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AME Info | Real Estate
Real Estate news and features
- Limitless reviews Arabian Canal project
Dubai-based property developer Limitless is reviewing the pace of development of its $61bn Arabian Canal project, as well as staffing levels, due to current market conditions, Reueters has reported. The firm, which is controlled by government-owned Dubai World, dismissed a newspaper report on Wednesday that it would put sales of its properties on hold, along with another major developer Nakheel, until the local real estate market improves. Limitless said it had never announced a sales timeline for the Arabian Canal project.
- Al Habtoor Leighton wins $2.4bn contract
Al Habtoor Leighton Group has won a $2.4bn contract, the biggest single building deal ever awarded in the Gulf, for the construction of Dubai Pearl, a development planned opposite Palm Jumeirah. The project consists of four 73-storey mixed use towers, a luxury hotel, and retail and leisure facilities.
- Al Madar launches $381m tower in Dubai
Al Madar Investments today has launched Suhail Tower, a Dhs1.4bn ($381m) residential project located in the Madinat Al Arab area of the Dubai Waterfront. The 47-storey tower, which is scheduled to be complete in late 2011, will encompass studio, one, two and three bedroom apartments with luxury penthouses occupying the top 3 floors. Madinat Al Arab is one of the ten areas of the Dubai Waterfront, and is being developed by an international consortium of architects, planners and urban developers.
- Abu Dhabi launches new home finance firm
Five of Abu Dhabi's major investment, real estate and finance companies today announced the launch of Abu Dhabi Finance, a new mortgage provider established to serve the emirate's real estate market. Abu Dhabi Commercial Bank, Aldar, Mubadala Development Company, Sorouh Real Estate PJSC and the Tourism Development & Investment Company are shareholders in the new finance company, which will initially provide mortgages to home buyers in the emirate. These shareholders include companies which are estimated to represent more than two thirds of the new units being built in Abu Dhabi. With initial capital of Dhs500m ($136m), the company aims to play a major role in helping Abu Dhabi meet its long term goals of sustainable economic growth by financing the growing demand for real estate.
- Damac announces $136m profit
Dubai-based property developer Damac has recorded a Dhs500m ($136m) profit for the first nine months of this year, Hussain Sajwani, chairman of Damac Holding, told Gulf News. Sajwani said all of the projects that Damac has launched are still going ahead, but plans to expand to new territories, such as India, Pakistan and Morocco are on hold. He added that Damac in Dubai has a total borrowing value of about Dhs420m, while in all other areas, 'zero has been borrowed'.
- Developers may pay for damaging environment
The government of Bahrain is considering legislation that would require developers to pay compensation for the damage they cause to the country's environment, reported Gulf Daily News. The money paid out as compensation would then be ploughed back into preserving the country's natural habitats and ecosystems.
- Tameer to lay off half of its staff
Dubai-based property developer Tameer plans to lay off half of its workforce, reported 7DAYS, citing a source close to the company. The terminations are to take effect December 31. The company has 350 employees, according to its website.
- Emaar Egypt will not extend payment plans
Emaar Egypt will not extend payment plans, unlike its parent company in Dubai, CEO Sameh Muhtadi said. Emaar Egypt is also not considering layoffs at this point, but rather is looking to hire personnel with specific skills in certain divisions that can help the company weather the economic downturn, Muhtadi added. The company has two projects underway in Egypt: Marassi on the North Coast and Uptown Cairo in the Moqattem Hills. It is also expects soon to launch a third, Cairo Gate, on the Cairo-Alexandria road, reported Daily News Egypt.
- Aabar buys plots in Al Raha
Abu Dhabi-based Aabar Investments has signed a purchase agreement with Tasameem Real Estate to buy two residential land plots in the Al Raha development area for an aggregate price of just over Dhs500m ($136m). Aabar plans to develop residential properties of up to four residential towers once the purchase is completed.
- Omniyat may restructure its payment plans
Dubai-based developer Omniyat Properties plans to restructure its payment plans to boost sales and says that all of its Dhs21bn of projects are either are under construction or awaiting launch, reported Gulf News. Mehdi Amjad, executive chairman and president of Omniyat, said the split between the company's projects, both under construction and those not yet launched was about 50-50. With mortgages harder for buyers to obtain, the company may launch new payment plans under which 50% was due during the construction phase and 50% on completion of the project, he added.
- Emaar's Alabbar: 'Real estate sector must unite'
Emaar Chairman Mohamed Alabbar has said it is time for Dubai's real estate sector to 'unite and collaborate'. About 70% of Dubai property projects are controlled by three companies - Emaar, Nakheel and Dubai Holding, and this, he said, was good for the strength of the market. Alabbar admitted property prices were slipping, but described the fall as healthy.
