Dubai Pearl Expected to Conclude by 2013

Abdul Majeed Esmail Al Fahim, Chairman of Pearl Dubai, announced the completion of Dubai Pearl, which is to be the mixed-use luxury development by Pearl Dubai FZ LLC, by 2013. The project will prove to be another magnum opus in Dubai real estate.

Dubai Pearl was supposed to be completed in 2007 originally but had been delayed due to lack of funds. The project will be handed over in almost three phases. First handover will take place in 2011 with the whole development expected to be completed in 2013.

According to the Chairman, the project has adapted to the financial environment in order to reach the completion. With the purpose of adapting to the economic state of affairs, major areas are being prioritized for completion. The focus is observed through the steady development and delivery of the project, payment plans offered to the investors which are flexible enough and tailor-made, to have transparent relations with the partners and campaign to enhance awareness on all the components of the project is planned efficiently.

This $4 billion project is located at the Dubai Technology and Media Free Zone. It is a business huddle operated by Tecom Investments and is considered to be the home to global IT and other media companies. The aim of the development is to become a luxury free zone as well as a freehold development with an easy access to transport links.

The associated structures of this development by Pearl Dubai are its four distinctive towers which are linked together from the top. The skyscraper includes residences, hotels, entertainment facilities and other global names like Baccarat, MGM, Sky lofts and many more.

The partnerships of Pearl with these brands aim at the long-term returns for the stakeholders of the development.

There are approximately 1440 residential units and 618 apartments which make 40% of the project. The hospitality sector comprises of about 16% and commercial sector that of 33%. Rest of the space is occupied by retail and leisure.

Over 900 residents are expected to be accommodated by Dubai Pearl and about 12000 employees are expected to be employed by the commercial sector. Dubai Pearl is also aiming at receiving Golf LEED Certification.

Office Rents In Dubai Are Recorded Second Highest In EMEA Region

A new report was found that the office rents in Dubai are found to be the second highest in the EMEA region behind London’s West End. It was found that the average office rent in Dubai property sector is EUR995 per square meter per annum. However, the rents are expected to fall as the supply in the real estate market in Dubai gets increased. The report showed that the office space in Dubai is just after West End which is EUR1019. The associate director of research for CBRE Middle East, Matthew Green said: “Despite the much publicized downturn in the Dubai market, prime office rental rates remain comparatively high and second only to London's West End.”

Furthermore, the report said that the average prime Dubai office rates fell by 18.2 percent. However, the fall has been lower than in European cities. CBRE said rents have already dropped across the board. It was particularly talked about the office buildings in Jumeirah Lake Towers and Tecom.

The report further added that occupiers in Abu Dhabi were taking their commitments to new Grade A because of the uncertain economic situation. The report also listed the next three strongest office markets in the region which include: Paris, St Petersburg and Moscow. The director of EMEA research, Richard Holberton said: “Landlords are finding it increasingly difficult to lease vacant space, given the understandable caution being expressed by most occupiers at present. With those occupiers requiring space driving a hard bargain, and increasing choice available in the market, it is inevitable that we will see further weakening in rents and an increase in leasing incentives in most markets over the coming months.”

Construction Work Starts At Dubai Pearl

Al Habtoor STFA Soil Group (HSSG) announced the beginning of construction work on Dubai Pearl. This property in Dubai is a worth Dh 15 billion integrated development. Al Habtoor Leighton Group has taken the main construction work. In the end of 2008 this Dubai real estate firm was awarded the contract.

There are several provisions made by the developer in constructing this property following the norms of global green building standards. There are essential provisions made to conserve and optimize power while constructing the property. In the construction process steel trusses, strong concrete and hollow core slabs would be used. Complying with Leed Gold Certification, the developer would use the recycled material from the already demolished properties. Dubai Pearl construction would begin with 200 workers. However, once the construction is in full swing the number of workers required is expected to reach 8000.

Santhosh Joseph, President and Chief Executive Officer of Pearl Dubai FZ LLC said, "We believe we have selected the right partners to create this iconic development and shape it into a world-class destination."

David Savage, Managing Director of the Al Habtoor Leighton Group, commented saying, "We have been involved with Dubai Pearl from the beginning of its construction, and will continue to ensure that excellence in quality and safety goes hand-in-hand with the use of the best technology on the project."

This project is located in the TECOM development which also has Knowledge Village, Dubai Media and Internet City. Also, Dubai Pearl overlooks the stunning Palm Jumeirah and The World.