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AMEinfo.com | Real Estate
Real Estate news and features
- Baniyas launches new units in Bani Yas City
Abu Dhabi-based Baniyas Investment and Development Co. (BID) has announced the launch of new apartments within its Bawabat Al Sharq project in Bani Yas City. The new Bawabat Al Sharq apartments include 500 apartments, spread across 14 buildings, within six different blocks. The new buildings are part of Phase II of the project, the construction for which is due to commence in early 2010. The entire Phase II of Bawabat Al Sharq, including the new apartments and villas, is scheduled for hand over in the third quarter of 2011, BID said in a statement.
 
- DIP tower ready for handover
Dubai Investment Properties (DIP) has said that it has started commissioning of services for the firm's commercial development, Single Business Tower, Gulf News has reported. "All our systems will be up and running by mid-December and we will be able to begin our leasing process," DIP said. The Single Business Tower features 248 offices and retail spaces over 45 floors, common areas and service outlets.
- Maspero to seek Cairo project partner
Sherif Hafez, CEO of Egypt-based Maspero for Urban Development has said the firm will seek a strategic partner next year for a $3bn-4bn project it is spearheading, to turn 300,000 square metres of Cairo's downtown riverfront into an upscale commercial and leisure district, Reuters has reported. The project will include a landmark high-rise building, commercial and residential areas, hotels and public green space. 'We plan to call for competitive bidding for strategic partners ... around early April to August 2010,' he said.
- AECOM wins Capital District contract
The Abu Dhabi Urban Planning Council (UPC) has appointed US-based architectural, engineering and construction management firm, AECOM, to manage the infrastructure for the Capital District in Abu Dhabi, Khaleej Times has reported. AECOM will mange the infrastructure component of the 4,900 hectare development that is part of the emirate's comprehensive vision of the future entitled Plan Abu Dhabi 2030.
- Bilfinger considers Qatar pull-out
Herbert Bodner, chief executive of German construction firm, Bilfinger has said the company is considering pulling out of Qatar due to a disagreement with local construction authority Ashgal on its Doha roadway project, Reuters has reported. Ashgal and Bilfinger are embroiled in a legal dispute over a 6-kilometre road construction project in Doha which is running a long way behind schedule. 'The bad experience with the Doha project prompts us to reconsider our commitments in the Gulf region,' he told the Financial Times Deutschland.
- Amlak posts Dhs45m Q3 loss
Dubai-based mortgage lender Amlak Finance has announced its net loss for Q3 stood at Dhs45m, lower than losses recorded in the first and second quarters of 2009. Total losses for the first nine months of the year amounted to Dhs178m. Amlak attributed the loss to prudent provisioning on mortgage financing portfolio. Operational profit before provisions and impairments stood at Dhs39m for the nine month period and total provisions for the financing business stood at Dhs313m cumulatively as of September 30, 2009.
- Knight Frank: 40% of Dubai office space empty
According to real estate broker Knight Frank LLP, about 40% of Dubai's office space is currently empty after the emirate's construction spree outpaced demand, Bloomberg has reported. Vacant office space totals 10 million square feet, the broker said. If developers meet current completion dates, total office space will double to about six million square metres by the end of 2011, according to research by broker Colliers International, which also put the vacancy rate at 40%.
- Emaar to continue Egypt projects
Emaar, Dubai's largest listed real estate firm, has said it was committed to completing all projects it has previously announced in Egypt, Reuters has reported. 'Egypt is one of the key markets for Emaar, and we remain committed to completing all announced projects,' Emaar Misr said in a statement. The developer's projects in Egypt include Uptown Cairo, Mivida and Marassi.
- Debt crisis to erode Dubai housing prices
Property prices in Dubai are likely to see further decline amid concerns over the availability of finance, Reuters has reported, citing analysts. 'The news plays on investor psyche and house prices may slide a further 20%-30% earlier than our existing view of second half of 2011,' Saud Masud, UBS' head of research and senior real estate analyst said. Similarly, Nicolas Maclean, managing director of CB Richard Ellis said uncertainty over Nakheel's liabilities will impact the developer's property pricing, but will only have a knock-on short-term effect for property by unrelated developers.
- Samsung halts Dubai bridge work amidst Dubai debt crisis
Samsung C&T Corp. has said it has stopped work on a $350m bridge linking Dubai to the man-made Palm Jebel Ali island, after Nakheel halted payments for two months, Bloomberg has reported. Dubai is the biggest overseas market for Korean builders.
