Real Estate
- The news you choose »
- Login to Add to Watchlist
Categories
Qatar's Barwa eyes US market
Qatari real estate developer, Barwa has said it is exploring investment opportunities in Washington DC, New York and Los Angeles, Gulf Times has reported. 'The exploration focused on commercial properties most likely hotels and such,' the group's strategy & investment executive director, Mohamed Abdul Aziz al-Saad, told the newspaper.
Egypt's SODIC to raise EGP1bn in debt: CEO
Maher Maksoud, chief executive of Egypt-based Sixth of October for Development and Investment Co. (SODIC) has said the firm plans to raise some EGP1bn in debt, to fund its key Cairo projects over the next two and a half years, Reuters has reported. 'We are working on getting syndicated debt, et cetera, but we don't need to actually draw it down immediately,' he told the news service.
Baniyas launches new units in Bani Yas City
Abu Dhabi-based Baniyas Investment and Development Co. (BID) has announced the launch of new apartments within its Bawabat Al Sharq project in Bani Yas City. The new Bawabat Al Sharq apartments include 500 apartments, spread across 14 buildings, within six different blocks. The new buildings are part of Phase II of the project, the construction for which is due to commence in early 2010. The entire Phase II of Bawabat Al Sharq, including the new apartments and villas, is scheduled for hand over in the third quarter of 2011, BID said in a statement.
DIP tower ready for handover
Dubai Investment Properties (DIP) has said that it has started commissioning of services for the firm's commercial development, Single Business Tower, Gulf News has reported. "All our systems will be up and running by mid-December and we will be able to begin our leasing process," DIP said. The Single Business Tower features 248 offices and retail spaces over 45 floors, common areas and service outlets.
Maspero to seek Cairo project partner
Sherif Hafez, CEO of Egypt-based Maspero for Urban Development has said the firm will seek a strategic partner next year for a $3bn-4bn project it is spearheading, to turn 300,000 square metres of Cairo's downtown riverfront into an upscale commercial and leisure district, Reuters has reported. The project will include a landmark high-rise building, commercial and residential areas, hotels and public green space. 'We plan to call for competitive bidding for strategic partners ... around early April to August 2010,' he said.
AECOM wins Capital District contract
The Abu Dhabi Urban Planning Council (UPC) has appointed US-based architectural, engineering and construction management firm, AECOM, to manage the infrastructure for the Capital District in Abu Dhabi, Khaleej Times has reported. AECOM will mange the infrastructure component of the 4,900 hectare development that is part of the emirate's comprehensive vision of the future entitled Plan Abu Dhabi 2030.
Bilfinger considers Qatar pull-out
Herbert Bodner, chief executive of German construction firm, Bilfinger has said the company is considering pulling out of Qatar due to a disagreement with local construction authority Ashgal on its Doha roadway project, Reuters has reported. Ashgal and Bilfinger are embroiled in a legal dispute over a 6-kilometre road construction project in Doha which is running a long way behind schedule. 'The bad experience with the Doha project prompts us to reconsider our commitments in the Gulf region,' he told the Financial Times Deutschland.
Amlak posts Dhs45m Q3 loss
Dubai-based mortgage lender Amlak Finance has announced its net loss for Q3 stood at Dhs45m, lower than losses recorded in the first and second quarters of 2009. Total losses for the first nine months of the year amounted to Dhs178m. Amlak attributed the loss to prudent provisioning on mortgage financing portfolio. Operational profit before provisions and impairments stood at Dhs39m for the nine month period and total provisions for the financing business stood at Dhs313m cumulatively as of September 30, 2009.
Knight Frank: 40% of Dubai office space empty
According to real estate broker Knight Frank LLP, about 40% of Dubai's office space is currently empty after the emirate's construction spree outpaced demand, Bloomberg has reported. Vacant office space totals 10 million square feet, the broker said. If developers meet current completion dates, total office space will double to about six million square metres by the end of 2011, according to research by broker Colliers International, which also put the vacancy rate at 40%.
Emaar to continue Egypt projects
Emaar, Dubai's largest listed real estate firm, has said it was committed to completing all projects it has previously announced in Egypt, Reuters has reported. 'Egypt is one of the key markets for Emaar, and we remain committed to completing all announced projects,' Emaar Misr said in a statement. The developer's projects in Egypt include Uptown Cairo, Mivida and Marassi.
Debt crisis to erode Dubai housing prices
Property prices in Dubai are likely to see further decline amid concerns over the availability of finance, Reuters has reported, citing analysts. 'The news plays on investor psyche and house prices may slide a further 20%-30% earlier than our existing view of second half of 2011,' Saud Masud, UBS' head of research and senior real estate analyst said. Similarly, Nicolas Maclean, managing director of CB Richard Ellis said uncertainty over Nakheel's liabilities will impact the developer's property pricing, but will only have a knock-on short-term effect for property by unrelated developers.
Samsung halts Dubai bridge work amidst Dubai debt crisis
Samsung C&T Corp. has said it has stopped work on a $350m bridge linking Dubai to the man-made Palm Jebel Ali island, after Nakheel halted payments for two months, Bloomberg has reported. Dubai is the biggest overseas market for Korean builders.
Abu Dhabi to curb housing construction
Abu Dhabi plans to limit construction of new properties in the emirate to avoid the housing oversupply and price declines that slammed the real estate market in neighboring Dubai, Aldar Properties CEO John Bullough told Bloomberg. The Emirate has a shortage of 15,000 to 20,000 units and the government will let the 'rope out on development in a measured way,' Bullough said. 'There will be, in our view, a lag between supply and demand.'
Damac awards construction tender
Dubai-based developer Damac Properties has awarded Dar for Trading & Construction (DETAC) the construction contract for Park Avenue, Cairo-Alex Desert Road. The project consists of 723 retail units and 454 office spaces, as well as parking which will serve a total of 3,000 cars. DETAC is expected to deliver the project in 18 months, the company said in a statement.
Emaar cancels deal with City Cool
Emaar Economic City, the Saudi-based affiliate of Dubai's Emaar Properties, has said it has cancelled a SR650m agreement with UAE-based City Cool, but has not given a reason for the move, Reuters has reported. City Cool was meant to own and operate two cooling stations for 25 years at the King Abdullah Economic City, the developer said in a statement.
It looks like you are using a Mac - check out our 
Web Feeds