2006
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ULD selling Amman properties
Jordan-based Union Land Development is now selling eight residential and commercial projects in Amman. These are the Swefeya housing project, the third circle project, Abdoun flats, Al Thuhair villas, Um Alkundom villas, Wadi Saqra housing project, Um Uthaina offices and the Al Kursy housing project. Delivery will start mid-2007.
TAKtical, $68m UAE investment
US-based TAKtical International says it will use its Dubai-based subsidiary, TAKtical Realty Group, to invest $68m in UAE real estate. The company is searching for 'affordable housing projects', and will announce investment details next month.
$1.4bn Gateway to Morocco in 2007
Bahrain-based Gulf Finance House will launch properties at its $1.4bn Gateway to Morocco project in early 2007, according to Gulf News. The development has two components: the Royal Resort Cap Malabata and Royal Ranches Marrakech - which is a mixed-use residential complex offering a range of villas and apartments. Sporting facilities include an equestrian club and horse racing track.
Fontana sales open
Sales have opened for properties in the $120m Fontana Towers in Bahrain, according to Trade Arabia. The development has 400 apartments and four duplex penthouses in four interconnected towers. The project is being promoted by a group of Bahraini businessmen, who have formed a company called The Developers to run it. Completion is due in 30 months.
Lagoon Bahrain opens centre
The Lagoon Bahrain has opened its on-site customer relations centre, The Lagoon Lounge, on Amwaj Islands. The centre is expected to process transactions of up to $120m in the coming weeks as the agreements pledged since the project's launch 16 weeks ago are converted into contracts. The Lagoon Lounge is sign-posted from Bahrain International Airport and is open from 8am until 5pm between Saturday and Thursday.
Mizin launches $4.1bn Majan
Mizin has launched Majan, a mixed use development representing downtown Dubailand. Located on the Emirates Road, near to Global Village, the 16.5m sqft freehold development will consist of three components: 32% of the area will comprise residential units, 44% will be dedicated to retail and entertainment and 24% for commercial units. The development will entail an investment of $4.1bn over a three year period.
Smart City firm unveiled
Tecom Investment and Sama Dubai are to set up a joint venture, Smart City, which will be a global entity designed to develop techno parks in various parts of the world, reported Gulf News. A formal announcement is due next month but $697m will be invested in two smart cities in Kochi and Malta in the coming months. Further smart cities in South Asia and Africa are being lined up.
Methaq Jewels 1 released
The Methaq Realty Company displayed its first real estate development project within Jordan, Methaq Jewels 1, during the EKAR 2006 exhibition earlier this month in Amman. The project in Abdoun will cover an area of 90,000 sqft and will comprise 14 villas. Methaq has set up a finance package with the Union Bank for potential buyers.
$1.1bn Sahara Centre expansion
Sharjah's Sahara Centre is to undergo a $1.1bn expansion involving a 60% increase in the size of the shopping mall as well as the construction of seven new towers, reported Gulf News. Al Nahda Real Estate's project, which will see the development of office space, apartments and a hotel, is set to be the largest carried out in the emirate in the next five years.
Nakheel, Djibouti resorts
Nakheel is to build two island resorts in Djibouti, where it has already developed the country's first five-star hotel, reported Gulf News. The Dubai World subsidiary plans to build boutique hotels and villas on the islands and James Wilson, CEO of Nakheel Hotels and Resorts, said the islands are suitable for developing resorts similar to those that exist in the Maldives.
Sorouh launches Tala Tower
Sorouh Real Estate has unveiled a new residential tower project to be built on Reem Island. The 49 storey Tala Tower will be located on Marina Square, facing Abu Dhabi Mall. The tower will have 375 apartments consisting of one, two and three bedroom units; the development is scheduled to be ready in May 2009.
Damac, La Residence at BB
Damac Properties has launched La Residence at the Lotus, the company's first residential tower in Business Bay. The 58 storey tower will have a selection of one, two and three bedroom apartments as well as three levels of parking at podium level. The development will also contain retail outlets, cafes and restaurants.
Tameer, Imperial Residence
Tameer is to launch its Imperial Residence in Jumeirah Village during the Cityscape Show being held from December 4-6 at the Dubai World Trade Centre. This new $136.2m project, spread over 1m sqft, includes 569 residential units in a variety of studio, one, two and three bedroom apartments. It will also include a twin tower structure that will comprise 28 floors rising from a four storey podium.
ETA Star unveils Star Corp
ETA Star has introduced a tailor-made executive housing solution with the launch of an initiative called Star Corp. Employees will receive accommodation in a location close to their place of work, while companies will have an opportunity to invest the housing rent allowance payments previously paid to the employees into the new property and generate corporate real estate assets.
UAE real estate portal launched
Tamweel and Tejari have launched Simsari.com, a UAE real estate portal. The site will provide an online market place for property developers, brokers and private individuals to buy and sell residential and commercial property. Founding partners for Simsari.com include Nakheel, Dubai Properties and Sorouh.
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