2006
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UAE law to protect old buildings
The UAE is to introduce a new conservation and protection law for historic and archaeological sites, reported Gulf News. Once the new legislation is in place, private owners of buildings constructed before 1960 will have to apply for permission to demolish them from the Ministry of Culture. It is thought the new law should be in place inside two months.
Bonyan finishes Rose Tower
The Bonyan International Investment Group has finished building the 333 metre Rose Tower. The project, located on Dubai's Sheikh Zayed Road, has been carried out by the Arabian Contracting Company. Interiors company DEPA is now undertaking decoration work and a model suite should soon be available for viewing.
Emaar starts schools project
Emaar Properties broke ground for its first educational institution in Dubai, in Umm Suqueim, last Thursday. Emaar Education, a subsidiary of the real estate firm, is opening five international schools and four nurseries and kindergartens in the city, which should be operational by the middle of next year.
White Bay, 8,000 units in 5 years
The $2.18bn White Bay development in Umm Al Quwain will put 8,000 units on the market in the next five years, according to project managers Emirates Sunland Group cited by Gulf News. ESG say they have received planning approval from local authorities for the project's initial design. The 200-hectare resort-style residential community will have apartments and villas on 99-year lease terms, as well as hotels, retail space and other amenities.
D&S $40.8m Fairmont Palm deal
Drake & Scull International says it has has won a $40.8m contract with IFA Hotels & Resorts to provide mechanical, electrical and plumbing installation for IFA's Fairmont Palm Residence project on Palm Jumeirah. The agreement covers works in the project's two residential towers, and includes installation of systems for heating, ventilating and air-conditioning, plumbing, firefighting and swimming pools.
Aldar, Laing JV for Al Raha
Abu Dhabi's Aldar Properties and Laing O'Rourke, an international construction group, have formed a joint venture company to deliver Aldar's Al Raha Beach projects. The Abu Dhabi-registered company will be known as Aldar Laing O'Rourke JV. The company will construct residential and commercial properties at $18bn Al Raha Beach.
International City units for lease
International City by Nakheel is putting up at least 600 residential units for lease in a first phase release aimed at middle income earners. Annual rents start at Dhs31,000. A phased release will see more than 6,500 units on the market. International City combines commercial, residential, and retail elements.
DWC residential plots for sale
Dubai World Central will start taking expressions of interest at Cityscape for plots in Phase 1 of its 71.6m sqft Residential City development. Land sales are scheduled for March 2007. Developers will be able to build freehold projects in line with masterplan guidelines.
TAKtical $74.9m Rainbow investment
TAKtical International has invested $74.9m in buying up properties in $136.2m Rainbow Towers in Umm Al Quwain. The purchase came through subsidiaries TAKtical Realty Group and Katalina Investments. The development by UK's FuGen comprises 1,008 apartments in seven towers which was to be pitched at low income families. TAKtical says it will resell units individually, and also market the balance of units it did not acquire on behalf of FuGen.
Barwa's $962m Qatar project
Barwa Real Estate Company has unveiled a $962m mixed-use project in Qatar, The Peninsula reported. Ain Khalid Commercial Development will have residential apartments, administration complexes, retail outlets, exhibition areas and restaurants. The project is due to be completed by 2009.
RAK issues rent law
Ras Al Khaimah has issued a law regulating landlord-tenant relationships, and setting up a committee to adjudicate rent disputes, WAM reported. Under the law, increases in rent have to be approved by the ruler or Crown Prince, the report said. The law puts a 15% cap on rent rises, according to Khaleej Times.
Goldcrest Dreams II in Ajman
Star Giga, a joint venture of ETA Star Property Developers and Mazyood Giga International, have opened sales for Goldcrest Dreams II in Ajman's Emirates City. The project comprises three 29-storey towers offering one and two bedroom apartments. The development is priced for mid-income earners, say developers. Handover is projected for the end of 2009.
$109m rotating tower at Dubailand
A 30-storey fully rotating tower powered by the sun is being built in Dubai, local media reported. $109m Time Residences, which will go up in the City of Arabia at Dubailand, will include one and two bedroom apartments, duplexes and penthouses. Dubai Property Ring, the Dubai arm of the UK Property Group, is the developer. Sales are expected to start in March 2007. Construction is due to start in June 2007, with projected completion in Q1 2009.
$40bn development on Yas
Aldar Properties will start building a $40bn master-planned complex next year on Abu Dhabi's Yas Island. Elements include residences, hotels, marinas, retail, and golfing, equestrian and motor racing - with a Ferrari theme park. Aldar is seeking a special zone classification to allow freehold ownership. Dredging has started, and the project will be built in two phases due in 2008 and 2014.
ADCB finance for Sky Gardens
Kuwait-based Al Mazaya Holding has signed Abu Dhabi Commercial Bank to provide mortgage finance of up to 90% on purchases in its 43-storey Sky Gardens project. Al Mazaya says Sky Gardens will be the first residential tower completed in the Dubai International Financial Centre. It has a mix of 575 studio, two and three bedroom apartments, duplexes, and a penthouse.
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