a convergence of prime real estate with a world famous luxury brand to fashion an out of this world living experience.

The twin tower Ferretti Luxury Beach Residence and Pershing Luxury Beach Residence are, quite simply, unique. With landscaped gardens amidst canal and sea views, the property offers the latest amenities such as pool, fitness center, sauna and Jacuzzi, and a little something else: eight luxury yachts per brand will be available for residents to charter at preferential rates. These yachts will be purchased by ACI Group. The twin tower Ferretti Luxury Beach Residence will have over 44 floors each, while the Pershing Luxury Beach Residence will have over 41 floors, along with individual retail units at the ground floor of each tower. Ferretti Yachts and Pershing Yachts designers are proposed to design common areas of the towers, lending them their signature touch of elegance and sophistication.

Robin Lohmann, Managing Director of ACI Real Estate further added, “With the Ferretti Group, we will develop an innovative concept: a waterfront project with one of the world’s most exclusive yacht brands, offering something different, something extra for those who demand only the best. That’s the ACI Real Estate advantage.”

The project is slated for completion by 2011.

Schön Properties signs AED 1.171 Bn contract with Belhasa for Dubai Lagoon

Schön Properties, developers of the AED 3 Billion Dubai Lagoon Development, has signed an AED 1.171 billion contract with Belhasa Engineering and Contracting Company LLC (BHECC), to handle the construction of zones 3 and 6 of the exclusive mixed-use project.

Site work is scheduled to begin in October 2008, with a projected completion date between the end of 2010 and beginning of 2011. BECC’s remit will include all civil, architectural, construction and MEP works as well as air conditioning and service facilities, for a total of 17 buildings.

Asher H. Schön, Vice President of Schön Properties, expressed his confidence in the newly appointed contractors, saying,

“We have been in negotiations with a number of leading contractors for these next zones, but Belhasa Contracting and Engineering Company really stood out with a very impressive track record and highly professional attitude towards our requirements. We are looking forward to moving ahead on the project and working closely with BHECC.”

BHECC General Manager, A.G.Abdul Azeem, commented on the deal, “The Dubai Lagoon is a very interesting project and one that we feel more than equipped to handle with our sturdy background in large-scale development on many varied projects. Building the skyline of new Dubai and delivering fantastic end-products to customers are two key drivers in our decision to sign with Schön Properties.

With a sterling reputation in the market, BHECC is one of Dubai’s larger construction companies, and has undertaken a wide range of construction projects comprising - 5 star Hotels, Mosques, Multi-storey residential complexes, buildings for governmental institutions, shopping malls, multipurpose indoor sports halls, auditoriums, schools and office blocks. Some of BHECC projects have included construction of 200 residential units in the Green Community, 10 office blocks as well as the 48 storey Salam Tower in Dubai Media City, Movenpick Hotel (Holiday Inn) in Oud Metha and three, 50 storey mixed-used buildings in Cluster-X of Jumeirah Lake Towers, among numerous other large-scale projects.

The announcement follows recent news that Powerline Gulf has been maintained on the first 2 zones only, with site work for these zones currently mobilizing to resume construction.

Establishment of Dhs4bn Nobles Investments announced

Nobles Investments, a newly established AED 4 billion real estate development company has been announced in Dubai, UAE. The company will be focusing on the ever-growing real estate markets in UAE and the Middle East, and is fully committed to launching several high-end projects by the end of the year.

Speaking at the occasion, the Founding Chairman of the company Mr. Omar Ayesh said:

“The establishment of Nobles Investments inaugurates numerous years of industry experience, and fuels a totally new concept the company is set to introduce based on global best practices and business ethics. The company has adopted “The Art of Life” as a core strategy, where performance revolves around three pillars; the team, the customers and the strategic partners”.

Nobles Investments is committed to attracting the best industry talents who are destined to share the glory of NoblesC success story as part of the team. The company is offering competitive and attractive packages, and is providing a dynamic working environment that has been carefully designed to stimulate creativity and team work. The offices and showrooms are equipped with areas designated for entertainment and refreshment, along with a specialized day care centre.

Nobles values its customers as partners in success. The company has laid plans to cater for their needs with the most profitable opportunities that guarantee the highest levels of comfort, convenience and ultimate returns. Nobles’ upscale projects will adhere to top international quality standards, and will be equipped with seven-star luxurious facilities at affordable prices. The company has adopted a new philosophy towards customer services, targeting top satisfaction not only during the sales process, but also after the sale

Nobles Investments has selected its partners with great care and has only formed alliances with world renowned, reputable and credible companies. The company will adopt the highest international standards in dealing with its partners, be it engineering consultants, contractors or marketing agencies, to work together for mutual success.

