2003
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Meadows, Springs, location premiums
The best locations in the Meadows and Springs developments by Emaar Properties in uptown Dubai are commanding 10-20 per cent premiums. Agents say that a differentiation in the marketplace is marking out the better locations for higher prices while other prices remain unchanged.
CBD, USD68m Park Place deal
The Commercial Bank of Dubai is to participate in the USD68m funding of the Park Place tower being developed by Bin Drai Enterprises on the Sheikh Zayed Road. Work on the 60-storey Park Place started in September and completion is scheduled for 2006.
Dubai agents upbeat on 2004
Dubai real estate agents are optimistic about the outlook for 2004, with the uptown area around the Palm Island the fasting growing residential district. But some feel the supply of new property will begin to put pressure on rental yields, though this has not been felt yet except in certain locations.
New Dubai district cooling JV
The Dubai Electricity and Water Authority and Dubai Technology and Media Free Zone have formed a joint venture called Empower with a capital of USD136m to offer district cooling services. Empower will start with the massive Jumeirah Beach Residence as its first client.
Port Saeed, redevelopment plan
Dubai Municipality has rolled out plans to regenerate the Port Saeed area of the inner city covering 30,000 hectares. Existing buildings in the area will be demolished with compensation for landlords according to rental values. Officials said the financial return on property would be higher after the redevelopment.
Saba not worried by interest rates
Saba Group Chairman Behrouz Javaheri told Gulf News that the prospect of higher interest rates did not worry his company. We have always seen the real estate market reacting positively to the rise in interest rates, he said. The market gets better thus pushing up sales and generating more revenue.
Green community, flexible payments
Union Properties is offering flexible payment schemes from five to 10,12 or 15 years on the Green Community near Jebel Ali on the outskirts of Dubai. Villas, town houses and apartments in a landscaped community are available on 90-year leases.
Dubai retail to quadruple by 2010
Dubai retail space will quadruple by 2010 if all the present shopping mall projects are completed, reported Gulf News. Presently the emirate has around 5m sqft, but this will rise to 20m sqft with the completion of the Dubai Mall, Mall of the Emirates and Dubailand shopping mall.
Dubai Textile City contract award
United Engineering Contracting has won a USD58m contract to construct the Dubai Textile City from The Textile Merchants Group. Work starts in 15 days for completion in 18 months. Six million square feet have been allocated for the project in Warsan on the way to Al Aweer.
Construction dispute unresolved
A dispute which has left 1,500 construction workers unpaid for six months has reduced them to begging for money, reported Gulf News. Apparently their employer has not honoured a settlement reached with the Labour Ministry two months ago. Officials said the case would go to court in a day or two.
USD1.5bn Dubai land transactions
The Dubai Lands Department has reported a 27 per cent jump in land transactions to USD1.5bn this year. Officials told Gulf News that 1998 had seen a sharp decline in land values but this was the best year since then. Low interest rates on bank accounts and projects by the Dubai Government were boosting land sales, they added.
Sharjah rents surge 15-20pc
Rents in Sharjah have jumped by 15-20 per cent in the year to November, according to a survey of agents by Gulf News. They said demand was strong, particularly from people working in Dubai and landlords had asked them to put up the rent. This reverses a three-year down trend in the Sharjah rental market.
Dragon Mart, foundation stone laid
The foundation stone for The Dragon Mart, part of the International City near Dubai airport under development by Nakheel Properties was laid yesterday. This will be a trading mall for more than 3,000 Chinese companies. China is now the biggest trading partner of the UAE.
Dubai Investments, freehold land
Dubai Investment Park is to allow freehold ownership of land, replacing a system of long term leases. Chairman Khalid AL Kamda said there had been great response from investors with applications already in for 60 per cent of phase three of the industrial park.
Emaar starts on Montgomerie Hotel
Emaar Properties has started construction of a boutique hotel at the Montgomerie Golf Course. There will be 19 deluxe rooms in the exclusive hotel and several serviced maisonettes and villas. Completion is slated for 2005. This golf hotel will be a first in the region.
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