Real Estate
- The news you choose »
- Login to Add to Watchlist
Categories
Drake + Scull buys German group
Dubai-based contractor Drake and Scull International has said it has acquired an 82% stake in Germany's Passavant-Roediger in a Dhs145m deal. The remaining 18% will remain with Bilfinger Berger, a publically listed German firm internationally active in construction services. Passavant-Roediger, a global developer of wastewater, water and sludge treatment technologies, has projects around the world including Algeria, Jordan, Lebanon, Egypt, UAE and Saudi Arabia. The company's current backlog stands at over Dhs450m.
Dubai house prices 'to drop 30% further'
According to Swiss global financial services firm, UBS, Dubai home prices may drop as much as 30% more and could take at least a decade to recover, Bloomberg has reported. Increasing supply and a shrinking population will leave 25% of the emirate's houses empty in 2010, a UBS analyst said. The report is in contrast to a Deutsche Bank report this month that said the market is "bottoming out" with slowing price declines and an increase in transactions.
Fortune Group to use own equity to fund projects
Dubai-based developer, Fortune Group has said that due to defaults by customers the firm will use its own equity to complete the Fortune Executive Tower in Jumeirah Lake Towers, Emirates Business has reported. 'While the money keeps on rotating from one project to another, our payments are never made and the defaulters continue to hold on to the units as well. We have faced this problem with Fortune Executive Tower and have decided to pump in personal equity to complete the project.' Syed Mohammad Ali, CEO of Fortune Group said. The group's current investments in Dubai's real estate market are valued at over Dhs12bn across 21 commercial and residential projects. The developer confirmed that its Burj Al Alam project will be completed.
Barwa names Bouygues as Financial District contractor
Qatar's Barwa Real Estate has selected French infrastructure company, Bouygues SA, to build Barwa's QR4.75bn ($1.3bn) real estate project in Doha. The 500,000 sqm Financial District will include a 50 storey tower, conference centre, hotel, retail mall and public plaza, and is scheduled for completion by the first quarter of 2013.
Ezdan Village units rolled out
Qatar-based developer Ezdan Real Estate has started delivering housing units in Ezdan 3 Village in Wakra, the Peninsula has reported. The project contains a number of villas and furnished apartments for rent in addition to a billiards hall, gymnasium complex, tennis playground, parks, green spaces, swimming pool, auditorium, mosque, supermarket.
Dubai Properties Group ups leasing portfolio
Dubai Properties Group (DPG) has brought online units in the Layan development for leasing. Layan includes 414 villas from Dhs100,000 for two bedrooms and 144 apartments from Dhs65,000 for two bedrooms. DPG has said that promotional rates are available for a limited time period.
Union Properties posts Q3 loss
Dubai developer Union Properties has posted a third-quarter loss of Dhs152.3m ($41m), compared to a profit of Dhs224.7m in the year-earlier period, Bloomberg has reported. Revenue for the quarter increased 70% to Dhs1.3bn, while costs jumped 57% to Dhs1.08bn. The developer is restructuring Dhs956m of short- term debt into longer-term facilities.
Al Bariri, Dubai close to phase one handover
Al Barari has said its development in Dubailand is close to completion, with some families expected to move into their homes by the end of December. The 130-hectre luxury development, where homes cost between Dhs28m and Dhs100m, expects to have 35 families living in their new homes before year end. Originally planned to have 330 villas, the project has been scaled back to 287 villas. The company is spending Dhs1.4bn on plants for its landscaping, with plans to build 34 public gardens. The first should be ready by the time the initial group of people move in. Al Barari still plans to build a 14.6km system of waterways and in phase two of the project - which begins in the middle of 2010 - more villas and a five star hotel.
Emaar inks Zenath UAQ Marina sewerage network
Emaar Properties and Zenath Contracting & Environmental Engineering Services have signed a contract for the design, installation and commissioning of the sewer collection network at Emaar's UAQ Marina project. The vacuum collection system will serve 277 villas and will consist of approximately 40 valve chambers connected to a central vacuum station, which will also be connected to a sewage treatment plant with a total sewer line of 11 km at a later date.
Abyaar posts profit for Q3
Abyaar posts profit for Q3 09 Kuwait-based developer Abyaar Real Estate Development has posted a KD5m profit for the first nine months of 2009. The firm also paid close to 45% of its total obligations, reducing financing debt by 30% to KD77m, compared to KD108m during the same period of 2008. Chairman Hesham Abdul Wahab Al Obeid said the company's aim is to complete current projects including Acacia Villas within the Acacia Avenues project in Dubai. It has also put out a tender for the completion of Olgana Tower within Acacia Avenues and expects to sifn a contract by the end of this year.
Podium structure completed at Hydra Avenue
Abu Dhabi master developer Hydra Properties has completed the podium construction of its flagship development Hydra Avenue on Reem Island. The completion is ahead of schedule and the company said development work is on track for the next milestone in April 2010, the 50% structure completion of towers C4, C5 and C6. Hydra Avenue is made up of six towers, each between 24 and 29 storeys in height.
First Dubai posts Q3 losses
Real estate firm First Dubai has posted a Dhs118m loss for the first nine months of this year. The developer incurred unrealised losses of Dhs208.5m in the third quarter, although shareholders' rights were not affected, as these losses were recorded in the cumulative change in fair value of investments available for sale within equity. First Dubai projects include The Villas and Queue Point in Dubailand.
Report: Qatari Diar facing UK lawsuit
Qatari Diar Real Estate Investment, a unit of the country's sovereign wealth fund, is facing a law suit filed by UK-based luxury home developer CPC Group, Bloomberg has reported. The suit relates to Qatari Diar's withdrawal from plans to build an apartment complex on the Chelsea Barracks site in London. A joint venture between the two firms had paid £959m ($1.6bn) for Chelsea Barracks in January 2008.
Abu Dhabi to set up unified building codes
The Abu Dhabi government has said it will issue new codes in urban and industrial buildings. The Abu Dhabi Building Codes have been developed in tandem with the International Code Council (ICC), responsible for advising US regulators on their exacting regime.
ACC wins Regent Emirates hotel contract
The Atlas Group, in a partnership with the UAE's Tourism Development and Investment Co. (TDIC), has awarded Arabian Construction Co. a construction contract for the Regent Emirates Pearl Hotel in Abu Dhabi. The development sits on a 10,000 m2 plot comprising four podium levels and 45 floors which contain 377 guest rooms and suites, 60 furnished apartments and will stand 240-metre high with a total built-up-area of 130,000 square metres.
It looks like you are using a Mac - check out our 
Web Feeds