Latest News
Saturday, May 12 - 2007
Work on La Hoya project starts
Khoie Properties has started construction work on its $150m La Hoya Business Bay Village. The project forms part of the La Hoya Bay development on Marjan Island in Ras Al Khaimah. It will include retail and commercial space over 500,000 sqft. Work is scheduled for completion around mid-2008.
Aldar to build labour city
Aldar Properties will build a labour complex in Al Ain with a capacity for 16,000 workers. The Higher Corporation of Specialised Economic Zones is the client. The complex will have seven residential blocks, a shopping mall, medical clinic, mosque and administration building. The project will cost $136m and will be built in phases up to 2009.
Cement dilemma could hit projects
The UAEs booming real estate sector is under pressure from a sharp rise in cement prices and restricted supplies, Gulf News reported. Cement product manufacturers told the daily that cement prices have shot up by 15%-20% since the start of the year; and demand is outstripping supply. This could lead to some companies not bidding for contracts without being able to guarantee delivery times or future price, the report said.
DSC investment reaches $327m
Dubai Studio City says investment in the first phase has reached $327m. DSC will feature 18 boutique studios, three sound stages, four six-storey office buildings and a 15-storey building, as well as a retail area, warehouse and a workshop. DSC has licenced 40 companies so far, while eight more are under consideration, according to a statement.
$150m ADNEC expansion
Construction work has recently commenced on phase two of the Abu Dhabi National Exhibition Centre. The $150m project is adding five exhibition halls which will double the size of the venue to more than 550,000 sq ft of floor space. There is a multi-purpose hall with seating for 5,000, 15 meeting rooms and two multi story car parks with 8,000 spaces.
Hydra Village in Abu Dhabi
Hydra Properties has launched its Hydra Village project in Abu Dhabi. The gated development comprises a range of town houses, apartments and commercial office space. Facilities include parks and open space, mosques, a hospital and five-star hotel. The developer is promoting the project as being eco-friendly with recycling, water and power conservation measures; and having smart home technology.
Abu Dhabi's grand plan
Abu Dhabi is working on a master urban plan, called Plan Abu Dhabi 2030, to guide the development of the city over the next 23 years, Gulf News reported. The government wants to create a sustainable urban environment where all the citys developments are consistent with a master plan. Details are scheduled for release in the middle of 2007.
Ain Al Emarat villa release
Al Qudra Real Estate has launched sales in the first residential phase of its Ain Al Emarat project in Al Ain. The release comprises 200 villa plots. Ain Al Emarat is being developed as a sustainable community, with facilities including parks, a tourist resort and hotels, golf courses and shopping malls.
Property growth to be 'sustained'
Abu Dhabis real estate market is in for a period of significant and sustained growth, according to Adel Al Shirawi, chief executive of local mortgage lender Tamweel. Al Shirawi pointed to such factors as an increasing population, reformed property laws, high liquidity and strong foreign direct investment. The emirates mortgage market is projected to grow to $817m and retail property sales to $2.45bn by the end of 2007, according to the organisers of Cityscape Abu Dhabi.
Lloyds TSB offers Al Hamra finance
Lloyds TSB Dubai is offering home finance for properties at Al Hamra Village and Royal Breeze projects in Ras Al Khaimah. Al Hamra Real Estate is the developer. Lloyds TSB has offered mortgages on freehold property in Dubai for over two years.
$190m Beach Towers on Reem
Al Badie Trading & Investment has launched $190m Beach Towers on Reem island in Abu Dhabi. The project within the Shams Abu Dhabi development is selling a range of one to four bedroom apartments. Facilities include a swimming pool, fitness centre and 24-hour security system. Properties are scheduled for handover mid-2010.
Masdar 'sustainable' community
Abu Dhabis environment initiative Masdar has unveiled plans for a sustainable energy, science and technology development which is designed to produce zero carbon and waste products. The six sqkm green community project is due to open in late 2009. It will house the Masdar Institute of Science and Technology and offer commercial space, offices and residential units.
Cityscape AD opens today
More than 200 exhibitors from 50 countries are taking part in Cityscape Abu Dhabi which opens today (Tuesday). Conferences examining waterfront developments and property finance are being held during the three-day event. Event organisers estimate around $164bn worth of real estate projects will go up in Abu Dhabi over the next five years.
HOK wins Ajman Marina deal
The Tanmiyat Group has awarded the design contract for its Ajman Marina development project to HOK. The Ajman Marina project was unveiled in February and it will be built along a 12 acre stretch of land near the Ajman Kempinski Hotel. Tanmiyat has already commenced work with HOK to map out the master plan for the marina which will be a mixed use development.
Aldar hooks up with RICS
Abu Dhabis Aldar Properties has signed an agreement with the Royal Institution of Chartered Surveyors. With over 130,000 members across 120 countries, the Royal Institution of Chartered Surveyors, more commonly known as RICS, is a global standards organisation covering land, property, construction and environmental issues. Aldar will work closely with RICS to organise continuing professional development events in Abu Dhabi.
Fire on Palm Jumeirah
At least one person was hospitalised for smoke inhalation and up to three were wounded after fire broke out in an unfinished building in Dubai's Palm Jumeirah on Sunday, according to Reuters and Nakheel. Two multi-storey car parks were gutted and plumes of black smoke were visible for miles around. Firefighters believe an electrical fault is to blame.
TAV in U-Bora Tower pull-out
Turkeys TAV Gulf has rejected a $190m contract it won in March to construct the U-Bora Tower in Dubais Business Bay after a dispute with South Korea's Bando Construction and Engineering, the developer and project manager, reported ArabianBusiness.com. TAV was not happy with certain conditions within the contract and after its request for these to amended was allegedly rejected, the firm decided to pull out.
Nakheel builds labour camp
Nakheel is to build a facility to house around 10,000 construction workers employed on The Palm, The World and Dubai Waterfront, reported ArabianBusiness.com. The labour accommodation is expected to be completed by the end of the year and, according to Nakheels CEO Chris O Donnell, it will be the equivalent of a one or one and a half star motel.
No Pammie for The World
Nakheel has scotched rumours which appeared in the UKs Daily Mirror that former Baywatch star Pamela Anderson and her ex-husband Tommy Lee, of Motley Crue fame, have bought an island in The World. It had been claimed Lee had bought Greece while on a recent trip to Dubai. But, according to ArabianBusiness.com, Nakheel said Greece was still available and it had had no contact with either Anderson or Lee.
Emaar awards Arabtec in UAQ
Emaar Properties has handed Arabtec Construction a contract worth $101m for the design and construction of 277 villas at Umm Al Quwain Marina. The project is to be completed in phases over 25 months. The order brings the total number of villas currently under construction by Arabtec to 2,801, including 759 villas for Emaar, 1,484 villas for the Mohammed bin Rashid Housing Programme and 558 villas for Dubai Properties.
Burj Dubai passes Sears Tower
The Skidmore, Owings and Merrill designed Burj Dubai tower has just surpassed the height of the Sears Tower, also designed by SOM and the tallest building in the US at 1,450 feet. The Burj Dubai is due to exceed the height of the worlds tallest building, the Taipei 101, in July.
