2005
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Eden Towers at Dubailand
India-based developers Lokhandwala Builders has opened bookings for the $68m Eden Towers residential development at Dubai Sports City in Dubailand. The 25-storey complex has 318 fully furnished studio, one, two and three-bedroom apartments, and is due for completion in early 2008.
$252m Lulu Towers on display
Bahrain-based Pearl Real Estate has launched the $252m Lulu Towers project, which is being built in Manama opposite the Bahrain Financial Harbour. The project comprises three residential towers with a total of 860 apartments. Dubai-based Pegasus Realty is the project's exclusive sales agent, and to date has sold over 40% of the development's apartments.
Asteco to sell Saraya Aqaba
Dubai-based real estate firm Asteco will market the residential part of the $600m Saraya Aqaba mixed-use development being built in Jordan. Residential units are being sold on a freehold basis, with land title passing to the purchaser, according to a company statement. Asteco is opening an office in Amman to take bookings for the project.
Al Raha Garden Villas
Aldar Properties has awarded the construction contract for the first 280 Al Raha Garden Villas to Abu Dhabi-based Al Jaber Building Establishment. Work begins immediately with completion scheduled for end of August 2006. Showhomes for viewing will be ready by the end of January 2006.
Panoramic at Dubai Marina
The Abbasi Group's Dubai-based real estate subsidiary Bonyan Emirates Properties has announced a series of projects including its flagship Panoramic building at Dubai Marina. Prices for apartments range from $133,402 for a one bedroom to $517,274 for a three bedroom penthouse. The building is due for completion in July 2006.
Tameer city project 60% finished
Tameer Holding has finished 60% of its Emirates Modern Industrial Area project in Umm Al Quwain, according to a company statement. The project involves an investment of $68m to develop a commercial, industrial and residential city over approximately 80m sqft.
Dubai real estate study
FutureBrand has put together a new study on the Dubai real estate market. Released at Cityscape 2005, the proposed annual report includes emerging trends, pricing statistics, rankings of major projects in terms of the brand experience, customer viewpoints, and macro supply and demand, said a spokesman.
$470m Doha airport contracts
Contracts worth $470m have been awarded for construction and infrastructure works at the new Doha International Airport. Sino-Malaysian joint venture Sinohydro-Gamuda-WCT won a $494m deal to build the airfield and runways. Other contracts were placed for roads and a labour compound. The project is due for completion by September 2008.
Pakistan at Expo City
Pakistan will establish a permanent exhibition and trade centre at Expo City in Sharjah in move to improve trade relations with the UAE. The three-storey centre will be built on 10,000 sq ft of land and cost $2.72m. China has built its own exhibition centre and the CIS and Egypt are in the process of establishing centres at Expo City.
$157m property deals for week
Land deals and mortgage transactions worth $157m were concluded in Dubai in the past week, according to statistics from the Dubai Lands and Property Department. The largest property sales were at Al Barsha 1, where a plot sold for $19.6m, and Palm Jumeirah, where one changed hands for $13.8m.
$20m Land deals in Dubai
Land deals worth over $20m were concluded in Dubai yesterday, according to figures from the Land and Property Department. The largest sale was for a plot in the Eyal Nasser area which changed hands for $2.72m, followed by a plot in Nad Al Sheba which went for $2.15m.
Property downturn warning
The UAE central bank governor Sultan Nasser al Suweidi has warned that the sharp rise in asset prices could lead to a downturn in the property market in 2006, and that the nation must diversify into sectors other than real estate, according to a Reuters report. He predicted rents would fall sharply in March 2006.
Arabtec, $87m Sky Gardens deal
Arabtec has won a contract worth $87m from Kuwait-based First Dubai for Real Estate Development to build a 47-storey residential tower, called Sky Gardens, in the Dubai International Financial Centre. The tower will have a total of 575 studio, one, two and three bedroom apartments and penthouses.
Al Ameera bids soon
Tameer Holding will soon invite contract bids for the $327m Al Ameera Village project, a senior official told Gulf News. The development will have a cluster of residential units, set for completion in 2007. The company is also building the 107-storey Princess Tower, which it says will be the world's tallest residential tower, at Dubai Marina.
No go-slow says Nakheel
Nakheel has denied media reports of a slowdown in construction of its offshore island projects, the World and Palm Deira. CE James Wilson told Gulf News both projects are proceeding on schedule, with 71.5% of the World project completed to date. The Dubai government-owned developer currently has a total of 220 projects running.
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