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

Al Fara’a Properties launches AED 1 billion ‘Burj Al Fara’a’

Al Fara’a Properties, the flagship subsidiary of the Al Fara’a Construction, Industrial and Property Group, has announced the launch of the Dh1 billion ‘Burj Al Fara’a', a state-of-the-art commercial tower located in the commercial business district of Jumeirah Village, which is spread across 811 hectares.

The unveiling of the developer’s latest project is aimed at addressing the strong demand for commercial space within Dubai, which is expected to witness the construction of over 86 million square feet of built space for office use by 2010.

Scheduled for completion by December 2011, Al Fara’a Properties has revealed plans to break ground on the 38-storey state-of-the-art commercial tower by December 2008. Set to offer a selection of office spaces, Burj Al Fara’a will provide a highly impressive business address to both local and multinational businesses seeking to establish a strong presence within the commercial business district at Jumeirah Village, which has recently witnessed the completion of 60 per cent of its infrastructure works.

“The launch of ‘Burj Al Fara’a', which is a testament to our growth and diversifying business, is aimed at leveraging the enormous demand for high-technology commercial spaces in Dubai,” said Natasha Gangaramani, Director, Al Fara’a Properties. “We will be working towards the timely delivery of this project, which will be constructed using the highest industry standards to supply the booming demand and fittingly represent the philosophy of our organisation. Our main focus lies in achieving success in all our endeavours, and we have developed a result-driven strategy based on the rapidly-maturing real estate climate which clearly states the excessive need for commercial spaces to be built in Dubai within the coming years.”

Recent studies have shown that Dubai ranks second to Moscow in terms of the amount of commercial floor space being constructed, and with the limited stock of quality office space in Dubai, it is not surprising why massive commercial developments are being undertaken in the emirate at present. The lack in supply and relatively cheaper rates compared to other real estate destinations such as London continue to drive the growth of Dubai as the world’s premier business hub. Al Fara’a Properties has recognized the underlying niche within the commercial segment and has plans to further leverage the booming demand for office space in Dubai.

“The construction of the ‘Burj Al Fara’a’ will be undertaken in accordance to a rigid timetable, which will ensure that the project will be delivered within our stipulated delivery schedule. This is part of our continuous commitment to customer satisfaction not only in terms of quality benchmarks but also in our proven credibility. We are also preparing to undertake several project launches under our expansion plan for 2008, which is aimed at bolstering our portfolio and further establishing our position as one of the top developers in the UAE,” concluded Nitesh Gangaramani, Director, Al Fara’a Properties.

Dubai residential prices to ease in 2010?

House prices in Dubai are set to moderate in 2010, as supply and demand begin to strike a balance, according to industry analysts.

Robert McKinnon, managing director of Al Mal Capital Research, said: “Into next year we expect prices to begin to moderate, though not substantially.”

There has been a flurry of predictions in recent days over Dubai’s supply and demand situation in 2010, especially with the massive bulk of units set to hit the market coupled with the Dh6 billion in escrow accounts.

“As delays continue to plague the industry, we do not expect supply and demand to come into balance until 2010,” Robert McKinnon, managing director at Al Mal Capital Research, told Gulf News.

The report says, according to the Dubai real estate price index there has been a year-on-year price appreciation of 40.8 per cent in the residential segment.

Prices in the commercial segment have increased around 42.7 per cent within the same period.

Average rates

Figures from Al Mal show the average rent in Dubai in June 2007 was Dh1,291 per square foot. Average rent in June 2008 was Dh1,818, representing a year-on-year increase of 40.8 per cent.

Blair Hagkull, managing director of Jones Lang LaSalle, Middle East and North Africa region, said better quality housing in central locations that are well maintained and have good infrastructure will always demand higher rents in the future.

“Clearly, the rate of increase in the last five years, in terms of residential prices, is not sustainable. Rates have increased to a point where the price is a concern,” Hagkull said.

Locations such as Barsha and Jumeirah Lake Towers, good quality accommodation with good links to public transport, will see the greatest rises in prices.

“At some stage, the Dubai Metro will play an important role in what people will pay. If you live close to a station, then that accommodation will be more expensive,” Hagkull said.

For commercial properties, Al Mal said the average rent in June 2007 was Dh1,444 per square foot while the average rent in June 2008 was Dh2,060. This represents an increase of around 42.7 per cent. However, Matthew Hammond, managing director of Jones Lang LaSalle, said: “We anticipate rents [in commercial properties] will continue to increase over the next 12 months, if not 24 months, until more stock comes on to the market.”

Hammond said with the rising costs of materials, many developers have been forced to slow down development plans, thereby causing delays in the market.

“Properties that were due to come on in 2009-2010, have now been pushed back to 2011-2012,” he said.

Hammond said the average rent for office space in DIFC is around Dh500 per square foot but new buildings will be around Dh600 per square foot, plus management fee.

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Jumeirah Emirates Towers, Dubai

Emirates Towers complex in Dubai are known to be one of the greatest landmarks on Sheikh Zayed road. The complex known as “The Boulevard” contains two towers; Emirates Office tower and the Jumeirah Emirates Hotel.

Emirates Office tower is 54 floors tall while the Emirates Hotel is 56 floors, despite containing 2 more floors, the emirates hotel is shorter in height than the emirates office tower, because the ceilings in the office tower were made higher.

Construction of the towers was finished in november 1999, and the hotel contains 12 exclusive restaurants, bars and lounges.

Jumeirah Emirates Hotel accommodates up to 600 people and the prices range from 990 dhs to 1,790 dhs which is very cheap for a hotel of this reputation and high quality service.