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.

UAE lands in world top five

The UAE has jumped 23 places to notch the fourth position among the most-active land markets worldwide in the first half of 2008, as global sales reached $64 billion (Dh235bn) during the period, new data revealed yesterday.

China topped the list with 44 per cent of global land sales, which were valued at $28.2bn, followed by India and the United States with $4.5bn and $3.8bn, respectively.

Development site transactions in the UAE reached $3.7bn, claiming 5.8 per cent share of the global market, and increasing 1,348.6 per cent compared with the same period last year, New York-based research firm Real Capital Analytics (RCA) said in its mid-year review.

The landscape, however, remains mixed with the Americas registering a drop of 39 per cent as values sank, while Europe, Middle East and Africa (Emea) saw a 71 per cent jump in land sales due to expansion in several developing markets including such as the UAE, Russia and Romania. Asia’s moderate 14 per cent growth contained the lion’s share of sales worldwide at $43bn through June 30.

Transactions of significant commercial properties totalled $306bn globally, with nearly 9,000 properties sold in the first half of 2008.
By either measure, sales were half the levels recorded in the first half of 2007.

A 60 per cent fall in transactions of major portfolios and an 85 per cent drop in entity-level transactions exacerbated the decline. In comparison, sales of individual properties were off 33 per cent in these six months.

“The credit crunch and slowing economy halved commercial property sales in the first half of this year compared to the first half of 2007, when neither were yet a factor. Overall, emerging markets have accounted for 25 per cent of all property sales this year, up from just 10 per cent a year ago,” the report said.

Overall, 49 of the 84 countries tracked posted lower property sales this year compared with 2007.

Dubai deals cross Dh144bn

The total value of land transactions in Dubai has crossed Dh144.3bn in the first six months of the year compared with Dh175bn for all of 2007, Land Department figures revealed.

There were a total of 4,389 cash sales worth Dh53.79bn, 2,184 mortgage transactions worth Dh84.19bn, and 201 donations of land and property worth Dh6.29bn.

The sales transactions were registered across 103 districts of Dubai, as 82.03 million square feet of land was sold.

There were 4,323 transactions involving sale of 127.32m square feet of open spaces for Dh129.17bn, while there were 4,474 transactions involving the sale of 30.43m square feet of developed land.

Sheikh Zayed Road was the top area, followed by The Palm Jumeirah, Al Jadaf and Al Warsan.

Emirates Business

Dubai Industrial City Commences Construction of Four Office Buildings with Investments of Over AED200 Million

Dubai Industrial City, a member of Tatweer, today announced construction work for four office buildings has commenced with investments of over AED 200 million.

The new buildings will increase commercial space offered by the industrial township to eight buildings. Four buildings that are currently operational at Dubai Industrial City are fully leased out. With the new buildings, office space will increase by an additional 235,000 sq. feet to meet the escalating demand for retail commercial area.

Rashed Al Ansari, Vice President, Dubai Industrial City, said:

“The momentum gained by Dubai Industrial City through adding new components and business-friendly amenities is rapidly enhancing its appeal as a preferred choice for major industry players. Given its strategic location, the level of overall integration and convenience provided to our tenants and employees successfully ensure the creation of an ideal work, live and play environment.”

Offering uninterrupted office floors that will be leased to clients as per their individual requirement, the buildings will also boast 90-minute fire resistant doors, validating Dubai Industrial City’s priority to assure optimum safety measures across its facilities.

“These offices come as part of our strategy to extend comprehensive facilities to our industrial investors. Apart from building their factories across the six industrial zones, our clients will now have the ease to deliver holistic services through locating their administrative support system in the new offices located within the same premises,” added Al Ansari.

Scheduled for completion in early 2010, the floors of each of the four buildings will be designed on raised levels to give tenants the freedom of re-planning their office layouts.

The buildings will also include a total of 416 parking slots, including 326-spot underground parking and 90 open-air parking bays. It will also boast a food court servicing the four buildings, and a business centre equipped with state of the art technology and exhibition areas. Convenient banking services and a government service centre will provide further services to industrial entities based at the township.

