Al Madar launches Suhail Tower
November 26, 2008 by UAERush · 2 Comments
Al Madar Investments, a leading property developer in the GCC and part of the Al Madar Group, has today (day, date, 2008) announced the launch of the Suhail Tower, an AED 1.4 billion residential project located in the Madinat Al Arab area of the Dubai Waterfront.
On completion in late 2011, the 47 -storey tower will encompass studio, one, two and three bedroom apartments with luxury Penthouses occupying the top 3 floors; and boasts a top-end home automation system, as well as several swimming pools, a gymnasium, a badminton court, and concierge services alongside the coffee shop and retail units on the ground floor
“The location of the Suhail Tower is a key selling point,” explained Keith Pepperdine, Director of Sales and Marketing, Al Madar Investments, during the launch of the project. “With priceless views over the Arabian Gulf from all levels and with the open parkland and canal running along the back of the project, it has a very tranquil ambience combined with close proximity to key destinations in Dubai.”
“Of course, the huge value of the tower - at AED 1.4 billion - also gives some indication of the superior quality of the design, interiors, finishing and facilities that investors and residents can expect,” he added.
Madinat Al Arab is one of the ten areas of the Dubai Waterfront, and is being developed by an international consortium of architects, planners and urban developers. The area, expected to become Dubai’s new downtown and central business district, will feature resorts, as well as residential, retail and commercial spaces linked by an integrated transport system.
Suhail Tower is the latest addition to Al Madar’s extensive Dubai property portfolio, which also includes Coopet, a mixed-use building located at a prime location in Arjan, Dubailand; Siraj Tower, also located in Arjan, Dubailand; Bellagio Tower, an office building in Liwan, Dubailand; and Scala Tower a residential tower in the heart of Business Bay which is already well advanced with construction.
Al Madar Property Investments is a division of Al Madar Group, a Qatari company founded in 1992 and specialised in the design and construction of civil and industrial projects as well as infrastructure and marine development works.
Royal Bay project in Dubai Waterfront
November 3, 2008 by UAERush · Leave a Comment
Developer VIP Waterfront on Sunday launched its Dh1.8 billion Royal Bay project in the Dubai Waterfront, complete with two helipads to assist access.
The total built-up area of the Royal Bay development is a little over 1.2 million square feet.
The project consists of a residential tower with 158 apartments and one penthouse. The commercial tower has 107 offices.
The two towers are connected at one level with a floor housing a gym and spa.
Also in the development are 12 villas and 2 palaces and a three-storey, 400,000 square foot shopping mall.
Royal Bay will have two helipads to ease transportation in the area.
“We believe that heli-transportation will be developing in this country. Royal Bay is not far from the largest international airport [Dubai World Central] so it is very convenient as car traffic is also restricted in Waterfront,”
Slava Garin, chief executive officer of VIP Waterfront, told Gulf News.
When asked about availability of liquidity for such projects, Garin said it was not a real issue.
“The crisis in this country is 70 per cent psychological rather than financial. People prefer to wait rather than invest. We prefer to act and move forward. This is the best time to invest for long-term investors,” Garin said.
Prices for apartments are starting at Dh2,300 per square foot and Dh2,700 per square foot for villas.
While VIP Waterfront are not targeting a particular nationality, Garin said investors from eastern Europe are “investing very well”.
In line with this, Royal Bay will be showcased at the International Property Show being held in Moscow next week.
Gallery
Sheffield announces Dh3.5b projects on Dubai Waterfront
October 21, 2008 by UAERush · Leave a Comment
Sheffield Real Estate FZC, developers of the skyscraper Marina 101, said it will build three projects on the Dubai Waterfront at a cumulative investment value of Dh3.5 billion.
Abu Ali Malek Shroff, chairman of Sheffield Real Estate, said: “Over the years, we have carved a niche for ourselves as a real estate developer focussed on master communities that have added value to Dubai’s stature as world’s best destination for freehold real estate investments. We believe that Dubai Waterfront is another exclusive opportunity from Nakheel with huge potential for maximising returns from investments.”
The Dubai Waterfront properties join Sheffield’s developments in its portfolio with residential projects in Dubai Marina, International City, commercial development in Jumeirah Lake Towers (JLT) and a shopping mall in Mizin.
Portfolio
The flagship project of the company is the Dh1.7 billion Marina 101, one of the tallest towers in Dubai. Sheffield pioneered the moneyback concept with Marina 101 wherein investors after possession would gain 75 per cent returns from the management of the property.
Marina 101 will be spread across 1.65 million square feet and the hotel component will be operated by a renowned hotel operator. On the Waterfront entry, Shroff said Sheffield has received concept approval to finalise three residential developments within the Dubai Waterfront, cumulatively spanning over three million square feet in prime location within the development.
