Burooj plans to develop middle-class projects

The real estate right hand of Abu Dhabi Islamic Bank (ADIB) and the developer supporting multifaceted realty ventures in the UAE and Middle East, Burooj Properties held its annual planning workshop. The event focused on the earlier achievements of the company the future plans taking into account the present condition of the market.

The members of Buroojs Board of Directors, including Chairman Mr Khamis Buharoon, Deputy Chairman Mr Khaled Khouri and Managing Director Mr Adel Ahmed Al arouni,as well as Mr Tirad Mahmoud, CEO of Abu Dhabi Islamic Bank, and board members, Mr Mohammed Ismail Al Fahim and Mr Masarat Husain attended the two-day workshop.

Highlighting the workshop, Mr Adel Ahmed Al Zarouni, Managing Director of Burooj Properties, said, "It is critical for property developers to stay abreast of the latest developments and changes in the real estate market, and even more important is to regularly convene a roundtable for all parties involved in the company’s growth and expansion to evaluate previous achievements and discuss future plans. We at Burooj have committed to holding such meetings on regular basis."

Said Al Zarouni: "Based on our evaluation of the market reality and potential, we have agreed to continue development works in the Abu Dhabi property market and to target middle income groups through a series of residential projects that cater to the needs of the this growing market segment. Demand for freehold residential units in Abu Dhabi is also increasing in response to the recent regional market changes and the proven resilience of Abu Dhabi real estate sector."

"We are also looking at the possibility of working in property asset management," he added.

It was also announced by Burooj Properties that its Burooj Views project at Al Reem Island in Abu Dhabi is ready to be delivered to customers in the first quarter.

Construction Gets Completed on Al Gurm Gardens

Burooj Properties is the real estate arm of the Abu Dhabi Islamic Bank. It has recently announced a completed construction of Al Gurm Gardens villas in Al Reem Island. These villas are adjacently located near Abu Dhabi International Airport and are adjacent to Khalifa Park. Moreover, Abu Dhabi real estate sector has witnessed a long freefall period, following a period of growth over the last few years. The Government made lot of plans to help the real estate market function better. It accelerated the complete recovery process in order to complete the existing projects. Moreover, the Abu Dhabi economic vision has greatly helped in opening up new vistas for investments. Therefore, despite of the downturn, the stability of the real estate sector is not a surprise.

Burooj Properties is a master developer for various mega projects in the UAE region. The successful completion of the Al Gurm Garden Villas features a total of 80 villas and it boasts of a strategic location. Each villa in the project covers an area of 4124 square feet. The project got launched in January 2009 and the total completion work of the building got over within 7 months. The handover for the villas have now been confirmed for the end of this year. Adel Ahmed Al Zarouni, the Managing Director said: “The achievement at Al Gurm Gardens is proof that risks can be avoided by adopting appropriate planning, whatever the market conditions are. We believe that a number of factors must be considered before investment is injected into any region of the world. The most important factor is the investment location. We have selected Abu Dhabi, as the UAE's capital has become a destination of choice for real estate investment due to the visionary urban development plans adopted by the government. This policy ensures a sustainable market growth and balance on a long term basis.”

These Gurm Gardens boast of smart building features including air conditioning, security, touch buttons and a lot more contemporary features. This project boasts of a distinctive architectural design, thereby, making it an ideal residential dwelling.

UAE Rents Set To Fall

According to the officials and experts, residential rents in Dubai and Abu Dhabi are set to fall this year. In Abu Dhabi real estate the rents are expected to drop by 10-15 percent by mid of the year 2009. Moreover, in 2010, it is even expected to fall further. As far as the fall in rents is concerned in Dubai, they are particularly steep in Nakheel’s Discovery Garden development. Chairman of the capital’s Chamber of Commerce and Industry, Salah Al Shamsi said that this reduction in rents was expected because of the new units that are set to appear in the market. He further added: “A number of residential units will be delivered by Abu Dhabi's top property development companies. They are due to deliver units in mid-2009 or by October at the latest.”

