2006
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Hyder wins BIW contract
Hyder Consulting has won a contract to design and construct primary infrastructure facilities at Bahrain Investment Wharf, which is under development by local Tameer. The agreement includes roads, water and electricity networks, sewerage, district cooling system, telecommunications and landscaping. The value of the deal was not disclosed.
Riffa signs Reef for finance
Bahrain's Riffa Views Signature Estates has signed Reef Real Estate Finance Company to offer mortgage finance for properties at the project, Gulf Daily News reported. Sharia-compliant financing is open to all nationalities through a fast-track application process, the company said. Riffa Views is joint venture between Arcapita and Bahrain International Golf Course Company.
Empire promotes Iraq project
Property devloper Empire Holdings says it is looking for investors in its $350m Empire World development at Erbil in Iraq's Kurdistan province. The project includes commercial, residential, hotel and leisure facilities over an area of 7.5m sqft. It includes two towers, one selling office space and the other housing a five-star hotel.
Century 21 Bahrain $26m sales deal
Century 21 Bahrain has signed a $26m deal with local Al Safar Group Holding to market the Diplomat Trade Centre. Located in Bahrain's diplomatic area, the 20-storey building offers freehold office space from 1,300 to 1,500 sqft. Syrconsult International is lead architect. The building is due to be completed in late 2008.
Dana, $572m development at iMPZ
Dana Property Development is to invest $571.9m in building a residential complex at the International Media Production Zone. Dana plans to build 11 residential towers in the iMPZ. Construction work, due to start in Q1 2007, will be completed by mid 2009; the iMPZ has already singed agreements with other real estate developers such as Damac, the Fortune Group and ETA Ascon.
Al Aryam Tower for AD
Abu Dhabi's International Capital Trading has launched the $109m Al Aryam Tower in the capital. Located on Al Mina Street, the 37 storey tower will be constructed on an area of 21,575 sqft. The Al Aryam Tower will provide 330 residential units in addition to a four level car park, a health club and management offices; space will also be allocated for commercial and office use.
$54.5m Al Duaa Marina Tower
Bahrain-based Al Kawathar Real Estate has launched the Al Duaa Marina Tower, a $54.5m residential development at Dubai Marina. The Al Duaa Marina Tower will be a 25 storey residential property comprising 142 one, two and three bedroom apartments, two penthouses and five town houses. It is to be located on the waterfront section of the marina and will have a built up area of 216,000 sqft.
Aldar's Central Market revealed
Aldar Properties has revealed the master plan and design of its $1.2bn Central Market project, reported Gulf News. The development will cover 6.5m sqft and will include an 88 storey residential tower, a 60 storey commercial tower and a 58 storey hotel. As mentioned previously, the first phase of the project will involve the traditional souq and this should be ready in 2008.
$54.5m Burj Al Nujoom unveiled
The UAE's First Gulf Bank is to build a 30 storey residential tower near to the Burj Dubai, reported Gulf News. The $54.5m Burj Al Nujoom will be the bank's second real estate project in the city and should be ready by Q1 2009. The tower will contain 395 apartments, with a mix of studio, one, two and three bedroom units.
Emaar, Old Town releases
Emaar Properties has unveiled three residential buildings, Kamoon 1, Zanzebeel 1 and Zanzebeel 2, at The Old Town project, part of the Downtown Burj Dubai development. Kamoon and Zanzebeel are part of the second phase of The Old Town and should be ready for hand over by the end of next year. Amlak Finance is offering home finance support of up to 96% on the one and two bedroom apartments.
Abbasi forms Bonyan Holding
The Abbasi Group of Companies has launched Bonyan Holding, a conglomeration of three of its businesses. Bonyan Holding will focus on offering turnkey property solutions both in the UAE and internationally. Bonyan Holding will incorporate Bonyan Emirates Properties, Ejaad Project Management and Mustadam Facilities Management. The Abbasi Group's property development business has grown 55% in the past year.
$3.5bn Palisades for DIP
The Palisades, a mixed use real estate development by Pearl Properties and costing up to $3.5bn, has been unveiled at the Dubai Investment Park, reported the Khaleej Times. The actual site area will be nearly half that of Dubai Marina and will feature residential, commercial and recreational space, with parkland and landscaping covering more than 5m sqft. Once completed, The Palisades will be home to around 55,000 people.
Sama launches Dubai Towers
Sama Dubai has launched Dubai Towers - Dubai, a cluster of towers to be located in the Central Business District of The Lagoons. Dubai Towers - Dubai will comprise four towers earmarked for residential, commercial, retail and hospitality purposes. Ranging in size from 57-94 storeys, the estimated date of completion is mid 2010.
Lavender Tower, second phase
The R Holdings Group has launched the second phase of the Lavender Tower in Emirates City, after selling out phase one. The price of the Lavender's second phase will start from Dhs400 per sqft. Piling has got underway at the project and contracting work should begin shortly.
ADIH, Entertainment City
The Abu Dhabi Investment House is to invest an initial $500m in a mixed use theme park in Qatar's Lusail development. The project, currently known as Entertainment City, will cover about 10m sqft and will have a one kilometre long beach front running alongside it. Entertainment City is designed to be a mix of hospitality, leisure and recreational facilities, with additional commercial and residential components.
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