Located adjacent to the Al Maktoum International Airport (Dubai World Central) and in close proximity to Jebel Ali Port and Free Zone, with easy accessibility to major highways such as Sheikh Zayed Road, Emirates Road and the Dubai Ring Road, the 560 million square feet Dubai Industrial City isa dedicated industrial destination comprising six industrial clusters for food and beverage, base metal, mineral products, chemicals, transport equipment and parts, and machinery and mechanical equipment.

Complementary facilities for logistics, warehousing, labour villages, industrial training, in addition to commercial, residential and entertainment zones, position Dubai Industrial City as a comprehensive one stop-shop destination. It also provides tenants with a critical competitive advantage in human resources, logistics and business operations.

Dubai Trade Centre District

Dubai World Trade Centre (DWTC) announced today the commencement of major construction work on the first phase of the Dubai Trade Centre District, the integrated commercial destination that is coming up at the heart of Dubai’s business district on Sheikh Zayed Road.

The District has also recently received LEED (Leadership in Energy and Environmental Design) Gold standard pre-certification for its commitment to sustainability.

With the initial excavation work now being completed, over 850,000 cubic metres of concrete is being poured into the foundations, in preparation for 2.3 million square feet of commercial office space, and 135,000 square feet of ground floor retail space that will be offered in the first phase of the development.

Piling work on the project is also well underway with 3,000 of the 7,000 piles already in place, as Phase One of this spectacular redevelopment project that will transform the entire area surrounding the Dubai International Convention and Exhibition Centre (DICEC) rapidly takes shape.

Helal Saeed Al Marri, Director General, DWTC, said:

‘The Dubai Trade Centre District is now moving from vision to reality. It is critically important for us as master-developers to build something which will not only have a major impact on business across the Middle East, but will also ensure that sustainability concepts are incorporated into every aspect of construction and development.’

Statistics from the Green Building Council show that existing offices, high rises, towers and facilities are among the worst offenders when it comes to carbon dioxide (CO2) emissions and resource use, accounting for 39% of CO2 emissions and 71% of electricity consumption. However, the new wave of construction and development offers the opportunity to reduce this negative impact on the environment by around 20%.

DWTC’s approach to environmentally-sustainable development is in line with the directive of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to prioritise sustainable development, as outlined in the Dubai Strategic Plan 2015.

The largest commercial development in the UAE built to LEED Gold standards, The District will offer more than 450,000 square metres of car parking, creating 7,000 spaces on four underground levels. The commitment to LEED Gold Standards will help ensure energy-efficient use of resources, reduce waste and promote the highest level occupant comfort and material recycling.

Given, the District’s location, stretching from the Trade Centre Roundabout to Emirates Towers on Dubai’s main commercial artery, Sheikh Zayed Road, the focus on environmentally-sustainable construction will also make an important contribution to quality of life for local residents and workers in the area.

One of the innovations that have been incorporated into the blueprint is the optimum use of natural light, as well as a significant amount of landscaped terraces and green areas. In addition, working in coordination with the Green Building Council, DWTC is deploying carbon neutral technology throughout the construction and occupation process. With the first phase of the District set to receive tenants in 2010, the group is also looking to build sustainability principles into its world-class facilities management programme.

‘Our excellent working relationships with our partners Dubai Municipality, DEWA and the RTA have played a major role in the seamless progression of the project from the drawing board to its current stage of implementation,’ said Al Marri. ‘By building to a LEED Gold Standard, we are also contributing to Dubai’s overall positioning as an environmentally-friendly city.’

The District

The state-of-the-art business quarter will contain two hotels, 200,000 sq. m of grade A1 office accommodation, plus 1,000 apartments and 1,000 serviced apartments with related retail and car parking, offering a vibrant mix of public and private spaces, linked by air-conditioned pedestrian walkways.

The serviced apartments will provide a luxurious lifestyle for residents and visitors, managed by Dubai World Trade Centre, the UAE’s longest-serving residential service provider.

Using the highest standards in design, the buildings will be environmentally sustainable and will be carefully designed to the highest quality. All offices and residences will make the best use of naturally-lit interior spaces alongside landscaped terraces.

Residents and executives living within the district will have access to the World Trade Club, the city’s most prestigious business venue on the top floor of the landmark Dubai World Trade Centre Tower.

Ameinfo/DWTC