- MAF Group agrees Qatar venture
The Majid Al Futtaim (MAF) Group has completed a joint venture agreement with Abu Dhabi Investment House (ADIH), to develop the heart of Entertainment City, the Downtown Precinct, in the Lusail district of Doha, Qatar. The project by the MAF Group's property arm is its first development in Qatar and its second major development outside the UAE.
- Qatar to see new $3.5bn project
Bahrain-based investment house Arcapita Bank and Kuwait's Al Imtiaz Investment have said they would form a joint venture to develop a $3.5bn residential project in Qatar. The development, to be named Al Sidra, is within the Lusail project in Qatar, which is owned by Qatari Diar. The project will include 3,200 residential units built around a Greg Norman Championship golf course.
- Sharjah to bring in green regulations
The Government of Sharjah is planning to introduce green building rules in the emirate in January 2009. Sultan Al Mulla, Assistant Director-General for Government Projects in the Sharjah Municipality, said green building standards were being adopted worldwide and the Sharjah government was planning to stipulate the same standards for all construction activities. The rules would cover environment-friendly materials, conservation and management of power and water and generation of clean energy.
- Dubai property rating downgraded
The Global Property Guide has downgraded its investment rating on Dubai residential property to just two stars as a result of a sharp drop in rental yields. The Guide reported that gross rental yields on residential property in Dubai have dropped to an average of 5.52%, down from an average of 7.5% a year ago.
- Nakheel's portfolio tops UAE list
According to dmg world media Dubai, the organisers of Big 5 Exhibition, Nakheel tops the list of big project owners in the UAE with $98bn (Dhs360.44bn) worth of projects. Nakheel's biggest projects include Palm Deira, the World, Dubai Waterfront and Nakheel Harbour and Tower development.
- Forbidden City begins construction
Gammon and Billimoria has been awarded the construction contract of the first phase for Forbidden City, Nakheel's new project in International City, Gulf News has reported. A top official has mentioned that the 4,000 low-rise studio, one- and two-bedroom apartments will be an 'affordable' housing cluster.
- Palm Jumeirah prices drop 40%
Property prices on Palm Jumeirah in Dubai have fallen as much as 40% since September, Reuters has reported. A four-bedroom villa is now selling for Dhs10m ($2.72m), down from Dhs15m in September. The man-made island was developed by government-owned Nakheel.
- Omniyat cuts nearly 100 jobs
Dubai-based developer Omniyat has sacked nearly 100 employees over cash flow problems, Gulf News has reported, citing a source. However, a spokesperson for the developer issued a statement saying that the number is 'completely incorrect', adding that it 'is less than 100'. Meanwhile, the developer has postponed the launch of several projects until 'conditions can cope with them', said Alex Andarakis, the company's managing director of sales and marketing.
- Dubai developer asks buyers to cover construction costs
Property developer MiNC has sent a letter to investors in its Prodigy 1 project in Jumeirah Village, Dubai, asking them for up to 88% extra capital up front to cover construction costs. The move comes as banks in the emirate curtail project financing, leaving some firms with no access to liquidity. 'We either sit and wait this out, or we need to find another solution,' MiNC's director of operations told AME Info.
- GHC launches mega project in Morocco
The foundation stone of a $1.3bn real estate project was laid in Tangiers, Morocco on Monday. The mega project of the Kuwaiti Gulf Holding Company (GHC) is the fourth real estate project launched by a Gulf Company in Morocco in the past few years after Dubai's Emaar Properties, Sama Dubai and Qatar's Diyar. The project, which will be built on an area of 1.13 million square metres, comprises a residential part that includes palaces and residential units, as well as a clinic, a school, an equestrian centre and a retail complex of cafes, restaurants and shops.
- Hydra Properties denies JV with Wall Investment
UAE-based Hydra Properties has issued a statement denying news reports of an alleged formation of a partnership or joint venture with Wall Investment & Real Estate Development, a Qatar-based real estate investment firm. Hydra Properties CEO Dr. Sulaiman Al Fahim met earlier with Dr. Nasser Shahir Homoud, the Qatari firm's CEO and UN Ambassador of Goodwill, to discuss initiatives to support a number of United Nations humanitarian programs. However, the meeting revolved around the said corporate social responsibility scheme and no agreement or alliance pertaining to conducting business or seizing investment opportunities in the region was forged with Wall Investment, the statement said.
- Nakheel to scale back projects
Dubai-based Nakheel plans to scale back some of its projects because of the global economic slowdown, Bloomberg has reported. The state-owned developer said it will reassess its 'immediate business objectives to accommodate the current economic climate'. Nakheel did not provide details of the projects that are being reassessed, but the developer said it will not affect company's long-term business objectives and is a responsible approach in line with current global economic conditions.
- New development launched in Muscat
Al Qurum Properties, a newly-formed joint venture between ETA Star of the UAE and Oman's OHI group, has announced the launch of 'Qaryat Qurum', a premium luxury development in Muscat. Comprising residential and commercial units, the total development area will cover more than 500,000 square metres.
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