2006
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Sherwoods markets Skycourts
National Bonds Corporation has appointed Sherwoods as sales agent for its Skycourts residential development at Dubailand. National Bonds says it received 3,514 pre-registration and 12,283 enquiries in the six days since launch. Sales for apartments are open to NBC bond holders and Dubai Bank customers between 9-15 December, and thereafter to the general public.
Woods Bagot, Durrat design win
Australia's Woods Bagot has been chosen to design Durrat Al Bahrain's Commercial Crescent, following a competitive bid. Commercial Crescent is billed as the centrepiece of the $3bn mixed-use residential, commercial and resort project. The Crescent will be divided into six themed zones, each having residential towers and villas. It includes the 300-metre Durrat Central Tower.
$109m Rakeen for RAK property
A $109m private joint stock company, Rakeen, is being set up in Ras Al Khaimah to handle more than $1bn worth of development in the emirate, promoters said. The company will be responsible for developing local projects such as Marjan Islands, RAK Offshore, The Gateway, Al Hamra Amenity Centre, Jabal Al Jais and Banyan Tree Resort. It will also develop projects in Italy, Iran, India, Azerbaijan, Ukraine and Georgia.
KEC signs $267m deals at Cityscape
Saudi's Knowledge Economic City in Mecca has signed agreements worth $267m this week, promoters said in a statement. These include a $100m deal with Siraj Capital and PMDC to develop hospitality facilities - comprising hotels, residential apartments and an exhibition centre; an MoU worth $133m with the local Savola Group to develop the first phase of a retail complex; and a $27m deal with Malaz Group to set up an ICT fund.
Convivium VII to go ahead
The $15m Convivium VIII residential project in central Beirut is going ahead despite Lebanon's recent political difficulties, says the local Bassil Real Estate Investment. Bassil is promoting the 85,000 sqft project with Kuwait-based investment bank Markaz. AAA Architects and Rafik El-Khoury & Partners are the designers. Construction is due to start in Q1 2007, with delivery planned by the end of 2008.
$160bn in deals before Cityscape
Real estate deals worth around $160bn were announced in a three-week lead-in to Cityscape Dubai 2006, Emirates Today reported. This is seven times bigger than the $20.7bn announced before last year's event. Cityscape ends Wednesday.
Jiwar, $687m Al Makam Tower sale
Saudi-based Jiwar Real Estate has sold its Al Makam Tower in Mecca to a group of investors from Kuwait and Saudi for $687m, Jiwar said in statement. The tower is one of seven in the $1.6bn Abraj Al Bayt project. Ranging from 25-45 stories, the buildings will offer 10,000 residential units.
Poor service in real estate
Middle East real estate developers offer poor customer service and quality collateral, according to FutureBrand's annual real estate study. It found that brand promise is not always matched by brand performance, and that there is "considerable scope" for improvement in customer experience which is only 61%, up from 55% year on year.
Sorouh $853m Abu Dhabi project
The local Sorouh Real Estate will build a $953m mixed-use development in Abu Dhabi. Saraya Abu Dhabi consists of 30 towers ranging from 10-40 stories with a mix of commercial and residential properties, serviced apartments and a hotel on the eastern side of the city's Corniche. Australia's PTW Architects is the designer. Sorouh says construction starts at the end of December 2006, with two phases to be completed in 2010 and 2013.
Mizin launches Arjan
Mizin has launched Arjan, a mixed use project with expected investments of $5.4bn over the next three years. The 11m sqft project, to be located on the Emirates Road opposite the Dubai Autodrome, will comprise a layout of commercial, residential, retail and hospitality developments in ten demarcated zones, with 157 plots. The Dubai Great Wheel will also be located near to the development.
Kingdom of Sheba unveiled
IFA Hotels and Resorts has unveiled the 1.4m sqft Kingdom of Sheba project, to be located on The Palm Jumeirah's crescent, adjacent to the Atlantis development. The Kingdom of Sheba will be managed by Fairmont Hotels and Resorts and will include a residential component, a hotel and a souq. The project is slated to cost more than $1bn and should be ready in 2010.
DWTC showcases plans
Dubai World Trade Centre has unveiled further details of its Dubai Trade Centre District and Exhibition City at Cityscape. The DTCD will contain two hotels, 2m sqft of office accommodation, 1,000 apartments plus 1,000 serviced apartments. Exhibition City will include a light industrial zone and a campus-style office environment, as well as a retail park and a business boulevard.
Porsche Design Towers for BB
Dubai Properties and the Porsche Design Group are to jointly develop the Porsche Design Towers in Business Bay. The project includes an 80 metre tall, cylindrically shaped residential building, with a floor space of 300,000 sqft and shops at lobby level, plus a futuristic glass cube of 20 storeys with a floor space of 850,000 sqft which will accommodate offices. Both buildings should be completed by the end of 2009.
The World, 90% reclaimed
Nakheel has revealed land reclamation work at its offshore development The World is now 90% complete. The firm also revealed that developers will be able to use terraforming techniques to reshape islands to create features such as coves and marinas to suit their design plans. Canals between islands will have a draught of at least four metres enabling boats of up to 200 ft in length to navigate the waterways.
Non-Bahrainis, property go-ahead
The Bahraini Cabinet has approved a recommendation to amend current legislation so that non-Bahrainis can now be allowed to own real estate and carry out construction work in the kingdom, reported the Bahrain Tribune. The amendments also permit non-Bahrainis to own apartments in blocks with more than 10 floors in certain classifications, as well as in private tourism and investment projects.
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