“We will be launching all three projects simultaneously. Together with the Dubai Waterfront properties, our investment value in Dubai’s freehold real estate sector will now touch approximately Dh9 billion,”
he said.
Works on all its projects, including Marina 101, the shopping mall in Mizin & the Corporate Tower in JLT are progressing in line with the committed schedules.
NOBLES Properties establishes strategic partnership and develops projects valued at AED 8 billion
October 20, 2008 by UAERush · Leave a Comment
NOBLES Properties revealed further details relating to its two forthcoming high-end luxury residential apartment complexes, with an estimated total value of AED 8 billion, located in the Dubai Waterfront and Burj Dubai areas.
NOBLES Properties has signed a strategic agreement with Rasmala, appointing the leading regional investment banking firm as issue manager and placement agent for 25 percent of the Waterfront and Burj Downtown Development Company.
NOBLES Properties will retain the other 75 percent. Mr. Omar Ayesh signed the agreement on behalf of NOBLES Properties, and the Deputy CEO of Rasmala, Mr. Tamer Bazzari, signed on behalf of the investment banking firm.
Speaking of the new company, Mr. Ayesh said,
“The Waterfront and Burj Downtown Development Company represents an excellent investment opportunity in two of the emirate’s most attractive locations – the Dubai Waterfront and Burj Dubai – both being well-situated along the planned Metro routes serving distinct commercial locations. We are confident that the partnership with Rasmala will ensure that the company will be well-structured and enable strategic co-investors to participate with NOBLES Properties in this very interesting venture. Once completed, we expect the two projects to offer high occupancy rates. We also anticipate attractive investment returns to our strategic co-investors.”
“We at Rasmala believe that the attractiveness of these two developments and the track record and experience of the Nobles Properties management team combine to present an excellent equity investment opportunity, and we look forward to being involved in the placement process for the Waterfront and Burj Downtown Development Company,” said Mr. Bazzari.
“Given the unique portfolio of projects Nobles has in the pipeline in key regional growth markets, we believe that Nobles can make a strong argument for a strategy that will succeed despite the current Global and Regional economic environment.” he added.
The establishment of the Waterfront and Burj Downtown Development Company in Dubai represents an important addition to the activities of Nobles Properties after its recent investments in two master planned communities in Libya and Yemen which have received significant interests from investors.
Arabian Business/Press release
Nobles to unveil Dh10bn ventures
Nobles Properties, the Dh4 billion real estate investment company launched by former Tameer Holding chief executive Omar Ayesh, will soon announce projects worth Dh10 billion in various parts of the Middle East, a top official said.
“We will launch three inter-connected towers with a built-up area of 2.3 million square feet on Dubai Waterfront, worth Dh7 billion in November,”
Omar Ayesh, chairman of Nobles Investments, told Gulf News in an interview.
The project will have residential, commercial and retail facilities as well as a luxury hotel.
The company, which will formally launch these projects in November, will also launch a Dh2 billion project in Burj Dubai.
Nobles has also identified three projects in Libya - a country which is coming out of economic and political isolation.
The company has already announced a Dh1.8 billion project involving three towers to be built in Tripoli, the country’s capital.
It has signed an agreement with Oya Tourism Investment and Development, a subsidiary of Libya’s Economic and Social Development Fund (ESDF), to develop Tripoli Towers, the company announced recently.
The project will be developed on a 275,000 square feet waterfront plot in the heart of Tripoli, with a total built-up area of 3.5 million square feet.
The new mixed-use project comprises two 40-storey towers, equipped with state-of-the-art facilities and various integrated services.
The first tower will boast a 5-star hotel facility, fitted with modern leisure and business amenities, high-end serviced apartments and a shopping centre.
The second tower will hold office space, providing a work environment designed to offer comfort, convenience and style of the highest standards.
“Our projects in Libya involves two master planned communities that could spread across 36 million square feet,” Ayesh said.
“These are among many projects in some of the region’s virgin markets.”
Nobles is in the process of creating its own verticals - investment, development, property management and property sales and marketing divisions - each of which will become profit centres within the framework of a holding company - solely owned by Ayesh.
“We have major plans to become the number one developer in the region,” Ayesh said. “We look for the opportunities at the right price and we have a long-term commitment to the region.”
On the current UAE market situation, Ayesh expressed his optimism.
“The market has been affected as foreign institutional investors have withdrawn billions of dollars from the local market to make up for losses elsewhere, which created a temporary correction,” he said.
ETA Star to launch Dh2bn Starliving
September 28, 2008 by UAERush · Leave a Comment
ETA Star will showcase two of its latest projects at Cityscape 2008. According to a Press statement, the UAE property developer will launch STARLIVING, its first-ever residential club living development project at Cityscape 2008.
It will also showcase Oman project, a mixed use premium development in the luxurious township located in Qurum in partnership with Oman Holdings International Group (OHI), at the event.
