Tameer’s The Imperial Residence Venture on Schedule

One of the leaders as a property developer of the Middle East, Tammer Holding Investments LLC, declared the scheduled progress of The Imperial Residence in Jumeirah Village South featuring 28 storey towers with 4 storey podium.

The Imperial Residence will abode 510 apartments in all which will offer a broad choice of highly urbane, contemporary and spacious studios along with 1, 2 and 3 bedroom apartments including 2 and 3 bedroom duplexes. A significant range of facilities and amenities can be accessed by the residents. The facilities and amenities included will be recreational areas, swimming pools, 2 gyms, children’s playgrounds, 24 hour concierge and undercover parking. A variety of retail shops will also be located on the ground floor of the building with a stunning outdoor area as well.

The president of Tameer Holding Investment LLC, Federico Tauber said, “It gives us true pleasure to announce that the work in progress at The Imperial Residence is moving forward as scheduled. Construction activities are advancing on both towers where floor slabs have been cast up to level 22. Podium work, block work and internal activities are also progressing simultaneously on the lower floors."

He added, “The Imperial Residence epitomizes TAMEER's commitment and effort to constantly innovate with architectural creativity. The four tower cranes and 400 workers have been working multiple shifts and have achieved remarkable progress in order to meet the project deadline.”

The Imperial Residence overlooks Al Khail Road and almost all the iconic developments in Dubai along with an Emirates Road which is easily accessible. The development lies a little away from the novel Jumeirah Golf Estate, Mall of the Emirates and Ibn Battuta Mall as well as Jumeirah Lake Tower, Jumeirah Island, Dubai Marina, Arabian Ranches and The Palm Jumeirah. An easy access to Dubai Media City, Dubai Internet City and Jebel Ali Free Zone is also offered by The Imperial Residence.

Dubai Forum After Opening of Burj Khalifa Delineates Sustainability Trends

A leading platform of discussion on sustainability trends in the construction industry of UAE, The Dubai Forum was held in Dubai on 5^th January. There were circa 40 speakers and panelists along with more than 400 delegates from 15 different countries discussing on the ways for obtaining the sustainability in the construction industry of the region.

The event was organized by Brand Dubai focusing on ‘Architecture for Sustainable Societies’. It was held under the benefaction of the Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed Bin Rahid Al Maktoum and Deputy Ruler of Dubai, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al-Maktoum.

The Chief Executive Officer of Brand Dubai, Mona Al Marri said in her address, “The UAE has the resources required for creating sustainable communities and The Dubai Forum provides a channel to gather inputs in the architectural, design, and planning areas.Taking forward the vision of His Highness Sheikh Mohammed, The Dubai Forum will publish an annual anthology on sustainability and environmental development in Dubai and across the UAE. Our objective is to create a body of work that will benefit professionals, scholars, students, educators and the general public in the Arab world."

The Chairman of Emaar Properties, Al Abbar commented on Burj Khalifa as the Landmark and the mouthpiece of an emphatic message to the world. He said, “It is a new accomplishment that has crowned the list of Dubai's great achievements. Burj Khalifa is not just a symbol of the UAE, but of the entire Arab world. The UAE is reinvigorating the spirit of the Arab renaissance, when our forefathers led the rest of the world in the sciences, mathematics and even architecture."

He while describing the Burj Khalifa as a structure to the creativity of human, said that it has given way to a ‘whiff of fresh optimism to the region’. “The 12,000 people who worked on the project have equipped themselves to take up a daunting task in the construction sector anywhere in the world. When wise leaders stand by their people and inspire them to push the boundaries, the impossible becomes possible. Burj Khalifa proves just that

Property Prices Dubious to Come Down With the Opening of Burj Khalifa

According to a leading property analyst, the opening of the Burj Khalifa is unlikely to topple the prices of the property in Dubai. The reason predicted is that an investor in the iconic tower would be more inclined towards longer horizon of investment and would wait till the market recovers.

The Director Research and Advisory Services of Landmark Advisory, a Dubai based property consultancy, Jesse Downs said, “The impact of the opening of the world’s tallest tower is also expected to be gradual with little immediate and sustainable effect on the sale prices and rents of residential and commercial units elsewhere in Dubai.”

He added, “The average owner of a Burj Khalifa residential unit is more likely withhold their unit from the market. This is usually because they are pursuing a capital appreciation investment strategy and/or use it as a second home.”

Some apartments at Burj were being sold at the price more than Dhs6900 per square foot when the prices of the property were at their peak. About 90% units have already been sold.

It is expected that there may be a short dip in rents after the handing over of the full building takes place. “This is because landlords are typically pushed to reduce rents when occupancies are low as tenants have significant bargaining power and prefer to move into a well occupied building as opposed to a nearly empty building.”

The time when the Burj Views project in the area of Downtown Burj had been handed over in the summer of 2009, a dip in rents was felt.

Downs commenting on the impact of the opening of Burj Khalifa on rents and sale prices of residential as well as commercial units of the nearby areas, said, “while we expect high vacancy rates, especially in the first year, the imminent handover will have a positive impact on confidence by simply showing progress.”

Even more interesting is the fact that the opening of Burj Khalifa has increased agglomeration of economies thereby pushing the markets towards the creation of one primary Central Business District. Downs pointed out, “The launch of Burj Khalifa could not have come at a better time. This is a clear vindication of the hard work and efforts of Dubai and the UAE.”

New Legislation on Dubai Real Estate Rent Cap in 2010

Legislation was issued on Dubai Real Estate cap in 210 by the Ruler of Dubai, Prime Minister and the Vice President of UAE, H.H. Sheikh Mohammad Bin Rashid Al Maktoum, in order to ensure the stability in the real estate market in Dubai.

The decree not only aims to regulate the relationship between tenants and the landlords but also to chart a legal framework for this matter.

The ceiling on the rent increase in 2010 will be set on the same rates as for 2009 according to the decree issued on rental cap in 2009. The Real Estate Regulatory Authority (RERA) was approved by the decree as the main reference to resolve the average rent on which the rental increase in 2010 will be fixed upon.

The increase in rental is allowed only if the price of the property is more than 25 percent below the average index price. If the rent of the property was charged 26 percent to 35 percent less than the average rent of the similar property then the maximum increase will be equivalent to 5 percent of the value of the rent for the year 2009

If the rent of a property was charged between 36 percent and 45 percent less than the average rent for similar property then the maximum will be equivalent to 10 percent of the value of the rent for the year 2009.

Similarly if the rent was between 46 percent and 55 percent less than the average value of the rent for the similar property then the maximum increase will be equivalent to 15 percent of the value of the rent for the year 2009.

If the rent was between 56 percent and 65 percent less then the average value of the rent will be equivalent to 20 percent of the value of the rent for the year 2009.

The decree will get effective from the date of issuance and will also be published in the official gazette.

Hotel JAL Tower to Open Its Doors in Spring 2010

The JAL Hotels, the first Japanese Luxury Hotel in Dubai, will soon add the second jewel in the luxurious hospitality sector of the emirate. The hotel will be known as the JAL Tower Dubai and the five- star luxury icon is scheduled to open its doors in April 2010. The hotel stands on a 57 storey Glass tower on the prestigious Sheikh Zayed Road aligning with other renowned luxury hotels in the industry.

While commenting on the expansion of the brand projects, the Executive Officer and Project Director, Mr. Chiyuki Fujimoto said, “Expanding the footprint of JAL Hotels brand in the market has always been one of our objectives and certainly Dubai has proven to be the destination with the highest potential. We would like to thank ACICO Industries (K.S.C) not only for their continuous trust in the brand, but also for a great architectural masterpiece and an outstanding address in Dubai for a luxury hotel to be.”

Adding to it he also said: “With Hotel JAL Tower Dubai', the brand is further developing its presence in the Middle East Region.”

Offering the panoramic views of Jumeirah Coastline, this enthralling 270 meters high standing tower will offer admirable Japanese services full of comfort and genuine luxury along with an elegance and ecstasy of the decors at every level as one enters the 57 storey building. Hotel JAL Tower Dubai features 471 well equipped rooms, suits as well as luxury apartments. A number of elite dining, leisure, recreational and business facilities add to the memorable experience of its patrons.

The hotel comprises of 7 idiosyncratic restaurants and bars offering special gourmet delights and authentic dining. “Benkay” serving Japanese cuisine and “Icho” as a Teppan Grill restaurant give the best of all feeling to the diners. The hotel does not miss to offer the recreational ecstasies like a modern gym, a spa, a swimming pool on terrace and a salon.

Frame Structure of Ocean Heights Completed

DAMAC Properties, the provider of luxury lifestyle and the pillar behind several other projects, announced the completion of the concrete frame of the tallest tower in Dubai Marina along with its development at Ocean Heights standing high at 84 floors.

Ocean Heights is the flagship of DAMAC and is expected to become one of the most iconic buildings of the area. With its twisted architecture, it already is being visible above all others in the surrounding area.