- Abu Dhabi to curb housing construction
Abu Dhabi plans to limit construction of new properties in the emirate to avoid the housing oversupply and price declines that slammed the real estate market in neighboring Dubai, Aldar Properties CEO John Bullough told Bloomberg. The Emirate has a shortage of 15,000 to 20,000 units and the government will let the 'rope out on development in a measured way,' Bullough said. 'There will be, in our view, a lag between supply and demand.'
- Damac awards construction tender
Dubai-based developer Damac Properties has awarded Dar for Trading & Construction (DETAC) the construction contract for Park Avenue, Cairo-Alex Desert Road. The project consists of 723 retail units and 454 office spaces, as well as parking which will serve a total of 3,000 cars. DETAC is expected to deliver the project in 18 months, the company said in a statement.
- Emaar cancels deal with City Cool
Emaar Economic City, the Saudi-based affiliate of Dubai's Emaar Properties, has said it has cancelled a SR650m agreement with UAE-based City Cool, but has not given a reason for the move, Reuters has reported. City Cool was meant to own and operate two cooling stations for 25 years at the King Abdullah Economic City, the developer said in a statement.
- Christian Lacroix to design new Dubai tower
Kuwait-based Abyaar Real Estate Development Co has partnered with French fashion designer firm Christian Lacroix to establish a residential tower in Dubai. The 38-unit, coastal Jumeirah-based tower will incorporate a Lacroix-designed facade, expansive lobby and luxury interiors. 'We approached Lacroix because he is known for his exceptional design skills and theatrical style, both on and off the catwalk,' the developer said in a statement.
- Orascom's Q3 profit down 41%
Egypt's largest publicly traded builder, Orascom Construction Industries, has reported a 41% fall in third-quarter net profit to $120.7m, Bloomberg has reported. Revenue from continued operations dropped to $933.4m from $991.9m a year earlier, OCI said. The company won construction projects totaling about $710m during the quarter, bringing the value of new contracts in the first nine months to $2.81bn.
- Iraq to allow foreigners to own land
The Iraqi parliament has passed an investment law which would allow foreigners to own land for housing projects, Reuters has reported. Iraq's old real estate laws only allowed the lease of land to foreign investors for a limited time.
- Dubai begins inspection of unregistered brokerages
Dubai's Real Estate Regulatory Authority (RERA), in co-operation with the Dubai Department of Economic Development (DED), has started inspecting real estate brokerage firms that are not registered with RERA, Emirates Business has reported. The inspections will cover offices that practice real estate activities and licensed by free zones in Dubai.
- Tulip ready for 2010 Jumeirah Golf Estates handover
Dubai-based Tulip has said that 60% of the construction of its two residential developments in Jumeirah Golf Estates - Olive Point and Sienna Lakes - is complete and that it is gearing up to offer the projects for occupancy next year. The two projects will offer 111 villas to investors.
- Emaar merger talks 'done in one month'
Mohamed Alabbar, Chairman of the Dubai-based developer, Emaar Properties has said he expects 'technical talks' for the planned merger with state-owned developers Dubai Properties, Sama Dubai, and leisure developer Tatweer, to be concluded within a month, Reuters has reported. The new firm will announce new projects after the merger, he said. 'We have finished the design of some projects. Once the merger is concluded they would be launched.'
- Emaar India unit plans to sell shares
Emaar Properties has announced plans an initial share offering in India, Bloomberg has reported. The New Delhi-based Emaar MGF Land Ltd. is planning to raise $800m in a public offering. Emaar Chairman Mohammed Alabbar has said during an interview at the World Economic Forum, India's solid banking system and conservative environment suits the company's plans well. The planned offering will be issued in a few weeks.
- Tamweel-Amlak merger to complete by early 2010
The merger between mortgage lenders Amlak and Tamweel is expected to be completed by first quarter of next quarter of next year, according to news reports. According to Tamweel Chairman Shaikh Khalid bin Zayed Al Nahyan, an extraordinary assembly will be held to announce recommendation of the government body that was created to look into all the aspects of the mandated merger.
- Drake + Scull buys German group
Dubai-based contractor Drake and Scull International has said it has acquired an 82% stake in Germany's Passavant-Roediger in a Dhs145m deal. The remaining 18% will remain with Bilfinger Berger, a publically listed German firm internationally active in construction services. Passavant-Roediger, a global developer of wastewater, water and sludge treatment technologies, has projects around the world including Algeria, Jordan, Lebanon, Egypt, UAE and Saudi Arabia. The company's current backlog stands at over Dhs450m.
