Commenting on the handover, Mohammed Nimer, CEO of MAG Group Property Development, said: “We have maintained a consistent vision, communicating transparently. We have stood by our strategy through thick and thin which has underscored our commitment to our customers and our confidence in delivering our promise.”

Almost 90% of MAG 218 tower was sold out within months of its 2006 launch, with many investors initially paying an average of AED750,000 – 850,000 for a one-bedroom apartment. Today, despite falling prices over the past two years, the apartments have still appreciated, on average by at least 10%. Indeed competitive rental returns can be achieved due to the realistic original selling price.

Due to MAG Group’s strategic pricing, more than 70% of the owners are end users clearly keeping speculators at bay. The typical profile of residents consists of young professionals in their early thirties and to date MAG Group has not received any cancellations whatsoever.

“So far we have not received any notices’ of cancellation, which in the current climate is quite remarkable. However it does highlight the sustainable demand for quality mid-priced accommodation,” said Nimer.

In terms of service fees, again through MAGme the property management arm of MAG Group, rates are very competitive at less than AED10 per square foot per annum.

“This which compares favourably with other developments in the vicinity,” said Nimer.

Full-floor show-apartments located on the first floor of the MAG 218 Tower were opened in June 2008, so that owners could check out the quality of the interior finish, plus other interior fittings such as lights, built-in kitchen units & white goods, wardrobes and bathroom fixtures.

“Frequent online photo-updates were also posted on to the MAG Group website to further reassure overseas investors,” added Nimer.

The tower, which comprises 333 one-bedroom apartments and 222 two-bedroom apartments and six retail outlets, comes complete with 572 covered car parking spaces and an outdoor Olympic sized swimming pool. The top five floors feature a full glass exterior, which afford spectacular panoramic views of the Marina, Palm Jumeirah and beyond.

A dedicated recreational facilities and community floor houses a state-of-the-art gym, event and dining hall, TV room and an outdoor terrace.

The residential tower is strategically located close to all of the facilities in Dubai Marina and only five minutes’ walk from Dubai’s Internet City and Media City. The tower also forms an integral part of MAG Group’s development strategy to construct competitively priced buildings aimed at the mid-range market and appealing to Dubai’s middle income families.

Imre Solt

Work at Marina Residences has progressed rapidly, with groundwork commenced in September 2006. Johann Schumacher, Managing Director, Palm Jumeirah, said:

‘Nakheel is handing over thousands of villas in the next 24 months and Marina Residences is no exception. Over the course of this year we’ll be handing over the keys for 900 homes, and we’re looking forward to welcoming the newest Palm Jumeirah residents from April.’

The six towers that make up Marina Residences hold 940 apartments and penthouses; a further 40 units rest on a marina fronted promenade in the form of townhouses. At the doorstep of each Marina Residence tower is Anchor Marina, one of Dubai’s largest marinas, with berths for 700 boats.

Gallery

“ While these are challenging times, Dubai Pearl’s confidence in the robustness of Dubai’s real estate sector remains high. This deal underlines our strong commitment to UAE economy and puts in a unique position to make a significant contribution to the real estate sector,”

said Abdul Majeed Ismail Al Fahim, Chairman, Pearl Dubai FZ LLC.

The development will feature an iconic building structure comprising of four 73-storey mixed-use towers, world-renowned fashion and technology brands, the Baccarat Hotel and Residences and will provide a 24-hour living city with commercial, retail, residential and leisure facilities.

The project will include luxury hotel brands, a 2000 seat state-of-the-art theater, a luxury fashion precinct with a premier shopping mall as well a walkable environment representing one of the most unique facets of the development.

Press release

Purchased last year by Nakheel’s parent organisation, Dubai World, QE2 will embark on her ultimate journey from Southampton, England to Dubai in November.

Nakheel will commence construction on her eventual home in September; a luxury marina development that will establish a cultural centre and tourist attraction on Palm Jumeirah paying homage to the famous ocean liner.

QE2 will form the pinnacle of a palatial pier that will stretch 300 metres out from the trunk into the waters of the Arabian Gulf.

A grand entrance to the pier will provide the gateway to a luxury residential and hotel quarter, which will feature elegant apartments, a private club, bars and restaurants, retail, wellness centre and gardens.

A high-end yacht club will service a major marina attached to the pier, giving residences on the trunk marina views.

Plans for the QE2 include its transformation into an ultra-luxury floating hotel, featuring public promenades, retail outlets, cafes and restaurants, as well as a heritage museum displaying artifacts from the QE2 and maritime history.

Johann Schumacher, Director of Palm Jumeirah, commented:

“The arrival of QE2 is one of the most anticipated events of the year and Nakheel is proud to be the custodian of such a historic treasure. The world’s most famous ocean liner will form the focal point of an exciting new development that will be a spectacular and must-see attraction on Palm Jumeirah.”

Gulfnews

The main parts of the project are: Atlantis, Trump International Hotel and Tower, village center and the village center marina, the fronds, the shoreline marina and the cresent. Palm Jumeirah has doubled Dubai’s existing coastline and will also double the number of beachfront hotels in the city.

Two airplanes have been sunk in order to create an artifical reef to encourage marine life and a monorail is being built to transport people to the island. It is expected to welcome 20,000 visitors a day.