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

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 Villa Prices Gush by 20% on Return of Growing Demand

A gush of 20% in the price was experienced by the villas in Victory Heights Dubai Sports City in the Q3 of this year. The prices had fallen by 50% in the Q1 of the year due to the global economic recession.

It was observed that the main reason of the push in the prices was the growing demand for family homes in Dubai. The trend is expected to persist if recent prophecies of a villa shortage in 2010 works.

Yasser Abdulrahman Al Raee, the General Manager at Victory Heights said, “The fall in the price of villas seems to have bottomed out, and we are starting to see prices rise again. Since July prices for villas in Victory Heights have risen by about 20 percent, and we expect to see prices stay around the same figure to the end of the year."

He added,"Despite the recession families still are looking to find spacious homes, with quality finishing, in developments that have a community spirit - and that's what we offer at Victory Heights. Families are moving here from other developments in Dubai because they get like being away from the bustle of the city, and just a stone's throw from the all the sporting facilities of Dubai Sports City."
The potential shortage of villas on offer in Dubai in the next few years was highlighted by Landmark Properties CEO, Charles Neil, in an interview with Emirates Business on 29 November.

According to Charles Neil, CEO of Landmark Properties, “the number of units coming online in 2010 will jump to 50,000 - of which 20 percent will be villas, and the rest apartments. In 2011 the number of new villas will drop to five percent, and to three percent in 2012.”

Authentic Spanish Andalusian, Mediterranean and classic European style are the three styles in which villas at Victory Heights are designed. Many of these enjoy the views of the Els’ Club course. The developer promises to foster a strong community spirit by holding regular community events like BBQs.

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.

Recovery of Off-plan Ventures Unlikely for Two Years.

The developers in Dubai need to think over quality and winning back investors smashed confidence in order to recover the off-plan real estate Dubai market which is unlikely to pick up before 2011 even after this move. The investors who have been deferred by the cancellations or delays also need to be won by the developers with tying pricing strategies.

Sana Kapadia who is the Vice President of Equity Research at EFG-Hermes said, “Investors have been holding back payments because construction is not starting and developers can’t move forward because investors are not paying, that is the reality of the current situation. The recovery of the off-plan market in the United Arab Emirates will happen only from early 2011.”

However some also think that it might take longer. According to Chet Riley, Vice President of Real Estate Equities Research at Nomura International believes it will be early 2012.

‘The over supply of residential units in the property market needs to be absorbed in the next two to three years. It is unlikely that the off-plan recovery will happen before 2012,’ he said.

The new investors need to be won by the developers with far more than mere promises as their confidence is being highly smashed.

According to experts, the tie-ups with mortgage companies and banks may help to ensure optimum funding in place and finally avoid the present ferocious state. They also emphasize on working more strongly with regulatory authorities to ensure the interests of the investors and to build their confidence once again.

“Aspects such as construction-linked payment plan will help to alleviate the financial burden of holding real estate if the project is delayed beyond the proposed completion date,” said Jones.

Kapadia also revealed that the blame for fuelling the assumption and spinning that led to the downfall of the off plan market goes to the developers themselves.

“Developers must avoid the trap of speculative payment plans that is 2 to 5% initial deposit versus the bulk at completion.” He said.

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.

Free Legal Service Launched by Dubai Land Department

Dubai Land Department has announced the introduction of a ‘pro bono’ free legal service to support the masses involved in the real-estate related litigations. The details of the proceedings were finalized by the senior officials and representatives of professional law firms in the meeting to be held in the Land Department Deira headquarters on Wednesday. The meeting brought out an agreement to become a part of a new Legal Care Group. The cause aims to serve the members of public with genuine real estate issues who might otherwise be deterred from having recourse of the law due to the exorbitant fees. A group of volunteers will bring together senior lawyers, professional firms and consultants to offer free legal services.

Mohammed Sultan Thani, Assistant Director General of the Dubai Land Department, said:"The objective of this initiative is not merely to meet a need but to ensure fairness and justice is available to anyone who might have a concern which involves property, no matter their circumstances. This reflects the Government's commitment to ensuring there is in place a comprehensive equitable system of legalizing ownership and property transactions."Mohammed Sultan Thani added, "Now, no one is prevented from pursuing their rights merely because of the possibility they might be priced out of the legal system. The professionals who attended the meeting were extremely positive about this initiative and are being very generous in committing themselves to it and in volunteering their time."
He also stated,"As professionals they recognize their responsibility to the wider interests of the community and to ensuring that it is not merely perceived as fair but that in actual fact it acts in a way which is fair to everyone,"

The meeting held last week was attended by representatives of leading national and international law firms, including Al Tamimi, Norton Rose, Trowers and Hamlins, Lawyerpoint, Clyde and Co, Afridi and Angell and Hadef Al Daheri and Associates. Consequently,an agreement on the structure of the group, the services to be provided and its relationship with the Land Department was finalized by the committee members. The move brings the local system in line with 'pro bono' services arrangements available in territories such as parts of Europe and North America.