- Dubai house prices 'to drop 30% further'
According to Swiss global financial services firm, UBS, Dubai home prices may drop as much as 30% more and could take at least a decade to recover, Bloomberg has reported. Increasing supply and a shrinking population will leave 25% of the emirate's houses empty in 2010, a UBS analyst said. The report is in contrast to a Deutsche Bank report this month that said the market is "bottoming out" with slowing price declines and an increase in transactions.
- Fortune Group to use own equity to fund projects
Dubai-based developer, Fortune Group has said that due to defaults by customers the firm will use its own equity to complete the Fortune Executive Tower in Jumeirah Lake Towers, Emirates Business has reported. 'While the money keeps on rotating from one project to another, our payments are never made and the defaulters continue to hold on to the units as well. We have faced this problem with Fortune Executive Tower and have decided to pump in personal equity to complete the project.' Syed Mohammad Ali, CEO of Fortune Group said. The group's current investments in Dubai's real estate market are valued at over Dhs12bn across 21 commercial and residential projects. The developer confirmed that its Burj Al Alam project will be completed.
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| Property Summary |
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| Emirates: |
Dubai |
Property ID: |
101 |
| Address: |
Jumeirah Beach Residence |
Category: |
Apartment For Rent |
| Location/Area: |
Dubai Marina |
Property Type: |
Apartment |
| Square Feet: |
3414.00 Gross Area(sq. ft)/3414.00 Net Area(sq. ft) |
Price: |
AED 365,000.00 |
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| Property Description |
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This is an amazing property, Unique in JBR, 4+ Duplex apartment, Full Sea View, fitted with new finishing.....
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Lower level
Lounge & Dining
Open plan living area with marble flooring throughout with views facing directly out to the beach, with balcony accessed by patio doors from lounge area.
Lower floor Bedroom 1
Access from main living area with continuation of marble flooring, built in wardrobe an second balcony with full view of Palm Jumeriah. En suite with fully re tiled walls including a mosaic accent wall. The new bathroom site comprises a glass wash basin, bath with shower above, toilet and bidet.
Maids room
Access from far side of living area, marble flooring and en suite comprising shower, wash basin and toilet.
WC Accessed via corridor of living area, toilet, and marble counter top with bowl style basin. Fully re tiled and with window facing out across the marin
Kitchen
Accessed from side of dining area via glass doors, continuation of marble flooring. L shaped kitchen with new high grade cupboards and appliances including, dishwasher, large built in double oven, ceramic six burner hop, stainless steel extractor, wine cooler, stainless steel built in microwave, Smeg stainless steel double fridge with ice and water dispenser, full granite work tops and splash back throughout.
Utility room
Accessed via the kitchen is a separate utility room for laundry with services for washing machine and dryer
Upper floor
Accessed via stainless steel and glass staircase which has been designed to wind around the front of the unit creating a gallery above the living area with two direct sea facing windows allowing full sea views.
Upper landing area
Large lobby area with marble floor throughout which is of size that is could be utilized for various uses ie small sitting area or office area.
Study/dressing room
Accessed from landing area a further room which could be utilized as a Study/dressing room area with solid wood flooring
Bedroom 2
Double bedroom accessed from rear of the landing with views across the marina, solid wood flooring and dressing area with built in floor to ceiling wardrobe. En suite comprising, bath, marble counter top with wash basin, shower, toilet and bidet fully re tiled with floor to ceiling beige marble effect tiles.
Bedroom 3
Very large double bedroom accessed from sea facing side of landing. Solid mahogany flooring with built in wardrobes and large full sea view, en suite comprising, bath, marble counter top with basin, floor to ceiling accent mirror, shower, toilet and bidet fully re tiled with floor to ceiling marble effect tiles.
Master bedroom
Largest double bedroom with full sea views over Palm Jumeriah. Solid mahogany flooring with built in floor to ceiling wardrobes, en suite comprising, Jacuzzi spa bath, large ceramic basin, floor to ceiling accent mirror, separate shower with glass cabinet, toilet. Fully tiled with grey marble effect tiles and mosaic flooring.
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| Property Spicification |
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 4 Bedroom(s) |
| 4 Bathroom(s) |
| 1 Car Garage |
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| Net Area: 3414.00 sq. ft |
| Gross Area: 3414.00 sq. ft |
| 2 years old |
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| Major Landmarks |
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 Nearby Free Zone
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Nearby Community Center
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Nearby Bus Stop
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Nearby Golf Course
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Nearby School
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Nearby Shopping Mall
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Nearest Beach access
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Pool Facility
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0509125254
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