Every office and showroom of Nobels’ will be supported with a state of the art business centre, equipped with all the necessary means of communications and services such as internet and refreshment areas to provide hospitality to its business partners and customers.

Mr. Ayesh’s seasoned leadership within the regional real estate industry has earned him several notable awards. He was voted “CEO of the Year 2007″ in the Property Development category of ITP Publishing GroupCs annual CEO Awards. He has also been awarded Ernst & Young’s “Middle East Entrepreneur of the Year 2007”, which recognizes outstanding entrepreneurs on a regional and global level. Most recently he was the receiver of the prestigious Mohammed Bin Rashid Al-Maktoum Business Award 2007.

Dh50 billion Culture Village closer to completion

Dubai Properties, master real estate developer and a subsidiary of Dubai Properties Group (DPG), a member of Dubai Holding, announced that the Dh50 billion Culture Village project has crossed key construction milestones, including the completion of 90 per cent of the Dh1 billion infrastructure works.

Dubai Properties recently premiered Culture Village’s residential component at Harrods in London to an excellent reception from investors.

Canal works within the 40 million sq. ft. Culture Village site, situated next to the Garhoud Bridge along the Dubai Creek, is 95 per cent complete. While the residential, commercial and retail districts within the project are being developed by 15 private developers, building works for these districts are being simultaneously undertaken. One of the most distinct developments on site will be the Palazzo Versace Dubai, a project by Gianni Versace Spa and Sunland Group Ltd, which is also 25 per cent complete.

Hashim Al Dabal, Executive Chairman, Dubai Properties Group, said:

“Culture Village is an important element of Dubai Properties’ total portfolio. It gives me great pride to witness the steady realization of a dream that began when Dubai’s leadership envisioned a project that would strengthen our city’s art and cultural offerings.”

Gulfnews

Tatweer officially unveils master plan for The Tiger Woods Dubai

Tatweer and Tiger Woods, Chairman of Tiger Woods Design, today officially unveiled the master plan for The Tiger Woods Dubai, the exclusive residential golf community.

Scheduled for completion in 2009, The Tiger Woods Dubai fittingly combines the vision of Tatweer with that of Tiger Woods.

The Tiger Woods Dubai will encompass Al Ruwaya, the first golf course designed by Tiger Woods. The 13 million sq. ft. golf course will offer only 200 memberships with residents of the community being given top priority.

In addition, Al Ruwaya will also include a professionally-staffed golf academy, a 145,000 sq. ft. clubhouse with premium amenities, and a high-end destination spa.

Prior to unveiling the master plan, The Tiger Woods Dubai Project Director, Abdulla Al Gurg accompanied Tiger on a site visit, to walk the course and survey the contouring of the completed holes.

Tiger Woods said:

“When I set out to design Al Ruwaya, I wanted the course to reflect what I truly love about golf - a stern mental and physical test that rewards smart thinking. I believe we’ve achieved that goal with a course that will be fun and rewarding for all skill levels to play.”

Currently, shaping is in progress on the 18 hole, 7,800 yard, par 72 championship-quality course, which includes dramatic elevations, stunning water features and an overall design that will challenge and entertain golfers of all skill levels.

Through a choice of six tees and the careful use of topography, length, width, wind direction, hazard placement and contouring, Woods has created a unique series of holes that will test the mental toughness of a professional as much as his physical stamina, while rewarding only calculated risk taking.

Luxury residences at The Tiger Woods Dubai will include 22 palaces, 75 mansions, and 100 signature villas. All residences will be situated on large land areas: palaces (100,000 sq. ft), mansions (50,000 sq. ft), large villas (30,000 sq. ft) and will include cutting edge home technology and exquisite landscaped gardens. The master guidelines have been carefully chosen to ensure the entire community enjoys amenities of the highest standards of quality and consistency.

The 360,000 sq. feet luxury boutique hotel will include 90 suites and 14 bungalows in sizes varying from 1,600-9,500 sq. feet. The hotel will target top-tier clientele and boast a 10,000 sq. foot swimming pool, as well as one of Dubai’s most exquisite spas.

The interiors of The Hotel will be designed by renowned Lebanese designer Elie Saab and reflect his personalized style that is defined by a fusion of simplicity, luxury and modernism. It will also feature Michelin three-star chef Guy Savoy’s first signature restaurant in the region.