Mr. Emad Eldin Farouq, the Land Department's Senior Legal Counsel, said, "Lawyers are by the nature of their profession committed to serving justice and to protecting rights irrespective of the interests ranged against them. This initiative by this group of lawyers reflects that commitment and their bigger responsibility to ensuring there is justice and stability in the community."

"Dubai has given all of us as lawyers a great deal, including the opportunity to practice our profession. We were all agreed it was essential to get this initiative up and running and that it offers each of the opportunity to return something back to the community which continues to offer us so much," he added.

Gazumping- A New Way to Force Up Prices

The premium Dubai properties are pushing up sale price after the settlement of the final figure with the buyer. The practice popularly known as “Gazumping” has given way to the price rise of around 15% as reported by real estate agents.

The term was first heard of in UK in 1980s and early 1990 when property prices were jaunty. Gazuming often results in the loss of money, spent on pre-approved mortgages, for the original buyer .It involves a seller withdrawing of an agreed sale after accepting a second higher offer.

"In the last month, we have seen sellers of high-quality units failing to honor their commitments.Eight or nine of our high-value deals have gone sour. In most of the cases the owners randomly increased prices by eight to 15 per cent,” told Parvees Gafur, Executive Vice-President of Sales.

"There have been cases in the past few months where the seller has increased the price by 10 to 15 per cent. But none of our deals have gone bad since we had other listings in the particular area", added Vineet Kumar, Asteco's Head of Sales in Dubai.

Saeed Mirsaeedi, Investment Manager at Sherwoods Independent Property Consultants, said: "We have seen instances where the seller has increased the sale price after listing at a certain price. They have also been removing their listing in order to wait for the market to recover rather than sell at a lower price."

Gafur said, “ There was a shortage of high-quality finished units and as a result sellers were listing their properties with a more than one agent. In most of the cases property owners do not give a written commitment to sell a unit at a particular price.”

"A seller gives a verbal commitment of the price at which he is ready to sell. We then take about three to four days to find a buyer. During this period the seller goes to other agents who may say they can obtain a higher price, and so when we contact him with a buyer, he rejects the offer," said Gafur.

Al Fara'a Properties Hands over Le Grand Chateau Project Ahead of 2010 Deadline

Le Grand Chateau is a residential development which is completed well ahead of its 2010 deadline and the project is set for delivery. Al Fara’a Properties which have announced the handover of these units is a member of the Al Fara’a Construction, Property and Industrial Group. The announcement coincides with the first batch of tenants moving into this high class luxury development in the very famous Jumeirah Village in Dubai real estate. This development has adopted top quality construction standards and the there is a great competitiveness among other landmark projects across the Gulf region.

The ‘Le Grand Chateau' project is greatly inspired from the 16^th century Chateaux architecture of the Loire Valley in France. This development features 15 four bedroom luxurious G+2 townhouses and other residential building block combining a total of 185 apartments. The project is completely furnished along with impressive designs blended with highest standards. The President and Executive Chairman of Al Fara'a Construction, Property and Industrial Group, Dr JR Gangaramani said: “We are thrilled to be the first developer to deliver a project in Jumeirah Village, ahead of our 2010 scheduled completion date. Through maximising our ability to deliver world-class turnkey solutions as a truly integrated construction group in the UAE, we believe that we have positioned ourselves as a real estate provider of choice to customers that seek solid investment solutions.”

A facilities management decision has been recently developed by the group which helps in optimizing the maintenance and other costs in order to ensure great investments. The project is ideally situated in the heart of Jumeirah Village. In addition to this, Al Fara’a Properties has partnered with Al Huzaifa Furniture offering great décor ideas centered on classic Italian Furniture, thus making it an ideal residential development.

Dubai Properties Group To Display 5 Projects At Cityscape

Dubai properties Group (DPG) is a member of Dubai Holding. It has recently announced that 5 new landmark developments will be showcased as these are scheduled for handover at this year’s Cityscape Dubai 2009. Cityscape is a largely organized business to business development event in the world and property investment. Dubai properties group is now participating in this grand event for the sixth consecutive year. The event will be held at the Dubai International Convention and Exhibition Centre from October 5-8. This well known property group has recently realigned its business in order to ensure long term profitability and investment to the company.

Group CEO, Khalid Al Malik, DPG, said, “Our participation at Cityscape Dubai 2009 not only allows us to showcase the diversity of our projects, but to demonstrate the tremendous progress we have achieved in delivering a remarkable number of unique communities in 2009, all contributing to the growth of Dubai. DPG looks forward the participating in this year's event as we have some exciting news to share during the press conference on the second day of Cityscape 2009.  We are confident our exhibit will be well attended by our stakeholders and industry peers.”