The Chairman of the main contractors Arabtec, Mr. Sajwani said, “This is a significant day for DAMAC Properties - the structural completion of our flagship building is a source of great pride and an occasion that we are glad we have been able to mark with the support of RERA, Arabtec and so many of the staff who have worked on site for the past three years. To think that this magnificent building has been constructed in a little less than two and a half years is a testament to their efforts and I pay tribute to their hard work and accomplishments. This has been a turbulent 12 months for everyone involved in real estate and it is therefore all the more impressive that everyone involved has remained so focused and dedicated to the task at hand. We are delighted to be literally ending this year on a high by finishing our tallest building.”

He added, “As a contractor we are always proud to be associated with quality projects and it is pleasing to be here to commemorate this milestone event for DAMAC Properties as we finish the main construction of Ocean Heights,' he said."A large part of our philosophy at Arabtec is to work hard with developers to build a relationship and to work together as one team on challenging projects like this. In the light of some of the recent negative news and speculation, I believe it is even more important that we recognize the efforts and achievements of everyone involved in the construction of Ocean Heights and celebrate how significant they are. Once completed in 2010 Ocean Heights will eventually offer 680 apartments ranging from one to three bedrooms. In addition the building will feature DAMAC Properties' Signature Series penthouse range - ultimate luxury apartments with the latest in hi-tech gadgetry and luxurious home comforts.”

Dubai Lifestyle City is Expected to Open Its Doors By the End of 2011 or Q1 of 2012

As per the ETA Star Group, the network of infrastructures of Dubai Lifestyle City has been completed presently which includes roads, water drainage systems, irrigation facilities, telecommunication networks, sewage system, street lighting, portable water system and fire-extinguishing system.

The project raised its curtains in 2006 thereby promoting an exclusive concept of haute living of which luxury, digital facilities, recreational opportunities, sports, fashion, world-class restaurants, theatre and shopping are the part of.

The venture is to feature 68 villas with Tuscan theme and 120 apartments. Approximately 60% of the property has been sold till date. Construction of the units has already been initiated by Saleh Constructions.

DLC has also aligned with Microsoft, JW Marriot, Cisco and IMG Academics.

Mohammad Al Habbai, the senior Vice President of Dubailand said, “DLC offers luxury within a gated community and that its renowned world-class brands such as JW Marriott hotel further strengthens its position as a luxury development.”

JW Marriott is to develop the first branded JW Marriott for the residential purpose in the entire world. Apart from JW Marriott, the community in Dubai will run three distinctive accommodation amenities to meet the requirements of the visitors of the city.

The visitors will be delighted to watch the JW Marriott Hotel with 170 rooms, Marriott Executive Apartments comprising of 46 units in all and a Courtyard with 156 rooms.

The construction of the project was formerly started on 1^st December. The multi sport corporation called IMG Academics is also to open its first ever branch outside United States including Tennis Academy by Nick Bollettieri and Golf Academy by David Leadbetter.

Seddigi also said, “Dubai has always remained an attractive destination for tourists and residents alike, offering wonderful packages to visitors and lucrative opportunities for investors”

Significant Progress on Tamani Hotel Business Bay

Dubai Properties newly appointed CEO, Mr. Abdul Wahab Halabi visited the progress of Tamani Hotel at Parklane tower. The impressive iconic development in Business Bay by KM properties has reached the 17^th to 18^th level core walls.

Business Bay, after its full development will become the same as Manhattan or Ginza, the business center of New York or Tokyo. The first phase of Dubai’s incredible revolution into a international hub began with the scouring of the Creek in the 1970s. It is expected that the new extension of the Creek will strengthen the entry of Dubai into the international business cities’ league. Added to its splendor, Tamani Hotel will contribute a lot for the cause.

While inspecting the construction of Tamani, Mr. Abdul Wahab Al Halabi was quite impressed both with the progress of the tower and with the commitment of KM Properties in fulfilling its role in the development of Dubai’s Business Bay. Mr. Abdul Wahab Al Halibi was also keyed up by the status of the project and conveyed his enthusiasm to the team of KM Properties.

The five - star deluxe hotel, Tamani Hotel at Parklane Tower comprises of thirty three storeys. The modern hotel includes commercial offices as well with leisure facilities which offer splendid views of Shiekh Zyed Road’s beautiful and impressive skyline and the new creek area of Ras Al Khor. The world renowned designer Carlos Ott has successfully designed Tamani Hotel and the major construction contractor of the project is Al Rostamani Pegel. The official interior designer who has been appointed by KM Properties is LW Design Group.

According to Mr. Sanjeet Joher, the Group Chief Operating Officer of KM Properties, “We at KM Properties are proud to announce that the project is progressing well. We are moving ahead despite the current economic climate and we are very much ready to create the developments that will form an integral part of Dubai's future Business District which is the Business Bay."

Dubai Developer Nakheel Bailed Out by Abu Dhabi

The struggling Dubai based developer Nakheel, property arm of Dubai World and the back behind master projects like Palm Jumeirah, The World, Jumeirah Islands, Discovery Gardens etc.; has been bailed out finally by Abu Dhabi by enabling it to pay off a $4.1 billion sukuk bond.

The Chairman of the Dubai Supreme Fiscal Committee, Sheikh Ahmad Bin Saeed Al Maktoum, said, “The Government of Abu Dhabi has agreed to fund $10 billion to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World.”

He further added, “As a first action for the new fund, the Government of Dubai has authorized $4.1 billion to be used to pay the sukuk obligations that are due today.  The remaining funds would also provide for interest expenses and company working capital through April 30, 2010 - conditioned on the company being successful in negotiating a standstill as previously announced. In addition, the Government of Dubai is particularly focused on addressing the concerns of Dubai World trade creditors within the Emirate of Dubai.  To help address these concerns, today the Government of Dubai is announcing that the remainder of the funds provided will be used for the satisfaction of obligations to existing trade creditors and contractors. Discussions with affected contractors will begin in short order.”

The total debt of the Dubai government and its state-run companies is a minimum of $80 billion and some experts believe it could run into $100 billion plus. Today’s cash is not the first bail out from neighbouring Abu Dhabi. Two Abu Dhabi controlled banks subscribed last month to a $5 billion bonds package issued by the government of Dubai and the UAE central bank provided a $10 billion bond in February earmarked to help Dubai sort its debt problems.

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.

Dubai Office Rent: Still Among the Top Ten Places

Dubai has been observed as the eighth most expensive place on the globe to rent office in Dubai despite the crash in the property rates in Dubai. This was revealed by the latest report given by CB Richard Ellis.

Since the fall is universal, Dubai stands still among the top 10 priciest places to have an office despite of the drop of 27.3 % in office rents.

The office space presently costs $108.91 per square foot. However, Dubai is still far behind the West End of London which fetches rents worth $184.85. Dubai is fine ahead though, of its immediate neighbour Abu Dhabi where rents have gone down by 38.6 % touching $84.4 per year. It also stands ahead of London City market at the ninth place globally.

The best performing market was Aberdeen in Scotland, which suffered a 12-month decline of 12.3percent, touching $65.62.

The report confirmed that the “financial crisis has made an impact on the world's office markets and the US dollar, has been particularly weak in 2009. Europe, Middle East and Africa continue to have the largest number of markets and are on the top 50 list while London's West End is still the world's most expensive market. Other markets in the region ranking high on the list are Paris, Moscow, Dubai and London City.”

Meanwhile, the real estate broker Knight Frank LLP said that 40 percent of Dubai's office space is currently empty after the emirate's construction pace surpassed demand, Bloomberg had reported.

“Vacant office space in Dubai totals to 10mn square feet at present. However, if developers meet the current completion dates, total office space will double to touch six million square meters by end of 2011,” reported the research by broker Colliers International, which also placed vacancy rate at 40 percent.

52 Countries and 3000 Exhibitors to Exhibit in Big 5- Dubai Real Estate Show

The Middle East’s top international construction exhibition Big 5 will attribute 52 countries with over 3000 exhibitors varying from main suppliers to regional distributors for Dubai real estate development. The four day long event was inaugurated on 24^th November by Deputy Ruler of Dubai and Minister of Finance and Industry, Sheikh Hamdan bin Rashid Al Maktoum at Dubai World Trade Center.

The Big 5 is going to occupy 43,000 square meter of the area and will comprise of 22 national pavilions. This makes it the first event to engage in the entire venue at Dubai International Convention and Exhibition Centre (DICEC). The event is also 15 % larger than the last year.

Major exhibitors include: Harwal Group of Companies and Euroslot and Clipper from France, Belgium's Echo Engineering, Canadian Climatech, HCP Pumo Manufacturer from Taiwan and Tongdy Control Technology Co. from China and Germany's Hörmann KG VKG. Exhibitors will be showcasing everything from asbestos-free cement to waterless urinals which incorporate a TV screen, and fast-build wooden buildings to state of the art sectional steel water tanks.

