2006
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Central Park launch tomorrow
The local Sorouh Real Estate will on Wednesday launch the Central Park project at its Shams Abu Dhabi development, the company said in statement. Shams Abu Dhabi will occupy over 15.6m sqft of offshore Reem Island. Residential projects will compose 80% of development space, with 20% reserved for commercial and recreational use.
Damac's Dubailand office blocks
The local Damac Properties will build a complex of seven office buildings, The Cyclades, in the master planned development Arjan at Dubailand. Damac says the Greek-style buildings will range in height from four to six levels. Construction dates were not disclosed.
$109m SanteVill at BB
Korea's Sungwon Corporation has launched $109m SanteVill tower at Dubai's Business Bay. The 25-storey residential tower has 195 units, all fitted with LG Electronics' smart home technology. The company has a second Dubai project on the blocks at Culture Village.
$43.6m Tebyan Clarity Tower
Tebyan Real Estate Development has unveiled its $43.6m Tebyan Clarity Tower in Dubai's Tecom free zone, reported Gulf News. The 14-storey building offers freehold office space for sale, has 24-hour security surveillance, three high-speed elevators, retail space and coffee shops.
DSI, $40m Infinity deal
Drake & Scull International has won a $40m contract for mechanical, electrical and plumbing work at Infinity Tower in Dubai Marina. The work starts in January 2006. The 80-storey, 330-metre high building, designed by Skidmore, Owings & Merrill, has a 90º twist from top to bottom.
Burj Views, podium apartments
Emaar Properties has launched the podium apartments at Burj Views in Downtown Burj Dubai. The podium apartments are located on four floors and include studio, one and two bedroom units and duplexes. Mashreqbank is offering up to 95% finance on the units and pre-registration will begin tomorrow, December 19, and close on December 20.
Falak awards DSC contracts
Falak Properties has awarded piling and construction contracts worth $122.5m for its seven sports themed towers in Dubai Sports City to United Engineering Constructions and Al Liwan/Intermass. Each tower comprises studio, one bedroom and two bedroom apartments and they are scheduled to be ready for occupation by the end of 2007.
UAE, 6,000 elevators per year
Around 6,000 elevators are installed in the UAE every year according to an industry expert cited in Gulf News. Hameed Salahuddin, the Director of the ETA-Ascon Group, said the overall market value was around $900m. ETA-Ascon installs around 2,200 lifts a year, around 35% of the market.
O14 Tower for BB
The Creekside Development Company, which is owned by the Albaraka Islamic Bank, is developing the O14 Tower at a cost of $81.7m at Dubai's Business Bay. The O14 Tower will comprise 21 storeys of offices, four levels of underground parking, recreation facilities, a restaurant and retail outlets. The development should be ready by the end of 2008.
West Wharf for BB
Corporate Finance House has launched its first development in Dubai, West Wharf, at Business Bay. Scheduled for completion in December 2008, the 18 floor project, which will be designed by Lisa Wong who was behind the Emirates Towers, will offer a range of apartment styles and sizes, including duplexes and penthouses complete with private swimming pools. Lofts and townhouses with private swimming pools will be available on the podium.
Aqaar to oversee Ajman 1
The Ajman Investment and Development Authority has unveiled a semi-governmental company, Aqaar, which will focus on developing the real estate sector in the emirate and oversee its first mixed use project, Ajman 1. The development will consist of 12 freehold towers and will be located on the emirate's coast road. Construction will be in two phases and will commence in Q1 next year.
RAK Prop eyes Dubai, AD
RAK Properties is looking at moving into the property markets of Dubai and Abu Dhabi, according to Mohammed Sultan Al Qadi, the firm's the CEO and cited in Emirates Today. Al Qadi added that the firm is also considering overseas opportunities but could not give any specific details. RAK Properties would target residential and commercial projects.
Gulf investors, Moroccan venture
Bahrain's Real Capita and Morocco's Jet Asset Management have formed House Invest, which is to spend $400m on social housing projects in Casablanca, Tangier, Agadir and Marrakech over the next four years, reported Reuters. RealMaroc, a fund that includes investors from Saudi Arabia, the UAE and Kuwait, will acquire 90% of House Invest's capital, with the remainder held by Real Capita and Jet. House Invest aims to build 22,000 homes.
Burj Dubai hits 95 storeys
Emaar Properties' Burj Dubai tower has racked up 95 storeys and is now the second tallest building in Dubai behind the Emirates Towers office tower which is 355 metres high - the Burj Dubai currently has a height of 329 metres. The Burj Dubai has used 235,000 cubic metres of reinforced concrete and 44,200 tonnes of reinforcing steel to date.
Dubai Prop at Mumbai show
Dubai Properties is currently participating in the ET Realty Expo taking place in Mumbai until December 17. This is the third year DP has taken part in the event being sponsored by the Times of India. The ET Realty Expo caters to around 30,000 visitors, many of whom are corporate investors or affluent expatriate Indians.
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