Hydra Executive Towers underway

Hydra Properties, the leading UAE-based international property developer, today announced the completion of 60% of excavation work for the magnificent Hydra Executive Towers located at Al Reem Island in Abu Dhabi.

Hydra Executive Towers consists of three towers and two of them will rise up to 30 stories each and function as offices. The third tower is planned with 24-stories and will offer serviced apartments.

The towers are coming up along a waterfront promenade and will be interlinked by lush landscaped plazas with signature clusters of date palms. World class shopping and dining establishments will line the waterfront which will offer an array of water based activities and sports.

Commenting on the swift progress of the much sought after project, Dr. Sulaiman Al Fahim, Chief Executive Officer, Hydra Properties, said:

“Hydra Executive Towers will go a long way to fulfill the long felt need for sleek business towers in Abu Dhabi. Executive Towers will empower decision makers by offering them unique business spaces and facilities that will play an intrinsic role in their growth and in formulating a vision for the future. I have no doubt that Hydra Executive Towers will act as an excellent launching pad for many a successful business venture in Abu Dhabi.”

Giving an update on the project, Eng. Jonathan Ing, Project Manager, Hydra Properties, said:

“Hydra Properties has employed its logistics muscle in a fruitful manner to speed up the enabling work. The initial phase of the project is going ahead of schedule and 60% of excavation work has been completed.”

The project is expected to be finished by September 2011, and is executed by Tafseer Contracting Company while National Engineering Bureau acts as the engineering consultancy.

Hydra Executive Towers will also have business lounges, high-speed internet services, tranquil landscaped areas, refreshing greenery, pedestrian walkways, ample basement car parking and a drop off area for important employees and clients.

The interior of the Towers is designed to offer new levels of civilized refinement not previously found in the region. The serviced apartments in the towers will employ state-of-the-art smart home technology to provide residents an unmatched living experience. The apartments, to be managed by a leading luxury hotel group, are available for outright sale.

AME Info/Press release

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.

Capital Centre reveals landmark towers

Abu Dhabi National Exhibitions Company (ADNEC) has revealed two distinctive commercial and residential towers by SinoGulf Investments that architecturally mimic the movement of sand dunes.

The towers will be key features of the AED8 billion Capital Centre development underway surrounding Abu Dhabi National Exhibition Centre.

Designed by world-renowned architects, Woods Bagot, the towers represent the abstraction of dune sand lines when the desert breeze blows. The concept design has been based on simplicity of form that is responsive and respectful of its environment and orientation, setting an aesthetic benchmark for the Capital Centre development.

Upon completion in the last quarter of 2010, the commercial and residential developments will offer a high quality finish, extensive amenities, ample parking, high-speed lifts and retail outlets. Also featured within the residential tower will be a gym, sauna, spa and pool, making the apartments hard to resist for tenants and investors.

The towers are situated in a prime location on the corner of Al Karama Street and adjacent to the exhibition centre, with non-obstructing north facing views. The towers are strategically placed with easy access to other commercial, hospitality, entertainment, transport and residential facilities.

Andrew Clout, Managing Director of SinoGulf Investments, commented:”Capital Centre is a master development, in a prime location, with winning features such as accessibility, traffic flow, a captive audience from the exhibition centre, and an environment conducive to business. These elements create the perfect environment for SinoGulf’s investment needs.

”Our development and Capital Centre will act as catalysts for each other, with both enriching the living experience of the tenants - upon completion this will be the place everyone will want to be.” Sanjay Tanna, ADNEC Business Development Director, added:”The prestigious Capital Centre development adjacent to the Exhibition Centre will no doubt aid some of the demand for both residential and commercial accommodation currently evident within the Emirate of Abu Dhabi. On completion of the second phase of the exhibition facilities at ADNEC this year, this demand for quality accommodation will become even more unprecedented.

”Rental properties and serviced apartments in Abu Dhabi are achieving strong rates and occupancy levels - a clear shortage of accommodation exists for executives. SinoGulf has recognised the demand for high-end living and has created an A grade investment opportunity.”

WAM/TF

Hydra Properties completes excavation work for Corporate Towers at Al Reem Island

Hydra Properties, the leading UAE-based international property developer, announced the completion of excavation work for iconic Hydra Corporate Towers located at Al Reem Island in Abu Dhabi.

Reaffirming his commitment to remain as a real estate trendsetter, Dr. Sulaiman Al Fahim, Chief Executive Officer, Hydra Properties, said:

“Hydra Corporate Towers will bring hitherto unheard of class and elegance to business towers in Abu Dhabi. This project is especially meant for decision makers and the spaces are planned in such a way that ideas and strategies will flourish in a conducive atmosphere for innovative thinking. I’m confident that the Hydra Corporate Towers will inspire a new business ethos in Abu Dhabi and contribute in ample measure towards the growth of the nation.”

Giving a micro view of the project, Eng. Jonathan Ing, Project Manager, Hydra Properties, said:

“Hydra Properties has made much headway in the initial phase of the project and is going ahead of schedule to complete the towers. Excavation has been completed in a smooth manner and now men and materials are ready for the next stage.”