The Big 5 Exhibition will feature an impressive arrangement of added value elements including the presentation of the Gaia Awards 2009. The Big 5 Conference will focus on the critical challenges of the present scenario and will run on November 24 and 25 at the Monarch Hotel.

High on the agenda will be the environmental issues throughout the exhibition. The cost for offsetting the carbon footprint at The Big 5 Green Stand will be Dh100.

Helal Al Marri, CEO of DWTC, said, "As has been evidenced by The Big 5's impressive growth this year, the demand in key sectors such as construction is clearly on the rise. Our recent infrastructure expansion that provides a total of over one million square feet of covered exhibition space at our DICEC venue is hence a critical step that will cater for the increasing demand and positive growth in the region's events sector. This growth reinforces rising levels of global business and investor confidence in Dubai as a global business powerhouse".

Global Investors’ Gaze at Dubai Real Estate Again

With the real estate prices gradually coming on track, the investments in Dubai real estate are being much talked about by the global investors. Due to the weakening of the clutch of recession all around the world, these investors are looking forward to the market going towards reasonable scenario.

Tej Kohli, a real estate investor and founder of Ozone Real Estate commented, “The latest results from the Dubai House Price Index from Colliers indicate that real estate prices in Dubai have grown almost seven percent during the third quarter of the year from the previous quarter”.

He also added that the results are a fair indication of tremendous recovery and also signalize a bounce in the market.

Kohli confirms, “The stability in property prices is set to be steady from this point on, given the fact that real estate prices are moving to more reasonable levels. The best indication about the Colliers report is that transactions Increased by 64 percent during the third quarter, due to relative stability in prices and affordable housing. Moreover, the growing property boom will be further strengthened by a series of new launches and openings within the emirate, the report said.”
Kohli also pointed out that world’s tallest tower Rose Rayhaan will also witness a gala inauguration by the mid of December followed by the reopening of five-star hotel Jebel Ali Golf Resort and Spa.

The first quarter of next year will also welcome the opening of high profile hotels The Conrad Hotel and Ritz Carlton along with a series of other projects including new airport.

Further the opening of crescent shaped The Palm Jumeirah Royal Amwaj Resort & Spa, Jumeirah Golf Estate, Dubai International Airport and Tigerwoods’ Al Ruwaya Resort are also entering into the shoes of development in 2010.

The swerves of launches show that Dubai is moving fine on track. Kohli concluded by appreciating the rise of global tourism by 4% as compared to same period last year.

Palm Jumeirah Crosses 70% Construction

According to Nakheel, the developer behind Palm Jumeirah, 70% of its construction has been finished. A senior official said that the master plan is also being visited.

Marwan Al Qamzi, Group Managing Director of Nakheel Development Projects told, "We have finished construction on nearly 70 per cent of Palm Jumeirah. On our part, we sold a couple of fronds on the project but they still have not been built. It is part of the plan to keep them until we come up with some unique designs compared to what you have seen so far. You cannot freeze the master planning. You have to update it as you go. You have to update to meet market demands and customers requirements.”

The Kingdom of Sheba and Ottoman Palace are the inclusions of this waterfront project. Ottoman Palace is almost complete according to Qamzi. He added, “Both will finish by early April to June next year. The Kempinski Hotel is 85 per cent complete.” Work of Marina Residence started in March 2007 after Shimizu Corporation was awarded the contract in 2006 to construct superstructures, basement, architectural works, landscaping of the project and interior finishing.

Regarding rampant payment issues in the market, Qamzi said the developer was addressing the situation. "We are in discussions with all contractors about delays in payment since there are areas where we need to sit and discuss," he said. The Marina Residences did not benefit from the fall in prices of building materials. "With the change in prices, we have negotiated prices on projects that were led at the peak and at the beginning of the phases. However, this was not possible with the contractor at the finishing stages on the Marina project," said Qamzi.

"This is the last one under construction for the time being from our end," he said.
The final touches on the West side of the project are still going on. "Meanwhile, the East side near the Anchor Marina, which comprises a green area with a clubhouse, will be finished in two months," said Qamzi.The Anchor Marina is expected to berth more than 700 vessels, according to an earlier statement from the company. "The residents of Palm Jumeirah will be accorded priority in berthing," said Qamzi.

The developer confidently remarked that Palm Jumeirah project will witness the island emerging as one of the pioneers in resorts in the coming five to six years.

World’s Tallest Building to open on 4th January 2010

Burj Dubai, world’s tallest building will finally open up on January 4, 2010. The date happens to be the fourth anniversary of Sheikh Mohammed bin Rashid Al Maktoum becoming the ruler of Dubai, the Vice-President and Prime Minister of Dubai. Emaar Real Estate Company is actually paying gratitude towards the ruler who has proved to be the builder of modern Dubai by launching the majestic tower on this day as said by its Chairman, Mohammad Ali Al Abbar.

"We decided to inaugurate the world's highest tower during an anniversary that is dear to the hearts of everyone. The Burj Dubai reflects the ambitious vision set by His Highness Sheikh Mohammed bin Rashid who had been "the first supporter of the company and all of its projects since its inception" Emaar chairman Mohammed Alabbar said in a statement.

The 164-storey structure became the tallest in the world in mere 1,276 days due to the effort of over 5,000 consultants and skilled construction workers. In a single month from 2004 when it started, the tower had surpassed the Sears Tower in Chicago with the most floors in the world. It reached 100 levels in by 2007.

Burj Dubai offers Giorgio Armani’s The Armani Hotel and Residences along with other residences and commercial places. It also affixes Downtown Burj Dubai, popularly described as the new “heart of the city”, which is a busting community and s Dh73 billion mixed-use mega project. Known by many names Burj Dubai will be called as home by only a fortunate group of people. The goal of the developers has been not only to develop the world’s highest building but also to symbolize the world’s highest aspirations. The tip of this tower will be visible 60 miles away and its external size covers the area as big as 17 football fields.

Two CNBC Awards for Schon Properties for Best Projects in Dubai

Schon Properties has been awarded with two awards this year. The CNBC Arabian Commercial Property Awards 2009 has announced these awards under the categories of Best Office Development and Best Mixed-Use for their two major property projects Schon Business Park and Dubai Lagoon respectively. The International Property Awards and the Arabian Commercial Property Awards are run in conjunction together and is one of the most prestigious competitions for finding the best professionals of the real estate industry from all over the globe. Landmark projects in Dubai are being developed by Schon Properties as a part of their Dh10 billion property portfolio.

VP, Danial H. Schön, Schon Properties said: “At Schön, our commitment towards the interest of our customers and investors has always been at the very heart of our vision. It is an honor to be recognized for our unwavering dedication. And in addition to marking Dubai Lagoon and Schön Business Park as the best developments across the region, this award will drive us to deliver the quality and confidence our customers have come to expect of us.”

Dubai Lagoon is located in the heart of Dubai Investment Park and is a huge project in real estate in Dubai. It has recently finished the last phase of its construction and the first batch of apartments is soon going to be delivered. The Business Park facilitates with 410 offices, capacity of accommodating 4000 employees. It also includes a state-of-art business centre which is operator-managed including various hi-tech business facilities and amenities. The facilities include: video conferencing and executive boardrooms. The Arabian Commercial Property Awards will be held on October 25, 2009 at Madinat Jumeirah in Dubai.

Depa Bags Fit-Out Contract for Conrad Hotel Property in Dubai

Depa Limited is one of the world’s leading interior contracting companies. It has recently announced that the company has got a Dh 207 million contract to fit out all public areas, suites and guest rooms for Conrad Hotel property in Dubai. This hotel property is expected to get completed in the mid of 2011. As far as the fitting out of guest rooms is concerned, there are about 500 guest rooms. Apart from this, there are two ballrooms, executive lounges, business centre and 11 meeting rooms which are to be designed.

Previously, Depa has done various popular projects which include: Emirates Palace, Atlantis, The Palm and last but not the least the one and only Burj Al Arab. This Conrad Hotel project is yet another exciting one for the company as they are looking forward to closely work with the parties involved in it. The CEO, Mohannad Sweid of Depa Limited, said: “This contract win further strengthens our backlog position and Depa continues to be on target in terms of profit and revenue growth for 2009. This is driven by our consistent market leading position and due to the fact that we are invariably the preferred bidder for these types of major developments and projects due to unrivalled experience and track record of delivering prestigious works on time and within budget to the highest standards.”

This hotel is ideally located on the Sheikh Zayed Road which is just 20 minutes drive away from the Dubai International Airport.