AME Info/Press release

Dubai Towers scoops prestigious property award

Sama Dubai, the international real estate investment and development arm of Dubai Holding, today announced its Dubai Towers-Doha project has won honours in three categories at the coveted CNBC Arabian Property Awards 2008.

The prestigious awards for Property Marketing, High-Rise Architecture and Best Developer Website, will be presented to Sama Dubai at a gala dinner to be held on 19 October at The Madinat Jumeirah in Dubai.

Farhan Faraidooni, Executive Chairman of Sama Dubai, said:

“We are proud our brand is synonymous with success in the regional and global markets. The prestigious awards for our Dubai Towers portfolio further consolidate our status as an international real estate master developer. Such coveted recognitions motivate us to expand our horizon and strive harder in our commitment to exceed expectations.”

Chaired by Eric Pickles, British Shadow Secretary of State, the awards’ panel comprised eminent global real estate experts, including design and architecture consultants.

Faraidooni added:

“The awards reiterate the UAE’s relentless pursuit of excellence. It also gives our brand higher credibility, allowing us to run the distinctions across all our marketing and communications strategy. In addition, investors will also be confident of making a informed decisions while selecting Sama Dubai as their master developer of choice.”

Earlier this year, CThe LagoonsC, a freehold, mixed-use project being developed by Sama Dubai, won two awards at Cityscape Abu Dhabi 2008. The Best Mixed-Use Development award was presented to CThe LagoonsC for its unique concept, components, overall planning and vision, while the Best Corporate Social Responsibility award was given in recognition of its vigorous efforts to preserve and enhance wildlife at the Ras Al Khor Wildlife Sanctuary.

Dubai Maritime City

As Dubai’s growth as a leisure destination is matched only by the wealth of its visitors, the emirate is set to create 20,000 marina berths over the next five years to accommodate yachts and pleasure boats. The figure represents a 200 per cent rise on current numbers, and leading the way is Dubai Maritime City (DMC), currently rising out of the waters of the Arabian Gulf.

Spread across 227 hectares, this manmade peninsula, near Port Rashid, will be home to more than 120,000 people, with a capacity for 1,000 leisure craft. Part of Dubai World’s portfolio, DMC claims to be the world’s first purpose-built maritime centre.

It will have six areas including a Maritime Centre, Marina Centre, Dubai Maritime Campus, Harbour Residence, Harbour

Offices and an Industrial Precinct. The Industrial Precinct will house a ship-repair complex capable of serving more than 80 vessels at a time across 42 berths.

“Dubai Maritime City will be a significant contributor to the emirate’s economic diversification programme,” said Ali Al Daboos DMC’s Chief Operating Officer.

“DMC is envisioned to be a remarkable and highly successful catalyst for achieving the ambitious socioeconomic goals of Dubai and the UAE in general.”

Work on Dubai Maritime City began in 2004 with massive land reclamation and breakwater construction.

Reclamation work was completed in 2006 and has clawed back 31.2 million cubic metres of land from the sea.

To date Dh4 billion has been spent creating DMC – with the company admitting it does not know what the final bill will be.

Currently, DMC is in the third and final phase of construction, which involves the installation of infrastructure. Island Global Yachting (IGY), a New York firm which operates marinas in Dubai, including the forthcoming

Anchor Marina on The Palm Jumeirah, said the expected 200 per cent increase in berths would create 1,500 permanent jobs for IGY alone.

“Dubai has always been a city with a strong maritime heritage but with the creation of unique waterfront developments, the city now appeals to a new market – the international yachting community,” said Michael Horrigan, CEO of IGY Middle East and Europe.

IGY is currently working on a number of facilities in Dubai including Dubai Waterfront. DMC recently signed a long-term agreement with

Drydocks World Dubai (CORR), to manage its Industrial Precinct. Under that agreement, Drydocks World Dubai will manage all components of the Industrial Precinct, so they are the ones responsible for initiating contact with shipbuilding companies.

“We have had a very optimistic response from industry players,” said Al Daboos. “In fact, more than 1,000 companies have already pre-registered with Dubai Maritime City.

“Indeed, this is an excellent indication we are moving in the right direction.

“Maritime businesses have greatly appreciated Dubai Maritime City’s fully integrated development concept, which is expected to significantly boost their growth prospects and deliver premium business value for their investments.”

