Avanti to launch three prestigious projects worth Dh 1bn

Avanti Holding has announced the launch of three projects at the same time, in Dubai. The news came to reaffirm the company’s position as a key player in the real estate industry across the U.A.E.

The company already delivered to the market 6 other projects in the last two years in the UAE, the new projects, with a total value of Dhs1bn (Dhs1,000,000,000) are mainly prestigious upper middle class accommodations; the first project, called Serenity Lakes and Giordino Rotondo, will be situated in JVC, while the third one and most prestigious project, will neighbor JVC, the Archery Tower, will be located at the Sports City.

“We are proud to be at the forefront of the real estate industry in the U.A.E.”, says Khaled Chaaban - C.O.O. Avanti.

“The launch of the 3 new projects is a sheer example of the massive investment we are making in the region with an aim to accompany and even lead the boom witnessed by the real estate sector”.

It is to mention that Avanti Holding is completely compliant with the Real Estate Regulatory Authority (RERA) regulation and has been adjusting all its systems to the new regulations to protect all parties interests.

“The move that RERA took in regulating the market is a step rather a leap long needed to strengthen the trust in the market and thus adding value to all stake holders in the Real Estate Industry in Dubai.”

Mr Shabaan commented.

Avanti is also happy to inform its clients that it commenced construction phases on 3 projects: Serenity Lakes buildings, Giordino Rotondo ‘the Feng Shu’ designed concept and Archery Tower in Sports City.

A date to celebrate ground breaking is set very soon.

“We finished the soil tests and ground breaking is set on plan, we are just waiting for last NOC from land department” Avanti Project management dept said.

“The contractors who will be working with us on the accomplishment of the 3 new developments have been meticulously chosen based on rigorous criteria of quality , integrity, and ability to meet our deadlines”, ended Chaaban.

Avanti Holding a master developer in several neighboring countries with total projects value to date up to Dhs55bn including the UAE, is keen on becoming one of the leading developers across the region.

With a clear vision and a can-do spirit, I am confident our objective will be achieved sooner than expected.

AME Info/Press release

Azizi Platine revealed on Palm Jebel Ali

Azizi Investments, one of the Gulf’s fastest growing real estate developers, has today revealed its latest approved building design, the luxurious Azizi Platine, located on Palm Jebel Ali.

Sleek, strong and elegant as its precious namesake, the Azizi Platine is the essence of pure luxury. Designed to the highest specifications in terms of architectural and environmental standards, the Azizi Platine, located on Palm Jebel Ali Crescent A, is a high-rise podium tower development comprising of G+25 and will include high end oceanfront residential apartments.

The Azizi Platine offers a range of floor plans ranging from one to four bedroom apartments in a choice of styles including classic and contemporary. Ranging from 900 to 2400 square feet in size, they offer the finest in modern technology and fittings paired with unparalleled attention to detail and some of the most breathtaking views of the Palm Jebel Ali on offer. The three and four bedroom penthouse apartments will be custom commissioned in every detail and will each feature a swimming pool, jacuzzi, sauna and steam room - in addition to the most state-of-the-art home automation system to be found anywhere in the world.

Mr. Merwiss Azizi, Founder and Chairman of Azizi Investments, comments:

“We are extremely excited about Azizi Platine. Its innovative futuristic design will work perfectly in its surroundings and location; fusing the modern nature of Dubai’s constructions and the beauty of waterfront living. We believe the Azizi Platine will provide a perfect area for people to live in and enjoy.

“After the huge success of the Azizi Fontanne launch at Cityscape, we are looking forward to further success Azizi Platine and continuing work on our remaining Palm Jebel Ali developments.”

Azizi Platine is amongst five new developments on Nakheel’s Palm Jebel Ali by Azizi Investments, the first of which, Azizi Fontanne was launched at Cityscape Dubai 2008. Azizi Diamond and Azizi Crystal will join Azizi Platine and Azizi Fontanne on Crescent A, an area on Palm Jebel Ali intended to provide residences for affluent young singles and couples, and offer a vibrant community with varied lifestyle, leisure and recreational facilities. The Azizi Onyx will have pride of place on Crescent E.

Since officially opening for business in February 2008, Azizi Investments has undergone exceptional growth. Over the next few months, the company expects to confirm that it has reached its 2008 target of acquiring 15 million square feet of land for the 50 proposed projects.

To find out more about these and other Azizi opportunities, interested investors should call Azizi Investments on 800 Azizi or register at register@aziziinvestments.com. Azizi Investments is a RERA registered developer (235/2007).

Zawya

Rera takes steps to regulate activities at Cityscape 2008

Dubai’s Real Estate Regulatory Agency (Rera) on Wednesday said it was taking measures to regulate activities in the upcoming Cityscape Exhibition and curb any kind of speculative activity during the event.

“No Memorandums of Understanding (MoUs), sales agreements or contracts will be legally binding if they are not registered with the Dubai Land Department,”

said Marwan bin Ghalaita, Chief Executive of Rera.

“There will be booking forms that developers will hand out to buyers. Buyers will then have to fill the forms out and register their units with the Dubai Land Department. Thereafter they have to adhere to Law No 13 of the Initial Property Registration in Dubai,” he said.

“No unauthorised developers, who are not registered with Rera, or unauthorised projects will be permitted to exhibit at the event,” said Ghalaita.

Rera yesterday confirmed so far there were 826 registered developers and 1,624 registered development projects in Dubai.

Sultan Butti bin Mijrin, Director-General of Dubai Land Department, said: “Dubai’s realty is showing very positive signs so far. We have concluded sales transactions worth Dh200bn to-date. The market is looking healthy from a real estate perspective.”

