Dubai World Episode Gives Boost to Investor’s Confidence

According to investment bankers at Shuaa Capital, the confidence in the air has built up amongst the investors around the Gulf region. They optimistically predict the region’s economic condition would take its stride towards the rising end in the next six months. One of the leading investment bank in UAE, Shauaa Capital submitted its December GCC investor sentiment report which reflected the fall in investors confidence due the reconstruction of the debt on 25^th Nov’09 by Dubai World. But, positivity has returned after reimbursement of $4.1 billion by Sukuk by Nakheel, PJSC. It is observed, since then there has been a turn around in the market sentiment since the debt announcement of Dubai World was made in November.

Dubai World and its creditors have met to reconstruct the maturing liabilities worth $22 billion, where the final plan would be submitted, in early January, to the lender. There was a speculation over Government’s support to help the distressed firms. Shuaa Capital conducted couple of surveys. One was before Nakheel Sukuk’s repayment and one was after the dues were settled. The Shuaa report revealed progress in GCC economic conditions over the next 6 months after Nakheel’s repayment. The polls show more investors are expected to invest in GCC market and BRIC in the next six months. It is estimated the regional stock market would generate gains in the coming 6 months, where the biggest rise is expected in Abu Dhabi which was projected by 35.5% of investors, 12.9% for Dubai and 13.1% for Nasdaq Dubai.

Marina Residences Units Handover Instigated

The handing over of homes at Marina Residences, Palm Jumeirah, has been instigated by Master developer Nakheel. The first residents are expected to slither in by the end of November according to a top company executive.

"We have started handing over the building and already sent notices to 140 customers. We are expecting the first customer to move in by end of the month," told Marwan Al Qamzi, Group Managing Director of Nakheel Development Projects. He added, “We are also gathering all service providers under one roof so that the tenant does not have to go to many places and almost all the units have been sold".

Qamsi also reported that the handover of 980 units at Marina Residences which is at the tip of the island’s trunk will continue by early next year and the development will observe the moving in of 2000 residents on the Palm Jumeirah. "Our focus is on delivering quality communities and the handover of Marina Residences marks another major milestone on Palm Jumeirah.Going in to the New Year we are pleased to welcome more families into this growing community."

The development figures in six residential towers having 980 units in all out of which 940 are a blend of penthouses and apartments. The most luxurious penthouses offer more than 14000 sqare feet of living space which are designed over four floors. Palm Jumeirah is now an abode to more than 12000 residents. Around 40 townhouses are positioned along the marina faced promenade.

Emaar and Nakheel to Participate in Cityscape 2009

Cityscape Dubai is the largest business to business real estate development and investment exhibition. Nakheel, the state owned master real estate developer has now agreed to take part in this grand real estate event Cityscape Dubai. Earlier, these two famous Dubai real estate developers have decided not to participate in the event; however they have now reversed their earlier decisions. Emaar Properties said that they will participate in order to explain the growth strategies and expansion of their work by various business segments. They need to further explore the new geographies especially, in North Africa and Middle East.

Nakheel’s decision of participating in Cityscape Dubai 2009 was followed by discussions with partners, leading event organizers and various industry stake holders. Moreover, they both said that they would not be participating in Dubai’s premier real estate show. On Saturday, Nakheel said: “It would focus on exhibiting communal properties on several of its developments that are close to completion.” Emaar will also feature various lifestyle communities which the company is developing in Dubai and in other international markets.

Recently, Nakheel has completed the handover of 33 islands on The World. There are various other property developments in its portfolio for which the handovers are scheduled. The company is further preparing for the inaugural Dubai World Championship Golf tournament which is going to be held in November at Jumeirah Golf Estates. Earlier Emaar refused to participate as they wanted to focus on its existing portfolios. Emaar Properties is set to merge with three government owned property units. Now, both have decided to take part in this grand real estate event.

Discovery Garden Property has got a New Rate Fixed by Nakheel Real Estate Firm

Discovery Gardens is a well structured community comprising of six themed communities developed by Nakheel. The community offers an area of 26 million square foot freehold residential community. Its construction has been inspired by garden living developed in the heart of New Dubai. Nakheel is one of the leading Dubai real estate developers and has recently planned a revised budget for Discovery Garden community. Before re-setting the property rate, the revised price has been agreed formally with RERA, Dubai property market regulator. This price change will mean an approximate reduction of Dhs5 per square foot in service changes for homeowners.

Managing Director of Nakheel Asset Management and Design (NAMAD) Abdulrahman Kalantar said: “When we first set the service charges for Discovery Gardens, they were based on our best estimates for this new Nakheel community. Following a lengthy review, we have been able to take advantage of recent reductions in the cost of goods and services, which has in turn reduced our overall service charge budgets.”

Nakheel made some necessary preparations with following the introduction of the new strata law in April, 2008. Once the regulations are being finalized by the Dubai Land Department (DLD) these preparations are to register the Owner’s Association with RERA, these necessary preparations are to register the Owner’s Association with RERA. Moreover, these new lowered service charge rates will be backdated to 1^st January, 2009. If there will be any rebates for householders they are being credited against next year’s service charges effective from October 1^st, 2009.