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Government body to oversee development projects
The Abu Dhabi Urban Planning Council (UPC) has said that that Abu Dhabi Centre for Housing and Service Facilities Development will be the government body responsible for managing the emirate's major housing and infrastructure projects. The body will work with private sector companies on construction plans for Abu Dhabi. The Centre will also provide and develop utility and service facilities, including educational institutions and healthcare facilities.
Arabtec wins contract to build the Onyx Towers
Arabtec Construction has won a Dhs687m deal from developer Ishraqah to build the Onyx Towers in Dubai. The project is a multi-purpose free-hold development that will comprise three buildings - a 16-storey tower, a 25-storey tower with amenities, office and retail space, and a 14-storey, four-star business hotel, with 10 suites and 200 rooms. The project is next to Emaar Business Park on Sheikh Zayed Road.
Dubai mortgage values rise
The value of mortgages issued in Dubai exceeded Dhs8bn during the second quarter 2009, compared to Dhs7bn in the previous quarter, according to DubaiFocus, part of a partnership between ReidIn.com and RERA & Dubai Land Department. Some 39 banks registered 1,365 mortgages in Dubai during Q2. Abu Dhabi Commercial Bank (ADCB) was the main mortgage provider in terms of value, issuing Dhs1.86bn worth of home loans in 91 transactions. This was followed by Dubai Islamic Bank (DIB) (Dhs1.83bn from 151 transactions) and the National Bank of Dubai (NBD) (Dhs1.07bn from 80 transactions).
UAE distressed commercial properties increase in Q2
Distressed commercial properties in the UAE rose between April and June this year, revealed a new study. A global survey of agents on the emergence of distressed properties in the commercial property marketplace revealed that the number of countries experiencing an increase in distressed sales of commercial property rose in the second quarter this year, and the trend seems to continue into 2010. Of the 27 countries surveyed by the UK's Royal Institution of Chartered Surveyors (RICS), more than 75% of respondents reported a rise in the number of commercial properties that are coming to market under distressed conditions in the second quarter of 2009 compared to three months earlier. (Mac Capital Advisors)
Cement and concrete prices drop in July
The prices of cement and concrete showed a declining trend in July comparing with June, giving an impetus to the construction activity in Abu Dhabi. The monthly bulletin on the prices of building materials for July comparing with June issued by the Statistics Centre-Abu Dhabi, showed mixed trends. Cement prices dropped by 1.74% on an average in July compared with June, as a result of the decline in the price of Ittihad sulphate resistant cement by 0.71% to an average of Dhs350, down from Dhs352.2 in June 2009, the bulletin said.
Ajman approves development of 172 towers
The Ajman Real Estate Regulatory Agency (ARRA) has approved the construction of 172 towers in the emirate, down massively on the 900 buildings that were originally planned for development. The first time ARRA has published a list of approved projects since introducing regulations, it now requires developers to be registered and hold an escrow account for investor funds, which can only be used for construction costs. "Some of the registration applications have been rejected but many other projects are still under process and may join the list, or not," Omar al Barguthi, Director General of ARRA said.
Al Mazaya to spend $100m on Dubai property
Kuwait-based Al Mazaya Holding plans to invest $100m (Dhs367m) in properties in The Palm Jumeirah, Burj Dubai and Dubai International Financial Centre areas, Emirates Business 24/7 has reported. The move aims to establish an income generating portfolio for the firm, which expects to start buying properties from September. "We have put $50m aside and other investors from Kuwait have committed to invest the other $50m. We feel the market has hit the bottom," Khalid S. Esbaitah, CEO of Al Mazaya Holding said.
Kuwait real estate prices up 15%
Real estate prices in Kuwait rose 15% in July, according to a report by Kuwait-based Emaar Company for Real Estate Services. It said Kuwait Finance House and other Islamic financial institutions contributed to the growth. During July, there was a 55% increase in private residence sales, with 307 contracts signed worth of KD55m. Property owners reacted to demand, which was driven by active transactions, the report said.
Damac issues tenders for eight projects
Damac Properties has said it issued eight tenders for projects in August, worth Dhs2bn. The tenders are for Capital Bay, Executive Bay, The Corner, Park Central, Burjside Boulevard, Amber Residence, Lake side and Al Jawhara, the developer said. Enabling tenders for Commercial Square, Water's Edge and Harbour Heights have also been issued. The company, which has been criticised for missing completion deadlines on some projects, said this year it was moving away from aggressive expansion to aggressive completion and delivery. Over the coming two years it aims to have completed 25 towers, delivering 7,100 units, it said.
Nakheel sells Mirvac stake
Dubai-based developer Nakheel has reportedly agreed to sell all of its 172 million shares in Australian real estate company Mirvac Group for A$206.4m ($171m). According to a Bloomberg report, Deutsche Bank has managed the sale of the stock at A$1.20 a share.
Dubai Holding integrates portfolios
Dubai Holding has said it has completed the first phase of streamlining its operations with the formation of two verticals, Property and Business Parks. The Property vertical integrates portfolios of Dubai Properties Group with Sama Dubai, as well as Tatweer's real estate development projects including Remraam, The Tiger Woods Dubai, Dubailand and Bawadi. On the other hand, the Business Parks vertical integrates the existing operations of Tecom Investments with Dubai Healthcare City and Dubai Industrial City.
Nakheel asks buyers to pay cash
Nakheel is asking investors using credit transfers for property purchases to top up their payments with cash, The National has reported. According to brokers, Nakheel has allowed investors in delayed projects to sell their downpayments to other investors who have already invested in other Nakheel developments through credit transfers. Brokers say it no longer allows customers to use credit transfers alone to fund instalments, and demands 30% of the payments to be made in cash.
Barwa to hand over Sailiya units in Q4
Qatar-based Barwa has said that its Barwa Sailiya residential units, delayed due to problems with the main contractor, are to be ready by the year-end, the Gulf Times has reported. Originally slated for handover in July, the nearly 1,000-apartment project at Sailiya is the second phase of the close to 2,000-apartment Barwa Housing Programme (BHP), the developer has said. The first phase, BHP Mesaimeer, was handed over in March this year.
Rakeen begins Beirut sales
UAE-based property developer and master planner Rakeen has said that it has started the sale of its high-end residential project in Beit Merri, an upmarket area near Beirut. This is the developer's first venture into Lebanon's property market. Beit Merri comprises ten villas and nine apartments of various types overlooking the Mediterranean Sea.
Al Mal downgrades UP
Al Mal Capital has downgraded its rating for Union Properties to 'underperform' and cut its target price by 25% to Dhs0.81, citing the company's 'precarious liquidity position,' Khaleej Times has reported. Union Properties' cash of Dhs79.4m pales in comparison with its short-term debt of Dhs3.6bn, excluding the Dhs956m refinanced as long-term bank loan after the second quarter, Al Mal has said.
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