The Dh2 billion project, STARLIVING, is located in the heart of Waterfront, Dubai, with a serene view of the ocean.
The project will be recognised for its tranquil and luxurious resort environment and ultimate in club living experience with approximately 60,000 square feet for common amenities area, the property developer claimed.
Abid Junaid, Executive Director, ETA Star, said, “STARLIVING will truly reflect the ultimate in club living and offer a unique experience that will truly elicit a state of overall well-being to its residents. We are sure that the residents will be spoilt for choice.
“The STARLIVING project will set a standard in the luxury apartment space and we are sure that Star Living will be a sort out residential address to have.”
ETA Star recently announced its partnership with OHI to launch this first-class venture in Oman.
The Dh4.5 billion worth project will be a multi-purpose development with residential apartments, offices and retail spaces, blending luxurious living with high levels of convenience. The proposed launch of the project is end October.
“The property market in the GCC is growing at breakneck speed and Oman is fast catching up with this upswing. We believe it is an opportune time for us to enter Oman and this joint venture with the OHI Group is part of our vision of building confidence, trust and credibility in all our projects in the real estate market place,” Abid Junaid said.
“We are confident that this project will not only be a landmark in Oman but will also reinforce Oman’s potential of becoming a significant international destination,” he said.
Arabtec lands contract for $653m project
September 28, 2008 by UAERush · Leave a Comment
Dubai’s Arabtec Holding said on Sunday it has received a letter of intent from the Sunland Group to build a project worth 2.4 billion dirhams ($653.4 million) in Dubai.
The project, which includes residential towers at Nakheel’s Dubai Waterfront development at Jebel Ali, is expected to be completed by the end of 2013, Arabtec said.
Arabtec is the United Arab Emirates’ largest construction company by market value. More info will be posted as soon as it’s made available.
Cirrus reveals The Vantage at Waterfront
September 24, 2008 by UAERush · Leave a Comment
Cirrus Developments LLC, one of the fastest growing developers in the region, has launched a landmark tower, The Vantage, to great acclaim. Investor response to this new building has been emphatic.
The Vantage is located on a prestigious plot in Waterfront which has been deemed ‘iconic’ by the master developer, Nakheel.
Over 1000 people attended a private pre-launch presentation and Iftar event hosted at the Jumeirah Beach Hotel on Tuesday evening where the stunning new property was revealed to an expectant audience. The Vantage will be launched at Cityscape and public sales will begin on 6th October 2008.
The Vantage is a residential 50 storey building that will offer a range of apartments plus townhouses in addition to a boutique retail boulevard and a selection of famous restaurants which will be located at its base. Designed by renowned international architects, the Dhs2bn project will be 185 metres in height on completion.
Commenting on the launch of The Vantage, Behnam Eshragh, Chairman and CEO of Cirrus Developments, says:
“Catering to the affluent sector of the market, The Vantage will be a stunning tower and a must-have address in the sought after Madinat Al Arab district of Waterfront. Ideally placed, it offers both beachside and parkside living, clever technology, environmental credentials and the best in retail and top end dining.”
Across from The Vantage is Boulevard Park - Waterfront’s answer to Central Park - which will form the centrepiece for family recreation. This high end building is likely to become one of the most sought after addresses in Waterfront. As well as stylish and luxurious fittings, apartments will come with smart home technology for lighting, entertainment and security.
It will be built with environmental considerations in mind and the building will aim to achieve LEED (Leadership in Environmental Design Green Building Rating System) Gold accreditation. In addition, solar panels on the roof are planned to produce enough power for all the common areas of the tower.
The Vantage follows in the footsteps of the highly successful Cirrus development, Aquarius Gate, which sold out at launch earlier this year. Aquarius Gate comprises of two towers - one residential and one commercial - and is also located in Madinat Al Arab. Located on the western shores of Dubai, Nakheel’s Waterfront will transform 1.4 billion square feet of empty desert and sea into an international community for an estimated population of 1.5 million people that is twice the size of Hong Kong Island. Waterfront is being developed on the last 15km of natural coastline in Dubai and will provide more than 70km of coastline in total, including the development of 23% of the Arabian Canal.
First Dubai prepares to execute large development plan
September 24, 2008 by UAERush · Leave a Comment
First Dubai Real Estate Development Company, a subsidiary owned by Al Mazaya Holding, has successfully increased its capital assets from KD 22 million to KD 94 million in a two weeks period, thus enabling the company to proceed with its plan to take over First Waterfront Company.
First Dubai intends to raise its capital even further, to KD 100 million, within the first week of October.