New Office in Dubai Silicon Oasis by Red Flag Group

The Red Flag Group is a leading advisory, due intelligence and technology firm. The Dubai Silicon Oasis Authority announced that they have set up an office at Dubai Silicon Oasis which is a hub for hi-tech industries, thus expanding their global presence. The Red Flag Group basically assists companies compliance programs and conducts, developing ethics, breaches of the US Foreign Corrupt Practices Act and last but not the least audits. This newly opened office at DSO will offer complete range of compliance related and ethics services along with online training and in-person training programs.

This DSO branch will be headed by Randa Almomani as the General Manager. Almomani is a 10 year veteran in information technology development and integration. Apart from the General Manager, he also serves as the company’s Lead Customer Advocate for managing approvals, management, escalations and ‘conflicts of interest’ disclosures. He is also the group’s head of the Greater Gulf region. The CEO, Red Flag Group, Scott Lane said: “Dubai was a natural growth area for the Red Flag Group because of its growing focus on corporate governance and compliance. With the Gulf region becoming more globally active, companies and governments are recognizing the value that good corporate compliance can bring.” He further added: “As we develop compliance-driven technology solutions for some of the world’s leading companies, DSO was our obvious choice. We are confident our presence at the technology park will help us develop greater synergy with its business partners that comprise some of the world’s best known names in the industry.”

The Red Flag Group will be benefitted by the strategic location of Dubai Silicon Oasis with quick and convenient access to Jebel Ali Port, Dubai International Airport and city’s central business district.

Fortune Group To Handover Fortune Executive Tower in November

Fortune Group is one of the leading real estate developers in Dubai which is currently involved in the construction of Dubai’s first duplex offices. The Fortune Executive Tower will be their second commercial projects which will be a new add on in real estate in Dubai. It will be completed soon towards the end of this year. CEO of Fortune Group, Syed Mohammed Ali said: “The project for the first time offers duplex offices that are tailored to meet the business needs of corporate houses. We are optimistic that the units, which range in size from 800 Sqft to 4,000 Sqft, will meet the demand of all sections of the business community.” The developer has a portfolio worth Dh12 billion and it is also offering various flexible payment plans to the investors.

This commercial freehold tower is 35 storeys tall and is located at the very famous Jumeirah Lake Towers. This commercial tower will soon turn out to be corporate address for many reputed international business conglomerates in the Middle East. Syed Mohammed Ali further added: “Fortune Executive Tower adds a different dimension to Dubai's freehold commercial space.” This tower is the group’s second property project which will be completed successfully. Soon the tower will be handed over to the end-users in Dubai.

The CEO also commented on the flexible payment structure of this property unit: “Fortune Group is committed to the people who have put their trust in our brand and have committed money to our project. Despite our own financial constraints, we are not only pushing ahead towards completion of Fortune Executive Tower but have also adopted a very flexible approach towards payments. We are offering our investors multiple payment options, depending on individual cases. Our revised payment options have been tailored to reflect the new market reality.” Thus, the next generation office space will soon get ready.

Dubai Metro Hopes To Boost Property Prices

The Dubai Metro will release soon as it will be officially inaugurated on 9^th September. Moreover, with its inauguration it is expected to play a very decisive role as far as real estate in Dubai is concerned. It is expected to increase the value of the nearby properties and with this new modern line, the traveling for residents and visitors will be much easier. Initially, metro’s red line is the first line to get opened and will have 10 stations. The metro line is also a huge attraction to two important communities, Jumeirah Lake Towers and Dubai Marina. So, now more buyers will get attracted towards property developments which are located closely to these metro stations. Hence, these properties are more marketable as told by a property management firm.

The metro line starts at Rashidiya and it has a stop at Terminal 3 of Dubai International Airport. It will run along the Sheikh Zayed Road and through the city center. The first stations which are getting opened soon will be at: Al Rigga, Union, City Center, Mall of the Emirates, Financial Center, Khalid bin Al Waleed, Jafliah and Nakheel Harbour & Tower. Another line which is the Green Line is also under construction and it will run along Dubai Creek and will have 18 stations. The Dubai metro will also have a station at the famous Burj Dubai. Now metro users will have an easy access to the world’s largest shopping mall and tallest building too.

The tower is ideally located in Downtown Burj Dubai and there are variety of entertainment centers, business areas and residential locations in the neighborhood. When it will be completed, around one million people will start working and living in this part of the city. Thus, if metro proves to be a successful venture, then properties near to the station will fetch a premium, like any other city.

Dubai Pearl Real Estate Development Achieves Key Construction Milestone

Pearl Dubai is one of the leading real estate developers in the UAE. A key construction milestone has been achieved at Dubai Pearl thereby, making it an excellent fully integrated luxury real estate development. In this Dubai property, one of the Middle East’s largest foundation rafts is being installed at Tower 1. Dubai Pearl development comprises of 4 towers and each of the 4 towers will have a foundation slab of a total area of 3072 Sq m and thickness of 3.25 m. The mining of all the towers was 8.07 m in depth to the ground level from the bottom of the raft and it was completed in 8 months. By the end of this year an elevation of 5 levels will be achieved on the main structure.

Al Habtoor Leighton Group was awarded the construction work of this real estate development at the end of 2008 thus; the main construction is being undertaken by this group. The President and CEO of Pearl Dubai FZ LLC, Santhosh Joseph said: “We are pleased to announce that the project is progressing well. We are forging ahead despite the current economic climate and are well poised to shape a development that will transform the landscape of the TECOM area and Dubai Marina. We would like to thank all our investors for the continued faith in the project and its promise.”

Dubai Pearl is located in the heart of Media Free Zone and Dubai Technology and it has become a landmark real estate development which has been designed to offer extravagant views of the Arabian Gulf. It is located just opposite to the Palm Jumeirah Island. Dubai Pearl incorporates the best of facilities and will soon be turned into a 24 hour living city. The development boasts of all its leisure, residential, hospitality, commercial and retail components. Moreover, it features an active business district with some of the top most brands. It also includes landscaped gardens, places with private pools and luxury condominiums and apartments.

Al Fara’a Affirms Steady Construction Progress Across Its Development

Despite of the present Dubai property market scenario, Al Fara’a Properties, a member of Al Fara’a Construction Property and Industrial Group has confirmed the steady growth of their projects because of which delivery of several other projects in the UAE got delayed. This construction group has a solid track record of three decades now. The developer of the projects announced that the track hits the delivery targets for Mulberry Mansions and The Manhattan. These both are scheduled for the last quarter of the year. This announcement indicates that the developer is committed to deliver the projects in the stipulated time in order to safeguard the interests of the investors and customers.

The Manhattan will offer 355 units featuring one to three bedroom apartments and selection from wide varieties of studios. Murberry Mansions is the leading third project unit being developed within Jumeirah Village comprises of Victorian-style townhouses, terrace, private garage along with maid’s room with a separate access. In addition, the residents enjoy the benefits of top class educational and medical facilities along with movie theaters, shopping malls, parks and beaches. The Director of Al Fara’a properties, Natasha Gangaramani commented on the progress: “Construction on ‘The Manhattan’ is on schedule, with the ground floor slab already constructed in its entirety, including the ramps leading to the three basements. We believe that swift, efficient and timely handover of projects holds as much importance to investor as the value of investment driven by construction quality and facilities offered.”

Gangaramani further added: “Backed by the three decade strong solid track record of the Al Fara’a Group as well as the flexibility to meet our primary goal of excellence, we have recently launched our facilities management division, which will enable us to ensure that all our on-going projects will be built according to global best practices.”

Schon Properties Instigates Construction Within The Final Phase of Dubai Lagoon

Dubai Lagoon is a large scale community which is being under construction. The project worth 3 Billion Dirhams, and is now in its final phase of development. Schon properties are the developer of the project. This entire community marks the major progress for the project. For the acceleration and delivery, the developer has recently appointed independent contractors. Belhasa Contracting and Engineering Company (BHECC) and Bin Sabt Building Contracting Company are the two preferred contractors for the project of Dubai Lagoon. These two are currently engaged in developing 3786 units along with various associated facilities within the project.

The final phase of Dubai Lagoon project is being constructed by Bin Sabt Building Contracting Company. This phase comprises of 98 serviced apartments, 37 retail units and 392 residential units as well. 494727 sq ft of area is being covered upon completion of the project. The Executive Director, Khizer H. Schön of Schon properties said: “We are thoroughly delighted with the commencement of enabling works in the final phase of the project and the fact that all 3,688 units in Dubai Lagoon are now under construction. I would like to thank our contractors for sharing our diligence and commitment towards our customers and would like to commend them for their outstanding performance and management that has allowed ahead of schedule progress in many parts of the development”.

The Bin Sabt Building Contracting Company has further appointed a sub contractor Solanki Construction Company LLC. The work has been started and is expected to get completed within 90 days. This Dubai real estate project offers the most affordable residential offerings and they fulfill their commitments to the investors within the best possible time and up to the highest quality. After the project gets completed, it will be one of the most fully integrated residential developments.