Truth Economic Consultants study showed that 37, 851 units are already available in Abu Dhbai property sector and in 2008-2009 around72, 285 units are more likely to join the race. Meanwhile, the experts say that Dubai rental would grow probably at a slower rate as it was earlier. The Chairman said that the property and rental in the emirate has not been affected by the global crisis. He said: “Prices have not fallen as in other emirates. The reason is the high demand for residential units in Abu Dhabi.”

Moreover, the Managing Director of Asteco Property Management said that in Abu Dhabi, Dubai and across other emirates too, rental properties are still in strong demand. Charles Neil, Chief Financial Officer, Landmark Properties said: “We expect rental prices to remain relatively stable in 2009, but they are likely to soften in the first and possibly second quarter.” Moreover, the rentals are expected to increase further in Dubai.

Enabling Works Contract Awarded Damac Properties for Marina Bay

Damac Properties is a Dubai based real estate developer hat has been awarded with a contract worth Dh 7.5 million for facilitating works at Marina Bay construction in Abu Dhabi. Marina Bay is a well designed mixed use development comprising of retail and commercial space, a 25 storey tower offering two and three bedroom apartments, facilitated shops, restaurants etc. The Chairman of Damac Holdings, said, “We are delighted to see that work on site at our Marina Bay development will commence very soon and that we can begin the process of building this truly stunning tower at such a fantastic location.”

Marina Bay is a prime development offering canal views through the entire development. At the prestigious CNBC awards 2008, this property in Abu Dhabi won two awards for the Best Marina Development and another one for Best High-rise Architecture. Peter Riddoch, CEO of Damac properties commented: “Abu Dhabi is a very significant marketplace for Damac Properties and we know that the location of our Marina Bay tower will be hugely attractive to customers.” More than 3000 units have already been delivered by this property developer in Dubai into the marketplace. Further, by the end of 2010, they are committed to deliver 7100 more units.

Damac properties have already completed the enabling works for this particular project and apart from this the second project being Oceanscape in the Shams area of the capital. Recently retail units have been launched for sale in the already enabled development. Peter Riddoch added: “We have made a clear commitment to progress and construction during 2009 and the enabling works starting at Marina Bay is just a typical example of how we are demonstrating this commitment. We look forward to the successful completion of this important foundation work within the next few months.”

Launch of ‘Green Your Life’ Campaign by Sorouh and EAD

Green Your Life is an online campaign which is to be launched in order to educate on how to become environment friendly. This campaign will be launched by partnership of EAD (Environment Agency – Abu Dhabi) and Sorouh real estate. Sorouh real estate is an Abu Dhabi property developer emphasizing on environment friendly homes. Chief Commercial Officer of Sorouh real estate, Fahad al Ketbi said: “We are delighted to be working with EAD on this important and exciting project. Green Your Life is an accessible and easy way for the whole family to get important tips on how to save energy in the home. Sorouh is focused on creating sustainable communities for all of Abu Dhabi's residents."

The campaign which they have started provides practical tips to conserve energy and water thereby, reducing the waste in every home. It is being designed by EAD featuring animated advanced graphics and a 3D virtual tour of a home in the UAE. Different items in a virtual home will be displayed thereby, providing useful tips to the end users scrolling the website. Every part of a home is displayed and the campaign informs you that how it can be used in an energy-efficient way. Secretary General of EAD, H.E Majid Al Mansouri, Chief Commercial Officer of Sorouh, Fahad al Ketbi and EAD's Deputy Manager, Laila Al Hassan launched this online campaign during a press conference at EAD’s headquarters.

Laila Al Hasan commented: “We value our strong partnership with Sorouh, one of the UAE's leading property companies. Not only are they a member of our Abu Dhabi Sustainability Group but also both organizations share a common goal of creating sustainable communities in Abu Dhabi.”

Thus this online ‘Green Your Life’ campaign is expected to run successfully.