This is the first time at cityscape that Dubai properties group will present its completely integrated development profile. This complete profile leverages the strengths and portfolios of Dubai properties with Sama Dubai. Tatweer’s real estate projects are also incorporated including REEMRAM. Others include The Tiger Woods Dubai, Dubailand and Bawadi. This is to create the largest development based and real estate business in the region.

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.

DAMAC Properties Completes Structures Of Two Prime Towers

Damac properties are a luxury style provider to the residents of the UAE. It has recently announced that two of its projects have officially reached the top level at Business Bay. These two properties are: The XL Tower and Business Tower. Each building has reached the level of 18 and 19 floors respectively. Moreover, another building that is the twin tower development at nearby DIFC, the Park Towers is also expected to reach the top floor within next few weeks. This year, the total structural buildings announced by Damac Properties reaches four so far along with Lago Vista at IMPZ and Smart Heights at Tecom.

The Chairman of CSHK Dubai Contracting Fu He and the CEO of Damac Properties, Peter Riddoch performed a special ceremony in order to mark this major event. The construction of these two towers forms a part of the portfolio of the eight projects that are currently under way in Business Bay area. Riddoch said: “We are delighted to mark the structural completion of these first two towers in the Damac family of properties planned for Business Bay. It is has been a great pleasure to work with the teams from CSHK, who have totally lived up to their reputation of being focused and committed to deadlines.”

Business Tower which is on the verge of completion is one of the DAMAC’s signature commercial buildings featuring innovative office designs which is all based on the leading edge. Moreover, the form of the tower is in response to the path of the sun as during the day it moves around the building thus, featuring maximum daylight into the offices. Mr. Riddoch further added: “These two office towers with light and airy spaces for people to work in and stunning views of the waterfront are truly typical of the type of buildings that are synonymous with the DAMAC brand – exclusive designs in prime locations. I look forward to further commemorating with CSHK the completion of XL Tower and Business Tower in the near future.”

Omniyat Properties Awards Main Construction Contract of Gemini Tower

The Gemini is a freehold commercial tower which is located in Business Bay in Dubai which is a prime water front location. Omniyat properties are the most innovative private property development companies. The company has been awarded with the construction contract in order to build The Gemini Tower to (CSCEC) China State Construction Engineering Corporation. The two distinct 20 storey towers is linked by a 15 storey block offers high grade office space in the UAE’s global commercial and business center. The tower is an impressive sculpture of granite blocks undercut with white glass and aluminum.

The Chairman and CEO of Omniyat properties, Mehdi Amjad said: “Having recently celebrated the handover of our two premium developments, Bayswater and The Square, we are delighted to move forward with yet another milestone and partner with CSCEC for the main construction of the Gemini.” It has been designed and planned by a local German joint venture named ARCIF. This Dubai property offers spectacular waterfront views of the Business Bay in Dubai. This 15 storey block incorporates freehold office spaces, serviced offices, car services and several dining restaurants. You can reach here using any mode of transport such as water-taxi, Dubai metro etc.

The interiors of the tower are fantastic raging from black and white lobby to bustling public areas. Superior materials have been used in its construction and an efficient planning has been done. The well planned design has ensured that international standards are being implemented in order to create a comfortable and an efficient environment. The Managing Director of CSCEC, Yu Tao said: “We are extremely pleased to be partnering with Omniyat for The Gemini development. We will endeavour to maintain Omniyat's vision and work towards the construction of a landmark project that sets the benchmark for quality in the region's real estate industry.”

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.

First Casper Theme Park In Dubai

A new Casper Theme Park will be opened soon at Dubai Festival Centre in Dubai. This is the first Casper theme park in the Middle East which is expected to begin shortly. This theme park promises an unmatched entertainment and retail experiences. This unique entertainment park covers an area of about 6340 sq m. It is about to get launched in collaboration with a Future Kid Entertainment and Real Estate Company based in Kuwait. Casper is already a brand which is a cartoon ghost worth around Dh3.67 billion. Casper is a loving ghost who believes in making friends instead of scaring them. It creates a 60 years of global heritage.

The theme park will be a part of Dubai property sector and it features a lot of excitement and entertainment for kids and people of all age groups. There are various interactive games, bumper cars, drop tower, crazy rafts and a rollercoaster which creates a fun filled environment. The Director-Retail Leasing, Al Futtaim Group, Philip Evans said: “Festival Centre has always been recognized as a leading entertainment destination and this success, along with a few other exciting concepts, we plan to announce shortly, reinforces our belief that Festival Centre is the number one retail and leisure destination in Dubai.”

