Emaar Properties unveils ’smart living’ with 18 Burj Dubai Boulevard residential tower

Emaar Properties will unveil one of Dubai’s pioneering urban professional residential towers, designed by international architects and centrally located within Downtown Burj Dubai. A two tower complex, 18 Burj Dubai Boulevard elegantly incorporates curvilinear architecture, and is designed to maximize its spatial dimensions and is located on the vibrant Burj Dubai Boulevard.

“Urban professional residences are a new trend in modern residential architecture with the accent being on maximising spatial use. Emaar is building on this trend with 18 Burj Dubai Boulevard, a valuable addition to the diverse portfolio of projects in Downtown Burj Dubai. Homes in 18 Burj Dubai Boulevard are specifically designed to meet the needs of discerning buyers who value a modern lifestyle in one of the most sought-after destinations in Dubai,” said Mr Saif Al Mansoori, Sales Director, Emaar Properties.

Featuring a 47-storey and a 31-storey tower, 18 Burj Dubai Boulevard also incorporates a pavilion level nestled between the two towers. The pavilion features a distinctly designed swimming pool and Jacuzzi, with several areas specifically designed for relaxation.

18 Burj Dubai Boulevard also features studios, one-, two- and three-bedroom homes designed with the optimal use of space in mind and replete with modern finishes, luxury fittings and advanced telecom & entertainment connectivity. Apart from the pavilion amenities, residents can also access an indoor swimming pool, a multi-purpose lounge with a central seating area, dining and sports rooms and exterior lounge with private dining and barbecue facilities, games room, children’s play area and a full-size squash court.

“The central location of 18 Burj Dubai Boulevard on Downtown Burj Dubai offers residents the convenience of being in close proximity to The Dubai Mall, one of the world’s largest shopping and entertainment destinations, and the financial and business nerve-centres in Dubai,” added Mr Al Mansoori. “In addition to the Dubai Metro for enhanced connectivity, residents can also benefit from the Burj Dubai Tram system that connects all nodal points within Downtown Burj Dubai - regarded as the new ’soul of Dubai’ and the most prestigious square kilometre on earth.”

Sale of homes at Tower 1 of 18 Burj Dubai Boulevard will be held from August 30, 2008, at Emaar Business Park and Emaar’s Abu Dhabi Sales Centre from 9am to 6pm. Dubai and other Emirate residents wishing to buy from Emaar Business Park must register online, while Abu Dhabi residents can make their purchases on a first-come, first-serve basis at the Abu Dhabi Sales Center. Online registration begins on August 27, 2008 at www.emaar.com. Several financial institutions are offering easy home finance options.

Potential customers can call toll-free 800-EMAAR (36227) or log on to www.emaar.com for more details on 18 Burj Dubai Boulevard which is designed and engineered by KEO International Consultants, an award-winning architectural design firm. 18 Burj Dubai Boulevard is a perfect complement to the modern residential towers in Downtown Burj Dubai that have opened to strong investor response.

Downtown Burj Dubai is the flagship mega-project of Emaar. Considered the newest neighbourhood in Dubai and covering 500-acres, Downtown Burj Dubai will feature a bustling boulevard that will strengthen the community life that is already taking shape. Currently open are three hotels in the area, Al Manzil, Qamardeen and The Palace, The Old Town which is directly connected to Souk Al Bahar, a shopping mall featuring Arabesque architectural elements. The area will feature a fountain that is envisaged as one of the world’s finest water features integrating musical and attractive visual elements.

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

Emaar Middle East makes on-schedule progress on Jeddah Gate construction

Emaar Middle East, a property development associate of Emaar Properties PJSC focused on projects in the Middle East region, has announced on-schedule progress in the infrastructure work of Jeddah Gate, the company’s SR6 billion (US$1.6 billion) flagship development.

Emaar Middle East had awarded contracts to a number of leading Saudi Arabian companies to develop the Jeddah Gate infrastructure and undertake the construction of various components. Work is currently progressing on schedule, and the first components of the project taking shape.

Eng. Alaa Abdullah Saed, Chief Executive Officer of Emaar Middle East, said: “Jeddah Gate is a premium integrated community and is billed to contribute to the economic growth of Jeddah. The launch of homes within Jeddah Gate has received overwhelming customer and investor response highlighting the trust of the Saudi public in the project.”

He added: “Emaar Middle East is committed to developing the project on-schedule by adhering to international best practices and the highest quality standards. Work on the electricity infrastructure, side-walks and walkways are progressing at an accelerated pace alongside the laying out of the first community within Jeddah Gate.”

The mixed-use neighbourhood will have commercial, residential, cultural, educational and entertainment amenities – together creating a vibrant lifestyle destination. These will include schools, offices, mosques, hotel, residential units, walkways, parks, swimming pools, fitness centres, children’s play areas, day care centres and recreational areas. It will also feature a wide boulevard with high-end retail outlets and restaurants.

Jeddah Gate is located in the heart of the city and is positioned on two sites. The first is spread over 413,000 sq m and is located along King Abdullah Road, and the second is spread over 140,000 sq m along Abdullah Al Suleiman Street. Currently, work is progressing on the site along King Abdullah Road.

