2006
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Century 21, Juffair Views deal
Century 21 Bahrain has been appointed as the sales and marketing agents for Juffair Views, a 26 storey sea front development located in Bahrain. The agreement signed between Century 21 Bahrain and the developers of the project, Thomson Jr Consultancy and Investments, is worth $15m. Juffair Views will comprise one and two bedroom apartments, as well as three bedroom penthouses, available to locals and expats on a freehold basis.
IFA HR, Portugal purchases
Kuwait's IFA Hotels and Resorts has acquired two residential buildings in Pine Cliffs Residence, in the Algarve, Portugal, for $35m. The resort sits on an area of 7m sqft and has 2km of beach front. This is the first investment for IFA HR in a residential project in Portugal and the firm will be responsible for all re-sales through its international network of offices.
Ashghal, $2.2bn projects
Qatar's Public Works Authority, Ashghal, has embarked on projects worth $2.2bn since it launched its five year plan 20 months ago, reported The Peninsula. Qatari companies have secured 53% of the total project value of the schemes launched in that time. The five year plan contains infrastructure projects worth $8.5bn.
GAM sells Jordan Gate stake
The Greater Amman Municipality is to sell its 10% stake in the Jordan Gate project to Kuwait's Bayan Holding Company for $14.9m, reported the Jordan Times. The development has been dogged by recent controversy with the collapse of several storeys in September killing four workers, while it then emerged that, despite the GAM being a strategic partner, the project had not been granted the necessary construction licence.
DIRC eyes Qatar
The Dubai Investments Real Estate Company is considering Qatar as its first market for possible future foreign expansion according to CEO Khalid Kalban and cited by Emirates Today. Kalban said the firm would first of all focus on the UAE, with plans to add to its four projects within Dubai Investments Park with possible new real estate ventures in Abu Dhabi, Ajman and Umm Al Quwain.
Oman, land values up 40%
Land values in Oman have seen a 40% increase over the past six years, following negligible growth throughout the 1990s according to an expert cited by Gulf News. Gus Freeman, the MD of the Arabian Research Bureau, said the boom encompassed the land, property and rental markets but it was difficult to predict how long it might last. He added the markets for both local and overseas investors were healthy.
Sorouh's Central Park unveiled
As was reported last week, Sorouh has now launched its Central Park project at its Shams Abu Dhabi development. The project will include 12 mixed use towers, restaurants, water canals, lakes, recreational and sports complexes. Work on the infrastructure of the project will start in June 2007, with the first phase scheduled for completion in 2009; the project is expected to be finalised by the end of 2010.
Tecom Investments goes green
Tecom Investments has revealed that, according to its sustainable development policy, all of its new buildings, both locally and internationally, will be designed, constructed and operated in line with the US Green Building Council's 'Leadership in Energy and Environmental Design' silver guidelines. In addition, all current structures will be brought up to certification in the next five years, allowing Tecom to reduce its specific energy consumption by 25%.
Better Homes, Indian venture
Dubai based real estate agent Better Homes has been encouraged by its first few months of business in India, reported Gulf News. The firm has set up base in Mumbai and has concluded several hundred transactions, with MD Ryan Mahoney saying the firm was finding most of its clients from the emerging middle class. Better Homes is also establishing six offices in Mumbai offering brokerage services for residential and commercial property.
MAF Group $2bn Syrian project
UAE-based property developer Majid Al Futtaim Group is investing more than $2bn in a mixed-use development in Syria. Located in the Sabboura district near Damascus, the project comprises residential and commercial components, including serviced apartments, offices, retail space, restaurants and hotels.
Sheffield to invest $1.5bn
Dubai-based Sheffield Real Estate plans to invest $1.5bn into the Dubai real estate market, spreading its investment across various projects. Sheffield recently unveiled the $381m Marina 101 project in association with Russian developer Rustar Real Estate. Marina 101 features hotel apartments on 101 floors, and is set for completion by Q1 2010.
Jan De Nul $222m Saadiyat contract
Belgium-based Jan De Nul has been awarded a $222m contract to carry out bulk filling work on the Saadiyat Island development. Abu Dhabi's Development & Investment Company is the client. Around 35m cubic metres of earth will be moved in the operation. Work will begin in January 2007 and is due to be completed in December 2008.
Septech, Festival marina contract
The local Septech has won a contract to put in a 100-berth marina at Festival City. The agreement calls for Septech to cast and install Bellingham Unifloat floating concrete platoons. Manufacturer Bellingham Marine Australia, a subsidiary of Bellingham Marine, is Septech's regional partner.
Nakheel $100m Cityscape sales
Nakheel racked up more than $100m in sales at Cityscape 2006, the developer said in statement. This included $20m of land sales at Dubai Waterfront, $10m worth of villa sales at Jumeirah Park, and the sale of three islands on The World development for $80m.
Tameer new Dubai office
Local real estate developer Tameer Holding has opened a new Dubai office. It is located in the Al Suwaidi building between the 3rd and 4th interchanges on Sheikh Zayed Road. It has a sales office, showroom and meeting rooms.
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