Latest News
Saturday, May 19 - 2007
$136m Al Barari sales
The Al Barari residential development in Dubai has recently generated $136m in sales, according to the developer. This is on top of the $544.8m reported in March for a first phase release of villas. The project has 306 villas, botanical gardens, a five-star hotel, wellness spa and retail.
LG $40m in smart homes
LG Electronics has won contracts worth $30m to outfit 1,200 UAE homes with its intelligent home network systems. The company will install its LG HomNet system in projects including Santeville and U-Bora towers in Business Bay, and Al Naseem tower in Sharjah. It allows occupants to automatically control functions such as air conditioning, security systems and home appliances by computer or telephone.
Zabeel, Sembol JV
UAE-based Zabeel Investments has formed a joint venture construction company with Turkeys Sembol Construction, Emirates Today reports. The partners each hold a 50% stake in new firm ZSML. ZSML has already won contracts in the UAE worth $545m, and is aiming for a turnover of $820m in the next two years.
Royal Gulf supplies Burj fan coils
Local firm Royal Gulf has won a deal to supply 4,000 fan coil units to Emaars Burj Dubai. The company will deliver specially customised double-skin fan coil units manufactured by Italys Mekar to facilitate room cooling. Royal Gulf has supplied Mekar air handling and fan coil units to projects including Dubai Mall, Burj Dubai Lake Hotel, Old Town and Emaar Business Park.
Dubai warehouse contract
Dubai Industrial City has awarded contract to Dubai Civil Engineering to build 6m sqft of warehouses. A total of 804 warehouses ranging in size from 5,000-10,000 sqft will go up in two phases. The value of the contract was not disclosed.
First Gulf to have realty arm
The UAE-based First Gulf Bank plans to set up a real estate subsidiary to develop local projects, Emirates Today reported, citing a senior official. The UAE Central Bank has allowed local banks to set up real estate subsidiaries. FGB will develop projects in Dubai and Abu Dhabi, VP Ibrahim Eskiocak told the daily.
Westburry Square at Business Bay
Sales launched in Westburry Square mixed-use twin tower project at Business Bay in Dubai. A residential tower will have 39 floors of studios and one to three-bedroom apartments. A commercial tower will have office and retail space. Facilities include gyms and swimming pools.
Darwish $92m Mina Al Arab deal
Darwish Engineering Emirates has won a $92.6m contract for infrastructure works at the $2.72bn Mina Al Arab mixed-use project. RAK Properties is the client. The agreement covers wastewater treatment and collection, drainage, high and low voltage electrical links and street lighting, potable water networks, telecommunications, and the building of roads and bridges. The contract is due to be completed within 18 months.
Deyaar into India
Deyaar has signed a joint venture deal with Indian property firm Ansal API to develop a township in northern India. The mixed use project will feature residential, commercial, institutional and industrial components. Ansal has a land bank of more than 5,000 acres in northern India and Deyaar s CEO Zack Shahin said the firm s first development in the country will be followed by others.
Asteco wins MAG 214 deal
Dubai based Asteco has won the contract to manage the MAG 214, a 40 storey freehold residential tower at Jumeirah Lake Towers which is due for completion in October. As part of its one year contract, Asteco will provide a range of services, including the management of all common areas of the property and it will help to establish a co-owners' committee. The property contains 306 apartments and one penthouse.
$490m Onyx set for Dubai
Saudi Arabias Zahran Group and Ishraqah, a real estate development and investment company, have launched the $490m mixed use corporate development The Onyx in Dubai on Sheikh Zayed Road next to Emaar Business Park. The development will comprise one 25 storey office tower and another 16 storey office tower, in addition to a 14 storey business hotel with 200 rooms and ten suites. The project should be ready by early 2010.
Capital Plus DSC project
Dubais Capital Plus Holding Company has broken ground on its first development in Dubai Studio City. The $272m Media Hotel will be a four star property made up of three buildings covering 100,000 sqft; it will offer 258 rooms, 19 villas, 23 suites and ten chalets, in addition to two royal suites. The hotel, which will be managed by Windham Ramada Hotels, should be ready by the end of 2008.
Limitless Asia appointment
Limitless has appointed Mark Jared as its Business Development Manager for Asia, with responsibility for the company's activities in China and other parts of the region. Jared has spent the last two decades with Portman Holdings in Shanghai, where he has held various positions in real estate development, general management of mixed use projects, marketing and leasing. He has also worked on major projects in Korea, Taiwan and Vietnam.
Deyaar launches AD venture
Deyaar has launched its first venture in Abu Dhabis property market with a residential project on Reem Island. The firm has acquired three plots from Reem Developers in the Najmat project close to a hotel and a mall development with views of the Bay Centre Marina; the plots are worth around $70.3m. Construction will commence by the end of the year and Deyaar is currently appointing consultants and designers.
Palazzo Versace underway
Construction of the Palazzo Versace Hotel and Condominiums has commenced in Dubai. The 1.3m sqft project at the Culture Village development on Dubai Creek will feature 215 suites, restaurants and a day spa, all of which will be furnished with products from the Versace Home Collection. In addition, 169 condominiums are being built as part of the resort, of which 50% were sold prior to release.
Bawadi investment doubled
The investment in the mega hospitality and leisure project Bawadi is to be doubled to $54.4bn. Last week a 40m sqft retail zone was announced for the project. The increase in investment will see the number of hotels increase from 31 to 51, with the total number of rooms jumping from 29,000 to 60,000; the decision to expand Bawadi is in line with Dubai s Strategic Plan, unveiled earlier this year.
Clinker costs hit cement
A sharp increase in the cost of some of the raw materials used in the production of cement has been blamed for its recent price hikes, reported Gulf News. The price of clinker, an integral part of portland cement, has lifted by 8% in recent months. Cement now costs more than Dhs305 a tonne as opposed to around Dhs260-270 at the start of the year.
Tecom, Dubai Prop form JV
Tecom Investments and Dubai Properties, both part of Dubai Holding, have established a real estate JV according to the local WAM news agency. The new entity will look to build developments at various free zones including Dubai Internet City, Dubai Media City, the International Media Production Zone and Dubai International Academic City. The first project will be a mixed use venture on 5m sqft in an unspecified location.
Al Barari on track
Work at the $1.8bn Al Barari project in Dubais Nad Al Sheba is on schedule and the first phase should be handed over in H1 next year, reported Gulf News. Nadia Zaal, the CEO of Al Barari, said construction of phase one was ongoing, while excavation work for phase two should be complete by July.
