2006
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Al Ferdous at Al Salam on sale
Tameer Holding has launched the sale of properties in the Al Ferdous district at its Al Salam City development in Umm Al Quwain. The release is for 658, two bedroom town houses. They are due to be delivered by March 2009.
Korean firm $1.2bn Mideast plans
South Korea's Sungwon Corporation plans to invest over $1.2bn in property development in the Middle East, primarily in UAE's buoyant property market, the company said. The construction major has a strategic alliance with Dubai Properties, the property development arm of Dubai Holding. It currently has projects worth around $450m in Dubai Properties' Business Bay and Culture Village.
Tamweel, Lam Tara finance
Tamweel has signed up to offer finance at the Lam Tara Towers, a twin-tower project in Dubai. It is offering up to 75% financing to businesses for space in the 60-storey commercial tower. Dubai-based Bin Manana Investment Group is the developer.
Ishraqah $1.6bn property plans
A new UAE-based real estate developer, Ishraqah, says it will invest $1.6bn in developing global real estate in the next two years. It plans to pursue projects in Morocco, India, Pakistan and Egypt, the company said in a statement. Ishraqah will reveal a residential development in Dubai's Jumeirah Village at the end of 2006.
$2.5bn Egyptian resort residences
Vantage Real Estate Development, a subsidiary of family-owned Shaheen Business and Investment Group, has unveiled a $2.5bn residential resort and hotel on Egypt's Red Sea coast, according to Khaleej Times. Called Serrenia, the project will have a marina, a 200-room hotel, villas and apartments, and a collection of palaces with their own island, beach and swimming pool. Foster and Partners is the designer.
$545m Etihad Towers deal
Arabian Construction Company has signed a contract worth an estimated $545m with a local private investor to build Etihad Towers, a mixed-use development adjacent to the Emirates Palace Hotel in Abu Dhabi, according to Middle East Economic Digest. It will comprise five towers ranging in height from 50-75 storeys - three residential, one containing a hotel and serviced apartments, and an office block. US-based Hill International is project manager.
TSA Logistics Tower
TSA International is building a 28-storey tower at Dubai's Business Bay dedicated to the Middle East logistics industry. The Hydra 28 will be one of Business Bay's five iconic towers. It will use the concept of one floor, one office, giving businesses 3,042 sqft each.
Lam Lara Towers in Dubai
Lam Tara Towers, a mixed used development on Dubai's Sheikh Zayed Road, was unveiled Monday by Dubai-based Bin Manama Investment Group, according to Gulf News. It comprises a 60-storey commercial tower and a 70-storey residential tower with one, two, apartments, duplexes, and penthouses. Residential properties go on sale later this year, with construction due to start in 2007. Asteco is sales agent and Amlak is offering finance.
Emaar, Libyan special zone deal
Emaar Properties has teamed up with Libya's Zowara-Abou Kemash Development Zone to set up a joint venture company in the country. The company will act as the main developer of phase one of the Zowara-Abou Kemash area, including Farwa Island. It will develop residential, commercial, industrial, educational, healthcare, leisure and entertainment components; the master plan for the special zone will be drawn up shortly.
Sports City, sewage deal
Dubai Sports City has revealed that Hyder Consulting Middle East and the Eagle Electromechanical Company have been awarded a $16.3m contract to design, build and install a sewage treatment plant which will have a capacity of 25,000 cubic metres per day and will serve the 50m sq ft site. Hyder Consulting is the lead consultant on the project and Eagle Electromechanical will be the main contractor.
Aldar, more dredging at Al Raha
Aldar Properties has extended the dredging contract for its Al Raha Beach development from the initial 10m cubic metres to 25m. The additional work adds $92.6m on to the original contract which was awarded earlier this year, after a tender process, to Dredging International of Holland. Work commenced in March and will continue on the Al Raha Beach site for another 14 months.
Marina 101 goes on sale
Sheffield Real Estate, in partnership with Rustar Real Estate, has launched the sale of the $381.2m Marina 101. It has also announced an agreement with the UK-based InterContinental Hotels Group for it to manage and operate a 32 storey hotel within the 101 storey, 412m tower development at the Dubai Marina. Marina 101 is expected to be ready by Q1 2010.
Emaar Jordan to Rabieh Towers
Tamleek Real Estate and Development has signed a leasing agreement with Emaar Properties, by which Tamleek's Rabieh Towers will house Emaar Jordan's offices. The Rabieh Towers project is located in the Wadi Saqra area, one of the main commercial districts of Amman. The Rabieh Towers are being built on 110,000 sqft of land and should be ready by the end of this year.
Bando eyes $1bn UAE projects
South Korea's Bando Construction and Engineering is set to invest around $1bn in new real estate projects in the UAE next year, reported Gulf News. Bando, which launched the $400m U-Bora Tower in Dubai's Business Bay in April, says it will unveil several new developments featuring retail, commercial and residential units. The firm's Chairman Hong-Sa Kwon added that Bando is also open to opportunities in the wider region.
Al Basateen, 40% sold
Regional property developer Snasco, which launched the Sharjah based development Al Basateen in September, has revealed that it has so far sold 40% of the project. Al Basateen, located on the Meliha Road near to Sharjah University City, will offer villas ranging in size from 6,000 sqft to 15,700 sqft, in addition to a large mall, entertainment centres and schools.
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