Speaking on the subject, Vice Chairman, Khalid Esbaitah, said, “First Dubai is a successful example for one of Al Mazaya Holding’s investments. The company has achieved remarkable results in record time, including the execution of one of two of Dubai’s landmark projects – the Sky Gardens at Dubai International Financial Center; which was sold at a profit of KD 70 million, and the Marina Project located at Shams Abu Dhabi on Al Reem Island, in addition to an investment portfolio that includes such projects as The Villa, Queue Point at Al Liwan, and Dubai Residential Complex“
“First Dubai has increased its capital assets in order to expand its base of operation, including the taking over of the Waterfront Company. This move is an inevitable product of the Al Mazaya Holding’s awareness and understanding of the UAE market and its utilization in full of all available opportunities. The objective in taking over the Waterfront Company is to combining human and financial resources in order to ensure flawless execution of this project adding to the momentum of Al Mazaya Holdings and its various subsidiaries’ successes in the market thus far,” Esbaitah added.
“Al Mazaya has earned a good reputation among its investors, who have contributed eagerly to the increase of our capital assets, which was done in record time.”
Esbaitah said that First Dubai Company’s profits for the current year are expected to be exceptional as a result of the firm’s rapid and efficient fulfillment of its operational obligations.
He went on to say that this trend would more than likely continue over the next five years, as the execution of key projects such as the Waterfront and Shams Abu Dhabi developments offer investors a risk-free investment opportunity, which is expected to yield a 30% return.
About Al Mazaya
Al Mazaya Real Estate Development Co., listed on the Kuwait Stock Exchange and Dubai Financial Market, created a distinctive place for itself in the economic sector through the implementation of several major and vital projects across the region.
The company provides comprehensive real estate services and products across various fields, including housing projects that include high class and deluxe villas, vertical flats and accommodation buildings, office buildings and the purchase and apportionment of large spaces in selected areas.
The company’s record includes a number of outstanding projects. In Kuwait this consists of, (but not exclusively): Al Maha Villas, Al Mazaya Show Room (7 Zones), Al Roya, The View Point, Global Tower, and Kuwait Business Town. In Dubai their projects includes (but not exclusively): The Villa, Dubai Healthcare City, The Icon (1&2), Sky Gardens, Al Mazaya Business Avenue and Queue Point at Al Liwan, in addition to several other projects in Lebanon and Jordan.
Al Mazaya Holding has conducted several feasibility studies for strategic investment in number of property markets and has investments in others such as KSA, Bahrain, Oman and Qatar, with the aim of achieving high returns.
Limitless launches US$350 Million World Island Resort
September 22, 2008 by UAERush · Leave a Comment
Limitless is to create, own and operate a US$350 million, 10.5 hectare ultra luxury resort on a manmade island 14km from the Dubai coastline, the company announced today (Monday).
World Island Resort - on the north-east perimeter of The World development - is the tenth project for Limitless and the latest addition to its growing global portfolio, currently worth more than US$100 billion. It will be showcased at Cityscape Dubai next month.
World Island Resort will comprise 53 villas and water homes. Among them, 23 privately-owned villas, ranging from 650 to 820 square metres, offered for sale by invitation. Each will have a beachfront location or sea frontage with a private jetty, summerhouse and mooring facilities, and will come with its own spa treatment room, swimming pool, rooftop garden with outdoor kitchen, landscaped ground level garden overlooking the sea and internal elevator. The villas will be serviced by the hotel and can be leased back to the hotel when they are not being used by their owners.
The hotel - the first of several luxury hotels planned by Limitless - will focus on health, wellness, relaxation, world-class cuisine and the arts. It will feature a 2,000 square metre spa; an amenity building including specialty restaurants, art galleries, auction rooms, conference facilities and libraries; and luxurious accommodation in 30 villas or water homes. At its heart will be a calming lagoon with water features and a social clubhouse. There will also be a reception suite on the Dubai mainland: residents will reach the island by a private boat.
Like all Limitless developments, World Island Resort is designed on a human scale, and will be constructed in line with international sustainability and environmental standards.
Saeed Ahmed Saeed, CEO of Limitless, said: “In delivering World Island Resort we will draw on our expertise in waterfront development and the creation of distinctive projects that enhance and enrich people’s lives.
“World Island Resort will set a new global benchmark in the design and operation of luxury resorts. It is the flagship for Limitless’ waterfront hospitality developments and the launch pad for a range of high-end hotels we are planning in other waterfront and city locations.”
Construction will begin towards the end of 2008, with completion in around two years.
World Island Resort can be seen at the Limitless stand (ZJ20) at Cityscape Dubai 2008. Limitless will also display nine other projects: Arabian Canal and Downtown Jebel Ali (UAE); Sanaya Amman (Jordan); Al Wasl (Saudi Arabia); Khimki Region (Russia); Bidadi (India); Puteri Harbour and Malaysia International Halal Park (Malaysia) and Halong Star (Vietnam).