30 Percent Increase in Property Prices in Jumeirah Village

Dubai real estate has now witnessed a 9 month period of decline. Moreover, now some early signs of recovery of the property sector can be seen. According to some recent reports, the property prices in Jumeirah Village have tremendously increased. The prices have climbed by 30 percent from their lower levels of pricing in January this year. As far as property in this community is concerned, the construction of Gardenia I & II is getting fastly tracked. This property construction is strategically located in Jumeirah Village. The construction of this project is being tracked by a well known real estate developer in Dubai, Memon Investments.

Jumeirah Village itself is a well designed community developed by a master developer; Nakheel is set to provide authentic and stylish commercial, residential and retail space. MD of Memon Investments, Ahmed Shaikhani said: “We take pride in bringing to customers a variety of property units that address their requirements in luxury and style; however, we believe that we have also proven ourselves as an organization that is dedicated to fulfill our promises to our clients amidst the rise of difficult challenges.”

Moreover, this widely developed 811 hectare integrated community has not been impacted to the same degree as other residential properties in various communities across Dubai have been. Therefore, properties in Jumeirah Village still present profitable investment options for those who really want to invest their money in property sector. Thus, more and more investors are looking forward for investing in this opportunity with lower risk. Memon Investments has reported an increased demand especially for Gardenia I & II projects.

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.

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.”

Project Named After A Famous Tenor, Luciano Pavarotti Will Soon Be Added To Dubai Real Estate

A deal is signed with Nicoletta Mantovani, widow of Luciano Pavarotti a world famous tenor to build a real estate project The Pavarotti Tower in Dubai on the name of her husband. New World Investment, a registered real estate developer in Dubai along with an Italian Property firm Ellebiemme Immobili di Presitigio has collectively signed the deal. The project named The Pavarotti Tower will be a commercial as well as a residential building which will be built on Palm Jebel Ali. The construction of this residential as well as commercial project is expected to begin in the month of September.

A lawyer Thomas Paoletti, with Studio Paoletti which is a law firm representing Ellebiemme, based in Italy said: “The developers have no doubt that this project, the idea for which has been in the pipeline for some time, will be successful despite the current economic situation. One of the main reasons for developing this project was to highlight the image of Italy while focusing on a name which represents the country's standards of excellence." The project will feature a Pavarotti Gallery where the recordings of the tenor’s voice will be played in a museum which will be dedicated to his life.

Moreover, each floor of the tower will be dedicated to one of the operas performed by Luciano Pavarotti. Some of the operas include: Aida and Rigoletto. The interiors of the building will be designed by an Italian architect, Ettore Mocchetti reflecting the theme and story of each opera. This real estate project in Dubai will have its own restaurant run by a famous Italian chef and its own private beach.

World Class Group to Showcase Cyprus Real Estate Developments in Dubai and Lebanon

Investors from around the globe are finding great opportunities in investing in Cyprus. A new joint venture has come up by a Dubai based consultancy firm World Class Group. It has teamed up with a property portal centered in Cyprus, My Property Cyprus. They have created this advertising initiative in order to showcase country’s top real estate developments to various high net worth individuals throughout the Middle East. Cyprus Property Exhibition Center, CPEC is being created by Dubai firm as its marketing platform.

CPEC reduced the cost and provide seamless solution to the developers by developing a consortium concept by leading developers into what would have been a costly marketing experiment. It has been solved by creating advertisement partnerships. Property inspection trips to Cyprus will be promoted through this property exhibition center in order to view potential investment opportunities. This exhibition center will tour Dubai and Lebanon. It gets started from August 1, 2009 and an intensive tour of the region will be organized. These exhibitions will be held from mid August till September in one of the most exclusive hotels in Beirut for about one month. Potential investment opportunities are being viewed during 6 week campaign options for real estate developers to participate for full exhibition period or for 2 weeks as it is included in the available advertising options.

A new law has emerged allowing Non-Europeans to receive and purchase permanent residency visa for their family. Due to this, property investors in this region rediscover the opportunity presented by Cyprus as a golden gateway to Europe. According to the CEO of World Class Group, Michael J. Tolan, ‘Marketing strategies must evolve through similar cooperative initiatives like CPEC’.

Leading Dubai Property Developer Gives Contract Worth Dhs8.5 Million For Champions Tower IV

Al Jassmy Contracting Co. LLC has been awarded by a contract worth Dhs8.5 million, for the construction of a 20 story residential building in Dubai Sports City. One of the leading Dubai property developer, Memon Investments has awarded this prestigious project to Al Jassmy Contracting Co. LLC. Champions Tower IV in Dubai Sports City is worth 450 million. Located in the hotspot of Dubai Sports City and the Memon Investments’ reputation, this residential property has already gained popularity. Champions Tower IV hosts units ranging from two bedroom, one bedroom and studio. The residents can relish the 21st century opulent lifestyle with state-of-the-art facilities offered here. Canal, garden and golf course views are an added advantage of this property.

Rizwan Shaikhani said: "In line with this goal, we have made it part of our strategy to partner with credible and trustworthy industry leaders to lend us their expertise and help us achieve the targets we have set for our projects. For ‘Champions Tower IV' we have assembled a formidable team of engineers and project managers who will be working hand in hand to provide our customers the quality and convenience we have committed to them."

It has been committed the completion of the project is targeted for 22 months. Before giving the main contract, the developer has got into the deal with Stromek Emirates Foundation for undertaking excavation and shoring. This contract is worth Dh1.8 million. Also, ETA Menco would install high speed elevators.

Salwan will now Manage Executive Tower at Business Bay

Comprehensive property management services will be provided to the Executive Towers development at Business Bay. Dubai Properties has appointed Salwan for that matter as it will now be responsible for managing this 12 tower self contained Dubai real estate development for an area of 8.7 million sq ft. Executive Tower comprises of 10 residential towers, a Business Bay hotel and a freehold office tower. Dubai Properties has also mandated Salwan to extend the leasehold options for Executive Tower units. An amount of AED 15.38 per sq ft will be levied as service charge for maintaining the landscaped areas, indoor car parks and various infrastructure works within the development.

CEO of Salwan, Saeed Bushalat said: “As one of the leading property management companies, we are pleased to extend our offerings to Executive Towers. Our value added services are designed to exceed client expectations while ensuring the long term plans and sustainability of the development. We look forward to a fruitful relationship with the property owners and retailers at the development.” As the portfolio for properties around Dubai is growing Salwan currently owns and manages approximately 18,000 commercial as well as residential units at different Dubai locations.

An official spokesperson for Dubai Properties said: “In our committed endeavor to provide competitive services for offering a niche lifestyle experience, we have appointed Salwan Property Management to manage the Executive Towers that is quickly moving towards its handover phase. We believe Salwan has the expertise, the capabilities and the resources to provide premium services to the Executive Towers community and ensure the sustainable maintenance of the development.”

For Dubai properties, Executive Towers is the first project in Business Bay and following the successful release of Jumeirah Beach Residence a second major freehold project is to be handed over.

Design of Homes in Samarah Sea Resort Property gets completed

The second phase of the design of The Apartments in Samarah Sea Resort, a residential community has been completed by Emaar International Jordan, country subsidiary of well known Dubai real estate developer Emaar properties. The construction of the development is set to instigate shortly. The progress of this real estate project highlights the dynamics of the property sector of the Dead Sea region and Samarah’s great contribution to the local economy.

This project will be acknowledged for its higher and better property development standards. Moreover, these standards have been brought in by Emaar properties. Emaar properties are a reputed property developer which has a track record in developing internationally acclaimed projects around the globe. This real estate project that is being developed comprises of a cluster of 8 low-rise buildings. It forms an integral part of the Rift Living homes. Samarah Dead Sea Resort is a mixed use project incorporating the best modern amenities including beach clubs, hotels, retail units and various other leisure facilities.

The Rift Living homes are directly located on the Dead Sea. These homes are adjacently located to the waterway and across Wadi Mukheiris from the King Hussein Bin Talal Convention Centre and the sales center. The project work is currently progressing as per its schedule. GM, Emaar International Jordan, Radzi Zakaria said: “Samarah Dead Sea Resort is an unparalleled development in the Dead Sea region as it integrates the world-class design and development competencies of Emaar Properties. As a resort-themed project, Samarah is billed to energize the tourism and property sector growth of the Dead Sea region. This perfectly fits with the Government's plans to boost the region through focused investments.”

Steady Shift Shown by Dubai Properties

A Dubai based property consultant, Sherwoods Independent Property Consultants, has announced that Dubai real estate market has entered a new phase which is showing the signboard of recovery. It has been announced that a steady shift has been seen in Dubai property prices thereby, prices are moving towards a more reasonable level. Moreover, in starting of the 4^th quarter of the year 2009, more concrete growth signs in terms of real estate investments and property prices are expected to be seen. It has been predicted that the coming year 2010, will be a year for stabilization and a specific new direction for the real estate sector.