Interested potential home buyers and investors can visit the Jeddah Gate sales centre on King Abdullah Road near the old airport area to find out more about the project.

Saudi Arabia plays a key role in Emaar’s growth strategy of geographic expansion and business segmentation in line with its Vision 2010 to become one of the most valuable companies in the world. Emaar Middle East is also developing Al Khobar Lakes, a master-planned waterfront community in the Eastern Province, the first phase of which was launched to sell-out customer and investor response.

Emaar Middle East has recently signed an agreement with Saudi Telecom Company (STC) for implementing the communication infrastructure in all its projects in the Kingdom. STC will meet all networking, information and communication technology (ICT) needs of the company’s projects including Jeddah Gate and Al Khobar Lakes.

Emaar

Arabtec to deliver Emaar-Bawadi villas

Arabtec Construction LLC received a letter of acceptance valued at AED 1.6 billion from Emaar Bawadi Joint Venture to design and construct 1437 villas as part of the Bawadi project in Dubailand. The project will be delivered in phases over a period of 37 months.

Riad Kamal, CEO of Arabtec Holding PJSC, stated: “Our vast experience and the variety of projects we’ve carried out so far, from towers to residential complexes and villas, has deeply supported our abilities to fulfill our clients’ needs, and has given us a complete understanding of what our clients look for in their projects. Developers choose Arabtec because they are confident of the company’s ability to accomplish these big projects.”

“This mutual trust that has been developed between the company and the clients, based on the clients’ satisfaction and the high standards of the company, has firmly positioned Arabtec’s name as a symbol of quality and trust,” he added.

Arabtec is one of the largest construction companies in the region, with expert management, engineering, and technical staff, and a wealth of experience in the real estate market, including residential villa complexes. Over the past few years, Arabtec has constructed more than 7,000 villas for Dubai Silicon Oasis Authority, Dubai Properties, Mohammed bin Rashid Housing Establishment and EmaarEmaarLoading…’s villas at “Emirates Hills”, “The Lakes”, “The Meadows”, “The Springs” and “Arabian Ranches”.

The total number of villas currently under construction by Arabtec exceeds 10000 villas including 3230 villas for Mohammed bin Rashid Housing Establishment, 1515 for Nakheel’s “Al Furjan” project, 1047 for Dubai Silicon Oasis Authority, 1262 for various projects by Emaar, 2065 villas at Bawadi
for Emaar-Bawadi Joint Venture, and a number of villas in the “Sanctuary Falls” project in Dubai.

Arabtec Constructionrecently signed a Memorandum of Understanding with the Tourism Development & Investment Company (TDIC) in Abu Dhabi to design, develop and construct the first phase of Al Saadiyat beachfront villas project, which lies in Al Saadiyat Islands near Abu Dhabi.

Emaar Bawadi launches Maysan Towers in Asmaran

Emaar Bawadi, the joint venture between Emaar Properties PJSC and Bawadi, a member of Tatweer, has unveiled the Maysan Towers, the first residential tower complex comprising three high-rise apartment towers within the 70 million sq ft Asmaran master-planned community in Bawadi.

Only minutes away from the Bawadi Square, the Maysan Towers community is set in lushly landscaped surroundings, and will feature a range of lifestyle amenities such as indoor retail outlets and community services. Ample parking is offered through three basement floors and four partial podium levels. The ground entrance level has a shaded car park drop off.

Nine feet high ceilings in all rooms accentuate the feeling of space and light, and all rooms have tinted double glazed windows for comfort and privacy. The interiors have quality finishes and fittings including natural stone countertops and cabinetry. The kitchen comes equipped with a bench-top ceramic electric 4-burner hotplate, dishwasher and refrigerator.

When completed in phases, Asmaran will be home to over 55,000 people and will feature a family-oriented theme park with a wide range of attractions. Asmaran also features 4 million sq ft of commercial space; a mall with gross leasable area of 3 million sq ft and several retailers; more than 5,300 serviced apartments, and nine world-class hotels with over 5,150 keys. All facilities within the project will be linked by internal roads and walkways leading to a central community centre.

Bawadi is envisaged as the longest chain of luxury hotels in the world along a 10 kilometre stretch which will add 51 luxury hotels, 40 million square foot retail space and more than 60,000 rooms to Dubai.

Warsan Estate by Emaar Properties

Emaar Properties has expanded its property portfolio in Dubai with the unveiling of Warsan Estate, an exclusive residential community located on Al Awir Road. The masterplan of the project, currently being finalised, envisages over 500 single family townhomes that will appeal to residents who value the privacy of villa living in an immaculately laid out residential community.

To be spread over 3.4 million sq ft, Warsan Estate is the newest project of Emaar that highlights the company’s focus on developing its extensive land bank in Dubai and adding value to customers by offering an elegant neighbourhood perfect for families.

Warsan Estate is located away from the bustle of the city, and in close proximity to varied leisure venues such as the Dubai Autodrome and Global Village, among others. Easily accessible from Abu Dhabi, Sharjah and the rest of Dubai, Warsan has ease of connectivity from Emirates Road and Al Khail Road thus adding to the convenience of residents.