The project is expected to be completed by September 2011, and is executed by Tafseer Contracting Company while National Engineering Bureau acts as the engineering consultancy.

Corporate Towers include two office towers and offer scintillating views of Arabian Gulf and easy access to the centre of Abu Dhabi.

The interior is designed to make optimum use of space and light and every detail has been carefully planned and worked out, from its high-speed elevators and multi level car parks, to its world-class leisure facilities.

The tower will also have a number of serviced apartments where the finest values in design and technology meet to provide an unmatched ambience. The apartments, to be managed by a leading luxury hotel group, are available for outright sale.

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.

Al Rashed launches Dhs3.6bn Springfield Residences and Highfield Commercial Towers

Al Rashed Real Estate today launched Dhs3.6bn freehold commercial and residential towers in the Northern Emirates, Ajman, and joined hands with ACI’s marketing expertise, to strengthen its hi-end real estate solutions.

Springfield Residences and Highfield Commercial Towers - comprising four towers each - are located in Humaid City in Ajman, a self-contained development featuring a mix of residential and commercial complexes.

Taking advantage of their strategic location on Emirates Road, the towers will be surrounded by lakes and green parks, as well as shopping facilities.

Each residential tower will offer 25 floors to its residents, while each commercial tower will boast 45 floors - with a total built up area of more than half a billion square feet.

Commenting on the partnership, Mr Ahmed Al Kaabi, Chairman and Founder of Al Rashed Real Estate said,

‘We share ACI’s rare spirit of excellence, and we are both humbled and honoured by the local and international marketing partners ACI has been able to attract. We strongly believe that our association will epitomize uncommonly high standards in every sense of the word.’

Speaking on the alliance with Al Rashed Real Estate Mr. Robin Lohmann, Managing Director of ACI Real Estate said,

‘At ACI we are very selective about our ventures and each must display uncommon synergy and culminate in purposeful, sustained yields. We are honoured to market the project for Al Rashed Real Estate, who strives to set high standard of quality, creating innovative concepts and added value for customers.’

With focus on meticulous attention to detail and majestic opulence, all towers will offer a plethora of high-tech facilities in an environ that affords plenty of natural light and stunning views.

The commercial towers will offer ultra-modern office spaces and will feature a floor-to-ceiling glass atrium lobby.

Springfield Residences will encompass studios, one and two bedroom apartments. In addition, the residential towers will feature a tranquility zone for the residents, where they can indulge in one of several state-of-the-art features of the recreational center - such as the Jacuzzi, roof top swimming pool, gymnasium and sauna.

Mr. Robin Lohmann, Managing Director, ACI Real Estate further added,

‘We are honoured to be associated with Al Rashed Real Estate on this prestigious venture. Our initiatives in Ajman will be aimed at providing competent marketing solutions to the company and fuel it towards the path of success.’

The development is slated for completion by 2012.

The properties are developed by Al Rashed Real Estate, and marketed by ACI Real Estate - the name behind some of the region’s most sought after projects including the Sports Legend Trilogy.

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

Dubai to stand tall with 3,000 towers

Roughly 3,000 towers (both mid- and high-rise) are in various stages of planning, design, development and construction in Dubai between now and 2025.

Dubai World Central (DWC) could have about 1,100 apartment towers in its residential cluster and 850 in the commercial zone. These are in addition to the nearly 200 towers under development in Dubai Marina and Jumeirah Lake Towers. A few hundred each will be built in Dubai Waterfront, Jumeirah Village South and Dubailand.

This is a staggering development considering Dubai’s relatively small land area of 4,114 square kilometres and a population of just over 1.4 million. In comparison, there are around 5,500 high-rise towers in New York City, according to Matthew Green, research manager at Cluttons UAE.

With inflation at a high and many countries struggling against an economic downturn, Dubai is flying high and booming as strongly as ever. While Dubai continues to grow and new buildings are launched almost daily, this rapid development is hurting the environment since the real estate industry has failed to develop open spaces such as public parks.

Eamon Alashkar, head of capital investment at Colliers Middle East, said that although Dubai is developing at a rapid rate, more public spaces should have been created in the planning stages.

“Most developments we’ve seen to date have built a bare minimum of active public space which is insufficient for the density of residents and built-up area alongside it,” Alashkar said.

Matthew Green agrees.

“The outcome here will depend greatly on the government, including how it restricts development in certain locations and the development of green areas,” Green said.

However, in the rush to build and reap the rewards, some developers have neglected to plan open grass areas and parks, as found in other major cities, such as London and New York.

“Dubai’s future built environment appears to be largely subject to the objectives of profit-driven real estate developers,” Alashkar said.

Although open spaces are cleverly advertised in some developments to attract investors, the final picture is somewhat different.

Sadly, while a well-placed photograph of a park or open area in a brochure will cause the money to roll in, it seems in reality, no profit can be made out of a patch of grass.