The theme park is one of its kinds in the Middle East and it boasts of the biggest monorail. Other than small rides, variety of latest rides and games will be offered here. The entertainment centre also has a gift shop featuring wide range of casper toys and souvenirs and a cafeteria. The Chairperson and Managing Director of Future Kid, Rasha Khalid Al Ghunaim said: “This is our first of many projects in Dubai and we are extremely satisfied with our collaboration with Al-Futtaim Group Real Estate. Casper Theme Park at Dubai Festival City will reinvent entertainment in the region. We have maintained the high level of quality and sophistication Festival Centre is so popular for and are confident of establishing a unique and engaging entertainment centre which will bring one of the most famous children’s character closer to home.”

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.

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.

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 Property: DIFC Faces 40% Fall In Commercial Rent

According to a report from a leading consultancy firm CB Richard Ellis (CBRE), commercial rents in Dubai International Financial Centre (DIFC) have fallen by 40 percent in the last six months. The report said the rents have fallen by a considerable amount and landlords are offering further diminution on rents.

This property in Dubai is considered the financial hub of the city. It enjoys its unrivalled location, situated in the heart of Dubai city. Dubai International Financial Centre offers world class infrastructure which facilitates various companies to carry out their business effectively. According to Mathew Green, Associate-Director-Research suggested that the rent offered in DIFC is far suitable than several other locations in Dubai. With state-of-the-art facilities offered in Dubai International Financial Centre, it created huge demand for office spaces. The consistency of demand was seen since 2004 and 2008 had a long list of people waiting to book their space. This was mainly due to being located close to Sheikh Zayed Road.

Nicholas Maclean, Managing Director of CBRE said during the past one year drive in the market has been primarily from the financial sector, as several companies want to be situated close to DIFC. Other developments such as the business district of Downtown Burj Dubai- Emmar Square has created considerable amount of demand for office spaces. Not forgetting, Business Bay is one of the most renowned locations for office buildings in Dubai city. Since, all these developments are located on the Sheikh Zayed Road soon they would compete with the new World Trade Centre.

The CBRE report stated there has been a fall in rent in Dubai offices by 18%, during the first quarter of the year. The reports said, the landlords of the properties, located away from the business districts, are offering extra incentives to attract tenants.

Dubai Real Estate Regulatory Authority to Issue Property Price Chart

Dubai’s Real Estate Regulatory Authority (RERA) has plans in the pipeline to issue a comprehensive real estate survey. The real estate price chart will consist of the rates of differing property bands within various areas of Dubai.

However, there is debate between real estate experts as to the effect the move will have on the sale-purchase and rental of Dubai real estate. One school of thought goes with the idea that the list by Dubai Real Estate Regulatory Authority will be used by landlords in that they will increase real estate rentals. So for those who own Dubai real estate, RERA’s endeavour is good news. On the other hand, the price transparency brought in Dubai real estate market by the Real Estate Regulatory Agency is something that will be enforced uniformly across the emirate.

The real estate price index will be a guiding document for tenants and landlords along with those interested in buying Dubai real estate. The statistics for the list are being put together across a whole array of apartments and villas in Dubai. The data thus collated with include details regarding Dubai real estate units. These will have the number of bedrooms available in the Dubai real estate development, the facilities that have been featured in the development, the square footage along with samples from all respective communities.

The final outcome of the exercise would be a list that will be the most comprehensive survey of its kind that would have been carried out in Dubai real estate at the microcosmic level and the emirate at large. However, it is not certain at the moment as to when the statistics will be issued. At the beginning of 2008, the Real Estate Regulatory Agency of Dubai Land Department had started with the collection of data. Tentative date of release is somewhere near the end of this year or the beginning of 2009.

Dubai Real Estate Turning Celebrity!

Dubai real estate developers are increasingly promoting Dubai real estate through brand ambassadors, usually European and American celebrities. The move is in a bid to sell Dubai real estate to the wealthy section of society all over the world. Dubai real estate market, which is famous for its grand projects, is turning still more spectacular indeed!

The latest superstar to enter Dubai real estate business is Hollywood icon Brad Pitt who will design a 5-star hotel and resort. The hotel is a project of Zabeel Properties – one of the relatively newer names in Dubai real estate industry. With 800 rooms, the hotel will have environmentally friendly architecture in place. Brad Pitt is following the footsteps of fashion designer Giorgio Armani, golfer Tiger Woods, and Wimbledon champion Boris Becker who have helped Dubai real estate agents mint profit from wealthy foreign customers.

Armani’s real estate development comprises of condos and hotels by Emaar whereas furniture and fittings selected by designer Donatella Versace feature in hotel Palazzo Versace. Dubai real estate is indulging in branding by international celebrities to an extent unparalleled elsewhere. As Dubai real estate market is getting more competitive by the day, developers are leaving no stone unturned to attract customers. The growing fixation of Dubai real estate with celebrities is to such an extent that even B-list stars are in demand.

The bottomline - celebrity endorsements do work when there is a direct link between the Dubai real estate project and the celebrity.