Sherwoods credited the most important players of the industry for quickly adjusting to the changes in the market environment. The MD, Sherwoods Independent Property Consultants, Iseeb Rehman said: “I would say that the prices have been corrected to reasonable levels, which has created more value offerings to buyers and investors. The positive signs we are seeing should result in more tangible proof of growth around the 4^th quarter of 2009, during which property prices will further stabilize and we can also expect a marked increase in property investment.”

In 2010, Dubai will get transformed into a stable market as far as property investments are concerned. The available property prices today, are the best for long term investments and the investor is expected to make good profits out of it. At this point in time, investors those who want to invest in property sector for short term are not advisable to do so. Sherwoods acknowledged the remarkable performance of the property sector in a situation of global economic downturn and Dubai’s decision to enhance the infrastructure in the emirate.

Attractive Finance for Executive Towers by Dubai Properties

Dubai Properties is a subsidiary of Dubai Properties Group (DPG). It has announced its coalition with the Standard Charted Bank in order to offer Easy loan mortgages. This easy loan serves as a great funding option for potential buyers and those who are the existing owners of the residential units at Executive Towers. This master development is a unique property in Dubai ideally located at one of the prestigious development in Business Bay. The Executive Towers comprises of both commercial as well as residential units.

Customer’s property will be evaluated directly by SCB as a part of this easy loan by some independent surveyors and finance is being offered with minimal documentation requirement from the client. This easy loan mortgage product is beneficial for those who are resident in the UAE and they should also meet some specific eligibility criteria for that matter. This mortgage product offers financing of up to 40 percent of the total property price. The Group CEO of Dubai Properties Group, Mohamed Binbrek said: Dubai Properties' alliance with Standard Chartered, one of the leading Mortgage Providers, is part of an endeavor to provide our clients with viable loan options. We are focused on leveraging synergies across the real estate sector and aim to continue delivering strong investment values to our customers and give them the confidence and security to invest in the real estate market.”

The advantage of these financing terms can be taken by the customers for the final payment for tenure of 3 to 25 years. This financing term is on Dubai Properties Executive Tower residential property units. The financing term for the final payment varies from Dh150000 to Dh10 million. As part of the loan customers can also finance their land registration charges.

After Emaar and Dubai Properties Merger New Entity to have Dh194bn

Emaar properties have a proposed merger with three Dubai Holding entities and it has been said that now the combined assets are Dh194 billion. Moreover, with their merger a new entity has been created. Emaar Chairman Mohamed Alabbar said to Dubai Financial Market: “The new entity will have Dh13.4 billion of debt obligations, around seven per cent of total assets valued at Dh194bn.”

Dubai properties, Sama Dubai and Tatweer, all three entities of Dubai Holding have a solid land bank, thereby, contributing positively to the consolidation. At the end of the year 2008, the 3 real estate developers excluding Emaar properties has a total asset of Dh126 billion, moreover, an external debt of Dh3.4 billion. This complete are just 2.7 percent of the total assets of the 3 companies. As per 31^st March 2009, the total book value of assets of the largest listed Arab developer was at Dh68bn. The total debt obligation comes out to be 15 percent of total assets that is Dh10bn. Sama Dubai, Dubai properties and Tatweer are the three entities of Dubai Holding which are valued at Dh126bn as of December 2008. Moreover, they have external debt obligations as well which are around Dh3.4bn.

Although, four of them will join their assets, however, they will also share a debt of Dh13.4 billion. Out of these 4 Emaar properties is the only Dubai real estate developer that is being listed on DFM which at the end of March had the total assets worth Dh68 billion and the debt obligation of Dh10 billion.

Infrastructure Work going on at Business Bay Development in Dubai

Key infrastructure work is going on at Business Bay development. It was announced by Dubai Properties, a subsidiary of Dubai Properties Group. The key infrastructure work includes district cooling, water network, sewage and power connectivity. The total amount that is being spent on this work is Dh10 billion. The master developer is also pulling up the socks for the delivery of Executive Towers which is also a part of Dubai property sector. Business Bay is a master real estate development; however its work is steadily progressing.

Business Bay is a master development for Dubai Properties and is an 80 million sq ft development. It is ideally located on Dubai Creek’s extension. In February 2009 this real estate project was energized by a power substation of 132/11 Kv. This was to feed the first and the second phase of the development on the west side of this real estate development.

The Group CEO of Dubai Properties Group, Mohamed Binbrek said: “Business Bay is our most acclaimed and ambitious project up to date. The unprecedented logistics and scale of construction that encompasses the development is closely supervised by Dubai Properties and relevant business partners and stakeholders, and we are determined to deliver all foundational function in a timely manner. In line with our promise to our stakeholders, our status is backed by projects such as Executive Towers and the Creek extension at Business Bay, amongst other spectacular developments around Dubai. Client needs stand as our topmost priority and we will continue to bring on stream projects that serve as a benchmark for generations to come.”

A broad and widely spread road network has also been laid out throughout these two phases of this spectacular project in order to serve both the commercial as well as residential premises.

In Q3 Dubai Rents are expected to Decline Further

Dubai is expected to face the signs of rent stabilization. According to landmark advisor the rents for residential property units in real estate in Dubai will further decline in the third quarter. The Director of Research, Landmark Advisory, Jesse Downs said: “For the Dubai market, there are distinct signs of market stabilization and a return of confidence from end-users. Sale prices have even increased in some cases. This increase is largely due to the dynamics of each development.”

According to the Landmark, the sharpest decline was seen in the apartments and there was an oversupply of this segment because of combining of the economic downturn and quality of high-rise apartments completed in the year 2008. Earlier, price differentiation was based on factors such as location, quality finishing and views etc; however they have now been replaced with other factors. The developments which are experiencing price increase are smaller villa developments. Among end-users these developments follow value recognition in terms of its quality, amenities, layout, location and all. If we compare Landmark’s May guide with that of June, it shows that Palm Jumeirah has now got stable rents while a fall of 7 to 25 percent could be seen in Dubai Marina studios.

Jesse Downs believe that distressed sale opportunities are largely furnished as the sellers have refused to lower down the prices which already exist. For sough-after residential developments with limited availability of homes, buyers are paying high rates in some cases. Rent guide is developed by using the broker survey, mystery shopping and transactional data. She further added: “Dubai tenants will see even more opportunities to upgrade their accommodation as rents will continue to fall. However, high-demand areas will experience a faster rent rebound as deal-seekers rush in.”

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.

Foundation Works Awarded for Dubai Real Estate Project

Khuyool Investments is a leading property developer in the UAE awarded Delta Foundation the works for Abjar Tower which is a real estate project based in Dubai. The foundation works for this is supposed to get completed in the first quarter of the year 2010. After the groundwork gets completed, phase one of the construction will begin. Chairman of Khuyool Investments, Engineer Fahad Ali Mousa said: “This announcement is a very significant step for us as it reflects our strong commitment to all investors. We will go ahead with all our projects as planned with firm determination.”

Currently Khuyool Investments is being involved in developing many other real estate projects across locations in Dubai. The CEO of Khuyoon Investments, Engineer Kussay Al-Sheikh added: “The appointment of Delta Company was in line with the company's efforts to ensure the quality and fast pace of the project's construction, keeping in mind that Abjar Tower is the tallest project within Jumeirah Village South.”

This tallest tower in Jumeirah Village South is uniquely designed incorporated with great luxury thus, enabling a luxurious lifestyle. This iconic property has become a famous landmark and is greatly inspired by its surroundings. Abjar Tower offers a blend of elegance and luxury with distinct glamour. Various other real estate developments are going on a large scale but this property project seems to be special. The CEO of Delta Foundation, Dr. Ibrahim Al-Banna embodied his organization at the signing ceremony of the agreements.

Dubai Land Deals Reach Dh2.15b

Last week in Dubai the total worth of the land transactions reached an amount of Dh2.15 billion. In return the sales also got exceeded by Dh1.41 billion. According to the Land Department during this period the total value of mortgages was Dh736.89 million. Al Ruwayyah was the most valuable plot and it was sold for Dh207.2 million. As the week ended, The Department registered a total of 81 transactions. During this week Dubai real estate has shown vast improvement by delivering such prominent sales and registrations. Apart from the Al Ruwayyah, the next two prominent sales were shown for plots in Emirates Hills-3 and on the Sheikh Zayed Road.

These two sales were again tremendously huge as the plot on Sheikh Zayed road is acquired for Dh124 million and the one on the Emirates Hills is for Dh20 million. As far as week sales are concerned, the area of the Emirates Hills was the most active among all. Not only this, but Palm Jumeirah followed 14 sales. The period was under review during which it got disclosed that mortgages worth Dh524.86 million were registered, out of which mortgage for Marsa Dubai was the most significant with Dh214 million. Moreover, area in Al Jadaf was another for Dh94 million. Apart from all these sales and Dubai land transactions, by value Al Ruwayyah recorded the highest turnover followed by Sheikh Zayed Road for Dh124.01 million and last but not the least Emirates Hills-3 at Dh59.68 million.

