2006
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Emaar, final Old Town launch
Emaar Properties has completed the multi-phased launch of The Old Town residential complex located at Downtown Burj Dubai with the unveiling of five new buildings - Kamoon 2 and 3 and Miska 1, 4 and 5. The roll-out caps Old Town's total offering of 1,560 residential units spread over six quarters: Yansoon, Zaafaran, Reehan, Zanzebeel, Kamoon and Miska. Amlak is offering 25 year finance packages and pre-sale registration starts tomorrow.
Downtown Jebel Ali, heavy sales
Limitless has revealed that it has sold out zones one and two of its $19bn Downtown Jebel Ali project to local and international developers. Sales are now underway for zones three and four. Limitless will develop about 20% of the site itself; the project was only unveiled midway through November.
Reem, Rawadat Abu Dhabi
Abu Dhabi's Reem Investments has launched the $1.5bn Rawadat Abu Dhabi project, which will mean the firm has two developments worth $9.8bn underway in the city over the next few years, reported Gulf News. The firm's main venture, the $8.3bn Najmat Abu Dhabi was unveiled in March. Rawadat Abu Dhabi will feature about 70 low-rise buildings, mostly residential, and plots will be handed over to developers next year.
Call for Dubai regulations
Regulations should be introduced in Dubai which force developers to set a construction start date before they can sell units, according to an industry expert cited by Gulf News. Iseeb Rehman, the MD of property consultant Sherwoods, said a contract should also be signed with a contractor prior to the sales process, as rising construction costs could cause developers to subsequently cut back on the build quality of projects.
The World, 2009 first completions
Luis Ajamil, the Head Consultant for Nakheel's offshore development The World, has said that the first properties will be completed and occupied by 2009, reported Gulf News. He predicted that construction work will be stepped from 2010 with a final end date of 2020. He estimated that, during peak periods, the development could have a population of around 250,000 people.
$1bn Energy City residences
Energy City Qatar has released details of the $1bn residential component of the $2.6bn energy hub development. It comprises 5,000 units covering 5m sq ft, and is designed to house up to 15,000 people. Residences will provide accommodation to workers of companies operating in the complex.
ETA Star, Turkey plans
ETA Star plans to invest $200m-$250m in developing real estate in Turkey over the next two years, Gulf News reported. The Dubai-based property developer will launch two residential projects in Istanbul and Ankara in H1 2007, which is part of a wider strategy to move more investment overseas.
Axon $1.5bn in Dubai projects
Korean developer Axon Gulf is investing $1.5bn in tower projects in Dubailand and Business Bay, according to Gulf News. This includes its $500m Axon Tower at Business Bay, which it will put to tender in January 2007. Axon will also award in January the construction contract for its $100m Sports 1 tower at Dubai Sports City.
Damac $16.3bn Red Sea resort
UAE-based Damac Properties will invest $16.3bn in a tourism and residential development on Egypt's Red Sea coast, Reuters reported. The project will be built in five phases over ten years on 320m sqft of land at Gamsha Bay, 60km north of Hurghada. It will include hotels, 15,000 residential units with villas and townhouses, an 18-hole golf course and a marina, said Chairman Hussain Sajwani.
$624.3m Western City at Dubailand
SG Holdings has unveiled its $624.3m Western City mixed-use project and theme park at Dubailand. The development will have 150 villas with freehold title, two hotels offering 600 rooms, and a Wild West theme park. The project is part of a $1.9bn development outlay by the group.
Pearl-Qatar fills up
The Pearl-Qatar has completed the flooding of its three marinas. Porto Arabia, Viva Bahriya and Costa Malaz can together accommodate more than 750 boats. The marinas will be managed by United Development Company, the owner of the project, and a Spanish marina operator, UDC said in statement.
Amlak finance at Lam Tara
Amlak is offering finance at Lam Tara Towers in Dubai, a twin-tower development by local Bin Manana Investment Group. The development offers 60 floors of office space in the commercial tower and 70 floors of one, two and three bedroom apartments, duplexes and penthouses in the second tower.
$477m Tiara United Towers
Zabeel Investments and United Holdings have formed a joint venture to build $477m Tiara United Towers on Dubai's Sheikh Zayed Road. The 61-storey twin towers are slated for completion in 2009. One tower will be dedicated to office space and the other will house a five-star business hotel with 400 rooms, including serviced apartments.
Al Sharq $1.2bn Dubai investments
Al Sharq Investment will build $1.2bn worth of real estate in Dubai. The 100-storey Al Sharq Tower on Sheikh Zayed Road, designed by Skidmore, Owings & Merrill, will have 268 residential apartments. There is a 400-room resort on Palm Jumeirah, W Dubai-The Palm, with 200 freehold residences adjacent to it; the 35-storey Rawasi Tower and 30-storey Nadra Tower at Business Bay; and the Aqua Dunya Residences with 1,600 apartments at its Aqua Dunya Resort in Dubailand.
Dubai Lagoon revises delivery date
Dubai Lagoon has put back by two months to February 2008 the delivery date of phase 1 of the project. Thailand's Powerline Group has been appointed main works contractor to 'speed up construction work' according to a statement issued on behalf of the developers. A fully fitted and furnished one bedroom show apartment is now open for inspection.
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