According to the Chief Executive of Rera, the recent Law No13 of Initial Property Registration in Dubai will ensure no developer will be allowed to announce a project in the emirate unless he has approvals from other government entities such as the Dubai Municipality, RTA and Dubai Electricity and Water Authority.

“Further, land should have been acquired by the developer and only then can he announce a project,” said Ghalaita.

“Any further sales and purchase agreements between Rera and the Dubai Land Department will be unified under one system within Rera itself. Currently, sales registrations are being conducted in Emaar, Nakheel, Dubai Properties. All these will be unified under one system in the Dubai Land Department,” said Ghalaita.

Rera’s Senior Legal Advisor, Khawla Madani, said the body currently has 540 cases waiting to be handed over to the Property Court. Rera is currently waiting for the Property Court to send a go-ahead to forward these cases to them, he said.

Emirates Business/RERA

Investors in Ivory Tower project still receive cancellation threats

Investors in Sokook’s much-maligned Ivory Tower project continue to be threatened with cancellation of their contracts, according to investors.

One investor said that although Dubai’s Real Estate Regulatory Authority (Rera) is backing investors, Saudi developer Sokook is still sending 14-day notices instructing investors to pay the remaining 90 per cent on their units or the contracts will be cancelled. The letters are signed by an unknown person at Sokook.

Another investor told Gulf News that the Ivory Tower action group, which is now more than 40 people strong, visited the Land Department last week to seek guidance. Hundreds of investors bought off-plan units in the 20-storey tower since it was launched in 2005.

Last February the development began to sour, with Sokook telling investors to stop paying their monthly installments due to a dispute with Tecom, the master developer of the International Media Production Zone.

Construction was supposed to begin in November, three years behind schedule.

Sokook then began cancelling contracts, accusing investors of not paying the installments.

Investors hope that a couple of new laws that are being implemented by the Dubai Land Department will help keep developers in line.

Emad Eldin Farouq, senior legal adviser in the Land Department, told investors that law No 13 of 2008 aims to regulate off-plan sales and make registration of units with the Land Department compulsory.

“Any sale or other disposition that transfers or restricts title shall be void if not registered in the interim real estate register,” the new law stipulates.

Another law that is due to be passed in the coming days will regulate payments, ensuring installments are kept in line with the progress of construction, or lack of it in the Sokook case.

Mohammad Bin Ghalib, chief executive officer of Sokook, was unavailable for comment when contacted by Gulf News yesterday.

Investors in Ivory Tower claim Sokook is ignoring all requests to reinstate the contracts and believe that taking Sokook to court is “inevitable”.

Gulfnews

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

Dubai Lagoon resumes

Dubai Lagoon, a stalled Dh3 billion (US$817 million) residential project, will go ahead, the Dubai Real Estate Authority says, dismissing earlier reports that the development had been cancelled.

The project is being developed by Schon Properties at Dubai Investment Park (DIP) and has already taken downpayments from scores of investors since its launch in 2005.

“The project, which was initiated before the launch of Rera, saw some delays,” said Marwan Bin Ghalita, the chief executive of Rera, in response to a flood of complaints over the lack of progress.

“Rera, in its monitoring responsibility, had to respond to investors’ complaints and safeguard their rights and interests.”

The project was launched as an affordable housing development made up of 51 buildings, each of around eight storeys high. But construction on the first eight buildings stalled in May, with the developers blaming various factors, including planning issues relating to a motorway through the area, soaring building costs and the collapse of a joint venture between key contractors.

The company is now in the process of appointing additional contractors before resuming construction.

Rera has also met with investors in the project and said that an auditor had been appointed to assess the developer’s accounts. It also pledged to better monitor the project’s progress from now on.

“An appraiser shall be appointed to examine construction works,” said Mr Bin Ghalita.

The National

Dubai’s Rera to use DED’s system for real estate licensing

The Dubai Department of Economic Development (DED) and Dubai’s Real Estate Regulatory Authority (Rera) signed a partnership agreement to enhance the quality of support services offered to real estate investors and customers.

According to theagreement, Rera will use the license and business registration system applied by the DED for issuing licenses related to real estate activities.

This is aimed at easing licensing procedures related to real estate activities and enhancing the overall performance of Dubai’s real estate sector.

Khalid Al Kassim, Deputy Director General for Planning and Development at DED, and Marwan Bin Ghalaita, CEO, Rera, signed the agreement.

“The agreement comes in line with DED’s strategic objective to constantly review existing procedures to simplify rules and regulations. The business registration system at DED has been thoroughly streamlined and made more user-friendly,” said Al Kassim.

Investors can now set up businesses with the minimum of procedures and paperwork, and DED will assist them by co-ordinating with other government departments and authorities.

Rera will set the basics of licensing for real estate activities and implement procedures to speed up the issuance of licenses for such activities.

“Through the agreement with DED, we will share best practices and experiences, and explore mutually beneficial opportunities, which will enhance the quality of support services offered to real estate investors and customers. Our joint initiative will further complement the sustained progress witnessed by the real estate sector,” said Bin Ghalaita.

Business owners with old licenses can correct their status according to the new laws. “Rera is keen to launch new real estate activities that comply with international real estate licensing criteria, ” said Bin Ghalita.

The real estate activities include real estate development, consultations, brokerage in buying, selling and renting, rental services, buying land and real estate, organizing public auctions, timeshare residential units rental services, timeshare residential units rental brokerage, real estate pricing services and all related real estate future activities.