In Al Ruwayyah the largest area which was sold was a 430,338 square foot plot. On Sheikh Zayed road a plot of 64,586 was acquired whereas, a 40,000 square feet area got disposed of in Jumeirah-3 for Dh15 million. This was the report and data acquired related to property transactions and registrations by Dubai Land Department.

ETA Star handovers Liberty House Real Estate Development

ETA Star is one of the leading real estate property developers in the UAE. This real estate company has now started handing over residential and office units to Liberty House owners. It is located in Dubai International Financial Centre district (DIFC). This property development company has already begun the handling of Dh700 million. Liberty House offers a complete range of freehold residential accommodation. The project is a 42 storey freehold tower; L shaped comprising of luxury studios, 1-2 bedroom duplexes and 1-2 bedroom apartments.

The Executive Director of the ETA Star, Abid Junaid said: “With great pride, we are pleased to say that we are amongst the first private property developers to deliver a project in the DIFC district. Keeping in mind to the current scenario, the delivery of the magnificent Liberty House holds strong significance in our hearts as this validates our trust and commitment towards our loyal patrons and customers. We will continue to strive towards completing our projects as per schedule.”

Liberty House is a full fledge unit comprising of office space, residential accommodation, car parking etc. This property in Dubai consists of office spaces on 10 floors. Above this there are 20 floors providing luxurious residential accommodation. Moreover, car parking is not at all an issue as 6 levels of car parking are available. This office property in Dubai in Liberty House is centrally located around an atrium space thereby, providing a lively and a comfortable environment for the employees. Moreover, the apartments are being developed with contemporary designs and a great level of sophistication is also involved. Apartments are designed keeping in mind the modern lifestyle with terrace areas. Thus, it has become a perfect residential and a commercial property.

Dubai’s Airport Development Investment has Increased

Dubai has confirmed an amount of Dh63b to be increased in Dubai airport development project. So far an amount of $7.2 billion have already been invested in this Dubai real estate project. Despite of these challenging times, the infrastructure in Dubai is still going on for that matter. President of the Dubai Civil Aviation Authority and Chairman of Dubai Airports, Shaikh Ahmad Bin Saeed Al Maktoum said: “These are challenging times for aviation. Passenger and cargo traffic has dropped off dramatically in most parts of the world leading to billions in industry losses. Dubai has been a beacon of light during these turbulent times. During the first quarter Dubai Airports recorded 2.1 per cent passenger traffic growth.”

In order to expand Dubai International Airport, an amount of $7.2 billion have already been invested in it. The expansion of Dubai International Airport includes a second concourse which got opened in the year 2008 and Terminal 3. This all has been done to increase the airport’s capacity to around 60 million passengers per annum. Shaikh Ahmad further added: “Dubai has been a beacon of light during these turbulent times. During the first quarter Dubai Airports recorded 2.1 per cent passenger traffic growth. That increased to 6.5 per cent in April and 7.1 per cent in May. In total, Dubai International forecasts a four to five per cent increase in passenger traffic for the first half of this year.”

The expansion also encompasses construction of Concourse 3 which is yet to be completed. It is expected to get completed in late 2011. In return the total airport capacity will get a boost to 75 million passengers every year. The government of Dubai is heading forward with its long term vision for the betterment of travelers and of course for the betterment of Dubai airport as well.

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.”

Dubai Real Estate Projects on Schedule – Memon Investing Dh 1.34 billion

Dubai has scheduled various real estate projects within the emirate. Memon Investments, one of the leading real estate developers in Dubai announced that they are well in place and on time with the construction work for all its running projects in Dubai. This is also a unit of Memon Group of companies and it announced that the construction of green buildings will continue and these new developments comprises of five new projects running at Jumeirah Village. The collective worth of the construction currently going in Dubai by this real estate developer is around Dh1.34 billion.

Ahmed Shaikhani, The Managing Director of Memon Investments said: “By taking these measures, we are increasing the potential of our projects to yield maximum investment returns, while also effectively reducing the ecological footprint, one of the common impacts of rapid advancement of developing economies such as Dubai.” This real estate developer is committed to deliver the projects despite of the cancellation of 48 property projects in the UAE. Its first development within the Champions Tower Series and the Cambridge Business Center is expected to get ready and delivered by the end of the year 2009.

As far as their new projects are concerned, Memon Investments has launched five real estate projects in Dubai Sports City. It included Frankfurt Sports Tower I and 4 towers within Champions Tower. These developments are in addition to Jumeirah Village Gardenia I and II and a construction in Dubai Silicon Oasis as well named Cambridge Business Center. Ahmed Shaikhani said: “The global recession has created an astounding backlash to the regional real estate sector that has even the largest real estate players in the region reeling from its blows. We are proud to be still standing strong amidst the downward momentum that is sweeping the regional real estate market. We are confident that the current economic conditions will have little effect on the construction of our projects."

Unique Styling offered by Omniyat Properties at One Business Bay Dubai

A Memorandum of Understanding (MOU) has been signed by the Omniyat Asset Management (OAM) a subsidiary of Omniyat properties. This memorandum has been signed with Dubai based u concept so that a perfect lifestyle is to be delivered to the tenants of Business Bay and it is said that it will be delivered by Q2 2009. As per the agreement, the entire podium roof consisting approximately 21,500 square feet including the food and beverage offerings will be operated by u concept. One Business Bay is an ultimate Dubai real estate unit forming the cornerstone of One Business Bay OYSTER.

Chairman and CEO Mr. Mehdi Amjad of Omniyat properties said: “Our partnerships with industry-leading specialists such as u concept reflect our promise to deliver the best OYSTER experience to our tenants in our flagship project, One Business Bay.” The omniyat lifestyle initiative will change. The concept of OYSTER initially introduced after One Business Bay got launched. Various interactive work facilities have been introduced contributing to a revolutionary high performance.

Omniyat has increased the budget to integrate these additional services and principles into its current flagship. The company is doing a lot for the welfare of the people those who are living and working in Omniyat buildings. OAM are Business Bay specialists focusing on healthier balance of work and life. The name of u concept has been changed to u plan and it is committed to the tailored wellness plans. A health program has been devised which is customized in order to reach more specific goals. This OYSTER project will get even more diversified with u concept and of course OAM thereby, turning it into a strong player in a healthier lifestyle business sector.

Law No. 9 Safeguard’s Dubai Property Sector

During this recession time, Dubai property sector is trying to come on the recovery path. During this tough situation the real estate investors are cancelling their contracts before completion, because of which Dubai government has issued law no. 9 in 2009. As global recession is prevailing, there is an acute shortage of liquidity in the property market, and thus property developers are not getting any new property contracts. RERA said, that despite of these contract cancellations there are some 30,000 units that are being made available in the year 2009 and in 2010, it will get increased to around 45,000 units.

This Law number 9 that has been issued in developers interest is basically got amended from Article 11 of Law number 13. Previously in article 11 the procedure that is to be abided by any property developer in the event of contract cancellation was mentioned, but the ruling being applicable was not mentioned in that article. Under this revised law number 9, the developer must notify the Land Department or RERA if any purchaser fails to make the installment payment for the property.

Once the notification is sent to the buyer, a written notice is being sent by the Land Department informing the purchaser about this breach, thus reminding him to rectify the fault within another 30 days, failing which the developer would cancel the contract. The most important fact regarding this law is if there are any other contracts or purchases associated with that particular contract, it will also get canceled. Moreover, a technical report from the site is a must to attach with the letter. A reference scale has been introduced for default purchasers as well.

With the emergence of this law both investors and buyers are being benefited as earlier no agency was there which could monitor these purchaser-developer transactions in Dubai.

RERA Audit performed on Dubai Property Firm comes Clean

Al Fajer properties successfully came out of the independent third party audit with RERA support. This Dubai property firm recently went through a construction audit which was voluntary and the audit was carried out by RERA. Al Fajer got a clean chit for its construction and they are pleased to announce that their performance can now be measured by a well established construction standard thereby; highest level of transparency will be maintained for all the projects under this property firm. The result of this audit undertook by Al Fajer confirms that the construction being carried out at phase 1 has been completed to about 80 percent and 15 percent has been completed on phase 2.

The official RERA website is the source where the progress of the project can be monitored. Company’s restructuring was started with managerial restructuring, followed by a financial restructuring which strengthened the balance sheet as a result. Phase 3 involves strengthening the operational capabilities of the company and removing the inefficiencies. Due to this operational excellence AFP, has now become number one developer in Dubai which delivers highest level of compliance.

