2007
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House of Patels in Chandigarh
India's House of Patels, which is marketing a number of real estate developments in Dubai such as the Burj Dubai Lake Hotel and the Dubai Mall, has teamed up with Parsvnath Developers to promote the $1bn Prideasia project in Chandigarh, Northern India. Spread over 123 acres, Prideasia includes a saleable residential area of 3.9m sqft and a commercial area of 270,000 sqft.
$4bn mini city for Ajman
The UAE's Real Estate Investment Establishment and South Korea's dsec International are to work together to build a mini city in Ajman costing around $4bn, reported the local WAM news agency. dsec's President and CEO Sungdol Kim said the master plan should be ready within two months and the ground breaking ceremony should occur in the middle of next year. The mixed use project will take five years to complete.
Istithmar $1.2bn New York sale
Dubai's Istithmar World Real Estate has sold 230 Park Avenue in New York to a consortium including Goldman Sachs' Whitehall Fund and Monday Properties for almost $1.2bn, generating a profit approaching $500m. The transaction follows on the heels of Istithmar's sale of 280 Park Avenue to Broadway Properties in November for around $1.4bn. Istithmar acquired 230 Park Avenue in November 2005 for $705m.
5% cap for Dubai
Sultan Butti bin Mejren, the DG of the Dubai Land Department, has revealed that the city's rental increase cap will be set at 5% next year, reported Gulf News. The new limit reduces the current cap of 7% and follows the previous year's drop from 15%. Steep rental prices have been a major factor in the UAE's rising inflation rates and the new cap will come into effect from January 1.
Collapse of building boosts death toll in Egypt
The death toll from the collapse of a block of flats in Alexandria has risen to 14, the official MENA news agency reported on Wednesday, reported AFP. The toll could climb even further as around 15 people who still remain trapped in the rubble of the flattened 12-storey building.
Ajman airport lifts prices
Property prices in Ajman have leapt by 30% in the space of a week due to the announcement on December 17 of the plan to build a $3.3bn airport in the emirate, reported Emirates Business 24/7. It is also thought developers might add an extra 20% to the prices of some units for sale in Ajman. A square foot at the Ajman Pearl now costs Dhs550, up from Dhs425 last month.
Trident, Dubai Marina office
Dubai's Trident International Holdings, the real estate developer behind the 120 storey Pentominium skyscraper, has opened a client relations centre at Dubai Marina. The office is located at the firm's first development at the marina, The Waterfront. Trident, which has launched five freehold projects at Dubai Marina, also has a customer centre at its head office in Jebel Ali.
Al Mazaya in Oman project
The Oman Real Estate Portfolio, in which Kuwait's Al Mazaya Holding has a 40% stake, has launched the Al Badia Residential Project in Sohar. Located on an area of more than 190,000 sqft, and costing just over $12m, the development will comprises 73 villas, a private sporting club and a multi purpose hall. The venture is Al Mazaya's first in the sultanate.
Qinvest buys into Shard
Qinvest, a Qatari Islamic investment bank, is set to acquire a majority shareholding in London's Shard of Glass skyscraper development, according to Property Week. The bank will buy the 33% stakes of CLS Holdings and Simon Halabi as well as part of the stake of Sellar Property. No value was given for the deal; last month it was reported here that Qatar's government might buy an 80% stake in the venture.
Sweet on new investment
The UAE based property developer Sweet Homes is to invest more than $500m next year in various residential, commercial and mixed-use developments across the region. The firm has already released two projects in Ajman but it is also targeting other emirates in the UAE, as well as Qatar, Oman and Saudi Arabia. Its freehold $682.8m villa and townhouse community, Ajman Uptown, was unveiled just last month.
Sales bloom at the Daffodil
The Sobha Group has said it has now sold 90% of its Sobha Daffodil at Jumeirah Village South in Dubai in the six weeks since its unveiling at Cityscape. The project, which should be completed by Q3 2009, will comprise 178 apartments, ranging from studios to three bedroom units. The Sobha Group expects to roll out several more developments next year.
Nakheel buys into Mirvac
Nakheel has bought a 6.5% stake in Australian real estate group Mirvac as part of its international expansion plans, reported Reuters. The Dubai World subsidiary did not say how much it has paid for the stake but it was worth around $347m at Friday's closing prices. Mirvac is developing homes in Australia and also operates hotels in Australia, New Zealand and on several Pacific Islands.
$216m Al Areen contract signed
The Gulf Holding Company has awarded the $216m Downtown Al Areen construction contract to the Ahmed Mansoor Al Aali Company on a design and build basis. Ahmed Mansoor will be responsible for the construction of the main boulevard including retail and residential areas as well as offices, a supermarket and a hotel. Construction will begin in Q1 2008 and is scheduled for completion at the end of 2009.
Saudi rental warning
Sa'ad Al Rusayes, a board member at the Riyadh Chamber of Commerce and Industry (RCCI), has warned rental rates in Saudi Arabia are likely to increase in H1 2008, reported Gulf News. Al Rusayes said the sector could not absorb any further price rises and he called on the government to implement legislation to bring the market under control. He stressed further price hikes would 'have direct impact on other products'.
TIH awards Pentominium deal
Trident International Holdings (TIH) has awarded the enabling works contract for its 516 metre, 120 storey Pentominium project at Dubai Marina to the Swissboring Overseas Corporation. The shoring and piling work will see the installation of 250 piles, with some driven to a depth of 65 metres. The work should be completed within 60 weeks of commencement.
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