Latest News
Saturday, March 03 - 2007
Al Habtoor wins Skycourts contract
National Bonds Corporation has appointed Al Habtoor Engineering as the main contractor for its $410m Skycourts residential project in Dubai. Skycourts is made up of six towers carrying 2,300 apartments, which are all sold and due for delivery in H1 2009. It is located in the Dubailand Residential Complex.
Al Raha show homes open
Aldar Properties has built show homes for its Al Raha Gardens residential development in Abu Dhabi for UAE nationals. There is a mix of three, four and five bedroom villas, with all 1,384 units sold. Serendipity and AR + D are the architects.
Palm secondary market develops
While only 35-40% of construction is finished on the Palm Jumeirah, a secondary market for units is gaining momentum, Gulf News reported. Nakheel officials said phase one villas and apartments have seen dramatic appreciation , with some villas sold off the plan for around $1.25m now going for $3.25m, while sea-facing Shoreline Apartments have increased in value by 120%.
White Bay phase one sold
Emirates Sunland Group says it has sold out the first phase of more than 75 villas at the White Bay project in Umm Al Quwain. White Bay is a $3bn resort-style residential community being built around two man-made islands on the UAE coast. A second phase release of villas and mid-rise apartments will be made soon. ESG is project manager; Al Murjan Real Estate is the developer.
Gensler to design Tameer Towers
Tameer Holding has contracted architectural firm Gensler to design its Tameer Towers project at Shams Abu Dhabi. The deal is worth around $27m. The project comprises residential towers, an office tower, a hotel and serviced apartments, and restaurants and cafes. Shams Abu Dhabi is being developed on Reem Island.
The Binary breaks ground
Work has started on The Binary, a $150m commercial tower by Omniyat Properties at Business Bay in Dubai. The local AL Habtoor STFA Soil Group will carry out enabling work, which is scheduled for completion by Q3 2007. The Binary is two freehold commercial towers of 21 and 25 levels. The project is due to be ready by Q1 2009.
$626m Sky Tower contract
Abu Dhabi-based Sourouh Real Estate has awarded a $626m contract to Arabian Contracting Company to build its Sky Tower project, Gulf News reported. The project is part of the Gate District at Sourouh s Shams Abu Dhabi development on Reem Island. A contract to build the road network for Shams will be awarded in May, an official told the daily.
Ritaj contract awarded
Dubai Investments Real Estate Company has awarded a construction and maintenance contract to Robust Contracting Co. Dubai for its residential project called Ritaj at Dubai Investments Park. Under the terms of the agreement, Robust Contracting will carry out mechanical, engineering and plumbing works at towers, car parks and other buildings at the development. Ritaj will have a mix of 2,200 residential units.
Tanmiyat to build Ajman Marina
Saudi-based Tanmiyat Investment Group will build a tourist, residential and commercial project in Ajman called Ajman Marina. The company says the development will be built over 12 acres and will include residential towers, a yacht club, restaurants, hotels and offices. Properties will be sold with freehold title.
Tamweel predicts unit shortfall
UAE-based home finance lender Tamweel claims construction delays could reduce by 18,000 the number of houses delivered to tenants in 2007, Emirates Today reported. The company had expected a handover of 54,000 units this year, with 36,000 now expected to be delivered, according to CEO Adel Abdul Aziz Al Shirawi.
China Harbour wins Reem deal
China Harbour Engineering Company has won a $54.7m contract to build marinas and a canal for the Najmat Abu Dhabi project on Reem Island. Local firm Reem Developers is the client. China Harbour beat 10 pre-qualified bids from local and international companies for the job.
Tamweel CEO for low-cost option
Real Estate developers and mortgage financiers in the Middle East should focus on medium and low-cost developments to ensure a sustained return on investment, according to Adel Al Shirawi, the CEO of home finance firm Tamweel. Al Shirawi said that, given the cyclical nature of GCC economies, medium and low-cost developments and commercial projects would witness less price fluctuations in the longer term than more high-cost developments.
EFT signs with Al Qurq
The Emirates Financial Towers has signed an agreement with the Al Qurq Engineering Consultancy to commence construction work for its venture at the Dubai International Financial Centre. Al Qurq will start work next month and the Emirates Financial Towers should be ready by the end of 2008. The EFT is a twin tower development consisting of 26 floors of office space, retail offices and residential units.
Athena, Shams Abu Dhabi deal
Sorouh Real Estate has awarded a $17.1m contract to Athena, a Greek contractor that specialises in marine-related construction projects. The project involves building a marina and two seawalls at Sorouh s Shams Abu Dhabi development on Reem Island. Construction work should begin this month and will be completed in 300 days.
easyOffice set for Dubai
Sir Stelios Haji-Ioannou, the founder of easyJet, has said he is considering bringing his easyOffice concept to Dubai, reported Gulf News. The initiative offers office space rentals by the room on long or short term arrangements and Haji-Ioannou feels the speed of growth in the city means the idea could prove a success. It is estimated that there is currently less than 1% of free office space available in Dubai.
Better housing for workers
The Dubai Municipality is to crack down on companies that house their workers within their industrial premises and warehouses. The move comes in a bid to provide low-paid workers with living conditions that conform to international standards of health and safety. Companies will have 90 days to conform to the ruling and provide alternative housing or face fines and eventual closure.
DIC completes Labour City
Dubai Industrial City has completed its first Labour City in the Base Metal zone, with a capacity to accommodate 12,500 supervisors and workers. The Labour City, which comprises 14 buildings, is the first of seven that are planned for construction at Dubai Industrial City at a cost of $435.7m. The remaining six cities will be launched this year and in Q1 2008.
AD lottery for residents
Hundreds of Abu Dhabi residents are turning to the Department of Commercial Buildings, or the Sheikh Khalifa Committee, in order to find affordable apartments, reported Gulf News. Inflated rents have meant many middle and low income earners cannot compete in the market and the committee, which manages 55% of the buildings in the city, runs a daily draw in which a small number of units are made available.
Nakheel, $68bn Karachi project
Nakheel is to build a mega real estate development in Karachi which will have a cost of $68bn and will be spread over 60,000 acres, according to a report in the Khaleej Times. The project will be called Sugar Land City and will be situated on the outskirts of the city. Pakistan s President Pervez Musharraf has already given his approval to the project.
Repair scam to evict tenants
Ras Al Khaimah s Rental Disputes Committee is employing a team of engineers to assess properties which landlords claim require urgent maintenance work and the immediate eviction of sitting tenants, reported Gulf News. The committee is keen to make sure landlords are not merely using maintenance work as an excuse to secure new tenants and hike up rents above the 15% cap.
