2004
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Palm Deira bigger than Manhattan
Dubai's Nakheel has announced plans for The Palm Deira which will offer 8,000 villas and amenities such as shopping malls, sports facilities, clubs and public services. Chairman Sultan bin Sulayem said that the size of The Palm Deira, an area of 80 sqkm, is roughly equivalent to that of Greater London and even bigger than Paris and Manhattan.
The Jewel not a live project
Dubai officials yesterday denied recent reports that a project known as The Jewel, and promoted by Yoharah, is to be implemented in the near future in the UAE, reported Wam. Plans for the project are reportedly going to be unveiled at the upcoming Cityscape conference.
Victory Heights, Dubailand villas
Dubai Sports City and joint venture partner First Islamic Investment Bank have announced the Victory Heights development of 789 villas around a golf course designed by Ernie Els. The project is in the Dubai Sports City, part of the Dubailand theme park, and will be marketed by Asteco. Prices range from USD685,000 to USD1.6m with completion in 2007.
Construction standards warning
UAE construction firms are using substandard quality concrete with a reduced service life, a building design expert has warned. Dr Abdul-Rahim Sabouni, President of the UAE Chapter of the American Concrete Association, says the Middle East construction sector needs to take a more professional approach, with better codes of practice and quality control.
Big numbers at the Big 5
There was an increase of 14 per cent in first-day visitors compared to last year at the Big 5 construction and contracting exhibition being held in Dubai. There is a significant increase in regional as well as international interest with numbers up from GCC states, Iran and Europe. The event is expected to attract 30,000 visitors.
The Jewel to be unveiled
The magnitude and conceptual designs of the single largest residential resort in the world, called The Jewel, will be on view at the Cityscape architectural, investment and property development exhibition in Dubai from November 29. It is new development company Yoharah's first project in real estate.
Emirates Glass, Jumeirah deal
Emirates Glass will supply more than 1m sqft of glass to the Jumeirah Beach Residence development of 40 towers. It will utilise its USD4.4m glass tempering furnace, commence delivery in December and is expected to be completed within nine months.
USD25m DIA terminal three aircon
York International has won a USD25m contract for the air conditioning at Dubai International Airport's USD4.1bn terminal three. The company is the largest independent heating, ventilation, air conditioning and refrigeration supplier in the USA and a major supplier to the Middle East.
Palm Deira, ladies first
From today until 23 November, The Palm Deira will be open for sales to ladies only at Nakheel's sales centre. The Palm Deira, the largest of Dubai's three palm-shaped islands, will house over 7,820 villas. The first two days are solely open to women from the UAE who wish to increase their investment portfolios or purchase family property.
Dubai Lands, deals up 67pc
The Dubai Lands Department has reported a 67 per cent rise in real estate deals in the year to end of October. The total value of deals in the first 10 months of the year was USD2.7bn, with June and July this year's best months with deals worth USD354m and USD327m respectively.
Dubai realtors hit speculators
Dubai real estate developers have taken measures to lessen the ability of speculators to make a quick profit (see Dubai Property section). Emaar and Nakheel are acclerating payments to tie-up more money while the Jumeirah Beach Residence has imposed a seven per cent transfer fee on market values.
Big 5 building show opens
The Big 5 construction show opened yesterday in Dubai and will run until November 24. The show expects to attract 30,000 visitors and is the biggest regional construction event. This year the huge Sheikh Rashid Hall has been added to provide extra space.
Amlak finances property premiums
Amlak Finance has announced plans to offer finance that will cover property premiums, the amount above the original sale price from the developer. This is a crucial step that should be a huge stimulus for the secondary property market, said CEO Mohammed Al Hashimi. Amlak will benchmark resale prices by financing property premiums at valuations determined by independent specialist property valuers.
Palm Deira launch Nov 24
The official launch of Nakheel's huge new project The Palm, Deira will be on November 24. Meanwhile, the Nakheel sales centre is also inviting business women in the UAE to an exclusive private unveiling of the project on November 22 and 23. The Palm, Deira is an artificial palm-shaped island off the Dubai coast which will be bigger than the other two.
Jordan 20pc realty growth
After experiencing rapid growth in the last two years, the real estate market in Jordan is expected to grow by 20 per cent this year. A Jordanian delegation will attend Cityscape 2004 in Dubai from November 29 to December 1. The delegation will highlight its plans for urban regeneration, tourism and government investment projects in Jordan.
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