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Podium structure completed at Hydra Avenue
Abu Dhabi master developer Hydra Properties has completed the podium construction of its flagship development Hydra Avenue on Reem Island. The completion is ahead of schedule and the company said development work is on track for the next milestone in April 2010, the 50% structure completion of towers C4, C5 and C6. Hydra Avenue is made up of six towers, each between 24 and 29 storeys in height.
First Dubai posts Q3 losses
Real estate firm First Dubai has posted a Dhs118m loss for the first nine months of this year. The developer incurred unrealised losses of Dhs208.5m in the third quarter, although shareholders' rights were not affected, as these losses were recorded in the cumulative change in fair value of investments available for sale within equity. First Dubai projects include The Villas and Queue Point in Dubailand.
Report: Qatari Diar facing UK lawsuit
Qatari Diar Real Estate Investment, a unit of the country's sovereign wealth fund, is facing a law suit filed by UK-based luxury home developer CPC Group, Bloomberg has reported. The suit relates to Qatari Diar's withdrawal from plans to build an apartment complex on the Chelsea Barracks site in London. A joint venture between the two firms had paid £959m ($1.6bn) for Chelsea Barracks in January 2008.
Abu Dhabi to set up unified building codes
The Abu Dhabi government has said it will issue new codes in urban and industrial buildings. The Abu Dhabi Building Codes have been developed in tandem with the International Code Council (ICC), responsible for advising US regulators on their exacting regime.
ACC wins Regent Emirates hotel contract
The Atlas Group, in a partnership with the UAE's Tourism Development and Investment Co. (TDIC), has awarded Arabian Construction Co. a construction contract for the Regent Emirates Pearl Hotel in Abu Dhabi. The development sits on a 10,000 m2 plot comprising four podium levels and 45 floors which contain 377 guest rooms and suites, 60 furnished apartments and will stand 240-metre high with a total built-up-area of 130,000 square metres.
Al Mazaya posts financial results
Kuwait-based developer Al Mazaya Holding Co. has announced its financial results for the first nine months of 2009, with a profit of Dhs131m. Total assets amounted to Dhs4,752m, bank debt reached Dhs698.7m, less than 10% of total company assets according to the group, and 40% of total shareholders' equity, the company said in a statement.
Proleads: 69% of UAE civil projects 'active'
A study by Dubai-based Proleads shows that 1,845 projects worth a combined $657bn are still active, with the strongest sectors being commercial and civil, where the total market consists of 829 projects valued at $412bn. The residential sector is made up of a combined value of $312bn, while leisure and entertainment projects amount to over $233bn spread across 445 projects. Education and healthcare sectors have almost 700 projects worth $57bn, the report said.
Abu Dhabi residential city nears completion
The Abu Dhabi Municipality has said it will complete by next month the Dhs651m infrastructure works of a residential city for workers in Al Mafraq, Gulf News has reported. A private company is developing the residential buildings for the workers, a municipality spokesperson said. Once construction of the accommodation for the workers is completed, private firm will be able to rent the space for their workers, the spokesperson added.
Burj Dubai enters final leg of construction
Dubai-based developer Emaar has said that the dismantling of the last of three high-altitude cranes used in the Burj Dubai construction indicates the world's tallest tower is nearing completion. Having also completed the external cladding recently, the Burj Dubai construction team is now concentrating on the interiors and landscaping in preparation for the January 4, 2010 opening, the developer said.
Nakheel begins handover of Marina Residences
Dubai's master developer, Nakheel has said it has started a phased handover of 980 units at Marina Residences, Palm Jumeirah. The waterfront development features six residential towers containing 980 units, 940 of which are a mix of apartments and penthouses.
Egypt's Palm Hills Q3 profit drops 27%
Egypt's Palm Hills Development has reported a 27% drop in net profit for the third quarter. The firm made a net profit of 133.2 million Egyptian pounds in the third quarter, compared to a previously stated profit of 182.5 million pounds a year earlier. Net sales were 303 million pounds. The firm said this figure, compared to 242 million pounds in the second quarter, marked good progress amidst the challenging economic enviornment.
Deutsche initiates coverage on Saudi developers
Deutsche Bank has initiated coverage of Saudi developers Saudi Real Estate and Dar Al Arkan with 'buy' ratings, citing a fast-growing population and declining household size to fuel housing demand, Reuters has reported. The brokerage set a price target of SR33.8 on Saudi Real Estate and a target of SR21.2 on Dar Al Arkan.
Arabtec rated 'neutral' at UBS
Swiss lender UBS has rated Arabtec, the UAE's largest construction company, 'neutral' in new coverage. The 12-month price estimate for the company's shares was set at Dhs3.4, the bank said in a statement.
Ezdan may sell part of portfolio to Malaysian trust
Qatar's largest property developer by market value, Ezdan Real Estate Co has said it aims to sell part of its property portfolio by year-end to a Malaysian-based real estate investment trust to finance new projects, Reuters has reported. 'They will buy the property from us and we will manage it for them with a fixed return,' Ezdan's managing director Hesham el-Sahtary told the news service. 'The plan is to launch it in Malaysia as an international fund and we hope to conclude it this year.'
KFH: Kuwait real estate demand returning
According to a report by Kuwait Finance House, the country's real estate market, especially the investment property sector, is gradually recovering with high demand by investors looking to achieve regular revenues, Kuna has reported. Total real estate investments grew to KD150.7m in the third quarter of this year, the report said. The report also lauded a recent decision by the Kuwaiti cabinet to ban building in four new housing cities where infrastructure is still incomplete, saying it has added 'a fresh dimension to the housing movement in the country.'
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