2004
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Nakheel handles Palm Deira sales
Nakheel has confirmed that it will handle all local Palm Deira sales from its sales centre, while overseas agents will be appointed. The sale of 7,000 plus residential units on the huge Palm Deira started on November 24. Units cost substantially more than on the previous two islands, reflecting Dubai house price inflation.
Qatar plans second mega-project
Qatar expects to launch a second mega-project in Q2 next year to capitalise on the success of The Pearl-Qatar. Bechtel is producing a masterplan for the North Beach and Entertainment City over 32 sqkm with upscale residential homes, two golf courses and hotels.
USD150m Seef Towers from DIB
Dubai Islamic Bank's real estate arm Deyaar, formerly known as Global Real Estate, has launched two new projects located in Nakheel's Jumeirah Lake Towers development. The USD151m waterfront Seef II and Seef III Towers, with 39 and 34 floors of two and three bedroom apartments respectively, were designed by DAR Consult.
Record attendance at Cityscape
Cityscape 2004, the region's premier property investment and development event opened today, with organizers predicting a record number of visitors to the exhibition and conference. In the first three hours of opening, more than 1,200 visitors had passed through the doors of the Dubai International Exhibition Centre, where Cityscape 2004 is being held.
Cityscape event quadruples
More than 5,000 industry professionals from 40 countries are attending the three-day Cityscape 2004 conference and exhibition in Dubai from tomorrow. Organisers IIR Middle East have attracted 160 international exhibitors, with exhibition space up 400 per cent on last year.
KSA, USD1.6bn Al Khobar project
The Khaled Saud Al Shobily Group has announced the second phase of its USD1.6bn real estate development in the city of Al Khobar in eastern Saudi Arabia. The 70m sqft Al Shobily Port includes residential towers, retail, tourism and education features on 7km of Gulf coastline.
Turia launch, long queues
The launch of the Turia apartments development overlooking the Emirates Golf Course attracted long queues before selling opened on Saturday. Emaar Properties is sold-out at many of its huge property developments in Dubai with resale purchase the only option for most buyers.
Mashreqbank improves mortgages
Mashreqbank has introduced additional mortgage and realty finance products to satisfy demand from a widening base of customers. These include resale transactions, refinancing, pre-approved loans, and mortgages for non-residents. Cluttons is to act as valuer for resale and refinancing.
Turia flats add to Greens
Emaar has unveiled its Turia development of Mediterranean-style, low-rise apartments next to The Greens, and overlooking Emirates Golf Club. Construction of the landscaped community has already started with completion slated for 2006. Sales are now open.
Tamweel Tower goes on sale
Tamweel, the UAE home finance group, is to develop Tamweel Tower as its new head office within the Jumeirah Lakes Towers. There will also be 145 apartments for sale on 34 floors from today. Completion will be in 24 months. Prices start at USD177 per sqft for two bedroom apartments.
Dubai property has upside
Property premiums in Dubai's freehold market average just five to 25 per cent, dispelling talk of a balloon effect in the local market, Tamweel CEO Adil Al Shirawi told Gulf News. As for return on investment, Dubai properties average eight to 13 per cent compared to international markets such as the UK at four to six per cent and taxable, he added.
Beirut City Centre in Dubai
Lebanon's Solidere will showcase its Beirut City Centre project at Cityscape 2004, held in Dubai from 29 November to December 1. The mixed-use development covers more than 191 hectares, of which one third is reclaimed land from the sea. It is one of a number of developments aiming to revive Beirut as a hub of business, finance, culture and leisure.
Palm Deira, construction plan
The giant Palm Deira will adopt construction innovations learned from earlier palm islands, said Nakheel Chairman Sultan bin Sulayem. After completion of the breakwater and reclaimed land with one billion cubic metres of dredged sand and rock, the second stage will include infrastructure and utilities with a special emphasis on environmental protection, he added.
Oman, Arab cement imports
Oman is to start importing cement from neighbouring countries from next week to meet booming local demand, said Minister of Industry Maqbool bin Ali Sultan at the opening of a four-day construction forum in Muscat. He said within two years the sultanate's cement production would double to 4m tonnes per annum.
Burj Dubai Lake serviced flats
Emaar Properties has launched its 60-storey Burj Dubai Lake serviced apartments tower. The apartments are for sale freehold and adjacent to a five-star hotel which will also manage the apartments. The tower overlooks the Burj Dubai Lake and is next to the Dubai Mall. Completion is scheduled for the end of 2007.
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