Latest News
Saturday, February 03 - 2007
The Palm trunk masterplan
Nakheel has revealed a redesigned masterplan for the trunk of the Palm Jumeirah. It now features a landscaped park, to "achieve a better balance" and provide more community space. The trunk will also be created as one continuous destination, not split up into separate developments.
Park Lane work starts
Park Lane Tower at Business Bay in Dubai works have started. All properties have been sold. The 29-storey building is due for handover late 2008. Carlos Ott is the architect.
Burj Dubai delay
Work on the $900m Burj Dubai tower is behind schedule after cladding contractor, Switzerland-based Schmidlin, went bankrupt last year, Gulf News reported. An Emaar official said work was 'a couple of months' behind schedule. A new cladding contractor has been hired. The building is scheduled for delivery in Q4 2008.
Brokerage law comes into effect
The Dubai government has issued a new law, which it announced last week, banning uncertified brokers from registering transactions with the Land Department. The law takes effect from 4 February 2007. The Land department has previously said the new regulatory regime for real estate brokers could cut the number of individual property agents in the emirate by up to 50%.
$54.5m One Business Bay contract
A $54.5m construction contract for One Business Bay tower has been awarded to to Emirates Belbadi Contracting. The 30-storey project at Dubais Business Bay was sold out within weeks of launch in February 2006, the company said. Germany-based Kling Consult is the architect. Construction is due to be completed in Q2 2008.
Garcia joins Wind design team
Spanish golfer Sergio Garcia, former world number one Greg Norman and golf course architect Pete Dye will together design the fourth golf course at the Jumeirah Golf Estates residential development in Dubai. Istithmar Leisure is the client. The Wind course will be created as traditional links-style course. Norman is also designing the Fire and Earth courses, while majors champion Vijay Singh is designing the Water course.
Reem builds Najmat marinas
Reem Developers is to build three marinas at its Najmat Abu Dhabi project. The developer is currently evaluating bids submitted by contractors for marine works, including the construction of the marinas, which will be known as the Bay Centre Marina, the Residential Marina and the Resort Marina. The tender for marine works, which was opened earlier this month, also covers the construction of pontoons, canals, reclamation works and rock revetment.
75% of La Residence
75% of La Residence at the Lotus, in Dubais Business Bay sold in less than two months since it was launched. The 58 storey tower will contain one, two and three bedroom apartments.
Gardens residents seek answers
Around 200 residents at The Gardens in Dubai held a get-together on Friday as they sought to find out from developer and manager Nakheel whether 12 residential buildings will be demolished, reported Gulf News. The residents had previously been informed that their contracts could only be extended until June as the blocks were located on the route of a proposed Roads and Transport Authority project but the RTA has subsequently denied this.
Ajman eyes $15bn projects
The emirate of Ajman has said $7bn worth of real estate projects have been released since 2004 and four new projects are in the pipeline. A statement released by the emirate reveals two of the upcoming projects will cost a combined total of $15bn. Al Azoura, a 50% dual partnership between the Ajman government and Lebanons Solidere and which was revealed last week, will cost $13bn, while Ajman Marina will cost $2bn.