Other features of the Industrial District will be 19 ship-repair plots, a 3,115m quay wall, 31 small dry berths, 11 large dry berths, a rail transfer system, a 1,720m wet berthing, shops, showrooms and canteens.

“Dubai Maritime City is unique and original in its development concept as it has been specifically dedicated to serve all players of the global maritime industry within one custom-developed integrated facility,” said Al Daboos.

“It has also been specially designed to leverage Dubai’s natural access to the Gulf and its strategic location to facilitate shipping activities and become a focal point in the region’s maritime industry.”

Al Daboos said DMC was working closely with the Dubai’s Road and Transport Authority to develop a world-class road network and the two organisations would also invest in water-based transportation such as ferries and water taxis.

Jutting out into the Gulf, DMC cuts an unusual shape that Al Daboos said was to enhance the accessibility and views for people living and working there.

“The development was designed in a peninsula concept that has the advantage of unobstructed open sea access for the industrial community, while optimising the maritime-themed living and working environment with breathtaking sea views amid a vibrant commercial hub,” the chief operating officer told Emirates Business.

DMC is looking at a phased launch for the project which will be finished in 2012.

EmiratesBusiness

Select Property to build £100m tower block in Dubai

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.

Dubai Properties to double investment to $272bn

State-owned Dubai Properties is set to almost double its real estate investment to 1 trillion dirhams ($272.2 billion) within the next five years from 565 billion dirhams currently, its group CEO has said.

Mohamed Binbrek, CEO of Dubai Properties Group, said the company has 26 property plots still to be developed, UAE daily Emirates Business reported on Thursday.

The developer is confident of reaching 700 billion dirhams worth of investment in the next three years, Binbrek said.

Dubai Properties, a subsidiary of Dubai Holding, reached 550 billion dirhams in investments in April, with the launch of its Mohammed bin Rashid Gardens mega eco-project.

Binbrek told the newspaper Dubai remains the focus for the firm, but it is considering options for expansion overseas, including opening an office in India.

The firm is also considering opportunities in Pakistan, Tunisia, Qatar, Uzbekistan, the Maldives and Madagascar, he said.

ArabianBusiness

Schön Properties affirms refunds

Schön Properties, developer of the Dhs3bn Dubai Lagoon project, has confirmed that full refunds will be given to all investors that purchased units scheduled for completion by December 2007.

The refund policy has been extended by Schön as an act of goodwill after confusion amongst some investors in regards to the project phases and revised completion dates.

Delays in completion of Dubai Lagoon have been the direct result of unanticipated civic and transportation infrastructure alterations, which have set back construction and produced scheduling issues.

“We at Schön Properties applaud and fully support the efforts of RTA and other government agencies to make Dubai a better place and we have re-designed our project to accommodate mandatory infrastructure developments imposed subsequent to the launch of the Dubai Lagoon,” said Nasir Husain, Co-Chairman of Schön Properties.

Schön has been in discussions with RERA to clarify the situation and reach a fair solution for all parties. Whilst not common practice in the UAE, the revised refund policy was approved by Schön Board of Directors during a board meeting held on Tuesday 19th August, to accommodate investors and demonstrate good faith. Investors, who purchased units with a completion date of December 2007, are eligible for a full refund and are directed to apply for this prior to September 15th 2008.

In a recent statement about Schön Properties and the Dubai Lagoon, Marwan Bin Ghalaita, CEO of RERA, characterized the objections of some investors as ‘a misunderstanding’.

He said, ‘Schön [Properties] is a registered developer with us and they have an open trust account and all the money from the Dubai Lagoon [project] is in trust account handled by the Land Department and RERA. Furthermore, RERA issued a press release earlier this week dismissing reports that the project had been cancelled and pledging continued involvement and monitoring of construction works.

Schön has also confirmed that the agreement with the original contractors Powerline Gulf has been renegotiated to include the first two zones and construction is due resume in the coming weeks.

The first zone is now set for completion within 13 months and the second zone is set for completion within 18 months as of July 28th. Negotiations with another leading contractor to handle the remaining zones are currently being finalised of which official appointments by Schön will be announced shortly.

“While certain investors are understandably frustrated and upset by the delays, the vast majority have demonstrated great understanding and patience and have expressed confidence in Schön Properties and support for the Dubai Lagoon project. It is not in the best interest of any parties involved with the project, including developers to delay construction, as material costs are exponentially rising. Therefore we are aiming to deliver the project in the timeliest manner given the unforeseen circumstances,” concluded Husain.

AME Info/Press release

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