Latest News
Saturday, April 28 - 2007
L&T wins $49m Nakheel deal
Indias Larsen & Toubro has won a $49m building contract with Nakheel. The scope of the work includes the construction of 31 villas and associated infrastructure at the Jumeirah Islands development. It is L&Ts third contract with the Dubai developer.
Sorouh awards $61m Shams contract
Abu Dhabi-based Sorouh Real Estate has awarded a $60.7m construction contract to Turkeys Nurol Construction and Trading Company for its Shams Abu Dhabi project. The contract calls for the construction of 13 bridges that will span four artificial canals. The bridges will form part of a loop road bridging the projects canals and waterways.
UEC $81.7m Palace Towers deal
United Engineer Contracting has won an $81.7m construction contract for Palace Towers in Dubai Silicon Oasis. The twin tower development comprises residential and commercial buildings with 424 residential units, 150 offices and 16 shops in a built up area of 1.19m sq ft.
Aqua Dunya design teams in place
Local developer Aqua Dunya has appointed design and engineering teams for various components of its $1.8bn Aqua Dunya Resort and Residences in Dubailand. Turner and Townsend International will head the project; Aedas (Middle East) will design phase one of the residential community, including 1,000 apartments and townhouses; Canadas Forrec will design a theme park and port district; and Wilbur Smith Associates will design infrastructure and utility components.
Emaar to build 'new Bali'
Emaar plans to build a major residential and resort on the Indonesian island of Lombok, the Financial Times reported. The project is a joint venture with the Indonesian government. A deal is expected to be signed next month. Chairman Mohammad Alabbar said Emaar would than concentrate on expanding in markets it had already entered, with the US a priority.
Atlantis takes giant step
Construction of the Atlantis on Palm Jumeirah is moving ahead, with two 75-tonne steel trusses for the Bridge Suite now in place. The 1,539-room, 4.9m sqft resort is a $1.5bn joint venture of Kerzner International and Dubai state-owned Istithmar. It is due to open in November 2008.
Dubai office rents to fall
Real estate consultants Colliers International believes Dubai's office tenants will see a decrease in rents and a greater number of location choices as high rates of commercial construction activity gradually come online. The city has more than 27m sqft of confirmed activity currently under construction. Ian Albert, the Regional Director of Colliers International, said this influx of space will reverse the current supply-demand dynamics.
23 Marina taking shape
Hircon International has completed the raft for the 90 storey 23 Marina tower. The sub-structure, including excavation, piling works and the diaphragm wall, has been completed and the main structure works are now fully underway. Dubai Civil Engineering, the main contractors, started work on the main structure for the tower after obtaining the building permit from Dubai Municipality last December.
ESG in White Bay launch
The Emirates Sunland Group has revealed that Stage 2b properties at the $3bn White Bay project, located in Umm Al Quwain, have been released for sale. This phase of the project sees waterfront and garden villas worth $41.9m being made available. Since White Bay's launch in December, the waterfront precinct of Stage 1 has sold out, while the majority of the Island Villas in Stage 5 have also been acquired.
Tameer, Al Arrab deal
Tameer Holding has agreed a contract worth $57.5m with Al Arrab General Contracting for the construction of the Regal Tower 1 in Dubais Business Bay. The deal will see Al Arrab build a 32 storey commercial tower, with a total area of more than 784,000 sqft. When complete, the development will contain 258 freehold offices.
DIFC launches Lighthouse
The Dubai International Financial Centre has launched the DIFC Lighthouse Tower, a 400 metre office tower that will be constructed in the heart of the DIFC district, adjacent to the Gate building. The gross floor area of the project will be 900,000 sqft. The tower will include provision for various renewable energy applications, as well as reduced carbon emissions and other energy saving techniques.
Rosewood for Golf Estates
Rosewood by Greg Norman, which is to be located at the Jumeirah Golf Estates, has been launched. The community will consist of 66 homes, each having between 10,000-12,000 sqft of living space and with views of Greg Norman's Fire golf course. Owners will be able to choose between five different interior designs and the first 30 homes will come with a limited edition Range Rover Sport.
Tameer close to Senegal deal
Real estate development firm Tameer Holding has held talks with the President of Senegal, Abdoulaye Wade, regarding a possible project in the African country. The venture would be a mixed use development covering 250 square kilometres and accommodating 1.5m people. The city would be the new administrative and financial capital and would house the presidential palace, governmental and municipal buildings, as well as residential and office developments and shopping centres.