President of Al Fajer properties, His Highness Sheikh Maktoum bin Hasher Al Maktoum said: “Often times in the past, some companies in the sector, were led by brokers and sales agents who did not adhere to sound business methodologies as it was very easy to sell real estate due to the excessive demand in the market. However, today Dubai like any developed economy is returning to fundamentals Therefore, companies that have a strong focus on management and performance as their core competencies are the ones that will excel in these current market conditions. I am confident that we will continue to deliver measurable results through our performance and dedication.” His Highness further commended on RERA’s proactive approach for attaining full transparency in line with its aspirations and clearly mentioned goals as far as the real estate sector is concerned.

Dubai Real Estate Recovery by Q3 of 2010

Real estate has started showing good signs and it signals the increased activity on the real estate front. These signs are showing that the property sector in Dubai is likely to get improve a little by late 2010. Dubai is currently facing global liquidity crunch which will take some time to vanish off completely. Currently the grip of this liquidity crunch is tight enough. The CEO of Asteco, Elaine Jones recently said that: “The recent announcement of the issuance of a six-month visa to property purchasers is a very short notice for buyers to stay in the market. It should be for a longer time. One cannot do much without a visa in this city. One cannot apply for Dubai Electricity and Water Authority facilities and there is no point in selling a property if you cannot have people live in it.”

Steven Henderson, who is a partner at law firm Clifford Chance said: “The next few months will be very quiet with little real estate activity in Dubai. However, by the end of this year we could see a number of consolidations of developer companies through mergers and acquisitions. Recovery can be expected towards the third quarter of 2010."

Thus, Dubai real estate is on the new road for its recovery and the real estate market will soon witness some green shoots of recovery according to a panel of experts in the industry.

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.

Damac Properties Begins Cladding for Iconic Property: Park Tower

One of the leading Dubai real estate developer Damac Properties has commenced cladding on its luxurious property in Park Tower situated in Dubai International Financial Centre. The North and South Tower have reached 25 and 22 storeys respectively, being now visible at the DIFC skyline. Damac Properties have got into contract with Arabian Aluminum and the contract is worth Dh120 million. This contractor has the cladding of Burj Arab, to its credit. The Park Tower’s façade would comprise of aluminum and glass cladding. However, externally the building would have double glazed triangular panels set in aluminum framing.

The uniquely shaped two buildings, in this development, are expected to have their construction completed by the beginning of 2010. This development by Damac Property is Dubai’s most swiftly growing financial centre. This stunning property in Dubai would offer 400 apartments for sale in Park Towers and would give their client a huge range of size to choose from. This property would be beautifully finished with double gazed glasses, and would overlook the growing DIFC landscape.

CEO of Damac Properties Peter Riddoch commented on the progress of The Park Towers contruction. He said:
“It is fitting that we should record a double achievement on our twin tower building - with the 25th floor now in sight and cladding on the outside of the building already under way.

Park Towers will be a truly stunning building when it is finished and the cladding is an integral part of its striking design. We are delighted to be working with Arabian Aluminum on this part of the project and also commend the solid progress shown by our main contractor Shapoorji Pallonji - which is even more commendable in the light of their impressive safety performance on site as well.

To have reached the impressive milestone of 5m man hours since construction began without a single Lost Time Incident is a testament to the teamwork and co-ordination on site among all the staff and I want to thank them for the efforts they have made.”

Dubai Real Estate Buyers Cant Cancel Contracts Under Law No. 9

A legal expert suggested during the Dubai Society meeting held recently, that the Dubai property buyers cannot cancel their contracts under Law No. 9. However, the legal system has been somewhat sympathetic to the developers and given them the liberty to cancel contracts under this law. This decision was taken to discourage people from taking undue advantage of the down market. The only way now to cancel contracts, by a buyer, is by presenting an effective case in front of the court or approach the Dubai’s Real Estate Regulatory Authority.

Law No. 13, Article 11 was introduced in 2008 to standardize the procedure of cancelling the purchase of a real estate contract. However, over the time being there have been several debates on the law’s interpretation by the purchaser and the developer. Therefore, to normalize this situation, ruler of Dubai has introduced Law No. 9 to facilitate the procedure of termination of real estate contracts in Dubai. All contracts are legally bound by this new law even if the contract was entered before the law was passed, 30-April’09.

Procedure of Cancellation
If the purchaser fails to abide by the terms of the contract, the developer would have to inform the Land Department. The Land Department will then send a notice to the purchaser asking to fulfill contractual obligations within 30days. If the purchaser fails to do so within the stipulated time, the contract may, then, be cancelled.

Dubai introduces special property contract

Dubai has planned an introduction of a simplified contract that would become the plans to introduce a simplified contract that would become the custom for all property related purchases in the emirates as reported by the Gulf News. The Dubai Land Department has drawn up the approval of the standard contract, whose approval is awaited and it will clearly set out the terms for both sellers and buyers, said Emmad Eldin Farouq, department’s senior legal advisor. It is believed throughout the department that the standardized contract would make it more difficult for buyers to try to get out of the matter of signed deals or to add some fine prints to existing contracts.

The standard contract, which will be used for all the sales of property in Dubai, has been drawn up by the Dubai Land Department and is waiting for approval, according to Emmad Eldin Farouq, senior legal advisor at the body. The budge would diminish the number of developers and buyers back-tracking on deals which are signed, as the contractors signed deals, as the contracts would be clearer and apparent before signing, he added in a conversation with UAE daily Gulf News. "The contract is ready and we are waiting for directions," said Farouq.

Lawyer Michael Lunjevich, partner at Hadef and Partners, commented: "The standard contract is for finished properties between the buyer and the sellers. So it will have standard terms in line with market norms and then any changes will go to a separate segment to make it fair," Although signing one fundamental contract will undoubtedly make verve less complicated for developers and buyers, it will also cut the number of quarrels in the marketplace.

Despite the thinning up of contracts related to Dubai property, the land department and Dubai's RERA ( Real Estate Regulatory Authority) say that the burden rests with the buyer to ensure they go through the contract precisely before signing.

Hydra Village Investors Served Legal Threats

Legal notices have been issued by Abu Dhabi-based Hydra Properties to some investors in the Hydra Village project informing them that their property will be re-possessed by the developer and the price paid to store the elements by the investors will be forfeited if they would not be able to pay their outstanding dues. This year, Hydra Village was due to be finished with its construction but somehow the date of delivery has been delayed by two years. A document was sent to some investors by electronic mail and it said: ”The unit/s allotment… stands cancelled and Hydra Properties has absolute and unfettered right over the said unit/s, including but not limited to re-sale of the said unit/s to any third party."

It says: "…your purchase reservation agreement stands terminated" and "the reservation amount and installments paid… are deemed forfeited to Hydra Properties".

The newly formed Hydra Investors Group, that was joined by an investor lately, and he on the condition of being anonymous told Emirates Business: ” I was called by a Hydra executive last week and asked to pay the dues in the next few days or else they would take away my unit. The first time I received a call from Hydra was last year, but last week I was called twice. First they asked me about my situation and the next time they called to ask me to pay 50 per cent of the contract value or else they would cancel my unit. I never had any contract with them or any other communication about the project's progress. Now they ask me to sign a contract with clauses that are totally in favor of the developer. They are even not offering me time to review the contract."

Ahmed Khalil, Hydra's Commercial Director, confirmed that his company has sent legal notices to a few investors who had defaulted. "We are ready to help them and they can meet us by making appointments. We will be handling their issues on an individual basis. We have offered them revised payment plans and are even helping them to get finance from banks," he said.

Asked why the project was delayed by almost two years, Khalil said the master plan had undergone changes and as a result the timeframe for completion changed to the fourth quarter of 2011.

RERA Plans to Expand Globally

The emirate’s Real Estate Regulatory Authority is planning to become an international reference point when it is the matter of real estate industry. RERA is a regulatory authority that manages licenses and other property related activities in Dubai. This Dubai real estate regulatory body has recently got affiliated to the five organizations which are responsible for regulating the real estate dealings not only in the UAE but around the world. It has also become a part of Menares which stands for the Middle East and North Africa Real Estate Society. The basic aim of this regulatory body is to encourage real estate practices, professionalism and real estate education. Other than this RERA has become a part of various other internationally known real estate bodies.

The director of the RERA real estate sector development department, Mahmoud Al Burai said: “We are in the final stages of establishing Menares. We are aiming to build a professional real estate market and are serious about being first, globally.” He further added “Everyone is looking at Dubai. Everyone is looking at RERA as the reference.” The five organizations in which RERA has joined in are: International Real Estate Federation (FIABCI), Asian Public Real Estate Association (Aprea), World Association of Valuation Organization (Wavo), Urban Land Institute (Uli) and Royal Institute of Chartered Surveyors (RICS).

Al Burai said that the RERA plans of being a global real estate regulatory body were in line with the Vice President and Prime Minister of the UAE, His Highness Sheikh Mohammad Bin Rashid Al Maktoum. Moreover, the exact details of this dealing are still being discussed with other organizations and real estate bodies.