Gulfnews

JCA Real Estate unveils AED 252 million Emerald Tower

JCA Real Estate today unveiled Emerald Tower, a 100% freehold residential tower to be built in the Emirate of Ajman, UAE. To be built at an estimated cost of AED 252 million, the Emerald Tower will be situated in the newest development area of Emirates City, located on Emirates Road, Ajman.

The Emerald Tower is a 50-storey residential tower equipped with full amenities like health club, swimming pool, advanced CCTV and safety systems, prayer room, 8 high-speed elevators along with covered car parking for each unit.

JCA Real Estate, an associate company of Jitendra Group of Companies, said that Emerald Tower will boast of an earthquake resistant structured design and entire tower will have quality architectural designs crafted by none other than Adnan Saffarini Engineering Consultant.

JCA Real Estate also announced that it has been appointed as the exclusive sales and marketing agents for the Emerald Tower by its developer BSEL Infrastructure Realty FZE. Under the agreement, JCA Real Estate will have the exclusive rights to market, advertise and sell Emerald Tower anywhere in the world.

Speaking at a press conference, Jitendra Gianchandani, Chairman, JCA Real Estate & Founder, Jitendra Chartered Accountants, said: “We are glad to offer investors and buyers an excellent property in Ajman which will not only offer a good life style but also good returns. For the first time in the history of Ajman real estate, we are offering guaranteed 11% returns to investors. This is a manifestation of our belief that the Emirate of Ajman will continue to grow in the future.”

R. Lewis, Chief Executive Officer, JCA Real Estate said: “The launch of Emerald Tower heralds a new chapter for our company. Till now we have brokered many real estate deals, and now we are ready to take-off in a big way. We will be doing international road shows to promote Emerald Tower. With booking amount as low as AED 10,000, buy back guarantee by the developer and UAE residence Visa -Subject to immigration laws or approval-, we are confident of attracting local as well as foreign investors.”

Christina Cabading, President, BSEL, said:

“Emerald is our fifth tower on the market, the earlier four being Pearl, Fayrooz, Kahraman & Almas. For the first time we have entered into an exclusive sales and marketing tie-up and we are already seeing the benefits of it. We find JCA Real Estate as our partner of choice with a very young and dynamic team burning their midnight oils to achieve results. With the recent landmark real estate law and the $ 2 billion 1000 MW power plant announcement, Ajman is fast emerging as the Emirate of choice.”

Investors and buyers can opt between 1 Bed and 1 Bed plus study room apartments, ranging from 730 sq. ft to 1070 sq.ft. The prices range from AED 346,750 to AED 508,250.

Adfactors PR

Peace Tower unveiled

Ras Al Khaimah-based Peace Builders and Developers on Saturday announced here its maiden project - Peace Tower - in Ajman to be built at a cost of Dh60 million.

The freehold residential project will be built in Ajman’s Marmooka City, located 35 kilometres from the Dubai International Airport, Peace Builders’ managing director Nasir Mahmoud told a news conference. He said the company purchased 125,000 square feet of land for Dh10 million for the development.

“The introductory price, valid until August 31, is Dh475 per square foot. It’s lower than the prevailing market price in Ajman, which is about Dh500 per square foot,” Mahmoud said.

He said in all, there will be 154 apartments on the proposed 14 floors. In addition, there will be a five-level parking with facilities including a business centre, swimming pool, health club and library.

The buyer will have the option to buy studios, one- and two-bedroom apartments. The size of the apartments ranges from 552 square feet to 1,140 square feet of carpet area, Mahmoud said.

Peace Tower is scheduled for completion in November 2011, Mahmoud said. “The drawings for the project are likely to be approved by authorities by the end of August this year,” he said.

Gulfnews

Ivory Tower-contracts cancelled

Hundreds of investors in the long-delayed Ivory Tower residential project in Dubai have been told by the developer, Sokook Investment Group, that their contracts will be cancelled and 20 per cent of the sales price kept.

Investors were told the move was made because they were in arrears in instalment payments, despite Sokook allegedly informing them a year ago that no further payment was due until construction began, according to The National.

“Since you were not able to pay within the due date and we did remind you of your payment schedule, please accept our apology that your contract has been cancelled automatically,” Sokook said to investors in a letter.

It added that Sokook would retain 20 per cent of the sales price as a cancellation fee.

Earlier this month, Sokook pledged to the Dubai Real Estate Regulatory Authority (Rera) that construction would begin on Nov 1 after a dispute over a bank guarantee with Tecom – the master developer of the International Media Production Zone, where Ivory Tower is to be located – was resolved.

Rera sent a statement to investors confirming that the issue had been resolved and that construction was likely to begin, albeit three years after the project was launched.

The latest move has provoked more fury among those investors who bought units off-plan.

“Sokook has said that the reason for cancelling our contracts was due to not receiving instalment payments from us on time, even though we were told in writing from Sokook [about a year ago] that our next payment instalment was put on hold until construction began,” an investor from the UK told the newspaper.

In the past week, several investors have allegedly threatened legal action against the Saudi Arabian company.
About 770 investors are believed to have bought property in Ivory Tower, 100 of whom were from the UK.

ArabianBusiness

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