2006
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Tameer 2% discount on sales
UAE-based developer Tameer Holdings says it is offering a 2% discount on sales of properties in its projects during Cityscape. The offer covers all its developments in the UAE, including Princess Tower in Dubai Marina, which Tameer claims will be the world's tallest residential building.
$550m Acacia Avenues by Abyaar
Kuwait's Abyaar Real Estate Development has unveiled Acacia Avenues, a $550m freehold residential development adjacent to Knowledge Village in Dubai. There are 137 one, two and three bedroom apartments and 50 five and six bedroom villas in the first phase; and 137 serviced apartments in the second phase. The project will be managed by Banyan Tree Hotels & Resorts. Italian architect Matteo Nunziati is the designer.
Secondary property market emerging
A strong secondary real estate market is emerging in Dubai, with residential developments showing high capital increases on resale, according to a report by Colliers International. Villas in the Arabian Ranches, Meadows, Jumeirah Islands and Springs are averaging 50-70% capital appreciation within 2-3 years. Apartments in The Greens have appreciated by 100-120%, and Dubai Marina apartments by 40-55%.
La Hoya Bay phase 2 release
Khoie Properties has released for sale the second phase of La Hoya Bay Residence on Marjan Island in Ras Al Khaimah. There are 269 apartments ranging from studios to three bedrooms; from 538 to 2,120 sqft. A further 302 apartments from the first phase are also part of the release. Phase 2 is due for handover by March 2008.
Design team for Central Park
Sorouh Real Estate has selected a design team comprising local and international companies for its Central Park project at Shams Abu Dhabi on Reem Island. US-based Carol R. Johnson Associates is prime design consultant for the project. Other consultants for various parts of the project are ZNA Associates, EHAF Consultants, Sites international Arrowstreet Architects, ARUP Partners and Walker Parking Consultants.
Dutch Foundation, The Prism contract
Credo Investments has awarded a work enabling contract to Dutch Foundation Co. for The Prism at Business Bay. Dewan Architects & Engineers is the structural consultant, Hamilton Project Management is the project manager, and JC MacLean is the interior design consultant, Credo said. The 35-storey tower is sold out.
Dubai Lagoon leaseback deal
Buyers of apartments at Dubai Lagoon in Dubai Investments Park during Cityscape can take advantage of leaseback deal, according to a statement by developers. Under the deal, 60% of the contract price is paid to completion, whereupon Dubai Lagoon pays the balance on behalf of the client while leasing back the property for a perod of five years.
Champions Tower II sold out
Pakistan-based Memon Group says its 13-storey Champions Tower II at Dubai Sports City has sold out. The $23m residential tower is due to be ready sometime in 2008. It has 174 apartments, with a mix of studios to two bedrooms. Residents get access to a range of sporting and leisure facilities within the gated complex.
Aldar, NBAD mortgage tie-up
Abu Dhabi-based developer Aldar Properties has signed up the National Bank of Abu Dhabi to offer mortgage finance to buyers of its property. The bank will structure individual finance packages for each of Aldar's projects.
Certification for realty brokers
Only certified real estate brokers will be able to operate in Dubai from January 2007, when a new regulation announced by the Land Department comes into effect, according to Khaleej Times. Brokerage agents will need to be accredited by the department, and contracts entered into by a broker and buyer will have to be registered to ensure the legitimacy of transactions.
Bin Ladin $2.3bn railway deal
The Saudi Bin Ladin Group has won a $2.3bn deal to build a 2,000km railway line linking Jeddah, Mecca and Median, Khaleej Times reported. The line will help move pilgrims between the cities. Eight contractors had bid for the project. It is due to be completed by 2011.
National Bonds, Skycourts Dubailand
The UAE's National Bonds Corporation has launched Skycourts, a $409m residential development set down for Dubailand. The project comprises six towers with a mix of 2,300 studios to two bedroom apartments, priced from Dhs279,000 to Dhs898,000. Delivery is due in the H1 2009. Dubai Bank is offering sharia-compliant finance.
$270m Quattro West unveiled
Developers Makaseb Holding and Ta'sees unveiled $270m Quattro West, a four tower development at Jumeirah Village. Each tower has 30 levels, with two having office space and two housing 260 hotel apartments and suites. A common base will feature shopping malls, a banquet hall, convention centre, business centre and parking over five levels.
Serrenia sales director appointed
Vantage Real Estate Development, the developer of the $2.7bn Serrenia project on Egypt's Red Sea coast, has appointed Alex Upson as global director of sales. Vantage has seconded Upson from Cluttons, the project's sales agent in the Gulf. Foster and Partners is the designer.
Cayan unveils business tower
Cayan, a local property developer, has unveiled its 12-storey commercial tower, Cayan Business Centre, at the Dubai Technology, E-Commerce, and Media Free Zone. Each floor offers 12,000 sqft of freehold office space which can accommodate from one to four offices, the company said. Basement parking is provided. It is due to be completed in December 2007.
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